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MARCH 1979 /
VOLUME 59 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
1
Revised Manufacturing and Trade
Inventories and Sales
7
National Income and Product Tables
8
Durable Goods Owned by
Consumers in the United
States, 1925-77
17
U. S. Department of Commerce
Juanita M. Kreps /
Plant and Equipment Expenditures,
First and Second Quarters and
Second Half of 1979
26
Capital Expenditures by Majority-Owned Foreign
Affiliates of U.S. Companies, 1979
U.S. International Transactions,
Fourth Quarter and Year 1978
32
Secretary
Courtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy, Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Graphics Editor: Billy Jo Hurley
38
Staff Contributors to This Issue: Christopher L. Bach,
W i l l i a m K. C h u n g , David T . D o b b s , John C. M u s g r a v e ,
K e n n e t h A. P e t r i c k , J o h n T . W o o d w a r d
CURRENT BUSINESS STATISTICS
General
S1-S25
Industry
S25-S40
Subject Index (Inside Back Cover)
SURVEY OF CURRENT BUSINESS. Published monthly by
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1000 Liberty Ave. 644-2850
N.
505
Albuquerque 871O2
Marquette Ave., N.W. 766-2386
N.Y., Buffalo 14202
111 W. Huron St. 846-4191
N.Y., New York 10007
26 Federal Plaza 264-0634
P.R., San Juan 00918
659 Federal Bldg. 753-4555
S.C., Columbia 29204
2611 Forest Dr. 765-5345
TENN., Memphis 38103
147 Jefferson Ave. 521-3213
UTAH, Salt Lake City 84138
125 South State St. 524-5116
VA., Richmond 23240
8010 Federal Bldg. 782-2246
WASH., Seattle 98109
Rm. 706 Lake Union Bldg. 442-5615
W. VA., Charleston 25301
500 Quarrier St. 343-6181
WIS., Milwaukee 53202
517 E. Wisconsin Ave. 291-3473
WYO., Cheyenne 82001
2120 Capitol Ave. 778-2220
the BUSINESS SITUATION
CHART
Personal Income and Consumption:
Change From Preceding Quarter
Billion $
80
PERSONAL INCOME
60
Total
40
20
Wage and Salary
Disbursements
* Projected
-20
20
-20
40
PERSONAL CONSUMPTION EXPENDITURES
Constant $
20
-20
1976
1977
1978
1979
Based on Seasonally Adjusted Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
JL ERSONAL income expressed at an
annual rate increased about $41 billion
in the first quarter, compared with $57%
billion in the fourth quarter of 1978
(chart 1). Roughly one-half of the deceleration was traceable to proprietors'
income. Wage and salary disbursements and personal contributions for
social insurance contributed about
equally to the other half (table 1).
The deceleration in proprietors' income was mainly in farm income, which,
at an annual rate, declined about $1%
billion, compared with an increase of
$5% billion in the fourth quarter. A
major factor in the swing was Federal
payments to farmers. They declined
$2% billion after increasing $2 billion
in the fourth quarter, which had included unusually large payments to
grain farmers under the target price provisions of the Food and Agriculture Act
of 1977. The remaining swing in farm
proprietors' income reflected a swing in
the volume of production only partly
offset by a sharp acceleration in crop
prices. Livestock prices increased at
very high rates in both quarters. Production expenses increased less in the
first quarter than in the fourth, and
thus partly offset the effect of the
deceleration in farm production on
farm proprietors' income.
Wages and salaries at an annual rate
increased about $31K billion, compared with $36 billion in the fourth
quarter. The deceleration was widespread. In the distributive and service
industries it would have been larger
had it not been for the increase in the
minimum wage from $2.65 to $2.90 per
hour and the expansion of coverage
under the Fair Labor Standards Act.
The changes became effective in January and added about $2 billion to total
payrolls, almost all of it in the distributive and service industries. In government and government enterprises, the
deceleration reflected last October's
Federal pay raise, which had added
$2% billion to the fourth-quarter increase.
Personal contributions for social insurance are deducted from wage and
salary disbursements and proprietors'
income to arrive at personal income.
These contributions at an annual rate
increased $6% billion, compared with
$1% billion in the fourth quarter. The
$5 billion step-up was due to an increase in the social security tax rate
from 6.05 to 6.13 percent and an increase in the taxable wage base from
$17,700 to $22,900.
The special factors that have been
mentioned are listed after the personal
income total in table 1. If their effects
are excluded, the deceleration is $6K
billion, instead of $16 billion.
Disposition of personal income
Personal taxes at an annual rate declined about $6% billion in the first
quarter; they had increased $12 billion
in the fourth quarter of 1978 (see the
accompanying tabulation). About $16
billion of the $18% billion swing was
due to legislative changes. In Federal
taxes, legislative changes led to a
$13 billion decline in the first quarter,
about $7V2 billion of which was offset
mainly by the continued increase in
withheld income taxes. The principal
element in the legislative changes was
a reduction in individual income taxes
under the Revenue Act of 1978, which
cut effective rates and increased the
standard deduction and personal exemptions. (For a discussion of 1978
Federal tax legislation, see the Novem1
SUKVEY OF CUEEENT BUSINESS
March 1979
ber 1978 and February 1979 issues of
the
CHART 2
SURVEY OF CURRENT BUSINESS.)
Legislative changes affecting State and
local taxes occurred in California and
New York, and held down first-quarter
tax payments $3 billion.
Housing Starts
Millions of units
2.5
(Change from preceding quarter; billions of dollars, based on
seasonally adjusted annual rates)
1978: IV
Personal tax and nontax payments...
1979: I *
11.9
-6.4
Federal...
Impact of legislation
Other
10.0
.4
9.6
-5.4
-12.9
7.5
State and local
Impact of legislation
Other
1.8
.0
1.8
-1.0
-2.8
1.8
,
1.0
/ V..Single Family
* Projected.
The swing in personal taxes more
than offset the deceleration in personal
income, and disposable personal income
at an annual rate increased $47% billion
in the first quarter, about $2 billion
more than in the fourth. Prices paid by
consumers increased substantially more
than the 6X-percent annual rate registered in the fourth quarter. As a result,
real disposable personal income, which
had increased 6 percent in the fourth
quarter, increased only about 2% percent in the first.
The acceleration in prices paid by
consumers was sharp in food and energy,
and moderate in the average of other
prices.1 In food, it was concentrated in
meat and in fruits and vegetables. The
weather was a major factor in the increase in the price of fruits and vegetables and contributed to the increase
in the price of meat, especially beef.
In energy, the acceleration was in gasoline and electricity. Gasoline prices
have begun to reflect the increases in
1. The major source data that shed light on first-quarter
production as reflected in the national income and product
accounts are limited to 1 or 2 months of the quarter, and in
some cases are preliminary. These data are: For personal
consumption expenditures (PCE), January and February
retail sales, unit sales of autos through the first 10 days of
March, and sales of trucks for January and February; for
nonresidential fixed investment, the same data for autos and
trucks as for PCE, January construction put in place, January manufacturers' shipments of equipment, and business
investment plans for the quarter; for residential investment,
January construction put in place, and housing starts for
January and February; for change in business inventories,
January book values for manufacturing: and trade, and unit
auto inventories for January and February; for net exports of
goods and semces, January merchandise trade; for government
purchases of goods and services. Federal unified budget outlays
for January, State and local construction put in place for
January, and State and local employment for January and
February; and for prices, the Consumer Price Index for January, the Producer Price Indexes for January and February,
and unit value indexes for exports and imports for January.
I IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIM IIIIM IIIIIIIIIII I
1975
1976
1977
1978
Seasonally Adjusted at Annual Rates
1979
Data: Census
79-3-2
U.S. Department of Commerce, Bureau of Economic Analysis
crude oil prices due to OPEC's price
actions last December, the shortages
caused by the cutoff in the production
of Iranian oil, and, most recently, price
control regulations that allow refiners to
redistribute toward gasoline the increased refining costs they pass on.
Real personal consumption expenditures increased little after an unusually
large increase—!){ percent at an annual
rate—in the fourth quarter. The deceleration was traceable to goods, where
declines were widespread; services increased in line with trend. Declines in
goods were registered in furniture and
equipment and the "other" category of
durable goods, and in clothing and shoes
and the "other" category of nondurable
goods. The increase in motor vehicles—
autos and trucks—was a little less than
in the fourth quarter.
The saving rate—personal saving as
a percentage of disposable personal income—appears to have increased several tenths of a percentage point from
the 4.8 percent registered in the fourth
quarter. In view of the unusual shifts in
the sources of the personal income increase, the large swing in personal taxes,
and the acceleration of consumer prices,
it is very difficult to interpret the firstquarter changes in consumer spending
and saving.
Other first-quarter developments
Real residential investment declined
in the first quarter. The decline substantially exceeded the increase registered
in the fourth quarter. It would appear
that severe weather as well as financial
factors contributed—the former probTable 1.—Personal Income: Change From
Preceding Quarter
[Billions of dollars, based on seasonally adjusted annual rates]
1978: IV
Wage and salary disbursements
Manufacturing
_
_
Other commodity-producing
Distributive
_
._
Services
_
Government and government enterprises
Proprietors' income.
Farm
Nonfarm._
Transfer payments. Other income
Less: Personal contributions
social insurance
for
Personal income.
Less: Federal pay raise
Federal payments to farmers.
Minimum wages
36.2
31.3
12.3
2.6
8.8
6.9
11.2
2.7
8.6
5.7
5.7
3.1
8.5
-.4
5.4
3.1
-1.3
.9
3.5
3.9
10.7
12.9
1.6
6.5
57.3
41.2
2.5
1.8
Less: Personal contributions
for social insurance: rate
and base changes
Equals: Personal income, adjusted...
•Projected.
1979: I*
-2.3
2.0
5.0
53.0
46.5
March
1979
SUEVEY OF CURRENT BUSINESS
CHART 3
ably more than the latter. Housing
starts declined sharply in January and
Selected Interest Rates
February, from 2.07 million in DecemPercent
ber to 1.67 million in January and 1.41 14
million in February at seasonally adSHORT TERM
justed annual rates (chart 2). The regional distribution of the declines indicates that they were correlated with
12 the incidence of the severe weather, but
that other factors were at work as well.
Money market certificates (MMC's)
90-day
Certificates
issued by banks and thrift institutions
of Deposit
since June 1 of last year have helped
sustain the availability of funds for
mortgage lending. Eates on MMC's are
tied to the 6-month Treasury bill rate,
which, as shown in chart 3, has risen
sharply since the introduction of
MMC's. The rising rates on MMC's
have maintained the ability of mortgage
lenders, especially thrifts, to compete
6-month Treasury bills
for funds. Eecently, however, there
have been indications that funds obtained from MMC's are being invested
increasingly in short-term instruments,
especially 90-day certificates of deposit 4 I I I I I I I I I I I I I I I I I I I I I M I I I I I t I I I I I I I I I I M I I I I I I I I 1 1 I I 1 I I 1 1 M
(CD's), rather than in mortgages. One
reason is that usury laws in many States 12 MORTGAGES FOR NEW HOUSES
prevent mortage lending at rates of 10
percent or more, levels that were approached last fall. Another reason for
investment in 90-day CD's is that, as 10
Commitments
the 6-month Treasury bill rate rose,
thrifts felt increasing pressure to invest
\
\
inflows from MMC's at rates that mainConventional Loans
tain the thrifts' earnings. As well, 90- 8 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I
1977
1978
1975
1976
day CD's have a maturity close to that
1979
Data: FRB, FHLBB
of MMC's—an advantage to the thrifts U.S. Department of Commerce, Bureau of Economic Analysis
79 3 3
should they be faced with a withdrawal
of MMC funds.
In March, Federal regulatory agencies eliminated—for MMC's carrying 9- information indicates that the first- decreased in the first quarter following
percent or higher interest rates—the quarter increase was much smaller: The an increase in the fourth.
0.25 percentage point differential above severe weather depressed the construcGiven the weakness in total final
the 6-month Treasury bill rate that tion components of nonresidential fixed sales, as well as the low level to which
thrifts had been allowed to pay, and also investment and of State and local inventories had fallen relative to final
the compounding of interest. This ac- government purchases; Federal loans sales in the fourth quarter, it would not
tion is likely to reduce further the sup- under Commodity Credit Corporation be surprising if inventory investment
port available to housing finance from price support operations, which are increased in the first quarter, providing
treated as purchases in the national a partial offset in GNP to the weakness
the MMC's.
Little is known at this time about income and product accounts, increased in final sales. An increase would be
first-quarter changes in the remaining much less than in the fourth quarter; consistent with the January figures on
components of final sales—nonresi- and, more tentatively, the balance of manufacturing and trade inventories.
dential fixed investment, government nonagricultural exports and nonpetroThis review of final sales and inpurchases, and net exports. Taken to- leum imports—a balance that is less ventory change has suggested a subgether, these components had increased affected by special factors than the stantial deceleration in real GNP from
6% percent at an annual rate in real total balance, which includes agricul- the 7-percent annual rate increase
terms in the fourth quarter. Partial tural exports and petroleum imports— registered in the fourth quarter. The
SUEVEY OF CUEEENT BUSINESS
deceleration is seen to be compatible
with that of personal income if allowance is made for prices and for the
several definitional differences between
current-dollar GNP and personal income. The increase in .GNP prices was
larger than the 8-percent annual rate
increase in the fourth quarter, although
the step-up was less than in prices paid
by consumers because the prices of investment goods increased less in the first
quarter than in the fourth. All of the
major definitional differences between
GNP and personal income except corporate profits can be estimated at this
time with a tolerable margin of error.
For corporate profits, a substantial—
but plausible—deceleration from the
large increase that occurred in the
fourth quarter is implied.
Employment and average hours,
which are indicators of real labor input,
are shown in table 2 along with other
labor market indicators. As can be seen
from the table, employment, whether
measured by the household or by the
establishment survey, increased through
February about as much as in the
fourth quarter, and average weekly
hours declined. The resulting measure
of aggregate hours, in conjunction
with the first-quarter deceleration of
real GNP, implies a poor productivity
performance in the first quarter.
Fourth-quarter
instance, the abbreviated commodityflow procedure cannot make adequate
allowance for changes in the allocation
of types of equipment between business
and nonbusiness purchases or between
capital expenditures and purchases of
intermediate products, or for changes in
margins. A major shortcoming of the
plant and equipment survey-based estimate is that the survey does not cover
farms, real estate, nonprofit organizations, and the professions, and it is
difficult to make accurate estimates of
the investment outlays made by these
segments of the economy.
A third series relating to investment—the business equipment component of the Federal Eeserve Index of
Industrial Production—has tended to
agree with deflated commodity-flowbased estimates of producers' durable
equipment. Beginning in 1976, the
latter has increased considerably more
than an estimate of equipment that
can be extracted from the plant and
equipment survey.
Three projects that have been underway at BEA will contribute to the
reevaluation of the sources and procedures used to estimate nonresidential
Table 2.—Selected Labor Market Indicators
[Seasonally adjusted]
1978
NIPA revisions
The 75-day estimates of the national
income and product accounts (NIPA's)
for the fourth quarter of 1978 are
shown in table 3. The GNP estimate
reflects upward revisions in nonresidential fixed investment and in the
change in business inventories, partly
offset by a downward revision in personal consumption expenditures. Eevisions are not shown for corporate
profits and thus national income, because corporate profits estimates for the
fourth quarter of 1978, which are
discussed later in the "Business Situation/' were not available when the
45-day estimates were prepared. Personal income was revised upward.
The revised or additional major
source data that are routinely incorporated into the 75-day estimates are
listed in the note to the table. Two non-
routine revisions in time series, which
were recently published by the Census
Bureau, will be incorporated into the
NIPA's when the annual July revisions,
which cover 3 years, are made. These
revisions are in the time series of merchandise trade and of wholesale and
retail sales and inventories. The Census
Bureau revisions of merchandise trade
introduce a new seasonal adjustment
procedure. The revisions in the sales
and inventories series incorporate a new
benchmarking procedure and updated
seasonal adjustment factors.
The major sources and procedures
underlying the NIPA estimates of nonresidential fixed investment for recent
years—the BEA plant and equipment
survey and an abbreviated commodityflow procedure—are being reevaluated,
but the full results will not be available
for the July revisions. The reevaluation
is being undertaken because, beginning
in 1976, estimates of investment based
on the plant and equipment survey
have increased considerably less than
estimates based on the abbreviated
commodity-flow procedure (table 4).
Both measures have shortcomings. For
March 1979
I
Household Survey
Civilian labor force (millions)
Employment
__
Unemployment
Unemployment rate (percent)
_
Employment-population ratio
Civilian labor force participation
rates (percent):
Total
Men..
_ _
Women
Teenagers.
99.3
93.1
6 2
6.2
1979
1978: I 1978: I I
II
III
IV
Jan.
Feb.
ICO. 1
94.1
6 0
100.8
94.7
6 0
101.5
95.6
5 9
102.2
96.3
5 9
102.5
96.6
5 9
0.9
1.0
6.0
5.8
5.8
5.7
-.2
6.0
9
1978: I I - 1978: I I I - 1978: I V 1978: I I I 1978: IV 1979: F e b .
0.6
.6
G
0.8
.9
—.1
1.0
1.0
0
0
-.2
-.1
.1
.3
.4
58.1
58.6
58.7
59.0
59.3
59.4
.5
62.8
79.9
49 0
56 9
63.1
79.8
49 4
57 9
63.3
79.6
49 8
58 7
63.5
79.8
50 1
58 5
63.7
80.2
5C 1
58 9
63.9
80.3
50 3
58 6
.3
—. 1
4
1.0
.2
-.2
.4
.8
.2
.2
.3
-.2
.4
.5
.2
.1
84.3
85.7
86.1
87.0
87.5
87.8
1.4
.4
.8
.8
24.8
20.1
4 6
25.4
20.3
5 1
25.5
20.3
5 2
25.9
20.6
5 3
26.1
20.8
5.3
26.1
20.9
5.3
.6
.2
.5
.1
0
.1
.4
.3
.1
0
23.9
20 3
15.4
24.2
20 6
15.6
24.4
20 8
15 5
24.6
21 0
15.5
24.8
21 1
15.5
24.9
21.2
15.5
.3
.3
.2
.2
.2
0
.3
.3
-.1
0
35.7
40.2
36.0
40.6
35.8
40.4
35.9
40.6
35.7
40.7
35.7
40.6
.3
.4
-.2
-.2
.1
.2
0
Establishment Survey
Employment,
(millions)
nonfarm payroll
_. _ . .
Goods producing
Manufacturing _ _ _ _
Other
Distributive L__
Services Government
Average weekly hours, private
nonfarm:
Total.. . _
Manufacturing..
__ _ _
1. Transportation and public utilities, and wholesale and retail trade.
2. Services, and finance, insurance, and real estate.
Source: Bureau of Labor Statistics.
.3
.3
.3
.2
r
March 1979
fixed investment. The first project,
begun several years ago, is a basic revision of the plant and equipment survey
to provide full coverage of the private
nonfarm economy. This revision will
also improve the information now
available on the breakdown of investment between plant and equipment.
This breakdown will facilitate the
tracing of the sources of the differences
between the survey, on the one hand,
and the alternative measures of investment, on the other. The second project
attempts a detailed reconciliation of
investment reported in the plant and
equipment survey, with the commodityflow-based estimates. The various coverage and definitional differences between
the two measures have been listed and
estimates of each difference are being
made on the basis of whatever information is available. The third project will
provide estimates of constant-dollar
investment for each of the industries
covered by the plant and equipment
survey. The estimates will facilitate
comparisons with other real measures
of investment, in particular, the business equipment component of the Index
of Industrial Production.
Corporate profits
Corporate profits from current production at an annual rate increased
$12 billion in the fourth quarter of
1978. This measure of profits includes
the inventory valuation and capital
consumption adjustments, and is on a
before-tax basis. In the third quarter,
these profits had increased $2 billion.
Domestic profits of nonfinancial corporations accounted for most of the
fourth-quarter increase. They increased
$10% billion following an increase of $3
billion. About one-half of the fourthquarter increase resulted from increased
real corporate product, the other half
from increased profits per unit of product, which in turn reflected a faster increase in prices charged by corporations than in their unit costs. Most of
the increase was in manufacturing,
with nonelectrical machinery, chemicals, and petroleum and coal products
showing the largest gains. Widespread
increases in nonmanufacturing were
partially offset by a decrease in the
SUEVEY OF CUEEENT BUSINESS
transportation, communication, and
utilities group, which mainly reflected a
sharp drop in air transportation.
Domestic profits of financial corporations at an annual rate increased $1%
billion, the same as in the third quarter.
Profits from the rest of the world, as
measured by the net inflow of branch
profits and dividends, were unchanged.
Before-tax book profits at an annual
rate increased $20 billion in the fourth
quarter, following no change in the
third. These profits exclude the two
valuation adjustments which are designed to value inventories and fixed
capital used up in production at replacement cost, the valuation concept
underlying national income and product
accounting, rather than at historical
cost, the valuation concept generally
underlying business accounting. If, as
in the fourth quarter, the historical cost
of inventories used up is less than their
replacement cost, profits as measured
by business exceeded profits as measured
in the national income and product
accounts by an amount that is called
inventory profits. Inventory profits increased $7}i billion in the fourth quarter,
following a decrease of $4 billion in the
third. In the third quarter, a deceleration in food price increases was mainly
responsible for the decrease; the fourthquarter increase resulted from an acceleration in prices of inventories in
almost all industries.
Table 3.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1978
[Seasonally adjusted at annual rates]
Percent change from
perceding quarter
Levels
45-day
estimate
75-day Revision
75-day Revision 45-day
estimate estimate
estimate
Billions of current dollars
GNP
Personal consumption expenditures.
Nonresidentialfixedinvestment
Residential investment
Change in business inventories
Net exports
G overnment purchases
Federal
State and local
National income
Compensation of employees
_.
Corporate profits with inventory valuation and capital
consumption adjustments
Other
Personal income.
2,212.1
1,405.1
235.2
113.3
11.6
-7.8
454.6
162.3
292.3
2,214.8
1,403.9
237.1
113.4
13.5
-7.6
454.5
162.5
292.0
2.7
-1.2
1.9
.1
1.9
.2
-. 1
.2
-.3
15.0
15.0
14.3
16.8
15.6
14.6
18.0
17.3
0.6
-.4
3.7
.5
14.2
23.2
9.5
14.1
23.9
9.0
-.1
.7
-.5
2.4
.4
.2
13.6
257.6
1,795.6
1,359.8
177.0
258.8
1.2
19.8
16.5
13.6
31.7
22.2
1,787.3
1,789.0
1.7
13.5
13.9
6.4
6.9
.5
8.0
5.7
3.7
7.6
9.5
4.0
-.4
3.8
.3
4.1
8.3
1.8
4.0
8.8
1.3
-.1
.5
-.5
8.1
8.4
8.2
8.2
8.4
8.1
.1
0
-.1
1,359. 6
Billions of constant (1972) dollars
GNP.
Personal consumption expenditures.
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases
Federal
State and local
1,413.0
1,414.7
912.6
143.7
60.2
911.8
144.9
60.3
10.1
279.5
102.4
177.1
10.2
279.4
102.5
176.9
7.0
8.2
1.7
1.2
.1
1.2
.1
-. 1
.1
-.2
Index numbers, 1972=100 *
G N P implicit price deflator
G N P fixed-weighted price index.
G N P chain price index
156.55
158.9
156. 56
158.9
.01
1. Not at annual rates.
NOTE.—For the fourth quarter of 1978, the following revised or additional major source data became available: For
personal consumption expenditures, revised retail sales for December, sales and inventories of used cars of franchised automobile
dealers for December, consumption of electricity for November, expenditures for hospital and telephone service for December,
and expenditures in the United States by foreigners for the quarter; for nonresidential fixed investment, revised manufacturers'
shipments of equipment for December, revised construction put in place for December, and business expenditures for plant
and equipment for the quarter; for residential investment, revised construction put in place for December; for change in business
inventories, revised book values for manufacturing and trade for December; for net exports of goods and services, revised merchandise trade for December, and revised service receipts for the quarter; for government purchases of goods and services, revised
construction put in place for December; for wages and salaries, revised employment, average hourly earnings, and average
weekly hours for December; for net interest, revised net interest received from abroad for the quarter; and for ONP prices,
revised residential housing prices for the quarter, and revised unit value indexes for exports and imports for December.
Table 4.—Nonresidential Fixed Investment
[Percent change from preceding year]
Based on Based on
plant and abbreviated comequipment
modity3
Published i survey 2
flow
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1.5
3.6
3.6
2.2
12.3
16.4
10.8
13.5
14.2
11.4
15.7
16.9
12.5
11.8
-.3
9.6
-.6
7.8
-.06
4.9
13.8
18.2
9.9
.0
11.1
18.1
18.8
Addendum: Average annual rate of increase.
1969-78
1969-75
1975-78
9.4
72
14.0
8.3
7.2
10.7
10.2
75
15.9
1. In general, calculated as an average of the plant and
equipment survey-based estimate and the commodity-flowbased estimate.
2. Published plant and equipment survey estimates are
adjusted to the industry coverage and the definitions of
fixed investment used in the national income and product
accounts.
3. Expenditures for structures are based on Census Bureau
value of nonresidential construction put-in-place. Equipment expenditures are based on Census Bureau shipments
of capital goods industries other than motor vehicles and on
trade sources for shipments of motor vehicles. Shipments
are adjusted to exclude purchases of intermediate products,
nonbusiness purchases, and exports, and to include imports,
margins, and net transactions in used goods.
Corporate profits taxes, which are
levied on profits including inventory
profits, at an annual rate increased $8K
billion, following an increase of $1 billion in the third quarter.
The Federal sector
The Federal Government deficit, as
measured in the national income and
product accounts (NIPA's), declined $3
billion in the fourth quarter of 1978, as
receipts increased more than expenditures. It was about $20 billion at an
annual rate, nearly $40 billion less than
in the fourth quarter of 1977.
Receipts at an annual rate increased
$22 billion in the fourth quarter.
Corporate profits tax accruals increased
$7 billion, reflecting the large increase in
corporate profits. Personal tax and nontax receipts increased $10 billion, Contributions for social insurance increased
about $4 billion, and indirect business
tax and nontax accruals increased
slightly.
Expenditures at an annual rate increased $19 billion. Purchases of goods
and services accounted for over $8
billion of the increase, and included $2%
billion for the 5.5 percent civilian and
military October pay raise. The agri-
SURVEY OF CURRENT BUSINESS
March 1979
cultural price support operations of
Commodity Credit Corporation contributed $4K billion to the increase in
purchases; there were substantial net
extensions of loans, following small net
redemptions in the third quarter. Subsidies less the current surplus of government enterprises increased $3 billion,
largely as the result of an increase in
wheat deficiency payments under the
Food and Agriculture Act of 1977.
Transfer payments to persons increased
$2% billion and net interest paid increased about $2 billion.
Grants-in-aid to State and local
governments increased nearly $3 billion.
The increase included over $2 billion for
a one-time payment of retroactive
social service claims. Other increases—
over $2K billion—were partly offset by
declines of about $2 billion in grants for
public service employment and local
public works. The number of Federally
funded public service jobs began to
decline after mid-1978 and amounted
to about 525,000 by December, well
below the level projected for 1979. The
decline occurred because State and
local governments decided not to maintain or fill certain jobs, particularly
those for specific projects designed to
last no more than a year, and because
they feared additional Congressional
cutbacks in program funding.
Federal budget developments.—Revised
estimates of Federal unified budget receipts and outlays were released in midMarch by the Office of Management
and Budget. These revisions are required by law to be submitted to
Congress by April 10, but were submitted earlier to assist Congress in developing the first concurrent resolution on the
1980 budget. The new estimates are, in
general, based on the same economic
assumptions as those in the January
budget (see the February SURVEY OF
CURRENT BUSINESS). Receipts have
been revised to reflect the fact that
actual receipts in recent months have
been higher than estimated in the budget; revisions in outlays reflect developments in the Middle East and actual
outlays to date.
The fiscal year 1979 deficit is now
estimated to be $33.2 billion, $4.2 billion
less than the January budget estimate
(table 5). The revision is the result of a
$5.8 billion upward revision in receipts,
partly offset by a $1.6 billion upward
revision in outlays. Nearly all of the
receipts revision is in individual income
taxes; January and February withheld
Table 5.—Federal Government Receipts and Expenditures
[Billions of dollars]
Fiscal year 1980
Fiscal year 1979
January March Revisions January March Revisions
estimates estimates
estimates estimates
Unified budget:
Receipts
Outlays
456.0
493.4
-37.4
461.8
495.0
-33.2
5.8
1.6
4.2
502.6
531.6
-29.0
503.9
532.3
-28.4
464.3
470.1
5.8
514.6
515.9
1.3
206.6
76.9
29.0
151.8
211.7
77.2
29.0
152.2
5.1
.3
0
.4
237.2
78.2
30.4
168.8
238.4
78.4
30.5
168.6
1.2
.2
.1
-.2
496.3
496.3
540.0
540.8
.8
166.0
105.1
60.9
166.2
105.3
60.9
178.2
115.4
62.8
178.8
116.0
62.8
200.2
196.6
3.6
200.6
196.9
3.7
.4
.3
.1
227.2
223.3
3.9
227.6
223.4
4.2
.4
.1
.3
78.2
41.6
10.3
77.9
41.3
10.3
-.3
-.3
0
78.9
45.2
10.5
78.8
45.1
10.5
-.1
-.1
0
-32.0
-26.2
5.8
-25.4
-24.9
.5
1.3
.7
Surplus or deficit (—)
National income and product accounting basis:
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Expenditures
Purchases of goods and services
N ational defense
Nondefense
Transfer payments
To persons
To foreigners
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprisesSurplus or deficit (—)
March 1979
SUEVEY OF CUEKENT BUSINESS
income tax collections were substanti- and flooding. Unemployment benefits
ally higher than estimated in January. were revised upward $0.3 billion. All
Eeduced receipts from Outer Con- other changes, on balance, reduce outtinental Shelf oil leases account for $0.6 lays $0.3 billion. A $0.7 billion reduction
billion of the upward revision in outlays; in grants-in-aid under the public service
receipts from a mid-Atlantic sale in jobs program is partly offset by a numFebruary were much lower than antic- ber of small increases.
ipated. (In the unified budget, receipts
For fiscal year 1980, the deficit is now
from offshore oil are netted against out- estimated to be $28.4 billion, $0.6 billays.) National defense outlays are $0.5 lion less than the January budget
billion higher; the administration has estimate. The revision is the result of
requested that a Defense Department a $0.7 billion upward revision in exsupplemental appropriation be revised penditures and a $1.3 billion upward
to allow the purchase of items originally revision in receipts. The revision to reordered by Iran. Small Business Admin- ceipts is largely in individual income
istration disaster loans are $0.5 billion taxes. The largest revision to expendihigher than originally estimated; a tures is a $0.6 billion upward revision
supplemental appropriation has been in "contingency allowances" to allow
requested primarily because of North- for possible costs of the Middle-eastern
eastern and Midwestern winter storms peace settlement.
BEA has prepared estimates of the
Federal sector on the NIPA basis consistent with the revised unified budget
estimates. On the NIPA basis, fiscal
1979 receipts are $5.8 billion higher
than estimated in January, expenditures are unchanged, and the deficit is
$5.8 billion lower. The receipts revision
is the same as in the unified budget.
Most expenditure revisions are small.
The upward revision in national defense
purchases is less than in the unified
budget because the increased outlays
are not fully reflected in deliveries in
fiscal year 1979. In fiscal year 1980,
receipts are $1.3 billion higher, expenditures are $0.8 billion higher, and the
deficit $0.5 billion lower than the January estimate.
Revised Manufacturing and Trade Inventories and Sales
Manufacturing and trade inventories (at book value), sales, and inventory-sales ratios
have been revised back to January 1967. Retail sales are revised for the period January
1967 through December 1978 and retail inventories are revised for the period January
1973 through December 1978. These revisions incorporate new benchmarking procedures
and updated seasonal adjustment factors. The seasonally adjusted merchant wholesalers
inventories and sales for 1978 have been revised to reflect updated seasonal adjustment
factors.
The revised data for 1978 are shown on pages S-5 and S-12 of the SURVEY OF CURRENT
BUSINESS. Earlier data and a description of the methodology used in their preparation
are available upon request from the Chief of Business Division, Bureau of the Census,
Washington, D.C. 20233.
SUKVEY OF CURKENT BUSINESS
8
March 1979
NATIONAL INCOME AND PRODUCT TABLES
1977
1978T
III
1977
1978
1977
IV
I
II
III
IV '
1977
1978 r
III
1978
IV
Seasonally adjusted at annual rates
I
II
III
IV
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
1,887.2 2,107.6 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 2,214.8 1,332.7 1,385.7 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,414.1
Gross national product_ _
Personal consumption expenditures..
Durable goods
Nondurable goods..
Services
,206.5 1,340.1 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9 1,403.9
178.4
479.0
549.2
197.5
526.5
616.2
177.4
479.7
557.5
187.2
496.9
571.1
183.5
501.4
591.8
197.8
519.3
605.8
199.5
531.7
625.8
209.1
553.4
641.4
350.1
364.0
350.5
857.7
891.7
858.0
876.6
873.5
886.3
895.1
911.8
137.8
330.4
389.5
144.6
339.6
407.4
136.9
329.2
391.8
143.0
338.1
395.6
137.8
333.3
402.4
145. 8
336.3
404.2
144.8
340.4
410.0
150.1
348.5
413.1
196.3
210.6
201.7
200.3
205.7
213.1
210.4
213.4
187.4
200.1
189.5
192.8
193.4
200.4
201.4
205.2
297.8
345.6
309.7
313.5
322.7
345.4
282.3
329.6
287.8
300.5
306.0
325.3
Nonresidential
Structures..
Producers' durable equipment..
190.4
63.9
126.5
222.6
77.8
144.8
193.5
65.4
128.1
200.3
67.4
132.8
205.6
68.5
137.1
220.1
76.6
143.5
227.5
80.9
146.6
237.1
85.1
152.0
129.8
40.0
89.8
140.2
44.5
95.8
130.8
40.8
90.0
132.5
41.0
91.5
133.8
41.0
92.9
140. 5
44.6
95.9
141.7
45.6
96.1
144.9
46.7
98.2
ResidentialNonfarm structures.
Farm structures
Producers' durable equipment..
91.9
1.5
1.5
107.0
103.8
1.4
1.7
94.3
91.2
1.6
1.5
100.2
97.5
1.2
1.6
100.3
97.3
1.3
1.7
105.3
102.1
1.4
1.8
109.0
105.7
1.5
1.7
113.4
110.2
1.5
1.7
57.7
55.6
.9
1.2
59.8
57.7
.8
1.3
58.8
56.6
1.0
1.2
60.3
58.4
.7
1.2
59.5
57.4
.8
1.3
59.9
57.8
.8
1.4
59.7
57.6
.8
1.3
60.3
58.2
.8
1.3
15.6
15.0
.6
16.0
16.7
-.8
21.9
22.0
-.1
13.1
10.4
2.7
16.7
16.9
-.2
20.1
22.1
-2.0
13.6
14.6
13.5
13.4
.1
8.9
9.4
-.5
10.6
11.0
-.5
12.2
13.5
-1.4
7.5
6.5
.9
12.3
12.5
-.1
12.7
13.9
-1.2
9.0
8.2
8.1
.1
-11.1
-12.0
-7.0
-23.2
-24.1
-5.5
-10.7
-7.6
9.5
8.4
12.5
3.1
2.9
11.3
9.2
10.2
175.5
186.6
204.8
216.8
180.8
187.8
172.1
195.2
181.7
205.8
205.4
210.9
210.1
220.8
221.9
229.5
98.2
88.7
107.0
98.6
100.8
96.0
92.9
99.1
96.2
108.4
97.1
109.0
99.7
111.7
101.5
394.0
433.9
399.5
412.5
416.7
424.7
439.8
454.5
269.2
275.0
274.5
272.1
271.9
276.7
279.4
145.1
94.3
50.8
248.9
153.8
99.5
54.3
280.2
146.8
94.4
52.4
252.7
152.2
97.1
55.1
260.3
151.5
97.9
53.6
265.2
147.2
98.6
48.6
277.6
154.0
162.5
102.1
60.4
292.0
101.6
100.3
103.6
101.2
97.1
100.4
102.5
167.6
174.7
170.9
170.8
174.8
176.3
176.9
Gross private domestic investment.
Fixed investment
88.9
Change in business inventories.
Nonfarm.
_
Farm
Net exports of goods and services
Exports.
Imports
_
_
Government purchases of goods and services:.
Federal.
National defense..
Nondefense
State and local
54.5
285.8
88.2
271.7
102.9
168.8
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product-
1,887.2 2,107.6 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 2,214.8 1,332.7 1,385.7 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,414.7
Final sales
Change in business inventories.
Goods-
1,871.6 2,091.6 1,894.9 1,945.0 1,975.3 2,067.4 2,122. 5 2,201. 3 1,323.8 1,375. 2 1,331.7 1,347.1 1,341.8 1,369.9 1,382.4 1,406.5
8.9
12.2
12.7
9.0
10.6
7.5
12.3
13.1
20.1
13.5
16.0
16.7
13.6
15.6
21.9
8.2
629.7
627.7 630.2
912.2
918.4
608.4
927.3
613.3
620.1 611.8
832.6
859.6
972.5
844.7
861.8
649.1
599.4
615.0 621.2
902.4
892.1
601.1
612.7
817.0
845.1
599.6
619.1
846.5
913.7
958.9
822.8
640.9
12.2
12.7
9.0
8.9
10.6
7.5
12.3
20.1
16.0
13.6
13.5
15.6
13.1
16.7
21.9
Final sales
_
Change in business inventories.
Durable goods
Final sales
Change in business inventories.
Nondurable goods
Final sales
__
Change in business inventoriesServices. ...
Structures.
8.2
341.3
332.9
8.4
376.8
365.1
11.7
346.5
334.6
11.9
347.4
341.1
6.3
351.2
336.3
14.8
375.8
365.0
10.8
380.1
369.8
10.2
400.1
389.2
10.8
253.7
248.0
5.8
265 4
258.1
7.3
255.9
248.0
7.9
255.1
250.5
4.6
254.6
245.0
9.6
266.6
260.2
6.4
264.8
258.7
6.1
275.5
268.4
7.1
491.3
484.1
7.2
541.7
537.4
4.3
498.2
488.2
10.0
512.2
505.4
6.8
510.6
508.7
1.9
536.4
527.1
9.3
547.2
543.9
3.4
572. 4
569.7
2.7
354.7
351.6
3.1
364.3
361.1
3.3
357.4
353.1
4.3
365.0
362.1
2.9
357.2
354.5
2.7
361.2
354.8
6.3
365.4
362.5
2.9
373.6
372.5
1.1
862.8
191.8
962.5
226.7
875.3
196.8
893.6
204.9
926.4
203.8
952.0
223.4
973.7
235.0
997.7
244.7
602.9
121.3
627.0
129.0
606.9
123.7
609.6
124.8
620.1
122.3
625.6
129.3
629.7
131.6
632.6
133.0
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national productGross domestic product
Business.._
_
Nonfarm
Nonfarm less housingHousing
_.
Farm
StatisticalJ discrepancy...
Eesidual _
1,887.2 2,107.6 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 2,214.8 1,332.7 1,385.7 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,414.7
1,869.9 2,088.2 1,898.7 1,942.2 1,973.8 2,066.5 2,117.3 2,195.1 1,325.3 1,377.9 1,336.3 1,347.9 1,346.6 1,373.9 1,383.9 1,407.0
1,599.3 1, 790. 2 1,626.4 1,660.4 1,684.1 1,771. 8 1,817. 5 1,887. 4 1,135.9 1,183. 7 1,146.1 1,155.9 1,153.5 1,180.0 1, 9.3 1,212.1
1,544.0 1,730. 6 1,571.6 1,601. 6 1,628.9 1, 714.9 1, 758. 5 1,820. 3 1,094. 2 1,146. 0 1,102.6 1,112.4 1,115.4 1,145. 2 1,, 151. 8 1,171. 8
998.1 1,026.5 1,, 031. 7 1,050. 3
996.4
1,397.8 1,566. 4 1,423.2 1,449.0 1, 471. 7 1,553. 2 1, 592.0 1,648. 5 980.5 1, 026. 6
114.6
148.4
171.7
166.5
117.4
121.5
118.6 120.1
157.1
116.0
152.7
113.6
119.4
146.2
161.7
164.3
3.2
34.5
47.7
63.2
58.6
32.5
30.5
33.8
53.0
36.1
54.0
34.4
32.5
50.5
56.4
57.8
7.1
.4
3.9
2.2
4.8
4.7
.5
1.7
4.3
4.3
7.4
5.5
7.3
5.2
9.0
62.7
71.5
63.5
65.9
68.8
70.5
72.3
74.4
42.2
44.5
42.5
43.6
43.8
44.3
44.9
45.2
208.0
66.4
141.5
226.5
71.1
155.4
208.9
65.7
143.2
215.9
69.5
146.4
221.0
69.9
151.1
224.1
70.1
154.1
227.5
70.5
157.0
233.4
74.0
159.4
147.2
48.7
98.4
149.6
48.9
100.8
147.7
48.8
99.0
148.4
48.8
99.6
149.4
48.8
100.6
149.6
48.8
100.
149.8
49.0
100.8
149.8
48.9
100.9
17.3
19.4
18.1
15.9
18.2
21.1
18.8
19.8
7.3
7.9
7.6
6.6
7.5
8.8
7.5
7.7
Households and institutionsGovernment.
Federal
State and local.
Rest of the world.
f Revised.
Footnotes for tables 2 and 3 on p . 4
HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The National Income and
Products Accounts of the United States, 1929-7$: Statistical Tables (available for $4.95, SN
003-010-00052-9, from Commerce Department District Offices or the Superintendent of
Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July
1976, July 1977, and July 1978 issues of the SUKVEY, respectively.
SUEVEY OF CURRENT BUSINESS
March 1979
1977
1977
III
1978'
1977
1978
I
IV
II
III
IV r
1977
1978'
III
IV
Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1.9)
Plus: Government transfer
payments to persons
Personal interest income
Net interest.
Interest paid by government to persons
and business
Less: Interest received
by government
Interest paid by consumers to business...
Dividends
Business transfer payments
_..
Equals: Personal income
195.2
216.9
198.5
202.6
207.3
213.3
220.8
226.3
153.6
165.4
155.9
157.8
161.0
163.9
166.9
169.9
-41.6
-51.5
-42.6
-44.7
-49.4
-53.8
-56.4
-46.3
165.1
178.3
166.5
170.1
173.3
179.4
177.7
182.7
9.6
4.7
10.7
1.7
9.9
7.1
10.0
4.8
10.2
2.2
10.5
.5
10.9
.4
11.3
3.9
2.8
3.9
2.7
6.3
4.1
4.3
2.1
5.0
144.2
95.4
159.6
106.3
154.8
97.3
148.2
99.0
132. fi
101.7
163.4
104.6
165. 2
107.4
177.0
111.4
140.3
164.3
141.3
145.0
157.4
162.7
166.2
170.7
0
0
0
0
0
0
.2
0
199.2
215.3
202.0
205.9
208.9
210.1
219J
222.7
141.2
95.4
159.0
106.3
143.6
97.3
146.0
99.0
151.4
101.7
156.3
104.6
161.7
107.4
166.6
111.4
43.0
49.3
43.3
44.5
4o.7
48.4
50.6
51.4
_
Equals: National income
288-330
0 - 7 9 - 2
_.
Domestic i n c o m e . . .
Business
Nonfarm
Farm
Households and institutions.
Government
25.8
30.3
26.3
27.3
28.5
29.7
30.9
32.3
28.6
43.7
33.8
49.3
29.3
44.1
29.8
46.3
31.5
47.0
33.0
48.1
34.6
50.1
36.0
51.9
10.7
9.9
10.0
10.:
10.5
10.9
11.3
1,593.0 1,628.!9 1, 682.4 1,731.7 1,789.0
128.9
131.9 129.3
130.2
130.9
131.6
132.3
133.0
131.4
138.0
131.7
134.0
135.0
137.4
139.1
140.7
7.3
5.2
9.0
7.4
5.5
4.3
4.3
6.6
1,065.1 1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1,115.8 1,134.5
18.1
15.9
18.2
21.1
18.8
19.8
,728.4 1,795.6
,703.8 1,,537.6 1 576.9 1,603.11,
1,515.3 1
,684.4 1,519.5 1,560.9 584.9 1,667.1 1,709.7 1,775.9
1,498.0 1,
1,227. 4 1L, 386. 4 1, 247. 2 1, 279.1 1, 295. 2 1,372.4 1,409.9 1, 468. 2
1 257. 7 1,332.4 1,368. 5 1, 420.8
1,192. 6 1.i, 344. 9 1, 216.0 , 238. 7 '.,
47.3
31.1
40.5
37.4
40.0
41. 3
34.8
41.5
74.4
63.5
65.9
68.8
70.5
72.3
62.7
71.5
208.0 226.5 208.9 215.9 221.0 224.1 227.5 233.4
17.3
19.4
18.1
15.9
18.2
21.1
18.8
19.8
Billions of 1972 dollars
Net domestic product
Business
NonfarmFarm...
__
Residual1
Households and institutions.
Government
Rest of t h e world
...
National income
Domestic income
Equals: Net national product.__ 1,203.8 1,253.8 1,214.6 1, 224.4 1,223.3 1,251. 1 1,259. 2 1,281.7
Residual i
208.0
19.4
Net national product
1,332.7 1,385.7 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,414.7
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprise
573. 3 1L, 427.9 1,, 457. 8 1, 476.811, 558.51, 596. 7 1,661.0
529. 3 11,387. 6 1,413.9 1 436. 7 1, 517. 0 1, 553. 5 1, 610.0
41.0
47.1
42.9
42.2
33.2
39.1
37.9
.5
3.9
2.2
.4
1.7
7.1
4.8
74.4
70.5
72.3
63.5
68.8
71.5
65.9
226.5 208.9 215.9 221.0 224.1 227.5 233.4
1,515.3 1,703.8 1,537.6 1,576.9 1,603. 1 1,688.1 1,728.4 1,795.6
[Billions of 1972 dollars]
Gross national product
404.1 1,
i; 363. 2 1
36.1
4.7
62.7
17.3
National income
Rest of the world..
Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)
Less: Capital consumption allowances with capital
consumption adjustment
1,674.7 1 871.2 1,700.2 1,739.6 1,766.5 1,853.2 1,896.5 1,968.7
Business
Nonfarm
Farm
Statistical discrepancy
Households and institutions.
Government
Rest of the world
1,529.0 1,708. 0 1,543.
IV r
1,692.0 1 890.7 1,718.3 1,755.5 1,784.7 1,874.2 1,915.3 1,988.5
Net national product
Net domestic product
9.6
III
Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)
1,887.2 2,107.6 1,916.8 1,958.1 1,992.0 2,087.5 ,136.1 2,214.8
Equals: Net national product- 1,692.0 1,890.7 1,718.3 1,755.5 1 784. 7 1 874. 2 1 915. 3 1,988.5
Equals: National income
Less: Corporate profits with
inventory valuation
and capital consumption adjustments
Net interest
Contributions for social
insurance
Wage accruals less disbursements
II
Billions of dollars
Billions of dollars
Less: Indirect business tax
and nontax liability._.
Business transfer payments
Statistical discrepancy..
Plus: Subsidies less current
surplus of government
enterprises
I
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross national product
Less: Capital consumption
allowances
with
capital consumption adjustment
Capital consumption
allowances without
capital consumption
adjustment
Less: Capital consumption adjustment
1978
Business
Nonfarm
Farm
_
Households and institutions.
Government
Rest of the world.
1,203.8 1,253.8 1,214.
,224.4 1,223.3 1i, 251.1 1,259.
1,281.7
1,196.4 1,246.0 1,207.
,217. 7 1[,215.8 1,242.3 1,,251.
[,274.0
1,007.01,051. 8
974.5 1,023.4
25.2
23.2
7.3
5.2
42.2
44.5
147.2 149.
7.3
7.9
'.0 1L, 079.1
1, 016.8 1,, 025. 7 1, 022. 6 1,048.5 1[, 057.
1, 048. 0
982.5 991.5 993.8 1,022."8 '1., 028. 8 L
21.3
26.9
23.9
24.5
25.3
23.3
4.3
7.4
4.3
6.6
9.0
5.5
44.3
43.6
45.2
44.9
42.5
43.8
147.7 148.4 149.4 149.6 149.8 149.8
7.6
6.6
7.5
7.5
7.7
1,065.1 1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1I,115..8 11,134.5
1,057.7 1,102.7 1,066.3 1,076.4 1,075.3 1,100.6 11,108.3 11,126.8
868.3
841.4
26.9
42.2
147.2
884.7
23.9
44.5
149.
876.1
849.1
27.0
42.5
147.
884.3
855.7
28.7
43.6
148.4
882.1
857.3
24.8
43.8
149.4
906.8
884.1
22.7
44.3
149.
913.6
888.3
25.3
44.9
149.8
931.8
909.0
22.8
45.2
149.8
7.3
7.9
7.6
6.6
7.5
8.8
7.5
7.7
r
Revised.
1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.— Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.— Table 2: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of
product sold by the establishment holding the inventory; for construction, durable; and for
other industries, nondurable.
Table 3: The industry classification within the business sector is on an establishment basis
and is based on the 1972 Standard Industrial Classification.
SURVEY OF CURRENT BUSINESS
10
1978
1977
1977 . 1978 '
III
March 1979
II
IV
1977
III
IV
1977 1978'
III
Seasonally adjusted at annual rates
National income-
515.3
703.8
537.6
576.9
603.1
688.1
728.4 ,795.6
153.4
301.4
165.8
199.7
241.0
287.8
317.1 ,359.8
Wages and salaries
Government and government enterprises
Other
Supplements to wages and
983.6
101.0
993.6
021.2
050.8
090.2
113.4 ., 149.4
200.8
782.9
216.1
884.8
200.5
201.7
791.9
208.1
813.1
211.4
216.8
222.3
927.1
172.2
178.4
190.2
213.9
876.3
197.6
203.6
210.4
79.4
90.4
94.5
105.9
79.9
92.2
82.4
96.1
90.2
100.0
93.6
104.0
95.7
107.9
98.6
111.8
113.2
97.2
107.3
105.0
110.1
114.5
123.0
20.
25.3
16.5
25.1
21.9
24.0
25.0
30.4
24.6
30.
21.0
-4.9
87.8
-4.5
80.8
-4.
82.3
81.4
92.0
82.2
84.8
-1.3
-2.2
—. 7
—.6
-2.
Rental income of persons with
capital consumption adjustment
Rental income
Capital consumption adjustment
_
22.5
42.
Corporate profits with inventory valuation and capital
consumption adjustments
Corporate profits with inventory valuation adjustment and without
capital consumption adjustment
P rofits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits.
Inventory valuation adjustment.
_
Capital consumption adjustment
Net interest
Addenda:
Corporate profits with inventory valuation and capital
consumption adjustments
Profits tax liability
Profits after tax with inventory valuation and capital
consumption adjustments
Dividends
Undistributed
profits
with inventory valuation and capital consumption adjustment!
23.4
47.
-19.6 -24.
144.
159.
!9.8
154.
-4.
86.7
28.8
29.'
35.8
-4.8
86.1
-4.8
89.6
-5.4
92.6
90.1
93.5
97.8
-1.
-2.1
-2.
-1.8
-2.6
-1.2
-1.5
-1.8
-2.1
-2.6
22.8
44.6
22.
42.6
-20.2
26.6
-21.3 -21.
148.
132.6
24.3
24.4
49.5
51.0
-23.3 -25.2 -26.6
22.2
45.5
163.
165.
177.0
43.
58.
-14.
-14.
95.
177.
202.
83.
118.
49.
169.<
177.,
72.:
104.:
44.
68.
60.
-24.
-7.
-18.
-15.
106.
97.
163.
178.
73.
104.
148.
172.
70.
102.
180.1
205.
85.
120.
46.
47.
48.
184.
205.
86.
119.
196.8
225.3
94.5
130.7
50.1
51.9
69.2
78.8
58.
55.
72.
-14.
-23.
-24.
-20.9 -28.4
-15.
-16.
-17.
-19.3 -19.9
99.
101.
104.
107.4
111.4
144.
159.
154.
148.
132.
163.
165.
177.0
71.
83.
72.
73.
70.
85.
86.
94.5
72.
43.
75.
49.
82.
44.
74.
46.
62.
47.
78.
48.
79.0
50.1
82.4
51.9
28.
26.
38.
28.
15.
30.
29.0
30.5
Gross domestic product
of corporate business.. 1,160.2 1,307.1 1,183.3 1,206.1 1,223.4 1,298.0 1,328.7 1,378.2
120.9
132.5 122.6
124.6
127.4
130.5
134.7 137.4
Net domestic product
1,039. 3 1, 174.6 1,060.7 1,081. 4 1, 096.1 1,167. 5 1,194.0 1,240.8
Indirect business tax and
nontax liability plus business transfer payments
117.8 129.1 118.9 121.5 124.3 129.1 129.7 133.4
Domestic income
921.5 1,045.5 941.8 960.0 971.8 1,038.3 1,064.3 1,107.4
Compensation of employees
776.3 884.1 786.3 808.1 837.4 875.1 896.4 927.4
Wages and salaries
652.5 737.5 660.4 678.1 698.7 730.6 747.4 773.4
Supplements to wages
and salaries
123.8 146.5 125.5 130.0 138.7 144.5 149.0 154.0
.34.6
.64.3
71.8
92.5
39.0
53.5
•14.8
•14.9
10.6
149.7
192.2
83.9
108.3
44.3
64.0
-24.4
-18.1
11.7
144.5
167.2
72.8
94.4
39.2
55.3
-7.7
-15.0
11.0
140.3
170.4
73.9
96.5
42.0
54.5
-14.8
-15.3
11.5
123.2
162.7
70.0
92.7
42.3
50.4
-23.5
-16.1
11.2
Gross domestic product of financial corporate business L..
57.0
66.4
58.7
59.8
61.8
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and salaCorporate profits with inventory
valuation and capital consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment.
Capital consumption adjustment.
Net interest
IV r
151.7 156.1
193.8 196.3
85.0 86.2
108.8 110.1
42.3 45.6
66.5 64.5
-24.9 -20.9
-17.2 -19.3
11.5 11.8
167.9
216.2
94.5
121.7
47.1
74.5
-28.4
-19.9
12.1
68.1
70.8
64.9
115.6 126.5 117.2 119.0 121.6 124.6 128.6 131.1
987.6 1,114.2 1,007.4 1,027.3 1,040.0 1,108.5 1,132.0 1,176.3
107.8 117.9 108.7 110.9 113.5
879.8 996.3 898.7 916.4 926.5
732.1 834.1 741.6 762.2 789.9
616.1
623.5 640.3 659.8
118.0
990.5
826.0
690.4
118.4 121.8
1,013.6 1,054.6
845.5 875.1
705.7 730.6
116.1 137.5 118.1 121.9 130.1 135.6 139.7 144.5
113.9 125.0 122.8
143.5 167.1 145.3
59.0 68.5 59.4
84.
98.6 85.9
45.0 39.5
45.5 53.6 46.4
-14.8 -24.4 - 7 . 7
-14. -17.7 -14.8
33.
37.1 34.4
118.7
148.5
60.4
88.0
42.5
45.6
-14.8
-15.0
35.4
100.9
140.0
55.9
84.2
43.0
41.2
-23.5
-15.7
35.7
127.8
169.5
70.1
99.4
42.9
56.5
-24.9
-16.8
36.6
130.6
170.3
70.2
100.1
46.2
53.9
-20.9
-18.9
37.6
140.8
188.6
78.0
110.6
47.8
62.8
-28.4
-19.4
38.6
Billions of 1972 dollars
Gross domestic product of nonfinancial corporate business.,. 769.3 810.4 776.7 783.6 783.6 811.9 814.9 831.3
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
76.5
77.9
76.7
77.1
77.5
77.8
78.1
78.4
692.8 732.5 700.0 706.5 706.2 734.1 736.8 752.9
86.0 89.8 86.0 87.5 87.8 89.3 90.5 91.7
606.9 642.7 614.0 619.1 618.4 644.8 646.3 661.2
Dollars
Current-dollar cost and profit per
unit of constant-dollar
gross
domestic product2 _
Capital consumption allowances with
capital consumption adjustment
Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Capital consumption allowances with capital consumption adjustment- _
Corporate profits with inventory
valuation and capital consumption adjustments.
__.
Profits before tax
Profits tax liability
Profits after tax
__.
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment.
Net interest
___
Capital consumption allowances with
capital consumption adjustment—
159.
173.
71.
102.
III
Gross domestic product of nonfinancial corporate business.._ 103.2 1,240.7 1,124.6 1,146.3 1,161.6 1,233.0 1,260.6 1,307.4
99.8
-4.4
79.5
II
Table 8.—Gross Domestic Product of Corporate Business—Con.
Compensation of employees. _.
Farm
Proprietors income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adjustments
Inventory valuation adjustment.
Capital consumption adjustment
I
Billions of dollars
Table 7.—National Income by Type of Income (1.13)
Proprietors* income with inventory valuation and capital consumption adjustments..
IV
Seasonally adjusted at annual rates
Billions of dollars
Employer
contributions
for social insurance
Other labor income
1978
1.434 1. 531 1. 448 1. 463 1. 482 1. 519 1. 547 1.573
.150
156
151
152
155
153
158
.158
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less subsidies
].284 1. 375 1. 297 1. 311 1. 327 1. 365 1. 389 1.415
Domestic income
_.
Compensation of employees.-.
Corporate profits with inventory
valuation and capital consumption adjustments
Profits tax liability
Profits after tax with inventory
and capital
consumption
adjustments—
Net interest
1.144 1. 229 1. 157 1. 169 1. 182 1. 220 1. 244
973 1. 008 1. 017 1. 038 1.053
.952 1. 029
955
.140
146
140
142
. 145
145
145
.146
.148
.077
154
085
158
076
151
077
• 129
071
157
086
160
086
.169
.094
.071
.044
070
046
082
044
074
045
057
046
071
045
074
046
.076
.046
1. Consists of the following industries: Banking; credit agencies other than banks; security,
commodity brokers and services; insurance carriers; regulated investment companies; small
business investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfmancial corporate business with the
decimal point shifted two places to the left.
SUEVEY OF CUEEENT BUSINESS
March 1979
1977
1977
1978'
III
11
1978
IV
II
1977
III
1977
IV
1978'
Seasonally adjusted at annual rates
77.5
70.0
74.5
73.8
79.5
75.8
81.0
70.9
76.7
68.1
72.0
71.3
80.8
77.4
77.5
Wage and salary disbursements
67.8
50.6
17.2
60.4
45.0
15.4
63.2
47.3
15.9
63.1
47.3
15.8
70.5
54.1
16.5
67.9
49.9
18.0
69.6
51.1
18.5
Commodity-producing
industries 3 ...
Manufacturing
D istributive industries4
Service industries«
Government and government enterprises
Change in business inventories
ol new and used autos
New..
Used..
Addenda:
Domestic 1 output of new
autos ..
_
__
Sales of imported new autos2
14.7
22.3
-7.6
-6.2
7.5
13.7
11.7
18.5
-6.8
-4.6
6.8
11.4
13.0
19.7
-6.7
-4.8
6.9
11.8
13.4 15.0
20.3 22.7
-6.9 -7.8
-5.8 -5.2
7.9
6.9
12.7 13.1
15.5
23.4
-7.9
-6.5
7.8
14.3
14.9
22.6
-7.7
-7.5
7.4
14.9
.5
.6
.6
.6
.5
.5
.5
1.4
.8
1.9
2.5
2.5
-1.3
-1.6
3.6
1.6
-.2
.9
-.1
2.6
-.6
3.4
-.9
2 7 -2.2
-'.2
.9
-1.4
-.2
4.5
-1.0
59.4
15.3
63.9
16.7
58.4
14.8
60.2
15.5
60.5
15.7
63.6
16.9
66.7
17.3
65.3
17.0
Billions of 1972 dollars
Auto output..
Final sales
55.2
55.3
53.7
55.4
54.1
57.0
53.5
56.5
54.0
54.9
52.1
53.8
52.4
58.3
54.5
54.2
Personal consumption expenditures
44.4
New autos
36.0
Net purchases of used autos.
8.5
Producers' durable equipment—
10.6
New autos
_. 14.8
Net purchases of used autos. - 4 . 2
Net exports
-1.5
Exports
5.4
Imports.._
6.9
Government purchases of
goods and services
.5
Change in business inventories
of new and used autos
New..
UsedAddenda:
Domestic
output of new
autos1
Sales of imported new autos 2 ...
r
1.2
45.3
36.5
8.7
43.6
34.9
8.7
44.7
35.8
9.0
11.5
16.1
-4.6
-2.3
5.4
7.7
10.1
14.3
-4.3
-2.0
5.2
7.2
10.6
14.9
-4.3
-2.0
5.2
7.2
.4
.5
.4
.4
1.6
1.6
43.4
35.0
8.4
47.8
39.3
8.4
10.8 11.8
15.1 16.5
-4.3 -4.7
-2.2 -1.7
5.2
5.8
7.3
7.5
.4
1.6
.4
-1.3
1.3
-.2
.4
-.1
2.0
-.4
2.2
-.6
1.8 - 1 . 8
-.1
.5
46.1
11.9
46.2
12.1
45.2
11.5
45.5
11.8
44.9
11.6
47.5
12.3
44.6
35.6
9.0
45.3
36. 2
9.1
12.0
16.7
-4.7
-2.4
5.5
7.9
11.6
16.0
-4.5
-3.0
5.3
8.3
.4
.4
-1.1
-1.0
-.1
45.3
12.0
2.3
2.8
-.5
47.3
12.2
Revised.
1. Consists of final sales and change in business inventories of new autos produced in
the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
3. Consists of agriculture, forestry, and fisheries; mining; construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.
5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and is based on the 1972 Standard Industrial
Classification.
rv
Table 10.—Personal Income and Its Disposition (2.1)
72.3
Personal consumption expenditures
61.8
New autos...
46.3
15.5
Net purchases of used autos
Producers' durable equipment..
_
_ 12.2
New autos
_
__. 19.0
Net purchases of used autos - 6 . 8
-3.6
Net exports
7.0
Exports
_.
10.7
Imports
Government purchases of
goods and services
.6
in
Billions of dollars
Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Auto output.
ii
IV
Seasonally adjusted at annual rates
Billions of dollars
Final sales
III
1978
Personal income
Other labor income
,529.0 1,708.0 1,543.7 1,593. 0 1,,628, 9 1,,682.4 1,731.7 1,789.0
983.6 1,100.9
343.7
266.3
239.1
200.1
390.2
299.9
268.9
225.8
348.3
357.1
277.3
247.5
208.5
286.9
257.0
216.5
387.0
296.1
266.4
222.8
396.4
302.0
241.2
202.3
271.6
228.5
411.3
314.4
280.4
235.4
200.8
216.1
201.7
208.1
211.4
213.9
216.7
222.3
90.4
105.9
92.2
96.1
100.0
104.0
107.9
111.8
113.2
97.2
107.3
105.0
110.1
114.5
123.0
24.0
86.1
25.0
30.4
92.6
24.4
Proprietors' income with inventory valuation and capital
consumption adjustments
Farm
Nonfarm.
Rental income of persons with
capital consumption adjustment
20.2
79.5
Dividends
Personal interest income.
Transfer payments
Old-age, survivors, disability, and health insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government
employees
retirement benefits
Aid to families with dependent children...
Other
993.6 1,021. 2 1 ,050. 8 1,,090.2 1,113.2 1,149.U
25.1
82.3
21.9
83.1
25.3
87.8
16.5
80.8
22.5
23.4
22.4
22.7
22.8
22.2
24.3
43.7
49.3
44.1
46.3
47.0
48.1
50.1
51.9
141.2
159.0
143.6
146.0
151.4
156.3
161.7
166.6
208.8
226.0
211.9
215.9
219.2
220.6
230.4
233.9
105.0
117.4
108.5
110.1
112.1
113.7
121.1
122.7
8.5
13.5
8.7
13.3
8.1
13.7
12.5
13.8
8.9
13.6
11.4
13.4
11.5
13.7
10.4
13.8
28.8
32.8
29.2
30.5
31.3
32.5
33.2
34.4
10.6
38.1
10.8
42.5
10.6
38.7
10.7
39.4
10.7
40.9
10.8
41.6
10.9
43.3
10.8
44.2
Less: Personal contributions
for social insurance
61.0
69.7
61.4
62.6
67.2
69.2
70.5
72.1
Less: Personal tax and nontax
payments
226.0
256.2
224.6
233.3
237.3
249.1
263.2
275.1
Equals: Disposable personal
l,303.0i ,451.8 1,319. 1 1
income
Less: Personal outlays
6 1,391.6
391.6 1,
1,433.3 1, 468.4 1,513.9
1,236.1 1,374.9 I,244.8 1,285.9 1,309.2 1,357.0 1 392.5 1,440.9
Personal consumption expenditures
1,206.5 1,
L, 340.1 1,214.5 1,255. 2 1,276.7 1,322.9 1, 356. 9 1L, 403. 9
Interest paid by consumers
34.6
33.0
to business
31.5
36.0
28.6
29.3
29.8
33.8
Personal transfer payments
1.1
1.0
.9
to foreigners (net)
.9
.9
1.0
1.0
76.0
82.4
76.3
73.0
Equals: Personal saving
74.3
73.7
66.9
76.9
Addenda:
Disposable personal income:
Total, billions of 1972
dollars
926.3
966.1
931.9
949.6 952.1
960.3
968.'
983.2
Per capita:
Current dollars..
1972 dollars
6,009
4,271
6,643
4,421
6,077
4,293
6,250
4,365
6,387
4,370
6,566
4,399
6,712
4,428
6,906
4,485
Population (millions)
216.9
218.
217.1
217.5
217.9
218.3
218.8
219.2
5.6
5.4
5.9
5.3
5.2
4.8
Personal saving as percentage of disposable personal
income
5.1
5.3
SURVEY OF CURRENT BUSINESS
12
1977
1977
1978
IV
III
1978'
March 1979
I
II
1977
III
IV r
1977
1978 r
1978
I
IV
III
Seasonally adjusted at annual rates
II
III
IV r
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of current dollars
Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
1,206.5 1,340.1 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9 1,403.9
857.7
891.7
858.0
876.6
873.5
886.3
895.1
911.8
178.4
197.5
177.4
187.2
183.5
197.8
199.5
209.1
137.8
144.6
136.9
143.0
137.8
145.8
144.8
150.1
81.5
71.3
25.6
479.0
89.7
77.7
30.0
79.5
72.0
25.8
84.1
72.1
27.3
92.5
76.5
28.8
89.8
78.9
30.7
92.6
83.2
33.3
60.0
57.6
20.2
61.7
60.4
22.6
58.6
58.0
20.3
60.9
60.3
21.8
59.5
57.4
21.0
64.2
59.8
21.8
60.8
61.0
23.0
62 2
63.3
24.6
526.5
479.7
84.0
75.3
27.9
496.9
501.4
519.3
531.7
553.4
330.4
339.6
329.2
338.1
333.3
336.3
340.4
348.5
269.4
89.0
51.2
14.9
101.9
246.4
81.4
46.0
13.1
92.8
252.6
86.7
47.5
13.9
96.2
257.7
82.9
48.3
15.8
96.7
267.8
87.5
49.1
15.2
99.7
272.0
90.5
51.5
14.3
103.3
279.9
95.3
55.8
14.3
108.1
165.1
66.6
26.6
165.4
70.9
28.1
164.9
66.2
26.5
167.6
70.2
26.9
165.6
66.8
27.1
164.7
69.5
27.5
164.8
71.8
28.4
---
245.2
81.5
46.5
13.5
92.4
66.4
69.4
66.3
67.8
67.3
68.5
69.8
166 4
75.2
29 4
54
72! o
--
549.2
616.2
557.5
571.1
591.8
605.8
625.8
641.4
389.5
407.4
391.8
395.6
402.4
404.2
410.0
413.1
184.6
81.6
38.0
43.6
44 2
238.8
207.3
91.3
43.0
48.3
52.6
264.9
186.9
83.7
39.5
44.1
45.0
241.9
192.0
84.6
39.3
45.3
47.3
247.3
198.1
89.6
43.3
46.3
49.7
254.4
204.1
88.9
41.5
47.4
52.1
260.6
210.1
92.6
43.3
49.3
53.7
269.3
217.0
94.1
44.0
50.1
55.0
275.4
140.3
55.4
22.4
33.0
30.8
162.9
146.6
58.2
23.4
34.8
34.1
168.5
141.2
56.1
22.9
33.2
31.0
163.6
142.4
56.3
22.5
33.8
31.9
164.9
144.2
58.7
24.6
34.1
33.0
166.5
145.8
57.0
22.5
34.5
34 0
167.4
147.4
58.3
23.0
35.2
34 6
169.8
149.2
58 9
23.4
35 5
34 8
170.3
Personal consuntDtion exDcnditures
Durable goods
- - -
Motor vehicles and parts
Furniture and household equipment
Other
.
Nondurable goods - - - - Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
-
-
- -
Housing
- Household operation
Electricity and gas Other
--
_ _ _ __
. -
Other
in
5.9
5.4
5.7
1978
1977
1977 1978'
5.6
rv
I
II
III
IV r
1977 1978 r
rv
I
II
III
IV r
Billions of dollars
Table 12.—Federal Government Receipts and Expenditures (3.2)
Table 13.—State and Local Government Receipts and
Expenditures (3.4)
374.5 431.5 374.3 385.5 396.2 424.7 441.7 463.2
Personal tax and nontax receipts.
Income taxes
_
Estate and gift taxes
Nontaxes
193.2 .67.6 174.8 176.8 .86.7 199.7 209.7
62.1 187.8 .61.7 L69.2 171.3 .81.3 194.4 204.1
7.2
5.3
5.4
5.7
5.2
5.5
5.4
5.2
.2
.2
.2
.2
.2
.2
.2
.2
Corporate profits tax accruals
61.3
71.6
62.0
62.9
59.6
72.6
73.6
80.7
Indirect business tax and nontax
accruals
Excise taxes. 1
Customs duties __
Nontaxes
25.0
17.5
5.4
2.1
27.9
18.5
7.1
2.3
25.4
17.5
5.7
2.1
25.6
17.9
5.5
2.2
26.5
17.9
6.3
2.2
27.9
18.4
7.2
2.3
28.2
18.6
7.2
2.3
28.8
18.9
7.4
2.5
Contributions for social insurance
18.7 138.7 119.3 122.2 133.3 137.6 140.1 144.0
Expenditures
422.6 461.4
Purchases of goods and services.
National defense
C om pensation of employees
Military
Civilian.
Other
0.7 444.1 448.8 448.3 464.5 483.8
.45.1 153.8 146.8 152.2 151.5 147.2 154.0 162.5
94.3 99.5 94.4 97.1 97.9 98.6 99.6 102.1
42.9 45.7 42.4 44.9 45.0 45.0 45.3 47.5
24.9 26.2 24.5 26.0 25.9 25.9 26.0 27.2
18.0 19.5 17.8 18.9 19.1 19.2 19.3 20.3
51.4 53.8 52.0 52.3 52.9 53.5 54.3 54.6
Nondefense
Compensation cf employees.
Other
50.8
23.5
27.3
Transfer payments.
To persons.
To foreigners
54.3
25.4
52.4
23.3
29.1
55.1
24.6
30.5
53.6
24.9
28.7
48.6
25.0
23.6
54.5
25.2
29.2
60.4
26.5
33.9
172.7 185.4 175.7 178.3 180.2 180.7 188.8 191.9
L69.5 181.9 172.0 175.0 176.9 177.0 185.5 188.3
3.2
3.5
3.4
3.7
3.7
3.3
3.6
3.4
local
67.4
76.9
70.9
71.1
73.9
75.9
77.5
80.3
Net interest paid
29.1
Interest paid
35.3
To persons and business
_
29.8
To foreigners
5.5
Less: Interest received by Government. 6.2
35.5
43.1
34.4
8.7
7.6
28.9
35.4
29.9
5.5
6.4
30.7
37.0
30.4
6.6
6.3
33.2
40.2
32.3
7.9
7.0
34.6
42.3
33.7
8.5
7.7
36.3
44.0
35.6
8.4
7.7
38.1
45.9
36.1
9.8
7.8
9.7
8.9
8.4
11.8
10.3
10.0
8.8
10.0
8.4
-1.2 -1.6
8.0
8.2
11.0
10.3
.2
-.7
Subsidies less current surplus of
Goyernment enterprises
Subsidies
_
_
Less: Current surplus of Government enterprises __
Less: Wage accruals less disbursements
8.3
7.5
-.9
-.8
-1.5
Receipts
296.2 328.1 301.8 307.9 315.7 327.4 329.2 340.1
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
56.6
30.9
18.2
7.4
63.0
34.7
20.5
7.8
57.0
31.3
18.5
7.3
58.5
32.0
19.0
7.5
60.5
33.3
19.5
7.7
62.5
34.5
20.1
7.8
20.8
7.8
34.9
65.3
36.0
21.5
7.8
Corporate profits tax accruals. _
10.5
12.3
10.7
10.9
10.4
12.4
12.5
13.8
63.5
Indirect business tax and nontax
140.0 150.4 141.2 144.6 146.8 151.5 .49.5 153.8
accruals
63.9 71.4 64.2 66.7 67.7 70.6 72.2 75.0
Sales taxes
62.3 63.6 62.9 63.5 64.3 65.8 61.6 62.7
Property taxes
13.7 15.4 13.9 14.3 14.7 15.1 15.6 16.1
Other
_
Contributions for social insurance
21.7
25.5
22.0
22.8
24.1
25.2
26.1
26.7
Federal grants-in-aid
67.4
76.9
70.9
71.1
73.9
75.9
77.5
80.3
Expenditures
Purchases of goods and services
Compensation of employees.
Other....
Transfer payments to persons
266.6 299.7 270.7 278.9 284.2 297.7 305.8 311.3
248.9 280.2 252.7 260.3 265.2 277.6 285.8 292.0
141.5 155.4 143.2 146.4 151.1 154.1 157.0 159.4
107.4 124.8 109.6 113.9 114.1 123.5 128.8 132.7
30.1
29.7
30.9
32.0
Net interest paid
Interest p a i d . .
19.6 22.8 19.9 21.0 21.5
Less: Interest received b y government
Subsidies less current surplus of gov- - 5 . 6 - 5 . 9 - 5 . 7 - 5 . 5 - 6 . 0
.3
.3
.3
ernment enterprises
.3
.2
Subsidies
6.2
5.8
5.9
Less: Current surplus of govern6.2
5.8
ment enterprises.
0
0
0
0
Less: Wage accruals less disbursements.
0
Surplus or deficit ( - ) , national
income and product accounts.. 29.6 28.3 31.2 29.0 31.5
Social insurance funds
Other funds
33.1
34.1
34.4
-6.5 -7.9 -6.5 -6.8 -7.1 -7.3 -8.2 -9.1
13.2 14.8 13.4 14.1 14.4 14.7 15.0 15.3
— 18.0
11.5
21.2
7.1
18.3
12.8
19.1
9.9
19.9
11.5
22.0
5.7
.3
23.1
24.5
-5.9 -6.0
.3
.3
6.0
6.2
6.3
0
0
0
29.8
23.4
28.8
20.5
9.3
21.6
1.8
22.9
5.9
1. Includes fees for licenses to import petroleum and petroleum products.
0
Surplus or deficit ( - ) , national
income and product accounts.. -48.1
-29.9 -56.4 -58.6 -52.6 -23.6 -22.8 - 2 0 . 6
Social insurance funds..
-10.1 - 1 . 2 -11.9 -11.5 - 1 . 7
1.9 - 3 . 5 - 1 . 5
Other funds
-38.0 -28.7 -44.5 -47.1 -50.9 -25.5 -19.3 - 1 9 . 1
in
1978
Seasonally adjusted at annual rates
Billions of dollars
Grants-in-aid to State and
governments
5.6
1977
Seasonally adjusted at annual rates
Receipts
6.0
6.4
SURVEY OF CURRENT BUSINESS
March 1979
1977
1977
1978'
III
13
1978
IV
II
1977
III
IV
1977
1978'
Seasonally adjusted at annual rates
III
1978
IV
I
II
III
IV r
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)
204.8
180.8
172.1
181.7 205.4
210.1
221.9
Inventories1
483.6
498.6
520.7
536.5
Exports of goods and services.. _ 175.5 204.8
Merchandise
._ 120.6 141.7
Other
63.0
54.9
180.8
124.1
56.8
172.1
117.8
54.2
181.7 205.4
122.7 140.3
59.0 65.1
210.1
147.7
62.4
221.9
156.3
65.6
Farm.
Nonfarm
Durable goods
Nondurable goods..
55.7
60.3
66.3
68.0
428.0
245.2
182.7
438.3
251.8
186.5
454.4
263.2
191.1
468.5
271.2
197.3
480.4 500.7
280.3 291.9
200.1 208.7
215.5
138.1
77.4
219.2
140.9
78.3
225.9
146.5
79.4
232.0
150.7
81.2
239.0 248.3
156.7 162.4
,82.4 85.8
82.8
54.1
28.7
85.9
56.1
29.8
90.9
59.6
31.4
94.2
61.9
32.3
96.4 101.6
64.3 67.5
32.1 34.1
87.5
39.8
47.7
89.9
41.1
48.8
94.3
42.9
51.3
97.5
43.9
53.6
99.0 103.4
44.3 46.4
54.8 57.0
42.3
43.3
43.3
44.8
45.9
Receipts from foreigners. 175.5
Capital grants received by the
United States (net)
0
0
Payments to foreigners... 175.5
204.8
0
0
180.8
172.1
0
0
181.7 205.4
0
0
210.1
221.9
Imports of goods and services.. 186.6 216.8 187.8 195.2 205.8 210.9 220.8 229.5
Merchandise
_
151.6 176.3 153.1 158.5 167.5 171.5 179.9 186.2
35.0
Other
36.7
40.5
34.8
38.3 39.4
40.9
43.3
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government
to foreigners
Net foreign investment.
4.2
1.0
3.2
4.5
1.0
3.5
4.6
.9
3.7
4.3
.9
3.4
4.3
1.0
3.3
4.8
1.1
3.7
4.3
.9
3.4
4.6
.9
3.6
5.5
8.7
5.5
6.6
7.9
8.5
8.4
9.8
-20.9 - 2 5 . 2 - 1 7 . 1 - 3 4 . 1 - 3 6 . 3 - 1 8 . 9 - 2 3 . 5 - 2 2 . 1
Gross saving...
272.2
318.6
285.5
274.7
284.2 326.1
326.2
338.0
Gross private saving..
290.8
320.2
310.7
304.3
305.4 319.9
325.7
329.9
Personal saving
82.4 76.3
76.0
66.9
76.9
74.3
73.7
73.0
Undistributed
corporate
profits with inventory
valuation and capital
consumption adjustments. 28.7 26.3 38.0 28.0 15.6 30.3 29.0 30.5
Undistributed profits.
58.4
55.1 72.4
69.2
68.9
60.6
58.1
78.8
Inventory valuation adjustment
_
„
- 1 4 . 8 - 2 4 . 4 - 7 . 7 - 1 4 . 8 -23.5 -24.9 - 2 0 . 9 - 2 8 . 4
Capital consumption adjustment
-14.9 - 1 8 . 1 - 1 5 . 0 - 1 5 . 3 - 1 6 . 1 - 1 7 . 2 - 1 9 . 3 - 1 9 . 9
Corporate capital consumption allowances with capital consumption adjustment.
120.9 132.5 122.6 124.6 127.4 130.5 134.7 137.4
Noncorporate capital consumption allowances with
capital consumption adjustment
74.3 84.4
79.9 82.8
86.1
75.9
77.9
89.0
Wage accruals less disbursements
0
0
0
0
0
0
0
0
Federal
State and local.
-1.6
- 2 5 . 2 -29.6 - 2 1 . 1
.6
6.2
8.2
0
0
0
0
Gross investment..
276.9
320.4
292.6
279.5
0
0
286.4 326.6
0
0
326.6
342.0
Gross private domestic investment
297.8 345.6 309.7 313.5 322.7 345.4 350.1
Net foreign in vestment
-20.9 -25.2 -17.1 -34.1 -36.3 -18.9 -23.5
364.0
—22.1
Statistical discrepancy
r
4.7
1.7
7.1
4.8
2.2
.5
.4
3.9
Revised.
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
in business inventories (CBI) components of GNP. The former is the difference between two
inventory stocks, each valued at end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories tofinalsales of business. These sales include a small
amount offinalsales by farms.
NOTE.— Table 16: Inventories are classified as durable or nondurable as follows: For manufacturing, by the type of product produced by the establishment holding the inventory; for
trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other nonfarm industries, nondurable. The industry classification is
based on the 1972 Standard Industrial Classification.
Table 17: The industry classification of compensation of employees, proprietors' income,
and rental income is on an establishment basis; the industry classification of corporate profits
and net interest is on a company basis. The industry classification of these items is based
on the 1972 Standard Industrial Classification.
68.1
73.8
47.4
1,604.5 1,647.3 1,667.3 1,751.7 1,803.9 1,873.9
.301
.267
.303
.266
.312
.273
.267
.266
.307
.267
Billions of 1972 dollars
Inventories1
305.7
307.6
310.7
Farm.
Nonfarm
Durable goods
Nondurable goods.
40.3
40.6
40.5
313.9 316.1 318.1
40.2
40.1
40.1
265.4
154.2
111.2
267.0
155.4
111.7
270.2
157.8
112.4
273.6
159.4
114.3
276.0 278.0
160.9 162.6
115.4
Manufacturing
Durable goods
Nondurable goods..
Wholesale trade
Durable goods
Nondurable goods..
129.1
84.0
45.1
128.8
83.9
44.9
129.9
84.9
45.0
131.5
86.1
45.4
132.9 133.2
87.2 87.6
45.7 45.6
52.7
35.3
17.4
53.7
36.0
17.7
55.7
37.1
18.6
56.6
37.8
18.8
56.8
38.5
18.4
58.2
39.2
18.9
Retail trade
Durable goods
Nondurable goods-
59.8
26.9
32.8
60.6
27.5
33.2
61.1
27.6
33.5
61.7
27.3
34.4
62.2
27.0
35.2
62.6
27.6
35.0
23.8
23.9
23.4
23.9
24.1
24.1
Other
1,133. 9 1, 148.4 1,141.1 1,167. 3 1,180. 3 11,203.9
Final sales K
-48.1 -29.9 -56.4 -58 6 -52.6 -23.6 -22.8 -20.6
23.4
29.6
31.2
31.5 29.8
28.8
28.3
29.0
Capita] grants received by the
United1St
States (net)..
Other.
Final sales2.
Ratio of inventories to
final sales
Nonfarm 3
•
Table 15.—Gross Saving and Investment (5.1)
Government surplus o r deficit
(—), national income and
product accounts
-18.6
Manufacturing
Durable goods
Nondurable goods..
Wholesale trade
Durable goods
N ondurable goods..
Retail trade
Durable goods
Nondurable goods..
548.5 574.5
Ratio of inventories to
final sales.
.270
.234
Nonfarm3
.268
.233
.272
.237
.269
.234
.268
.234
.264
.231
Table 17.—National Income Without Capital Consumption
Adjustment by Industry (6.4)
National income without capital consump1,554. 8 1,753.1 1,578.0 1,619. 3 1,,647.2 1,735.2 1[,779.8 1,850.1
tion adjustment
1,537. 5 1,733. 6 1,559. 9 1,603.4 1,629.0 1,714.1 1,761.1 1,830.3
Domestic income
Agriculture, forestry, and
fisheries
Mining and construction
Manufacturing
Nondurable goods..
Durable goods
Transportation
Communication.
Electric, gas, and sanitary
services
Wholesale and retail trade..Wholesale
Retail
Finance, insurance, and real
estate
Services
Government and government enterprises
Rest of the world.
44.6
52.4
41.1
50.6
47.9
50.7
52.2
100.4
117.8
103.6
104.2
101.6
118.9
123.3
408.9
161.7
247.2
464.6
177.0
287.6
412.9
163.7
249.2
428.7
166.6
262.1
432.5
167.6
265.0
461.9
176.0
285.9
469.4
178.3
291.1
58.4
35.0
65.9
40.1
59.6
35.4
61.3
36.6
61.3
38.6
66.5
39.3
66.7
41.1
29.5
33.3
30.4
30.0
33.3
32.7
33.1
237.0
96.5
140.5
263.8 245.5
106 9 101.1
156.8 144.3
242.9
96.8
146.1
245.7
98.2
147.5
260.0
105.5
154.5
270.5
110.4
160.1
177.9
213.1
202.0
240.3
181.5
216.1
185.5
222.0
189.9
231.0
196.6
236.8
207.2
243.0
232.7
253.4
233.8
241.5
247.2
250.7
254.6
15.9
18.2
21.1
18.8
17.3
19.4
18.1
19.8
SUEVEY OF CUEEENT BUSINESS
14
1977
1977
1978'
III
March 1979
1978
IV
II
1977
III
1977
IV r
1978 r
III
Seasonally adjusted at annual rates
Rest of the world.
Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
144.2
159.6
154.8
148.2
132.6
163.4
165.2
177.0
134.6
20.7
113.9
149.7
24.7
125.0
144.5
21.7
122.8
140.3
21.6
118.7
123.2
22.3
100.9
151.7
23.9
127.8
156.1
25.5
130.6
167.9
27.1
140.8
9.6
9.8
10.3
7.9
9.4
11.7
9.1
9.1
177.7
169.9
163.5
148.7
180.6
184.5
196.8
167.8
25.1
7.7
17.4
159.5
21.9
6.2
15.7
155.6
21.9
6.4
15.5
139.2
22.7
6.9
15.7
168.9
24.3
7.3
17.0
175.4
26.0
8.0
18.0
187.8
27.6
8.7
18.8
Nonfinancial.-.
128.6 142.7
Manufacturing, _
85.4
74.7
Nondurable goods
42.1
Food and kindred
products
5.7
Chemicals and allied
products
8.2
Petroleum and coal
products
12.8
Other
12.9
Durable goods
._. 35.1 43.3
Primary metal industries
1.8
Fabricated
metal
products
4.0
Machinery,
except
electrical
.
7.1
Electric and electronic
equipment
3.9
Motor vehicles and
equipment
9.5
Other
8.8
137.6
74.7
40.6
133.7
80.2
41.1
116.6
69.8
37.0
144.6
87.8
41.7
149.4
87.1
42.5
160.2
7.0
5.7
4.3
5.4
6.6
7.9
8.2
8.1
8.3
8.2
12.3
13.4
13.8
13.4
10.4
14.3
14.4
13.7
14.6
13.2
34.2
39.1
32.8
46.1
44.6
.9
2.4
1.2
5.1
5.0
3.9
4.2
3.2
4.3
4.7
7.3
8.5
6.4
9.2
7.4
4.1
4.4
4.3
4.8
5.8
9.2
8.7
9.1
10.5
7.9
9.7
10.8
11.9
10.2
11.7
30.6
22.1
16.7
22.0
25.8
17.1
17.3
19.3
20.7
14.3
12.8
15.4
15.8
9.6
10.3
7.9
9.4
11.7
9.1
9.1
292.0
277.5
272.8
260.0
294.0
299.9
314.3
282.2
267.1
27.1
6.2
20.9
265.0
27.2
6.4
20.8
250.6
28.1
7.0
21.1
282.2
29.8
7.3
22.5
290.8
31.6
8.0
23.6
305.3
33.3
8.7
24.6
240.0
119.4
62.2
237.7
125.5
63.2
222.5
116.0
59.6
252.4
134.8
64.8
259.2
134.9
66.1
271.9
10.7
9.4
8.1
9.2
10.6
13.2
13.7
13.7
14.2
14.2
19.0
19.3
20.5
19.5
17.2
20.6
21.4
20.0
21.7
19.6
57.2
62.4
56.4
70.0
68.8
5.8
4.9
6.5
5.4
9.4
9.3
5.9
6.0
6.2
5.3
6.4
6.8
11.5
11.9
12.9
11.1
14.0
12.3
7.3
7.5
8.0
7.9
8.4
9.4
Durable goods
Primary metal in
dustries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic
equipment
._.
Motor vehicles and
equipment
Other
57.7
12.9
14.3
12.6
14.3
12.6
16.1
11.3
15.4
14.2
17.6
13.
17.3
Wholesale and retail trade.
36.2
43.0
34.8
29.8
35.5
39.7
Transportation,
comnunication, and electric,
gas, and sanitary services
42.9
44.8
44.8
45.3
47.7
49.5
Other
31.8
32.8
32.6
31.4
34.4
35.0
10.3
7.9
9.4
11.7
9.1
9.6
9.8
143.2
146.2 149.3
151.6
154.0
129.5
145.7
142.3
130.9
147.0
144.4
133.1 135.7
150.4 154.4
147.1 149.9
137.8
156.2
152.6
158.8
155.2
150.6
146.7
159.6
164.7
158.7
174.9
151.9
147.9
160.2
155.9
151.2
164.5
158.2 162.3
153.6 156.7
167.2 171.8
167.1
160.6
177.3
170.8
163.6
182.2
141.0
159.4
160.0
159.7
151.2
178.8
179.8
179.1
142.4
160.6
161.3
161.8
145.2
166.1
166.9
167.5
147.6
168.6
169.5
168.9
149.6
175.7
176.7
176.5
152.7
182.6
183.7
182.8
154.8
188.2
189.3
188.1
126.2
132.2
126.6
127 5
128.8 131.8
133.3
135.2
178.7
210.3
191.3
219.7
179.4
212.9
179.2
210.2
183.3 189.4
213.8 217.2
192.8
221.5
198.7
226.1
146.3
157.8
147.1
150.3
153.2 156.2
158.9
162.7
142.7
148.5
153.3
160.4
142.7
149.7
146.9
152.3
149.6 151.5
155.2 158.8
153.4
162.1
158.5
165.1
Change in business inventories
Gross national product... 143.3
14.7
Rest of the world.
141.6
136.5
155.0
151.2
Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
17.5
67.3
Fixed investment
Nonresidential
Structures
_
Producers' durable
equipment
Residential..
Nonfarm structures
Farm structures
Producers' d u r a b l e
equipment
Federal
State and local.
13.8
255.5
150.3
129.5
145.0
141.0
Gross private domestic investment
Government purchases of goods
and services
16.1
Financial
30.7
26.0
Federal Reserve banks...
7.8
6.2
Other
23.0
19.8
Nonfinancial
229.5 251.5
Manufacturing..
118.6 132.8
Nondurable goods
_. 60.9
65.5
Food and kindred
products
_
9.3
Chemicals and allied
products...
13.5
Petroleum and coal
products
19.3
Other
18.8
Durable goods
Nondurable goods..
Services..
Exports
Imports
Other.
Corporate profits before
deduction of capital
consumption allowances with inventory
valuation adjustment.. 265.1
Personal consumption expenditures
140.7
ic
24.0
Domestic industries
1
IV r
Net exports of goods and serv-
Wholesale and retail tradeTransportation,
communication, and electric, gas, and sanitary
services
Rest of the world.
III
Gross national product... 141.61 152.09 142.63 144.56 147.10 150.98 153.52 156.56
159.1
Financial
Federal Reserve banks
Other
II
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
149.5
20.9
6.2
14.6
Domestic industries
1
I
Index numbers, 1972=100
Table 18.—Corporate Profits by Industry (6.18)
Domestic industries.
Financial i
Nonfinancial
IV
Seasonally adjusted
Billions of dollars
Corporate profits with
inventory
valuation
and capital consumption adjustments
1978
Personal consumption expenditures
154.3
144.1
146.5
149.0 152.9
155.8
158.9
141.8
151.9
142.8
144.5
147.3 150.9
153.4
156.0
130.5
146.4
141.5
138.1
157.1
151.9
130.6
147.2
142.8
132.1
148.6
145.0
134.5 137.2
151.7 156.4
147.5 150.6
139.3
158.6
153.3
141.0
161.6
156.0
152 3
148.7
156.3
167.2
161.1
171.1
153.6
149.9
157.4
157.6
153.0
160.8
160.1 164.9
155.5 159.2
163.3 168.1
169.7
163.0
173.5
173.7
166.1
178.3
144.3
159.2
155.4
178.6
145.6
160.4
148.5
166.1
151.1 154.0
168.6 175.5
157.0
182.3
159.1
188.0
181.3
199.0
193.3
213.0
181.8
202.0
181.7
203.5
185.2 190.9
209.5 211.0
194.6
215.0
200.1
220.3
146.8
158.0
147.4
151.0
153.4 156.4
158.9
162.9
144.9
148.1
154.7
160.2
144.6
149.3
149.6
152.0
151.4 153.1
154.9 158.6
154.5
161.9
159.9
164.9
143.3
142.8
142.9
- - 142.9
154.2
153.8
153.9
153.2
144.0
143.6
143.7
143.8
146.4
146.0
145.9
145.7
148.9
148.5
148.3
147.6
152.8
152.5
152.6
151.4
155.7
155.3
155.6
154.6
158.8
158.5
158.6
157.3
Durable goods
Nondurable goods
Services
Gross private domestic invest-
Fixed investment
N onresidential
Structures
Producers' durable
equipment
Residential
Change in business invenNet exports of goods and servExports.
Imports
Government purchases of goods
and services
Federal
State and local
Addenda:
Final sales
-Gross domestic product
Nonfarm
following industries: Banking; credit agencies other than banks; security;
commodity brokers^^and services; insurance carriers; regulated investment compames; small
business investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the
1972 Standard Industrial Classification.
9.1
SURVEY OF CURRENT BUSINESS
March 1979
1977
1977
1978'
III
15
1977
1978
IV
I
II
III
IV'
1977
1978'
III
Index numbers, 1972=100
Gross national product.. 141.61 152.09 142.63 144.56 147.10 150.98 153.52 156.56
Final sales
141.4 152.1 142.3 144.4 147.2 150.9 153.5 156.5
Change in business inventories
145.9
137.7
138.6
140.9
145.3
147.2
149.8
Final sales
136.3 145.8
Change in business inventories
136.9
138.2
141.0
145.1
147.1
149.6
Durable goods
134.5 142.0 135.4 136.2 137.9 141.0 143.5
134.3 141.5 134.9 136.1 137.3 140.3 143.0
Final sales
Change in business inventories
145.2
145.0
Nondurable goods
_ 138.5 148.7 139.4 140.3 143.0 148.5 149.8
Final sales
137.7 148.8 138.3 139.6 143.5 148.5 150.0
Change in business inventories
_
153.2
153.0
Services
Structures
143.1
158.1
153.5
175.7
144.2
159.1
146.6
164.1
149.4
166.7
152.2
172.7
I
II
III
IV '
Index numbers, 1972=100
Table 21.—Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)
136.8
IV
Seasonally adjusted
Seasonally adjusted
Goods
1978
154.6
178.6
157.7
183.9
Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
Net national product
Net domestic product
Business
Nonfarm
Farm
_
Residual
Households and institutions .
G 0 vernment
140.6
150.8
141.5
143.4
145.9
149.8
152.1
155.1
140.0
150.2
140.9
142.9
145.3
149.2
151.5
154.5
139.4
139.9
143.3
149.6
149.4
181.7
140.4
141.2
131.2
142.1
142.6
145.4
144.4
144.6
163.0
148.6
148.3
192.6
151.1
151.0
179.2
153.9
153.6
192.4
148.3
141.3
160.5
151.4
149.4
141.4
151.1
145.5
157.1
147.9
159.2
149.9
161.0
151.9
164.5
155.8
142.3
153.4
143.2
145.6
148.1
152.2
154.9
158.3
141.6
152.7
142.5
145.0
147.4
151.5
154.3
157.6
141.4
141.7
129.2
152.6
152.0
173.6
142.4
143.2
115.5
144.6
144.8
141.2
146.8
146.7
150.8
151.3
150.7
176.1
154.3
154.1
163.2
157.6
156.3
207.3
148.3
141.3
160.5
151.4
149.4
141.4
151.1
145.5
157.1
147.9
159.2
149.9
161.0
151.9
164.5
155.8
Rest of the world
National income
Domestic income Business
Nonfarm _
Farm
Households and institutions .
Government
Rest of the world
Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)
Gross national product. _ 141.61 152.09 142.63 144.56 147.10 150.98 153.52 156.56
Gross domestic product
130.9
140.3
130.4
134.3
136.4
139.4
141.8
143.4
131.2
139.9
130.7
133.8
135.9
138.6
142.0
142.9
155.7
155.3
157.0
141.4
187.1
Personal consumption ex139.0
penditures
128.6
New autos
Net purchases of used
autos
149.7
138.5
138.7
129.1
141.3
132.2
145.3
135.0
147.7
137.5
152.3
140.3
153.6
141.0
161.0
164.5
151.9
144.0
155.8
155.8
151.3
158.0
Producers' durable equipment.. _
New autos
Net purchases of used
114.9
128.6
127.4
138.5
116.1
129.1
123.0
132.2
124.5
134.9
126.8
137.5
129.5
140.3
128.6
140.9
Net exports
Exports
Imports
128.9
154.2
137.5
177.3
130.0
157.7
132.2
163.6
133.0
172.4
135.3
175.4
140.5
180.0
141.4
180.8
126.0
139.6
128.7
134.3
135.9
137.8
142.0
143.8
Domestic output of new
128.6
autos •
Sales of imported new autos ».. 128.6
138.3
138.5
129.2
129.1
132.2
132.3
134.7
135.0
137.3
137.5
140.4
140.4
140.9
141.0
141.1
151.6
142.1
144.1
146.6
150.4
153.0
156.0
Business
Nonfarm
Nonfann less housing-..
Housing
Farm
Residual
Households and institutions-
140.8
141.1
142.6
128.7
146.7
151.2
151.0
152.6
137.6
177.9
141.9
142.5
144.0
129.5
138.4
143.6
144.0
145.4
131.6
149.4
146.0
146.0
147.5
133.9
163.2
150.1
149.8
151.3
136.3
184.7
152.8
152.7
154.3
138.7
176.6
148.3
160.5
149.4
151.1
157.1
159.2
Government
Federal
State and local
141.3
136.4
143.8
151.4
145.5
154.2
141.4
134.6
144.7
145.5
142.5
146.9
147.9
143.3
150.2
149.9
143.5
152.9
Rest of the world_.__
Table 23.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
(7.6)
Gross national product _
-
»
Government purchases of
goods and services
Change in business inventories of new and used
Addenda:
151.5
164.4
153.5
155.6
158.4
162.2
166.9
170.2
Equals: Net national product.. 140.6
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
130.9
Residual
150.8
141.5
143.4
145.9
149.8
152.1
155.1
r
Auto output
Final sales
141.61 152.09 142.63 144.56 147.10 150.98 153.52 156.56
Capital consumption
allowances with capital consumption adjustment
Equals: National income
Table 25.—Implicit Price Deflators for Auto Output (7.9)
_ 142.3
Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption
expenditures
134.1
153.4
131.9
143.2
129.8
145.6
132.9
148.1
135.1
152.2
134.1
154.9
134.3
158.3
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
140.7
150.3
141.6
143.2
146.2
149.3
151.6
154.0
129.5
136.5
129.5
130.9
133.1
135.7
137.8
139.3
135.8
145.5
135.7
137.9
141.3
144.0
147.8
148.9
123.8
126.9
128.7
132.9
124.1
127.2
124.7
128.2
125.7
130.1
128.0
132.1
155.0
145.7
147.0
150.4
154.4
129.5
133.5
156.2
131.4
135.4
158.8
162.9
125.7
182.1
253.8
146.9
149.4
123.0
173.7
243.3
140.0
150.7
123.5
176.8
244.8
142.0
155.6
124.0
178.2
247.2
143.7
162.6
125.9
178.4
252.1
145.5
165.1
126.0
181.7
254.5
148.0
Revised.
1. Consists of final sales and change in business inventories of new autos produced in the
145.0
Nondurable goods
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
148.5
Food
government purchases.
122.3
Clothing and shoes..
174.4
Gasoline and oil
NOTE.—Table 21: "Final sales" is classified as durable or nondurable by type of product.
239.4
Fuel oil and coal
"Change in business inventories" is classified as follows: For manufacturing, by the type of
139.0
Other
_
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
141.0
Services
industries, nondurable.
Tables 22 and 24: The industry classification within the business sector is on an establish131.5
Housing
ment basis and is based on the 1972 Standard Industrial Classification
147.2
Household operation
Electricity and gas _ __169.5
132.1
Other
143.3
Transportation
146.6
Other
—
151.2
142.3
144.4
147.1
149.9
152.6
168.2
126.6
189.7
262.6
150.1
155.2
141.4
156.9
184.0
138.7
154.3
157.2
132.4
149.1
172.9
132.8
145.3
147.9
134.8
150.1
174.1
134.1
148.2
150.0
137.3
152.7
176.1
135.8
150.7
152.8
140.0
156.0
184.2
137.6
153.3
155.7
142.6
158.9
187.9
140.0
155.4
158.6
145.5
159.8
188.0
141.2
157.8
161.7
SURVEY OF CURRENT BUSINESS
16
1977
1977
1978 r
III
March 1979
1977
1978
I
IV
II
III
IV'
1977
1978'
III
Seasonally adjusted
Percent
Personal consumption expenditures:
Current dollars
Percent
Percent at annual rate
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index__
Durable goods:
Current dollars
1972 dollars
Implicit price deflator....
Chain price index
Fixed-weighted
price
index
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator.__
Chain price index.
Fixed-weighted
price
index
11.0
4.9
5.9
6.2
11.7
4.0
7.4
7.5
11.1
5.7
5.1
4.6
8.9
7.1
—.1
7.2
7.1
20.6
8.7
11.0
10.8
9.6
3.2
5.5
6.5
2.6
6.9
7.6
15.6
6.9
8.2
8.1
6.3
7.6
4.7
6.8
7.0
11.0
7.6
8.4
10.7
11.1
14.1
7.0
15.3
10.7
14.6
—1.4
8.6
7.7
7.9
6.0
8.7
10.0
10.2
4.1
4.7
5.0
5.0
7.6
6.5
24.1 —7 7
19.0 —13.7
4.3
7.0
7.2
4.4
35.1
25.2
8.0
8.2
3.4
-2.8
6.4
6.3
7.5
8.4
6.4
3.7
—5.5
9.8
8.4
15.0
3.6
11.0
12.5
4.7
4.0
9.0
4.1
5.7
5.9
5.9
6.8
7.0
7.1
4.8
4.6
4.6
13.9
10.7
4.0
9.4
5.0
2.0
4.1
4,3
5.5
5.6
2.0
1.4
4.4
5.8
1.2
38.2
.2
4.9
4.9
5.0
9.9
2.8
6.9
7.2
7.3
5.3
2.5
2.7
2.9
2.9
9.0
4.7
15.1
11.2
3.6
3.9
3.9
8.6
12.8
6.4
6.7
6.7
9.9
5.0
4.7
5.8
5.9
Services:
Current dollars
1972 dollars
Implicit price deflator.__
Chain price index
Fixed-weighted
price
index
Gross private domestic investment:
Current dollars. .
1972 dollars
__
11.8
4.4
7.2
7.2
12 2
4.6
7.3
7.3
14.1
6.1
7.5
7.2
10.1
3.9
6.0
6.2
7.3
7.3
7 3
16.0
9.7
9.8
1.9
7.8
8.4
13.9
5.9
7.6
7.6
—2.9
5.1
8.4
12.2
11.3
6 9
7.1
20.8
15.6
4.5
5.0
Current dollars
. . .
1972 dollars.
Implicit price deflator
Chain price index . _
Fixed-weighted
price
index
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator.__
Chain price index
Fixed-weighted
price
index
Structures:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted price
index.
Producers'
durable
equipment:
Current dollars
_
1972 dollars .
Implicit price deflator
Chain price index
Fixed-weighted price
index
_
21.3
12.4
7.9
7.8
16.8
- 55.5
.1
5.8
Current dollars
7.8
6.2
6.5
12.2
12.1
9.2
9.3
10.9
6.5
12.5
12.3
9.7
14.8
11.1
14.3
18.0
5.3
4.2
6.7
6.7
31.2
21.3
8.2
9.2
10.4
10.0
7.8
7.5
9.4 .
9.6
7.5
1.2
8.2
8.2
11.0
10.8
8.2
9.8
7.9
15.7
16.9
14.1
9.1
8.1
5.3
3.5
24.3
13.7
9.4
8.5
8.1
63.4
43.3
14.0
13.7
12.9
9.5
1.9
7.4
7.4
7.9
24.4
10.3
12.7
12.1
11.8
Imports:
Current dollars
1972 dollars...
Implicit price deflator
Chain price index
Fixed-weighted price index..
19.8
10.2
8.7
7.5
7.8
16.1
11.2
4.5
6.7
7.0
8.5
1.4
7.1
6.0
5.7
16.8
22.8
-4.9
2.6
3.1
23.4
15.2
7.1
12.3
12.3
10.3
3.7
6.4
3.7
2.9
20.2
11.2
8.2
7.7
7.9
16.6
7.3
8.7
9.9
10.2
Government purchases of
goods and services:
Current dollars...
1972 dollars
Implicit price deflator
Chain price index..
Fixed-weighted price index..
2.4
7.0
7.0
7.0
10.1
2.2
7.8
7.5
7.6
11.5
5.8
5.4
5.0
5.0
13.7
4.2
9.0
9.5
10.2
4.1
-3.5
7.9
7.3
6.6
7.9
-.2
8.2
7.5
7.8
15.0
7.2
7.2
6.9
6.7
14.1
4.0
9.7
10.0
10.4
Federal:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted
price
index.
11.7
5.2
6.2
6.3
6.0
-1.3
7.4
7.0
11.3
6.4
4.6
15.7
2.9
12.4
14.2
-2.0
-8.9
7.6
6.1
-10.9
-15.3
5.2
5.0
20.0
14.3
5.0
4.4
23.9
8.8
13.9
14.8
6.5
6.8
3.6
14.7
4.9
4.5
3.9
14.6
State and local:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted
price
index
8.4
.8
7.5
7.4
12.6
4.2
8.0
7.8
11.6
5.4
5.9
5.8
12.5
5.1
7.1
6.9
7.8
-.1
8.0
8.0
19.9
9.6
9.5
9.0
12.4
3.4
8.6
8.3
9.0
1.3
7.6
7.5
7.3
8.1
5.9
7.4
7.8
10.0
8.6
7.7
10.8
4.7
5.8
6.2
11.8
3.9
7.6
7.5
10.1
5.0
4.8
4.6
11.0
4.7
6.0
6.4
-1.6
8.0
7.0
20.0
8.6
10.5
10.8
11.1
3.7
7.1
7.5
15.7
7.2
8.0
8.1
Addenda:
Final sales:
Current dollars
1972 dollars....
Implicit price deflator
Chain price i n d e x . . .
Fixed-weighted price
dex
8.2
8.3
8.3
8.2
9.0
8.8
6.3
8.4
7.9
8.6
6.7
9.7
10.0
7.7
11.4
4.4
6.7
6.5
21.8
11 1
9.6
9.6
12.9
7.6
5.0
7.5
13.4
2.0
11.1
9.2
6.3
—.3
6.6
5.9
56.5
40.3
11.5
12.4
24.4
9.8
13.3
13.7
22.5
6.3
9.4
6.6
8.9
6.2
12.5
13.4
11.6
6.3
7.6
4.7
6.9
7.0
11.0
7.6
10.9
4.8
5.8
6.1
6.3
11.7
4.0
7.4
7.5
7.7
11.2
5.8
5.1
4.5
4.6
9.5
3.5
5.8
6.7
7.0
6.7
-.4
7.1
7.1
7.0
20.1
8.3
10.9
10.9
11.0
10.2
3.0
7.0
7.5
7.6
15.5
6.9
8.1
8.1
8.4
Business:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted
price
index
11.3
5.4
5.6
6.0
11.9
4.2
7.4
7.6
11.6
6.0
5.3
4.6
8.6
3.5
5.0
6.1
5.8
6.7
6.7
22.5
9.5
11.9
11.8
10.7
3.2
7.3
7.9
16.3
7.9
7.8
7.8
6.2
7.7
4.7
6.3
6.7
12.1
8.0
8.0
11.4
12.1
11.9
5.1
6.4
6.1
7.9
3.6
4.1
5.1
7.0
1.1
5.8
5.4
22.9
11.1
10.6
10.7
10.6
4.7
7.0
7.1
8.0
8.5
14.8
7.1
7.2
7.2
6.4
7.2
6.2
5.3
5.3
10.8
8.7
7.3
10.0
4.1
11.4
4.3
10.9
5.9
12.9
7.8
12.5
3.5
10.2
3.6
13.0
6.1
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted price
index.
9.8
11.5
11.9
17.9
11.4
5.8
6.0
14.5
6 7
7.3
7.6
14.7
4.3
9.9
8.6
15.6
6.8
8.2
8.6
13.6
6.2
6.9
7.2
19.8
13 6
5.5
7.6
9.1
.7
8.3
8.0
15.5
9 3
5.7
5.1
6.3
7.7
8.6
8.4
7.1
8.0
7.9
5.3
34.8
20.5
11.8
11.8
16.4
3.8
12.2
12.2
13.5
5.2
7.9
8.0
27.3
11.1
14.6
15.1
.5
-5.2
6.0
6.1
21.0
2.7
17.9
17.6
14.9
-1.6
16.7
16.7
17.3
4.0
12.8
13.1
11.8
12.2
8.0
14.9
6.2
17.5
16.4
13.1
in-
Gross domestic product:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
9.5
6.0
6.2
Residential:
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted
price
index . .
17.7
2.0
7.1
-18.0
-17.6
-.5
-.2
-.4
7.1
7.1
7.6
Percent at annual rate
6.4
7.6
-1.2
-.5
-.4
3.1
14.4
18.8
5.3
IV'
16.7
9.0
7.0
6.8
6.6
10.3
27.8
15.3
10.8
11.9
13.9
6.7
III
7.5
2.4
5.1
5.0
5.2
7.8
Fixed-weighted price index..
Fixed investment:
II
Exports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
17.4
10.0
6.8
7.5
16.9
15.2
31.3
I
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)—Con.
4.9
7.2
7.3
6.2
7.4
20.5
13.2
22.6
15.3
7.0
7.7
7.3
rv
Seasonally adjusted
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)
Gross national product:
Current dollars .
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted
price
index
...
1978
Disposable personal income:
Current dollars.
1972 dollars..
r
5.2
5.9
6.2
Revised.
NOTE.—Table 27: The implicit price deflator for G N P is a weighted average of the detailed
price indexes used in the deflation of G N P . In each period, the weights are based on the
composition of constant-dollar output in that period. In other words, the price index for each
item is weighted by the ratio of the quantity of the item valued in 1972 prices to the total
output in 1972 prices. Changes in the implicit price deflator reflect both changes in prices and
changes in the composition of output. The chain price index uses as weights the composition
of output in the prior period, and, therefore, reflects only the change in prices between the
two periods. However, comparisons of percent changes in the chain index also reflect changes
in the composition of output. The fixed-weighted price index uses as weights the composition
of output in 1972. Accordingly, comparisons over any timespan reflect only changes in prices.
By JOHN C. MUSGRAVE
Durable Goods Owned by Consumers in
the United States, 1925-77
BEA annual estimates of the Development of these estimates as part
stock of durable goods owned by con- of a single integrated project has assumers in the United States for 1925-77 sured maximum consistency among
are presented in this article.1 An analysis them, including consistent treatment of
of the growth and composition of the such borderline items as original equipstock and a summary methodology are ment and floor coverings in new dwellprovided. Current-dollar estimates of ings, equipment in rented dwellings,
gross and net stocks of durable goods and motor vehicles used for both busiowned by consumers, by type, are ness and personal purposes. Still to be
shown in tables 1 and 2 and correspond- estimated are fixed nonresidential capiing constant-dollar estimates in tables tal and inventories owned by govern3 and 4. The underlying expenditure ments, on which research has begun,
flows, together with depreciation esti- and land, on which research is planned.
mates, are shown in table 5. These series
Estimates of the stock of durable
will be updated annually in the SURVEY goods owned by consumers and the
OF CURRENT BUSINESS.
associated estimates of depreciation
have
several uses.3 First, they complete
The new estimates were prepared as
part of BEA's project to measure the
3. A detailed discussion of uses and of technical estimating
Nation's tangible wealth. Previous re- problems
appears in F. Thomas Juster, "Report of the Working
Group on Household Wealth," Appendix II: Part C. in
search has provided annual estimates of
John W. Kendrick, editor, "Measuring the Nation's Wealth,"
fixed nonresidential business and resi- Volume 29, Studies in Income and Wealth, National Bureau
dential capital, and annual and quar- of Economic Research, 1964.
terly estimates of business inventories.2
* Earlier estimates were presented in Henry Shavell, "The
Stock of Durable Goods in the Hands of Consumers, 19461969," 1970 Proceedings of the Business and Economic Statistics
Section of the American Statistical Association, 1971; and Allan
H. Young and John C. Musgrave, "Estimation of Capital
Stock in the United States," paper presented at the conference on The Measurement of Capital, October 1976, Toronto, sponsored by the Conference on Research in Income
and Wealth. Estimates of the total stock of autos, which were
the precursor of the estimates of the consumer stock of autos
in this article, were presented in Charles S. Friedman, "The
Stock of Automobiles in the United States—Its Size and
Value in the Postwar Period," SURVEY OF CURRENT BUSINESS, October 1965.
2. Fixed Nonresidential Business and Residential Capital in
the United States, 1925-75, National Technical Information
Service, 1976. A summary methodology and estimates for
1925-72 appear in John C. Musgrave, "Fixed Nonresidential
Business and Kesidential Capital in the United States, 192575," SURVEY, April 1976. Estimates for 1973 appear in the
August 1976 SURVEY, for 1974 in the August 1977 SURVEY,
and for 1975-77 in the September 1978 SURVEY.
For business inventories, a summary methodology and
estimates for 1928-46 appear in Shirley F. Loftus, "Stocks of
Business Inventories in the United States, 1928-71," SURVEY,
December 1972. Estimates for 1947-72 appear in tables 5.9
and 5.10 of The National Income and Product Accounts of the
United States, 1929-74: Statistical Tables. Estimates for 1973
appear in the July 1977 SURVEY, for 1974-77 in the July 1978
SURVEY, with updatings in table 16 of the national income
and product tables shown in each SURVEY.
BEA's estimates of privately owned
reproducible tangible wealth, a major
portion of total national wealth. Consumer durables nearly doubled their
share of the total constant-dollar net
stock of privately owned reproducible
tangible wealth between yearend 1945
and yearend 1977 (table A). At yearend
1977 they represented 19 percent of
that total, 15 percentage points less
than residential capital, the largest
component.
Second, the stock estimates provide
information useful for appraisal of
future demand for consumer durables
and of the output required to meet this
demand. The ratios shown in table B
are illustrative of the ways the estimates
can be arranged for this purpose. One
shows that personal consumption expenditures (PCE) for durable goods
were about 26 percent of the constant-
Table A.—Constant-Dollar Net Stock of Privately Owned Reproducible Tangible Wealth,
by Type of Wealth, Selected Years
Nonresidential
Yearend
Total
Equipment
Structures
Residential
Business
inventories
Consumer
durables
Billions of 1972 dollars
1925..
1929..
193519451955-
772.1
880.7
777.3
772.1
1,285.7
89.7
98.1
71.5
89.2
201.7
209.0
237.0
209.6
170.6
249.6
313.6
357.8
338.4
328.2
491.6
87.1
95.9
80.0
106.7
155.3
72.7
91. fl
77.8
77.4
187.5
196519731977..
1,827.2
2,585.9
2,860.3
269.7
413.0
470.2
376.2
515.5
554.1
703.9
906.9
981.1
209.0
293.9
307.6
268.4
456.6
547.3
Percent
19251929193519451955-
100.0
100.0
100.0
100.0
100.0
11.6
11.2
9.2
11.6
15.7
27.1
26.9
27.0
22.1
19.4
40.6
40.6
43.5
42.5
38.2
11.3
10.9
10.3
13.8
12.1
9.4
10.4
10.0
10.0
14.6
1965..
19731977-
100.0
100.0
100.0
14.8
16.0
16.4
20.6
19.9
19.4
38.5
35.1
34.3
11.4
11.4
10.8
14.7
17.6
19.1
17
288-330 O - 79 - 3
SUEVEY OF CUREENT BUSINESS
18
Table B.—Constant-Dollar Personal Consumption Expenditures for Durable Goods,
Disposable Personal Income, and Net Stock of Durable Goods Owned by Consumers,
Selected years
Ratios
Billions of 1972 dollars
Personal
consump- Disposable
tion expend- personal
itures—
income
durables
(DPI)
(PCE-D)
Year
1929
1935
1945
1955
1965
1973
1977
_
--
Net
stock i
PCE-D/
DPI
PCE-D/
net stock
Net stock/
DPI
21.5
15.4
14.8
52.2
73.4
229.8
196.6
338.6
425.9
612.4
89.4
78.4
78.3
181.0
259.0
0.094
.078
.044
.123
.120
0.240
.196
.189
.288
.283
0.389
.399
.231
.425
.423
121.8
137.8
854.7
926.3
440.0
532.4
.143
.149
.277
.259
.515
.575
1. Annual average net stock estimates were derived by averaging the yearend estimates in table 4.
dollar net stock, as distinguished from
the net stock based on original acquisition prices, are especially necessary
after a period of sizeable price advance
Billions of dollars
Ratio
if the net worth of consumers, and
Yearend
Credit
Credit
hence their borrowing power, are not
outoutstandNet
standing i
stock
ing/net
to be understated.
stock
Fifth, estimates of depreciation on
1929
38.4
2.9
0.076
consumer
durables make it possible
1935
26.4
2.5
.095
1945
48.6
2.3
.047
to calculate a measure of personal con1955
151.9
26.9
.177
1965
233.2
66.0
.283
sumption alternative to PCE. As is
1973
469.0
127.2
.271
appropriate
for a measure of produc1977
188.6
710.5
.265
tion, which is defined as the sum of
1. Source for consumer installment credit outstanding:
expenditures and inventory change, in
Federal Reserve Board. Credit outstanding for mobile homes
and home improvements has been excluded to make the
the measurement of GNP and its PCE
credit series more comparable with the net stock estimates.
component, the entire expenditure for
dollar net stock in 1977, a rather low durable goods each period is counted
percentage by standards of the two in that period. However, to assess
changes in personal consumption, it may
previous decades.
be desirable to spread the cost of a
Third, the stock estimates provide
durable good over the several periods
insight into past changes in consumer
it is in use.4 The difference between the
spending behavior. For instance, the
portion of constant-dollar disposable two measures is greatest during the
Table C—Consumer Installment Credit
Outstanding and Current-Dollar Net
Stock of Durable Goods Owned by Consumers, Selected Years
personal income (DPI) devoted to PCE
for durable goods has risen by more
than one-half since 1929, from 9.4
percent to 14.9 percent in 1977 (table
B). As a consequence, the net stock of
consumer durables increased from 39
percent of DPI in constant dollars in
1929 to 57 percent in 1977.
Fourth, estimates of the stock of
consumer durables add to the information available concerning the balance
sheet position of households. For example, table C shows that consumer
installment credit outstanding was equal
to about 26 percent of the current-dollar
net stock of consumer durables at
yearend 1977, moderately less than in
1965 or 1973. Estimates of the current-
March 1979
depression of the 1930's and World
War II. In constant dollars, PCE for
durable goods declined 49 percent from
1929 to 1933 and total PCE declined
21 percent. Substitution of depreciation on consumer durables for expenditures would yield a 2-percent increase
and a 16-percent decrease, respectively.
From 1941 to 1944, PCE for durables
declined 45 percent and total PCE increased 5 percent; the substitution
would yield an 8-percent decline and a
9-percent increase, respectively.
Growth and Composition of
the Stock
The gross stock is the value of the
stock of consumer durables before deduction of losses in value through
physical deterioration, obsolescence,
and accident. The net stock is the value
of the gross stock less cumulative depreciation on the items in the gross
stock, where depreciation is the value
lost through physical deterioration, obsolescence, and accident.
Gross stock
The gross stock of consumer durables
in constant (1972) dollars was nearly 8
times as large in 1977 as in 1925. The
average annual growth rate was 4.0
percent, but it has fluctuated widely
(table D). It was 5.6 percent in 1925-29,
4. Other ways of treating consumer durables have been
suggested. One, use of imputed rent to measure their services,
cannot be implemented because appropriate market rental
values are not available. Implementation of another way,
application of an interest rate to the value of assets, is hampered by the difficulty of the choice of an interest rate.
Table D.—Growth Rates for Stocks of Durable Goods Owned by Consumers, Selected
Periods
[Average annual percent change]
Total stocks
Yearends
Current-cost
valuation
Gross
Net
]Per capita stocks l
Constant-cost
valuation
Gross
Net
Current-cost
valuation
Gross
Net
Per household stocks*
Constant-cost
valuation
Gross
Net
Current-cost
valuation
Gross
Net
Constant-cost
valuation
Gross
Net
1925-77
6.2
6.1
4.0
4.0
4.9
4.8
2.8
2.7
4.1
4.1
2.0
2.0
1925-29
1929-45
1945-77 . .
3.6
3.1
8.1
4.2
1.5
8.7
5.6
.6
5.6
6.0
-1.1
6.3
2.3
2.2
6.6
2.9
.6
7.3
4.3
-.3
4.2
4.8
-2.0
4.9
1.8
1.6
5.7
2.4
-.1
6.4
3.8
-.9
3.3
4.2
-2.5
4.0
1945-55
1955-65 .
1965-73
1973-77
9.2
5.0
8.5
12.2
12.1
4.4
9.1
10.9
6.4
4.2
6.2
5.8
9.3
3.7
6.9
4.6
7.3
3.4
7.4
11.4
10.1
2.8
8.1
10.1
4.6
2.6
5.2
5.0
7.4
2.1
5.8
3.8
6.5
3.2
6.0
9.9
9.3
2.6
6.7
8.6
3.8
2.4
3.8
3.5
6.5
1.9
4.4
2.4
1. Source for population: U.S. Bureau of the Census, Current Population Reports, Series P-25.
2. Source for number of households: U.S. Bureau of the Census, Current Population Reports, Series P-20.
March 1979
only 0.6 percent in 1929-45, and 5.6
percent again in 1945-77. The stock
increased in every year except 1932-35,
1938, and 1944 (chart 4).
The stock grew slowly during the
1930's because consumer purchasing
power was held down by the depression,
and during World War II because consumer durable were in short supply
(autos were generally unavailable). The
stock grew rapidly during the first
decade after World War II, more
moderately in 1955-65, and rapidly
again in 1965-73. Its growth decelerated
in 1973-77 but, at 5.8 percent, was still
above the 1945-77 average. (The growth
rate of the net stock, however, fell to
4.6 percent, well below its 1945-77
average of 6.3 percent.) These fluctuations in the growth rate were largely
attributable to autos: After the war,
autos were available to meet the pentup demand; after 1973, the average size
of autos in the stock declined because
larger autos were replaced by smaller,
more fuel-efficient autos.
For the period 1945-77, the fastest
growing types of consumer durables
were: Autos; other motor vehicles;
kitchen and other household appliances;
radio and television receivers, records,
and musical instruments; and wheel
goods, durable toys, sports equipment,
boats, and pleasure aircraft. These types
accounted for 42 percent of the total
constant-dollar gross stock at yearend
1945 and 64 percent at yearend 1977
(table E). The slowest growing types
were: Furniture, including mattresses
and bedsprings; and china, glassware,
tableware, and utensils, These types
accounted for 34 percent of the total
stock at yearend 1945, compared with
17 percent at yearend 1977.
There are at least four main reasons
for the rapid growth in the first group.
First, increased real disposable personal
income per capita resulted in substantially increased consumer purchasing power. Although this affected all
types of consumer durables, the effect
was largest for goods in the first group;
i.e., demand for them is the most
income elastic. In contrast, the slow
growth in the second group occurred
largely because most of these goods are
necessities and the demand for them is
much less income elastic than for goods
SUEVEY OF CURRENT BUSINESS
19
CHART 4
Gross and Net Stocks of Durable Goods Owned by Consumers, 1925-77
Billion $ (ratio scale)
2,000
CURRENT COST VALUATION
1,000
800
600
Gross Stock
400
300
200
Net Stock
100
60
50
40
30
20
I I II
I I
I I I I I I I I I I I I I I I I I I I I I I I
I I I I I t I I
I I I I I I I I I
1,500
CONSTANT (1972) COST VALUATION
1,000
800
600
400
300
Stock
200
100
80
60
50
1 I I 1 1 1 I 1 I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I 1 I I I I I I I 1 I I I I I I I I 1 1
1925
30
35
40
45
50
Yearend
U.S. Department of Commerce, Bureau of Economic Analysis
55
60
65
70-
75
80
SUKVEY OF CURRENT BUSINESS
20
Table E.—Composition of the Constant-Dollar Gross Stock of Durable Goods Owned by
Consumers, Selected Years
[Percent]
Motor
vehicles l
Year
end
Furniture and household equipment
Furni- Kitchen
Total
ture, inand
cluding
other
Autos Other mattres- houseses and hold ap-2
bedpliances
springs
China,
glassware,
tableware,
and
utensils
Radio
and
Other television
durable receivers, Jewelry
house
records,
and
furnishand
watches
ings 3
musical
instruments
1925
1929
1935
1945
1955
100.0
100.0
100.0
100.0
100.0
23.2
31.2
33.2
31.0
35.0
0.2
.4
.7
.6
1.6
30.0
26.8
25.8
24.3
17.6
4.4
4.2
4.6
5.0
8.1
11.9
10.2
9.8
9.5
8.2
14.3
13.0
12.6
12.6
10.7
1965
1973
1977
100.0
100.0
100.0
37.5
35.4
34.6
1.6
3.4
4.2
16.8
13.9
12.8
9.2
8.8
8.6
5.3
4.5
4.0
10.0
10.3
1. See footnote 1, table 1.
2. See footnote 2, table 1.
Other
9.5
Ophthalmic
products Books
and
and
orthope- maps
dic appliances
Wheel
goods,
durable
toys,
sports
equipment,
boats,
and
pleasure
aircraft
2.0
2.0
2.2
2.6
4.5
6.0
5.4
4.6
5.2
5.1
1.2
.9
.9
1.8
1.7
4.3
3.9
3.9
4.8
3.9
2.5
2.0
1.7
2.6
3.6
5.6
8.9
5.0
5.1
5.1
1.6
1.1
.9
3.3
2.8
2.6
4.6
6.1
6.5
10.4
March 1979
compared with 4.0 percent for the total
stock (table D). Thus, the portion of
the increase in the total stock due to
the increase in the number of consumers
was about 30 percent as measured by
population or about 50 percent as
measured by households. Growth rates
in 1955-65 were well below those earlier
and later in the postwar period on a
per-capita and per-household basis as
well as for the aggregate.
Net stock
The average annual growth rate of
the constant-dollar net stock of consumer, durables for 1925-77 was the
same as that of the gross stock—4.0
percent. However, the net stock growth
rate fluctuated more widely than the
gross stock rate because the value of
3. See footnote 3, table 1
in the faster growing categories. Second,
the prices of the types of goods in the
first group increased less than the average price of all consumer durables.
Third, technological improvements were
particularly large for goods of these
types. Fourth, demographic factors, such
as the larger number of retirees, created
an increased demand for travel-, recreation-, and other leisure-oriented goods,
which make up much of the first group.
Atyearend 1977, autos was the largest
category (35 percent) in the constantdollar gross stock (table E). The next
largest categories were: Furniture, including mattresses and bedsprings (13
percent); other durable house furnish- t h e n e t s t o c k r e f l e c t g c h a n g e s m a g e
mgs (10 percent); radio and television s t r u c t u r e ( c h a r t 1} . T h e n e t s t o c k
receivers, records, and musical mstru- g r e w f a s t e r t h a n t h e g r o g s s t o c k i n
ments (10 percent); kitchen and other p e r i o d s o f h e a v y c o n s u m e r s p e n d i n g
household appliances (9 percent); and f o r n e w dmMe
g o o d s (1945_55 a n d
wheel goods, durable toys, sports equip- 1 9 6 5 _ 7 3 ) a n d l e s s i n p e r i o d s w h e n ex_
ment, boats, and pleasure aircraft (6 p e n ditures for consumer durables were
percent). The remaining categories— l o w e r (1929-45).
jewelry and watches; other motor
Average
a n n u a i g r o w t h r a t e s of
vehicles; china, glassware, tableware, c u r r e n t . d o i l a r n e t and gross stocks
and utensils; books and maps; and w e r e a l m o s t t h e g a m e f o r m 5 _ 7 7
ophthalmic products and orthopedic ( t a b l e D ) A b o u t t w o . t h i r d s o f t h e
appliances-each accounted for 5 perh wag ^ ^
r e a l v o l u m e o f c(m _
cent or less
' , ,,
.,
T sumer durables. For 1945-77, growth
T
&
In current dollars, the average annual
growth rate of the gross stock of consumer durables for 1925-77 was 6.2 Table G.—Modified Winfrey L-2 Retirement
Table F.—Service Life Assumptions for
Durable Goods Owned by Consumers
~™~~^± /+^ui~ T*\
Type of goods
Motor vehicles
Autos i.
Other motor vehicles
Tires, tubes, accessories, and other parts 2
Furniture and household equipment
Furniture, including mattresses and bedsprings.
Kitchen and other household appliances . .
China, glassware, tableware, and utensils
Other durable house furnishings
Radio and television receivers, records, and
musical instruments
Other
Jewelry and watches
Ophthalmic products and orthopedic appliliances
Books and maps
... ..
Wheel goods, durable toys, sports equipment,
boats, and pleasure aircraft
Life
(years)
10
8
3
14
11
10
10
9
11
6
10
10
1. As explained in the text, the estimation of the gross
stock of autos does not depend on an explicit service life
assumption. The unit values used to derive the net stock are
depreciated according to a 10-year life, and a nominal net
unit value is assigned to autos over 10 years old.
2. Estimates for this category are included in either the
Autos" or "Other motor vehicles" stocks in tables 1-4.
See text for further discussion.
,\u~ 4- 4-
4."U' i
f
percent (table D). About two-thirds of
this rate was due to growth of the real
volume of consumer durables and onethird was due to inflation. For 1945-77,
tne rate averaged 8.1 percent annually;
about 70 percent of this was due to
growth of the real volume of consumer
durables and 30 percent was due to
inflation.
Gross stock per consumer
unit—For
certain purposes, it is more useful to
look at the stock of consumer durables
relative to the number of consumers.
Two measures of the number of consumers are available—population and
number of households (families and
unrelated individuals).
For 1925-77, the constant-dollar gross
stock per capita and per household
grew at average annual rates of 2.8
percent and 2.0 percent, respectively,
Pattern Used for the Stock of Durable
b y C o n s u m e r s (Except
Percentage Cumulative
percentage
of
of original
original
Percentage of average
expenditures expenditures
service life
discarded
discarded
Goods
Owned
Autos)
Less than 25
0
0
25
1.5
1.5
3.6
7.2
2.1
3.6
6.0
45
55
65
75
85
95
105
115
8.4
9.8
10.2
-
9.6
8.6
7. 5
175
185
195
205
215
More than 215
73.7
79.2
83.9
87.9
91.1
2.6
2.0
1.5
1.0
1.8
93.7
95.7
97.2
98.2
100.0
0
100.0
5. 5
145
155
165
- -
-
31.4
41.6
51.2
59.8
67.3
4.7
4.0
3.2
6.4
125
13.2
21.6
SUKVEY OF CUERENT BUSINESS
March 1979
of the current-dollar net stock averaged
8.7 percent annually; about 70 percent
of this was in the real volume.
Methodology
Gross expenditure flows and gross
stock
The stock estimates are derived by
the perpetual inventory method.5 This
5. Procedures are similar to those used to measure the
stock of fixed business capital.
21
method uses estimates of expenditure The expenditure flows used for the years
flows and, except for autos, estimates since 1929 are based on the durable
of service lives and a retirement pat- goods components of PCE.6 Those for
tern. The methodology for deriving the years before 1929 are based on
the stock of autos, and the differences data from a study by William H.
between this methodology and the Shaw.7
general application of the perpetual inIn the stock estimates, as in PCE,
ventory method described below, are goods are classified as durable if they
discussed in a later section. The gross
6. For definitions underlying the PCE estimates, see "The
stock is obtained by cumulating gross
National Income and Product Accounts of the United States:
expenditures in prior years and sub- Revised Estimates, 1929-74," SURVEY, Part I, January
tracting gross expenditures for goods 1976, p. 35.
7. Value of Commodity Output Since 1869, National Bureau
that have completed their service lives. of Economic Research, 1949.
Table 1.—Current-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77
[Billions of dollars]
Motor vehicles 1
Yearend
rotal
Autos
Furniture and household equipment
Other
Radio
Furniture, Kitchen
China,
and
including
and
glassware,
Other
television
mattresses
other
tableware,
durable
receivers,
and
household
and
house
records,
bedsprings appliances2 utensils furnishings3
and
musical
instruments
Other
Jewelry
and
watches
Ophthalmic
products
and
orthopedic
appliances
Books
and
maps
Wheel
goods,
durable
toys, sports
equipment,
boats, and
pleasure
aircraft
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
1934.
60.3
63.1
66.0
68.6
69.5
66.9
60.6
55.2
54.9
55.3
10.2
12.4
14.4
16.2
17.7
18.1
17.5
16.1
15.7
15.8
0.2
.2
.2
.2
.3
.4
.4
.4
.4
.4
14.4
14.4
14.6
14.8
14.3
13.8
11.7
10.5
11.0
11.0
5.6
5.8
6.1
6.3
6.4
6.1
5.6
5.0
4.8
4.9
5.3
5.2
5.1
5.1
5.1
4.8
4.4
4.2
4.3
4.7
8.8
8.9
8.9
9.0
8.9
8.3
7.4
6.9
7.1
7.4
5.8
6.2
6.5
6.6
6.0
4.9
3.6
2.9
2.8
2.9
5.1
5.0
5.1
5.2
5.3
5.4
5.1
4.8
4.5
4.1
0.8
.8
.8
.8
.8
.8
.8
.7
.7
.7
2.2
2.2
2.3
2.4
2.4
2.4
2.3
2.2
2.0
2.0
2.0
2.0
2.0
2.0
2.1
2.0
1.8
1.6
1.5
1.4
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
55.0
56.8
58.6
58.2
59.4
64.5
78.2
91.3
102.7
111.8
15.6
15.8
16.4
16.2
16.4
18.2
24.4
29.1
32.4
34.6
.4
.5
.6
.6
.6
.7
.9
.8
.7
.7
11.1
11.8
12.2
12.0
12.0
12.9
15.2
18.3
21.8
25.1
5.0
5.4
5.9
6.0
6.1
6.6
7.9
9.1
9.4
9.4
4.7
4.5
4.6
4.6
4.6
4.7
5.2
6.0
6.8
7.3
7.4
7.9
8.1
8.0
8.3
9.0
2.9
2.8
2.9
2.8
2.9
3.2
3.9
4.5
4.8
4.9
4.0
3.9
3.7
3.6
3.8
4.2
5.1
5.9
6.9
7.9
.7
.7
.8
.8
.9
1.0
1.1
1.2
1.4
1.6
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.4
2.7
3.0
1.3
1.4
1.5
1.5
1.6
1.8
2.1
2.3
2.4
2.7
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
113.3
123.8
142.5
161.7
176.6
198.0
222.3
238.4
251.3
258.9
33.1
35.1
41.9
51.8
59.6
65.9
76.4
83.9
88.6
90.0
.6
1.0
1.4
1.9
2.3
2.8
3.5
4.0
4.4
4.3
26.4
27.5
29.7
30.9
31.5
34.7
37.6
38.7
40.2
41.5
9.1
10.4
13.2
15.4
16.9
20.1
23.3
25.6
27.7
29.2
7.5
8.1
8.9
9.8
8.5
9.5
1.7
2.0
2.1
2.4
2.5
2.8
3.0
3.1
3.2
3.4
3.3
3.9
4.5
5.0
5.5
5.8
6.4
7.0
7.4
7.6
3.0
3.8
4.7
5.4
5.8
6.5
7.2
7.7
8.2
8.6
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
273.2
301.1
322.7
344.6
361.6
374.1
384.9
397.1
415.5
431.0
95.1
110.1
120.3
133.6
141.1
145.1
149.3
154.6
162.2
167.1
4.5
5.0
5.4
5.6
5.7
5.7
5.8
6.0
43.6
46.4
48.7
50.4
52.3
54.5
56.5
58.6
60.9
63.5
8.0
8.5
9.3
9.8
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
444.5
475.0
514.4
564.8
615.7
672.5
716.8
773.3
852.6
997.3
170.7
178.2
191.1
207.3
222.8
246.9
256.0
271.8
295.8
343.1
7.2
8.2
9.6
1975.
1976.
1977.
1,109. 7
1,220.9
1,352.5
382.6
426.1
482.1
10.7
12.1
13.4
14.2
14.9
15.5
15.2
16.5
18.0
19.0
20.3
23.4
25.8
26.8
27.9
28.7
10.1
11.6
12.5
13.3
14.5
15.5
10.4
11.0
11.4
12.3
13.3
13.9
14.4
14.6
30.4
31.9
33.7
35.4
37.4
38.5
39.5
40.1
41.4
42.7
16.7
18.0
18.8
19.0
19.2
19.5
19.4
20.1
20.4
20.4
30.2
32.0
33.4
34.5
35.8
37.5
38.3
39.1
40.9
42.5
16.9
19.1
21.1
22.6
23.9
24.8
25.2
25.7
26.7
28.1
15.2
15.8
16.4
17.0
17.7
18.4
18.9
19.5
21.2
22.4
3.5
3.7
3.9
4.0
4.3
4.5
4.7
4.9
5.2
5.6
11.4
13.7
16.5
18.9
23.1
28.0
34.4
66.9
72.8
78.7
86.4
94.3
100.5
106.2
112.1
123.8
141.3
43.1
45.2
47.9
51.7
55.8
60.1
64.1
68.2
73.4
87.4
20.7
22.1
23.7
26.7
28.5
30.6
32.9
36.6
40.4
50.6
45.1
48.7
52.8
56.9
62.4
66.1
70.4
76.9
85.4
103.0
29.0
32.5
36.6
41.6
46.9
53.0
59.1
66.0
74.0
85.2
21.7
23.3
25.5
28.9
31.9
34.4
37.2
40.7
45.1
51.5
6.1
6.7
7.3
7.7
8.3
8.7
9.0
9.0
9.4
10.2
10.2
10.6
11.1
11.5
12.2
12.9
13.4
14.4
15.5
16.8
18.0
18.8
21.3
22.5
24.0
27.1
40.2
48.3
58.4
153.8
163.5
176.0
97.6
106.5
115.8
57.4
60.6
65.0
113.8
125.8
138.2
95.5
105.3
115.4
56.9
61.4
66.1
10.9
11.6
12.4
29.7
32.2
35.2
6. 3
6.7
1. Includes tires, tubes, accessories, and other parts.
2. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment,
stoves, air conditioners, sewing machines, vacuum cleaners, and other appliances.
3. Includes such housefurnishings as floor coverings, comforters, quilts, blankets, pillows,
10.3
11.7
13.4
14.7
4.8
6.1
7.7
9.0
9.3
10.4
11.6
12.8
14.0
15.1
16.2
17.1
18.2
19.2
20.6
22.9
25.7
29.4
33.1
36.9
41.6
46.5
53.4
63.7
71.2
79.6
87.8
picture frames, mirrors, art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
NOTE.—The stock estimates are based on straight-line depreciation and service lives given
in table F .
SURVEY OF CURRENT BUSINESS
22
have an average life of at least 3 years;
other goods are classified as nondurable.
This classification is somewhat approximate, because it is applied to broad
categories. For example, all purchases
of clothing and shoes are classified as
nondurable, even though some items,
such as fur coats, ordinarily are used
for more than 3 years.
Consumer purchases of used goods
from another sector in PCE are modified
for use in estimating the stock of consumer durables. In PCE, these goods
are valued at secondhand sales prices.
In the expenditure flows used to derive
the stock estimates, they are valued at
estimated original acquisition prices, so
that goods which are transferred
secondhand between sectors are valued
consistently with goods that remain in
one sector. Estimated original acquisition prices are derived by raising secondhand sales prices by a factor determined
by the estimated age of the goods when
they are purchased by consumers. PCE
for tires, tubes, accessories, and other
parts are also modified; these modification are discussd in the section on autos.
Service lives and retirement pattern.—
The service lives used to derive the stock
March 1979
estimates are given in table F. They
range from 3 years for tires, tubes, accessories, and other motor vehicle parts
to 14 years for furniture, including mattresses and bedsprings, with most between 8 and 11 years. Except for autos,
the lives are based on the age distributions of the stock of various consumer
durables in the 1960-61 and 1972-73
Bureau of Labor Statistics (BLS) surveys of consumer expenditures, on U.S.
Department of Agriculture studies, and
on the assumptions of other researchers.8
The service lives in table F are
averages. Underlying the average for a
Table 2.—Current-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77
[Billions of dollars]
Furniture and household equipment
Motor vehicles *
Yearend
Total
Autos
Other
Radio
and
Furniture, Kitchen
China,
Other
television
including
and
glassware,
receivers,
mattresses
other
tableware,
durable
records,
and
household
and
house
bedsprings appliances2 utensils furnishings3
and
musical
nstruments
Other
Jewelry
and
watches
Ophthalmic
products
and
orthopedic
appliances
Wheel
Books
and
maps
toys, sports
equipment,
boats, and
pleasure
aircraft
1925.
1926..
1927.
1928..
1929..
1930.
19311932..
1933..
1934..
32.6
34.7
36.4
37.8
38.4
36.4
32.0
28.0
27.0
26.6
6.6
8.0
9.0
9.9
10.7
10.5
9.6
8.3
7.8
7.6
0.1
.1
.1
.1
.2
.2
.2
.2
.2
.2
7.6
7.7
7.8
7.9
7.7
7.3
6.1
5.3
5.4
5.3
3.1
3.2
3.4
3.5
3.5
3.3
3.0
2.5
2.4
2.4
2.5
2.5
2.5
2.6
2.7
2.4
2.2
2.1
2.1
2.3
4.6
4.7
4.7
4.8
4.8
4.4
3.8
3.5
3.5
3.5
3.1
3.3
3.5
3.6
3.3
2.7
2.0
.5
.4
.4
2.6
2.6
2.7
2.8
2.8
2.9
2.6
2.4
2.1
1.9
0.4
.4
.4
.4
.4
.4
.4
.3
.3
.3
.1
.1
.2
.3
.3
.3
.2
.1
.0
.0
1.0
1.0
1.0
1.0
1.0
1.0
.9
.8
.7
.7
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
26.4
27.7
29.2
29.0
30.1
33.5
39.1
43.7
46.9
48.9
7.5
7.7
8.1
7.8
8.1
9.4
10.4
10.5
10.0
9.2
.2
.3
.3
.3
.3
.4
.5
.4
.3
.2
5.3
5.7
6.0
5.9
6.0
6.6
7.9
9.6
11.3
12.8
2.6
2.9
3.2
3.3
3.4
3.6
4.5
5.0
4.8
4.5
2.3
2.2
2.3
2.3
2.3
2.4
2.7
3.2
3.5
3.7
3.5
3.8
4.0
4.0
4.2
4.6
5.3
6.1
7.0
7.6
.3
.4
.5
.4
.5
..7
2.2
2.6
2.6
2.5
1.8
1.7
1.7
1.7
1.8
2.1
2.6
3.2
3.8
4.5
.4
.4
.4
.4
.5
.5
.6
.7
.8
.0
.0
.0
.1
.1
.1
.1
.3
.4
1.6
.6
.7
.8
.8
.9
1.0
1.2
1.3
1.4
1.5
1945..
1946..
1947..
1948..
1949.
1950..
1951.
1952.
19531954.
48.6
55.0
65.7
76.3
86.5
103.6
119.4
128.8
137.9
142.7
7.7
7.9
10.5
14.6
20.3
28.1
36.4
41.8
47.2
49.4
.2
.5
.8
1.2
1.4
1.7
2.0
2.2
2.2
2.1
13.3
14.0
15.3
16.2
16.6
18.6
20.3
21.0
21.9
22.7
4.1
5.1
7.4
9.3
10.5
12.8
14.7
15.8
16.7
17.3
3.8
4.3
4.9
5.5
6.0
6.8
7.4
7.7
8.0
8.1
7.8
8.7
9.7
10.4
11.2
13.1
14.4
14.8
15.1
15.2
2.3
3.3
4.4
5.2
5.9
7.1
7.6
8.1
8.7
9.3
4.9
5.7
6.2
6.4
6.6
7.0
7.4
7.7
7.9
8.0
1.0
1.1
.2
.3
.3
.4
.6
.6
.7
.8
1.9
2.2
2.5
2.8
3.0
3.2
3.4
3.7
3.9
4.0
1.7
2.3
2.9
3.3
3.5
3.8
4.2
4.4
4.6
4.8
1955..
1956.
1957..
1958..
1959..
1960.
1961.
1962.
1963.
1964.
151.9
165.8
174.7
181.4
187.9
192.4
195.0
200.3
210.6
221.4
53.6
60.4
63.8
66.8
68.6
69.4
69.5
71.5
75.7
79.6
2.2
2.4
2.6
2.6
2.7
2.7
2.7
2.8
3.1
3.5
24.0
25.8
27.1
27.9
28.9
30.0
30.9
31.9
33.2
34.7
17.9
18.8
19.6
20.3
21.2
21.5
21.8
21.9
22.5
23.2
8.7
9.3
9.5
9.5
9.5
9.5
9.4
9.8
9.9
10.0
15.9
16.8
17.4
17.9
18.6
19.4
19.9
20.4
21.5
22.7
10.1
11.3
12.2
12.7
13.2
14.4
13.5
13.7
14.4
15.4
8.3
8.7
9.0
9.3
9.7
10.0
10.2
10.5
11.3
12.0
.8
.9
2.0
2.1
2.2
2.3
2.4
2.6
2.7
3.0
4.2
4.5
4.9
5.1
5.3
5.5
5.7
6.0
6.3
6.8
5.3
5.9
6.6
7.3
8.0
8.6
9.0
9.4
9.9
10.5
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
233.2
255.4
279.6
310.5
340.6
368.9
391.6
423.8
469.0
540.9
84.2
91.3
99.2
109.5
118.9
129.4
133.1
141.4
154.0
172.2
3.9
4.6
5.5
6.7
8.1
9.6
11.0
14.0
17.1
20.1
36.8
40.3
43.6
47.9
52.2
55.3
58.1
61.4
68.1
77.7
23.5
24.7
26.3
28.5
30.9
33.4
35.6
38.1
41.4
49.4
10.4
11.4
12.5
14.2
15.4
16.5
17.8
19.9
22.1
27.5
24.5
26.8
29.3
31.8
35.1
37.1
39.6
43.4
48.6
58.7
16.4
19.0
22.0
25.2
28.4
31.9
35.2
39.1
43.7
50.0
11.8
12.9
14.4
16.5
18.3
19.6
21.1
23.0
25.5
29.0
3.2
3.6
3.8
4.0
4.2
4.3
4.4
4.4
4.6
5.0
7.2
7.8
8.4
9.0
9.7
10.1
11.4
12.0
12.8
14.4
11.4
12.9
14.8
17.1
19.5
21.7
24.2
27.2
31.3
37.0
1975.
1976.
1977.
591.2
644.2
710.5
184.8
202.2
227.2
22.7
27.5
33.5
84.2
89.3
96.3
54.7
59.1
64.0
30.6
31.9
34.0
64.3
70.5
77.1
55.8
61.2
66.9
31.9
34.3
5.5
5.8
6.3
15.9
17.2
18.9
40.8
45.2
49.5
1. See footnote 1, table 1.
2. See footnote 2, table 1.
3. See footnote 3, table 1.
NOTE.—See table 1, Note.
SURVEY OF CURRENT BUSINESS
March 1979
given type of good is a distribution of
discards. To account for the fact that
goods are discarded at different ages, a
pattern of retirement is used. Except
for autos, this pattern is based on the
8. Lenore A. Epstein, "Consumers' Tangible Assets,"
Studies in Income and Wealth, Volume 12, National Bureau
of Economic Research, 1950; Raymond W. Goldsmith, The
National Wealth of the United States in the Postwar Period,
National Bureau of Economic Research, 1962; Marilyn Doss
Ruffin and Katherine S. Tippett, "Service-Life Expectancy
of Household Appliances: New Estimates from TJSDA,"
Home Economics Research Journal, March 1975: and BLS,
"Survey of Consumer Expenditures, 1960-61, Expanding
Ownership of Household Equipment," BLS Report No.
238-7, November 1964, and "Consumer Expenditure Survey
Series: Interview Survey, 1972-73, Inventories of Vehicles
and Selected Household Equipment, 1973," BLS Report
No. 455-5, 1978.
23
Winfrey L-2 curve, modified so that
retirements start at 25 percent and end
at 215 percent of the average life.9 The
modified L-2 curve, in table G, is an
asymmetrical distribution with heavy
discards shortly before the average
service life is reached and a tapering
pattern thereafter.
at constant cost, and at current cost.
The historical-cost estimates, which
value each good in the gross stock at
its original acquisition price, are not
shown in this article, but are available
on request from BEA.
Constant-cost, or constant-dollar,
estimates value each good at the
prices of 1972, the same prices as
those used for constant-dollar GNP.
Valuation
The estimating procedure starts with
The stock estimates are valued in gross expenditure flows expressed in
three different ways—at historical cost, constant prices, obtained by dividing
current-dollar expenditure flows by
9. Robley Winfrey, Statistical Analyses of Industrial Proappropriate price indexes. Thus, the
perty Retirement, Iowa Engineering Experiment Station,
constant-cost stock is an estimate of
Bulletin 125, December 11,1935.
Table 3.—Constant-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77
IBillions of 1972 dollars]
Motor vehiclesl
Yearend
Total
Autos
Furniture and household equipment
Other
Other
Radio
China,
and
Furniture, Kitchen
Other
glassware,
television
including
and
tableware,
receivers,
mattresses
durable
other
records,
and
house
and
household
and
bedsprings appliances! utensils furnishings3
musical
nstruments
Jewelry
and
watches
Ophthalmic
products
and
orthopedic
appliances
Books
and
maps
Wheel
goods,
durable
toys, sports
equipment,
boats, and
pleasure
aircraft
1925.
19261927.
1928.
1929..
1930..
19311932..
19331934-
133.0
141.4
149.1
156.8
165.5
170.2
171.8
169.8
167.0
164.1
30.8
36.7
41.5
46.2
51.6
54.8
55.8
55.3
55.1
54.2
0.3
.4
.5
.5
.7
.9
1.0
1.0
1.0
1.1
40.9
42.3
43.4
44.3
44.5
44.7
44.1
43.1
42.2
5.8
6.1
6.5
6.7
7.0
7.2
7.4
7.2
7.2
7.3
15.9
16.0
16.1
16.4
16.8
16.7
16.6
16.6
16.4
16.2
19.0
19.4
20.0
20.7
21.5
22.0
22.2
22.0
21.4
20.9
2.7
2.8
2.9
3.1
3.3
3.6
3.7
3.7
3.7
3.6
8.0
8.2
8.5
8.7
8.9
9.1
8.9
8.6
8.2
7.8
1.6
1.6
.6
.5
.5
.5
.5
.5
.4
.5
5.7
5.8
6.1
6.3
6.5
6.7
6.8
6.7
6.5
6.4
3.3
3.3
3.3
3.3
3.3
3.3
3.2
3.1
2.9
2.9
193519361937..
193819391940..
19411942..
19431944-
162.6
163.3
165.1
164.0
166.1
171.1
179.0
181.3
181.9
181.3
54.0
54.1
54.7
53.2
53.6
56.0
59.1
58.5
57.9
57.1
1.1
l.o
1.4
1.5
1.6
1.7
1.9
1.7
1.5
1.3
41.9
42.0
42.1
42.1
42.4
43.2
44.4
45.0
44.9
44.5
7.5
7.9
8.4
8.7
9.1
9.6
10.5
10.7
10.2
9.6
15.9
15.9
16.0
16.0
16.0
16.2
16.7
17.2
17.2
17.1
20.4
20.5
20.5
20.5
20.7
21.0
21.7
22.2
22.6
22.7
3.5
3.6
3.7
3.7
3.9
4.2
4.6
4.9
4.9
4.8
7.5
7.2
7.1
7.0
7.0
7.1
7.4
7.7
8.3
8.8
.5
.6
1.7
1.8
1.9
2.0
2.2
2.5
2.8
3.1
6.3
6.3
6.4
6.5
6.5
6.6
6.7
7.0
7.3
7.9
2.8
2.9
3.0
3.1
3.3
3.5
3.8
4.1
4.3
4.5
1945194619471948194919501951195219531954-
181.8
192.0
207.3
223.4
240.5
258.8
273.9
288.4
304.0
318.4
56.4
58.5
64.6
71.0
79.5
86.7
92.0
97.0
103.0
108.7
1.1
1.6
2.1
2.7
3.1
3.6
4.2
4.7
5.0
5.1
44.2
45.0
46.2
47.5
48.7
50.4
51.7
53.3
55.2
57.1
9.1
9.9
11.6
13.4
15.1
17.4
19.5
21.5
23.5
25.3
17.3
18.5
19.9
21.4
22.6
23.8
25.0
25.8
26.6
27.2
22.9
24.0
25.2
26.8
28.3
30.2
32.0
33.4
34.5
35.2
4.7
5.3
5.9
6.5
7.1
8.3
9.3
10.6
12.0
13.5
9.5
10.5
11.3
12.1
12.8
13.6
14.2
14.9
15.6
16.3
3.3
3.7
3.9
4.2
4.4
4.5
4.8
5.0
5.3
5.5
8.6
9.4
10.0
10.5
10.9
11.4
11.9
12.4
12.8
13.1
4.7
5.6
6.5
7.4
8.1
8.8
9.4
10.0
10.7
11.4
1955.
1956..
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
338.8
358.0
376.6
391.0
406.7
421.5
433.1
448.2
465.9
485.4
118.5
126.9
135.9
142.1
148.7
155.4
159.6
166.4
174.3
181.1
5.5
5.8
6.0
6.0
6.0
6.2
6.2
6.5
6.8
7.3
59.7
62.3
64.7
66.9
69.4
71.7
73.9
76.3
78.9
82.2
27.5
29.8
32.1
34.1
36.3
38.1
39.9
41.6
43.4
45.3
27.8
28.1
28.2
28.0
27.8
27.5
27.2
26.9
26.7
26.7
36.2
37.2
38.1
38.9
39.8
40.6
41.4
42.5
43.9
46.0
15.2
16.8
18.0
19.1
20.2
21.1
22.1
23.1
24.3
26.1
17.1
18.0
18.8
19.6
20.5
21.2
21.9
22.6
23.4
24.2
5.6
5.8
6.0
6.1
6.3
6.5
6.6
6.9
7.2
7.6
13.4
13.8
14.1
14.3
14.5
14.8
15.1
15.4
15.9
16.5
12.3
13.5
14.6
15.9
17.2
18.3
19.3
20.2
21.1
22.3
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
511.6
539.8
569.5
607.7
645.9
680.5
722.6
772.5
830.4
878.8
191.9
199.9
208.1
222.0
234.3
243.3
258.3
274.8
294.4
307.5
8.1
9.2
10.4
12.3
14.4
16.3
19.0
23.3
27.9
30.8
85.7
89.6
93.3
97.0
100.6
103.8
107.1
111.1
115.9
120.3
47.3
49.7
52.1
54.9
58.0
61.1
64.2
68.2
73.0
77.7
27.0
27.8
28.8
29.9
31.1
32.4
33.8
35.4
37.2
38.7
48.5
51.5
54.6
58.3
62.4
66.4
70.9
76.4
82.9
28.6
32.4
36.9
41.9
47.3
53.1
59.1
66.1
73.9
81.7
25.4
27.2
29.2
31.3
33.5
35.7
37.8
40.1
42.7
45.2
8.1
8.6
8.9
9.2
9.3
9.3
9.1
8.9
8.8
8.8
17.1
17.9
18.6
19.3
20.0
20.8
21.6
22.2
23.0
23.8
23.8
26.0
28.6
31.6
35.0
38.3
41.6
46.0
50.7
55.0
1975.
1976.
1977.
925.3
979.0
1,038.5
321.3
339.3
359.2
33.8
38.6
43.7
124.0
128.1
132.9
81.4
85.1
89.2
39.5
40.4
41.4
95.0
100.7
107.2
90.0
98.9
108.6
47.6
50.2
53.1
8.8
8.9
8.9
24.7
25.6
26.7
59.1
63.2
67.7
1. See footnote 1, table 1.
2. See footnote 2, table 1.
3. See footnote 3, table 1.
NOTE.—See table 1, Note.
March 1979
SURVEY OF CURRENT BUSINESS
24
the quality of durable goods owned by
consumers valued in 1972 prices.
Current-cost, or current-dollar, estimates value each good at any specified
period at the prices of that period.
Current-cost stock estimates are calculated by applying price indexes to the
constant-cost stock estimates. For
example, each component of the yearend 1977 stock valued at current cost
is the product of the yearend 1977
stock valued at constant cost and the
appropriate yearend 1977 price index.
In effect, the current-cost stock is an
estimate of the replacement value of
durable goods owned by consumers.
The price indexes used to derive the
constant-cost and current-cost stock
estimates are the same as those used
to estimate constant-dollar PCE. For
the most part, they are derived from
components of the Consumer Price
Index (CPI), published by BLS. In
compiling the CPI, BLS attempts to
remove from reported price changes
those changes in cost that are attributable to changes in specifications. Thus,
if a good is replaced in the constant-
dollar stock by another that is more
costly to produce in real terms, the
stock rises. However, if improved
technology permits production of a new
improved good at the same cost as an
old good of the same type, replacement
of the old good by the new good does
not raise the stock.
Depreciation and net stock
Goods are carried in the gross stock
at their undepreciated values during
the entire time they remain in stock.
To estimate the net stock, depreciation
Table 4.—Constant-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77
[Billions of 1972 dollars]
Furniture and household equipment
Motor vehicles i
Other
Radio
Yearend
Total
Autos
and
China,
Furniture, Kitchen
Other
television
and
glassware,
including
durable
receivers,
other
tableware,
mattresses
house
records,
household
and
and
and
bedsprings appliances 2 utensils furnishings3
Other
Jewelry
and
watches
Ophthalmic
products
and
orthopedic
appliances
Wheel
goods,
durable
1L,oys, sports
(iquipment,
boats, and
pleasure
aircraft
Books
and
maps
musical
instruments
4.0
4.2
4.4
4.6
4.7
4.8
4.6
4.2
3.8
3.5
0.8
.8
.8
.8
.8
.8
.8
.7
.7
.7
3.0
3.0
3.2
3.3
3.5
3.6
3.6
3.4
3.2
3.1
1.6
1.6
1.6
1.6
1.7
1.6
1.6
1.5
1.7
1.7
3.3
3.2
.8
.8
3.0
3.1
1.8
1.9
3.2
3.3
.9
1.0
3.2
3.3
2.1
2.3
2.6
2.8
3.4
3.5
3.8
4.1
1.0
1.1
1.2
1.4
3.3
3.4
3.5
3.7
4.6
1.5
4.0
2.5
5.0
1.7
4.4
1.3
1.4
1.6
1.7
1.8
2.0
2.2
2,3
2.4
2.5
2.3
5.5
1.9
4.9
2.8
6.2
2.0
5.5
3.4
3.7
6.7
7.1
2.1
2.2
5.7
5.9
4.2
7.4
2.3
6.0
5.1
5.7
6.4
7.2
8.1
7.7
7.9
8.3
8.5
8.9
2.4
2.5
2.6
2.8
2.9
6.2
6.5
6.6
6.8
6.9
19.0
19.5
19.9
20.2
20.7
21.1
21.5
22.1
23.1
24.6
9.1
9.9
10.4
10.7
11.1
11.4
11.8
12.4
13.1
14.3
9.4
9.9
10.3
10.7
11.2
11.5
11.8
12.1
12.5
13.0
2.9
3.0
3.1
3.1
7.0
7.2
7.3
7.4
3.3
7.5
9.9
3.3
3.4
3.6
3.8
4.0
7.6
7.8
8.0
8.3
8.7
10.4
10.8
11.1
11.5
12.2
13.6
14.3
15.2
15.9
16.7
17.5
18.3
19.2
20.3
21.0
26.3
28.4
30.3
32.6
35.1
37.3
39.8
43.1
47.2
50.9
16.2
19.0
22.2
25.4
28.7
32.0
35.2
39.2
43.7
48.0
13.8
15.1
16.4
17.9
19.2
20.4
21.5
22.6
24.1
25.5
9.1
13.1
14.7
16.4
18.4
20.6
22.5
24.2
26.9
29.7
31.9
21.1
21.3
21.6
53.6
56.4
59.8
52.5
57.5
62.9
26.6
28.1
29.6
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934.
72.7
78.4
82.8
87.0
91.9
92 6
90.7
86.2
82.2
78.9
20.0
23.7
26.0
28.3
31.0
31 6
30.5
28 5
27.5
26.2
0.2
.3
.3
3
.5
6
.6
5
.5
.5
21.1
21.8
22.7
23.4
23.8
23.6
23.2
22.3
21.2
20.2
3.2
3.4
3.6
3.7
3.9
3.9
3.9
3.7
3.6
3.7
7.6
7.9
8.0
8.4
8.7
8.5
8.4
8.3
8.1
8.0
9.9
10.2
10.6
11.0
11.5
11.6
11.5
11.1
10.4
10.0
1.4
1.5
1.6
1.7
1.8
2.0
2.1
2.0
1.8
1.7
1935
1936
1937. . .
1938
1939. .
1940
1941
1942
1943
1944
77.8
79.4
81 9
81.2
83.6
88.2
88.6
86.2
82.7
79.2
25.9
26.3
27 1
25.8
26.5
28.8
25.2
21.1
17.8
15.1
.6
.7
19.9
20.2
20 6
20.6
21.1
21.9
23.2
23.5
23.3
22.7
3.9
4.2
46
7.7
7.7
9.7
9.9
10.1
10.1
10.4
10.7
11.3
11.6
11.8
11.7
1945
1946
1947
1948
1949
1950. .
1951
1952
1953
1954
77.4
84.0
94.1
104.9
117.1
134.0
146.1
155.0
165.9
174.5
13.1
13.1
16.1
20.0
27 1
37.0
43.9
48.3
54.9
59.7
4.9
9.9
1.3
1.7
1 9
2.2
2 4
2.5
2.6
2.5
22.2
22.9
23.9
24.8
25 7
27.0
27.9
28.9
30.1
31.2
6.6
8.1
9 3
11.0
12.2
13.2
14.?
15.0
10.9
12.0
12.7
13.3
13.8
14.0
14.2
14.3
11.7
12.6
13.6
14.7
15.7
16.9
17.9
18.4
18.7
18.7
1955
1956
1957.
1958
1959
I960
1961
1962.
1963
1964
187.5
196.4
203.3
205 8
211.5
217.0
219.7
226.5
236.5
249.6
66.8
69.7
72.0
71 1
72.3
74.4
74 3
76.9
81.4
86.3
2 7
2.8
2.9
2 8
29
2.9
29
3.1
3.4
3.8
32.9
34.7
35.9
37 0
38.3
39.4
40.3
41.5
42.9
45.0
16.2
17.5
18.7
19 6
20.6
21.3
22.0
22.7
23.6
24.6
14.5
14.5
14.3
14 0
13.7
13.4
13.2
13.1
13.0
13.1
1965
1966
1967.
1968
1969.
1970. .
1971
1972
1973.
.
1974
268 4
290.1
309.4
333 9
357.1
373 4
394 7
423.3
456 6
476.7
94 7
102.4
108.0
117 3
125.0
127 5
134 3
143.0
153 2
154.3
4 4
5 2
5.9
7 2
8.6
9 4
11 1
14 1
17 0
18.0
47 2
49.6
51.7
53.8
55.7
57 1
58 6
60.9
63 7
66.1
25 7
27.2
28.6
30 3
32.1
33 9
35.7
38.1
41 2
44.0
1975
1976
1977.
493 3
517.4
547.3
155 2
161.0
169.3
19 1
22 0
25.1
67 9
70.0
72.7
45.7
47.2
49.3
1. See footnote 1, table 1.
2. See footnote 2, table 1.
g
g
.9
9
1.0
g
.6
.5
4
g
4.7
8.0
8.0
5.0
5.3
5.9
5.9
8.1
8.2
8.7
9.0
5.3
8.9
4.5
8.7
4.1
8.8
3. See footnote 3, table 1.
NOTE.—-See table 1, Note.
2.7
4.3
4.6
4.7
4.8
4.8
4.6
4.4
4.3
4.3
4.4
4.4
4.5
4.5
9.7
10.1
10.4
10.7
11.2
11.5
11.8
12.2
12.6
13.2
13.6
14.4
1.4
1.3
2.6
3.3
4.0
4.6
4.9
5.2
5.4
5.6
6.0
6.3
7.0
7.7
8.4
9.1
34.0
35.9
38.1
March 1979
SURVEY OF CURRENT BUSINESS
25
use" autos. (These data are also used autos and other motor vehicles. Nonto derive the autos component of PCE replacement items account for about 20
in the NIPA's.) In this process, house- percent of total expenditures in the
hold-owned autos that are exclusively "tires, tubes, accessories, and other
for personal use are assigned to the con- parts" category.
sumer stock, and "mixed-use" autos—
i.e., those owned by households but Table 5.—Personal Consumption Expendiused partly for business purposes—aj*e
tures for Durable Goods, Depreciation,
and Personal Consumption Expenditures
allocated between consumer and busifor Durable Goods Net of Depreciation,
ness stocks on the basis of studies of the
in Current and Constant Dollars, 1929-77
amount of business usage of these autos.
Billions of dollars
Billions of 1972 dollars
Next, the average unit value in each
year of original registration is deflated
ExExExDependExDependby the PCE implicit price deflator for
Autos
Year
pend- preci- itures pend- preci- itures
itures ation net of itures ation net of
dedeNumbers and ages of autos in use new autos to obtain the average unit
preciprecivalue
in
1972
prices.
The
constant-dolation
ation
are available each year from State
registration data tabulated by the R. L. lar gross stock of consumer autos is ob- 1929
9.2
2.4
6.1
15.4
6.8
21.5
7.2
6.7
.5
1.0
17.0
16.0
Polk Company. The methodology for tained each year by multiplying the 1930
1931
6.2
5.5
.
7
1
.7
14.6
16.3
3.6
5.4
-1.8
-5.0
11.1
16.1
deriving estimates of the stock of con- number of autos in each year of original 1932
1933
3.5
5.1
1
.
6
4
.8
10.9
15.7
1934
4.2
5.2
-1.0
-2.8
12.4
15.2
sumer autos takes advantage of this registration by the corresponding unit 1935
5.1
5.1
0
.5
15.4
14.9
6.3
5.1
1.2
4.3
19.1
14.8
information and is therefore somewhat value. The net stock is derived simi- 1936
1937
6.9
5.4
1.5
5.1
20.1
15.0
5.7
5.4
.3
1.2
16.2
15.0
different from that for other consumer larly, but with the use of depreciated 1938
6.7
5.4
1.3
4.0
15.1
19.1
durables, in that it is not necessary to unit values based on straight-line de- 1939
1940
5.7
2.1
6.2
7.8
21.8
15.6
9.7
6.5
3.2
9.3
assume an estimated service life or preciation. The unit value figures are 1941
24.7
15.4
1942
.
5
6.9
7.4
1.1
16.3
15.2
depreciated according to a 10-year life, 1943
6.5
7.9
-.3
retirement pattern for autos.
-1.4
14.5
14.8
1944
.7
6.7
8.6
1
.
9
13.5
14.2
and a nominal net unit value is assigned 1945
8.0
8.6
-.6
1.2
14.8
13.6
The stock of consumer autos is esti- to autos over 10 years old.10
1946
9.7
6.1
15.8
10.3
25.8
15.5
1947
8.8
20.4
11.6
13.5
30.6
17.1
mated in the following manner: First,
1948
9.9
22.9
13.0
14.9
33.1
18.2
Motor
vehicle
parts
and
accessories.—
the total stock of autos in use, regard1949
25.0
14.2
10.8
16.8
36.3
19.5
30.8
15.8
15.0
22.1
21.3
43.4
less of ownership, is derived, as follows: The stock estimates for both autos and 1950
1951
29.8
18.5
11.3
16.7
23.2
39.9
8.4
29.1
20.7
13.6
25.3
38.9
(a) The number of new autos entering other motor vehicles implicitly include 1952
1953
9.4
32.5
23.1
15.3
27.8
43.1
the
value
of
replacement
tires
and
1954....
6.9
31.8
24.9
13.2
30.3
43.5
the stock, regardless of ownership, each
1955
38.6
26.7
11.9
19.2
33.0
52.2
parts.
However,
the
value
of
nonre1956
8.7
37.9
29.2
14.5
35.3
49.8
year is estimated from trade association
1957....
7.5
39.3
31.8
12.7
37.0
49.7
placement
items
purchased
for
motor
1958....
3.3
8.1
36.8
33.5
38.3
46.4
data, (b) Survival rates are obtained
vehicles
is
not
included.
It
is
estimated
12.1
1959....
42.4
6.9
35.5
39.7
51.8
from the annual Polk tabulations for
1960
6.6
43.1
36.5
11.7
40.8
52.5
961....
4.1
8.4
41.6
37.5
41.9
50.3
autos for each year of original registra- separately and added to the appropriate 11962
8.2
46.7
38.5
12.6
43.1
55.7
stock.
Examples
of
such
items
are
snow
1963....
51.4
39.6
16,3
11.8
44.4
60.7
tion, (c) The survival rates in (b) are
1964
56.3
41.2
19.6
15.1
46.1
65.7
62.8
42.5
25.2
20.3
48.2
73.4
applied to the annual new autos series tires and citizens band radios not in- 1965
1966....
67.7
44.9
27.9
22.8
51.1
79.0
69.6
48.7
20.9
25.2
54.5
79.7
in (a) to derive annual estimates of cluded as original equipment on new 1967
1968
80.0
53.7
26.3
29.7
58.5
88.2
motor
vehicles.
Trade
association
data
autos in use by year of original registra29.0
59.2
26.3
85.5
62.9
91.9
are used to estimate the value of these 1969
1970....
84.9
64.7
20.2
67.0
21.9
88.9
tion.
97.1
70.9
26.2
71.2
26.9
98.1
items and to allocate them between 1971
111.2
76.1
1972
111.2
76.1
35.1
35.1
Second, the total stock of autos is
1973
123.7
82.6
41.1
121.8
81.6
40.2
1974
122.0
93.3
28.7
112.5
86.7
25.8
separated into household and non1975
10. The 10-year life was estimated by an analysis of used
132.6
106.0
26.6
112.7
91.0
21.7
1976
156.6
116.8
39.8
125.9
95.7
30.2
prices, which indicated that most autos have deprecihousehold stocks using Polk tabulations auto
1977
178.4
127.9
50.5
137.8
101.0
36.8
ated to a small fraction of their original value when they
for consumer, business, and "mixed- reach this age.
rates are applied to these values. The
depreciation method used to derive the
net stock estimates in tables 2 and 4 is
the straight-line formula, which assumes
equal dollar depreciation each year over
the life of the good.
In the NIPA's PCE for durable
goods is not capitalized. Thus, the
estimates of depreciation on consumer
durable goods shown in table 5 are not
included in the NIPA estimates of
capital consumption.
288-330 O - 79 - 4
By JOHN T. WOODWARD
Plant and Equipment Expenditures, First
and Second Quarters and Second Half of 1979
JSINESS plans to spend $171.1
billion for new plant and equipment in
1979, 11.3 percent more than in 1978,
according to the BEA quarterly survey
conducted in late January and February
(table 1 and chart 5).1 Spending in 1978
I. Plans have been adjusted for biases (table 7, footnote 2).
The adjustments were calculated for each industry. Before
adjustment, plans for 1979 were $80.61 billion for manufacturing and $93.96 billion lor nonmanufacturing. The net effect of
the adjustments was to lower manufacturing $3.07 billion and
nonmanufacturing $0.36 billion.
Table 1.—Expenditures for New Plant and
Equipment by U.S. Business: Percent
Change From Preceding Year
was $153.8 billion, 13.3 percent higher
than in 1977.
Business also reported sales expectations for 1979; increases expected this
year are smaller than those realized
last year (table 2).
The plant and equipment figures are
not adjusted for price change. As
CHART 5
Changes in Plant and Equipment
Expenditures
Percent
-30
-10 0 10
I
I I I
-50
1977
Actual
I
1978
Planned i Actual
1979
Planned
I
30
I
50
I
1978 Actual
ALL INDUSTRIES
1979 Planned
All industries.
12.7
10.9
13.3
11.3
14.6
11.7
12.4
14.7
17.3
12.0
14.0
19.5
Primary m e t a l s 2 . . —4.9
Blast furnaces,
steelworks
—10.7
Nonferrous
metals
3.2
Electrical machinery
25.5
Machinery, except
electrical
14.7
Transportation
47.0
equipment 2..65.4
Motor vehicles...
7.8
Aircraft
Stone, clay, and
15.7
Other durables
21.3
9.9
3.4
11.3
2.3
—8.1
19.9
Manufacturing.
Durable goods.
Nondurable goods...
Food
including
beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables
Nonmanufacturing
12.4
11.5
12.7
2.8
2.3
19.4
32.5
12.5
17.9
9.6
7.6
12.8
21.3
25.3
10.5
9.2
25.4
11.9
10.6
16.5
20.2
14.6
48.6
20.3
16.8
31.1
19.0
12.7
23.9
16.0
17.8
17.7
11.5
11.0
10.4
13.4
10.7
10.6
6.5
10.5
31.0
19.4
16.6
13.4
3.0
4.0
11.7
20.2
25.8
4.6
1.8
30.2
13.7
5.5
4.8
24.6
11.2
10.4
13.9
8.6
Mining
12.4
Railroad
11.4
Air transportation.
24.3
Other transportation
—30.9
Public utilities . . . .
15.8
Electric
14.8
Gas and other...
21.3
Communication. _.
16.2
Commercial and
other
9.4
14.1
12.8
24.1
6.3
18.5
42.5
6.4
17.4
17.1
-15.3
14.3
15.0
10.5
9.8
—3.0
14.3
14.8
11.4
17.5
14.3
9.9
10.2
8.4
6.2
7.1
11.9
Durable Goods
Manufacturing
measured by the implicit price deflator
for nonresidential fixed investment in
the national income and product accounts, capital goods prices increased
8.2 percent in 1978, indicating that real
spending on plant and equipment increased about 5 percent. If survey respondents expect capital goods prices to
increase this year at about the same rate
as last year and incorporated such expectations into their 1979 spending
plans, an increase in real spending
plans of about 3 percent is indicated.
Spending increased 5.5 percent in the
fourth quarter of 1978, one of the largest
quarter-to-quarter increases ever recorded by the survey; this increase
followed sizable increases in the first
three quarters of 1978—4.4 percent in
the first, 4.5 percent in the second, and
Table 2.—Change in Business Sales: Percent
Change From Preceding Year
Railroad
Air Transportation
1977
Actual
Miscellaneous
Transportation
Manufacturing
Durable goods 2
Primary metals
Electrical machinery
Machinery, except
electrical _ Transportation
equipment
Stone, clay, and
glass
-
Nondurable Goods
Manufacturing
Electric Utilities
Nondurable goods 2 ._
Gas, Water and
Sanitary Services
Food including
beverage
Textiles
Paper
Chemicals -Petroleum
Rubber
Commercial and
Other
Trade
Mining
Wholesale
Retail
Public utilities
1978
Planned 1 Actual
1979
Planned
12.7
9.2
12.5
14.5
9.5
14.7
10.6
10.8
11.0
16.5
11.2
14.1
10.3
14.9
11.1
10.7
9.9
16.1
12.4
20.8
6.8
12.5
7.5
15.5
7.1
24.8
6.5
10.7
8.9
10.2
10.2
6.1
12.8
8.3
10.9
16.8
14.2
6.9
6.4
11.6
7.5
10.2
11.0
7.8
10.2
8.9
9.7
10.8
11.6
10.7
10.4
9.0
8.7
11.0
12.5
10.1
9.5
10.4
9.4
13.7
10.6
10.2
9.8
9.1
17.5
10.2
9.4
18.8
10.6
12.1
10.2
9.6
Communication
1. Plans for 1978 are based on the survey conducted in late
January and February 1978.
2. Includes industries not shown separately.
26
>
t
I
1
till
U.S. Department of Commerce, Bureau of Economic Analysis
1. Plans for 1978 are based on the survey conducted in
late January and February 1978.
2. Includes industries not shown separately.
SURVEY OF CURRENT BUSINESS
March 1979
The plant and equipment expenditure survey is one of the major sources
used in estimating the nonresidential
fixed investment component of GNP.
As mentioned in the "Business Situation" article earlier in this issue, BE A
is reevaluating the several sources used
in estimating this component, because
they have given divergent indications
of recent increases in investment.
half]
3.1 percent in the third. The fourth- the same as in the fourth quarter of
quarter increase was considerably larger 1978. A 2.0-percent increase is planned
than the 3.8 percent indicated by plans for the second quarter. For the second
shown in the preceding quarterly survey half, spending plans are not reported
on a quarterly basis. However, the imreported in December.
Spending plans for 1979 call for plied average quarterly increase is
spending in the first quarter to be about about 3% percent.
The latest plans for 1979 spending
CHART 6 are $0.9 billion above those indicated
in the annual survey, which was conPlant and Equipment Expenditures
ducted in November and December and
Billion $ (Ratio scale)
reported in January. That survey
200 ALL INDUSTRIES
showed planned spending of $170.2
150
billion, 11.2 percent above the $153.1
y
billion estimate of 1978 spending indicated in the quarterly survey con100
ducted in October and November and
80
reported in December. The year-to1 I
60. I I I I I I 1 I I 1 I I I I 1 I I I 1 I 1 I I I I I 1 I 11 I 1I I 1I 11 1 1 year
increase indicated by the latest
survey
is almost the same as that
60
MANUFACTURING
reported
in January, because estimates
40
of both actual 1978 spending and
Nondurables^
30 planned 1979 spending were revised
upward. Some of the component industries have different year-to-year
20 Durables
changes in the latest survey than those
f
15
indicated in the November-December
survey; however, because the procei ill...I...In.
10 111 I 11 11 i 11 I 11i 1 i 11 1 11 i 11 h
dures used in adjusting the two surveys
for
biases are not the same, small differCOMMUNICATION AND COMMERCIAL
ences should not be interpreted as
indicating significant changes in 1979
plans.2
27
cvj
CHART 7
-
Starts and Carryover of Investment
Projects
Billion $ (Ratio scale)
-MANUFACTURING
A
pn 1. i . I n . I . . . I . • 1 1 . . . I . . , 1. . 11. . . 1 . . 11. . . 1.
50
PUBLIC UTILITIES
2. The bias adjustments for both surveys are computed
separately for each major industry. The adjustments for the
surveys that provide only annual data are applied to an
industry only when planned spending deviates from actual
spending in the same direction in at least 5 of the last 7 years.
When this criterion is met, the adjustment is derived by
taking the median deviation between planned and actual
spending for the last 5 years. The bias adjustments for the
January-February survey, as for all surveys that include
quarterly data, are computed separately for each quarter
and are based on techniques that embody the experience of
the entire postwar period.
Table 3.—Petroleum Industry Expenditures
for New Plant and Equipment by Function
Billions of dollars
I.MI.I.IIHIIMIIMI.I.IIMI.IIIIIIIIM
15
Actual
Planned
TRANSPORTATION INCLUDING RAILROAD
Percent
change from
preceding
year
1977
1978
1979 1
Total
13.87
15.50
16.35
11.7
5.5
Production
Transportation..
Refining
and petrochemicals
Marketing
7.05
.98
8.18
.65
8.05
.79
16.1
-33.9
-1.7
22.0
3.58
.68
3.70
.84
4.00
.78
3.5
23.1
8.0
-6.9
1978
1979
I I I I I I I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Other
2.12
1.58
2.72
34.3
28.1
1969
71
73
75
77
79
Seasonally Adjusted at Annual Rates
1. T h e reported plans are adjusted for biases when neceso Planned
sary; adjustments are applied separately to expenditures for
U.S. Department of Commerce, Bureau of Economic Analysis
each function. Before adjustments, plans for 1979 were $17.11
billion.
, i i i , i i , i i i
1969
71
73
75
77
79
Seasonally Adjusted
* Carryover as of end of period
U.S. Department of Commerce, Bureau of Economic Analysis
79-3-7
SURVEY OF CURRENT BUSINESS
28
March 1979
Table 5.—Manufacturers' Evaluation of Their Plant and Equipment Facilities l
[Percent distribution of gross capital assets]
Realization of 1978 plans.—In the
successive quarterly surveys of 1978
investment programs, businesses generally revised their spending plans
upward. The actual spending increase
of 13.3 percent for the year compared
with plans early in the year for a
10.9-percent increase. Upward revisions
occurred in both manufacturing and
nonmanufacturing industries, but were
largest in nonmanufacturing, especially
in the transportation, communication,
and commercial groups. In manufacturing, sizable upward revisions occurred in electrical machinery, stoneclay-glass, motor vehicles, aircraft,
"other durables" and "other nondurables"; sizable downward revisions
occurred in primary metals, paper, and
rubber.
1977
Mar. 31
June 30
1978
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
More plant and equipment needed:
All manufacturing2
Durable goods
Primary metals 3
Metal fabricators
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
35
35
26
38
35
32
45
39
About adequate:
All manufacturing2
Durable goods
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
58
57
62
56
59
60
44
61
Existing plant and equipment exceeds
needs:
All manufacturing2
Durable goods
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
7
8
12
11
0
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account
their current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals.
Table 4.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities
[Billions of dollars]
Carryover 2
Starts i
1976
1977
1977
1977
1978
1978
1978
I
II
III
IV
I
II
III
IV
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
_._ _ . 51.05
€6.73
72. 44
14.71
15.81
18.94
17.26
16.96
18.62
16.37
20.50
38.44
39.41
42.74
42.82
46.10
47.96
47.44
47.54
Durable goods 3 . .
24.30
Primary metals . . . _ . . . . . . 5.18
Electrical machinery
3.04
Machinery, except electrical..
5.42
Transportation equipment 4
3.87
Stone, clay, and glass
1.83
30.43
5.43
3.62
6.19
6.32
2.33
34.92
6.02
4.26
6.79
7.82
3.17
6.70
1.12
.60
1.44
!46
7.44
1.24
.96
1.41
1.70
.61
8.39
1.75
1.06
1.80
1.03
.63
7.90
1.32
1.00
1.53
1.49
.63
8.08
1.22
1.10
1.55
1.57
.87
8.96
1.48
1.06
1.78
2.27
.78
8.33
1.59
.91
1.60
1.94
.71
9.57
1.73
1.19
1.85
2.03
.82
16.70
6.11
1.75
2.66
2.56
1.11
17.35
5.96
1.96
2.70
2.89
1.22
18.56
6.23
2.16
3.02
3.10
1.34
18.46
5.93
2.10
2.94
3.10
1.42
20.17
6.05
2.47
3.12
3.37
1.78
21.33
6.07
2.62
3.31
4.02
1.96
21.69
6.16
2.51
3.34
4.36
2.06
21.72
6.09
2.38
3. 43
4.52
2.13
Nondurable goods 3
Food including beverage
Textiles
Paper . _
Chemicals
Petroleum
26.76
3.89
.90
2.94
5 22
10.93
36.30
4.41
.96
4.14
6.98
16.04
37.52
4.96
1.05
3.38
7.04
16.57
8.01
.83
.24
.80
1 69
3.59
8.38
1.18
.22
.86
1 76
3.23
10.55
1.37
.22
1.29
2 04
4.73
9.37
1.02
.27
1.19
1 50
4.49
8.88
1.22
.31
.84
1 55
4.02
9.67
1.14
.27
.70
1.79
4.59
8.04
1.16
.20
.73
1.79
3.10
10.93
1.44
.27
1.12
1.91
4.87
21.74
2.33
.39
2.17
6.24
9.23
22.06
2.48
.37
2.22
6.32
8.98
24.18
2.75
.36
2.66
6. 64
10.03
24.36
2.56
.40
2.89
6.16
10.67
25.94
2.73
.47
3.05
6.24
11.65
26.63
2.60
.46
2.97
6.28
12.34
25.75
2.60
.39
2.80
6.31
11. 60
25.82
2.65
.41
2.80
6.10
11.64
Public utilities
29.66
32.54
34.93
15.55
2.19
8.22
6.57
13.55
4.83
3.37
13.18
118.22
114.04
115.66
114.95
122.36
120.05
115.99
120.40
Manufacturing
Seasonally adjusted
15.26
15.15
19.81
16.54
17.41
18.10
16.96
19.97
38.36
38.65
42.70
43.90
45.91
47.22
47.23
48.80
Durable goods 3
Primary metals
Electrical machinery
Machinery, except electrical4
Transportation equipment
Stone, clay, and glass
7.00
1.02
7.47
1.38
1.03
1.34
1.60
.62
8.61
1.88
1.12
1.95
1.59
.56
7.40
1.11
. 77
1.41
1.64
.65
8.35
1.21
1.17
1.61
1.56
.93
9.04
1.67
1.19
1.73
2.12
.78
8.29
1.57
1.63
1.95
.62
9.38
1.52
1.02
1.83
2.34
.84
16.54
5.96
1.70
2.63
2.58
1.12
17.20
5.94
1.95
2.61
2.84
1.24
18.50
6.32
2.21
3.03
3.02
1.28
18.86
6.01
2.11
3.05
3.23
1.45
20.02
5.94
2.40
3.12
3.36
1.81
21.21
6.11
2. 63
3.24
3.93
1.99
21.44
6.19
2.51
3.29
4.25
1.98
22.32
6.14
2.44
3.56
4.78
2.16
Nondurable goods 3
Food including beverage
Textiles...
Paper
Chemicals
Petroleum
8 26
7 68
1.16
11 20
1.30
9.14
1.01
9.06
1.35
9 06
1.10
8.67
1.07
10.58
1.43
21.82
2.34
21.45
2.48
24.20
2.71
25.04
2.58
25.89
2.73
26.00
2.61
26.47
2.68
.21
.20
.76
.28
.39
.37
.34
.43
.47
.45
25.79
2.57
.30
2.11
6.33
9.29
2.13
6.26
8.59
2.74
6.56
10.11
3.04
6.20
11.02
3.01
6.34
11.55
2.92
6.17
11.98
2.80
6.20
11.80
2.90
6.23
11.88
115.45
112.92
116. 59
118.02
119.02
119.69
117.05
123.11
Manufacturing
Public utilities
.66
1.55
1.53
.50
.92
.22
.75
.22
.86
1.84
3.62
1.59
2.78
1.46
2.07
5.20
9.76
3.79
10.23
1.14
1.43
4.38
.29
.73
.26
.72
1.77
3.95
1.59
4.34
1.79
3.66
1.06
1.93
4.51
7.99
7.98
7.78
4.40
14.00
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects already underway at the end of the period.
.90
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
.39
.42
SUKVEY OF CURRENT BUSINESS
March 1979
29
CHART 9
CHART 8
Manufacturers' Evaluation of Plant and
Equipment Facilities*
Manufacturers' Capacity Utilization Rate
by Major Industry Groups
Percent of Capital Assets Held by Respondents
Reporting—
60 r
Nondurable Goods
88
84
n
80
rA/Durable
/
Goods
76
7?
111111
I 1
I I I
1
I I
ii
| A /
Y/
i i i i i i I i i i I i i 11 i i i
1 1 1 1 I.LJ-
Primary-Processed
0 I II III IIIIIIII IIII III II III I III IIIIIM IlII11 1
1969
71
73
75
Seasonally Adjusted
77
1969
79
71
73
75
77
U.S. Department of Commerce, Bureau of Economic Analysis
U.S. Department of Commerce, Bureau of Economic Analysis
79
*Relative to prospective operations during the ensuing 12-month period.
79 3
79-3-8
Table 6.—-Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates l
[Seasonally adjusted]
Ratios of operating to preferred rates
Operating rates (percent)
Industry and asset size
All manufacturing
March
June
Sept.
Dec.
March
83
84
82
82
84
Asset size:
$100.0 million and over
$10.0 to $99.9 million...
Under $10.0 million
Durable goods 2
June
1978
1977
1978
1977
Sept.
83
Dec,
84
March
June
Sept.
0.87
0.89
0.87
.90
.85
.85
.91
.85
.87
.87
.91
Dec
March
June
Sept.
Dec.
0.88
0.90
.88
.86
.84
.90
.87
.83
.92
.88
.84
.87
.88
.90
.89
.83
.90
.91
.87
.85
0.87
0.88
0.90
Asset size:
$100.0 million and over
$10.0 to $99.9 million...
Under $10.0 million....
88
78
76
89
78
76
Primary metals
Electrical machinery
Machinery, except electrical.
Transportation equipment 3 .
Motor vehicles
Aircraft
Stone, clay, and glass
78
81
87
91
106
69
79
84
84
89
90
104
71
80
.91
.91
.96
.87
.94
.75
.87
.92
.91
.98
.87
.93
.77
.91
82
82
.89
.89
.91
.88
.87
.92
.88
.84
.87
.93
.87
.93
.87
.88
.92
.91
.93
.89
Nondurable goods 4
Asset size:
$100.0 million and over
$10.0 to $99.9 million...
Under $10.0million....
.90
83
80
79
.87
Food including beverage
Textiles
Paper
C hemicals
Petroleum
Rubber
76
87
86
79
91
87
.85
Primary-processed goods 8
Advanced-processed goods 9
84
84
.88
.89
1. The survey asks manufacturers to report actual and preferred rates of capacity utilization
for the last month of each quarter. Utilization rates for industry and asset-size groups are
weighted averages of individual company rates. See "The Utilization of Manufacturing
Capacity, 1965-73," SURVEY OF CURRENT BUSINESS, July 1974, p. 47.
2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.
3. Also includes other transportation equipment.
.89
.87
.94
.92
.86
.87
.86
.90
.90
.89
.87
.90
4. Also includes tobacco, apparel, printing-publishing, and leather.
5. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;
paper; chemicals (at H weight); petroleum; and rubber.
6. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,
aircraft, other transportation equipment, instruments, food including beverage, tobacco,
apparel, printing-publishing, chemicals (at \b weight), leather, and miscellaneous.
30
SURVEY OF CURRENT BUSINESS
March 1979
The largest increases are in aircraft (31
percent), paper (30 percent), electrical
machinery (25 percent), nonelectrical
machinery (25 percent), and "other
nondurables" (25 percent). Iron and
steel, stone-clay-glass, "other durables",
motor vehicles, and chemicals plan increases ranging between 14 and 20 percent. Petroleum, rubber, and foodbeverage plan increases of about 5
percent. Petroleum companies are
planning large increases in spending for
transportation facilities and nonpetroleum activities (table 3).
Manufacturing projects started in the
fourth quarter of 1978 totaled $20.0
billion, an 18-percent increase over the
third quarter (table 4). The increase
was larger in nondurables (22 percent)
than in durables (13 percent); sizable
increases were reported by petroleum,
paper, food-beverage, motor vehicles,
and stone-clay-glass. In the fourth
quarter, the value of projects started
was larger than spending so that carryover increased. At the end of December,
carryover was $48.8 billion, $1.6 billion
more than at the end of September.
Manufacturing Programs
Manufacturers' spending increased 8
percent in the fourth quarter to an
annual rate of $73.2 billion, following a
1-percent increase in the third. Nondurables increased 10% percent and
durables, 5^ percent. Manufacturers
plan a decline in spending of 1% percent
in the first quarter of 1979 and an
increase of 5}i percent in the second.
The decline in the first quarter is in
nondurables; the increase in the second
quarter is primarily in durables. Both
groups plan sizable increases in the
second half.
Manufacturers plan to spend $77.5
billion in 1979, 14.7 percent more than
they spent last year. Durables and
nondurables plan increases of 19% percent and 10% percent, respectively.
Capacity utilization
The utilization of manufacturing capacity rose 1 point from September to
December, after having declined 1
point from June to September (table 5
and chart 8). The December rate—84
percent—is 2 points below the prerecession peak reached in March and June
of 1973; the utilization rate reported in
Table 7.—Expenditures for New Plant and Equipment by U.S. Business l
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally unadjusted
1977
1978
19792
1977
III
All industries
1978
IV
I
II
III
12
IV
112
1978
1977
1979
2d
half 2
III
IV
I
II
1979
III
IV
12
112
2d
half 2
135.80 153.82 171.14 34.82 38.06 32.35 37.89 38.67 44.91 36.97 42.07 92.10 140.38 138.11 144.25 150.76 155.41 163.96 164.23 167.52 176.09
Manufacturing
60.16 67.62 77.54 15.60 17.19 13.67 16.76 16.89 20.30 15.97 18.91 42.66 63.02 61.41 61.57 67.20 67.75 73.24 71.97 75.90 80.93
Durable goods
Primary metals 3
Blast furnaces, steel works
Nonferrous metals
Electrical machinery
Machinery, except electricalTransportation e q u i p m e n t 3 .
Motor vehicles
Aircraft*
Stone, clay, and glass
Other durables 5
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables 8
27.77 31.66 37.84
5.68 5.87 6.54
2.67 2.46 2.95
2.24 2.45 2.64
7.17
1.49
.69
.58
8.00
1.61
.74
.66
6.36
1.10
.45
.47
7.79
1.46
.65
.59
7.97
1.50
.62
.60
9.53
1.81
.74
.79
7.57
1.29
.57
.52
9.20 21.07 29.23 28.19 28.72 31.40 32.25 33.99 34.18 37.09 39.88
1.60 3.65 5.98 5.69 5.13 5.99 5.94 6.30 6.03 6.54 6.73
.71 1.66 2.83 2.46 2.20 2.68 2.48 2.43 2.80 2.94 3.00
.65 1.46 2.30 2.39 2.10 2.41 2.38 2.83 2.31 2.68 2.75
3.28
5.76
3.98
6.29
4.99
7.89
.85
1.48
1.07
1.61
.73
1.37
.92
1.60
1.01
1.57
1.33
1.76
.92
1.55
1.17
1.83
2.90
4.51
3.45
6.09
3.51
5.56
3.52
6.15
3.83
6.45
4.07
6.32
4.36
6.26
4.44
6.96
4.90
7.38
5.24
8.52
5.32
4.06
1.02
6.40
4.65
1.51
7.69
5.44
1.98
1.41
1.04
.30
1.49
1.16
.28
1.30
1.00
.25
1.62
1.24
.32
1.61
1.16
.39
1.87
1.26
.54
1.53
1.10
.36
1.93
1.38
.48
4.24
2.95
1.15
5.63
4.18
1.17
5.73
4.44
1.08
5.71
4.33
1.15
6.22
4.74
1.26
6.50
4.84
1.44
7.28
4.79
2.22
6.70
4.80
1.64
7.42
5.28
1.85
8.38
5.87
2.23
1.99
5.73
2.46
6.65
2.90
7.83
.51
1.43
.56
1.66
.50
1.36
.60
1.60
.62
1.66
.74
2.03
.62
1.66
.74
1.93
1.54
4.24
2.12
5.96
1.94
5.76
2.26
5.94
2.43
6.49
2.52
6.90
2.64
7.16
2.78
7.27
3.03
7.82
2.92
8.08
32.39 35.96 39.70
4.18 4.87 5.10
.92 1.04 1.06
3.36 3.46 4.51
6.83 7.10 8.07
13.87 15.50 16.35
1.45
1.75 1.83
1.78 2.24 2.79
8.43
1.11
.24
.85
1.72
3.69
.39
.44
9.18
1.21
.23
.96
1.98
3.85
.45
.50
7.31
1.05
.24
.67
1.47
3.03
.36
.47
8.97
1.27
.27
.78
1.75
3.90
.47
.52
8.92 10.77
1.16
1.39
.27
.25
.89 1.12
1.75 2.12
3.84 4.73
.44
.47
.57
.68
8.40
1.14
.24
.88
1.73
3.39
.36
.67
9.72 21.59 33.79 33.22 32.86 35.80 35.50 39.26 37.78 38.81 41.05
1.28 2.68 4.30 4.58 4.80 4.91 4.44 5.29 5.19 4.93 5.13
1.07
1.06
.94
.99 1.10
.87 1.01
.98
.27
.55
l.U
1.11 2.52 3.41 3.32 3.06 3.23 3.54 3.85 4.03 4.59 4.63
1.98 4.36 7.08 7.15 6.53 7.04 7.08 7.61 7.64 7.96 8.29
3.97 8.99 14.70 13.85 13.68 15.62 15.33 17.37 15.28 15.89 17.21
1.66
1.80 1.94
1.75 1.62
.47 1.01 1.60 1.62
1.80 1.76
.64 1.48 1.75 1.81 2.10 2.08 2.30 2.40 3.03 2.53 2.79
75.64 86.19 93.60 19.21 20.87 18.68 21.13 21.78 24.61 21.00 23.16 49.44 77.36 76.70 82.68 83.56 87.66 90.71 92.26 91.62 95.16
Non manufacturing
Mining
4.50
4.78
5.08
1.17
1.15
1.07
1.22
1.24
1.26
1.28
1.23
2.57
4.74
4.50
4.45
4.81
4.99
4.98
5.35
4.89
5.12
Railroad
2.80
3.32
3.90
.78
.76
.71
.83
.84
.94
.80
.83
2.26
3.20
2.80
3.35
3.09
3.38
3.49
3.77
3.11
4.42
Air transportation
1.62
2.30
2.70
.39
.46
.52
.60
.54
.64
.64
.68
1.37
1.69
1.76
2.67
2.08
2.20
2.39
3.28
2.36
2.67
Other t r a n s p o r t a t i o n . . . .
2.51
2.43
2.78
.50
.63
.51
.60
.62
.71
.62
.77
1.38
1.96
2.32
2.44
2.23
2.47
2.55
3.01
2.89
2.63
25.80 29.48 32.40
21.59 24.79 27.32
4.21 4.70 5.09
6.61
5.41
1.20
7.28
6.06
1.21
6.15
5.27
.88
7.14
6.01
1.13
7.43
6.11
1.32
8.78
7.40
1.37
7.12
6.16
.97
15.45 18.16 19.28
4.03
4.26
3.97
4.56
4.68
4.96
22.97 25.71 27.45
5.73
6.33
5.76
6.18
6.43
7.34
Public utilities
Electric
Gas and other
Communication
Commercial and other
7
ilO. 53 11.63 24.57
1. Excludes agricultural business; real estate; medical, legal, educational, and cultural
services; and nonprofit organizations.
2. Estimates are based on planned capital expenditures reported by business in late January
and February 1979. The estimates for the first quarter, second quarter, and second half of 1979
have been corrected for biases. T h e adjustment procedures are described in the February 1970
issue of the SURVEY. Before adjustment, plans were $174.57 billion for all industries, $80.61
billion for manufacturing, and $93.96 billion for nonmanufacturing.
8.00 17.28 26.22 26.23 27.92 28.46 29.62 31.73 32.30 31.91 32.77
6.78 14.38 21.90 22.05 23.15 23.83 24.92 26.95 27.06 26.92 27.65
1.22 2.90 4.32 4.18 4.78 4.62 4.70 4.78 5.24 4.98 5.13
3.
4.
5.
6.
7.
Includes
Includes
Consists
Consists
Consists
J16.40 15.82 17.07 18.18 18.90 18.46
U4.54 46.46 47.55
123.14 23.27 24.76 24.71 26.09 27.12
industries not shown separately.
guided missiles and space vehicles.
of fabricated metal, lumber, furniture, instruments, and miscellaneous.
of apparel, tobacco, leather, and printing-publishing.
of trade, service, construction, finance, and insurance.
March 1979
the survey has varied between 82 and
84 percent for the past 2 years.
The utilization rate for durable goods
industries rose 2 points from September
to December, to 85 percent. Motor
vehicles rose 6 points, to 96 percent;
the September rate for motor vehicles
reflected some effects of a railroad
strike in the East. Stone-clay-glass rose
4 points, to 84 percent; aircraft, 3
points, to 72 percent; and nonelectrical
machinery, 2 points, to 92 percent. The
rate for nondurable goods industries
rose 1 point, to 83 percent, primarily reflecting rises of 4 points for chemicals,
to 83 percent, and 2 points for paper,
to 89 percent.
Primary-processed goods industries
reported a utilization rate of 85 percent
in December, a 1-point rise from
September; advanced-processed goods
industries reported 84 percent, a 2point rise.
The utilization rate reported by largesized firms rose 2 points, to 87 percent;
medium- and small-sized firms were
SUEVEY OF CUKKENT BUSINESS
unchanged at 81 and 77 percent,
respectively.
Manufacturing companies owning 35
percent of fixed assets reported a need
for more facilities as of the end of
December, 2 points above the percentage reported at the end of September
(table 6 and chart 9). Facilities viewed
as about adequate declined 1 point, to
58 percent, and facilities viewed as in
excess of needs declined 1 point, to 7
percent.
Nonmanufacturing Programs
Spending for plant and equipment by
nonmanufacturing industries increased
3% percent in the fourth quarter of 1978,
to an annual rate of $90.7 billion, following a 5-percent increase in the third
quarter. Air transportation and electric
utilities reported the largest fourthquarter increases. A 2-percent increase
is planned in the first quarter and a 1percent decline in the second. Plans for
the second half imply an average quarterly increase of about 2}i percent.
31
For 1979, planned spending by nonmanufacturing totals $93.6 billion, 8%
percent more than spending last year.
The largest increases are planned by the
transportation industries—railroads (17
percent), airlines (17 percent), and
"other transportation" (14 percent).
Electric utilities plan a 10-percent increase, compared with 15 percent last
year. According to Electrical World magazine, increases in spending by electric
utilities for new generating facilities are
smaller this year than last, but increases
in spending on transmission and distribution facilities are larger. Gas utilities
and commercial, communications, and
mining firms plan spending increases
this year ranging between 6 and 8%
percent.
Starts of new projects by public utilities in the fouth quarter totaled $14.0
billion, compared with $4.4 billion in the
third quarter; carryover of utility projects increased $6.1 billion during the
fourth quarter, to $123.1 billion at the
end of December.
By WILLIAM K. CHUNG
Capital Expenditures by Majority-Owned Foreign
Affiliates of U.S. Companies, 1979
]VLLAJORITY-owned foreign
affiliates
of U.S. companies plan a 15-percent increase in capital expenditures, to $35.2
billion, in 1979, following an 11-percent
increase in 1978 (chart 10 and table
I)-1
By area, affiliates in developed countries plan a 14-percent increase, to
$26.1 billion, compared with a 12-percent increase in 1978. In developing
countries, a 17-percent increase, to
$7.6 billion, is planned, about the
same rate of increase as last year.
Affiliates in "international and unallocated"—mainly those with shipping
operations spanning more than one
geographic area—plan a 22-percent increase, to $1.4 billion, following a 20percent decline.
By industry, petroleum affiliates plan
a 7-percent increase, to $10.7 billion,
about the same as in 1978. In manufacturing, affiliates plan to increase
spending 19 percent, to $17.1 billion,
following a 13-percent increase. In other
industries, an 18-percent increase, to
$7.3 billion, is planned, following a
14-percent increase (table 2).
For 1978, these plans, which were
reported last December, were revised
downward from plans reported 6 months
earlier. The downward revision was
largely accounted for by manufacturing
affiliates in Europe and by petroleum
affiliates in developing countries and in
"international and unallocated," mainly
tanker operations. Spending by European manufacturing affiliates that were
to be sold late in the year was reduced,
and several expansion projects were
postponed or canceled by petroleum
affiliates in "international and unallocated."
For 1979, the latest plans were also
revised downward. However, the percent increase from 1978 remains about
the same, because the 1978 base was
lower. The 1979 downward revision is
centered in petroleum and primarily
CHART 10
Capital Expenditures by Majority-Owned Foreign Affiliates
of U.S. Companies
(Ratio scale)
Billion $
I 40
BY AREA
20
Latin America
..•'
NOTE.— The estimates were prepared byJeffrey H. Lowe.
1. Capital expenditures are expenditures that are made to
acquire, add to, or improve property, plant, and equipment,
and that are charged to capital accounts. They are on a gross
basis; sales and other dispositions offixedassets are not netted
against them. A majority-owned foreign affiliate is a foreign
business enterprise in which a U.S. company owns, directly
or indirectly, at least 50 percent of the voting rights. These
data are universe estimates based on BEA's semiannual
sample survey. The latest survey, taken in December 1978,
covered about 5,000 majority-owned foreign affiliates. See
the December 1973 SURVEY OF CURRENT BUSINESS, pp.
21-23, for a description of the methodology used in preparing
the estimates.
32
f/-
s
International
and Unallocated
Other
• Developed /*
_ Countries /
I
1
I
I
I
I
I
1 I
1966
68
70
72
74
76
• Planned
U.S. Department of Commerce, Bureau of Economic Analysis
I
I I
78
I
1966
I
I
68
I
I
70
I
I
72
I
I
74
I
I
76
I
I
78
I .2
SUEVEY OF CUEEENT BUSINESS
March 1979
reflects the fact that in the earlier survey a number of large petroleum companies were not able to provide reliable
estimates of their 1979 spending.
Capital expenditures are reported to
BE A in current dollars; they are not
adjusted for price changes in host countries or for changes in the value of
foreign currencies relative to the dollar.
At the time the 1978-79 spending plans
were made, major host countries were
experiencing inflation and the currencies
of a number of them were appreciating
against the dollar. Because the data
needed to assess the quantitative impact
of these changes on spending are unavailable, it is not possible to adjust
the spending estimates for the changes.
However, inflation and currency appreciation probably accounted for more of
the increase in spending than additions
to productive capacity in both years.
33
Table 2.-—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies,
Selected Areas and Industries, Latest Plans for 1978 and 1979
1979
1978
Total Petroleum
Manufacturing
Petroleum
Total
Other i
Manufacturing
Other i
Precent change from preceding year
11
7
13
14
15
7
19
18
12
16
-20
12
15
-57
13
13
10
26
19
14
17
22
6
6
38
19
22
13
34
15
All areas..
Developed countries
D eveloping countries
International and unallocated.
Millions of dollars
30,596
All areas
22,917
D eveloped countries
6,493
D eveloping countries
International and unallocated. 1,186
10,012
14,353
6,231
35,177
10,734
17,102
7,341
6,579
3,103
330
12,299
2,054
4,038
1,336
856
26,147
7,588
1,442
6,987
3,291
456
14,597
2,505
4,563
1,792
985
1. Consists of mining and smelting, trade, and "other" industries, which are shown separately in table 1.
Petroleum
Petroleum affiliates plan to increase
spending 7 percent, to $10.7 billion,
about the same as in 1978. The sharpest
increase—67 percent, to $0.8 billion—
is planned in Norway, compared with a
10-percent increase in 1978 (tables 3A,
3B, and 3C). The increase is for North
Sea exploration and development, as
Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1973-79
Percent change from preceding year
Actual expenditures
1974
Total.
1975
1976
23
Latest plans i
1977
1978
11
1979
15
Billions of dollars
Earlier plans
1978
15
2
1979
Actual expenditures
1973
16
!0.5
22
21
1.1
6.4
15
9.2
1974
1975
1976
25.3
26.8
24.7
1977
27.5
Latest plans *
Earlier plans 2
1978
1978
1979
1979
30.6
35.2
31.8
36.8
10.0
.7
10.7
.7
12.3
14.4
17.1
.6
10.2
15.2
17.4
1.0
.9
2.4
.2
.6
4.2
1.1
1.1
2.7
1.1
1.0
2.5
3.1
.6
5.1
.3
.7
4.3
.4
.6
5.1
1.1
2.6
1.5
1.3
3.0
1.7
2.0
3.8
2.3
4.1
By industry
Mining and smelting..
Petroleum
Manufacturing.
26
Food products
Paper and allied products
Chemicals and allied products.
-21
-11
-2
23
24
40
54
(*)
-3
13
19
-21
25
(*)
-15
10
20
30
-3
10
-9
24
1.4
Rubber products
Primary and fabricated metals..
Machinery, except electrical
3
-5
-10
-22
-1
-4
-7
14
25
-12
19
.3
.8
2.6
Electrical machinery
Transportation equipment..
Other
-23
-11
10
-4
-14
11
29
17
19
15
14
4
13
-32
9
22
13
14
9
-5
12
14
14
11
-11
5
13,
13
22
-9
37
-11
-37
-9
-1
14
5
31
16
4
5
10
18
16
15
20
12
20
34
44
10
23
TradeOther..
1.1
1.2
.9
7.8
8.9
7.9
11.6
11.3
10.9
12.7
1.2
.9
.9
1.2
.8
1.7
2.0
.7
.9
2.1
.4
.7
3.1
1.1
1.6
1.1
.9
1.4
1.3
1.4
1.1
1.0
1.8
1.3
1.1
2.4
1.5
2.1
2.6
2.4
3.1
1.6
3.3
1.8
3.1
2.1
3.5
1.2
3.3
1.8
2.5
4.2
14
14.2
17.8
18.8
17.8
20.4
22.9
26.1
23.3
27.1
1
20
21
6
37
25
5
15
4.2
8.3
5.5
10.2
5.0
11.7
6.2
12.4
6.2
14.9
7.5
17.1
9.9
1.9
2.1
8.6
2.3
1.8
6.5
14.0
12.2
1.5
2.6
5.5
2.6
1.8
7.1
16.5
1.5
2.3
2.7
2.4
1.4
5.6
10.5
8.8
1.2
1.9
3.6
2.2
1.6
14.1
1.8
3.2
6.1
3.1
2.4
12.9
1.6
2.7
5.9
2.7
2.0
14.8
1.8
2.9
7.1
3.0
2.3
1.1
1.2
.9
1.1
1.3
1.3
1.4
8.1
.7
.7
2.5
.4
..7
.7
.6
2.7
.7
2.4
.3
.7
2.7
By area
Developed countries
Canada..
Europe. .
European Communities (9).
France
Germany
United Kingdom
Other
Other
Japan
Australia, New Zealand, and South
Africa
Developing countries..
Latin America
Other Africa
Middle East
Other Asia and Pacific.
International and unallocated..
(•)
22
-18
20
(*)
18
-19
27
38
8
51
1
22
55
20
-14
-18
-17
-35
-23
*Less than 0.5 percent (±).
1. Based on the BE A survey taken in December 1978.
19
-15
28
-2
20
-1
16
7.3
1.3
1.9
2.4
1.6
1.0
1.0
1.2
1.2
1.0
10.7
1.5
2.0
4.7
2.5
1.7
1.1
1.3
17
17
25
4.2
5.4
6.4
5.1
5.6
6.5
7.6
7.0
-2
28
31
2
20
17
-11
51
24
19
-12
26
27
37
-3
57
2.3
.4
2.9
.6
.8
1.1
3.1
.7
1.3
1.3
2.6
.6
1.1
.8
2.6
.7
1.4
.8
3.1
.9
1.3
1.3
3.8
1.0
1.1
1.6
3.3
1.0
1.4
1.3
4.1
1.2
1.3
1.5
-17
-20
22
-5
2.1
2.0
1.7
1.8
1.5
1.2
1.4
1.4
1.6
2. Based on the BEA survey taken in June 1978.
SUEVEY OF CURRENT BUSINESS
34
March 1979
Table 3A.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1977 1
[Millions of dollars]
All countries
Manufacturing
Mining
PetroAll
and
indus- smelt- leum
ing
tries
Total
Food
products
Paper
and
allied
products
27,507
12,730
862
702
628
9,317
Primary MachinChemicals and Rubber and fabery,
allied
except
products ricated
products
metals electrical
2,435
Electri- Transpor- Other
cal matation manufacchinery
equipturing
ment
Trade
Other
industries
265
3,648
979
1,840
1,304
1,762
3,070
786
1,657
1,094
1,399
1,780
20,443
502
5,856
10,905
661
612
2,054
176
507
3,359
Canada
6,169
371
1,832
2,800
173
443
706
63
82
367
188
583
195
203
962
Europe
12,399
8
3,619
7,132
402
142
1,228
93
414
2,601
549
922
780
1,000
639
10,666
537
1,473
2,009
727
716
124
364
4,717
5
0
0
0
3,074
19
100
197
48
87
32
191
2,400
6,590
350
1,121
1,662
599
516
21
164
2,037
48
65
32
103
8
9
72
127
5
23
1,133
221
148
149
35
157
3
18
403
81
12
18
8
12
381
3
43
72
6
35
2,479
109
535
570
341
()
486
58
49
156
757
25
88
276
21
42
1
132
173
715
34
192
131
59
95
(P)
(P)
182
282
15
60
18
20
17
541
38
253
149
20
80
52
23
0
0
1
545
447
43
24
5
26
796
25
169
363
13
54
C)
3
170
126
2
13
286
19
46
18
152
50
357
35
144
C)
99
79
1
101
552
32
75
67
40
1,112
122
303
421
53
44
128
137
777
52
283
103
(DD)
( )
187
19
97
333
11
77
31
1
22
53
1
16
5
1
3
31
1
64
15
49
90
5,575
126
2,690
1,825
201
382
188
363
571
Developed countries...
European Communities (9) _.
Belgium and Luxembourg.
France
Germany
Italy...
Netherlands
Denmark
Ireland
United Kingdom
Other
Norway
Spain
Sweden
Switzerland .
Other
Japan
Australia, New Zealand and South
Africa
Australia
New ZealandSouth Africa..
Developing countries-
1,733
542
486
191
278
237
(*)
0
0
1
4
4
3
(*)
762
ACQ
HXjif
(*)
C)
95
2
44
2
2
5
(*)
(*)
221
0
30
C)
12
0
3
2
33
17
6
7
2
1
81
412
1,464
145
329
147
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America_ _.
Other and unallocated
2,278
219
970
17
138
339
22
90
335
84
66
60
4
12
2
1
5
2
(D)
0
5
(D)
261
64
33
4
42
2
3
D
( )
13
31
(D)
1,448
81
736
6
86
263
5
8
225
26
12
145
4
44
(*)
6
50
3
2
24
8
4
318
11
186
1
24
54
147
12
22
2
3
14
0
1
C)
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated
287
93
2
16
175
21
1
0
2
18
151
9
17
(*)
(*)
11
4
(*)
C)
749
6
644
55
77
104
513
3
0
0
3
21
77
84
461
Middle East.
1,417
1
Iran
Other and unallocated.
Other Asia and Pacific.
79
1,337
845
India
Indonesia
Korea..
Philippines
Other and unallocated.
24
236
83
106
397
International and unallocated
1,489
Other Africa.
Liberia
Libya
Nigeria
Other and unallocated-
140
41
C)
39
(•)
58
1,164
9
30
(*)
39
413
280
0
11
0
0
28
1
195
26
22
169
21
13
47
69
129
(P)
(P)
1
16
4
25
116
289
193
183
(*)
260
13
177
0
12
56
0
(*)
113
174
110
4
85
174
12
113
12
210
138
137
15
67
8
0
C)
(*)
(*)
(*)
(*)
21
281
327
272
31
122
1
8
54
2
1
45
5
4
237
39
67
4
1
15
C)
(*)
C)
43
<*2\
(*)
30
0
3
11
(*)
141
C)
(
C)
(•)
55
11
130
(*)
31
(D)
42
12
89
82
0
1
C)
C)
1
C)
52
17
23
2
C)
(*)
1
1,222
n'
19
(*)
C)
0
0
(*)
(•)
8
0
C)
C)
0
13
28
60
55
8
C)
(•)
C)
C)
771
*Less than $500,000.
D Suppressed to avoid disclosure of data of individual reporters.
(*)
(*)
(P)
(P)
70
2,564
Latin America
2
(°)
49
16
92
122
C)
44
31
C)
1. See footnote 1, table 1.
718
SUKVEY OF CUEKENT BUSINESS
March 1979
35
Table 3B.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1978
1
[Millions of dollars]
All
industries
Manufacturing
Mining
and Petrosmelt- leum
ing
Total
Food
products
Paper
ChemiPrimary Machin- Electri- Transpor- Other
Trade
and
cals and Rubber and fabcal ma- tation manufacery,
allied products ricated
allied
except chinery equipturing
metals electrical
products products
ment
Other
industries
All countries...
30,596
625
10,012
14,353
1,032
910
2,375
248
646
4,165
1,082
2,374
1,522
2,140
3,466
Developed countries..
22,917
470
6,579
12,299
752
815
1,954
168
491
3,759
893
2,178
1,288
1,732
1,836
Canada
6,479
268
1,860
3,223
177
508
822
69
83
460
193
702
208
264
864
Europe .
14,014
4,156
7,882
440
272
990
84
396
2,937
625
1,213
925
1,203
3,537
(D)
()
271
65
146
43
71
2,799
7,356
304
1,102
2,150
742
401
17
54
56
32
123
16
4
99
258
7
25
3
57
105
912
85
86
154
58
150
3
21
355
78
19
20
8
10
3
376
8
36
97
9
47
1
(*)
179
2,821
91
605
701
386
80
1
1
956
546
28
62
173
130
25
5
4
119
1,066
25
105
636
15
65
(•)
(*)
220
25
110
323
45
39
2
97
257
941
28
265
186
61
104
21
2
274
619
491
54
31
10
33
526
25
262
125
34
79
20
9
2
5
5
115
(D)
13
(DD)
()
21
78
27
147
0
143
1
1
2
27
2
5
1
8
11
262
24
51
20
116
52
232
693
6
303
42
85
94
124
European Communities (9). _
Belgium and Luxembourg.
France
Germany
Italy
Netherlands.
Denmark
Ireland
United Kingdom
Other
Norway
Spain
Sweden
Switzerland.
Other
12,189
397
1,539
2,632
893
908
151
209
5,459
1,825
592
498
176
289
270
0
0
0
0
0
C)
0
0
1
128
2,264
C)
Japan.
1,095
Australia, New Zealand and South
Africa...
1,328
193
331
501
64
1,052
49
227
178
1
15
276
(DD)
( )
397
13
90
35
2
27
6,493
155
3,103
2,054
280
Australia.
New ZealandSouth Africa..
Developing countries..
3,076
103
578
1,649
186
2,754
324
1,084
23
166
383
26
120
409
113
104
79
1
37
1
5
2
1,629
186
7
62
1
323
111
2
20
189
24
409
121
46
(D)
44
1
4
(D)
15
29
56
170
18
2
(•)
150
875
751
64
61
128
135
551
25
127
100
498
Middle East
1,268
1,068
44
Iran
Other and unallocated.
Other Asia and Pacific.
100
1,168
67
1,001
17
27
297
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central A m e r i c a Other and unallocated-._
Other Western Hemisphere.
Bahamas
Bermuda...
Jamaica
Other and unallocated
Other Africa.
Liberia
Libya
Nigeria
Other and unallocated.
India
Indonesia.
Korea
Philippines
1,274
_
25
336
79
Other and unallocatedInternational and unallocated..
1,186
8
45
0
21
0
0
24
706
1
272
()
346
330
*Less than $500,000.
D Suppressed to avoid disclosure of data of individual reporters.
97
761
6
112
295
D
21
0
18
7
o
(*)
77
1
64
14
6
60
33
178
61
141
162
43
1
10
1
3
4
1
1
54
30
1
2
157
3
18
46
2
13
83
14
43
118
4
319
11
122
1
26
64
13
(*)
(*)
(*)
(*)
0
27
37
22
17
16
112
131
(*)
(*)(*)(*)
8
(*)
D
C )
5
155
406
188
196
234
408
773
374
101
182
208
318
428
69
8
25
0
8
9
0
1
14
4
0
120
10
16
2
2
23
0
(•)
64
3
1
373
20
276
0
6
97
8
68
207
17
75
1
31
14
4
34
150
1
7
66
3
1
34
71
90
1
182
16
95
1
D
()
30
0
(*)
(D)
0
0
4
0
0
1
3
0
0
0
0
0
10
101
93
0
(*)
0
(*)
0
0
0
24
0
0
1
0
0
1
23
9
0
0
(*)
2
(•)
CO
(*)
(*)
0
(•)
(DD)
()
0
0
0
D
(*)
C)
31
3
0
1
26
(*)
16
11
1
24
130
(D)
0
1
1
23
14
116
12
50
175
D
0
0
2
6
1
C)
(D)
1
10
(*)
63
D
()
D
()
2
(*)
4
4
44
0
(•)
4
7
(*)
4
4
39
(*)
1. See footnote 1, table 1.
21
20
33
0
3
3
1
2
1
0
4
1
<*)
3
16
10
0
0
0
1
()
8
0
5
4
1
()
0
0
0
(*)
C)
(*)
(*)
70
(*)
1
1
0
()
(*)
(*)
20
121
1
92
(DD)
()
79
0
0
(*)
(*)
(D)
69
(*)
(•)
8
)
415
50
131
(*)
130
105
0
1
1
332
(*)
26
24
21
58
8
78
1
46
17
5
9
21
58
3
1
25
C)
(*)
422
)
47
15
19
(*)
(*)
12
7
(*)
)
(*)
25
125
856
SURVEY OF CURRENT BUSINESS
36
March 1979
Table 3C.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 19791
[Millions of dollars]
Manufacturing
Mining
All
and
indus- smelting
tries
Petroleum
35,177
686
10,734
17,102
1,094
1,054
2,702
327
562
5,064
1,225
3,266
1,808
2,498
4,157
26,147
462
6,987
14,597
785
966
2,135
218
468
4,619
976
2,919
1,510
2,026
2,075
Canada
7,097
258
1,904
3,622
200
472
896
96
78
662
204
824
190
305
1,008
Europe
16,531
7
4,572
9,668
458
455
1,078
98
374
3,541
691
1,754
1,217
1,394
890
3,660
9,003
400
17
37
44
33
169
9
4
88
432
9
20
4
68
248
1
0
82
987
105
91
212
47
113
2
51
366
88
18
26
9
12
5
356
11
30
101
13
80
(*)
3,435
1,547
3
1
7
3
1,174
21
126
484
47
69
2
213
212
1,036
690
813
475
584
(D)
73
(D)
112
58
22
2
5
4
10
1
91
1
64
15
3
8
All countries
Developed countries
European Communities (9)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Denmark
Ireland
United Kingdom
14, 089
Other
Norway
Spain
Sweden
Switzerland
Other
2,442
Japan.
Australia, New Zealand and South
Africa
Australia
New Zealand
South Africa
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)
464
0
0
0
1,774
3,157
962
1,115
203
323
(*)
0
0
(•)
6,091
908
618
177
427
313
(D)
(*)
0
0
2
Total
40
(D)
267
(D)
68
74
36
2,655
911
819
25
31
5
31
664
34
380
122
40
89
1,201
( )
( )
1,318
<P)
(D)
(D)
(D)
(D)
1,010
59
249
7,588
1
224
289
(D)
3,291
(*)
820
Paper
ChemiPrimary Machinand
cals and Rubber and fabery,
allied
allied products ricated
except
products products
metals electrical
48
6
3
2
59
11
(*)
0
18
7
(D)
138
15
95
1
2
Other
industries
27
31
314
132
63
134
27
2
333
25
16
78
10
120
1,255
(D)
19
12
2
3
2
106
(D)
16
72
208
0
197
2
1
7
44
3
5
107
(D)
(£))
17
(D)
50
9
358
11
69
23
182
73
350
52
162
67
158
)
143
1
201
118
52
124
10
0
2
2
(*)
(E>)
Electri- Transpor- Other
Trade
cal matation manufacchinery
equipturing
ment
(*)
111
4
5
(P)
(D)
3
487
67
29
50
20
10
66
28
179
37
169
373
17
96
33
2
31
23
5
29
1
21
14
1
5
7
1
2
59
26
159
24
1
12
106
18
46
45
2,505
309
88
567
109
94
446
298
471
1,097
(*)
(D)
7
(D)
(D)
249
347
3,827
133
657
2,071
216
70
455
93
72
407
182
335
240
386
580
3,494
109
4
21
464
135
87
2,045
216
11
62
(*)
13
78
4
1
25
12
12
70
436
93
6
53
2
7
16
0
1
7
1
0
72
9
406
24
289
0
19
71
0
(*)
2
(*)
177
28
122
(*)
5
2
0
1
11
6
1
335
239
14
99
(*)
45
12
5
(*)
55
3
5
373
31
237
3
7
53
6
1
22
7
8
502
91
68
1
12
(*)
385
1,406
57
181
503
32
198
355
94
284
333
103
1
26
203
(E>)
8
11
29
125
993
9
135
423
10
13
270
46
22
193
32
(*)
(*)
162
26
1
(*)
15
10
38
(E>)
1
6
2
(E>)
0
16
11
23
(*)
0
(D)
(D)
36
1
1
(P)
1,045
7
950
65
121
138
722
3
0
3
28
121
113
687
1
920
73
59
861
15
58
0
1,114
90
1,024
(*)
(*)
(*)
24
1
15
17
0
0
(*)
14
(*)
(*)
(*)
0
0
0
(*)
(•)
200
1
28
103
1
7
D
( )
6
3
(*)
19
1
(*)
12
6
(*)
4
0
13
0
0
0
0
0
0
0
0
4
9
(*)
9
(*)
(*)
0
9
(*)
0
16
22
0
(E>)
(*)
(*)
4
0
0
0
(*)
(*)
89
8
48
13
25
17
52
123
0
0
3
10
1
7
15
15
2
3
0
6
1
1,442
0
396
106
2
3
(*)
4
(*)
(*)
(D)
456
(*)
0
3
0
0
0
0
0
0
0
(*)
0
0
( )
(D)
2
10
1
2
7
0
1
49
11
4
8
2
1
33
(D)
(*)
(*)
0
9
2
79
71
0
13
38
0
0
1
6
7
32
0
3
2
18
102
0
2
16
12
90
51
55
376
0
5
34
2
9
3
1
3
9
39
(*)
(*)
1. See footnote 1, table 1.
55
14
214
7
(D)
C)
(*)
2
20
12
3
9
(D)
(*)
(D)
0
1
(*)
0
D
37
(*)
2
2
2
0
11
(D)
0
0
(*)
17
(*)
(D)
8
0
0
(D)
(*)
0
0
0
(D)
5
0
0
1
4
0
0
(•)
0
0
1
323
(*)
5
1
0
1
205
0
0
0
C)
(*)
(*)
10
40
764
2
75
12
(*)
50
0
55
0
0
29
(*)
(*)
(*)
84
2
3
0
1
4
3
0
0
2
28
296
197
177
904
(D)
(D)
(D)
2
1,602
*Less than $500,000.
Suppressed to avoid disclosure of data of individual reporters.
D
823
896
24
275
2,968
D
D
366
1,230
2,734
Food
products
(*)
333
985
SURVEY OF CURRENT BUSINESS
37
increase in 1978. Within manufacturing,
the increase is widespread and is
particularly large in transportation
equipment and nonelectrical machinery.
In developed countries, a 19-percent
increase, to $14.6 billion, is planned,
compared with a 13-percent increase
in 1978. The increase is centered in
Europe, particularly in Germany, the
United Kingdom, and the Netherlands.
In Germany, affiliates plan a 27-percent increase, to $2.7 billion, only 2
percentage points less than last year.
The large increases in both years partly
reflect the appreciation of the German
mark against the dollar. Increases are
planned in most industries. In transportation equipment, where modernization and expansion of facilities to produce new car models is underway, the
increase is particularly large. In nonelectrical machinery also, affiliates plan
sizable increases, both for capitalization
of computer equipment for rental, and
for expansion of productive capacity. In
the United Kingdom, a 17-percent increase, to $2.7 billion, is planned, following an 11-percent increase in 1978.
As in Germany, the increase is centered
in transportation equipment and nonelectrical machinery. In addition to
the factors underlying the increase in
that country, the increase reflects postponements to 1979 of some expenditures
in transportation equipment originally
planned for 1978 and, in nonelectrical
machinery, expansion of facilities to
manufacture tractors and heavy construction equipment. In the Netherlands, affiliates plan to increase spending 40 percent, to $0.9 billion, primarily
for the construction of new paper plants
and related facilities.
Among the other developed countries,
affiliates in Canada plan a 12-percent
affiliates plan to in- increase, to $3.6 billion, following a 1519 percent, to $17.1 percent increase in 1978, and affiliates
a 13-percent increase in Japan plan an 18-percent increase,
following a 26-percent increase. In both
countries, the increase is particularly
large in nonelectrical machinery and
transportation equipment.
In developing countries, a 22-percent
increase, to $2.5 billion, is planned,
following a 13-percent increase in 1978.
The increase is centered in Brazil,
where, after a 3-percent increase last
year, planned spending is up 31 percent,
to $1.0 billion. The increase in the
Brazilian spending probably reflects expansion of facilities to raise the local
content of affiliate products, which is
encouraged by import restrictions.
Mexican affiliates also plan a sizable
increase, concentrated in transportation
equipment and chemicals.
March 1979
well as pipelines and associated facilities
to bring North Sea petroleum onshore.
In most other developed countries,
affiliates plan smaller increases or
declines. Affiliates in the United Kingdom plan a 6-percent increase, to
$3.0 billion, after a 17-percent increase
in 1978. The slowdown partly reflects
the completion of several exploration
projects. In Japan, a decline in spending
is planned, following an unusually
large increase in 1978 for liquefied
petroleum gas facilities, pollution controls, and storage facilities.
In developing countries, spending
increases are planned in "other Africa"—mainly in Egypt, Cameroon, and
Nigeria—for expansion of productive
capacity and development of new offshore fields. In contrast, affiliates plan
declines in other developing countries.
In Saudi Arabia, spending plans are
down in 1979 as they were in 1978,
reflecting the slowing of some large
projects, including exploration and
development projects, a natural gas
collection network, additional port facilities, and a saltwater injection system
to assist in more complete extraction
of petroleum. In Indonesia, spending
plans are down. An unusually large
increase in 1978 reflected deferrals
from 1977, when affiliates were uncertain about the outcome of negotiations with the Indonesian Government
on production sharing and tax
arrangements.
In "international and unallocated/'
affiliates plan a 38-percent increase,
to $0.5 billion, following a sharp decline
in 1978. The recovery of tanker rates,
after several years of declines, led to the
acquisition of new and used tankers.
Manufacturing
Manufacturing
crease spending
billion, following
Mining and smelting, trade, and
other industries
Mining and smelting affiliates plan
to increase spending 10 percent, to
$0.7 billion; spending was unchanged in
1978. The increase is mainly in Indonesia and Chile, where copper mine
development programs are being
stepped up. Partly offsetting is a decline
in Brazil, reflecting a slowing in construction of bauxite processing facilities
and in mining exploration.
Trade affiliates plan a 17-percent increase, to $2.5 billion, following a 22percent increase in 1978. The increase
is concentrated in several European
countries and Brazil, and is for both
retail and wholesale trade.
Affiliates in "other" industries— agriculture, public utilities, transportation,
construction, and finance and other
services—plan a 20-percent increase, to
$4.2 billion, following a 13-percent increase in 1978. Particularly large increases are planned in Hong Kong, for
construction of a new power station,
and in "other" Latin American Republics, for a major overhaul of
undersea cables.
By CHRISTOPHER L. BACH
•kJt
Fourth Quarter and Year 1978
Fourth Quarter 1978
official and private capital
flows, partly associated with downward
pressure on the dollar in exchange
markets, dominated U.S. international
transactions in the fourth quarter of
1978. Foreign assets in the United
States increased $29.3 billion, compared
with a $15.5 billion increase in the
third quarter. The step-up was more
than accounted for by foreign official
assets, which increased $19.0 billion
following a $4.9 billion increase in the
third quarter. The fourth-quarter increase reflected heavy net intervention
purchases of dollars in exchange markets
by several industrial countries; some of
these purchases preceded the announcement of the dollar support program
on November 1 (see the discussion of the
U.S. dollar in exchange markets in
1978), but late in the quarter further
purchases took place. Among other
foreign assets in the United States,
U.S. liabilities to private foreigners and
international financial institutions reported by U.S. banks increased $8.9
billion, compared with a $6.9 billion
increase in the third quarter; the sale
of mark-denominated U.S. Treasury
securities to German residents as part
of the dollar support program accounted
for $1.6 billion of the fourth-quarter
increase. Among other bank-reported
liabilities, there was a shift to a small
net outflow to Carribean financial
centers from a $4.0 billion inflow, and
inflows from industrial countries increased $7.2 billion, compared with
$3.1 billion in the third quarter. Net
foreign purchases of securities other
than U.S. Treasury securities increased
$0.1 billion, to $0.6 billion. Inflows for
foreign direct investments in the United
States were $0.7 billion, down sharply
JLJARGE
38
from the second and third quarters,
primarily due to a shift to net outflows
on intercompany accounts with members of the European Communities.
U.S. assets abroad increased $27.3
billion in the fourth quarter, compared
with a $10.2 billion increase in the
third. Although total U.S. official
reserve assets decreased only $0.2 billion, there were large and mostly offsetting changes in several components.
Acquisition of $4.4 billion in foreign
currencies was more than offset by the
U.S. sale of special drawing rights
(SDK's) and drawings by the United
States on its reserve position in the
International Monetary Fund (IMF).
These transactions were part of the
dollar support program announced
November 1. Among other U.S. assets
abroad, claims on foreigners reported
by U.S. banks rose a record $21.6 billion, reflecting strong foreign demand
for dollar credits, as economic activity
abroad continued to increase. Also, it
appeared that there was some borrowing of dollars by foreigners to purchase
currencies expected to appreciate
against the dollar. Claims on industrial countries increased $12.0 billion;
claims on developing countries—particularly in Asia—rose sharply. Net
U.S. purchases of foreign securities
increased $0.4 billion, to $0.9 billion,
largely reflecting the purchase of a
Canadian Government issue. U.S.
direct investments abroad increased
$3.7 billion, compared with a $2.7
billion increase in the third quarter,
as reinvested earnings increased
sharply.
C H A R T 11
Selected Balances on U.S.
International Transactions
Billion $
6
4
-
2 -
The current-account deficit declined
$2.4 billion, to $1.3 billion. About twothirds of the decline was due to a
reduction in the trade deficit, as non- -12
1976
1977
1975
agricultural exports increase
more
Seasonally Adjusted
rapidly than nonpetroleum imports. U.S. Department of Commerce, Bureau of Economic Analysis
1978
SUKVEY OF CURRENT BUSINESS
March 1979
39
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 1, 2, and 10 in which transactions are
included are indicated in ( )
1978 v
183,205
120,576
62,629
Imports of goods and services (17)
Merchandise, excluding military (18)
Other goods and services (19-31)
U.S. Government grants (excluding military grants
of goods and services) (34)
_
Remittances, pensions and other transfers (35,36)
U.S. assets abroad, net (increase/capital outflow (-))
(37)
U.S. official reserve assets, net (38)
U.S. Government assets, other than official reserve
assets, net (43)
_
U.S. private assets, net (47)
Foreign assets in the United States, net (increase/
capital inflow (+)) (56)
Foreign official assets, net (57)
_
Other foreign assets, net (64)
Statistical discrepancy (75)
1977
Change:
1977-78
Exports of goods and services (1)
Merchandise, excluding military (2)._
Other goods and services (3-15)
16
1977
I
r
II
Change:
1978
III-IV
1978
III
IV
I'
II r
III'
218,024
141,844
76,180
34,819
21,268
13,551
44,775
29,501
15,274
46,507
30,860
15,647
46,700
30,578
16,122
45,226
29,637
15,589
48,355
30,787
17,568
54,175
35,256
18,919
55,595
36,486
19,109
59,900
39,315
20,585
4,305
2,829
1,476
-193,789 -228,909
-151,706 -175,988
-42,083 -52,921
-35,120
-24,282
-10,838
-46,999
-37,120
-9,879
-48,088
-37,635
-10,453
-48,405
-37,942
-10,463
-50,298
-39,009
-11,289
-54,657
-42,707
-11,950
-56,184
-43,125
-13,059
-58,031
-44,478
-13,553
-60,038
-45,678
-14,360
-2,007
-1,200
-807
-2,776
-1,932
-3,028
-2,048
-252
-116
-636
-490
-763
-480
-787
-490
-591
-473
-778
-504
-781
-536
-779
-496
-691
-513
88
-17
-34,650
-231
-58,748
872
-24,098
1,103
-1,334
-388
-12,003
6
-6,615
151
-14,700
C)
-15,067
246
-6,167
329
-10,216
115
-27,298
182
-17,082
67
-3,679
-30,740
-4,657
-54,963
-978
-25,223
-949
3
-795
-11,214
-1,098
-5,668
-838
-13,862
-896
-14,417
-1,176
-5,320
-1,498
-8,833
-1,086
-26,394
412
-17,561
50,869
37,124
13,746
63,260
33,967
29,293
12,391
-3,157
15,547
2,490
5,451
-2,962
14,064
7,884
6,180
14,251
8,246
6,005
20,065
15,543
4,522
18,095
15,760
2,336
406
-5,685
6,090
15,489
4,852
10,637
29,270
19,040
10,230
13,781
14,188
-407
-927
11,449
12,376
2,194
763
-4,655
771
4,555
9,087
-1,562
-630
932
r
Revised.
J» Preliminary.
•Less than $500,000 ( ± ) .
Petroleum imports increased slightly;
agricultural exports decreased slightly.
Among service transactions, receipts
of income on direct and on other
investments continued to rise, more
than offsetting increases in income
payments to foreigners. The statistical
discrepancy—errors and omissions in
reported current- and capital-account
transactions—dropped to a net outflow
of $0.6 billion.
During the fourth quarter, pressure
on the dollar in exchange markets,
which began in midsummer and con-
tinued through October, led to the
dollar support program. Although the
dollar more than recovered its October
decline in November, appreciating 8
percent on a trade-weigh ted bass
against the currencies of 10 industrial
countries and 11 percent against 22
OECD currenices, more than one-third
of the gain was lost in December. From
the end of September to the end of
December, the dollar's trade-weighted
value depreciated 3 percent against
the 10 currencies and 1 percent against
the 22 currencies.
The Year 1978
An overview
Although the $16.0 billion currentaccount deficit in 1978 was $0.7 billion
higher than in 1977, there was improvement on a quarterly basis (chart 11).
The deficit declined from an annual
rate of $30.3 billion in the first quarter
to an average of $14.1 billion in the
second and third quarters, and to $5.4
billion in the fourth. The rise in merchandise exports reflected improved
economic conditions abroad. In addi-
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
1
2
3
4
5
1977
1978
P
Change:
1977-78
Change:
1978
III-IV
1978
1977
Line
I
II
III
IV
15,543
13,874
1,024
645
Changes in foreign official assets in the U.S., net
(decrease—) (line 57, table 1)_. _ _
Industrial countries2 *
Members of OPEC .
Other countries
_ _
37,124
28,931
6 733
1,460
33,867
34,573
—570
-36
-3,157
5,642
—7 303
-1,496
5,451
2,385
2 927
139
7,884
5,460
1 344
1,080
8,246
7,212
1,438
-404
Changes in U.S. official reserve assets (increase —)
(line 38, table 1 ) . . .
-231
872
1,103
-388
6
151
-144
35
-179
(*)
II
I
III'
IV
P
15,760
13,195
1,963
602
—5,685
-2,166
-2,838
-681
4,852
6,392
-1,592
52
19,040
17,152
1,897
-9
14,188
10,760
3,489
-61
246
329
115
182
67
1,946
2,042
-96
-1,423
75
-1,498
-409
887
-1,296
4,953
5,961
-1,008
5,362
5,074
288
Activity under U.S. official reciprocal currency ar-3
rangements with foreign monetary authorities:
6
6a
6b
U.S drawings, or repayments (—), net...
Drawings
Repayments
240
835
-595
5,067
8 965
-3,898
4,827
8,130
-3,303
-163
-144
-163
-144
7
7a
7b
Foreign drawings or repayments (—) net
Drawings
Repayments
—300
120
-420
317
-317
300
197
103
-100
50
-150
-165
70
-235
p Preliminary.
Revised.
•Less than $500,000 ( ± ) .
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
r
691
800
-109
-35
-35
295
-295
22
-22
-22
22
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
3. Consist of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
40
tion, the lagged impact of the dollar's
depreciation in exchange markets
tended to increase the competitiveness
of U.S. merchandise exports in world
markets and to moderate the U.S. demand for merchandise imports. The
depreciation probably more than offset
the unfavorable effect on the deficit of
an acceleration of inflation in the United
States and a deceleration of inflation in
a number of other industrial countries.
Partly in response to both sets of conditions, the surplus on service transactions rose by $2.7 billion, also contributing to the quarterly decline in the
deficit (table D). Increases in net receipts on direct and other investments
abroad were the primary factor.
The dollar depreciated substantially
against most major currencies in 1978.
The direction of exchange rate movements was widely anticipated, and both
actual and anticipated movements
tended to increase capital outflows from
the United States, and perhaps limit
capital inflows, particularly in the second half of the year. These capital
movements, in turn, affected the dollar
exchange rate. Outflows through net
claims on foreigners reported by U.S.
banks, at $33.9 billion for 1978, were
particularly large when the dollar's declines were sharpest, suggesting that
foreigners may have borrowed dollars
to switch into currencies expected to
appreciate against the dollar. Inflows
reflecting increases in U.S. liabilities to
foreigners and international financial
institutions, at $19.1 billion, were also
large, especially when U.S. short-term
interest rates moved significantly above
most comparable foreign rates.
Foreign official assets in the United
States increased $34.0 billion, largely
reflecting intervention purchases of
dollars in exchange markets. Without
such purchases, the dollar would have
declined more and/or U.S. interest rates
would have risen to higher levels.
Together with unrecorded net inflows—
the statistical discrepancy—foreign
official inflows offset the current-account deficit and net private capital
outflows.
The statistical discrepancy was a
record $11.4 billion inflow, in contrast
to a $0.9 billion outflow in 1977. Much
of the discrepancy was probably due
March 1979
SUEVEY OF CUREENT BUSINESS
to the failure of the reporting system
to capture a variety of commercial and
financial flows, including leads and lags
in payments and receipts. Shifts in
leads and lags largely reflected actual
and anticipated exchange rate movements. Thus, in the first quarter, when
the dollar's decline slowed, unrecorded
inflows picked up; when the decline
reversed in the second quarter, unrecorded inflows were even larger. In
contrast, there were unrecorded outflows in the last two quarters, when
the dollar's decline resumed.
U.S. dollar in exchange markets
The most significant depreciations of
the dollar in 1978 were against the
CHART 12
Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
Trade-weighted average against 22 OECD currencies1
100
100
80
60
Illiiill
II l l l M i l l
M M i l l M i 1 111! 11
1 11 I I 1 111 i M 1 1111 I [ | I M 111 M I
Trade-weighted average against 10 currencies2
100
60
l i l l l l i l l l i II I I! I ! II I I ll I! M M II I I I I! M M M M l I I I I 11 I M M I 1 1 1 1 1 1 1 1 1 1 1 1 I
1973
1974
1975
1976
Selected currencies
120
1978
120
JAPAN
CANADA
100
1977
3
100
^
80
80
60
60
1 1 1 1 1 1 I 1 1 I 1 1 1 1 I 1 I 1 1 f 1 1 i 1 11 1 I I 1 1 I 1
40
I I I II I I I I I I 1 I I II I 1 I I I I I 1 I I I I 1 1 I 1 I 1 140
100
100
FRANHF
NETHERLANDS
80
80
60 -
60
I 1111 111 111II i! 11!M111111111111111
40
1 I 11 I I I I I I 1 1 I I I I I 1 I I I I I 1 I I I I I ! I M I I
40
100
100
SWITZERLAND
GERMANY
80
80
~*
60
*"""—*^—
60
40
40 20
160
lillllillli
iiiiiliiiii
i 11 11111! 1
ITALY
11 i i i l i i i i i l l i n i l i i i i i i i i i i i h
i
20
m
UNITED KING!
160
140
140
120
120
100
100
80
I I I I 1 I I I I I 1 I I I 11 M I I I I 1 I 1 ! I I 1 I I 1 I I
I II I I 1 II I I I 1 I I 1 I I 1 I I I I I 1 I I I I I 1 1 I I I I
1976
1977
1978
1976
1977
1978
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has been
revised as a result of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.
3. Data: International Monetary Fund.
NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.
80
March 1979
SURVEY OF CURRENT BUSINESS
41
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
fMay 1970=100]
End cf period
1976
II
Trade-weighted average against 22 OECD currencies
i.
Trade-weighted average against 10 currencies 2
Selected currencies:
Canada
France
Germany
Italy
Japan
Netherlands
Switzerland
United Kingdom
1977
III
IV
II
1978
III
IV
II
III
IV
88.8
86.8
89.1
87.9
88.2
87.0
89.7
86.2
90.7
86.6
89.7
85.6
90.3
85.1
85.4
79.5
84.1
77.4
82.1
77.1
79.2
73.2
78.5
71.3
91.6
84.6
69.9
133.6
83.5
74.0
58.6
125.4
90.2
85.9
70.9
133.7
82.9
75.3
57.2
134.9
90.6
89.3
67.1
136.7
80.1
70.7
56.8
143.2
94.0
90.0
65.0
98.4
90.0
65.8
141.1
77.3
68.6
58.8
139.7
98.7
89.1
64.4
140.7
74.6
68.1
56.9
139.6
99.9
88.8
63.5
140.3
74.0
67.6
54.1
137.6
101.9
85.2
57.9
138.6
66.9
62.8
46.5
126.0
105.4
83.0
55.7
135.5
62.0
59.6
43.2
129.4
104.7
81.6
57.1
135.9
57.0
61.5
43.0
129.1
110.2
78.5
53.4
130.9
52.7
58.0
35.7
121.8
110.4
75.7
50.3
131.9
54.2
54.2
37.5
118.1
3
139.1
81.6
67.7
56.7
141.1
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzer-
Japanese yen and the Swiss franc, 19
percent each, and against the German
mark, 13 percent. The depreciations
reflected mounting concern over the
size of the U.S. current-account deficit
and increases in the Japanese and
German current-account surpluses.
Also, skepticism concerning U.S. antiinflation efforts persisted, as inflation
accelerated in the United States and
decelerated in Japan and Germany.
From the end of 1977 to the end of
1978, the dollar declined 10 percent on
a trade-weighted basis against the
currencies of 10 industrial countries and
8 percent against 22 OECD currencies
(chart 12 and table C). During the
first quarter, the dollar declined 3 percent of a trade-weighted basis against
the 10 currencies. Exchange markets
were especially influenced by the large
U.S. trade- and current-account deficits.
In April and May, the dollar recovered 2 percent, reflecting favorable
reaction to U.S. monetary policy and
some improvement in the merchandise
trade balance. However, the decline
resumed in June and continued through
the end of October. The 13-percent
decline in this period reflected exchange
market reactions to the differential rates
of inflation in the United States and in
other major industrial countries, as
well as the continued imbalance in the
U.S. international accounts The decline
was especially sharp in the last weeks
of October.
On November 1, the Treasury and
the Federal Reserve announced a new
land, United Kingdom. Data: Federal Reserve Board. The index has been revised as a result
of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin.
The new FRB index was rebased by BE A.
3. Data: International Monetary Fund.
dollar support program. The United
States mobilized $30 billion in resources
as its share in a joint intervention program with Germany, Japan, and
Switzerland (discussed under transactions in U.S. reserve assets). The Federal Reserve raised the discount rate
from 8}i to 9% percent, and imposed a
2 percent supplementary reserve requirement on large time deposits. In
addition, the Treasury announced that
it would substantially increase the
amounts of gold to be offered at its
monthly auctions. By the end of November, the dollar had risen 8 percent
from its lows on October 31, but by the
end of December, it had lost half that
gain.
Merchandise trade
The U.S. merchandise trade deficit
increased to a record $34.1 billion in
1978, compared with a deficit of $31.1
billion in 1977. Exports increased 18
percent, to $141.8 billion, after a
5-percent increase in 1977. Imports increased 16 percent, to $176.0 billion,
after a 22-percent increase. Export volume increased 8 percent, compared
with 1 percent in 1977; import volume
increased 7 percent, compared with 13
percent.
The year-over-year comparisons obscure significant quarterly movements,
especially in nonagricultural exports
and nonpetroleum imports, both of
which are sensitive to shifting relative
real growth rates and relative prices,
including foreign exchange rates. From
an annual rate of $47.7 billion in the
first quarter of 1978, the trade defic t
declined to an average of $31.7 billion
in the second and third quarters, and
to $25.5 billion in the fourth. The large
deficit in the first quarter occurred as
nonagricultural exports increased mod-
Table D.~U.S. International Service Transactions
[Millions of dollars]
1976
Service transactions, net..
Receipts...
PaymentsMilitary transactions, n e t 1
Travel and passenger fares, net..
Other transportation, net
Investment income, net
Direct, net
Other, net
Fees and royalties, net
Other services, net
1977
Change:
1977-78
1978^
2,713
18,714
20,546
23,259
56,580
-37,866
62,629
-42,083
76,180
-52,921
13, 551
-10,838
312
1,334
-2,764
-280
17,507
17,022
531
-803
-13
-78
2,408
3,272
-864
44
485
3,871
4,278
-2,777
-358
19,915
20,294
-379
5,057
843
471
892
-2,389
144
15,933
15,889
779
421
^Preliminary.
1. Consists of goods and services transferred under military sales contracts less imports of goods and services by U.S. defense agencies.
42
erately and nonpetroleum imports increased sharply. After the first quarter,
nonagricultural exports increased faster
than nonpetroleum imports. Nonagricultural exports increased 30 percent to
an annual rate of $126-0 billion in the
fourth quarter from $97.1 billion in the
first; volume increased 17 percent. Nonpetroleum imports increased 8 percent
to $139.4 billion n the fourth quarter
from $129.4 billion in the first; volume
increased 1 percent.
Year over year, both agricultural
and nonagricultural exports increased
strongly in 1978. Agricultural exports .
increased 23 percent, to $29.9 billion,
compared with a 4-percent increase in
1977. Volume increased 21 percent,
compared with 2-percent increase.
Sharp rises in agricultural prices in the
first half of each year were followed by
sharp declines in the second. There were
substantial increases in shipments of
grain to Latin America, where harvests
were poor, and to the Soviet Union.
Soybean and cotton shipments to Japan
and the developing countries in Asia
also increased.
Nonagricultural exports increased 16
percent, to $111.9 billion, compared
with a 5-percent increase in 1977. Volume increased 5 percent after remaining
unchanged in 1977. Improved economic
conditions in leading markets abroad,
together with the lagged effects of a
decline in the foreign exchange value of
the dollar, probably contributed substantially to the increase in nonagricultural exports as early as the second
quarter. About $6.7 billion of the total
$15.7 billion nonagricultural export rise
was accounted for by capital equipment; $4.8 billion of that represented
machinery. Shipments of civilian aircraft were up $0.9 billion. Industrial
supplies and materials increased $4.7
billion. Following the coal strike, which
lasted through the first quarter, coal
shipments recovered to about their 1977
rate. Increases in other supplies and
materials were broadly based; chemicals were especially strong, increasing
20 percent. Automotive exports increased $2.3 billion, or 18 percent. Consumer goods increased $1.5 billion, or 17
percent.
Petroleum imports declined 6 percent, to $42.3 billion. The number of
SUEVEY OF CURRENT BUSINESS
March 1979
barrels imported daily declined to 8.72
million from 9.27 million in 1977; much
of the decline was in imports from Nigeria and Saudi Arabia, each of which
shipped about 20 percent fewer barrels
of oil to the United States (table E).
The average unit value per barrel was
unchanged at $13.29. A 2-percent increase in total U.S. petroleum consumption was met by higher North Slope
(Alaska) production and by a drawdown of inventories from unusually high
levels early in the year. Imports as a
percentage of consumption declined to
47 percent from 51 percent (chart 13).
Nonpetroleum imports increased 25
percent, to $133.7 billion, compared
with a 19-percent increase in 1977.
Volume increased 12 percent, compared
with 11 percent. By the second quarter,
the rate of increase in nonpetroleum
imports slowed, partly reflecting the
lagged effects of exchange rate changes ;
increases in volume moderated in many
major categories, and prices increased.
Of the $27.0 billion increase in nonpetroleum imports, industrial supplies
and materials accounted for $7.8 billion.
The increase was widespread, with the
largest increases in nonferrous metals
(38 percent) and iron and steel (26
percent). Steel imports were strong for
the second consecutive year; imports
from Japan increased $2.7 billion, and
from members of the European Communities, $2.1 billion. Capital goods
imports rose $5.2 billion. Automotive
imports increased $5.7 billion; those
from areas other than Canada increased $14.0 billion, or 46 percent,
and their volume increased 13 percent.
Much of the price rise can be attributed
to the 19-percent appreciation of the
yen and 13-percent appreciation of the
mark against the dollar. The number
of passenger cars imported from Japan
increased 17 percent and the number
imported from Germany declined. Imports accounted for 17.7 percent of
total U.S. auto sales, compared with
18.5 percent in 1977. Consumer goods
imports increased $6.4 billion; the
increase was evenly divided between
durable and nondurable goods.
ports increased 30 percent. The deficit
with West Germany increased to $3.1
billion, from $1.4 billion, but declined
sharply after the first quarter. The
surplus with the United Kingdom
declined to $0.6 billion from $0.9 billion,
and the surplus with France declined
to near balance from $0.5 billion. The
deficits with Japan and Canada both
increased, to $11.5 billion from $8.0
billion, and to $2.7 billion from $1.4
billion, respectively. A reduction in
imports and expansion of exports contributed to a narrowing of the deficit
with OPEC countries to $18.4 billion,
from $22.9 billion. The deficit with
non-OPEC developing countries also
declined.
By area, the trade surplus with
Western Europe declined to $3.0 billion,
about one-half of its 1977 level, as
exports increased 16 percent and im-
Service transactions
Net services receipts increased $2.7
billion, to $23.3 billion; the 13-percent
increase followed a 10-percent increase
CHART 13
U.S. Petroleum Consumption,
Production, and Imports
Million barrels per day
20
18
16
Consumption
Production
Percent
IMPORTS AS A PERCENTAGE
OF CONSUMPTION
1972 1973 1974 1975 1976 1977 1978
Data: Consumption and production, U.S. Department of Energy;
Imports, BEA
U.S. Department of Commerce, Bureau of Economic Analysis
March 1979
in 1977. Net receipts on direct and other
investments abroad continued as the
major source of growth in the services
balance.
Net receipts of income on direct investments increased $3.3 billion, to
$20.3 billion. Receipts on U.S. direct
investments abroad increased to $24.0
billion, largely due to the rise in reinvested earnings. Small increases in
dividend payments by affiliates in
most areas were about offset by a
decline in payments by German affiliates. The concentration and size of the
increases in reinvested earnings in
affiliates in the European Communities
(55 percent of the increase) and Japan
(10 percent) suggest that the dollar's
depreciation against several currencies
may have boosted reported earnings.
Also, increases in earnings of European
automobile and computer manufacturing affiliates were particularly strong.
Payments to foreigners on foreign
direct investments in the United States
increased to $3.7 billion from $2.8 billion. The increase was about evenly
divided between reinvested earnings
and interest, dividends, and earnings of
unincorporated affiliates. The increase
in payments was concentrated in petroleum and nonmanufacturing industries;
by area, payments were largest to the
United Kingdom and members of the
European Communities.
Net income on other investments
decreased $0.9 billion, shifting to net
payments of $0.4 billion. Receipts, at
$17.5 billion, reflected both the increase
in overseas credits extended by U.S.
banks and interest rate increases. Payments, at $17.9 billion, reflected substantial increases in the volume of U.S.
financial market instruments held by
both official and private foreigners, and
sharp increases in U.S. interest rates.
Net receipts from U.S. military
transactions with foreigners declined
$0.8 billion, to $0.5 billion, as increases
in transfers under military sales contracts slowed and direct defense expenditures continued to rise. Transfers increased $0.6 billion, to $7.7 billion,
compared with a $1.7 billion increase
in 1977, as aircraft deliveries to the
Middle East dropped in the last half
of the year. Direct defense expenditures increased $1.4 billion to $7.2
SURVEY OF CURRENT BUSINESS
billion, compared with a $0.8 billion
increase in 1977. Increased construction
expenditures in Saudi Arabia, and
higher overseas costs for troops in
Japan and Germany, stemming from
the dollar's depreciation against the yen
and the mark, were the primary contributing factors.
International travel and passenger
fare transactions resulted in net payments of $2.8 billion, unchanged from
1977. Total spending by foreigners for
travel in the United States was $7.1
billion, up 15 percent. The largest
increase was in spending by visitors
from overseas, up 30 percent to $3.4
billion. U.S. travelers spent $8.4 billion
in foreign countries, about 12 percent
more than in 1977. Spending in overseas
countries and in Mexico each increased
20 percent, to $4.9 billion and $2.0
billion, respectively; spending in Canada was slightly lower. Passenger fare
receipts were up 15 percent; payments
were up 7 percent.
The increases in merchandise exports
and imports boosted U.S. receipts
and payments associated with transportation $0.8 billion and $0.9 billion,
respectively. About two-thirds of the
increase in receipts resulted from higher
expenditures by foreign carriers in
U.S. ports. Ocean freight receipts did
not appear to benefit in proportion to
the large increase in the volume of
U.S. exports. Most of the increase in
payments resulted from U.S. freight
expenditures on nonpetroleum imports.
43
Expenditures on petroleum imports
declined, as volume dropped 5 percent
and tanker rates were unchanged.
U.S. assets abroad
U.S. assets abroad increased $58.7
billion in 1978, compared with a $34.7
billion increase in 1977. Bank-reported
outflows more than tripled, accounting
for most of the step-up. There were
large and mostly offsetting changes in
several components of official reserve
assets in the fourth quarter.
Net claims on foreigners reported
by U.S. banks increased $34.0 billion,
following an $11.4 billion increase in
1977; nearly two-thirds of the 1978
increase occurred in the fourth quarter.
Outflows increased throughout the year
to several industrial countries whose
currencies had appreciated against the
dollar, and to several non-0 PEC developing countries. Factors that acted to
slow U.S. lending abroad—rapidly rising domestic loan demand, ample
liquidity, and a narrowing of spreads
between lending and borrowing rates
in the Euro-currency market—were
apparently more than oftset by rising
international credit demands for dollars.
Also, the size of outflows in the latter
half of 1978—a period of sharp dollar
depreciation—suggests that foreigners
may have borrowed dollars to purchase
other currencies.
For the year, the increase in claims
to industrial countries was $18.3 bil(Text continued on page 62)
Table E.—U.S. Imports of Crude Petroleum1
[Millions of barrels]
1972
1973
1974
1975
1976
1977
1978
1,037.96
1,490.01
1,554.60
1,771.45
2,262.06
2,734.41
2,608.79
Canada
Mexico
Western Europe _
322.58
7.52
.41
399.70
7.19
3.08
311.14
2.37
.96
234.08
27.84
6.10
156.84
32.73
26.60
110.43
62.60
53.31
92.37
112.15
100.30
OPEC
664.27
1,011.41
1,161.65
1,420.11
1,933.54
2,357.34
2,154.34
31.12
6.00
7.01
58.00
86.74
2.28
15.63
65.96
123.51
1.60
74.47
12.02
179. 93
49.19
20.93
6.81
77.40
157.63
4.73
16.94
81.12
188.63
3.45
173.15
24.89
206.54
76.28
23.60
20.28
105.47
.58
.72
287.56
21.62
166. 73
32.83
170.01
104.63
23.36
22.50
149.24
196.77
.71
5.26
104.34
280.20
33.64
251.49
64.16
183. 81
161.44
21.35
17.28
191.08
214.56
9.11
.34
192.99
400.01
31.20
446.17
133.16
114.85
208.93
19.78
12.92
195.16
286.42
33.15
14.83
297.30
438.89
33.93
524.47
161.42
130.14
232.99
16.96
13.55
202.22
327.59
19.59
3.45
294.46
342.31
25.94
419.66
158.04
97.58
43.18
68.63
78.48
83.32
112.35
150.73
149.63
2.57
3.33
11.01
11.45
12.14
13.29
13.29
Total.
Algeria
Ecuador..
Gabon
Indonesia _
Iran
Iraq
Kuwait. _.
Libya
Nigeria
Saudi Arabia
United Arab Emirates.
Venezuela
Other
Addendum:
Average unit value per barrel ($)
255. 97
1. Includes imports into the Virgin Islands from foreign countries.
SUEVEY OF CUEEENT BUSINESS
44
March 1979
Table 1.—U.S. International Transactions
[Millions of dollars]
(Credits+; debits-) '
Line
1977
1977
1978 v
III
IV
123
45,129
29,013
1,918
1,793
456
1,855
970
244
923
117
46,025
30,286
1,547
1,398
315
1,674
1,063
252
939
109
47,886
30,765
1,842
1,626
304
1,673
1,059
257
1,000
132
55,668
36,588
2,217
1,855
360
2,026
1,152
262
1,049
149
53,613
34,490
1,889
2,029
525
2,094
1,154
266
1,107
164
60,858
40,001
1,761
1,560
382
2,012
1,187
270
1,167
139
5,191
3,165
2,026
2,547
395
4,722
2,900
1,822
2,791
327
5,009
5,587
2,956
2,631
3,400
241
6,072
3,583
2,489
3,585
354
5,388
2,795
2,593
4,103
405
6,976
3,990
2,986
4,863
540
II
Exports of goods and services 2 .
Merchandise, adjusted, excluding military 3 ..
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
O ther transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts.14
.*.
Transfers of goods and services under U.S. military grant programs, netImports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures.
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net...
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (-—)).
U.S. official reserve assets, n e t 4 .
GolcL.
Special drawing rights
Reserve position inu the International Monetary Fund..
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
44,343
29,400
6,164
1,366
6,983
3,767
958
3,728
485
218,024
141,844
7,710
7,070
1,570
7,804
4,553
1,055
4,322
583
19,851
12,540
7,312
10,881
1.368
24,024
13,324
10,699
15,950
1,540
4,930
2,986
1,944
2,479
277
183,205
120,576
7,079
1,912
1,390
247
1,596
812
227
939
135
1978
47,708
31,877
1,702
1,583
348
1,857
922
235
928
III'
1,520
3,063
IV
194
274
39
53
31
71
75
57
69
73
-193,789
-151,706
-5,745
-7,451
-2,843
-7,263
-253
-194
-2,383
-1,359
-228,909
-175,988
-7,179
-8,364
-3,053
-8,162
-351
-200
-2,466
-1,547
-45,587
-36,422
-1,344
-1,387
-622
-1,698
-61
-48
-569
-348
-48,924
-38,224
-1,407
-2,019
-871
-1,857
-57
-48
-586
-334
-49,055
-37,701
-1,451
-2,500
-782
-1,914
-59
-49
-601
-321
-50,223
-39,359
-1,542
-1,545
-568
-1,795
-76
-49
-627
-356
-53,013
-41,896
-1,632
-1,516
-688
-1,808
-79
-50
-621
-366
-57,111
-43,858
-1,773
-2,148
-909
-1,996
-69
-50
-614
-58,667
-44,130
-1,877
-2,979
-878
-2,154
-60,118
-46,104
-1,897
-1,721
-578
-2,204
-105
-50
-619
-446
-2,829
-1,257
-1,572
-6,224
-5,540
-3,730
-1,629
-2,101
-9,195
-8,674
-553
-245
-309
-1,345
-1,189
-767
-363
-404
-1,484
-1,271
-702
-295
-408
-1,585
-1,391
-807
-354
-452
-1,810
-1,689
-535
-292
-244
-1,878
-1,943
-1,154
-452
-702
-2,079
-2,074
-1,103
-464
-639
-2,290
-2,147
-98
-50
-612
-937
-421
-516
-2,948
-2,509
-194
-274
-39
-53
-71
-75
-57
-69
-73
-4,708
-2,776
-973
-959
-5,076
-3,028
-1,081
-967
-1,101
-626
-240
-236
-1,290
-811
-232
-247
-1,270
-774
-254
-242
-1,047
-566
-247
-235
-1,256
-766
-253
-237
-1,360
-827
-270
-264
-1,272
-769
-274
-229
-1,189
-667
-285
-237
-34,650
-58,748
-1,614
-12,358
-6,533
-14,146
-15,351
-6,581
-10,056
-26,760
-231
-118
-121
-294
872
-65
1,249
4,231
-4,543
-388
-58
151
246
329
115
-16
324
-62
-104
437
-4
195
-37
182
-65
1,412
3,275
-4,440
- 3 , 679
-6,445
2,720
47
-4,657
-7,500
2,961
-119
-1,124
-1,772
579
-817
-1,453
733
-96
133
27
-1,044
-1,746
656
46
(*)
-60
-29
42
47
-695
-1,475
752
-1,071
-1,680
653
-1,199
-1,998
787
13
-1,446
-2,167
700
21
—1,654
822
-110
-30,740
-12,215
-4,904
-7,312
-5,398
-54,963
-15,361
-4,662
-10,699
-3,389
-101
-2,281
-338
-1,944
-736
-11,547
-4,062
-2,036
-2,026
-1,766
-5,640
-3,086
-1,264
-1,822
-2,165
-13,451
-2,787
-1,266
-1,520
-731
-14,526
-5,085
-2,454
-2,631
-5,712
-4,372
-1,883
-2,489
-1,103
-8,725
-2,600
-8
-2,593
-467
-26,000
-3,303
-317
-2,986
-870
25
-1,725
33
-2,289
-311
-33,646
66
-1,203
205
1,184
-279
-905
-57
-2,165
80
187
62
-801
-52
-213
-306
3,990
18
-4,600
-447
-1,332
-16
-8,734
-311
-5,959
-751
-10,676
59
-31
Q
-80
169
-942
12 - 5 0 3 12 -5,622 12 -21,562
Foreign assets in the United States, net (increase/capital inflow ( + ) ) .
50,869
63,260
2,490
14,064
14,251
20,065
18,095
406
15,489
29,270
Foreign official assets in the United States, net
U.S. Government securities6 u
U.S. Treasury securities
Other 7
Other U.S. Government liabilities »
U.S. liabilities reported by 9U.S. banks, not included elsewhere...
Other foreign official assets _._
37,124
32,602
30,294
2,308
1,644
773
2,105
33,967
24,719
24,063
656
2,810
5,043
1,395
5,451
5,421
5,323
98
505
-725
250
7,884
5,733
5,123
610
417
752
8,246
7,575
6,948
627
332
-163
502
15,543
13,873
12,900
973
390
909
371
15,760
13,082
12,965
117
804
1,456
418
-5,685
-5,517
-5,728
211
-312
-493
637
4,852
3,472
3,029
443
350
946
84
19,040
13,682
13,797
-115
1,968
3,134
256
13,746
3,338
1,766
1,572
563
2,869
29,293
5,611
3,510
2,101
2,248
2,899
-2,962
880
571
309
981
6,180
996
593
404
-1,370
725
6,005
1,012
604
408
1,251
513
4,522
450
-2
452
-299
803
2,336
812
568
244
881
462
6,090
1,852
1,150
702
847
1,308
10,637
2,206
1,567
-1,053
533
10,230
741
225
516
13 1,573
596
-620
877
-49
1,725
-220
-126
-176
-236
18
572
-242
667
316
106
880
-125
72
373
6,346
250
16,610
42
-5,346
104
6,136
194
2,446
33
3,110
38
457
250
-564 }
1,836
7,965
7,373
-927
11,449
1,469
801
-2,522
-674
3,638
8,979
893
-2,061
-31,130
-10,585
-12,516
-15,292
-34,144
-10,885
-12,933
-15,961
-7,022
-1,244
-1,719
-2,345
-6,347
-1,217
-1,696
-2,507
-3,926
-4,422
-5,196
-9,073
-4,198
-4,679
-5,245
-11,131
-5,127
-5,617
-6,382
-7,270
-1,444
-1,977
-2,803
-9,640
-5,054
-5,556
-6,326
-6,103
740
217
-449
115
182
4,946
7,467
7,914
15,153
14,956
-5,373
4,502
17,072
Other foreign assets in the United States, net.
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates.,
U.S. Treasury seenlurities.
U.S. securities other than U.S. Treasury securities.
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term
U.S. liabilities10 reported by U.S. banks, not included elsewhere:
Long-term
Short-term w
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 18)
Balance on goods and services (lines 1 and 17) l l
Balance on goods, services, and remittances (lines 77, 35, and 36)
Balance on current account (lines 77 and 33) »
Transactions in U.S. official reserve assets and in foreign official assets in
the United States:
Increase (—) in U.S. official reserve assets, net (line 38)
Increase (+) in foreign official assets in the United States (line 57 less
line 61)
See footnotes on page 54.
-231
872
35,480
31,157
246
639
SUKVEY OF CURRENT BUSINESS
March 1979
45
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
9
10
11
12
13
14
15
Exports of goods and services 2
__
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts 14
16
Transfers of goods and services under U.S. military grant programs, net.
17
18
19
20
21
22
23
24
25
26
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners...
Fees and royalties to unaffiliated foreigners
Private payments for other services
_
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments..
_
27
28
29
30
31
1978
1977'
(Credits-*-; debits-) 1
Line
II'
IV
III'
II
Ill
IV
46,700
30,578
1,918
1,562
345
1,786
1,005
244
923
119
45,226
29,637
1,547
1,667
365
1,721
985
252
939
116
48,355
30, 787
1,842
1,668
379
1,782
1,120
257
1,000
128
54,175
35,256
2,217
1,793
358
1,939
1,145
262
1,049
143
55,595
36, 486
1,889
1,759
394
2,015
1,192
266
1,107
165
59,900
39,315
1,761
1,850
439
2,068
1,096
270
1,167
147
4,928
3,089
1,839
2,520
348
46,507
30,860
1,702
1,534
348
1,777
917
235
928
118
5,088
3,395
1,693
2,633
367
5,155
3,306
1,849
2,698
367
4,681
2,750
1,931
3,030
286
5,611
3,089
2,522
3,461
320
5,972
3,874
2,098
3,709
332
5,910
3,210
2,700
3,967
445
6,531
3,151
3,380
4,813
443
39
44,775
29,501
1,912
1,401
308
1,699
860
227
939
132
53
31
71
75
57
69
73
-46,999
-37,120
- 1 , 344
-1,833
-711
-1,771
-61
-48
-569
-344
-37, 635
-1,407
-1,872
-705
- 1 , 841
-57
-48
-586
-48,405
-37, 942
-1,451
- 1 , 824
-705
-1,810
-59
-49
-601
-322
-50,298
-39,009
-1,542
- 1 , 922
-722
-1,841
-76
-49
-627
-357
-54,657
-42,707
-1,632
-1,987
-788
-1,888
-79
-50
-621
-389
-56,184
-43,125
-1,773
-2,009
-738
-1,980
-69
-50
-614
-394
-58,031
-44,478
-1,877
-2,231
-793
-2,074
-98
-50
-612
-374
-60,038
-45,678
- 1 , 897
-2,137
-734
- 2 , 220
-105
-50
-619
-391
-553
-245
-309
-1,433
-1,211
-767
-363
-404
-1,527
-1,307
-702
-295
-408
- 1 , 541
-1,367
-807
-354
-452
-1,723
- 1 , 655
-535
-292
-244
-2,006
-1,974
-1,154
-452
-702
-2,142
-2,136
-1,103
-464
-639
- 2 , 234
-2,107
-937
-421
-516
-2,813
-2,457
32
U.S. military grants of goods and services, net-.
-39
-53
-31
-71
-75
-57
-69
-73
33
34
35
36
Unilateral transfers (excluding military grants of goods and services), net
U.S. Government grants (excluding military grants of goods and services.
U.S. Government pensions and other transfers
Private remittances and other transfers_
-1,126
-636
-240
-250
-1,243
-763
-232
-248
-1,277
-787
-254
-236
-1,064
-591
-247
-226
-1,282
-778
-253
-251
-1,317
-781
-270
-266
-1,275
-779
-274
-222
-1,204
-691
-285
-228
37
U.S. assets abroad, net (increase/capital outflow (—))
-1,334
-12,003
-6,615
-14,700
-15,067
-6,167
-10,216
(*)
-60
-29
42
47
246
329
115
-16
324
-62
-104
437
-4
-43
195
-37
_
U.S. official reserve assets, net 4
Gold
Special drawing rights
Reserve position inu the International Monetary Fund..
Foreign currencies
151
-58
-27,298 .
182
-65
1,412
3,275
- 4 , 440
-389
59
-83
-80
169
-9
133
27
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
-949
-1, 654
637
-795
- 1 , 366
667
-1,098
-1,852
708
46
-896
-1,564
711
-43
-1,176
-1,911
722
13
-1,4
-1,574
708
28
750
21
-1,086
-1,755
779
-110
U.S. private assets, net
Direct investment
E quity and intercompany accounts
Reinvested earnings of incorporated affiliates
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
.
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
3
-2,177
-338
-1,839
-736
-11,214
- 3 , 729
- 2 , 036
-1,693
-1,766
-5,668
-3,113
-1,264
-1,849
-2,165
-3,197
-1,266
-1,931
-731
-14,417
-4,976
- 2 , 454
- 2 , 522
-949
-5,320
- 3 , 981
- 1 , 883
-2,098
-1,103
- 8 , 833
- 2 , 708
-8
- 2 , 700
-467
-26, 394
-3,697
-317
- 3 , 380
-870
205
1,184
-279
-905
-57
-2,165
80
187
62
-1,203
-52
-213
33
-801
-306
3,990
18
- 4 , 600
-447
- 1 , 332
-16
- 8 , 734
Foreign assets in the United States, net (increase/capital inflow (+))--
2,490
14,064
14,251
20,065
18,095
406
Foreign official assets in the United States, net
U.S. Government securities6 u
U.S. Treasury securities
Other?
_
__
Other U.S. Government liabilities 8
U.S. liabilities reported by 9U.S. banks, not included elsewhere..
Other foreign official assets
.
Other foreign assets in the United States, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term
U.S. liabilities10reported by U.S. banks, not included elsewhere:
Long-term 10
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of a >ove items with sign reversed)
0 / which seasonal adjustment discrepancy
Memoranda:
Balance on merchandise trade (lines 2 and 18) n
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines 77, 35, and 36)...
Balance on current account (lines 77 and 33) »
Transactions in U.S. official reserve assets and in foreign official assets in the
United States:
Increes3 ( - ) in U.S. official reserve assets, net (line 38)
Increase (+) in foreign official assets in the United States (line 57 less line 61)
5,451
5,421
5,323
98
505
-725
250
7,884
5,733
5,123
610
417
752
982
8,246
7,575
627
332
-163
502
15,543
13, 873
12, 900
973
390
909
371
15, 760
13, 082
12, 965
117
804
1,456
418
- 5 , 685
-5,517
-5,728
211
-312
-493
637
2,962
880
571
309
981
6,180
996
593
404
-1,370
725
6,005
1,012
604
408
1,251
513
4,522
450
-2
452
-299
803
2,336
812
568
244
881
462
6,090
1,852
1,150
702
847
1,308
-220
-126
-176
-236
18
572
-242
667
457
316
42
-5, 346
104
6,136
194
2,446
33
3,110
250
-564
2,194
725
-7,619
-2,224
-2, 714
-3, 350
763
-38
-6,775
-1,581
-2,061
-2,824
-4,655
-2,133
-7, 364
-1, 705
-2,195
-2,982
771
1,445
-9, 372
-5, 072
-5,545
-6,136
151
7,914
()
.15,153
See footnotes on page 55.
7,467
-311
-5,959
-98
12 -21,562
12 -503
12 - 5 , 622
29,270
15,489
4,852
3,472
3,029
443
350
946
84
10, 637
2,206
1,567
639
- 1 , 053
533
19, 040
13, 682
13, 797
-115
1,968
3,134
256
10,230
741
225
516
131, 573
596
106
-125
72
1,836
7,965
7,373
4,555
917
-11,920
-6, 302
-6, 806
-7,584
9,087
108
-7,869
-2,009
-2, 545
-3, 326
-1,562
-2,455
-7,992
- 2 , 436
-2,932
- 3 , 711
-630
1,431
- 6 , 363
-138
-651
-1,342
246
14,956
329
-5,373
115
4,502
182
17, 072
SUEVEY OF CUERENT BUSINESS
46
March
Table 3.—U.S. Merchandise Trade
[Millions of dollars]
Not sesaonally adjusted
Line
1977
1978
1977
II
Seasonally adjusted
1978
III
IV
II
1977 '
III
IV v
II
1978
III
II r
rv
HI r
IV v
Balance of payments adjustments to Census
trade data:
EXPORTS
Merchandise exports, Census basis * including reexports and excluding military
grant shipments
10
11
12
15
18
21,150 43,574 29,641 31,777 29,091 30,641 30,953 37,020 35,261 40,340 29,798 30,837 30,709 30,054 30,955 35,685 37,229 39,634
Adjustments:
44
21
31
34
Private gift parcel remittances.
92
143
22
27
22
27
31
44
34
20
81
104
28
19
Virgin Islands exports to foreign countries.
17
20
23
29
37
9
8
Gold exports, nonmonetary..
14
9
29
5
5
166
756
187
Inland U.S. freight to Canada
691
173 ""174
194
209
163
207
163
202
186
172
167
175
184
172
U.S.-Canadian 2reconciliation adjust438
530
ments, nee, net
529
530
387
416
517
1,787 1,901
551
529
387
438
416
551
517
320
320
Merchandise exports transferred under
U.S. military agency sales contracts
3
identified in Census documents
-742
-3,285 -4,718 -795
-971 -1,310 -1,210 -1,227 -795 -849 -742 -899 -971 -1,310 -1,210 -1,227
91
141
99 -155 -117
116 -230
32
162
-92
Other adjustments, net 4
_
46
47
124
-29
-56
73
-248
Of which quarterly allocation of annual
seasonal adjustment discrepancy5
18
18
17
-61
18
-61
Equals: Merchandise exports, adjusted to
balance of payments basis, excluding
"military" (table 1, line 2)
.20,576 41,844 29,400 31,877 29,013 30,286 30,765 36,588 34,490 40,001 29,501 30,860 30,578 29,637 30,787 35,256 36,486 39,315
IMPORTS
Merchandise imports, Census basis i (general imports)
[47,685 [72,026 35,379 37,239 36,927 38,140 40,551 43,200 43,145 45,130 36,078 36,651 37,169 37,792 41,366 42,471 43,497 44,708
Adjustments:
Virgin Islands imports from foreign
667
906
733
2,705 2,779
724
620
691
473
724
670
countries
670
473
620
906
667
691
733
444
195
211
320
255
Gold imports, nonmonetary
1,286
267
320
195
267
843
255
145
292
211
145
444
292
U.S.-Canadian reconciliation
adjust-62
-62
ments, n.e.c, net 2
-206
-82
-82 -145
-145
Merchandise imports of U.S. military
agencies
identified in Census docu-55
-46
-65
-45
-35
-55
-45
ments3
-78
-63
-65
-181
-46
-243
-37
-78
-37
-35
213
154
521
217
106
479
155
211
Other adjustments, net 6
107
2
209
285
5
5
9
Of which quarterly allocation of annual
5
-4
-2
-4
-4
seasonal adjustment discrepancy
-1
Equals: Merchandise imports, adjusted to
balance of payments basis, excluding
"military" (table 1, line 18)
151,706 75,988 36,422 38,224 37,701 39,359 41,896 43,858 44,130 46,104 37,120 37,635 37,942 39,009 42,707 43,125 44,478 45,678
Merchandise trade, by area, adjusted to
balance 7of payments basis, excluding
military:
EXPORTS
Total, all countries (A-10)
Western Europe
_
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
Eastern 2Europe
Canada
Latin American Republics and other
Western Hemisphere
Japan
Australia, New Zealand, and South Africa.
Other countries in Asia and Africa
20,576 141,844 29,400 31,877 29,013 30,286 30,765 36,588 34,490 40,001 29,501 30,860 30,578 29,637 30,787 35,256 36,486 39,315
Other developing countries '
11,030
8,817
1,951
6,540
2,213
675
8,474
4,467 4,894 5,438 5,738
2,652 2,565 3,111 3,448
933
865 1,057 1,040
5,725 6,263 6,920 7,259
5,940
3,821
1,248
7,731
8,742
6,776
1,488
5,052
1,966
932
9,185
7,174
1,618
5,309
2,011
736
7,754
7,837
6,067
1,392
4,470
1,770
529
6,448
8,312
6,486
1,535
4,722
1,826
715
7,193
7,072
1,675
5,158
1,697
907
6,842
8,021
1,904
5,848
1,874
1,407
8,428
9,400 11,546 8,609 8,849
7,938 8,667 9,536
7,568 9,252 6,684 6,909 6,732 6,178 6,992 7,729
1,532 1,979 1,459 1,542 1,524 1,508 1,644 1,816
5,784 6,927 4,990 5,127 4,980 4,456 5,110 5,654
1,832 2,294 1,925 1,940 1,948 1,760 1,675 1,807
841 1,324
671
631
711
850
701
869
7,150 8,641 7,081 7,04' 7,115 7,050 7,034 7,650
17,921 22,010
10,566 12,945
3,777 4,210
23,031 28,173
3,862
2,810
961
5,195
4,334
2,560
889
6,419
4,998
2,472
994
5,735
4,727
2,724
933
5,682
4,624
2,619
865
6,139
5,490
3,058
1,057
7,253
5,61'
3,339
1,040
7,094
Seasonal adjustment discrepancy (Bl less
B2,7-12).
Memoranda:
Developed
countries 7
OPEC 7___
_
10,377
8,375
1,679
6,413
2,002
995
7,903
39,610
31,913
7,090
23,7r
7,697
3,835
31,061
34,076
26,503
6,033
19,553
7,573
2,912
28,293
6,279
3,929
1,248
7,687
4,070
2,745
961
5,282
-116
4,273
2,606
889
6,145
5,111
2,563
994
5,879
850 -395
161 -8$
220 -274
76,712 87,826 19,411 20,388 17,751 19,162 19,095 22,438 20,929 25,364 19,396 19,391 19,352 18,573 19,131 21,354 22,768 24,573
12,878 14,845 2,873 3,393 3,339 3,273 3,337 3,853 3,773 3,882 3,042 3,246 3,403 3,187 3,542 3,687 3,833 3,783
8,938 10,084 6,310 7,172 7,587 7,005 7,615 8,671 9,164
28,074 35,338 6,184 7,360 7,394 7,136 7,426
IMPORTS
Total, all countries (A-18)
Western Europe
_
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
Eastern 2Europe
Canada
___
Latin American Republics and other
Western Hemisphere
_
Japan
_
Australia, New Zealand, and South Africa
Other countries in Asia and Africa . ..
29
Seasonal adjustment discrepancy (B17 less
B18, 23-28)
Memoranda:
30
Developed
countries 7
31
OPEC7
_
___.
32
Other developing countries '
See footnotes on page 55.
896
151,706 175,988 36,422 38,224 37,701 39,359 41,896 43,858 44,130 46,104 37,120 37,635 37,942 39,009 42,707 43,125 44,478
28,226 36,617 6,439 6,986 7,266 7,535 8,77' 9,163 9,125 9,555 6,431 6,943 7,299 7,553 8,760 9,107 9,161
22,119 29,060 4,989 5,532 5,784 5,814 6,891 7,286 7,323 7,560 4,981 5,489 5,817 5,832 6,877 7,230 7,359
5,135 6,476 1,180 1,278 1,353 1,324 1,523 1,713 1,612 1,628 1,173 1,240 1,373 1,349 1,511 1,664 1,632
4,050 4,232 4,267 5,125 5,313 5,469 5,669 3,614 4,050 4,232 4,267 5,125 5,313 5,469
16,163 21,576 3,61'
1,450 1,454 1,482 1,721 1,883 1,877 1,802
6,107 7,557 1,450 1,454 1,482 1,721 1,883 1,877 1,802 1,
351
360
370
292
222
222
306
307
307
360
1,127 1,509
292
428
306
370
35:
8,094 8,203 8,384
29,664 33,804 7,023 7,799 6,777 8,065 7,910 8,823 7,73C 9,341 7,185 7,288 7,324 7,
21,162 23,029 5,846 5,282 4,869 5,165 5,67: 5,7W 5,624 6,028 5,765 5,40C 4,833 5,164 5,608 5,816 5,575
18,565 24,474 3,913 4,589 4,810 5,253 5,753 6,22S 6,363 6,129 3,949 4,539 4,796 5,281 5,784 6,151 6,359
948 1,052 1,099
724
794
582
692
2,792 4,440
69
555
730
816
904 1,051 1,104 1,381
50,170 52,115 12,424 12,57 12,957 12, 218 12,514 12,526 13,833 13,242 12,162 13,002 12,813 12,193 12,314 12,877 13,668
824 -585
-189
-150
829
45,678
9,589
7,594
1,669
5,669
1,995
428
9,123
6,030
6,180
1,341
13,256
-119
79,24; 99,
17,93( 20,065 19,583 21,66? 23,34 25,266 24,322 26,406 18,14^ 19,462 20,143 21,495 23,586 24,513 25,003 26,233
8,335 8,270 8,224 8,305 8,490
35,77 33,289 9,653 8,715 9,049 8,361 8,503 7,822 8,489 8,475 9,353 9,202
8,857 9,467 10,291 10,655 10,690
34,90C 41,103 8,438 8,905 8,700 8,857 9,497 10,232 10,685 10,689 8,395 8,967
SUKVEY OF CUREENT BUSINESS
March 1979
47
Table 3.—U.S. Merchandise Trade—Continued
(Millions of dollars]
Seasonally adjusted
N o t sesaonally adjusted
Line
1977
1978
1978
1977
II
III
IV
II
1977'
III
IV
II
1978
III
IV
II'
III'
IV
Merchandise trade, by area, adjusted to
balance of payments basis, excluding
military—Continued
BALANCE (EXCESS OF EXPORTS-}-)
Total, all countries
-31,130 -34,144 -7,022 -6,34' - 8 , 6 8 8 -9,07; -11,13] -7,270 -9,640 -6,103 - 7 , 6 1 ' -6,771 -7,364 -9,372 -11,920 -7,869
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
..
5,85
4,384
898
3,39C
146€
2,993
2,853
614
2,141
14C
Eastern 2Europe
2,326
Canada
-1,37] -2,743
Latin American Republics and other
Western Hemisphere
-3,24! -1,01!
2,303
1,787
308
1,438
51€
1,642
341
1,251
55:
43C
-121
571
282
3£
238
28*
23'
-32S
-45
111
672
21:
455
105
408
-872
18:
152
33
-186
537
-1,068
732
735
19:
535
275
245
-80
315
30
1,991
1,692
351
1,258
299
2,178
1,703
286
1,376
47.r
1,906
1,420
302
1,077
486
1,38:
915
15:
748
466
1,04'
-395
499
-580
243
-700
647
-104
395
-24
339
-209
no
346
159
18C.
3°.
115
133
-15
-208
47
404
-81' -l,06C
-714
429
499
152
34
-70
964
-553
7,992 -6,363
1,211
l,01(
4
944
200
1,441
1,223
282
871
218
644
247
-649
-48:
-90
12S
278
-37!
-1,047 -216
251 - 1 , 6 -1,127
1,984
163
-438
-94?
-2,359
-7,99? -ll,52c -1,103
-2,338
-3,134 -s,m -3,024 -2,200 -1,204 -1,933 -2,233 -2,629 -3,219 -3,04C
Japan
-93
c -2,91
-83
139
197
270
264 -2,52c
-64 -133
-39
379
Australia, New Zealand, and South Africa
-23C
406 -2,029 -7,222
-27,13c
Other countries in Asia and Africa
198
ir -6,375 -5,273 -6,739 -5,555 -6,88C -6,85: -6,934 -6,468 -6,051 -5, 957 - 5 ? -5,525
-23,942 -7,229
-6,40c
-6,536
-6,152
Seasonal adjustment discrepany (BIS less
B29)
811-1,171
-Hi 885 -256
Memoranda:
Developed countries 7
O P E C 7.
O t h e r developing countries
-2,535 -11,509 1,4
323 -1,832 -2,507 -4,246 -2,828 -3,393 -1,042 1,249
-71 -791 -2,922 -4,455 -3,159 -2,235 -1, 600
-22,900 -18,444 -6,780 -5,322 -5,710 -5,088 -5,166 -3,969 -4,716 -4,593 -6,311 -5,956 -5,485 -5,148 -4,728 -4,537 -4,472 -4,707
-6,826 -5,765 -2,254 -1,545 -1,306 -1,721 -2,071 -1,342 -1,747 -605 -2,085 -1,795 -1,094 -1,852 -1,852 -1,620 -1,491 -802
7
Merchandise trade, by principal e n d - u s e
category, adjusted to balance of payments
basis, excluding military:
Total (A-10).
EXPORTS
120,576 141,844 29,400 31,877 29,013 30,286 30,765 36,588 34,490 40,001 29,501 30,860 30,578 29,637 30,787 35,256 36,486 39,315
19,116 24,174
10,245 13,477
4,394 5,192
4,915
2,649
1,272
5,124
2,669
1,324
4,072
2,493
476
5,005
2,434
1,322
5,165
2,872
1,092
6,633
3,742
1,548
6,696
3,277
1,766
4,953
2,649
1,193
4,95'
2,669
1,239
Industrial supplies and materials.
Agricultural
Nonagricultural
Fuels and lubricants
Petroleum and products 8__.
34,527 39,241
4,643 5,342
29,884 33,899
4,764 4,500
1,334 1,583
8,503
1,376
7,127
898
300
9,171 8,726
1,172
97,
7,'" 7,751
1,395 1,313
340
36;
8,12'
1,120
7,007
1,158
327
8,445
1,411
7,034
560
332
9,766 10,009 11,021
1,227 1,159 1,545
8,539 8,850 9,476
1,125 1,309 1,506
415
457
379
8,292
1,165
7,127
1,127
300
9,199
1,199
8,000
1,283
340
Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete—all types.
Other transportation equipment
39,807 46,475
33,525 38,361
2,751 3,654
590
793
8,269
516
127
10,328
8,640
824
137
Automotive vehicles, parts, and enginesTo Canada»
To all other areas
13,010 15,336
9,261 10,130
3,749 5,206
3,193
2,334
859
3,557
2,613
944
2,828
1,912
916
3,432
2,402
1,030
3,461
2,308
1,153
4,226
2,864
1,363
3,334
2,100
1,233
4,315
2,858
1,457
3,198
2,353
903
3,261
2,320
908
3,251
2,273
959
3,300
2,315
979
3,475
2,332
1,217
3,852
2,525
1,312
3 I
2^525
1,292
4,149
2,748
1,385
Consumer goods (nonfood), except automotive
All other, including balance of payments
adjustments, not included in lines C
8,937 10,425
2,138
2,306
2,296
2,197
2,262
2,718
2,571
2,874
2,157
2,159
2,406
2,215
2,286
2,546
2,697
2,896
897 1,252
1,237
1,168
1,246
1,464
928
1,533
956
1,167
1,275
1,156
1,311
1,370
967
1,523
18
87
m
-1*4
4-20
22
24,336 29,93C 6,415 6,469 5,221 6,231 6,
7,
6,922 8,329 6,247 6,253 6,023 5,813 6,510 7,666 7,937 7,817
96,240 .11,91 22,985 25,408 23,792 24,055 24,073 28,601 27,568 31,672 23,254 24,607 24,555 23,824 24,277 27,590 28,549 31,498
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
__*
Foods, feeds, and beverages—agricultural
Grains
Soybeans
19,741 25,196
4,554
Seasonal adjustment discrepancy
C4, 8,18,17, 20 and 21)
5,171
5,003
5,263
4,299
5*, 176
5,313
6,832
6,05'
5,680
3,586
786
6,994
9,627 10,186 10,038 11,582 11,591 13,264
8,276 8,340 8,592 9,763 9,435 10,571
995 1,501
894
500
658
517
210
195
184
174
142
214
5,102
5,127
4,768
5,432
6,61:
6,662
6,490
4,600
2,493
881
4,606
2,434
1,081
5,211
2,872
1,000
6,377
3,742
1,394
6,381
3,586
1,400
6,205
3,277
1,398
1,167
7,751
1,284
367
8,118
1,112
7,006
1,070
327
8,219
1,185
7,034
730
332
9,790 10,223 11,009
1,251 1,373 1,533
8,539 8,850 9,476
1,057 1,299 1,414
457
379
415
4,744
10,263
9,778
8,316 8,285 8,579
679
717
602
142
137
127
(Cl less
IMPORTS
-279
9,906 10,188 11,053 12,408 12,826
8,345 8,652 9,353 9,779 10,577
561 1,274 1,222
753
597
210
195
174
214
184
38
-331
422
51,706 175,988 36,422 38,224 37,701 39,359 41,896 43,858 44,130 46,104 37,120 37,635 37,942 39,009 42,707 43,125 44,478 45,678
44,980 42,289 12,351 10,700 11,342 10,587 10,618 9,991 10,873 10,807 11,993 11,268 11,157 10,562 10,347 10,474 10,648 10,820
.06,726 .33,699 24,071 27,524 26,359 28,772 31,278 33,867 33,257 35,297 25,127 26,367 26,785 28,447 32,360 32,651 33,830 34,858
14,027 15,441 3,522 3,961 3,163 3,381 3,870 3,865 3,602 4,104 3,522 3,961 3,163 3,381 3,870 3,865 3,602 4,104
Total (A-18)_
Petroleum and products 8
Nonpetroleum products..
Foods, feeds, and beverages
86,148 20,250 19,966 20,502 20,332 21,052 21,316 21,779 22,001 19,996 20,316 20,447 20,291 20,901 21,509 21,701 22,037
11,682
11,4
45,787 13,032 11,350 11,976 11,424 11,424 10,983 11,711 11,669 12,674 11,919 11,791 11,398 11,153
5,233
4,9
Capital goods, except automotive
19,302 3,150 3,530 3,561 3,881 4,240 4,860 4,969 5,233 3,150 3,530 3,561 3,881 4,240
4,667 4,870
Machinery, except consumer-type..
18,148 3,027 3,361 3,389 3,624 4,062 4,549 4,667 4,870 3,027 3,361 3,389 3,624 4,062
253
141
279
2L"
131
279
103
143
Civilian aircraft, engines, parts
141
274
253
131
215
947
143
103
6,704
6,254
6,006
5,291
5,627
4,807
5,532
6,707
4,265
4,488
Automotive vehicles, parts, and engines.. 18,851 24,591 4,442 4,854 4,255 5,300 5,864 6,488
From Canada
9,314 10,634 2,408 2,559 1,862 2,485 2,448 2,897 2,201 3,088 2,358 2,316 2,237 2,403 2,388 2,614 2,642 2,990
From all other areas
9,537 13,957 2,034 2,295 2,393 2,815 3,416 3,591 3,331 3,619 1,892 2,178 2,555 2,912 3,200 3,434 3,582 3,741
Industrial supplies and materials.
Fuels and lubricants
Consumer goods (nonfood), except automotive
All other, including balance of payments
adjustments, not included in lines C
26-35
37
Seasonal adjustment discrepancy
C26,27,29,82,35 and 86)
See footnotes on page 55.
81,050
47,782
14,122
13,401
592
21,827 28,199
4,737
5,337
5,825
5,928
6,150
6,914
7,766
7,369
5,051
2,307
321
576
395
537
720
415
482
690
321
1,
(C2S less
815
5,410
7,333
7,318
5,495
5,871
6,545
7,003
395
537
720
415
690
-533
137 -408
-243
SUEVEY OF CUEEENT BUSINESS
48
March 1979
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1977
1978
1977
II
D
Seasonally adjusted
1977 r
1978
III
IV
II
III
IV
II
1978'
III
IV
II
III
IV
Merchandise trade, by end-use category,
Census basis, * including military grant
shipments:
Merchandise exports, Census basis, including military grant shipments (A-l)
121,212 143,660 29,670 31,791 29,101 30,650 30,965 37,051 35,281 40,363 29,827 30,851 30,719 30,063 20,967 35,716 37,249 39,656
24,219 29,798 6,367 6,446 5,193 6,213 6,63' 7,997 6,872 8,292 6,199 6,229 5,994 5,797 6,455 7,676 7,887 7,780
Agricultural products
96,993 113,861 23,303 25,345 23,908 24,437 24,327 29,054 28,409 32,071 23,628 24, 622 24,725 24,266 24,512 28,040 29,362 31,876
Nonagricultural products.
Excluding military grant shipments.. 96,931 113,775 23,274 25,331 23,898 24,428 24,315 29,023 28,389 32,049 23,599 24,608 24,715 24,257 24,500 28,009 29,34! 31,854
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods, feeds, and beverages
19,591 25,049
10,242 13,464
4,393 5,208
4,955 6,377
4,952
2,641
1,258
1,053
5,231
2,665
1,341
1,224
4,260
2,504
470
1,285
5,148
2,432
1,324
V
5,250
2,852
1,
1,310
6,834 6,007
3,764 3,587
773
1,564
1,506 1,647
Industrial supplies and10materials
Fuels and lubricants _
Paper and paper base stocks
Textile supplies and materials
Raw cotton, including linters
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals, wood, rubber, tires, etc.)..
34,297 38,958
4,763 4,499
2,683 2,628
3,408 3,999
1,538 1,754
1,094 1,358
8,641 10,362
8,397
898
658
995
500
305
2,135
8,961
1,394
710
992
502
178
2,184
8,792
1,313
720
699
229
282
2,309
8,147
1,158
595
722
307
329
2,013
8,370
560
618
972
511
332
2,343
1,9
1,935
1,818
1,700
154
503
123
44'
1,080
376
93
448
1,089
405
7,356
8,444
Steelmaking materials
Iron and steel products
Other metals, primary and advanced,
3,996 4,794
including advanced steel
Precious metals (gold, silver, platinum) 1,169 1,356
482
1,875
845
2,028
112
477
914
235
913
153
39,312 45,951 9,566 10,187 9,498 10,061
Capital goods, except automotive..
33,074 37,875 8,172 8,504 8,151 8,247
Machinery, except consumer-type
Electrical and electronic, including
7,238 8,110 1,760 1,855 1,761 1,
parts and attachments. _ _
Nonelectrical, including parts and
25,836 29,765 6,412 6,649 6,390 6,385
attachments
Construction machinery and non5,633 6,420 1,429 1,467 1,391 1,346
farm tractors....
Textile and other specialized in502
492
485
517
dustry machinery
2,426
1,1
Other industrial machinery, n.e.c... 9,940 10,464 2,490 2,591 2,444 2,415
Agricultural machinery and farm
444
358
346
439
1,587 1,755
tractors
Business and office machines, com4,049 5,241
943
959 1,040 1,107
puters, etc
907
770
829
Electronic computers and parts... 3,264 4,199
758
Scientific, professional, and service
622
2,630 3,460
655
678
675
industry equipment
5,679 7,283 1,267 1,547 1,205
Civilian aircraft, engines, parts
892
514
513
820
Civilian aircraft, complete, all types. 2,739 3,616
154
142
127
559
136
793
Other transportation equipment
Automotive vehicles,
parts and engines.. 12,115 14,460 3,055 3,276 2,566
8,366 9,254 2,196 2,332 1,650
To Canada 9
3,749 5,206
859
916
To all other areas
944
3,628 3,691
915 1,<
671
Passenger cars, new and used.
2,041
2,770
495
511
Trucks, buses, and special vehicles
527
Bodies, engines, parts and accessories,
1,384
6,446 7,999 1,645
n.e.c
Consumer goods (nonfood), except auto8,817 10,272 2,110 2,273 2,256
motive
992
3,763 4,602
Consumer durables, manufactured
935
912
1,182
5,153
Consumer nondurables, manufactured..
Unmanufactured consumer goods (gem 4,r~
1,091
1,264
100
517
stones)
366
Special category (military-type goods)
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous)..
Foreign (reexports)
Seasonal adjustment discrepancy (Dl less
D5, 9, 21, 85, 41, 45 and 46)
See footnotes on page 55.
3,208
3,872
1,665
2,207
4,489
4,480
1,974
2,506
84
717
873
385
488
834
424
605
79
759
970
417
553
6,958
3,261
1,782
1,914
5,051
2,641
1,179
1,117
5,094
2,665
1,256
1,221
4,705
2,504
875
1,362
4,741
2,432
1,083
1,255
5,369
2,852
997
1,397
6,614
3,764
1,410
1,506
9,701
1,124
691
1,036
485
194
2,581
9,943 10,944
1,309 1,506
676
643
958 1,033
354
404
556
276
2,698 2,740
8,186
1,127
676
908
423
250
2,135
8,988
1,282
680
921
447
243
2,184
8,983
1,284
718
781
279
359
2,309
8,139
1,070
609
798
389
242
2,013
8,144
730
634
875
427
279
2,343
9,725 10,157 10,932
1,056 1,299 1,414
662
690
642
1,127
948 1,
421
439
467
432
283
364
2,581 2,698 2,740
1,955
2,193
1,996
2,300
1,853
1,850
1,902
1,751
1,902
2,092
2,087
2,363
111
448
1,029
309
209
520
246
500
279
560
141
493
133
473
98
462
142
463
181
490
223
499
299
576
1,316 1,294
914
335
235
409
9,908 11,441 11,475 13,12' 9,679
8,467 9,630 9,330
8,220
10,448
1,759
1,822 2,029 2,045
2,214
6,450
6,645 7,601 7,285
8,234
1,460
1,476 1,594 1,541
1,
608
599
498
533
686
2,714 2,547 2,841 2,490
2,362
402
539
423
428
391
1,267 1,336 1,534
937
993 1,079 1,243
767
1,104
884
942
612
880
858
780
1,267 1,597 1,950 2,469 1,331
984 1, —
650
599
495
214
195
174
127
210
913
153
110
44;
1,080
376
1,155
303
9,719 10,135
8,149
8,454
1,797
1,833
6,362
6,712
1,406
1,442
501
2,591
526
2,444
364
404
964
776
847
6,61:
3,587
1,"
1,745
6,454
3,261
1,414
1,729
1,316 1,294
335
409
9,779 10,058 10,91: 12,292 12,689
8,251 8,527 9,220 9,674 10,454
1,089
405
1,029
309
1,155
303
1,849
1,826
1,964
2,125
2,195
6,312
6,697
7,274
7,655
8,139
1,325
1,51:
1,530
1,599
1,779
471
2,415
549
2,362
630
2,547
455
658
2,841
1,362
1,102
1,506
1,197
391
375
589
2,714
447
1,085
874
1,100
899
1,273
1,001
478
641
690
687
767
837
903
953
1,425
713
136
1,435
676
142
751
154
1,349
592
174
1,461
553
214
2,297
1,263
195
2,176
1,208
210
3,218
2,188
1,030
956
508
3,282
2,129
1,153
837
600
3,961
2,599
1,363
1,054
756
3,150
1,916
1,233
739
64'
4,067
2,610
1,457
1,061
767
3,060 2,980
2,215 2,039
908
903
960
937
522
480
2,989
2,011
959
877
517
3,086
2,101
979
854
522
3,296
2,153
1,217
857
637
3,587
2,260
1,312
924
687
3,676
2,341
1,292
964
656
3,901
2,500
1,385
946
790
1,754
1,846
2,152
1,763
2,238
1,592
1,529
1,590
1,735
1,787
1,971
2,030
2,211
2,178
924
1,151
2,227
999
2,688
1,250
1,317
2,528
1,091
1,303
2,829
1,262
1,418
2,129
944
2,126
919
2,366
976
1,264
2,196
924
1,151
2,251
1,009
1,115
2,516
1,157
1,317
2,654
1,173
1,303
2,851
1,263
1,418
121
133
149
1,091
1,182
80
90
717
926
385
512
79
103
898
1,000
439
561
1,115
114
936
993
422
571
1,243
1,123
1,187
1,181
511
670
1,056
490
566
1,250
551
699
90
106
108
108
151
150
759
898
936
1,243
1,123
1,187
834
959
424
545
998
417
584
989
439
566
1,055
422
598
1,102
511
604
1,085
490
597
1,238
551
707
151
-216
235
-142
-850
404
SURVEY OF CURRENT BUSINESS
March 1979
49
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1977
1978
1977
1978
III
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
76
81
Merchandise imports, Census basis, (A-ll). 147,685 172,026 35,379
Foods, feeds, and beverages
13,981 15, 396 3,514
Coffee, cocoa, and sugar
5,469 5,118 1,581
Green coffee
3,910 3,728 1,235
Cane sugar
1,076
723
215
Other foods, feeds, and beverages.
8,513 10,279 1,933
Industrial supplies and materials
76,423 81, 732 19, 056
Fuels and lubricants n> 8
44,983 42, 915 12,248
Petroleum and products
42,346 39, 535 11, 666
Paper and paper base stocks
3,604 3,996
862
Materials associated with nondurable
goods and farm output, n.e.s.
6,741 8,165 1,671
Textile supplies and materials
1,584 1,951
385
Tobacco, unmanufactured
400
322
105
Chemicals, excluding medicinal
3,069 3,766
739
Other (hides, copra, materials for
making photos, drugs, dyes)
1,767 2,049
441
Building materials, except metals
3,312 4,387
Materials associated with durable goods
output, n.e.s
17, 784
Steelmaking materials
.
1,853
Iron and steel products
6,001
Other metals, primary and advanced,
including advanced steel
6,714
Precious metals (gold, silver, platinum).
1,327
Nonmetals (oils, gums, resins, minerals, rubber, tires, etc.)
3,214
Capital goods, except automotive
13,954
Machinery, except consumer-type
13,280
Electrical and electronic, and parts
and attachments
4,365
Nonelectrical, and parts and attachments
8,916
Construction, textile and other specialized industry machinery and
nonfarm tractors
1,670
Other industrial machinery, n.e.s... 3,112
Agricultural machinery and farm
tractors _
1,174
Business and office machines, computers, etc...
1,49
Scientific, professional and service
industry equipment
1,464
Transportation equipment, except automotive
674
22,270
1,848
7,590
3,950
1,621
1,234
235
2,330
3,149
1,027
632
293
2,122
3,368
1,240
809
333
2,128
4,607
516
4,664
58"
4,926
501
1,092
1,499
1,609
1,801
1,743
1,663
1,871
3,544
260
305
308
454
95
Seasonal adjustment discrepancy (D50 less
D51, 56, 72, 84, 90 and 94)
2,862
5,601
374
1,800
5,477
578
1,947
2,309
2,481
2,061
614
569
554
808
945
893
1,158
1,229
1,226
2,37
2,798
547
994
623
1,066
927
1,051
2,267
2,219
2,403
4,275
363
419
444
792
718
774
289
354
367
33
364
34'
358
356
1,945
444
4,237
4,023
4,092
1,316
953
184
2, 776
3,514
1,581
1,235
278
1,933
3,950
1,621
1,234
216
2,330
403
2,004
2,437
856
3,742
358
4,473
496
1,562
1,437
1,743
260
305
808
3,149
1,027
632
225
2,122
3,368
1,240
809
357
2,128
3,864
1,535
1,179
171
2,329
3,853
1,178
887
138
2,675
IV
3,587
1,089
709
211
2,499
4,092
1,316
953
203
2,776
1,908
2,437
454
614
569
554
856
4,237
4,023
945
4,814
4,504
893
4,934
4,632
5,196
4,833
1,436
1,544
444
828
547
994
623
1,066
363
419
774
1,654
1
3,179
646
587
1,125
3,
718
325
382
316
344
482
517
539
605
450
482
496
517
325
295
305
373
276
364
367
429
482
517
539
605
360
356
402
448
484
497
516
165
159
233
213
311
302
363
131
52
4,757
2,187
2,555
2,813
640
215
125
176
36
274
253
51
279
58
5,250
2,362
2,912
3,019
840
5,589
2,350
3,200
3,161
834
5,945
2,553
3,434
3,283
916
6,172
2,560
3,582
3,533
6,608
2,894
3,741
3,697
1,027
1,298
1,603
1,722
5, 487 5,1
2,919 3,179
2,148 2,125
6,540
3,388
2,600
46/
572
3,612
2,864
597
783
779
793
337
346
302
363
274
86
253
51
279
58
4,381
2,347
2,035
2,502
589
5, 259
2,444
2,816
2,971
851
5,826
2,410
3, 416
3,375
878
6,427
2,836
3,591
3, 653
994
5,450
2,119
3,331
3,007
799
6,611
2,992
4,204
2,297
3, 619 1,892
3,639 2,334
563
1,038
143
52
4,459
2,287
2,178
2,485
591
1,290
1,408
1,250
1,437
1,573
1,779
1,645
1,934
1,314
1,365
6,145
3,127
2,447
6,904
3,555
2,751
7,757
3,893
3,237
7,360
3,976
2,814
5, 045 5,402
2,761 2,901
1,900 2,112
572
597
627
779
793
820
783
1,982
2,061
444
792
58
1,125
311
685
1,862
2,481
3,068
176
36
792
1,838
2,309
2,377
646
1,090
5,824
522
1,871
1,226
3,179
5,522
492
1,702
2,798
213
452
802
5,416
353
1,229
215
125
3,359
2,092
308
5,508
481
1,158
927
2,053
233
3,009
2,378
1,663
4,857
485
2,219
1,654
131
52
4,205
1,812
2,392
2,401
554
2,854
2,024
4,712
514
1,051
1,544
3,088
159
602
III
2,267
1,436
3,483
3,318
143
52
4,825
2,530
2,294
2,777
640
103
36
IV
755
3,839
3,606
3,068
3,096
2,979
165
1,189
III
3,536
3,377
898
5,196
4,833
272
429
5,892
550
4,934
4,632
4,814
4,504
828
259
1,367
2,143
3,235
3,587
1,089
709
267
2,499
5,300
346
1,839
755
3,839
3,606
2,053
Consumer durables, manufactured
11,760 14, 551 2,538
Consumer nondurables, manufactured . 8,285 11,249 1,791
Unmanufactured
consumer
goods
401
(gems, nursery stock)
1,751 2,367
Imports, n.e.s. (low value, goods returned,
military aircraft, movies, exhibits)
3,853
1,178
887
144
2,675
802
3,536
3,377
Consumer goods (nonfood), except automotive
21, 790 28,166 4,731 5,329 5,817 5,919
94
3,864
1,535
1,179
128
2,329
3,483
3,318
12,133
982
592
Civilian aircraft, engines, parts
265
231
Civilian aircraft, complete, all types.
Automotive vehicles, parts, and engines.. 18, 670 24,314
From Canada
9,133 10,357
From all other areas
9,537 13, 957
Passenger cars, new and used
10, 651 13, 674
Trucks, buses, and special vehicles
2,634 3,709
Bodies, engines, parts and accessories,
n.e.s...
5,385 6,931
II
18,860 19, 536 18, 971 19,701 20,408 20,596 21, 027 18,802 19, 208 19,480 18,932 19,550 20,601 20,519 21,063
10, 724 11,377 10, 634 10,489 10,476 10,961 10,989 11,890 11, 292 11,192 10,608 10,218 10,959 10,736 11,002
10,078 10, 731 9,871 9,727 9,514 10,146 10, 148 11, 308 10,646 10,546 9,846 9,456 9,997 9,921 10,161
930 1,030
863
987
987 1,008 1,053
995 1,041
868
975
874
2,021
1,732 1,530 2,043 2,170 1,978 1,974 1,589 1,767 1,823 1,562 1,943 2,115 2,0
507
430
353
510
489
509
420
451
420
498
358
421
455
381
483
109
109
89
105
74
134
63
56
125
71
64
82
105
76
77
946
816
979
916 1,005
795
737
940
783
948
706
841
905
721
893
534
523
484
403
534
523
484
465
458
508
458
403
465
441
508
855
761
936 1,133 1,184 1,134
904
897
823
738
958 1,002 1,058 1,131 1,196
1,437
5,:
IV
37,239 36,927 38,140 40,551 43,200 43,145 45,130 36,078 36,651 37,169 37,792 41,366 42,471 43,497 44,708
3,587
249
3,096
2,979
III
II
IV
2,593
19,181
17,992
Seasonally adjusted
843
103
36
401
452
602
792
815
685
75
807
1,898
7,324
3,787
2,922
7,309
3,764
2,863
627
571
820
843
141
See footnotes on page 55.
With the January 1979 data, the Bureau of the Census introduced a new procedure for seasonally adjusting exports and imports.
Under the new procedure, export and import totals represent the sum of seasonally adjusted commodity components. Under the old
procedure, export and import totals were seasonally adjusted independently of the components. The new procedure has been applied
retroactively to January 1977.
SUEVEY OF CUEEENT BUSINESS
50
March 1979
Table 4.—-Selected U.S. Government Transactions
[Millions of dollars]
Line
1977
1977
1978
II
U.S. Government grants (excluding military) and transactions increasing Government assets, total
Al
9,175
10,647
2,329
Seasonally adjusted..
la
1978
III
IV
II
2,360
2,474
2,012
2,489
2,812
2,915
2,431
2,225
2,598
2,187
2,385
2,679
5,027
2,556
566
766
179
587
827
115
711
769
177
593
667
29
IV
By category
Grants, net (table 1, line 34, with sign reversed).
Financing military purchases *
Other grants
2,776
501
2,275
3,028
500
2,528
626
139
487
811
245
565
774
117
657
566
Loans and other long-term assets (table 1, line 44, with sign reversed)
_ ^ _.
Capital subscriptions and contributions to international financial institutions, excluding IMF
.1.
Credits repayable in U.S. dollars
Credits repayable in foreign currencies
Other long-term assets.._
_
_
6,445
7,500
1,772
1,453
1,746
1,475
1,998
2,167
1,654
870
5,507
38
30
867
6,605
26
3
185
1,570
227
1,174
11
40
243
1,516
6
-19
215
1,247
12
1
292
142
1,846
7
3
192
241
1,411
3
-1
-47
-71
119
-94
96
-10
-46
-31
-28
-4
43
-21
-13
-45
-21
-13
110
-14
()
77
198
136
(*)
20
34
(*)
18
42
(*)
16
35
(*)
18
35
(*)
23
32
Foreign currency holdings and short-term assets, net (table 1, line 46, with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from—
Sales of agricultural commodities
_
_
_
Interest
Repayments of principal
_
_
Reverse grants
_
_
_
Other sources
_
_
Less disbursements for—
Grants and credits in the recipient's currency
Other grants and credits..
Other U.S. Government expenditures
_
_
Assets held under Commodity Credit Corporation
Charter Act, net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net
_..
-25
C)
19
45
"19"
14
*16
337
47
17
(*)
306
170
(*)
80
3
107
50
10
(*)
102
13
-23
43
-46
56
870
1,142
4,737
1,482
962
283
337
36
867
1,239
5,525
1,240
1,647
229
306
205
185
188
1,329
507
173
65
80
-37
227
347
1,034
389
262
99
107
109
7,481
3,886
1,190
1,624
1,124
8,273
3,867
1,357
1,575
1,075
2,014
983
273
623
500
239
965
500
250
1,660
138
51
179
-2
(*)
-22
......
(*)
17
33
(*)
3
"""66"
64
4
-40
-19
19
-78
120
243
411
1,188
349
326
58
86
-14
215
196
1,185
237
202
61
63
-21
292
229
1,409
268
252
55
74
60
142
348
1,509
353
462
67
102
32
192
380
1,411
338
616
56
66
-10
241
283
1,196
282
317
52
64
124
1,876
927
309
353
108
2,037
1,132
366
341
224
1,554
844
243
306
306
2,023
925
356
493
314
2,093
1,056
316
349
234
2,467
998
393
430
253
292
304
274
245
89
320
117
48
281
51
186
179
40
306
115
60
473
177
91
634
29
59
247
45
86
11
63
24
74
484
437
458
733
656
752
654
51
175
252
176
752
82
206
323
141
By program
Capital subscriptions and contributions to international financial institutions, excluding
IMF
Under farm product disposal programs
Under Foreign Assistance Act and related programs
_. _
Under Export-Import Bank Act
Other assistance programs
_
_
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)._.
Other (including changes in administrative cash holdings), net.
_
By disposition 3
42
43
Estimated transactions involving no direct dollar outflow from the United States...
Expenditures on U.S. merchandise
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government 5 (line C6)...
By long-term credits..l
By short-term
credits
.
-By grants 1 _
U.S. Government grants and credits to repay prior U.S. Government credits * 4 . _
U.S. Government long- and short-term credits to repay prior U.S. private credits
Increase in liabilities associated with U.S. Government grants and
transactions increasing
Government assets (including changes in retained accounts) 6 (line C l l ) .
—
Less receipts on short-term U.S. Government assets (a) financing military sales contracts 1
and (b) financing repayments of private credits...
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and international financial institutions
2
3
4
5
Receipts of principal on U.S. Government credits
Under farm product disposal programs—
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs.
-
-.
—
-
Receipts on other long-term assets
Cl
129
306
U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 61)
2
Associated with military sales contracts __
_
U.S. Government cash receipts from foreign governments (including principal repayments
on credits financing military pales contracts), net of refunds i
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States
._
Plus financing of military sales contracts by U.S. Government 5 (line A34)
By long-term credits.
By short-term credits *
By grants 1
Less transfers of goods and services (including transfers financed b y grants to Israel, and
b y credits) 12 (table 1, line 3)_...
1,694
2,374
2,720
2,961
2,686
250
776
1,141
518
2,928
216
918
1,096
579
574
52
177
264
81
706
65
218
302
121
34
33
5
27
1,644
2,810
505
332
390
466
719
449
740
653
787
700
822
649
48
240
265
95
780
36
244
299
201
678
46
181
236
215
822
86
253
296
187
4
7
22
804
-312
350
1,968
-382
339
1,016
1,782
405
395
302
336
7,273
8,433
517
1,787
95
1,836
92
1,963
84
1,687
110
141
1,617
131
1,575
1,075
623
486
353
108
341
224
306
493
314
349
234
430
253
179
115
177
1,547
1,842
2,217
1,624
1,124
500
500
138
245
117
7,079
7,710
1,912
1,702
1,918
-2
C)
-1
208
92
116
1,028
1,012
17
102
33
70
(*)
23
9
14
33
64
14
66
1,438
Associated with other liabilities.
Sales of nuclear materials by Department of Energy
Other sales and miscellaneous operations
417
(*)
-1
58
102
80
Associated with U.S. Government grants 6and transactions increasing Government assets
(including changes in retained accounts) (line A40)
---
See footnotes on page 55.
14
107
(*)
(*)
(*)
13
315
Repayments on U.S. Government long-term assets, total (table 1, line 45)
Bl
83
337
1
-1
1
29
17
11
54
34
21
-5
10
-15
(*)
70
23
47
(*)
2,620
146
304
274
29
1,761
(*)
11
-16
26
-1
953
995
-42
SURVEY OF CURRENT BUSINESS
March 1979
51
Table 5.—Direct Investment: Income and Capital
[Millions of dollars]
(Credits+; d e b i t s - )
Line
1977
1977
1978 p
1978
I
II
III
IV
I
II
III'
IV v
U.S. direct investment abroad:
Income (table 1, line 11)
Interest, dividends, and earnings of unincorporated affiliates (table 1, line 12).
Interest
_
-Dividends
..
.Earnings of unincorporated affiliates
__
Reinvested earnings of incorporated affiliates (table 1, line 13)
Capital (outflow(-)) (table 1, line 48)
Equity and intercompany accounts (table 1, line 49) _
Incorporated affiliates
Equity
Increase 1 2
Decrease .
Intercompany accounts
Short-term
_
Long-term...
_
_
_
Unincorporated affiliates.
Reinvested earnings of incorporated affiliates (table 1, line 50)
__.
_
19,851
24,024
4,930
5,191
4,722
5,009
5,587
6,072
5,388
6,976
12,540
786
6,474
5,280
7,312
13,324
n.a.
n.a.
n.a.
10,699
2,986
177
1,424
1,386
1,944
3,165
194
1,625
1,347
2,026
2,900
230
1,443
1,227
1,822
3,489
186
1,983
1,320
1,520
2,956
174
1,304
1,478
2,631
3,583
192
2,085
1,307
2,489
2,795
213
1,362
1,220
2,593
3,990
n.a.
n.a.
n.a.
2,986
-12,215 -15,361
-2,281
-4,062
-3,086
-2,787
-5,085
-4,372
-2,600
-3,303
-4,904 -4,662
-1,669
n.a.
-1,316
n.a.
-2,400
n.a.
1,084
n.a.
-353
n.a.
-683
n.a.
330
n.a.
-3,235
n.a.
-7,312 -10,699
-338
-553
-323
-420
97
-230
-102
-128
215
-1,944
-2,036
-596
-160
-418
258
-436
-505
69
-1,441
-2,026
-1,264
283
-417
-538
121
700
209
491
-1,547
-1,822
-1,266
-804
-416
-1,024
608
-388
-286
-102
-463
-1,520
-2,454
-700
-559
-709
150
-140
-227
86
-1,754
-2,631
-1,883
-688
-567
-751
184
-121
-315
195
-1,196
-2,489
12
-105
-714
609
117
261
-144
-19
-2,593
-317
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-2,986
By industry of affiliate:3
Income (linel):
Petroleum
Manufacturing.
Other
5,482
7,326
7,044
n.a.
n.a.
n.a.
1,451
1,758
1,721
1,384
2,009
1,798
1,229
1,743
1,750
1,418
1,816
1,775
1,558
2,297
1,732
1,356
2,580
2,137
1,019
2,254
2,115
n.a.
n.a.
n.a.
Interest, dividends, and earnings of unincorporated affiliates (line 2):
Petroleum
Manufacturing
._
_
Other.
—
.—
4,478
3,812
4,250
n.a.
n.a.
n.a.
1,090
895
1,001
1,205
855
1,105
841
1,112
1,341
951
1,197
1,142
773
1,041
1,066
1,373
1,144
821
1,045
n.a.
n.a.
n.a.
Reinvested earnings of incorporated affiliates (line 6, or line 17 with sign reversed) :
Petroleum
Manufacturing
Other
.-..
1,004
3,514
2,794
n.a.
n.a.
n.a.
360
863
720
178
1,154
693
631
802
77
865
579
416
1,524
691
290
1,207
993
91
1,433
1,069
n.a.
n.a.
n.a.
-1,613
-884
-2,406
40
n.a.
n.a.
552
-420
-1,638
51
-449
-378
-503
-145
-137
-985
-1,296
-476
-682
-1,171
-80
1,265
-1,059
-214
1,242
n.a.
n.a.
-2,829
-3,730
-553
-767
-702
-807
-535
-1,154
-1,103
-937
Interest, dividends, and earnings of unincorporated affiliates (table 1, line 28). -1,257
-147
Interest...
-781
Dividends . .
-329
Earnings of unincorporated affiliates.-1,572
Reinvested earnings of incorporated affiliates (table 1, line 29)
-1,629
-247
—774
-609
-2,101
-245
-28
-175
-42
-309
-363
-36
-211
-115
-404
-295
-34
-191
-70
-354
-48
-205
-101
-452
-292
-48
-188
-56
-244
-452
-57
-178
-217
-702
-464
-69
-180
-215
-639
-421
-73
-228
-121
-516
Equity and intercompany accounts (outflow(—)) (line 8):
Petroleum
Manufacturing
Other
Foreign direct investment in the United States:
Income (table 1, line 27)
Capital (inflow (+)) (table 1, line 65)
Equity and intercompany accounts (table 1, line 66)
Incorporated affiliates
Equity
Increase i2
Decrease
-..
Intercompany accounts
_
Short-term
_
._
Long-term
Unincorporated affiliates
_
Reinvested earnings of incorporated affiliates (table 1, line 67)
5,611
880
996
1,012
450
812
1,852
2,206
741
3,510
3,353
1,755
1,934
-179
1,598
466
1,132
157
2,101
571
715
230
244
-14
486
652
-167
-144
309
593
604
119
132
-14
485
399
87
-11
404
604
634
2
-105
352
368
-16
-457
-401
-56
103
452
568
655
373
386
-13
282
329
-47
-87
244
1,150
1,032
788
840
-51
244
-90
334
118
702
1,567
1,458
323
396
-73
1,135
331
805
109
225
208
271
313
-42
-63
-104
41
17
516
-1,174
-948
-1,609
-223
-239
-91
-173
-224
-370
-207
-210
-286
-235
-170
-402
-246
-120
-169
-276
-277
-329
-302
-473
-249
-365
-234
-467
-556
-286
-454
-61
-82
-102
-57
-136
-170
-47
-125
-123
-70
-123
-161
-58
-114
-120
-91
-203
-71
-118
-276
-89
-132
-200
-604
-377
-592
-493
-720
-162
-158
11
-116
-88
-200
-160
-85
-165
-47
-241
-189
—f>
-49
-208
-186
-309
-258
-184
-197
-234
-117
-165
42
747
977
306
1,636
1,567
-40
162
449
71
145
37
93
284
227
-83
156
-75
75
283
211
95
801
254
131
567
5
-14
234
1,766
1,828
1,049
1,124
-75
779
815
-37
-63
1,572
-32
266
166
100
-10
By industry of affiliate:3
Income (line 30):
Petroleum
Manufacturing
Other
_
--_
_
-1,148
Interest, dividends, and earnings of unincorporated affiliates (line 31):
Petroleum
Manufacturing
_
Other
Reinvested earnings of incorporated affiliates (line 35, or line 46 with
versed):
Petroleum. _
_
Manufacturing.
_
_
Other....
Equity and intercompany accounts (inflow ( + ) ) (line 37):
Petroleum
.-.
Manufacturing
Other
See footnotes on page 55.
gn re-
SUKVEY OF CUEKENT BUSINESS
52
March 1979
Table 6.—Securities Transactions
[Millions of dollars]
(Credits(+); debits(-))
Line
Al
1977
Foreign securities, net U.S. purchases (—). balance of payments basis (table 1, line
51, or lines 6+17 below)
-5,398
1977
1978
1978 v
-3,389
I
II
III
-736
-1,766
-2,165
-194
-118
-194
-77
-117
-123
-104
97
13
I
IV
III'
II
-731
-949
-1,103
-297
200
330
69
-118
-14
-297
-68
200
-37
330
69
-36
-104
-168
-75
108
31
-229
-269
-54
83
11
237
28
32
180
-3
330
239
-62
159
-6
IV v
-467
Stocks:
Treasury basis, net1
Adjustments:
Less recorded in table 1, line 48 as U.S. direct investment abroad. _. _
Plus exchange of stock associated with direct investment in the United States
Plus other adjustments
_
.
-409
519
3
4
5
6
7
Balance of payments basis net
Newly issued in the United States
-409
-196
519
-115
2
g
Of which Canada
-
9
10
11
12
13
Other foreign stocks
Western Europe
Canada
Japan
Other
. _.
-89
_
-
-
-213
-532
-201
468
52
-
.
634
337
-52
372
-23
-12
132
-12
-16
132
-63
-36
105
13
-53
132
13
-53
4
56
-50
35
-37
195
29
113
46
7
Bonds:
15
16
Treasury basis, net *
._
Ajustments:
Plus additional Canadian redemptions 2
Plus other adjustments
17
Balance of payments basis, net.
14
-5,035
_
18
19
20
Newly issued in the United States By type• privately placed ._
publicly offered
21
22
23
24
25
26
27
28
29
30
Bv area* Western EuroDe
Canada
Japan
- - -Latin America
Other countries
International financial institutions 3
Redemptions of U S -held foreign bonds 2
Canada
Other countries
- -- International financial institutions 3
31
32
33
34
35
Other transactions in outstanding bonds 2
Western Europe
Canada
Japan
-Other
Bl
-3,908
-542
46
_._
.
__ __._
..
-
-
-
U.S. securities, excluding Treasury issues and transactions by foriegn official agencies, net foreign purchases ( + ) , balance of payments basis (table 1, line 69, or lines
5+12 below)
-
- / , 694
-1,
868
-931
-1,279
-1,172
-455
-1,002
46
-4,989
-3,908
-542
- 1 , 648
-1,868
-931
-1,279
-1,172
-455
-1,002
-6,880
-2,577
-4,303
- 5 , 899
-1,896
-4,003
-1,287
-463
-824
-1,998
-602
-1,396
-2,276
-585
-1,691
-1,319
-927
-392
-1,093
-753
-340
-2,275
-409
-1,866
-943
-433
-510
-1,588
-301
-1,287
-1,596
—2,395
-338
-527
-574
—1,450
1,318
505
278
535
-1,707
—3,479
-50
-172
-491
-291
—728
-150
-325
-659
-630
-1,331
-464
-367
-50
-288
-1,122
-283
-275
-45
-64
-50
-264
-62
-77
-101
557
181
33
343
-293
-979
-41
—84
-129
-750
216
85
79
52
-512
-249
1,091
380
189
522
-500
—439
-147
-160
-52
—700
235
153
36
46
310
86
130
94
263
115
62
86
365
90
65
210
198
80
16
102
265
95
46
124
573
445
-267
-291
686
899
723
-60
31
205
188
184
-48
-68
120
115
100
-106
-16
137
192
88
-123
-57
284
78
73
10
-150
145
-449
174
-22
-697
96
737
305
24
223
185
290
235
-12
218
-151
321
9
-50
287
75
2,869
2,899
828
725
513
803
462
1,308
533
596
2,370
562
721
498
894
670
1,259
16
425
-118
Stocks:
2
3
4
6
7
g
g
Treasury basis net1
Adjustments:
2,675
Plus other adjustments *
-1,351
Balance of payments basis net
Western Europe
-.
Canada
Japan
Other
--
-1,098
1,325
1,010
65
33
216
1,272
864
74
73
261
4,336
2,514
_ _ -2, 791
-888
--
-
-232
330
200
46
18
66
-446
-359
275
223
-41
9
84
139
122
4
-3
16
1,500
1,046
-314
580
465
56
9
50
-329
341
389
-48
2
-2
-395
-332
927
769
-26
45
139
-26
-200
83
16
75
30
-94
65
10
49
876
572
Bonds:
10
Treasury basis, net *
11
Adjustments ^ &
12
13
14
Balance of payments basis net
- -New issues sold abroad by U S corporations 5
Investments b y international financial institutions 3 in nonguaranteed
bonds of U S federallv SDonsored acencies
Other transactions in U S bonds
15
16
Of which United Kingdom
See footnotes on page 55.
.
-
..
-
536
-38
-1,050
—672
1,254
-1,031
288
-167
778
-398
-317
-6
1,544
658
1,626
816
498
322
450
161
374
125
223
50
121
65
380
230
559
499
566
22
11
876
313
497
-17
193
—5
294
8
241
25
148
12
44
-17
167
61
-1
257
287
532
297
259
238
-28
63
28
47
97
125
March 1979
SURVEY OF CURRENT BUSINESS
53
Table 7.—Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Line
Al
2
3
4
5
6
7
23
24
Bl
2
3
4
5
(Credits ( + ) ; increase in U.S. liabilities or decrease in U.S. assets.
Debits (—); decrease in U.S. liabilities or increase in U.S. assets.)
Claims, total
Long-term (table 1, line 52)
Short-term (table 1, line 53)
Payable in dollars
By type:
Deposits of major U.S. corporations
Short-term investments of major U.S. corporations i_
Other
By area:
United Kingdom
Other Western Europe
Canada
Japan
Bahamas
Other
Payable in foreign currencies
By type:
Deposits
Of which major U.S. corporations
Short-term investments of major U.S. corporations i_.
Other
By area:
Western Europe
Canada
Japan
Other
Memoranda:
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line
AJj. above)
As reported in Canadian banking statistics
Liabilities, total
Long-term (table 1, line 70) 22
Short-term (table 1, line 71)
Payable in dollars
United Kingdom
Other Western Europe
Japan
Other Asia
Africa
Other
Payable in foreign currencies
Of which Western Europe
1978
1977
1977
1978*
I
II
III
IV
I
II
III'
IV P
Amounts
outstanding
Dec. 31,
1978
-801
-784
1,137
66
1,203
1,106
205
1,184
1,118
-1,184
-279
-905
-582
-2,222
-57
-2,165
-1,883
267
80
187
51
-36
62
-98
307
-265
-52
-213
n.a.
23,739
5,266
18,473
316,291
-2,080
-73
n.a.
-82
207
1,115
-35
44
664
48
406
382
40
-1,004
-1,616
-176
-91
149
82
-180
145
117
45
-758
-96
n.a.
7,744
520
3 8,027
-212
-90
-30
-79
-466
-477
-371
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-45
-39
-14
-2
-438
-246
-17
-589
-46
-67
57
-357
-104
-97
577
263
66
-134
327
19
-155
-268
-15
(•)
2
-146
-323
182
15
-756
-90
-1,045
-189
-282
261
-95
67
65
23
-270
136
-423
-52
74
-9
677
40
-405
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3 2,658
3 2,587
3 2,839
3 884
3 2,283
3 5,040
3 1,969
-177
-159
-127
-67
n.a.
-264
45
n.a.
12
21
-16
-13
-17
-16
-74
-6
34
30
39
-50
-54
-146
-7
-206
-194
-76
-41
64
27
61
-130
-131
47
-322
n.a.
-143
117
n.a.
3 804
873
379
3 786
-130
-124
-65
-52
n.a.
n.a.
n.a.
n.a.
34
46
-55
-42
12
-80
-15
-14
-26
6
38
48
-150
-96
-33
-44
134
-124
157
-31
-119
-214
-58
n.a.
n.a.
n.a.
n.a.
-18
-93
-270
n.a.
56
-188
-82
-389
-15
169
-22
315
-616
-592
61
-57
-26
-387
311
n.a.
1,241
3 3,898
257
-620
877
844
-370
432
473
8
-45
346
33
-122
1,676
-49
1,725
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-346
-220
-126
-181
-242
50
-19
-100
-17
147
55
-46
-412
-176
-236
-121
3
61
4
-178
-3
-8
-115
-76
590
18
572
432
-126
88
415
185
-20
-110
140
5
425
-242
667
714
-5
233
73
101
-5
317
-47
-5
248
-68
316
375
29
113
52
58
-9
132
-59
-21
106
880
854
111
481
56
252
57
-103
26
17
-53
-125
72
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,428
3,454
9,974
3 9,051
3 1,081
31,940
3 793
3 1, 659
3 652
3 2,926
3 851
3 344
-1,700
25
-1,725
-1,354
-2,256
33
-2,289
-978
-29
-347
n.a.
-768
1,389
-19
495
38
457
375
58
48
69
-95
47
248
82
102
3
3
3
3
541
885
273
270
See footnote on page 55.
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
1978
1977
Line
1
2
3
4
5
6
7
g
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
(Credits (+); decrease in U.S. assets. Debits (—); increase in U.S. assets.)
Total
. .
Long-term 22 (table 1, line 54)
Short-term (table 1, line 55)
By area:
Industrial countries 3
Of which United Kingdom
Caribbean banking centers 4
Oil-exporting countries 6
. . .
Other
Of which Latin America
.
-..-..
. . .
Asia
Africa
By type:
Payable in dollars
Banks' claims for own account
On own foreign offices
Of U.S.-owned banks_
Of foreign-owned banks in the United States
On foreign public borrowers 7
On other foreign banks
Of which deposits
On other foreigners
Banks' claims for domestic customers' accounts
Deposits
Negotiable and readily transferable instruments
Collections outstanding and other claims
Payable 8in foreign currencies
. .
Banks laims for own account
Of which deposits
Banks' claims for domestic customers' accounts
Of which deposits
Memoranda:
Claims on foreign public borrowers (incl. in line 17 above)* Long-term 22
Short-term
Claims on all other foreigners (incl» in lines 18-1-20 above)' Long-term 22
Short-term
U.S. banks' dollar acceptances payable by foreigners
.
.. ..
See footnotes on page 55.
1977
1978*
I
II
III
IV
I
II
Ill-
IV*
Amounts
outstanding
Dec. 31,
1978
-11,427 -33,957
-751
n.a.
-10,676
n.a.
3,684
-306
3,990
-4,582
18
-4,600
-1,779
-447
-1,332
-8,750
-16
-8,734
-6,270
-311
-5,959
-503
n.a.
n.a.
-5,622 -21,562
n.a.
n.a.
n.a.
n.a.
129,237
n.a.
n.a.
—3,125 —18 351
1 630
865
908
197
949
1,024
113
-47
—2,649
-1,443
—1,275
-161
—497
-45
-455
-26
407
-38
—786
-400
-1,000
-912
-204
1
-2,513
-1,326
-4,672
-542
-1,023
-676
-382
-39
-1,938
-227
-3,255
-519
-558
-608
65
-18
-2,396
-163
3,684
223
-2,014
-1,337
-829
132
-1,978 -12,039
-4,502
—3 554
-3,447
—8,605
-6,565
-1,908
-106
-3,550
-2,131
-2,397
-4,995
-3,259
-1,575
-198
53,715
14,003
30,590
8,931
36,001
23,347
10,268
1,087
— 10,905 —32,251
3,977
—4,741
-1,804
-8,337
-6,243
1,076
6
880
4,253
- 5 , 5 9 5 -21,489
- 5 , 5 9 3 -19,596
-1,616 -5,891
2,515 - 4 , 8 0 8
-4,131 -1,083
-1,670 -2,042
-1,317 -8,561
691 - 1 , 0 2 6
-990 -3,102
-1,893
-2
-472
-81
- 3 0 -1,037
-384
109
-73
-27
-119
-390
411
-276
46
36J
3
160
125,225
114,216
40,892
27,964
12,928
10,048
40,009
5,714
23,267
11.009
972
4,762
5,275
4,012
3,612
1,797
400
87
-1,387
-857
-1,048
-10,442
5,315
4,497
9,952
53,486
n.a.
n.a.
-1,942
—5 825
-906
— 1,571
—609
-928
-111
n.a.
n.a.
n.a.
n a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-522
-1,706
n.a.
8 162 s -1,123
n.a.
m
-1,853
6
n.a.
n.a.
6-332
-2,013
« -712
« -1,028
8
-293
8 -37
o
n.a.
n.a.
n.a.
n a.
n.a.
-432
25
-413
8 16
8 -123
159
8 306
m
o
-419
-489
m
-513
-562
-1,852
-754
-1,038
-1,361
431
-22
n.a.
n.a.
n.a.
n.a.
-27
-1,579
n.a.
8 -7
s -592
n.a.
n.a.
n.a. -1,005
-582
n.a.
-501
n.a.
n.a. -2,275
n.a.
320
n.a.
SUEVEY OF CUEEENT BUSINESS
54
March 1979
Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
(Credits ( + ) ; increase i n foreign assets.
Debits (—); decrease in foreign assets.)
Line
Al
8
9
10
11
12
13
14
15
16
17
18
Bl
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
42
Foreign official assets in the United States, net (table 1, line 57)_
By area: (see text table B)
U.S. Treasury securities (table 1, line 59)..
Bills and certificates.
_
Denominated in U.S. dollars
_
_.
Denominated in foreign currencies
_
__
Bonds and notes, marketable.
Bonds and notes, nonmarketable
Denominated in U.S. dollars
Denominated in foreign currencies
Other U.S. Government securities (table 1, line 60)
Other U.S. Government liabilities (table 1, line 61)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,
line 62) 3
Banks' liabilities for own account, payable in dollars 4
Demand deposits
Time deposits 3 *
Other.
Banks' custody liabilities, payable in dollars * *
Other foreign official assets (table 1, line 63).
Other foreign assets in the United States: U.S. Treasury securities and
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,
lines 68, 72, and 73)
By area:
Industrial countries 6
Caribbean banking centers 7
Oil-exporting countries 8
Other countries.
International financial institutions 9
By type:
Foreign commerical banks..
U.S. Treasury bills and certificates
U.S. liabilities reported by U.S. banks
3
Banks' liabilities for own account 4 .
Payable in dollars
To own foreign offices "
Of U.S.-owned banks
Of foreign-owned banks in the United States...
To other foreign banks
Demand deposits.
Time deposits 3 *
Other
Payable in foreign currencies
Banks' custody liabilities, payable in dollars 4 6
International financial institutions 9 .
U.S. Treasury securities
Bills and certificates.
Marketable bonds and notes
U.S. liabilities reported by U.S. banks«...
Banks' liabilities for own account, payable in dollars *
Demand deposits
_
Time deposits 3 *
Other
Banks' custody liabilities, payable in dollars 4 *
Other private foreign residents and unallocated
U.S. Treasury securities
Bills and certificates....
Marketable bonds and notes
Nonmarketable bonds and notes
U.S. liabilities reported by U.S. banks 3
Banks' liabilities for own account, payable in dollars «..
Demand depo3 its
Time deposits 3 4
_
Other
Banks' custody liabilities, payable in dollars * »
Memorandum:
Negotiable certificates of deposit held for foreigners *
1977
1977
1978*
II
III
IV
II
III'
37,124
33,967
5,451
7,884
8,246
15,543
15,760
-5,685
4,852
30,294
10,094
10,094
24,063
19,788
19,533
255
5,323
2,642
2,642
5,123
923
923
6,948
-521
-521
12,900
7,050
7,050
12,965
11,483
11,483
-5,728
-3,751
-3,751
2 3,029
-581
-581
4,367
-167
-81
-86
610
417
7,237
232
318
-86
627
332
6,535
-685
-565
-120
973
2,412
-930
-1,748
-229
-95
-134
211
-312
752
-163
n.a.
428
-565
909
1,456
n.a.
-724
-149
2,329
418
-493
n.a.
-364
106
502
395
47
467
371
20,328
-128
249
-377
2,308
1,644
1,707
-1,098
656
2,810
2,189
492
577
-85
98
505
773
n.a.
734
-564
1,203
2,105
5,043
n.a.
-310
308
5,045
1,395
-725
n.a.
-756
-565
596
250
7,282
19,108
-4,323
4,870
3,891
2,844
567
1,204
3,128
1,175
2,496
-721
10,634
4,639
1,048
2,765
22
-4,433
-182
260
417
2,435
2,066
56
217
96
128
3,086
437
958
-718
3,074
-1,842
422
5,299
22
5,277
15,131
60
15,071
n.a.
n.a.
n.a.
-4,490
-11
-4,479
3,768
-8
3,776
3,876
25
3,851
n.a.
67
519
166
982
-26
-796
-134
117
804
-721
-283
-1,996
1,713
n.a.
52
-431
2,704
824
42
782
1,880
n.a.
288
1,183
409
94
80
-51
3,955
2,289
43
651
12 1,595
1,6
n.a.
224
851
591
6,912
8,946
86,822
286
-202
608
-44
-141
346
447
275
430
963
568
3,146
3,977
-239
870
-842
7,243
-221
901
1,073
-50
43,780
12,615
4,985
17,688
7,754
2,145
16
2,129
-151
20
-171
1,197
40
1,157
-3,749
-4,144
0-3,268
7,492
7
7,485
7,261
6,920
7,169
4,926
2,243
-249
-451
14
188
341
224
-842
-1,193
114
-1,307
351
288
-121
-19
428
63
262
133
-2
135
6,593
-7
6,600
6,545
6,475
4,047
-277
4,324
2,428
1,525
222
681
70
55
-50
-100
-835
735
50
154
186
-5
-27
-104
2,403
1,680
-26
111
12 1,595
723
405
207
157
41
318
59,078
300
58,778
54,259
52,219
36,585
13,489
23,096
15,634
11,239
1,491
2,904
2,040
4,519
7,754
5,323
201
5,122
2,431
12 1,595
15,774
13,032
4,246
8,380
406
2,742
851
10,894
904
784
n.a.
-79
390
265
n.a.
81
420
473
-236
445
n.a.
433
-118
130
25
-73
1,728
1,006
222
-81
n.a.
-147
491
42
n.a.
n.a.
124,497
67,650
67,395
255
35,877
20,970
20,624
346
6,324
14,579
2,683
286
-283
-1,170
887
569
-87
35
-1,159
552
166
50
116
2 13,797
12,637
12,382
2 255
275
2,727
2 885
2883
1,464
1,134
2 - 2 5 1 2-579
-115
443
350
1,968
22,956
11,681
3,388
2,329
5,964
11,275
8,632
-718
758
-645
1,403
-1,476
n.a.
-14
29
-1,491
733
468
237
231
-1,584
-222
-1,362
1,680
176,988
3,134
2,226
81
-234
2,379
908
256
-235
637
n.a.
n.a.
-385
826
41
785
-1,211
19,040
946
1,005
697
585
-277
-59
84
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
22
-101
-476
375
123
Amounts
outstanding
Dec. 31,
1978
1978
n.a.
17
61
491
413
-32
-164
132
346
621
612
9
-275
n.a.
14
17
io-876
io-31
io-387
io-579
712
10 287
568
571
-367
n.a.
15
87
-105
918
236
20
216
-306
372
240
51
189
682
n.a.
430
475
132
n.a.
277
158
-223
10 173
129
-287
-110
-58
-119
416
397
94
507
1,500
19,990
4,216
282
2,339
See footnotes on page 55.
Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables:
r
Kevised.
» Preliminary.
*Less than $500,000 ( ± ) .
n.a. Not available.
Table 1:
1. Credits, -f: exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debts, —: imports of goods and services; unilateral transfers to foreigners; capital outflows
(decrease in foreign assets (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 (see line 16).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage,
and timing) of Census statistics to balance of payments basis; see table 3.
4. For all areas, amounts outstanding December 31, 1978, were as follows in millions of
dollars: line 38, 18,650; line 39, 11,671; line 40, 1,558; line 41,1,047; line 42, 4,374.
5. Includes sales of foreign obligations to foreigners.
6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes.
7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,
and of debt securities of U.S. Government corporation and agencies.
8. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies; see table 4.
9. Consists of investment in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
10. Beginning with estimates for the second quarter of 1978, the distinction between shortand long-term liabilities is discontinued.
11. Conceptually, the sum of lines 79 and 74 (total, all areas) is equal to "net foreign investment" in the national income and product accounts (NIPA's) of the United States. However,
the foreign transactions account in the NIPA excludes reinvested earnings of incorporated
foreign affiiliates of U.S. direct investors and of incorporated U.S. affiliates of foreign direct
investors; beginning with 1973-IV, shipments and financing of extraordinary military orders
placed by Israel are also excluded. Line 77 (total, all areas) differs from "net exports of goods
and services" in the NIPA due to the omission in the NIPA of net reinvested earnings,
shipments of extraordinary military orders placed by Israel, and U.S. Government interest
payments to foreigners. The latter payments are classified in a separate category in the foreign
transactions account in the NIPA's. A reconciliation table of the international accounts and
the NIPA's foreign transactions accounts appeared in table 4.3 in the presentation of the
N I P A ' s in t h e J u l y 1978 SURVEY OF C U R R E N T B U S I N E S S .
March 1979
SURVEY OF CURRENT BUSINESS
12. Due to the introduction of new reporting forms for bank-related transactions, the maturity breakdown for bank claims is not available at this time.
13. Includes foreign currency denominated notes sold to private residents abroad. See
table 9, line 35, footnote 12.
14. In the third and fourth quarters of 1978, realized profits and losses incurred in the foreign
exchange operations of the U.S. Government are reflected in U.S. foreign currency reserve
assets (line 42) and U.S. Treasury securities (line 59). Previously, these profits and losses were
included in U.S. Government income (line 15). Data prior to the third quarter of 1978 will
be revised in the June SURVEY.
55
2. Sales and liquidations of capital stock and other equity holdings, total and partial.
3. Petroleum includes the exploration, development and production of crude oil and gas
and the transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining and the smelting operations of mining
companies. "Other" industries includes industries other than petroleum and manufacturing,
the major ones being agriculture, mining and smelting, public utilities, transportation, trade,
insurance,financeand services.
Table 6:
1. 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 (+) correTable 2:
spond to net U.S. sales (+).
For footnotes 1-14, see table 1.
2. Redemptions consists of scheduled retirements and identifiable premature retirements of
Table 3:
U.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; imU.S. residents based on Canadian statistics. Unidentifiable nonscheduled retirements appear
ports, Census basis, represent transaction values, f.a.s. foreign port of exportation.
in line 31.
2. Adjustments in lines A6, A14, B8, B24, and B40 reflect the reconciliation of discrepancies
3. Consists of International Bank for Reconstruction and Development (IBRD), Interin the merchandise trade statistics published by the United States and the counterpart
national Development Association (IDA), International Finance Corporation (IFC), Asian
statistics published by Canada. Since mid-1977, these adjustments have been estimated.
Development Bank (ADB), and Inter-American Development Bank (IDB).
3. Exports of military equipment under U.S.- military agency sales contracts with foreign
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate
governments (line A7), and direct imports by the Department of Defense and the Coast
stocks and in debt securities of U.S. Government corporations and agencies, private corporaGuard (line A15), to the extent such trade is identifiable from Custom declarations. These tions, and State and local governments. These investments are included in table 1, lines
exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales 60 and 63.
contracts); and the imports are included in tables 1, 2, and 10, line 19 (direct defense
5. Securities newly issued byfinancesubsidiaries incorporated in the Netherlands Antilles
expenditures).
are included to the extent that the proceeds are transferred to U.S. parent companies.
4. Addition of electrical energy; deduction of exposed motion picture film for rental rather
than sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-owned Table 7:
1. Consists of negotiable and other readily transferable foreign obligations payable on
grains in storage in Canada; net timing adjustments for goods recorded in Census data in one
demand or having a contractual maturity of not more than one year, including loans payable
period but found to have been shipped in another; and coverage adjustments for special
on demand. Excludes other types of loans, acceptances and accounts receivable.
situations in which shipments were omitted from Census data.
2. Includes funds obtained by finance and subsidiaries incorporated in the Netherlands
5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
Antilles from sources other than sales of newly issued securities to the extent that they are
unadjusted annual totals.
6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad, transferred to U.S. parent companies.
3. Outstanding amounts as of December 31,1978.
which are included in tables 1, 2, and 10, line 22 (other transportation); deduction of imports
Table 8:
from Panama Canal Zone; net timing adjustments for goods recorded in Census data in one
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the data
period but found to have been shipped in another; and coveraged adjustments for special
series for components of claims on foreigners reported by U.S. banks beginning with amounts
situations in which shipments were omitted from Census data.
outstanding at the end of April 1978. Only partial data are available for the second quarter
7. Annual and unadjusted quarterly data shown in this table correspond to country and
on the new basis; data on the old basis are available in the June and September 1978 SURVEY.
area data in table 10, lines 2 and 18, except that imports from international organizations,
2. Beginning with estimates for the second quarter of 1978, long-term claims are defined as
namely, purchases of nonmonetary gold from the IMF, are included in data for Other countries in Asia and Africa. The memorandum items are defined as follows: Developed countries: claims having more than one year remaining to contractual maturity.
3. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; OPEC:
4. Mainly in the Bahamas and the Cayman Islands.
Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates,
Indonesia, Algeria, Libya, Nigeria, Gabon; Other Developing countries: Latin American Re- 5. Based on data for Ecuador, Venezuela, Indonesia and other Asian and African oilexporting countries.
publics, Other Western Hemisphere, and Other countries in Asia and Africa, less OPEC
6. Based on data for May and June.
and the IMF.
7. Includes central governments (central banks, departments, and agencies), state, pro8. The BEA definition for "petroleum and products" (lines C12, C24, and D58) includes
propane and butane, in line with current Bureau of Mines and Federal Energy Admin- vincial and local governments, and international and regional organizations.
8. Prior to third quarter 1978, banks' deposits for own account are commingled with those
istration practice.
for domestic customers' accounts.
9. The statistical identification of automotive products exports to Canada (line D36) is
not as complete and comprehensive as the identification of imports under the U.S.-Canada
Table 9:
Automotive Products Trade Act. However, the underestimation of automotive shipments
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the data
to Canada due to unreported exports, amounting to about $1,760 million in 1977, largely has series for some components of liabilities reported by U.S. banks beginning with amounts
been corrected in line C18.
outstanding at the end of April 1978. Data on the old basis are available in the June and Sep10. Includes nuclear fuel materials and fuels.
tember 1978 SURVEY.
2. See footnote 14 to table 1.
NOTE.—The "seasonal adjustment discrepancy lines" {BIS, B29, Bfi, C22, C37, D£9 and
3. The distinction between long- and short-term liabilities is discontinued beginning with
D95) show the difference between total exports and imports and the sum of major items
the second quarter of 1978; for prior quarters, all long-term liabilities are combined with shortindependently adjusted.
term time deposits.
Table 4:
4. Negotiable certificates of deposit issued to foreigners by U.S. banks are included with
1. Expenditures to release Israel from its contractual liability to pay for defense articles
U.S. banks' custody liabilities, and are shown in the memorandum.
and services purchased through military sales contracts—authorized under Public Law
5. Mainly negotiable and readily transferable instruments; excludes U.S. Treasury
93-199 and subsequent similar legislation—are included in line A3. Deliveries against these securities.
military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of the
6. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
military expenditures is applied in lines A38 and A41 to reduce short-term assets previously
7. Mainly in the Bahamas and the Cayman Islands.
recorded in lines A36 and C8; this application of funds is excluded from lines C3 and C4. A
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oilsecond part of line A3 expendituresfinancesfuture deliveries under military sales contracts exporting countries.
and is applied directly to lines A37 and C9. A third portion of line A3, disbursed directly to
9. Mainly the International Bank for Reconstruction and Development (IBRD), Interfinance purchases by Israel and other countries from commercial suppliers, is included in national Development Association (IDA), International Finance Corporation (IFC), Asian
line A32.
Development Bank (ADB), Inter-American Development Bank (IDB), and the Trust
2. Transactions under military sales contracts are those in which the Department of Defense Fund of the International Monetary Fund.
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
10. Based on data for May and June.
Purchases by foreigners directly from commercial suppliers are not included as transactions
11. Beginning in the second quarter 1978, coverage is expanded from Western Europe,
under military sales contracts. The entries for the several categories of transactions related to
Canada, Japan, Bahamas and Cayman Islands to all countries.
military sales contracts in this and other tables are partially estimated from incomplete data.
12. Consists of U.S. Treasury notes denominated in foreign currencies, sold through foreign
3. The identification of transactions involving direct dollar outflows from the United States
central banks to domestic residents in country of issue; notes are subject to restricted transferis made in reports by each operating agency. However, such data for the fourth quarter 1978
ability.
are only extrapolated estimates by BEA, because of incomplete reports from one operating
Table 10:
agency, and are to be revised in future issues of the SURVEY.
For footnotes 1-9, see table 1.
4. Line A33 includes foreign currency collected as interest and lines A38 and B2 include
10. See footnote 11 to table 1.
foreign currency collected as principal, as recorded in lines A13 and A14, respectively.
11. The "European Communities (9)" includes the "European Communities (6)", the
5. Includes (a) advance payments of the Department of Defense (on military sales contracts)
United
Kingdom, Denmark and Ireland.
financed by loans extended to foreigners by U.S. Government agencies and (b) the counter
12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxemvalue of the part of line C10 which was delivered without prepayment by the foreign purbourg, the Netherlands, the European Atomic Energy Community, the European Coal and
chaser. Also includes expenditures of appropriations available to release foreign purchasers
Steel Community, and the European Investment Bank.
from liability to make repayment.
13. Includes transactions with U.S. affiliated shipping companies operating under the
6. Excludes liabilities associated with military sales contracts financed by U.S. Governflags of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,
ment grants and credits and included in line C2.
finance, and insurance companies, not designated by country.
Table 5:
14. Details not shown separately; see totals in lines 57 and 64.
1. Acquisition of capital stock of existing and newly established companies, capitalization
In. Details not shown separately are included in combined lines 72 and 73.
of intercompany accounts, and other equity, contributions.
16. See footnote 12 to table 1.
SUEVEY OF CUEEENT BUSINESS
56
March 1979
Table 10.—U.S. International
[Millions of
Western Europe
(Credits + ; debits - ) i
Line
1978
1977
1978 »
II '
Exports of good sand services 2 ...
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
_
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners. _
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investment
Interest, dividends, and earnings of unincorporated amliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts
U.S. military grants of good sand services, net
Unilateral transfers (excluding military grants of goods and services), net
U.S. Government grants (excluding military grants of goods and services) .
U.S. Government pensions and other transfers
Private remittances and other transfers
:
U.S. assets abroad, net (increase/capital outflow (—))
2,420
1,850
413
750
155
13,720
8,769
208
223
89
570
552
114
210
45
15,514
9,895
266
358
153
715
568
114
213
47
14,768
9,400
270
412
219
749
588
113
217
58
18,374
11,546
436
329
143
685
611
113
220
37
7,126
4,406
2,720
1,922
136
9,850
4,533
5,317
3,152
121
2,393
1,003
1,390
608
-61
2,562
1,546
1,016
711
-87
1,861
838
1,023
783
3,034
1,147
1,887
1,049
171
35
15
-13,847
-8,774
-845
-296
-481
-605
-60
-42
-252
-15,580
-9,163
-892
-732
-732
-658
-49
-42
-249
-84
-16,061
-9,125
-983
-1,088
-667
-713
-72
-42
-251
-86
-16,216
-9,555
-968
-467
-443
-736
-79
-42
-247
-97
-843
-304
-539
-1,036
-1,101
-743
-324
-419
-1,141
-1,151
-763
-333
-431
-1,425
-1,394
10
58
-47,547
-28,226
-3,064
-2,103
-2,153
-2,410
-155
-163
-982
-279
-61,704
-36,617
-3,688
-2,583
-2,323
-2,711
-259
-168
-999
-355
-1,805
-833
-972
-3,360
-2,846
-2,735
-1,197
-1,538
-4,562
-4,704
U.S. private assets, net
Direct investment
E quity and intercompany accounts
Reinvested earnings of incorporated affiliates
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
..
S hor t-1 erm
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities «
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by 9U.S. banks, not included elsewhere
Other foreign official assets
Other foreign assets in the United States, net
D irect investment
E quity and intercompany accounts
Reinvested earnings of incorporated affiliates
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights..
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 18) 10
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines
77, 35, and 36)
Balance on current account (lines 77 and 33) 10
See footnotes on page 55.
-236
-150
-960
-1,058
-10
-58
-4
-5
-35
-15
-295
-117
-453
-268
-131
-480
343
-76
-27
-117
-55
-32
-118
-83
-41
-120
78
-55
-31
-125
100
-23,558
-2,980
-3,910
-13,780
-2,906
-62
-37
-2,803
276
-11,068
U.S. official reserve assets, net 4_.
Gold
Special drawing rights
Reserve position in the International Monetary FundForeign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans ahd other long-term
assets
Repayments on U.S. loans s
U.S. foreign currency holdings and U.S. short-term assets, net
IV V
62,376
39,610
1,179
1,322
603
2,720
2,319
454
859
187
51,467
34,076
1,146
Transfers of goods and services under U.S. military grant programs, net..
Imports of good sand services.
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
_
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment..
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
III r
2
-2,8
-2,906
-62
-4
-37
-2,803
-202
-808
637
-31
-686
-1,373
740
-53
-91
-226
115
21
-261
-445
175
-175
-424
191
57
-159
-278
259
-141
-10,868
-5, 453
- 2 , 733
- 2 , 720
-1,585
-19,966
-8,191
-2,874
-5, 317
-586
-2.827
-2,357
-966
-1,390
113
- 2 , 623
-1,721
-706
-1,016
-295
- 3 , 698
-1,465
-442
-1,023
-161
-10,818
- 2 , 648
-761
-1,887
-244
96
-422
-113
-314
5
353
24
-625
-67
-220
-282
-3,222
103
-10,865
-75
178
103
-790
i« -965
" -1,471
977
10,205
-1,567
5,956
30,335
24,599
37,652
23, 605
6,264
6,324
304
(14)
5,737
2,322
1,350
972
(14)
2,051
190
676
(14)
(14)
14,047
3,873
2,334
1,538
-60
360
210
150
(14)
427
1,724
-580
-60
142
209
59
418
(14)
04)
(14)
(14)
(14)
04)
129
2,544
1,335
796
539
14
( )
975
-67
(14)
> - 7 , 639
20,206
12,891
(14)
73
284
(14)
4,249
1,673
1,254
419
4
7,314
504
74
431
221
111
152
-127
-29
0)
102
04)
04)
-22,893
-i4,~497
-3,082
2,032
-4,919
-8,528
5,850
3,921
3,743
3,626
2,993
672
534
403
-5
-127
-176
-203
732
-67
-121
275
-1,293
- 1 , 335
-1,376
1,991
2,158
2,134
2,103
SURVEY OF CURRENT BUSINESS
March 19T9
57
Transactions, by Area
dollars]
1978
1978
\
1977
1978*
1977
I
I
II'
III'
1978 P
I
IV P
II'
III'
IV P
11,037
7,072
136
170
70
331
505
93
145
26
12,373
8,021
92
282
118
424
508
93
148
29
11,439
7,568
121
322
188
443
523
93
152
37
14,378
9,252
210
236
109
394
535
93
154
19
10,463
6,033
126
199
142
464
501
70
156
27
12,777
7,090
187
297
189
502
637
77
180
38
3,068
1,675
14
53
28
104
180
19
42
11
3,212
1,904
16
84
45
133
147
19
44
11
2,821
1,532
23
102
70
140
164
19
46
9
3,675
1,979
134
58
46
125
146
20
48
8
27,563
19,553
471
525
219
843
1,058
263
347
53'
34,658
23, 717
355
670
277
967
1,367
289
396
62
7,577
5,158
118
110
39
203
311
73
98
13
8,718
5,848
74
185
69
257
343
73
99
16
8,211
5,784
92
210
111
268
341
72
99
24
10,153
6,927
71
165
58
239
373
72
100
8
1
2
3
4
5
6
7
8
9
10
5,617
3,642
1,975
1,484
156
7,955
3,555
4,400
2,436
127
2,001
753
1,248
473
16
2,115
1,254
862
541
2
1,371
602
769
606
16
2,468
947
1,522
816
93
1,802
806
996
850
93
2,131
1,063
1,068
1,362
88
654
149
505
284
5
509
336
173
296
6
372
259
114
337
5
596
320
276
445
72
3,556
2,750
807
618
57
5,478
2,474
3,004
1,047
34
1,261
589
672
182
10
1,521
905
616
239
-6
937
353
583
263
10
1,759
627
1,133
363
19
11
12
13
14
15
—1
—1
(*)
(*)
(*)
(*)
-1
-12,742
-6,476
-414
-772
-646
-653
-56
-76
-521
-26
-2,776
-1,523
-107
-73
-133
-145
-15
-18
-131
-6
-3,359
-1,713
-97
-177
-186
-159
-10
-19
-130
-5
-3,404
-1,612
-105
-385
-202
-172
-11
-19
-130
-9
-3,202
-1,628
-106
-137
-125
-177
-20
-20
-130
-6
-25,552
-16,163
-2,230
-759
-891
-857
-36
-66
-280
-128
-33,916
-21,576
- 2 , 778
-873
-948
-998
-81
-68
-294
-164
-7,688
-5,125
-640
-132
-181
-221
-13
-17
-75
-34
-8,404
-5,313
-653
-269
-314
-241
-17
-17
-74
-41
-8,825
-5,469
-753
-329
-266
-260
-22
-17
-73
-41
-9,000
- 5 , 669
-733
-143
-187
-275
-29
-18
-72
-47
17
18
19
20
21
22
23
24
25
26
-686
-246
-440
-735
-959
-658
-261
-397
-944
-1,114
-459
-239
-220
-1,091
-402
-776
-340
-436
-1,584
-742
-70
-38
-32
-333
-222
-304
-89
-216
-368
-191
-208
-91
-117
-386
-166
-194
-122
-71
-497
-163
-1,125
-433
-692
-1,048
-1,970
- 1 , 691
-603
-1,087
-1,392
-3,055
-310
-159
-151
-291
-649
-437
-153
-285
-318
-709
-478
-154
-323
-346
-770
-466
-137
-328
-437
-926
27
28
29
30
31
(*)
(*)
-381
-198
-182
-628
-886
1
1
1
119
23
-311
432
149
—12
-332
493
-8,829
-17,884
2
- 2 , 746
2
—2,746
218
—67
327
-42
255
—9
316
-53
49
-9,048
-4,343
-2,368
-1,975
-1,250
-744
-242
-502
-689
-917
(*)
1
(•)
29
-5
-82
115
49
—5
-87
141
-59
-59
-17
-14
-15
-13
-81
105
49
—1
-82
132
-46
-13
-51
-8
-13
-5
-13
-1
-13
-2
-13
1
-1,997
-1,730
-2,882
-11,275
-4,416
-7,056
-470
-880
-1,292
-4,414
-26
9
- 2 , 729
—26
9
—2,729
110
-5
57
57
2
39
10
95
—4
83
15
-15,393
-6,602
- 2 , 202
-4,400
136
-2,045
-1,755
-508
-1,248
157
-1,798
-1,525
-664
-862
-142
110
-436
-81
-342
-37
192
-2
284
-363
-2,767
133
-8,636
26,123
26,425
4,688
1,077
7,697
(15)
(15)
(15)
(15)
(15)
•
16
(*)
-9,862
-5,135
-383
-585
-577
-586
-22
-74
-524
-25
-2,468
-947
-1,521
-2,995
-3,876
2,116
1,202
915
-1
-12,605
-7,560
-856
-292
-334
-496
-55
-38
-204
-55
-1,588
-673
-915
-2,149
-2,421
(15)
_ j
- 4 8 , 3 0 5 - 1 0 , 8 1 3 -12,209 - 1 2 , 6 7 9
- 2 9 , 060 - 6 , 891 - 7 , 2 8 6 - 7 , 3 2 3
-3,251
-761
-876
-758
-522
-794
-1,823
-215
-500
-536
-1,706
-336
-477
4
4
1
-404
-1,818
-23
-35
-143
-30
-37
-36
-147
-36
-205
-206
-208
-823
-52
-48
-41
-196
89
>
IV v
1977
49,227
31, 913
558
1,010
485
1,591
2,070
371
600
111
-36,779
-22,119
-2,672
-1,492
-1,571
-1,595
-58
-143
-813
-158
'
III'
Line
1978
1978 P
39,483
26,503
612
758
380
1,416
1,609
337
522
89
_ j
(
I
II'
European Communities (6) 13
United Kingdom
European Communities (9) u
133 {16-413
-735
414
"(15)
32
(15)
3,651
2,130
1,521
337
155
182
125
217
—1
-241
459
1
247
— 12
-255
513
32
(*)
49
—1
-62
112
72
—1
-63
136
53
—5
-63
120
73
—5
-67
145
33
34
35
36
-1,451
-4,059
-10,344
-829
-1,502
-6,561
37
2
-2,746
-26
9
- 2 , 729
2
—2, 746
—26
9
- 2 , 729
38
39
40
41
42
-75
24
-99
43
44
45
46
129
42
72
137
-135
153
—16
168
(*)
3
142
-12
12
-9
14
-1
12
29
104
-32
63
-44
138
-32
-3,001
- 1 , 244
-474
-769
154
-8,548
-2,079
-557
-1,522
-33
-4,569
- 2 , 284
-1,288
-996
-152
-7,186
-2,608
-1,540
- 1 , 068
82
-473
-641
-136
-505
256
-892
-701
-528
-173
-328
-1,334
-458
-344
-114
144
-4,486
-808
-533
-276
11
-4,123
- 1 , 794
-987
-807
-1,037
- 7 , 702
-3,550
-546
-3,004
60
-1,491
-1,023
-351
-672
-93
-870
-760
-144
-616
192
-1,584
-692
-108
-583
7
- 3 , 757
-1,076
57
-1,133
-46
47
48
49
50
51
31
-610
-73
-208
35
-227
-102
-56
-22
161
-32
332
22
-480
-70
-69
76
-209
20
-295
-15
21
29
-54
9
-136
-3
-126
52
53
6-1,333 16-6,155
(
-52
{ -1,890
151
- 4 , 653
151
-378
f 16-163
-327
-833
-16
- 3 , 921
-16
-365
} 18-277
14,716
469
-774
-2,070
10,963
24,786
5,172
2,876
6,389
(15)
(15)
(15)
12,964
(15)
205
(15)
(15)
1,251
750
502
1,706
1,266
440
(15)
(15)
(15)
53
(15)
357
-40
397
C)
(15)
536
316
220
(15)
(15)
61
13
(15)
26
(15)
(15)
1,009
573
436
-85
-117
32
f
16-562 i«-3,550 \
968
(15)
(15)
26
(15)
797
581
216
2,345
71
(15)
248
131
117
(15)
(15)
49
-22
71
40
24
16
66
—4
61
9
(15)
58
T-63
103
—5
153
-44
72
-1
43
30
278
(15)
(15)
1,552
860
692
2,647
1,559
1,087
(15)
(15)
64
-9
(15)
415
264
151
(15)
454
169
285
(
18 - 7 7 2 16-2,507 I
f 58
(15)
97
(15)
(15)
1,467
1,144
323
56
10,349
126
54
55
310
-18
328
]
59
[
60
61
62
V4
63
1(
\
I
64
65
1,650
2,265
517
898
578
271
1,237
1,767
339
628
467
333
416
493
174
273
111
-66
66
67
68
69
-557
-279
60
417
140
282
-61
53
105
144
-124
-62
-260
-476
102
196
68
142
-5
-25
75
122
-36
-43
-272
189
-41
219
71
131
-53
80
29
27
-88
-19
70
71
15 3,380 15-1,190
"4,959
1512,469
15 13, 679 15-2,666 is-1,264 15-3,491
15-15
is 2,104
15 9,020
15 21,191
15 4,390
15 2,057
(
15 4, 629 is 10,115 I
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
} 15 23,103
1519,618
-20,117
-9,612
-2,938
440
-3,603
-3,511
-10,841
6,611
969
3,110
922
1,609
-9,132
-15,431
-3,660
-2,432
-4,326
-5,014
72
73
74
75
4,384
2,704
2,824
2,823
2,853
922
1,083
1,071
181
224
•248
248
735
164
215
214
245
-1,240
- 1 , 207
-1,211
1,692
1,773
1,827
1,822
898
601
542
542
614
35
-24
-24
152
292
275
275
191
-147
-161
-161
-80
-583
-598
-598
351
473
460
460
3,390
2,011
2,229
2,228
2,141
743
1,001
989
33
-110
-61
-61
535
314
387
386
315
-614
-556
-561
1,258
1,153
1,231
1,226
76
77
78
79
SUKVEY OF CUREENT BUSINESS
58
March 1979
Table 10.—U.S. International
[Millions of
Eastern Europe
Line
(Credits + ; debits - ) i
1978
1977
1978
IV v
III'
Exports of g o o d s and s e r v i c e s 2
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
_
_
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners_
Fees and royalties from unaffiliated foreigners
Other private services
.
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts
Transfers of good sand services under U.S. military grant programs, net.
Imports of good sand services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation..
_
_
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
_
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
._
_
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
3,323
2,912
4,312
3,835
1,016
907
1,523
1,407
971
850
802
671
122
153
36
35
40
42
117
59
117
75
-1,326
-1,127
-2
-61
-13
-55
-1,744
-1,509
-3
-94
-12
-62
-407
-370
•)_
-1
-14
-417
-360
-1
-19
-6
-17
-440
-351
-1
-52
-4
-16
-480
-428
-1
-19
-1
-16
-25
-24
-7
-7
-5
-14
-3
-3
C)
-26
-32
-10
(*)
O
-6
-6
-4
-4
(*)
(*)
33
34
35
36
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of good sand services), net
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
.
-62
-1
-19
-42
-69
-12
-18
-21
-20
-20
-49
-1
-11
-6
-11
-7
-13
-5
-15
37
U.S. assets abroad, net (increase/capital outflow (—))
-11
-515
-28
-173
-237
-77
-202
-347
106
40
-419
-617
174
24
-119
32
1
-126
-182
41
15
-174
-247
67
7
191
-96
58
-47
-63
-44
-53
-10
i« 9
-75
16 _ 3 4
67
31
66
32
38
39
40
41
42
U.S. official reserve assets, net *
Gold
Special drawing rights
_
Reserve position in the International Monetary Fund.
Foreign currencies
44
45
46
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
_
_
_
Repayments on U.S. loans 6
U.S. foreign currency holdings and U.S. short-term assets, net
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
70
71
72
73
74
75
U.S. private assets, net
Direct investment..
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
_
Short-term
_
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
_
Short-term
_
_
-1
-3
-27
Foreign assets in the United States, net (increase/capital inflow ( + ) )
Foreign official assets in the United States, net..
_
U.S. Government securities
_
_
U.S. Treasury
securities*
Other7
8
Other U.S. Government liabilities
U.S. liabilities reported by 9U.S. banks, not included elsewhere
Other foreign official assets __
Other foreign assets in the United States, net..
_
Direct investment
_
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term..
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term..
_
Short-term
124
2
3
-72
107
89
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
1
(15)
See footnotes on page 55.
-1
-3
Allocations of special drawing rights
Statistical discrepancy (sum of above i t e m s with sign reversed)
Memoranda:
B a l a n c e on m e r c h a n d i s e t r a d e (lines 2 a n d 18)
B a l a n c e on goods a n d services (lines 1 a n d 17) 10
Balance on goods, services, a n d r e m i t t a n c e s (lines 77, 35, a n d 36)
Balance on c u r r e n t a c c o u n t (lines 77 a n d 33)«>
-75
1,785
1,997
1,936
1,935
-6
35
-5
1
-1
19
15 58
15 - 7 0
1547
-1
15 15
15 66
-2,073
-495
-982'
-305'
-291
2,326
2,568
2,499
2,499
537
609
598
1,047
1,106
1,089
1,089
499
531
510
510
243
322
302
302
SURVEY OF CURRENT BUSINESS
March 1979
59
Transactions, by Area—Continued
dollars]
Latin American Republics and Other Western Hemisphere
Canada
1978
1
1977
1977
1978 »
I
II'
HI"
IV v
38,141
28,293
77
2,150
41,817
31,061
80
2,244
9,467
6,842
30
675
11,142
8,428
14
583
9,823
7,150
22
607
11,386
8,641
14
379
559
670
48
477
13
600
715
52
551
20
131
156
12
131
2
160
183
13
134
7
154
194
14
141
9
3,341
1,425
1,916
2,497
18
3,345
1,600
1,745
3,132
17
755
229
526
731
3
904
321
583
710
6
698
214
484
832
3
-33,245
- 2 9 , 664
-184
-1,433
-37,576
-33,804
-171
-1,400
-8,522
-7,910
-53
-128
-9,804
-8,823
-34
-350
-471
-126
-9
-370
-31
-515
-143
-9
-412
-33
-91
-32
-2
-99
-5
-120
-36
-2
-102
-20
-144
-43
-2
-105
-4
-374
-112
-262
-421
-163
-343
-136
-208
-606
-140
-44
-14
-29
-129
-30
-144
-64
-80
-137
-36
-144
-129
-29
-128
-16
-146
17
-4,687
-9,182
1978
1978'
I
1977
III'
II"
Japan
IV v
Line
1978
1978'
I
II'
III'
IV*
156
182
14
145
2
30,435
17,921
128
2,128
240
827
333
74
745
72
37,753
22,010
64
2,417
332
933
330
81
832
78
8,003
4,624
23
490
60
203
78
20
196
19
9,215
5,490
17
603
60
242
96
20
201
19
9,798
5,617
14
701
131
253
72
21
208
19
10,737
6,279
10
623
81
236
85
21
227
21
14,199
10,566
33
436
300
805
300
289
120
31
17,950
12,945
59
520
295
869
431
318
146
54
3,637
2,619
11
143
88
180
94
76
37
8
4,235
3,058
23
132
55
228
110
78
37
21
4,770
3,339
8
136
74
239
123
81
36
17
5,307
3,929
17
109
78
223
105
83
36
8
1
2
3
4
5
6
7
8
9
10
988
837
152
859
6
3,913
2,371
1,542
3,756
298
4,489
2,631
1,858
5,874
313
974
617
357
1,237
79
1,074
599
476
1,310
82
1,183
698
485
1,503
77
1,258
718
540
1,824
74
512
356
156
763
44
1,064
516
547
1,206
44
137
83
54
231
14
215
116
99
270
8
386
220
165
320
13
326
97
229
385
9
11
12
13
14
15
13
17
6
2
4
5
(*)
(*)
(*)
-9,110 - 1 0 , 1 4 1
-7,730 - 9 , 3 4 1
-43
-40
-207
-715
-160
-32
-2
-106
-5
-27,819
-21,162
-191
-2,962
—233
-660
-4
-6
-776
-279
-31,228
-23,029
-251
-3,228
—242
-798
-10
-6
-787
-339
-7,578
- 5 , 671
-47
-852
—74
-169
-3
-2
-206
-76
-7,656
-5,706
-68
-780
—56
-211
-2
-2
-197
-86
-7,748
- 5 , 624
-64
-855
-70
-203
-5
-1
-188
-85
-8,246
-6,028
-71
-741
-42
-215
-1
-1
-196
-92
-22,305
- 1 8 , 565
-811
-149
-125
-1,270
38
-15
-81
-46
-29,543
- 2 4 , 474
-947
-155
—129
-1,430
66
-15
-85
-43
-6,790
-5,753
-209
-17
—36
-319
19
-4
-21
-8
-7,503
-6,229
-249
-49
—39
-355
19
-4
-21
-11
-7,726
-6,363
-245
-46
—40
-378
21
-4
-22
-13
-7,525
-6,129
-245
-43
-14
-377
7
-4
-22
-11
17
18
19
20
21
22
23
24
25
26
-144
-50
-93
-148
-35
-13
-7
-6
-192
-39
-355
-215
-140
-1,105
-87
-398
-135
-263
-2,038
-103
-78
-22
-56
-374
-27
-85
-29
-57
-436
-27
-117
-44
-73
-516
-20
-118
-40
-78
-712
-29
-248
-45
-203
-236
-797
-189
-91
-99
-422
-1,720
-22
-8
-15
-77
-343
-60
-34
-26
-96
-410
-84
-29
-55
-106
-447
-23
-20
-4
-143
-522
27
28
29
30
31
-17
—6
—2
—4
-5
-38
-29
-34
-220
-65
-36
-119
-20
-22
5
-207
-58
-37
-111
-23
-38
4
-197
—52
-36
-109
-17
-38
9
-205
-71
-36
-98
-81
-37
-1
-829
—247
-145
-437
-43
-34
-762
-268
-129
-365
-8
-35
-21
-61
-5
-12
-5
-17
-5
-14
-2,471
-2,340
-1,642
-2,730
-11,692
-16,470
-5,863
1,509
-4,319
-7,798
614
-5,967
-1,348
-427
92
-5
-17
-4,285
37
— 13
(*)
(*)
16
32
(*)
33
34
35
36
300
-1,637
-1,637
38
300
-1,637
-1,637
41
42
39
40
19
-8
27
8
-12
20
(*)
5
-3
6
2
-5
-7
3
-1
4
-1
6
(•)
3
-2
5
-1
-529
-1,120
566
25
-431
-1,044
617
-5
-60
-215
163
-8
-101
-272
170
1
-187
-326
138
1
-83
-230
146
1
46
-57
105
-2
-18
-100
62
19
5
-19
21
3
-6
-25
19
(•)
-16
-26
5
6
-2
-31
19
10
43
44
45
46
-4,705
-1,507
409
-1,916
-2,357
-9,190
-1,159
586
- 1 , 745
-3,299
-2,476
-416
110
-526
-627
-2,335
-400
183
-583
-1,307
-1,646
-563
-79
-484
-348
-2,733
221
372
-152
-1,016
-11,463
-3,632
-2,090
-1,542
-151
-16,039
-3,729
-1,870
-1,858
181
-5,803
-496
-139
-357
39
1,610
-614
-139
-476
139
-4,132
-1,148
-663
-485
-24
-7,714
-1,471
-930
-540
26
568
-283
-127
-156
-308
-4,312
-703
-155
-547
391
-1,353
-1
53
-54
-525
-421
-165
-66
-99
381
108
-186
-20
-165
202
-2,645
-351
-122
-229
333
47
48
49
50
51
-210
-154
-18
-972
-19
-57
34
-222
-19
54
109
-752
89
-171
15
859
19
-26
11
-144
-7
-102
-18
-304
6
222
8
-15
-3
-5
52
53
203
I
-680
27
-3,770
143
-748
-495
-11,391
20
-1,410
$
-14
-747
27
-699
2,167
«-3,834
«-6,263 f
«-2,619 fI
54
55
-21
1,490
-342
9,687
1,865
845
4,611
13
-518
8,217
i«98
2,535
13
-3,904
13,150
•i«-865
-448
65
1,227
6,350
-1,217
2,572
3,578
(
-1,063
116
-706
930
(14)
-1,106
(14)
10
-10
9
179
99
80
(14)
764
59
-35
93
(14)
470
-35
-40
6
(14)
(14)
C)
»• -552 18 -547 »-1,972 ( - 9 1 8
I -6,120
1,468
5,517
-495
-3,461
18
2,366
56
f
1 0 4 ) 10
(14)
1 (14)
(14)
|
(14)
5
(14)
155
2,479
420
212
208
(14)
178
-16
104
6
66
299
614
36
262
-4
(u)
685
218
188
29
%
(14)
-29
-4
26
998
" (15)
(14)
(15)
(15)
(15)
(15)
(15)
22
(15)
(15)
470
207
263
187
47
140
(15)
(15)
-4
(15)
12
-44
56
(15)
10
(15)
70
14
57
(15)
-2
(15)
17
290
217
73
(15)
99
21
78
280
351
26
206
71
9
41
2
5
—9
149
-51
354
-36
180
—1
68
-14
112
-6
5 8,541 i«l,687
15 492
is 4,155
"2,207
(u)
(14)
(14)
(15)
(15)
(15)
(15)
" 4,878
1
49
1,071
20
37
3
1,012
60
61
273
211
30
104
-25
102
62
63
64
65
66
67
68
69
-92
501
-53
170
-54
72
1
38
-1
57
1
3
70
71
15 2,376
"2,370
(72
173
74
573
370
203
(15)
(15)
67
(14)
140
(15)
(15)
137
-1
-6
(15)
I
32
>
(15)
C7
1 58
I 59
(15)
671
573
99
(15)
15 4,956 15 11,080
(15)
(15)
176
162
15
(15)
(15)
242
216
26
(15)
15 7,973 15-1,639
(15)
91
87
4
162
108
55
(15)
(15)
[
383
2,475
1,576
-451
1,299
50
4,322
1,088
3,779
-3,716
-2,136
3,161
1,185
4,492
-3,699
4,934
311
2,946
75
-1,371
4,896
4,752
4,752
-2,743
4,241
4,112
4,112
-1,068
945
916
916
-395
1,338
1,301
1,301
-580
713
684
684
-700
1,245
1,211
1,211
-3,241
2,615
2,121
1,853
-1,019
6,525
5,943
5,696
-1,047
424
290
219
-216
1,559
1,414
1,362
-7
2,051
1,902
1,844
251
2,491
2,336
2,271
-7,999
-8,106
-8,149
-8,149
-11,529
-11,593
-11,675
-11,675
-3,134
-3,152
-3,170
-3,170
-3,171
-3,268
-3,291
-3,291
-3,024
-2,955
-2,975
-2,975
-2,200
-2,218
-2,240
-2,240
76
77
78
79
SUEVEY OF CURKENT BUSINESS
60
March 1979
Table 10.—U.S. International
[Millions
Australia, New Zealand, and South Africa
(Credits + ; debits - ) »
Line
1978
1977
1978 P
II'
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel
Passenger fares
Other transportation.
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Eeceipts of income on U.S. assets abroad:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts
III
IV
5,842
3,777
34
154
126
182
208
43
132
3
6,901
4,210
211
212
118
212
228
47
157
3
1,395
865
23
30
22
44
51
11
33
1
1,771
1,057
41
66
42
57
62
11
37
1
1,681
1,040
74
76
28
59
58
12
42
1
2,054
1,248
74
40
26
52
57
13
45
1
911
624
288
249
23
1,153
709
444
332
19
255
168
87
58
3
295
195
100
94
7
222
109
113
66
236
144
114
—1,054
—904
—1,174
—1,051
—6
—24
—30
-21
-1,224
-1,104
—8
—19
—33
-24
(*)
Transfers of goods and services under U.S. military grant programs, net..
Imports of goods and services
Merchandise, adjusted, excluding military 3_
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
_
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
—3,302
— 2 , 792
—20
—112
—115
-83
2
-1
-29
-30
—4,440
—24
—150
—132
-93
(*)
-31
-37
—5
—45
—43
-21
(*)
(*)
-8
C)
(*)
-8
-11
C)
—1,546
—1,381
—6
—62
—26
-26
(*)
(•)
-8
6
-12
-11
4
-2
7
-12
-11
-4
-8
4
-14
-11
-7
-9
-10
-8
-2
-5
-3
-7
-2
-6
-206
-421
-204
-26
25
26
-1
-3
-6
6
-3
11
-3
11
3
-446
-249
-149
-100
-177
-201
-137
-24
-113
-11
-37
-234
-90
-144
11
-23
-16
-7
-34
-65
-1
-18
17
-49
-42
-1
-3
2
-11
-32
-34
-24
-10
-24
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))
-1,029
U.S. official reserve assets, n e t 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
F oreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 5
U.S. foreign currency holding and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
Foreign securities
U.S. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. Claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
_
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities6
U.S. Treasury
securities
Other 7
8
Other U.S. Government liabilities . . .
U.S. liabilities reported by 9U.S. banks, not included elsewhere
Other foreign official assets
Other foreign assets in the United States, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 18) 10
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines
77, 35, and 36)
Balance on current account (lines 77 and 33) 10
See footnotes on page 55.
-
50
-17
65
3
36
-11
48
-1
-1,079
-383
-95
-288
-273
-892
-756
-312
-444
-174
-209
-136
-49
-87
-14
-2
12
33
12
-86
-626
-341
150
(15)
-28
-35
7
(15)
2
-17
58
75
-17
(15)
17
is _686
5
-5
18-14
i -58
"191
-57
-334
(15)
(15)
4
9
-6
-101
(15)
-25
(15)
(15)
(15)
1
3
-2
fl
(15)
70
27
(15)
(15)
7
-12
(15)
(15)
81
97
(15)
(*)
(*)
-56
-380
(15)
1
-3
5
16
23
n
(15)
(15))
37
41
-4
1
-4
25
17
-27
2
1594
5-148
is - 2 9 5
15 - 1 5 0
-853
-671
-278
—116
91
-373
985
2,539
2,507
2,507
-230
1,902
1,868
1,868
-39
341
334
334
597
588
588
-64
457
447
447
-133
508
499
499
SUKVEY OF CURRENT BUSINESS
March 1979
61
Transactions, by Area—Continued
of dollars]
International organizations and unallocated «
Other countries in Asia and Africa
i
f
I
1978 v
1977
1978 *
II'
I
Line
1978
1978
1977
III'
IV
I
P
37,956
23,031
5,658
308
213
1,385
362
60
1,049
141
44,829
28,173
6,108
355
222
1.548
475
66
1,242
164
10,154
6,139
1,547
65
45
343
116
15
269
39
11,700
7,253
1,849
113
51
395
120
16
296
36
11,258
7,094
1,502
97
73
398
107
17
326
40
11,716
7,687
1,211
80
54
412
132
18
352
49
1,842
2,087
4
8
683
43
769
56
167
14
381
64
449
69
3,843
3,118
725
1,207
700
3,920
3,244
676
1,708
848
1,027
809
218
367
183
958
790
168
383
232
991
720
271
434
180
944
925
19
525
254
206
241
-36
370
90
171
199
65
51
30
53
-55,299
-49,516
-1,472
-631
-150
-851
-8
-1
-118
-330
-58,759
-51,363
-2,095
-754
-163
-921
-5
—1
-126
-357
-14,022
-12,329
-473
—174
-37
-222
—3
(*)
-30
-80
-14,165
-12,348
-524
-194
-39
-208
-2
(*)
-31
-88
-15,432
-13,550
-535
—204
-50
-241
(*)
(*)
-32
-93
-15,140
-13,136
-563
—182
-37
-250
—1
(*)
-34
-97
-24
-36
12
-935
-1,263
-64
-53
-11
-1,374
-1,535
-5
-9
4
-290
-378
-22
-15
-7
-329
-380
-21
-15
-6
-328
-379
-16
-14
-2
-428
-398
-65
-51
-30
-53
III'
II
494
567
IV P
544
482
194
14
203
13
206
15
104
15
109
16
115
19
121
19
205
92
112
429
103
47
48
-1
138
9
64
17
47
80
84
48
—3
51
136
11
46
31
15
75
11
12
13
14
15
-2,945
-654
-3,357
-752
-793
-185
-812
-178
-927
-283
-824
-106
-54
-1,463
-52
-1,634
-16
-368
-7
-405
-14
-437
-15
-424
-1
-332
-1
-359
-52
(*)
-131
17
18
19
20
21
22
23
24
25
26
-36
-105
-31
-117
27
28
29
30
31
-125
-125
-70
-70
1
2
3
4
5
6
7
8
9
10
8
16
-123
-319
(*)
-130
-429
(*)
-93
-84
-34
-98
-29
-110
-81
-81
-92
-92
(*)
32
-171
-199
-3,080
-2,100
-227
-753
-3,297
-2,283
-260
-754
-829
-586
-58
-185
-929
-650
—64
-215
-778
-546
-63
-169
-761
-501
—75
-185
-290
-290
-4,764
-7,677
-2,765
-1,922
-278
-2,714
-2,014
5,478
309
80
441
4,648
37
-533
-118
—121
-294
5,415
-65
1,249
4,231
308
333
152
-16
324
—104
437
-43
195
4,622
-65
1,412
3,275
38
39
40
41
-368
-368
33
34
35
36
-2,345
-3,566
1,210
12
-2,663
-3,856
1,294
-102
-645
-891
308
-62
-663
-1,005
353
-11
-862
-1,103
286
-45
-494
-857
347
17
-517
-521
5
-483
-488
5
-202
-206
3
-62
-62
-35
-36
2
-184
-184
43
44
45
46
-2,420
-1,055
-330
-725
301
-5,014
-1,104
-428
-676
-183
-2,119
-1,846
-1,628
-218
15
-1,259
-885
-717
-168
-1
584
606
877
-271
-163
-2,220
1,022
1,041
-19
-35
-964
98
62
36
-1,024
546
280
392
-112
279
204
167
166
1
33
-191
-337
-290
-47
153
323
293
344
-51
38
211
158
173
-15
55
47
48
49
50
51
-2
-312
24
-113
28
94
—2
-94
-20
-111
18
-2
1
1
1
1
52
53
151
-1,502
23
-3,661
23
-433
I8 - 2 7 7
18 272
18 - 3 , 2 2 3
"-I
3
-16
3
-638
-418
330
304
-1,193
141
-638
-418
330
304
-1,193
141
10,273
846
(IS)
1,062
(15)
955
(15)
-15
(15)
-3
-12
1,365
(IS)
(15)
(15)
(15)
-2,005
(15)
574
119
108
11
}
-567
(15)
46
49
—4
-62
100
(15)
23
16
7
(15)
1,547
(15)
(15)
18-6
18 -_7
45
43
2
6
ia-3
{
\
I '
I
1
(15)
(15)
|
1
848
6
(*)
{
f
1
-1
(15)
(15)
(15)
(15)
(15)
(15)
(15)
-44
59
259
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
82
164
12
61
74
8
185
-4
665
-5
-56
1
94
530
97
» 8,951
"-1,053
18 794
18-1,617
u -771
18 541
is-664
18-685
18 337
18 348
14,915
24,059
6,096
7,320
5,292
5,351
4,046
-3,423
-259
-48
1,261
-4,377
72
73
74
75
-26,485
-17,343
-18,323
-20,423
-23,190
-13,930
- 1 4 , 944
-17,227
-6,190
-3,867
-4,110
-4,696
-5,095
-2,465
-2,744
-3,394
-6,456
-4,174
-4,407
-4,953
-5,449
-3,424
-3,683
-4,184
-654
-1,104
-1,104
-1,394
-752
-1,270
-1,270
-1,638
-185
-299
-299
-380
-178
-245
-245
-337
-283
-384
-384
-509
-106
-342
-342
-412
76
77
78
79
16
26
268
70
71
18-1,252
f
is - 1 1 8 X
SUEVEY OF CURRENT BUSINESS
62
(Continued from page 43)
lion and to non-OPEC developing
countries $8.7 billion. About threefourths of the increase to industrial
countries was accounted for by Japan,
Canada, the United Kingdom, and
France. Among the non-OPEC developing countries, Argentina, Brazil, and
Colombia had large increases. The
increase in claims to Caribbean banking
centers, at $3.5 billion, was about half
the 1977 increase.
U.S. official reserve assets decreased
$0.9 billion, after a $0.2 billion increase
in 1977. Transactions were dominated
by the initial steps implementing the
dollar support program. The United
States drew the equivalent of $3 billion
on its IMF reserve position, $2 billion
in German marks and $1 billion in
Japanese yen. Also, the United States
sold $1.4 billion of SDR's to Germany
and Japan, and acquired $1.6 billion in
marks through the sale of markdenominated notes (with the cooperation of the German Bundesbank) to
private German residents. Other transactions affecting reserve assets were the
IMF repayment to the United States of
funds lent under the General Arrangements to Borrow, and the U.S. acquisition of gold as part of the IMF restitution program to return gold to its
members.
Net U.S. purchases of foreign securities were $3.4 billion, compared with
$5.4 billion in 1977. More than half of
the decline was due to the absence of
the World Bank from the U.S. bond
market and a reduction in Canadian
borrowing. Canadian borrowing would
have been even lower except for substantial Government borrowing, principally in the second and fourth
quarters, to acquire reserves to support
the Canadian dollar in exchange markets. High U.S. interest rates also may
have slowed foreign borrowing, especially in view of the ample liquidity in
international markets. The dollar's decline in foreign exchange markets also
made dollar-donominated issues less
attractive.
Net capital outflows for U.S. direct
investments abroad were $15.4 billion,
compared with $12.2 billion in 1977.
Outflows on equity and inter-company
accounts declined to $4.7 billion from
$4.9 billion; outflows for reinvested
earnings increased to $10.7 billion from
$7.3 billion. Among equity and intercompany accounts, for petroleum affiliates, there was a shift to a small net
inflow from outflows of $1.6 billion.
Outflows to most major areas declined,
except to the United Kingdom, where
they were unchanged. There was a
large inflow from Canada because of
the sale of two U.S. affiliates in the
third and fourth quarters. For nonpetroleum affiliates, outflows, at $4.7
billion, where $1.4 billion more than in
1977.
Foreign assets in the United States
Foreign assets in the United States
increased $63.3 billion, compared with
a $50.9 billion increase in 1977. Foreign
official assets increased $34.0 billion,
$3.2 billion less than in 1977 but still
high by past standards. Bank-reported
liabilities to other foreigners and international financial institutions increased
$19.1 billion, more than 2% times the
1977 increase.
The increase in foreign official assets
was more than accounted for by industrial countries, whose holdings
increased $34.6 billion, up from a $28.9
billion increase in 1977 (table B). The
increases were especially large in the
first and fourth quarters, when net
dollar purchases in exchange markets—
particularly by West Germany, Switzerland, and Japan—accounted for most
of the increase. Holdings of marketable
U.S. Treasury bonds declined to $5.4
billion, from $15.1 billion; in contrast,
holdings of short-term obligations
doubled to $21.2 billion. The increase
in official Japanese dollar holdings included a large fourth-quarter prepayment for uranium enrichment. Official
dollar assets of members of OPEC
declined $0.6 billion and those of nonOPEC developing countries showed
no net change, following increases of
$6.7 billion and $1.5 billion, respectively, in 1977. The shifts were primarily due to the sale of marketable
Treasury bonds. Partly offsetting were
large prepayments by Iran and Saudi
Arabia associated with military sales
contracts.
March 1979
Liabilities to private foreigners and
international financial institutions reported by U.S. banks (lines 68, 72, and
73, table 2) increased $19.1 billion, following a $7.3 billion increase in 1977.
Inflows from Western Europe, at $5.4
billion, were up from $1.4 billion, and
were concentrated in the same countries
that had large increases in claims—the
United Kingdom, Belgium, France,
Germany, the Netherlands, and Switzerland. (The increase in liabilities to
Germany included $1.6 billion of markdenominated notes sold as part of the
dollar support program.) Canada also
showed a large increase. Increases for
the developing countries were widespread, with Caribbean banking centers
accounting for $4.7 billion, up from $3.1
billion. Inflows were especially large in
the second half of the year, when U.S.
interest rates on certificates of deposit
and other short-term instruments
moved significantly above most foreign
interest rates.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $2.9 billion, unchanged from 1977.
Purchases of Eurobonds issued abroad
by U.S. corporations, and foreign purchases of outstanding U.S. bonds, were
unchanged. Net foreign purchases of
U.S. stocks were down slightly for the
year, although there were unusually
high net purchases in April.
Net inflows for foreign direct investments in the United States increased
$5.6 billion, compared with a $3.3
billion increase in 1977. Decisions to
expand direct investment positions or
make new investments in the United
States may have been spurred somewhat by the dollar's depreciation, in
addition to strong U.S. sales and earnings of foreign firms already established
in the United States. Equity and intercompany accounts increased $3.5 billion,
compared with $1.8 billion; inflows on
both equity and intercompany accounts
of incorporated affiliates increased significantly, to $1.6 billion and $1.8
billion, respectively. Western Europe
and the United Kingdom accounted for
much of the step-up in equity inflows,
which were widespread geographically.
Reinvested earnings increased $2.1
billion, compared with $1.6 billion.
March 1979
SURVEY OF CURRENT BUSINESS
63
U.S. Department of Commerce Secretarial Representatives
Region I
Maine
Vermont
New Hampshire
Massachusetts
Connecticut
Rhode Island
Helen M. Keyes
411 Stuart Street
Boston, Massachusetts 02116
Phone: FTS 8-223-0695
Commercial 617-223-0695
Telecopy 223-0699
Region VI
Louisiana
Arkansas
Oklahoma
New Mexico
Texas
Edward L. Coker
Federal Bldg., Room 9C40
1100 Commerce Street
Dallas, Texas 75242
Phone: FTS 8-749-2891/92
Commercial 214-749-2891
Telecopy 749-3446/2476
Region II
New York
New Jersey
Virgin Islands
Puerto Rico
Bernard H. Jackson
Federal Bldg., Room 3722
26 Federal Plaza
New York, New York 10007
Phone: FTS 8-264-5647
Commercial 212-264-5647
Telecopy 264-9399/9248/4740
Region VII
Missouri
Iowa
Nebraska
Kansas
Louis Gene Bickel
Federal Bldg., Room 1844
601 East 12th Street
Kansas City, Missouri 64103
Phone: FTS 8-758-3961
Commercial 816-374-3961
Telecopy 758-5112
Region III
Pennsylvania
Delaware
Maryland
West Virginia
Dist. of Col.
Virginia
Dianne Semingson
Wm. J. Green Federal Bldg.
500 Arch Street, Room 10424
Philadelphia, Pennsylvania 19106
Phone: FTS 8-597-7527
Commercial 215-597-7527
Telecopy 597-0676/2409/7139
Region VIII
Colorado
Utah
Wyoming
Montana
North Dakota
South Dakota
Stephen L.R. McNichols
Title Bldg., Room 515
909 17th Street
Denver, Colorado 80202
Phone: FTS 8-327-4285/4286
Commercial 303-837-4285
Telecopy 327-3968
Region IV
Kentucky
Tennessee
Mississippi
Alabama
Florida
Georgia
North Carolina
South Carolina
Paul Hemmann
1365 Peachtree Street
Suite 300
Atlanta, Georgia 30309
Phone: FTS 8-257-3165
Commercial 404-881-2026
Telecopy 257-2026
Region IX
Arizona
Nevada
California
Hawaii
Allen Haile
Federal Bldg., Box 36135
450 Golden Gate Avenue
San Francisco, California 94102
Phone: FTS 8-556-5145
Commercial 415-556-5145
Telecopy 556-3238/7826
Region X
Idaho
Washington
Oregon
Alaska
Leonard Saari
Federal Bldg., Room 3206
915 Second Avenue
Seattle, Washington 98174
Phone: FTS 8-399-5780
Commercial 206-442-5780
Telecopy 399-4470/5353
Region V
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Loren A. Wittner
CNA Bldg., Room 1402
55 East Jackson Blvd.
Chicago, Illinois 60604
Phone: FTS 8-353-4609/4643/5185
Commercial 312-353-4609
Telecopy 353-2418
U.S. GOVERNMENT PRINTING OFFICE : 1979 O - 288-330
SUKVEY OF CUEEENT BUSINESS
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CURRENT BUSINESS STATISTICS
1_ HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1975
IV
1976
I
II
1978
1977
III
IV
I
II
III
IV
I
II
III
IV
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTt
Gross national product, totalt
bll.$._
Personal consumption expenditures, total, -do
1,887. 2
, 107.6
',598.0
t, 649. 7 1,685.4 1,715.6 1,749.8 1,806.8 1,867.0 1,916.8 1,958.1 1,992.0
2,087.5 2,136.1 '2,214.8
1,206.
, 340.1
1,021.6
1,053.8 1,075.1 1,098.4 1,133. 7 1,167.7 1,188.6 1,214. 5 1,255. 2 1,276.7
1,322.9 1, 356.9
178.
81.
71.
1,403.9
Durable goods, total?
do____
Motor vehicles and parts
do. _..
Furniture and household equipment.-.do....
Nondurable goods, total 9
do....
Clothing and shoes
do..
Food
_t
-do....
Gasoline and oil
.do....
197.5
89.7
143.5
60.6
60.8
152.2
67.7
61.9
154. 7
69.1
63.0
156.7
69.5
64.2
162.8
72.6
66.5
173.2
81.3
68.0
175.6
81.2
69.9
177.4
79.5
72.0
187.2
84.0
75.3
183.5
84.1
72.1
197.8
92.5
76.5
199.5
89.8
78.9
' 209.1
'92.6
83.2
526. 5
479.
89.0
81.
245. ! 2f>9.4
51.2
46.5
421.4
72.2
216.6
40.5
430.3
73.8
219.4
41.4
437.4
74.2
223.9
41.9
444.5
76.1
227.4
43.0
458.3
78.5
232.3
45.1
465.9
78.5
237.5
46.1
473.6
79.3
244.5
45.2
479.7
81.4
246.4
46.0
496.9
86.7
252.6
47.5
501.4
82.9
257.7
48.3
519.3
87.5
267.8
49.1
531.7
90.5
272.0
51.5
' 553.4
'95.3
' 279.9
'55.8
Services, total9
Houshold operation
Housing
Transportation
549.2
81. t
184. C
44.2
(.41. 4
91.3
207.3
52.6
456.7
66.7
156. 3
34.0
471.3
69.3
160.2
36.0
483.0
70.2
164.7
37.0
497.2
73.5
168.2
38.7
512.6
78.2
172.3
39.8
528.6
80.2
177.3
40.8
539.4
78.0
182.1
43.5
557.5
83.7
186.9
45.0
571.1
84.6
192.0
47.3
591.8
89.6
198.1
49.7
605.8
89.9
204.1
52.1
625.8
92.6
210.1
53.7
' 641.4
'94.1
217.0
55.0
297.8
345.6
203.9
231.5
243.5
249.9
247.1
272.5
295.6
309.7
313.5
322.7
345.4
350.1
' 364.0
306.0
205.6
68.5
137.1
325.3
220.1
76.6
143.5
336.5
227.5
80.9
146.6
'350.5
' 237.1
'85.1
' 152.0
do.___
-do_._.
_do.
do..]
Gross private domestic investment, total....do.
Fixed investment
Nonresidential
Structures
Producers' durable equipment
do....
do....
do..].
do
243.0
232.8
164.6
57.3
107.3
282.3
190. 1
63.9
126.5
329.6
222.6
77.8
144.8
208.8
151. 5
54.7
96.8
220.1
157.7
56.4
101.3
228.1
162.2
57.6
104.6
235.3
168.1
57.3
110.8
247.6
170.5
57.9
112.6
262.2
180.6
59.3
121.4
278.6
187.2
63.4
123.8
287.8
193.5
65.4
128.1
300.5
200.3
67.4
132.8
Residential
_.
Change in business inventories
Nonfarm
do.
.do.
_do.
68.2
10.2
12.2
91.9
15.6
15.0
107.0
16.0
16.7
57.3
-4.9
-9.0
62.4
11.4
12.7
65.9
15.4
18.8
67.3
14.5
15.2
77.1
-.6
2.2
81.6
10.3
11.1
91.4
17.0
16.5
94.3
21.9
22.0
100.2
13.1
10.4
100.3
16.7
16.9
105.3
20.1
22.1
109.0
13.6
14.6
' 113.4
' 13.5
'13.4
Net exports of goods and services
Exports
Imports
.do
do
do
7.4
163.2
155.7
-11.1
175.5
186.6
-12.0
204.8
216.8
20.9
152.2
131.2
10.4
154.4
144.1
9.7
160.7
150.9
6.9
168.2
161.3
2.8
169.4
166.6
-8.5
170.9
179.4
-5.9
178.1
184.0
-7.0
180.8
187.8
-23.2
172.1
195.2
-24.1
181.7
205.8
-5.5
205.4
210.9
-10.7
210.1
220.8
' -7.6
'221.9
' 229.5
359. 5
129.9
86.8
229.6
394.0
145.1
94.3
248.9
433.9
153.8
99. 5
280.2
351.5
127.9
86.2
223.6
354.0
127.1
85.9
226.9
357. 2
127.8
85.6
229.4
360.4
129.9
86.5
230.5
366.3
134.6
89.1
231.7
375.0
138.3
91.9
236.7
388.8
142.9
93.7
245.9
399.5
146.8
94.4
252.7
412.5
152.2
97.1
260.3
416.7
151.5
97.9
265.2
424.7
147.2
98.6
277.6
439.8
154. 0
99.6
285.8
' 454.5
' 162.5
102.1
'292.0
Govt. purchases of goods and services, total.do
Federal
do
National defense
.do..~ ~
State and local
do
By major type of product: t
Final sales,, total
d total
t t l
Goods,
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods
._
do
1, 689.9
do
760.3
do
304.6
do.."
455.7
do
778.0
do..]]
161.9
do
do
do
10.2
5.3
4.9
'2,201.3
1,871.6 to OQI f> 1,602.9 1, 638. 3 1, 670.1 1,701.0 1,750.4 1, 796.5 1,850.0 1,894.9 1,945.0 1,975.3 2,067.4 2,122. 5 ' 972.5
927.3
861.8
912.2
859.6
844.7
718.6
741.9
758.0
772.9
825.8
800.2
768.1
380.1 ' 400.1
375.8
351.2
347.4
346.5
273.
7
288.6
339.1
301.8
315.6
332.2
312.4
370. 8
547. 2 ' 572.4
536.4
510.6
512.2
498.2
491.3
444.9
486.7
453.4
456.2
457. 3
468.0
455. 7
541. 7
973.7 ' 997.7
952.0
926.4
893.6
850.0
875. 3
862.8
726.4
749.7
766.9
808.1
832.3
787.1
962. 5
235.0 ' 244. 7
223.4
203.8
204.9
191.3
196.8
191.8
153.0
158.1
160.5
168.7
174.3
160.3
226.7
'13.5
13.6
20.1
16.7
13.1
15.6
11.4
21.9
15.4
-4.9
17.0
-.6
10.3
14.5
10.0
'10.8
10.2
10.8
14.8
6.3
8.4
11.9
.1
6.5
-8.6
9.1
6.1
5.2
9.3
11.7
'2.7
3.4
9.3
1.9
7.2
6.8
10.0
8.9
3.7
11.3
7.9
4.2
-5.8
5.3
4.3
GNP in constant (1972) dollarst
Gross national product, total t
bil.$__ 1,271.0
1,332.7 1,385.7 1,227.9 1, 255.5 1, 268.0 1,276. 5 1, 284.0 1,306. 7 1,325.5 1,343.9 1,354. 5 1,354.2
1,382.6 1,391.4 1,414.7
819.4
857.7
891.7
791.1
806.3
814.0
820.9
836.2
846.6
849.5
858.0
876.6
873.5
886.3
895.1
'911.8
.do.
do.
do.
125.9
320.2
373.2
137.8
330.4
389.5
144.6
339. 6
407.4
119.7
309.5
361.9
124.8
314.6
366.9
125.2
318.2
370.6
125.3
320.5
375.1
128.5
327.7
380.0
134.9
327.1
384.6
136.2
327.2
386.0
136.9
329.2
391.8
143.0
338.1
395.6
137.8
333.3
402.4
145.8
336.3
404.2
144.8
340.4
410.0
150.1
' 348.5
' 413.1
Gross private domestic investment, total...do.
Personal consumption expenditures, total..do
Durable goods
Nondurable goods
Services
Fixed investment
Nonresidential
Residential
Change in business inventories.
Net exports of goods and services
173.4
196.3
210.6
148.9
168.5
174.7
177.1
173.4
186.1
197.1
201.7
200.3
205.7
213.1
210.4
' 213.4
do.
do
~~~do.~~~
do""
166.8
118.9
47.8
6.7
187.4
129.8
57.7
8.9
200.1
140.2
59.8
10.6
154.1
111.8
42.3
-5.2
161.0
115.5
45.5
7.5
164.6
117.8
46.8
10.1
167.8
121.0
46.8
9.3
173.6
121.4
52.3
-.2
180.3
126.8
53.5
5.8
187.1
129.1
58.0
10.0
189.5
130.8
58.8
12.2
192.8
132.5
60.3
7.5
193.4
133.8
59.5
12.3
200.4
140.5
59.9
12.7
201.4
141.7
59.7
9.0
' 205.2
' 144.9
' 60.3
'8.2
do
15.4
9.5
8.4
22.2
16.5
16.1
16.1
13.1
11.2
11.0
12.5
3.1
2.9
11.3
9.2
'10.2
271.9
97.1
174.8
276.7
100.4
176.3
' 279.4
r 102. 5
' 176.9
Govt. purchases of goods and services, total do
Federal
do
State and local
do
262.8
96.6
166.2
269.2
101.6
167.6
275. 0
100.3
174.7
265.7
97.3
168.4
264.3
96.2
168.1
'Revised
v Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16ff.of the July 1977 SURVEY and
263.2
95.9
167.3
262.5
96.8
165.7
261.3
97.5
163.8
262.8
98.7
164.1
267.9
101. 3
166.6
271.7
102.9
168.8
274.5
103.6
170.9
272.1
101.2
170.8
p. 24 fl. of the July 1978 SURVEY); revisions prior to May 1977 for^personal income appear on
p. 36 of the July 1978 SURVEY.
9 Includes data for items not shown separately.
S-l
288-330 O - 79 - SI
SURVEY OF CURKENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual total
1977
1976
1978
II
III
March 1979
IV
I
II
1978
III
IV
I
II
1979
III
IV
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted
Implicit price deflators:!
Gross national product
Index, 1972=100
Personal consumption expenditures
do
Durable goods
do..
Nondurable goods
do
Services
do
Gross private domestic investment:
Fixed investment
do
do
N on residential
Residential
do
Govt. purchases of goods and services
Federal
State and local.
do
do
do
Quarterly Data Seasonally Adjusted at Annual
National income, total t
do
Oovt and trovt GntprDrisps
Other
do
do
r\fi
Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil $
do
Farm
rin
Nonfarm
Rental income of persons with capital consumption
fldinsttneTit
bil $
Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $__
Corp. profits with invent, val. adj.:
Domestic, total.
do
Financial
Hn
do
TVTflnnfRotiirinGf total Q
do
Transportation, communication, and
electric, gas, and sanitary serv
bil. $..
Rest of the world...
_do
.do....
.do....
do
.do....
.do....
Profits before tax, total
Profits tax liability...
Dividends..
Undistributed profits
rln
.do....
Capital consumption adjustment
141.61
140.7
129.5
145.0
141.0
152.09
150.3
136.5
155.0
151.2
132. 92
132.1
123. 6
137. 4
130.3
134. 39
133.8
125.0
138.7
132.5
136. 28
135. 6
126.8
139.9
134.9
138. 27
137.9
128.4
142.4
137.4
140. 86
139.9
128.9
144.7
139.7
142. 63
141. 6
129.5
145.7
142.3
144. 56
143.2
130.9
147.0
144.4
147.10
146.2
133.1
150.4
147.1
150.98
149.3
135.7
154.4
149.9
139 6
138.4
142.5
150.6
146.7
159.4
164.7
158.7
178.8
138.5
137.7
140.7
140.3
138.9
143.8
142.6
140.5
147.6
145.4
142.5
152.3
148.9
145.0
157.6
151.9
147.9
160.6
155.9
151.2
166.1
158.2
153.6
168.6
162.2
156.7
175.7
167.1
160.6
182.6
' 170.8
' 163. 7
' 188.2
136.8
134 4
138.1
146.3
142.7
148.5
157.8
153.3
160.4
135.7
133.3
137.1
137.3
134.2
139.1
140.2
138.0
141.5
142.7
140.1
144.3
145.1
141.1
147.6
147.1
142.7
149.7
150.3
146.9
152.3
153.2
149.6
155.2
156.2
151.5
158.8
158.9
153.4
162.1
162. 7
158.5
165.1
153.52 ' 156.56
154.0
151.6
139.3
137.3
156.2
158.8
155.2
152.6
Rates
bil $
Compensation of employees, total
133.76
133.1
124.4
138.2
131.6
,3~
1,359.2 <= 1,515.3 1, 703.8 1,347.9 1,372.1 1, 397. 0 1,447.5 1, 499. 3 1,537.6 1,576.9 1,603.1 1,688.1
1,728.4 1,795.6
1,046.1 1, 073. 3 1,107. 9 1,140. 5 1,165. 8 1,199. 7 1,241.0 1,287.8
973.4
993. 6 1,021. 2 1,050. 8 1,090.2
946.4
897.3
919.9
195.2
198.1
201.7
208.1
211.4
213.9
188.1
192. 6
709.2
751.2
775.3
791.9
813.1
839.3
876.3
727.2
161.5
167.1
172.2
178.4
190.2
197.6
148.8
153.4
1,317.1 '1,359.8
1,113.4 a,149.4
216.8
222.3
896.6 ' 927.1
203.6
210.4
1,036.8
890 1
187. 6
702.5
146.7
1,153.4 1, 301.4 1,026.0
983 6 1 101 0
881.5
186.1
200.8
216.1
695. 4
782.9
884.8
169.8
200.5
144.6
88.6
18.4
70.2
99.8
20.2
79.5
113 2
25 3
87 8
88.8
19.6
69.3
87.4
16.9
70.5
89.5
16.3
73.2
95.6
19.4
76.1
98.9
20.0
78.9
97.2
16.5
80.8
107.3
25.1
82.3
105.0
21.9
83.1
110.1
24.0
86.1
114.5
25.0
89.6
' 123.0
'30.4
92.6
22.5
22.5
23.4
22.4
22.4
22.8
22.5
22.4
22.4
22.7
22.8
22.2
24.3
24.4
127.0
144.2
159.6
128.6
130.0
122.5
129.9
143.7
154.8
148.2
132.6
163.4
165.2
177.0
133.2
17.5
115 6
65*6
28 1
149.5
20 9
128 6
74 7
35 1
167.8
25 1
142 7
85 4
43 3
135.4
17.0
118 4
67 5
29 7
136.3
18.3
118.0
65.9
28 5
128.7
19.1
109 7
61 9
26 9
134.8
19.7
115.1
66.4
29 9
148.1
19.9
128.1
77.4
37.2
159.5
21.9
137.6
74.7
34 2
155.6
21.9
133.7
80.2
39.1
139.2
22.7
116. 6
69.8
32.8
168.9
24.3
144.6
87.8
46.1
175.4
26.0
149.4
87.1
44.6
187.8
27.6
160.2
13.7
8.2
155.9
64.3
91.7
37.9
53.8
16.1
9.6
202.1
83.9
118.2
49.3
68.9
14.9
8. 2
157.8
64.7
93.1
38.4
54.7
13.3
8.2
154.6
62.4
92.2
41.4
50.8
15.4
9. 7
164.8
68.3
96.5
41.5
55.0
14.5
10. 4
175.1
72.3
102.8
42.7
60.1
17.5
10. 3
177.5
72.8
104.8
44.1
60.6
178.3
73.9
104.4
46.3
58.1
17.3
9. 4
172.1
70.0
102.1
47.0
55.1
19.3
11 7
205.5
85.0
120.5
48.1
72.4
20.7
173.9
71.8
102.1
43.7
58.4
14.3
7.6
158.7
66.3
92.4
37.2
55.2
17.1
9.8
-14. 5
-14.4
84 3
-14.8
-14.9
95 4
-24.4
-18.1
106 3
-15.7
-14.4
82 0
-13.3
-14.5
86 2
-17.6
-14.5
88 9
-20.3
-14.6
91 7
-16.6
-14.8
93 7
-7.7
-15.0
97 3
-14.8
-15.3
99.0
-23.5
-16.1
101 7
-24.9
-17.2
104.6
Q 1
Q 1
225.3
94.5
130.7
51.9
78.8
-20.9 - ' 2 8 . 4
-19.3 -19.9
107.4 ' 111.4
205.4
86.2
119.2
50.1
69.2
DISPOSITION OF PERSONAL INCOMEf
1,731.7 '1,789.0
bil. $.. 1,380.9 1,529. 0 1, 708.0 1, 363. 2 1, 392. 8 1,430.5 1, 470. 7 1, 508. 6 1, 543. 7 1, 593. 0 1,628.9 1,682.4
263.2 ' 275.1
249.1
233.3
237.3
223. 3
224. 6
200.0
222.7
192. 6
209.0
226.0
196.5
do
256. 2
1 184 4 1 303 0 1 451 8 1,170. 6 1,192. 8 1, 221. 5 1,248.0 1,285.3 1,319.1 1, 359. 6 1, 391. 6 1,433.3 1,468.4 '1,513.9
1,116. 3 1, 236.1 1, 374. 9 1,100. 7 1,124. 8 1,160. 9 1,195. 8 1,217.8 1, 244. 8 1, 285. 9 1, 309. 2 1,357.0 1,392.5 '1,440.9
.do
76.3
76.0 r 73. 0
73.7
82.4
52.2
67.5
74.3
68.1
69.9
60.7
66.9
68.0
.do....
76.9
Personal income, total
Less: Personal tax and nontax payments
Less: Personal outlays©
Equals: Personal saving§...
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^!
Nondurable goods industries^ _
Nonmanufacturing .
Mining
Railroad
Air transportation
Other transportation
.
.
Public utilities...
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries.
Manufacturing
Durable goods industries^
Nondurable goods industries^
Nonmanufacturing
MiningRailroad
Air transportation
Other transportationPublic utilities
Electric
Gas and other
Communication
Commercial and other
.do....
135.80
60.16
27.77
32.39
153 82
67 6^
31 66
35.96
29.70
12.66
5.61
7.05
30.41
13.48
6.02
7.46
34.52
15.38
7.27
8.12
29.20
12.52
5.80
6.72
33.73
14.84
6.79
8.06
34.82
15.60
7.17
8.43
38.06
17.19
8.00
9.18
32.35
13.67
6.36
7.31
37.89
16.76
7.79
8.97
. . . _do._-do .dodo
do . .
68.01
4.00
2.52
1.30
3.63
75.64
4.50
2.80
1.62
2.51
86 19
4 78
3.32
2 30
2.43
17.04
16.93
1.04
19.14
1.05
16.68
1.02
18.88
1.16
19.21
1.17
.78
20.87
1.15
18.68
1.07
21.13
1.22
.39
.76
.46
1.02
.95
.94
.61
.76
.50
.63
.51
.60
.do....
do
.do.._do
do
22.28
18.80
3.47
25.80
21.59
'4.21
15.45
22.97
29.48
24 79
4.70
18.16
25 71
5.50
4.74
6.46
5.34
1.12
5.21
5.52
4.54
.98
3 33
5.19
5.78
5.55
4.78
.77
3 30
5.27
6.37
5.34
1.03
3 86
5.64
6.61
5.41
1.20
4 03
5.73
7.28
6.06
1.21
4 26
6.33
6.15
5.27
.88
3 97
5.76
7.14
6.01
1.13
4 56
6.18
_ .do....
do .
do . .
.do....
118.12
50.64
22.54
28.09
122.55
54.78
24.59
30.20
125. 22
54.44
25.50
28.93
130.16
56.43
26. 30
30.13
134.24
59.46
27.26
32.19
140. 38
63.02
29.23
33.79
138.11
61.41
28.19
33.22
144.25
61.57
28.72
32.86
150.76
67.20
31.40
35.80
155.41
67.75
32. 25
35.50
do
do _.do
do
do . .
67.48
3.83
2.64
1.44
4.16
67.76
4.21
2.69
1.12
3.44
70.78
4.13
2.63
1.41
3.49
73.74
4.24
2.71
1.62
2.96
74.78
4.49
2.57
1.43
2.96
77.36
4.74
3.20
1.69
1.96
76.70
4.50
2.80
1.76
2.32
82.68
4.45
3.35
2.67
2.44
83.56
4.81
3.09
2.08
2.23
87.66 ' 90. 71 ' 92. 26
4.99 ' 4 . 9 8
'5.35
3.38
'3.49
'3.77
2.20 '2.39
'3.28
2.47 ' 2. 55 ' 3 . 0 1
do
do . . .
do
do
.do....
21.85
18.82
3.03
12.62
20.94
21.67
18.22
3.45
13.64
20.99
23.46
19.49
3.96
14.30
21.36
25.35
21.19
4.16
14.19
22.67
25.29
21.14
4.16
15.32
22.73
26.22
21.90
4.32
16.40
23.14
26.23
22.05
4.18
15.82
23.27
27.92
23.15
4.78
17.07
24.76
28.46
23.83
4.62
18.18
24.71
29.62 ' 31. 73 ' 32. 30
24.92 ' 26. 95 ' 27. 06
4.70 '4.78
'5.24
18.90
18.46
26.09
27.12 2 44. 54 2 46. 46
do
20.99
.99
.68
.42
.76
.64
.26
r
Revised.
v Preliminary.
* Estimates (corrected for systematic biases) for Jan.Mar. 1979 and Apr.-June 1979 based on expected capital expenditures of business.
Expected
2
expenditures for the year 1979 appear on p. 26 of the Mar. 1979 SURVEY.
Includes communication.
fSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid
38.67 ' 44. 91 i 36. 97 i 42.07
16.89 ' 20. 30 ' 15. 97
18.91
7.97 ' 9 . 5 3
7.57
9.20
8.92 ' 10. 77 '8.40
9.72
23.16
21.78 ' 24. 61 ' 21. 00
1.24
' 1.26 '1.28
1.23
.84
.83
'.94
'.80
.54
.68
'.64
'.64
.77
.62
'.71
.62
8.00
'7.12
7.43 '8.78
6.11 '7.40
6.78
'6.16
1.32
'1.37
1.22
'.97
46.43
68
4 96 2 10.53 2 11.63
7.34
120.49
52.48
23.68
28.81
bil. $
. _ .do . .
.70
.35
q QA
.59
.33
.67
.43
.71
.52
.83
.60
' 163.96
' 73. 24
' 33. 99
' 39. 26
' 164.23
'71.97
' 34.18
' 37. 78
167. 52
75.90
37.09
38.81
91.62
4.89
3.11
2.36
2.89
31.91
26.92
4.98
by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
HData for individual durable and nondurable goods industries components appear in the
C
Mar., June, Sept., and Dec. issues of the SURVEY.
Corrected.
SURVEY OF CURRENT BUSINESS
March 1979
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978 P
Annual total
1975
IV
S-3
1976
I
II
1978 v
1977'
III
I
IV
II
III
IV
I
II
III
IV
48,355
30,787
1,842
9,392
6,334
54,175
35,256
55,595
36,486
59,900
39,315
2,217
10,013
1,889
10,322
1,761
11,787
7,037
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
'(Credits + ; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 171,274
Merchandise, adjusted, excl. military
do
114,694
Transfers under U.S. military agency sales contracts
mil. $..
5,213
29,244
Receipts of income on U.S. assets abroad..-do
Other services
do
22,124
Imports of goods and services
do
Merchandise, adjusted, excl. military
do...
Direct defense expenditures
do
Payments of income on foreign assets in the
TI.S
mil. $_.
Other services
do
183, 205 218,024
120,576 141,844
40, 760
27,657
7,710
41, 514
26,957
1,164
6,884
5,055
7,079
32,100
23,451
42,449 44,160 44,291
28,380 29,602 29,711
1,189
7,369
5,511
1,472
7,428
5,658
44,775
29,501
46, 507
30,860
46,700
30,578
45,226
29,637
1,912
7,796
5,566
1,702
8,088
5,857
1,918
8,220
5,984
1,547
7,997
6,045
1,457
7,420
5,703
-161,913 -193, 789 -228,909 -34,131 -37, 644 -39,268 -41, 933 -43,068 -46,999 -48,088 -48,405 -50,298 -54,65^
-124,047 -151,706 -175,988 -25,431 -28,352 -29,963 -32,418 -33,314 -37,120 -37, 635 -37, 942 -39,009 -42,70:
-4,901 - 5 , 745 -7,179 -1,198 -1,159 -1,219 -1,235 -1,288 -1,344 -1,407 -1,451 -1,542 -1,632
-56,184 -58,031 -60,038
-43,125 -44,478 -45,678
-1,773 -1,877 -1,897
3,610 -4,185 -4,515 -5,432 -5,444 - 6 , 2 0 7
-13,311 -14,593 -21,599 -2,973 -3,405 -3,332 -3,293 - 3 , 281 -3,197 -3,601
21,746 -24,143 -4,529 -4,728 -4, 754 - 4 , 987 -5,185 -5,337 -5,445 -5,401 - 5 , 563 -5,802 -5,854 -6,232 -6,256
-19,655
Unilateral transfers (excl. military grants), net
mil. $.. -5,022
-3,145
U.S. Government grants (excl. military)...do
-1,878
Other
do
-4,708 -5,076
- 2 , 776 -3,028
- 1 , 932 - 2 , 048
-50,608 -34,650 -58,748
-231
-2,530
872
- 4 , 213 -3,679
4, 657
-43,865 -30, 740 -54,963
-11,614 -12,215 -15,361
U.S. assets abroad, net
do.
V.&. official reserve, net
do.
U.S. Gov't, other than official reserve, net...do..
U.S. private, net
do.
Direct investment abroad_.
do.
40,375
27,001
1,095
7,027
5,252
-1,241
-805
-436
-1,028
-546
-482
-1,040 -1,908 -1,047
-592 -1,440
-567
-448
-14,179 -12,3ft -11,740
89
-773 -1,578
-932
-762
-977
-13,291 -10,830 -9,230
-4,736 -3,923 -2,047
-1,126
-636
-490
-1,243 -1,277
-763
-787
-480
-490
-10, 269 -16,235 1,334 -12,003 - 6 , 615
151
-407
228
f>
-388
-1,340 -1,180
-795 -1,098
-949
-8,522 -15, 283
3 -11,214 -5,668
-3,081 -2,563 -2,177 - 3 , 729 -3,113
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investment in the U.S
do.
do.
do.
do.
36,969
18,073
18,897
4,347
50,869
37,124
13, 746
3,338
63,260
33,967
29,293
5,611
6,177
2,851
3,326
1,369
7,590
3,819
3,771
1,472
7,914
4,017
3,897
1,086
8,932
3,070
5,862
999
12,534
7,166
5,367
790
2,490
5,451
-2,962
Allocations of special drawing rights
Statistical discrepancy
do.
do.
9,300
-927
11,449
2,614
3,073
1,685
1,018
3,525
2,194
on merchandise trade
do.
on goods and services
do.
on goods, services, and remittances, .do.
on current account
do.
-9,353
9,361
7,483
4,339
-31,130
-10,585
-12,516
-15,292
-34,144
-10,885
-12,933
-15,961
2,226
6,629
6,193
5,388
-1,351
2,731
2,249
1,703
-1, 583 -2,816
3,181 2,227
2,733 1,759
319
2,141
-3,603
1,223
743
176
- 7 , 619
-2,224
- 2 , 714
-3,350
1977
1978
-1, 064 -1,282
-778
-591
-504
-473
-15,067
-14, 700
246
-896
-838
-13,862 -14,417
-3,197 -4,976
14,251
8,246
6,005
1,012
20,065
15, 543
4,522
450
18,095
15,760
2,336
812
763 -4,655
771
4,555
-7,364
-1,705
-2,195
-2,982
-9,372
-5,072
-5,545
-6,136
14,064
7,884
6,180
996
-1,317 -1,275 - 1 , 204
-691
-781
-779
-513
-536
-496
-6,167 -10,216 - 2 7 , 298
182
329
115
-1,176 -1,498 -1,086
-5,320 -8,833 -26,394
-3,981 -2, 708 -3,697
15,489
4,852
10, 637
2,206
29,270
19,040
10,230
741
9,087 -1,562
-630
406
-5,685
6,090
1,852
Memoranda:
Balance
Balance
Balance
Balance
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
Annual
-6,775
-1,581
-2,061
-2,824
-11,920
-6,302
-6,806
-7,584
-7,869
-2,009
-2,545
-3,326
-7, 992
-138
-2,436
-651
-2, 932
-3,711 -1,342
1979
1978
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. *>
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCEt
Seasonally adjusted, at annual rates:f
Total personal income
1,646.3 1,669.4 1,682.1 1,695.7 1,719.2 1,731.1 1, 744.7 1,768.7 1,786.6 1,811.6 1,817.9 1,829.0
1,088.4 1,098.4 1,108.2 1,111.3 1,120.1 1,137.5 1,149.3 1,161.4 1,172.6 1,180.3
411.7 ' 417. 7 ' 421. 7 424.9
398.2 404.5
395.4
386.2
390.9
395.7
315.8 ' 319. 5 ' 322.4 325.7
303.6
301.6
295.9
298.1
301.0
279.7 ' 283. 7 ' 286. 2 289.0
274.1
277.8
269.8
266.1
268.3
271.0
bil. $.
1,529.0
Wage and salary disbursements, total
do...
Commodity-producing industries, totaLdo...
Man ufacturing
do_._
Distributive industries
do.
983.6
343.7
266.3
239.1
1,100.9
390.2
299.9
268.9
Service industries
Govt. and govt. enterprises
Other labor income
Proprietors' incomerA
Farm
Nonfarm
do.
do.
do.
200.1
200.8
90.4
225.8
216.1
105.9
215. 3
210.6
98.7
215.1
211.6
100.0
219.0
212.0
101.3
222.2
213.0
102.7
222.0
213.9
104.0
224.3
214.9
105.4
227.2
215.8
106.7
228.0
216.7
107.9
230.3
217.5
109.1
234.2
221.0
110.4
235.4 ' 236. 5 ' 239.8
222.4 ' 223. 5 ' 224. 9
114.5
113.1
111.8
do.
do..
20.2
79.5
25.3
87.8
25.6
82.0
21.5
83.0
18.6
84.4
22.0
85.5
24.8
86.1
25.3
86.7
24.0
88.4
24.9
90.1
26.0
90.2
'27.4
92.0
'29.0
92.6
23.4
49.3
159. 0
226.0
23.0
46.8
149.6
218.1
22.8
47.0
151.4
219.0
22.6
47.2
153.3
220.3
22.3
47.4
154.8
219.7
22.1
48.0
156.5
221.3
22.1
49.0
157.6
220.8
24.3
49.2
159.6
229.0
24.3
50.3
161.9
230.8
Rental income of persons, with capital consumption adjustment
bil. $__
22.5
Dividends
do
43.7
Personal interest income
do~~~~
141.2
Transfer payments
do
208.8
Less personal contributions for social insurance
.
bil. $ . .
61.0
Total nonfarm income
do
1,494.4
1,708.0 1,615.5 1,625.0
1,038.3 1,047.4 1, 066. 6 1,083.9
364.4
359.0
374. 3
383.9
286. 5
292.4
281.9
294.3
261.3
256.2
253.3
264.9
69.7
67.0
68.0
66. 5
1,666.9 1,574.7 1,588.3 1,612.5
»-34.9
'93.3
29.7
'93.0
24.5
24.4
24.4
24.3
24.2
53.6
52.6
51.8
51.3
50.7
163.6 ' 165.1 ' 166.1 ' 168.5 ' 170.4
231.5 ' 232.2 ' 233. 6 ' 235. 9 ' 237. 7
241.1
225.3
115.9
29.0
93.4
24.7
54.2
172.7
237.3
78.6
78.1
72.0 ••72.6
71.6
70.4
70.8
70.3
69.6
69.0
68.9
1,631.9 1,641.8 1,654.7 1,679.0 1, 690.3 1, 702.6 1,725.1 1,741.3 1,760.3 '1,771.3 1,782. 8
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments, totalf
mil. $ . .
Farm marketings and CCC loans, total
Crops
Livestock and products, total?
Dairy products
Meat animals
Poultry and eggs
do
do
do
do
do
do
Indexes of cash receipts from marketings and C C C
loans, unadjusted:t
All commodities
...1967=100
Crops
do
Livestock and products
do
1
96,889
9,162
7,038
7,407
7,377
7,730
8,403
7,417
8048
95,025
47,572
47,453
11,782
27,909
17,207
8,807
4,877
3,930
1,008
2,336
543
6,873
2,858
4,015
944
2,492
538
7,256
2,402
4,854
1,064
3,098
652
7,079
2,429
4,750
1,076
2,883
640
7,580
2,686
4,794
1,108
3,161
571
8,339
3,571
4,768
1,046
2,973
697
7,342
3,680
3,662
1,058
1,764
791
7,991
3,257
4,734
1,051
2,910
728
222
258
195
240
297
197
192
181
201
205
178
226
199
156
232
217
181
244
235
232
235
206
240
180
254
282
233
Indexes of volume of farm marketings, unadjusted:*
All commodities...
1967=100
124
100
101
133
Crops
do
138
86
172
98
Livestock and products
do
113
111
106
103
' Revised.
v Preliminary.
i Reported annual total; revisions are not reflected in the
monthly data.
2 Less than $500,000(±).
fSee corresponding note on p. S-l.
Alncludes inventory valuation and capital consumption adjustments.
JSeries revised begin-
10,457
13, 224
10, 229 12, 949 ' 12,326
7,299 6,992
5,414
5,650 5,333
4,815
1,016
1,043
1,011
3,924 3,527
3,160
556
709
10, 008
5,184
5,223
1,117
3,310
732
'345
••455
'•262
292
338
257
262
293
238
360
468
278
134
-•165
172
129
127
113
110
102
96
r
167
232
239
149
150
124
113
86
75
110
117
124
114
110
104
109
113
111
ning 1973; revisions for periods prior to May 1976 are available from the U.S. Dept. of Agr.,
Economic Research Service.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978 v
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. p
Feb.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONS
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
137.1
145.2
134.8
139.6
141.4
144.2
144.2
148.8
141.9
146.9
152.0
152.6
149.7 ' 145.7
146.0
151.6
137.1
134.9
143.4
153.1
139.6
123.2
145.1
136.9
144.3
141.4
147.4
158.9
142.8
133.1
155.3
146.5
133.5
131.0
136.7
142.7
134.3
123.1
142.5
137.0
139.0
136.6
143.4
155.7
138.5
127.1
148.0
140.6
141.0
138.6
145.3
162.4
138.4
129.3
150.3
142.1
143.2
140.7
148.4
169.7
140.0
130.1
152.6
146.1
142.1
138.9
145.2
163.7
137.7
130.4
153.8
147.0
148.2
145.1
152.1
167.6
146.0
135.6
159.9
149.7
141.7
138.2
142.5
143.9
142.0
132.2
154.8
142.2
147.0
143.4
149.7
146.7
150.9
134.6
160.3
146.8
153.3
150.6
158.4
166.1
155.3
139.7
163.4
149.8
152.4
149.5
156.8
173.7
150.1
139.5
163.1
152.9
147.9
144.5
149.0
164.2
142.9
138.4
160.6
152.7
142.3
139.2
141.1
150.0
137.6
136.7
153.7
151.0
143.3
140.8
144.3
154.9
140.1
135.8
152.8
150.0
148.7
145.9
150.0
164.9
144.0
140.4
158.6
156.2
do.
136.2
141.5
142.0
139.9
136.3
137.0
136.4
142.4
145.5
147.2
144.5
141.4
' 141. 2 '144.7
147.8
145.7
do..
do.
do.
137.1
148.1
129.5
145.6
154.8
139.3
133.9
142.8
127.8
139.6
148.7
133.2
142.1
150.5
136.3
145.1
153.3
139.5
145.1
153.5
139.2
149.7
159.3
143.0
141.2
150.3
135.1
146.9
160.3
137.7
153.0
164.2
145.3
154.1
163.7
147.5
151.1
159.4
145.2
145.9
151.5
142.1
145.9
152.3
141.5
152.8
159.1
148.5
137.1
145.2
138.8
139.2
140.9
143.2
143.9
144.9
146.1
147.1
147.8
148.7
'149.6
'150.8
150.8
151.2
137.1
134.9
143.4
144.3
141.4
147.4
138.5
134.9
141.8
139.6
136.4
143.8
141.6
138.9
145.9
143.0
140.5
147.5
143.1
140.5
147.0
144.0
141.1
147.0
145.0
142.2
147.7
146.2
143.3
148.4
146.5
143.7
149.0
147.0
144.1
149.2
147.7
144.5
149.7
148.9
145.5
150.7
149.1
145.6
150.5
149.6
146.0
150.5
153.1
174.2
169.2
148.4
186.8
158.9
178.6
172.5
148.5
194.0
146.5
157.5
145.5
127.4
187.8
151. 2
162.8
153.9
131.5
185.3
157.5
175.8
171.0
149.7
188.5
161.8
184.3
182.7
159.1
188.2
160.2
180.0
175.6
151.6
191.5
160.6
179.9
174.3
149.8
193.9
160.9
182.2
176.7
152.7
196.1
161.5
182.1
175.6
151.1
198.0
160.3
178.3
170.0
144.4
199.8
161.6
185.6
180.5
154.2
199.1
161.8
189.0
185.0
159.7
199.0
161.9
185.1
179.3
151.8
200.1
160.7
181.2
173.8
145.9
200.0
160.4
179.4
171.0
144.5
200.6
ITome goods
do.
Appliances, air cond., and TV...do.
Carpeting and furniture.
_..do_
141.3
127.3
152.2
147.8
132.5
164.3
140.3
116.1
159.1
144.6
133.3
160.2
147.2
135.4
159.3
149.2
142.2
158.9
148.9
138.3
163.4
149.7
139.0
166.0
148.9
133.7
168.5
150.0
133.9
167.9
150.2
134.4
169.0
148.2
128.7
168.0
146.5
123.4
164.9
148.9
129.1
166.8
149.0
126.4
168.1
149.8
218.0
Nondurable consumer goods
do.
Clothing
...do.
Consumer staples
do.
Consumer foods and tobacco
do.
Nonfood staples
do.
139.6
125.2
143.6
135. 5
152.9
142.8
139.9
118.3
145.9
136.5
156.6
140.8
121.1
146.3
138.3
155.8
141.3
122.4
146.4
138.7
155.3
141.8
124.9
146.6
140.8
153.3
141.7
125.4
146.2
139.9
153.4
141.6
124.8
146.3
139.0
154.8
142.4
125.1
147.3
140.2
155.5
143.1
126.6
147.8
140.8
155.9
144.4
128.9
148.8
141.2
157.4
144.3 '144.8
128.3
149.2
148.8
140.4
141.0
158.5 '158.8
146.2
146.3
146.6
147.6
140.1
156.2
150.8
143.1
159.9
150.9
142.3
160.7
"llil.T
Equipment
do..
Business equipment
do..
Industrial equipment 9
do..
Building and mining equipment.do..
Manufacturing equipment
do..
123.2
149.2
138.5
202.5
113.9
133.1
162.0
149.9
223.4
121.9
125.4
152.6
144.3
211.1
118.8
126.2
154. 2
144.6
214.9
117.7
129.1
157.4
146.9
221.7
118.3
130.8
159.3
147.8
225.1
119.0
131. 6
160.2
149.7
226.0
121.3
133.0
161.8
150. 9
227.3
122.8
134.7
163.8
151.9
228.9
122.6
136.3
165.4
152.8
228.1
123.9
136.4
165.8
152.7
226.3
124.4
137.0
166.9
152.9
226.5
125.0
137.3
167.2
151.8
223.8
124.2
138.5
168.6
152.2
' 222.3
124.7
138.9
168.9
153.3
221.3
126.1
139.8
169.7
154.5
220.5
127.5
161.6
191.6
117.8
175.9
208.5
133.6
162.2
198.5
111.1
165.5
200.9
115.9
169.4
202.0
126.1
172.6
203.8
133.7
172.3
204.2
132.2
174.4
206.9
132.3
177.5
210.6
134.9
179.9
212.2
138.5
180.8
214.1
138.6
182.9
215.1
142.6
184.9
214.9
147.5
' 187. 6
• 216.6
151.2
186.7
217.1
148.4
187.2
218.8
146.9
87.2
'87.9
Total index.
1967=100..
By market groupings:
Products, total
Final products
Consum er goods
Durable consumer goods
Nondurable consumer goods
Equipment
Intermediate products
Materials
By Industry groupings:
Mining and utilities
Manufacturing
Nondurable manufactures..
Durable manufactures
do
do
do
do
do
do
do
...do
Seasonally Adjusted
Total index
By market groupings:
Products, total
Final products
Consumer
Durable goods
consumer goods
Automotive products
Autos and utility vehicles
Autos
Auto parts and allied goods.
1967=100..
do.
do.
.do.
do..
do..
do.
do.
do.
Commercial, transit, farm eq. 9...do.
Commercial equipment
do.
Transit equipment
do.
161.3
79.6
84.5
79.7
79.2
81.9
82.9
83.6
84.6
85.9
87.1
87.1
86.7
88.6
89.5
145.1
140.8
149. 5
155.3
153. 3
157.2
151.6
149.2
153.8
151.4
148.6
154.2
151.4
147.9
155.0
152.1
148.5
155.6
152.6
150.4
155.0
154.7
152.1
157.0
155.6
153.5
157.6
156.4
154.7
158.2
157.0
155.6
158.4
158.0
157.0
159.2
• 159.3 • 161. 6
• 159.0 • 161.6
• 159.9 • 161. 8
162.6
161.9
163.2
162.9
162.1
136.9
134. 5
132.0
143.1
153. 5
158.3
122.4
146.5
146.9
140.3
159.1
162.9
167.9
125.2
139.2
138.2
133.0
148.7
155.0
160.7
122.2
138.6
137.0
131.1
146.6
158.5
162.8
117.7
139.9
138.6
133.1
151.3
160.5
165.7
117.5
143.7
142.7
136.8
154.8
162.0
166.4
123.9
145.1
143.9
137.9
155.8
163. 5
167.9
125.2
146.4
145.4
138.7
157.4
164.1
168.8
127.5
147.9
148.7
142.0
161.7
162.5
168.3
127.9
148.6
150.4
142.2
162.9
162.7
167.0
127.0
149.7
152.1
144.8
164.6
164.4
170.0
126.0
151.4
154.0
147.3
166.0
165.7
171.0
128.0
• 152.7
154.9
147.4
167.6
• 167.8
173.3
• 128. 4
' 153.6
> 157.0
• 148. 4
' 170.5
' 167.0
' 172.1
• 129.0
153.4
156.2
147.2
170.8
167.9
173.4
128.3
153.8
156.8
146.9
172.0
169.0
174.3
127.8
do.
do.
do.
do.
136.2
117.8
105.4
118.0
141.5
124.2
121.0
115.8
137.4
115.0
121.4
54.8
137.7
114.4
119.9
56.5
138.2
119.3
127.6
78.4
140.9
127.2
122.3
129.5
140.9
126.7
120.0
131.7
142.5
128.0
121.1
136.4
142.6
127.1
117.0
131.7
142.5
126.0
117.9
124.9
142.1
124.1
115.6
114.7
144.1 '144.5
127.6 ' 128.1
122.1
125.3
144.0
145.1
144.7
127.5
123.9
146.8
143.4
124.0
123.9
117.6
143.1
122.1
.do.
do.
do.
do.
118.0
92.4
110.4
124.9
124.7
96.
121.1
96.9
108.8
130.0
120.4
92.7
108.7
129.1
123.3
94.0
109.9
128.2
127.3
99.4
107.6
128.9
126.3
95.4
112.2
130.1
127.1
97.3
113.2
130.7
126.8
97.8
112.6
131.3
126.2
97.7
110.5
131.6
124.9
97.6
106.0
133.8
124.5 '124.9
97.1 '98.0
106.6
106.4
134.0
132.9
123.7
'98.3
123.0
89.2
122.2
' 134.2
136.7
156.5
162.3
163. 5 159.5
160.9
Utilities...
do.
175.5
183.6
184.3
178.8
Electric
do.
137.1
139.4
138.7
141.4
145.6
Manufacturing.
do.
148.1
154.8
Nondurable manufactures
do.
149.8
150.6
151.4
137.9
142.
Foods 9
do.
139.3
140.8
141.1
114.0
113.8
109.2
117.9
113.8
Meat products
do.
117.4
120.4
119.0
118.7
119.7
Dairy products
-do.
167.6
180.9
174.5
176.0
172.6
Beverages
..do.
114.3
117.7
113.4
119.1
115.6
Tobacco products
do.
137.1
140.0
Textile mill products...
do..
137.1
136.4
135.1
124.2
118.6
121.1
122.8
Apparel products
do.
137.4
139.9
143.9
144.9
Paper and products
do.
144.4
128.3
129.1
129.9
124.7
Printing and publishing
...do.
129.9
180.7
Chemicals and products
.do.
184.4
183.7
185.2
190.7
165.3
Basic chemicals
do.
165.1
163.0
167.3
173.7
139.0
141.0
139.7
140.1
Petroleum products
.do.
144.2
232.2
Rubber and plastics products..
do.
238.7
240.0
243.1
254.
Leather and products
do.
74.1
74.5
73.0
72.1
/ Revised.
v Preliminary.
i Estimated.
& Monthly revisions back to 1967 will be
shown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date information.
9 Includes data for items not shown separately.
156.0
175.0
157.0
177.1
158.6
180.1
159.9
182.1
160.8
183.2
162.3
184.4
162.4 ' 162.9 ' 163.9
184.1
185.0
165.2
166.4
143.5
153.2
143.1
116.1
119.8
181.1
144.3
154.0
142.8
113.6
118.9
177.8
145.5
154.
141.8
111.4
119.4
175.7
146.7
155.0
142.9
115.2
119.8
185.3
147.6
155.6
144.0
115.2
120.6
186.7
148.7
157.1
144.4
113.4
121.5
185.7
149.5
150.4
157.4 ' 158.5
143.2
144.2
112.8
114.2
122.5
123.2
184.8
184.1
151.8
' 159.4
• 145.5
113.9
122.7
1
187.4
151.9
160.3
145.9
110.8
122.4
188.9
152.4
160.8
121.0
138.1
126.1
145.7
120.2
138.5
125.8
146.6
122.7
140.4
126.8
148.0
120.8
141.0
124.5
140.5
118.6
139.5
127.2
141.
120.6
142.2
130.9
142.3
119.0
121.5
142.1 ' 143.9
130.6
145.8
145.3
121.7
• 144.9
144.4
147.1
144.9
146.0
128.2
188.1
174.9
128.7
191.1
178.7
142.8
255.5
75.1
130.3
192.3
174.5
129.5
192.2
177.3
131.0
194.2
179.2
133.0
130.5
132.1
195.9 ' 197. 6 • 197.9
176.7 ' 180. 2 ' 178.6
134.9
201.1
180.3
136.0
144.3
259.1
74.5
144.1
261.1
74.0
147.1
263.1
74.1
147.9 ' 148.9
262.2
264.1
73.8 ' 7 4 . 1
' 149.9
• 265. 6
'74.0
148.6
266.5
74.3
147.5
Defense and space equipment
Intermediate products
Construction supplies
B usiness supplies
Materials
Durable goods materials 9
Durable consumer parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chemical
Energy materials.
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
.
Oil and gas extraction 9
Crude oil
Natural gas
Stone and earth minerals
do.
.do..
...do.
do.
do.
do.
do.
do.
-do.
do.
.do.
131.1
128.6
185.5
171.0
141.7
143.4
249.1
252.7
76.0
75.7
N O T E F O R P . S-5:
103.0
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery industry, and corrections in classifications in the aircraft and machmwyindustnes; revisions
prior to Apr. 1976 are available from the Bur. of the Census. Wash., D.O. 2UZ63.
SURVEY
March
CURRENT BUSINESS
S-5
•
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
~
Jan.
Annual
= =
1978
1978 P
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.p
Feb.*
180.8
182.5
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Board Index of Quantity
Output— Continued
Seasonally Adjusted—Continued
By industry groupings—Continued
Manufacturing—Continued
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Lumber
Furniture and
fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products
Nonferrous metals
1967=100_
do_..
do_._
do__do.
do.
do.
do.
do..
do.
do.
129.5
73.9
133.4
110.6
139.3
73.7
138.9
110.8
131.1
72.3
138.5
109.6
131.5
71.2
135.5
108.9
134.4
72.7
136.5
103.7
136.9
73.0
136.9
109.9
137.6
74.3
136.5
106.0
139.0
74.7
138.7
110.6
141.1
75.2
138.1
112.8
142.2
75.2
136.9
106.4
142.8
74.3
139.2
113.6
144.0 '144.8
73.9
73.6
141.2
142.5
112.1
113.3
146.5
'74.0
146.3
125.4
140.9
146.1
110.2
103.4
97.4
105.3
122.4
154.7
159.2
119.1
113.2
104.8
119.4
130.1
146.4
152.2
107.4
99.5
91.4
104.9
121.7
150.1
152.6
106.2
96.3
89.7
98.0
124.0
149.5
154.2
106.1
96.4
88.2
99.8
123.9
148.9
156.7
114.3
109.0
97.4
116.9
124.7
152.8
157.9
115.5
110.5
104.7
118.1
124.8
156.2
159.8
117.5
114.5
109.4
122.9
123.2
158.1
158.8
123.0
119.0
110.5
133.6
129.5
159.0
159.5
126.0
120.9
114.7
123.1
137.5
160.7
160.9
127.9
123.2
115.2
129.0
136.6
160.9
162.1
128.6
123.8
115.3
130.4
136.4
157.6
166.3
' 129.0
' 124.1
114.3
127.6
137.6
•
•
•
•
156.7
167.7
131.0
125.9
111.7
• 134.4
• 141. 7
Fabricated metal products
Nonelectrical machinery
Electrical machinery
do..
do_.
do..
130.9
144.8
141.9
142.6
155.6
154.3
136.9
150.1
144.0
150.1
146.4
138.1
151.5
149.5
139.5
152.2
152.3
140.4
152.9
152.9
142.3
154.6
154.1
144.0
156.1
157.9
145.8
157.3
156.9
146.3
158.7
158.3
146.0
160.3
157.9
146.9
' 160.3
' 159.0
• 149.0
" 161.8
• 161.9
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
do.
do.
do..
121.1
159.7
84.7
130. 5
168.3
94.9
116.2
146.6
87.6
118.4
153.1
85.8
126.5
165.1
90.1
130.5
171.7
91.8
130.1
168.3
93.9
130.4
167.7
95.0
132.1
169.7
96.5
133.4
171.0
98.3
132.8
168.9
137.0
139.3
176.8 ' 180.8
99.6 ' 100.2
• 139.4
• 179.5
101.7
163.4
163.5
168.7
170.5
169.8
170.9
172.2
175.4
174.6
175.3
159.1
171.6
Instruments
__do_.
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t©A mil. $„ ••2,701,195 3,056,727
2
2,701,195 !3,056,727
Mfg. and trade sales (seas, adj.), total t©A..do
Manufacturing, total t©
do. 21,335,072 1,503,804
699,193 803,082
Durable goods industries
do.
635,879 700,722
Nondurable goods industries
do.
62,898
21, 244
41,654
64,075 '65,146
21,813 22, 617
42,262 '42,529
65,522 65, 964 06, 224 67,303 •68,085
22, 730 22, 947 23, 049 '23,617 23,872
42,792 43, 017 43,175 43,686 44,213
642,104 >• 754,105 56, 260 '57, 729
285,605 349,916 25,655 '26,981
356,498 404,189 30,605 30, 748
58,803 ' 61, 640
27,419 '28,831
31,384 ' 32,809
63,171
28,627
34,544
Merchant wholesalers, totalA
Durable goods establishments
Nondurable goods establishments
do.
do..
do..
2
62,656
28,741
33,915
63,425
29,859
33,566
68,971 70,158 70,918 71,031
24, 422 24,954 25,163 25,271
44, 549 45,204 "45, 755 45,760
64,894 • 64,531 67,338 •67,552 67,823
30,043 •29,863 30,953 •31,498 •31,939
34,851 34,668 36,385 •36,054 '35,884
377,511 '340,674 ••345,395 '352,902 -•356,913 '358,701 '359,422 •359,884 '361,772 '365,748 '374,553 '381,342 •377,511 383,511
337,832
379,391
179,714
115,424
64,290
197,802 80,977 182,393 183,860 185,715 187, 689 189,557 191,167 192, 882 194,063 195, 735 196, 587 "197,802 201,224
129,141 116,278 117,511 118,725 119,848 121,471 122,688 123, 830 125, 206 126,176 126, 784 128, 357 129,141 131,608
68, 661 64,699 64,882 65,135 65,867 66, 218 06,869 67,337 67, 676 67,887 67,951 68, 230 '68,661 69,616
100,818 91,003 91,214 92,712 '94,290 94, 933 95, fiO7 •96,521 '97,824 •98,350 99,279 100,483 100,818 101,679
48,161 44, 040 44, 430 44, 624 '45,619 45, 525 45, 502 •45,704 MB, 116 •46,444 •47,006 •47,555 •48,161 49,302
52, 657 46,963 46, 778 48, 088 '48,671 49, 408 50,105 50,817 '51,708 51,900 52,273 52,928 -52,657 52,377
r
80,771 69,191 70,325 72,629 '74,327 74,779 75,191 •75,744 '76,338 •77,113 78,625 79,526 80,771 81,898
52,460 44,837 45,738 46,871 '47,677 48,319 48,756 49,414 '49,972 •50,160 50,948 •51,625 -52,460 52,733
29,165
'28,311
27,677
•27,901
•26,953
28,311 24,354 24,587 25,758 26,650 26,460 26,435 •26,330
do
do
do
90,120
43, 414
46, 706
Merchant wholesalers, totalA
Durable goods establishments
Nondurable goods establishments
do
do
do
67, 998
44, 368
23, 630
1.44
1.41
341,171 '343,932 r349,201
1.47
' 1.44
1.43
-•354,332
' 1.41
71,472
25, 266
46,206
67,069
31,106
35,963
336,821
Retail trade, totalA
Durable goods stores
Nondurable goods stores
do.
do.
do..
__do_.
do.
"I_do"___
doI-II
232,474 239, m 243,979 '251,323 !52, 259 253,459 '252,755 '260,068 260,53£ 266,946 270,13; 273,776 273,704
61, 892
20,817
41, 075
2 724,020 !798,818
'r 247,832 277,916
476,188 520,902
Nondurable goods industriesf©
Materials and supplies
Work in process
Finished goods
_
Retail trade, totalA
Durable goods stores
Nondurable goods stores
210,789 225,715 252,889 251,465 '259,
,345 266,617 '241,588 '262,970 '263,677 273,756 '271,127 •276,786 250,713
21,101 124, 537 123, 566 124,839 123,039 127,871 127,919 30, 614 '132,424 -135,035 135,604
64,457 6G, 493 65,417 66,293 64,847 68, 684 68, 916 70, 292 71, 635 •73,429 73,611
56,644 58,044 58,149 58,546 58,192 59,187 59,003 60, 322 60, 789 61,606 61,993
do..
do..
do_.
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, totalt©A
ratio..
Manufacturing, totalf©
do
Durable goods industries!
do
Materials and supplies
do
Work in process
do__II
Finished goods
do .
•179.5
114,322 118,982
59,973 63,077
54,349 56,905
Retail trade, totalA
Durable goods stores
Nondurable goods stores
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), total tA©
mil. $_.
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total fA©
mil. $__
Manufacturing, totalj©
do
Durable goods industries
do
Nondurable goods industries
do
176.2
'357,401 '360,355 •363,432 '367,044 '369,526 '372,639 '376,596 '379,391 384,801
'1.42
'1.42
'1.44
'1.40
1.39
'1.39
1.41
'1.51
1.82
.59
.78
.46
1.52
1.83
.60
.77
.46
1.49
1.80
.58
.77
.45
'1.48
1.79
.58
.77
.45
'1.46
'1.76
'.56
'.76
'.44
1.48
1.79
.57
.77
.45
1.14
.44
.17
.53
1.15
.44
.18
.53
1.13
.43
.18
.51
1.12
.43
.18
.51
1.11
.43
.17
.51
1.12
.44
.18
.51
1.44
1.95
1.17
'1.44
'1.92
'1.17
'1.43
'1.91
'1.17
'1.42
'1.91
'1.15
1.43
1.95
1.14
1.58
1.93
.65
.78
.49
1.51
1.83
.59
.77
.47
1.58
1.94
.64
.80
.51
1.53
1.86
.61
.77
.48
1.52
1.84
.60
.77
1.49
1.80
.58
.76
.46
1.52
1.86
.60
.78
.47
1.52
1.85
.60
.78
.47
1.55
1.90
.61
.81
.48
1.19
.48
.19
.53
1.14
.44
.18
.52
1.19
.46
.19
.54
L16
.45
.18
.52
1.15
.45
.18
.52
1.13
.44
.18
.51
1.14
.44
.18
.52
1.14
.45
.18
.52
1.16
.45
.18
.53
1.40
1.97
1.11
44
97
15
'1.47
'2.12
'1.14
'1.45
'2.09
'1.12
'1.45
'2.05
'1.14
'1.45
'2.02
'1.14
1.45
2.00
1.15
.45
.98
.16
'1.46
'1.98
'1.18
'1.45
'1.95
'1.18
1.22
1.18
'1.18
1.19
Merchant wholesalers, totalA
do
1.19 '1.17
1.18
.20
1.23
1.19
1.21
19
1.22
1.24 ' 1 . 2 1
'1.70
1.64 ' 1 . 6 4
'1.66
1.65
1.68
Durable goods establishments
doll II
.70 ' 1 . 6 5
1.73
67
1.75 ' 1 . 7 0
1.65
1.69
1.71
.81
.79
.76
.77
'
.
7
6
.78
Nondurable goods establishments
do
.78
'
.
7
8
.80
'
.
8
1
.80
'.82
78
.77
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: 0
Durable goods industries:
6,919
6,940
6,867
Unadjusted, total
. mil. $
6,033 6,813
66,765
4,982
6,386 6,673 5,716
6,165
6,378
6,640
6,847
6,666 6,932 6,643
6,249 6,092 6,406
5,648
6,240
6,061
5,978
Seasonally adj., total
do
Shipments (not seas, adj.), totalt©
d o . . . 1,335,072 1,503,804 105,437 119,337 125,225 127,014 125,144 131,727 114,380 126,166 133, 527 136,055 132,130 127,662 124,998
Durable goods industries, total 9t
do
699,193 794,441 54,426 62,766 67,473 68,379 67,357 71,839 59,296 65,991 71,888 73, 591 71,134 '68,942 66,318 73,081
Stone, clay, and glass products
do___ 35,274 43,888 2,692 3,072 3,449 3,706 3,809 4,039 3,581 4,081 4,039 4,176 3,855 ' 3, 389 3,168 •11,460
Primary metals
do
9,131 10,110 10,643 10,918 10,467 10,397 • 10,295
103,340 120, 390 8,305
9,515
9,957 10,252 10,086 10,609
Blast furnaces, steel mills
do_._ 51,519 60,533 4,172 4,898 5,100 5,102 5,105 5,366 4,678 5,039 5,283 5,445 5,068 ' 5, 277 5,127
4,138
4,290 ' 4,103
4,321
4,279
Nonferrous and other primary met do__
3,540 4,083
40,877
3,642 3,864
3,844 4,123
4,057
3,269
47,455
corresponding note on p. S-6. ©Mfrs. shipments, inventories and new orders were revised
y Preliminary.
i Estimated.
a Based on data not seasonally adjusted.
3' Revised.
back to 1958; revisions prior to Aug. 1977 are available from Bureau of the Census VV ash.^D.O.
Advance estimate; total Mfrs. shipments for Jan. 1979 do not reflect revisions for selected
20233. ASee note " f" on p. S-12 for retail trade and notes " 0 " and t" on p. S-ll for wholecomponents.
{See note marked "c?" on p. S-4. §The term "business" here includes
only manufacturing and trade; business inventories as shown on p. S-l cover data for all
sale trade.
9 Includes data for items not shown separately.
©See corresponding note
types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown
on p. S-4.
below on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12. fSee
s-e
SURVEY OF CUREENT BUSINESS
Unless otherwise stated in footnotes below, data
throw?* 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
March 1979
1978
Jan.
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
8,605
12,384
8,967
18,125
12,987
2,857
Jan.
Dec.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Shipments (not seas. adj.)t— Continued
Durable goods industriesf—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
15,313
10,600
2,359
7,919
11,860
8,175
16,675
11,641
2,661
8,184
11,685
8,119
17,087
11, 920
2,522
8,110
11,259
7,848
16,833
11,780
2,575
8,510
12,453
8,627
17,540
12,035
2,826
7,158
10,446
7,271
13,185
8,645
8,393
11,074
8,273
13,858
9,141
2,716
8,637
12,346
9,026
16,958
11,290
2,890
8,436 '8,324
11,828 '12,741
8,699 ' 8, 710
17, 944 r 16,039
12,532 '10,566
2,841 ' 2,741
7,887
11,343
8,132
16,917
11,845
2,457
51,011
15,338
789
3,216
56,571
17,487
800
3,562
57, 752
17,694
876
3,691
58, 635
17,539
903
3,912
57, 787
17,778
835
3,743
59,1
18,204
1,003
3,818
55,084
16,983
821
3,100
60,175
18,209
968
3,744
61,639 •62,464 •60,996 •58,720
18,674 •19,291 18,831 r18,733
1,043
1,014
'941
939
3,990
3,783 ' 3,491
3,901
58, 271
17,963
899
3,563
4,229
9,366
8,005
2,820
4,666
10.309
8,151
3,260
4,775
11,010
8,019
3,400
4,759
11,434
8,207
3,462
4,!
11,841
8,273
3,306
5,066
11,161
8,721
3,491
4,592
9,605
8,679
3,001
5,007
10,241
8,926
3,544
4,966
10,961
9,118
3,522
114,322
118,982 121,101
124,537
123,566
124,839
123,106
127,871
127,919
59,973
3,136
8,776
4,163
3,677
63,077
3,341
9,591
4,932
3,698
64,457
3,396
9,310
4,683
66,493
3,657
9,824
4,968
3,834
65,417
3,710
9,628
4,942
3,640
66,293
3,710
9,860
5,062
3,786
65,222
3,644
9,905
5,030
3,823
68,684
3,791
10,346
5,064
4,267
68,916
3,725
10,241
5,154
4,036
70,292
3,884
10,862
5,534
4,253
do_
do_
do_
do_
do_
do_
7,003
10,051
7,831
14,420
9,688
2,397
7,582
10,778
7,713
15,176
10,490
2,441
7,848
10,964
7,979
15,676
10,869
2,630
8,013
11,364
8,119
16, 288
11, 291
2,569
7,880
11,091
7,929
15,971
11,138
2,602
7,899
11, 425
8,167
15,887
10,803
2,674
7,539
11,454
8,071
15, 510
10,670
2,579
8,241
11,831
8,495
16,324
11,237
2,714
8,200
12,062
8,509
16,738
11,012
2,716
8,152
' 9,049
12,371 12,320 •12,792
8,526
8,778
8,519
16,674 •17,473 •17,227
11,684 11 ,991 11,891
2,715
2,761 ' 2,712
8,678
12,307
8,916
18,645
12,682
2,705
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_.
54,349
16,100
836
3,535
4,424
10,223
8,080
3,086
55,905
17,343
840
3,583
4,593
10,093
7,953
3,219
56,644
17,747
898
3,486
4,719
10,277
8,158
3,226
58,044
17,775
928
3,976
4,750
10,537
8,239
3,314
58,149
18,015
821
3,697
4,796
10,433
8,443
3,235
58,546
17,844
960
3,606
4,815
10,719
8,590
3,283
57,884
17,599
824
3,639
4,861
10,399
8,600
3,258
59,187
18,122
921
3,706
4,859
10,188
8,863
3,515
59,003
17,853
933
3,657
4,812
10,450
9,040
3,426
60,345
18,540
1,046
3,752
5,051
10,673
8,837
3,483
•60,789
18,595
988
3,684
5,109
10,942
8,980
3,552
61,606
19,133
'935
' 3,649
'4,866
11,481
' 9,298
' 3,317
61,993
18,828
941
3,912
4,905
11,739
9,069
3,319
9,929
23, 799
19,115
14,847
11,374
56,540
Nondurable goods industries, total 9 ©
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
mil. $_
do___
do___
do__ _
do
do
85,255
119,008
85,759
170,739
117,758
28,570
96,090
138,400
98,676
192,697
132,207
31,560
6,357
9,285
7,135
13,140
9,070
2,182
7,457
11,039
do
do
do
do
635,879
191,887
9,589
40,821
700,722
214,489
10,941
43,951
do_.
do_.
do_.
do_.
52,368
113,891
95,656
36,955
57,654
126,483
103,167
Shipments (seas, adj.), totalf©
do.
By industry group:
Durable goods industries, total 9
do.
Stone, clay, and glass products
do.
Primary metals
do.
Blast furnaces, steel mills
do.
Nonferrous and other primary met.—do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
By market category: f
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
do_
Nondefense
do_
Defense
do_
5,157
10,701
8,781
3,642
5,061
10,432
8,952
3,461
' 4,573
10,422
' 9,335
' 3, 021
71,635
3,852
10,868
5,273
4,464
•73,429 • 73,112
3,690
' 3,943
11,425 • 10,887
'5,876
5,116
' 4,374
4,654
114,584
270,805
204,274
153,752
130,038
630,351
20, 662
15,005
11,440
9,525
48,792
9,147
21, 969
15,711
12,261
9,935
50,054
9,190
22,217
16,209
12,690
10,276
50,519
9,611
22,480
16,541
13,160
10, 653
52,092
9,395
22,554
16,300
12,917
10,651
51,749
9,532
22,545
16, 968
12,563
10, 786
52,445
9,291
22,300
16,838
12,340
10,605
51,732
9,809
22,855
17,606
12,963
11,200
53,438
9,820
22,658
18,277
12,856
11,062
53,246
23, 233
17,958
13,543
11,379
54,526
9,964
9,756
23,542 '23,949
18,303 '18,714
13,871 ' 13,731
11,731 12,005
55,103 56,880
45,015
205,263
173, 723
31,540
51,490
238,514
204,397
34,117
3,911
17,974
15, 296
2,678
3,951
18,459
15, 690
2,769
4,296
18,978
16,095
2,883
4,369
19,536
16, 598
2,938
4,133
19,058
16,257
2,801
4,361
19,653
16, 782
2,871
4,155
19,574
16,819
2,755
4,447
20,409
17,598
2,811
4,353
21,290
18,357
2,933
4,503
20,744
17,882
2,762
4,437
21,191
18,284
2,907
do
do
do
180,118
114,862
65,256
198,062
128,448
69,614
Book value (seasonally adjusted), total!
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met. do
179, 714
197,802
£0,977
182,393
183,860 185,715 187,689 189,557 191,167 192,882 194,063 194,735
115,424
4,259
17, 779
9,782
6,826
129,141
4,825
18,035
9,914
6,895
16,278
4,416
17, 555
9,500
6,891
17, 511
4,510
17,185
9,089
6,912
118,725
4,530
16,828
8,721
6,893
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products__do
14,760
26, 379
15,433
21,258
7,851
5,727
16,799
31,037
17,025
23,908
7,668
6,550
.4,849
!6,731
.5,539
!1,443
8,128
5,820
15,225
26, 924
15, 703
21,867
8,022
5,950
15.573
27,400
16,023
22,127
8,019
6, 087
15, 874
27, 757
16,188
22, 264
7,919
6,104
182,745 184,450
L16,835 L18,704
65,910 65,746
185,448 186,844 188,499
119,969 120,963 122,540
65,479 65,881 65,959
4,690
10,795
8,982
3,048
130,637 132,424 135.035 135,604
102,713
244,028
177, 735
137, 605
109,361
563, 630
Inventories, end of year or month:f
Book value (unadjusted), totalf
Durable goods industries, total
Nondurable goods industries, total
4,469
21,833
18,838
' 2,995
r
4,388
22,093
19,018
' 3,075
196,587
1
17,443
i 4,526
21,671
18,793
i 2,878
197,802 101,224
15,992
28,279
16,445
22,743
8,037
6,140
16,130
28,766
16,628
22, 784
!, 003
i, 203
16,313
29,062
16,758
23,010
7,828
6,199
16,425
29,374
16,860
23,400
8,232
6,282
16,374
29,707
17,023
23,614
8,500
6,384
16,706
30,048
16,959
23,425
7,817
6,461
16,598
30,257
17,120
24,016
8,196
6,494
16, 799
31,037
17,025
23,908
7,668
6,550
16,958
31,454
17,548
24,917
8,430
6,826
41,777
6,451
8,722
5,066
7,273
do
do
do
do
do
38,719
7,141
7,345
4,520
6,733
41,325
6,619
8,743
4,949
6,791
38,177
6,711
7,329
4,440
6,810
38,535
6,603
7,371
4,528
6,971
38,547
6,393
7,497
4,581
6,782
38, 794
6,371
7,703
4,630
6,730
39,484
6,427
7,897
4,729
6,822
39, 667
6,444
8,012
4,819
6,736
39,727
6,394
8,155
4,873
6,541
40,343
6,587
8,175
4,872
0,763
41,133
6,554
8,412
4,979
7,122
40,916
6,499
8,680
4,951
6,593
41,228
6,647
8,573
4,937
6,840
41,325
'6,619
' 8,743
' 4,949
'6,791
Work in process 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
do
do
46,864
5,760
11,803
6,835
11,655
55,484
6,363
14,333
7,815
14,156
47,785
5,880
12,040
7,000
11, 699
48,696
5,871
12,111
7,151
12, 065
49,491
5,690
12,457
7,259
12,266
50, 330
5,801
12, 487
7,365
12, 674
50,966
5,740
12,723
7,410
13,018
51,684
5,814
13, 048
7,452
13,126
52,763
5,998
13,102
7,456
13,698
53,296
6,025
13,374
7,557
13,722
53,375
6,155
13,556
7,645
13,506
54,210
6, 257
13,567
7,707
13,924
54,815
6,305
13,919
7,894
14,079
•55,484 56,478
6,407
' 6,363
• 14,333 14,616
' 7,815 8,047
14,156 14,328
Finished goods 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
do
do
29,843
4,878
7,231
4,079
2,870
32,332
5,053
7,961
4,261
2,961
30,316
4,964
7,362
4,099
2,934
30, 280
4,711
7,442
4,024
2,831
30,687
4,745
7,446
4,183
3,079
30,724
4,768
7,567
4,193
2,860
31,021
4,893
7,659
4,306
2,903
31,337
4,951
7,706
4,357
2,922
31,340
4,943
7,805
4,429
2,771
31,567
4,934
7,825
4,431
2,915
31,668
4,969
7,739
4,399
2,986
31,658
4,995
7,801
4,301
32,314
5,166
7,765
4,289
3,097
32,332 33,353
' 5,053 5,021
' 7,961
8,116
' 4,261
4,435
' 2,961
3,316
Nondurable goods industries, total 9 - - d o
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
64,290
15,575
3,524
5,294
5,622
14,134
5,992
4,281
68,661
17,099
3,639
5,620
5,868
15,461
5,458
4,580
64,699
15,755
3,427
5,432
5,588
14,167
6,016
4,356
64,882
15,690
3,419
5,450
5,632
14,225
5,986
4,419
65,135
15,968
3,405
5,445
5,664
14,426
5,591
4,401
65,867
16,168
3,465
5,394
5,687
14, 743
5,576
4,445
66,218
16,436
3,477
5,433
5,798
14,763
5,302
4,498
66,869
16,643
3,501
5,475
5,869
14,861
5,397
4,521
67,337
16,525
3,385
5,542
5,939
15,054
5,530
4,521
67,676
16,674
3,359
5,554
5,816
15,182
5,512
4,581
67,887
16,895
3,481
5,601
5,855
15,317
5,406
4,561
67,951
17,104
3,544
5, 571
5, 795
15,246
5,503
4,528
68,230
16,956
3,653
5,632
5,778
15,269
5,625
4,491
68,661 69,616
17,099 17,300
3,600
' 3,639
' 5, 620 5,725
5,857
' 5,868
15,461 15,600
5,567
' 5,458
' 4,580 4,769
25,102
10,116
29,071
26,538
10,733
31,390
25,190
10,145
29,364
25,332
10,258
29,292
25,730
10,208
29,197
25, 742
10, 352
29,773
25,825
10,354
30,039
26,314
10, 277
30, 278
26,145
10,348
30,844
26,024
10,352
31,300
26,108
10,484
31,295
26,171
10,754
31,026
26,381
10,658
31,191
26,538
10,733
31,390
11,553
128,357 129,141 .31,608
4,782 ' 4,825
4,892
18,118 18,035 17,879
9,961 ' 9,914
9,844
6,919 '6,895
6,793
125,206 126,176 126,784
4,699
4,688
4,740
17,751
17,546 17,678
9,613
9,384
9,523
6,937
6,953
6,931
By stage of fabrication:!
Materials and supplies 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
' Revised
i Advance estimate; total mfrs. shipments for Jan. 1979 do not reflect revisions for selected components.
f Revised series. Data revised back to Jan. 1958 to reflect
(1) benchmarking of shipments and inventories data to the 1974, 1975, and 1976 Annual Surveys of Manufactures, (2) recalculation of new orders estimates, and (3) updating of the sea-
73,291
188,846 189,439 191,281 191,875 193,494 195,912 198,062 203,066
122,891 123,160 124,430 124,903 125,583 127,236 128,448 132,184
67,911 68,676 •69,614 70,882
65, 955 66,279 66,851 66,972
122,688 123,830
4,606
4,569
17, 209 17,335
8,978
1,126
7,000
119,848 121,471
4,570
4,518
17,060
16, 940
8,879
8,824
6,974
6,901
17,715
27,090
11,005
31,521
sonal factors. A detailed description of this revison and historical data appear in report M3-1.7,
"Manufacturers' Shipments, Inventories, and Orders: 1958-1977," available for $2.45 from the
Bureau of the Census, Washington, D.C. 20233.
©See corresponding note on p. S-5.
9 Includes data for items not shown separately.
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1
O F ( UUK1
SUK
BUI:S1JNE
1978
1978
Annual
S-7
Jan.
Feb.
Mar.
Apr.
May
June
July
1979
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
16,679
26,271
49, 229
10,474
16,828
77,106
16,874
26,429
50,355
r
9, 983
16,963
77,198
17,440
26,551
51,190
10,787
17,171
78,085
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Inventories, end of year or monthf—Continued
Book value (seasonally adjusted)—Continued
By market category :f
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 goods industries
do___
Nondefense
do_._
Defense
do_-_
New orders, net (not seas, adj.), total tA
Durable goods industries, total
Nondurable goods industries, total A
do_.
do_
do_
New orders, net (seas, adj.), total fA
do_
By industry group:
Durable goods industries, totalf
do_.
Primary metals
do_.
Blast furnaces, steel mills
do_
Nonferrous and other primary met.__do_
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do.
do.
do_
do_
do_
Nondurable goods industries, total A
do_.
Industries with unfilled orders©
do_.
Industries without unfilled ordersifA- -do_.
By market category:t
Home goods and apparelA
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
do—
do—
do
do—
_do
do—
do
do—
do—
do—
15,340
23,942
42,836
10,108
14,935
72,553
16,874
26,429
50,355
9,983
16,963
77,198
15,738
24,092
42,971
10,377
15,203
72,596
15,848
23,902
43,869
10,276
15, 720
72,778
15,947
24,157
44, 645
10,256
15,853
73,002
16,066
24,621
45,228
10,129
16,059
73,612
16,183
24,928
46,155
10,297
16,091
73,035
16,276
25,407
46,761
10, 265
16,293
74,555
16,707
25,366
47,339
10,106
16,299
75,350
16,859 16,887
25, 511 25,919
47, 790 48,255
10, 510 10,751
16,372 16,503
75,840 75,748
16,618
25,990
48,907
10,066
16,731
76,423
7,771
46,677
40,294
6,383
8,595
55,326
48,155
7,171
8,026
46,966
40,512
6,454
8,053
47, 824
41,188
6,636
8,116
48, 772
42,151
6,621
8,188
49,518
42,780
6,738
8,301
50,512
43,610
6,863
8,307
51,399
44,583
6,816
8,574
52,112
45,227
6,885
8, 635 8,678
52, 620 53,007
45, 743 46,246
6,877 6,761
8,590 '8,595
8,559
53, 839 54, 390 55,326
46,905 47, 422 48,155
6,932
6,968 r 7,171
1,354,099 1,551,160 109,532 123,022 129,668
717,537 848,932 58,172 66,343 71,712 71,890
636,562 702,228 51,360 56,679 57,956 59,009
21,354,099 1,551,160 117.899 122,544 125,801 128,175 128,450 127,580 123,279
717,537 848,932
105, 968 128,002
53,394
65,307
41, 360 49,653
85,609
122,489
88,241
178,617
42,420
98,913
144,166
103,216
216,473
60,110
69,016
10,228
5,376
3,850
7,826
8,019
7,597
10.563 11,482 11,573
8,460
8,319
8,434
14, 749 16, 392 18,085
4,162 4,221
3,675
63,335
9,857
4,938
3,940
66,681
9,946
5,302
3,611
143,141 136,573 130, 608 133,118
80,752 75,518 r 73,650 74, 983
62, 389 61,055 r 58,746 58,135
130,952 131,840 137,185 137,662 ••140,356 143,042
70,033
10,308
5,331
3,957
70,045
10,754
5,845
3,811
68,840
10,428
5,451
3,954
65,187
10,095
5,151
3,850
71, 582 72,645
10, 876 11,233
5,184 5,764
4,504 4,365
76,984
11,722
5,917
4,647
76, 654 78,623 81, 344
11,092 11,806 13,973
5,527 ' 5,709 7,572
4,318 ' 4,827 5,172
8,778
11,536
8,626
17, 721
4,943
8,023
11,872
8,352
18,019
4,832
7,736
11,477
8,239
17,953
5,677
7,524
11,669
7,902
15,226
3,298
8,294 8,196
11,830 12,708
8,730 8,919
18, 516 18,536
5,460 5,412
8,524
13,234
8,988
20,553
5,594
8,804 ' 9,527 9,344
13,099 13,273 13,401
8,960 * 9, 285 9,682
20, 916 20,167 20,860
6,949 T 5, 928 5,649
636, 562 702,228 54.564
139,673 153, 795 12,002
496,889 548,433 42,562
55,863
12,047
43,816
56, 785 58,142
12, 412 12,880
44,373 45,262
58,405
12,971
45,434
58, 740
12,934
45,806
58,092
13,070
45,022
59, 370 59,195 60.201 • 61,008 61,733
13,208 12,866 12,986 13, 273 13,184
46,162 46,329 •47,215 '47,735 48,549
103,442
244,051
186, 752
138,805
110,261
570,788
9,007
20,680
16,839
11,475
10,011
50,088
9,222
21,984
17,822
12,521
10,417
50,673
9,160
9,735
22,222 22,534
18,802 18,423
12, 895 13,171
10, 397 11,218
52,325 53,094
9,422
22,549
19,295
13,018
10,600
53,556
9,398
22,526
18,317
12,612
10,690
54,037
9,177
22,350
16,204
12,209
10,437
52,902
9,955
22, 840
19, 485
13,000
10, 986
54,686
22,626
20,281
13,132
10,714
55,149
9,808
23,211
21,709
13,947
11, 640
56,870
9,797 ' 9,704 10,151
23,446 23,933 23,812
21,165 20,555 20, 814
14, 261 14,281 15,171
11,551 ' 12,428 11, 636
57, 442 1 58,608 61,458
45, 733 51,408
3,994
216, 849 268,762 19,382
182,413 225,770 16,511
34,436
42, 992 2,871
3,998
20,538
17,882
2,656
4,262
4,513
21,992 21,440
17, 507 17,409
4,031
4,485
4,150
22,202
18,124
4,078
4,263
21, 592
18,155
3,437
4,039
19,355
17,074
2,281
4,456
4,563
22,701 23,667
20,149
19, 344
3,518
3,357
4,295
25,455
22,219
3,236
4,446
4,617
4,320
25, 234 24, 629 25,061
20,790
22,332
20,575 r
4, 301 2,729
4,659
Unfilled orders, end of year or month (unadjusted),
totalf
mil. $_. 193,029
184,482
Durable goods industries, total
do
8,547
Nondur. goods ind. with unfilled orders©—do
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil. $_. 193,659
By industry group:
184,834
Durable goods industries, total 9
do
18,513
Primary metals
do
11,852
Blastfurnaces, steel mills
do
5,350
Nonferrous and other primary met.__do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft, missiles, and parts
do
Nondur. goods ind. with unfilled orders©_do
By market category:!
Home goods, apparel, consumer staples. _do_.
Equip, and defense prod., incl. auto
do_.
Construction materials and supplies
do_.
Other materials and supplies
do_.
Supplementary series:
Household durables
do_
Capital goods industries
do_
Nondefense
do_
Defense
do_
128,665 134,171 117,023 129,873 136,129
70,723 74, 237 61,702 69, 713 74,520
57,942 59,934 55,321 60,160 61,609
56,353
49,005
7,348
114,499
270,832
229,717
155, 810
131,327
648,975
61,698
13,036
48,662
240, 483 197,123 200,807 205,248 209,132 212,654 215,098 217,738 221,444 224,149 231,261 235,753 r•240,483 248,606
230, 324 188,227 191,804 196,039 199,549 202,915 205,310 207, 714 211,434 214,067 221,233 225,619 230,324 238, 583
9,003
9,739
9,788 10,024 10, 010 10,082 10,128 10,134 10,159 10, 023
10,159
9,583
8,896
197,235 200,798 205,500 209,133 214,010 216,754 216,922 219,999 223,921 230,464 235,704 '241,025 248,464
r
230, 554 188,194 191,798 196,359 199, 895 204,516 207,067 207,026 209, 922 213,650 220,341 225, 361 230,554 238,289
26, 216 19, 594 19,948 20,866 21,349 22,476 23,043 23,232 23, 760 24,753 25,612 25, 834 26,216 29,288
16, 662 12,627 12,996 13, 689 14,052 14,955 15, 344 15,464 15, 583 16,193 16,576 16, 829 •r 16,662 19,118
7,450 7,968
6,750
5,696
5,990
6,997
7,450
5,613
5,526
7,143
6,184
6,421
6,158
5,819
23,203
26,005 23,797 24, 233 24,213 24,976 25,118 24, 956 24,941 24, 993 24,990 25, 361 25, 526 26,005 26, 671
47, 221 53, 039 47, 732 48,434 49, 044 49,219 50,001 50,055 50,268 50, 266 50,912 51,776 52,558 53,039 54,134
25,833 30, 413 26,436 27,186 27,526 28,031 28,455 28, 529 28,358 28, 594 29,006 29,466 29, 910 30,413 31,181
60, 527 83, 994 60,856 62, 072 64, 480 65, 915 67,963 70, 029 69,745 71, 938 73,733 77,612 81, 052 83,994 85,807
41,275
59, 613 41, 598 42,502 43,396 44,998 46,608 48,756 48,751 50, 650 51,964 54,210 57,397 59,613 60, 980
8,825
10,471
9,494
10, 077 10,271 10,123 10, 343 10,471 10,175
9, 041 9,000 9,141
9,687
9,238
240,483
4,482
4,309 4,285
4, 266 4,396
4,270 4,098 - 4, 025 4, 260
4,329
4,219
4,457 4,483
112,156 114,527 117,326 119,221 122,306 123,708 122,938 124,857 127,137 131,291 134,544 137,784 139,809
19, 249 19, 731 19,852 20,417 20,366 20, 269 20,102 19, 888 19,539 19,800 19, 621 20,043 20, 305
61,611 62, 231 64, 037 65,038 66,855 68,448 69,616 70,858 72,763 75,103 77, 441 79,173 84,090
3,513
3,299
3,649
3,442 3,326
3,389
3,546
3, 546 3,431
3,472 3, 520 3,486
3,625 3,644
3,299
120,899 150,853 122,307 124,388 127,402 129, 310 132,453 134,393 134,172 136,464 138,841 143,550 147, 596 150,853 153,760
85, 893 107,041 87,107 89,301 90, 712 91, 528 93,395 94, 768 95,021 96, 767 98,560 102,795 105, 088 107,041 110,296
35, 006 43,812 35,200 35,087 36,690 37, 782 39,058 39,625 39,151 39, 697 40,281 40,755 42, 508 43,812 43,464
4,091
4,025
110, 488 137,784
18, 765 20,043
60, 315 79,173
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unad j usted
number.. 432,172
Seasonally adjusted
do
36,986 35,249
36, 547 39,253
43,130
37,602
38, 690 41,960
38,498 38,320
43,059
39,796
39, 245 42,392
39,403 42,605
38,732
41,827
41,022
41,945
37, 661
41,568
39,701
42,461
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
...number..
7,919
519
559
583
504
594
675
459
Commercial service
do
1,041
62
63
79
75
78
63
73
60
Construction
do
1,463
99
104
106
109
69
107
94
131
Manufacturing and mining. _
do
1,122
70
83
114
81
87
74
76
104
Retail trade
do
3,406
228
250
288
257
246
181
231
308
Wholesale trade
do
60
887
59
79
71
66
48
67
59
Liabilities (current), total
thous. $.. 3,095,317
168, 308 205,014 324,412 202,990 160, 395 178,839 231,821 206, 395
Commercial service
do.
358,686
21,359 70, 081 12,319 31,388 14, 872 42,981 54, 753 32, 569
C onstructi on
do
420, 220
9,764 24,297 16,543 24,490 17, 547 21,733 32,405 39,278
Manufacturing and mining
do
1,221,122
82, 393 46,080 230,15!) 78,094 77, 213 55,154 59, 220 81,522
Retail trade
do.
482,560
40, 513 34,854 37,867 35,824 27, 850 33,947 25, 832 40,005
Wholesale trade
do.
612,729
14, 279 29,702 27,524 33,194 22,913 25,024 59, 611 13,021
Failure annual rate (seasonally adjusted)
2
No. per 10,000 concerns.
28.4
23.4
21.9
24.1
21.6
24.0
24.6
22.0
29.8
r
H For these industries (food and kindred prod., tobacco mfs., apparel and other textue
Revised.
P Preliminary.
* Advance estimate: totals for mfrs.
new and unfilled
2
orders for Jan. 1979 do not reflect revisions for selected components.
Based on unadjusted
prod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales are
data.
f See corresponding note on p. S-6.
9 Includes data for items not shown sepaconsidered equal to new orders.
O Compiled by D u n & Bradstreet, Inc. (failures data
rately.
ASee note marked " © " on p. S-5.
©Includes textile mill prod., leather and
for 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginning
prod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurable
Sept. 1976).
goods are zero.
SUKV EY (JF C UKltJ[±;JNT BUSJUNES
S-8
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
May
1979
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
526
457
441
485
307
337
564
1,078
598
642
765
243
538
458
455
475
302
336
634
1,144
621
667
796
247
544
452
442
503
302
343
560
1,107
639
691
830
238
538
452
457
516
309
349
483
1,115
627
709
792
248
555
461
542
490
319
347
471
1,138
653
722
829
260
'579
'470
'638
'473
'322
'346
'482
1,134
'693
'728
904
264
601
481
681
454
324
347
516
1,124
726
728
964
269
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS!
Prices received, all farm products
1910-14=100Crops 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 PRICES1
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND CLERICAL WORKERS, REVISED (CPI-W)^
1967=100..
457
432
499
511
316
275
370
972
481
594
564
228
524
456
512
465
320
336
516
1,060
593
647
754
242
466
424
524
404
307
314
436
1,024
509
624
613
218
M82
500
'427
'512
434
313
320
443
1,021
539
624
661
235
442
497
432
325
328
459
1,006
560
624
700
238
520
465
662
441
337
344
441
1,017
576
618
730
245
536
476
576
454
348
340
511
1,018
597
612
779
237
543
485
666
463
342
337
593
1,017
612
789
238
536
478
509
477
324
335
595
1,030
597
618
763
258
591
573
579
616
626
604
590
590
610
593
597
621
598
611
629
602
620
'637
608
630
640
613
631
642
620
631
643
624
629
650
628
638
655
632
643
658
638
645
664
641
652
676
644
688
650
683
687
66
744
70
711
66
717
728
69
736
71
744
72
747
73
749
72
750
70
757
71
761
71
764
71
770
67
72
'796
73
808
74
181.5
195.3
187.1
188.4
189.7
191.4
193.3
195.3
196.7
197.7
199.1
200.7
201.8
202.9
204.7
207.1
191.5
193.3
195.3
196.7
197.8
199.3
200.9
202.0
202.9
204.7
207.1
192.7
192.0
195.3
193.5
193.3
196.3
194.5
195.1
197.9
195.8
196.7
199.4
196.7
197.8
200.5
192.9
197.5
179.1
180.0
180.3
218.6
227.8
217.8
216.1
210.6
220.1
2 168.5
238.8
3 218.5
4 306.1
234.9
1 183.0
164.1
191.4
191.1
158.5
194.7
189.7
227.0
197.8
198.6
201.5
199.5
199.8
203.2
201.6
201.8
205.5
198.3
204.0
182.2
183.6
183.7
223.3
232.9
ALL ITEMS, ALL URBAN CONSUMERS
189.8
188.4
195.4
187.2
181.5
(CPI-U)I
_
.__1967=100_
Special group indexes:
186.3
183.8
185.0
191.3
179.1
All items less shelter
do
185.9
191.2
183.8
184.7
178.4
All items less food
do
188.3
194.0 185.8
186.9
180.3
All items less medical care
do
179.2
181.6
180.2
Commodities
do
174.7
187.1
186.8
183.9
185.1
Nondurables
do
178.9
192.0
170.7
169.7
169.6
Nondurables less food
do
166.5
174.3
168.3
166.6
167.2
Durables
do
163.2
173.9
170.0
168.6
168.8
Commodities less food
do
165.1
174.7
204.9
202.0
203.5
Services
do
194.3
210.9
213.0
Services less rent
..do
211.4
219.4 209.8
201.6
199.2
202.0 204.2
192.2
Food 9
do.
211.4
197.0
200.1 202.5
190.2
210.2
Food at home
do.
Housing
do.__
186.5 1 202.8 1 193.8 1195.0 1 196. 7
202.9
200.0 201.3
Shelter9
do.,.
191.1
210.4
Rent
do...
153.5 2 164.0 2158.8 2 159.7 2 160. 5
218.3
216.4
204.9
215.0
Homeownership
do...
227.2
202.2 3 216.0 3 208.5 3 210. 6 3 212.6
Fuel and utilities9
do...
*
297.2
283.4 4 298.3
295.2 4 296.9
Fuel oil and coal
do...
223.3 226.6
213.4
219.7
Gas (piped) and electricity
do...
232.6
»
173. 6
167.5 1 177.7 1171.3 1172.1
Household furnishings and operation
do...
156.5
154.2
155.7
Apparel and upkeep
do...
154.5
159.6
179.9
177.2
179.0
Transportation
do...
179.4
185.5
179.1
176.6
178.2
178.6
Private
do...
185.0
151.1
142.9
150.9
151.2
New cars
do
153.8
172.3
182.8
169.8
170.0
Used cars
do...
186.5
187.2
182.4
186.6
186.8
Public
do...
187.8
214.5
202.4
211.2
213.3
Medical care
do__219.4
Seasonally Adjusted A©
0.8
«0.7
All items, percent change from previous month
0.6
182.3
180.9
Commodities
1967=100_
• 180.0
170.7
Commodities less food
do___
169.7
«169.4
204.7
Food.
• 200.0 202.2
200.0 202.8
Food at home
-__do«197.6
3 208.0 3 210.1 3 211.8
Fuels and utilities
do_.
'4 291.4 4 291.8 < 293.6
Fuel oil and coal
do_.
157.4
155.8
«157.2
Apparel and upkeep
do_.
181.4
181.0
«180.3
Transportation
do..
180.8
180.4
• 179.7
Private
do_.
150.5
150.0
«149.0
New cars
do..
203.5 205.1
"201.9
Services
_do_
PRODUCER PRICESc?
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
220.3 226.3
218.0
22 Commodities
1967=100.. «209.6
236.0
220.8
215.4
9 Foodstuffs
do
5 208.2
219.8
219.9
219.7
13 Raw industrials
do
5 210.4
All commodities
do
194.2
202.1 203.7
200.1
By stage of processing:
Crude materials for further processing
do
' 214.3
219.6
225.0 230.5
210.7
Intermediate materials, supplies, etc
do
201. 7
207.2
208.9
189.1
187.0
188.5
Finished goods O
do
180.6
186.8
184.4
186.2
Finished consumer goods
do
178.9
193.0
193.7
194.6
Capital equipment
do
184.5
By durability of product:
199.3
198.0
Durable goods
do
188.1
196.1
Nondurable goods
do
198.4
202.3 204.5 206.5
198.9
197.8
Total manufactures
do
190.1
196.2
197.9
199.1
Durable manufactures
do
188.1
196.1
197.1
198.1
Nondurable manufactures
do
191.8
195.6
••Revised.
p Preliminary.
1 Includes TV and
sound equipment and repairs formerly
3
in "health and recreation."
2 Residential.
Includes additional items not previously
5
priced.
* Includes bottled gas.
Computed by BEA.
{Data revised back to 1965
to reflect new base weights; comparable data for earlier periods will be shown later.
9 Includes data for items not shown separately.
§ Ratio of prices received to prices paid
(parity index).
TData through December 1977 are for urb«n wnge earners and clerical
workers; beginning January 1978, there are two indexes, all urban wage earners and clerical
188.1
187.4
190.1
189.9
189.0
191.9
191.8
190.6
193.9
190.5
191.8
189.3
188.6
187.5
183. 5 185.5
195.4
196.6
194.4
193.6
190.7
192.7
188.8
177.1
178.1
175.4
174.1
172.8
173.7
171.8
178.8
177.2
175.9
175.3
172.0
173.9
169.9
179.1
177.8
176.3
175.4
173.0
174.4
171.3
217.6
215.6
213.4
211.7
209.9
206.5 208.0
226.7
222.2
224.6
220.4
218.3
214.6 216.2
215.6
215.4
216.8
215. 0
213.8
210.3
207.5
214.1
214.5
215.4
214.7
213.9
209.7
206.5
207.5
205.2
209.5
203. 8
202.0
1 198. 3 199. 9
216.2
213.3
218.6
211.3
206.6 208.9
204.7
2
166.4
2165.1
2 167.4
2 161.5 2162.7 2 163. 6 2 164.2
234.2 237.0
230.6
222.5 225.3 228.3
220.4
3 220.1
3 213.9 3 215. 5 3 217. 5 3 218.0 3 218.1 3 218.8
295. 7 4 300.1
4 296. 6 4 295.6 4 295.1 4 294.5 4 294.2 4 237.9
240.0
236.9
237.2
232.5 236.5
229.2
180.5
181.9
177.6 1 178.1 178.9
1 175.0 176.0
161.9
163.3
159.6
158.0
159.9
159.8
158.4
188.7
189.7
188.1
187.2
185.5
183.2
181.1
188.3
189.4
187.7
186.8
185.0
182.6
180.3
153.5
155.5
153.8
153. 9
153.5
152.5
151.2
195.9
195.4
196.7
195.
9
191.5
184.6
177.3
188.2
189.3
187.6
187.7
187.2
187.4
187.3
222.6
224.7
221.4
219.4
217.9
216.9
215.7
194.2
198.8
180.0
181.2
181.3
219.2
228.2
219.4
217.9
1211.5
221.0
2 169. 5
239. 5
3 219.9
4 311.8
236.2
1 184.0
163.2
192.6
192.5
159. 8
194.0
189.1
227.8
195.8
201.0
180.3
182.0
181.9
221.1
230.4
228.2
223.9
223.1 228.0
213.1 215.6
225.9
222.8
2170.3 2 171.0
245.6
241.6
3 221.5 3 223. 3
4 316.4 4 326.1
239.5 241.2
i 184.8
186.0
161.4
160.7
195.6
193.9
193.8
195.5
161.2
162.3
193.6
193.4
190.0
190.7
230.7 232.6
0.9
1.2
0.6
0.6
0.9
0.8
0.6
0.6
0.9
0.8
0.8
196.7
199.1
194.6
190.2
191.7 193.0
188.7
187.7
186.9
185.3
183.9
182.9
184.8
181.3
179.8
177.2
178.5
175.7
174.7
173.7
172.6
171.6
224.5 228.1
221.3
219.2
216.0
217.9
214.6
213.7
213.5
210.5
208.1
223.7
227.7
220.1
217.8
214.5
213.2
216.5
212.7
213.1
209.9
207.1
3 220.9 3 222. 6
3
220.0
3
218.9
3
219.
6
3
221.0
3
218.2
3
218.9
3
217.6
3
215.5
3 213.5
4 312.3 4 320.3
4 295.0 4 295.9 4 296.8 4 297.0 4 297.9 4 300.3 4 303.2 4 306.8 4 310.3 162.2
162.7
161.9
161.8
160.9
161.7
160.0
160.0
159.7
159.2
158.9
191.2
195.4
197.5
193.2
188.2
189.0
186.9
185.6
184.2
182.9
181.8
195.4
197.5
191.1
193.2
187.9
188.8
185.2
186.5
183.8
182.3
181.1
159.1
161,0
157.3
157.0
156.9
155.3
155.5
156.2
154.2
152.7
151.2
220.7
223.1
219.5
218.7
215.7
217.6
212.2
213.8
210.5
208.7
206.9
225.0
237.9
216.5
206.5
239.0
212.5
191.5
189.7
195.6
228.1
243.7
217.8
208.0
241.2
213.9
193.1
191.4
196.9
229.6
240.8
221.1
209.6
245.4
215.1
194.5
193.0
198.1
228.9
234.9
224.7
210.7
245.4
216.0
196.0
194.6
199.2
236.2
241.4
232.6
210.4
240.2
217.3
195.6
193.6
200.0
243.0
248.7
239.1
212.3
244.9
218.7
196.9
195.1
201.0
251.0
253.1
249.4
215.0
249.9
220.7
199.7
197.8
204.1
252.2
248.3
254.8
215.7
250.8
249.1
251.8
217.4
255.3
250.9
258.3
220.7
268.0
260.2
273.5
223.9
248.6
221.8
200.6
198.3
205.9
252.4
222.8
202.4
200.4
206.9
260.2
225.7
205.3
203.6
209.2
270.5
228.3
207.4
206.1
210.5
218.6
216.1
213.0
212.1
210.7
207.3 208.0
203.8
205.3
202.8
201.5
227.2
223.5
219.9
217.6
214.7
217.4
212.1
213.0
213.9
211.3
209.5
217.2
214.
9
212.0
210.6
207.1
209.6
205.7
203.9
204.8
202.5
201.0
217.7
215.5
212.7
211.8
207.8
210.5
207.1
203.9
205.0
201.3 202.6
215.9
213.5
210.5
208.5
207.9
205.6
203.4
203.2
203.9
201.7
200.0
workers, revised (CPI-W), and all urban consumers (CPI-U). These indexes reflect improved
pricing methods, updated expenditure patterns, etc.; complete details are available from
Bureau of Labor Statistics, Washington, D.C. 20212.
ABeginning Jan. 1978, CPI-U.
d"For actual producer prices of individual commodities see respective commodities.
O Goods to users, incl. raw foods and fuels.
0 Beginning a March 1979 SURVEY, data
have been revised (back to 1967) to reflect new seasonal factors.
See note " © " for this page.
CURRENT BUSINESS
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
S-9
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES—Continued
PRODUCER PRICESd"—Continued
(U.S. Department of labor Indexes)—Continued
All commodities-—Continued
Farm prod., processed foods and feeds .1967=100.
Farm products?
do...
Fruits and vegetables, fresh and dried d o . . .
Grains
do...
Live poultry
do...
Livestock
do...
Foodsand feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and
fish
188.
192.5
192.2
165.0
175.4
173.0
192.2
192.2
196.6
169.1
170.2
188.2
196.8
198.9
204.2
170.8
188.8
202.1
200.0
204.2
201.2
178.9
187.9
208.3
205.5
213.7
227.3
198.7
196.0
218.1
207.6
215.8
220.1
189.2
194.5
230.3
210.4
219.5
230.3
188.1
221.6
236.2
210.3
219.9
252.4
183.8
246.5
226.8
205.3
210.0
215.3
178.9
204.8
216.6
209.4
215.1
208.0
176.9
211.1
213.2
219.4
214.2
182.0
184.9
235.1
212.5
219.2
217.4
189.0
192.4
222.4
216.1
222.4
218.3
184.7
198.5
230.1
221.0
230.1
230.7
184.4
206.0
247.3
227.0
240.5
259.5
189.3
217.8
266.5
do
do
do
do
do
do
186.1
201.0
173.4
173.4
187.4
182.0
191.5
202.1
184.3
178.0
194.3
193.6
194.9
201.3
185.0
178.7
194.5
205. 4
196.9
200.1
186.4
180.3
195.6
204.7
200.2
200.1
188.8
184.5
196.5
211.7
202.4
199.5
188.2
184.5
197.4
220.4
204.6
200.0
190.0
185.4
198.8
226.2
204.2
198.4
191.0
186.1
200.4
224.4
201.8
196.9
192.5
190.8
203.3
215.9
205.5
197.8
191.0
192.9
205.1
224.4
209.0
201.1
193.3
197.0
210.1
228.2
208.1
201.4
195.8
199.6
216.3
220.9
211.9
202.3
196.4
202.7
218.4
229.1
215.3
201.4
196.9
203.4
218.4
240.3
218.7
201.3
199.1
203.1
219.3
248.5
-do.
195.1
201.6
202.9
204.1
206.1
207.4
208.7
210.1
211.4
r 212. 5
214.7
216.0
217.0
219.9
222.4
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.
192.8
187.8
223.9
140.5
279.0
182.4
194.1
187.5
224.3
144.1
263.2
186.1
195.2
189.1
224.2
145.0
281.5
189.3
196.1
191.0
224.1
145.3
294.6
189.5
196.9
192.3
224.2
146.2
301.3
191.6
198.6
203.5
224.0
146.6
315.2
192.6
198.9
202.6
224.0
147.8
313.2
192.6
199.8
202.1
225.1
148.5
335.6
192.6
199.5
202.1
226.4
148.9
312.9
192.6
200.3
202.7
226.4
149.6
338.5
192.6
201.6
203.4
228.1
150.3
340.0
192.6
202.3
201.8
227.1
152.1
361.2
196.9
202.0
201.6
228.8
153.2
332.9
199.1
204.9
201.4
233.4
155.4
336.1
198.9
207.0
202.9
236.4
155.8
367.9
202.3
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined
do.
do.
do.
do.
do.
302.2
389.4
232.9
387.8
308.2
312.8
403.8
239.5
420.4
314.3
312.9
404.9
242.6
417.7
312.9
315.3
407.0
249.8
424.8
310.9
317.3
426.4
250.6
428.6
311.7
319.7
432.4
252.6
428.8
314.5
323.2
434.5
256.9
428.8
318.4
324.5
437.1
254.8
430.6
321.1
324.9
441.7
253.6
425.3
323.3
326.7
442.7
252.5
431.4
325.7
328.5
443.9
252.7
429. 2
329.4
329.9
442.7
250.4
434.9
331.9
334.1
442.7
251.3
444.7
337.4
338.3
444.6
251.6
450.4
343.7
342.4
444.7
252.2
458.6
348.8
Furniture and household durables 9
Appliances, household
Furniture, household
Home electronic equipment
do.
do.
do.
do.
151.5
145.1
162.2
87.7
156.5
149.5
168.2
89.0
156.7
149.8
168.8
88.7
157.7
151.2
169.3
89.1
158.4
152.4
169.9
88.7
159.2
152.4
170.7
90.0
159.5
152.7
172.3
88.5
161.4
153.5
174.6
90.8
161.8
154.0
175.6
90.8
162.0
154.2
176.1
••91.6
162.9
154.5
177.9
'91.3
162.9
155.3
178.9
88.9
163.7
155.3
178.9
89.7
165.8
156.6
180.9
89.6
166.7
157.9
181.2
89.6
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber
do..
do..
do..
do.
do..
-do..
179.3
168.7
286.7
201.0
236.3
276.5
185.8
173.4
300.4
210.8
256.4
300.4
187.2
175.7
298.2
211.9
263.7
308.5
187.9
175.7
296.0
215.3
266.2
312.5
191.9
180.0
320.5
217.4
269.6
316.7
193.6
180.9
321.7
217.3
273.4
316.5
195.3
181.1
346.5
217.4
278.5
320.8
197.3
181.7
360.4
224.5
277.5
319.1
205.1
184.0
400.8
251.9
281.6
326.7
• 210. 7
186.0
435.3
269.4
282.8
332.2
• 213.0
190.7
427.9
269.4
1
284. 2
334.5
216.0
192.7
417.0
278.7
288.5
338.5
216.5
194.9
401.3
279.6
288.7
339.2
223.8
196.9
452.8
292.8
290.1
336.6
232.8
203.6
505.7
309.2
292.3
339.9
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
do.
do.
do.
do.
do.
181.7
197.9
213.5
154.1
198.5
189.3
206.7
223.5
160.0
208.3
190.3
207.7
224.8
160.7
209.5
191.6
208.1
225.7
161.8
210.8
192.7
209.0
228.4
162.7
212.2
193.9
209.7
230.3
163.4
214.0
195.3
210.8
231.1
164.6
215.6
196.5
212.2
232.8
165.4
216.7
197.5
214.1
234.6
165.8
218.2
• 198.8
• 217.8
• 237.0
• 166.4
• 220. 3
•200.5
• 218. 6
• 240.4
167.5
' 223. 8
202.5
219.9
241.9
169.6
225.9
203.6
221.0
243.6
170.4
228.0
205.0
221.8
245.2
171.1
230.1
206.2
222.7
247.1
172.4
231.8
Metals and metal products 9
Heating equipment
Tron and steel
Nonferrous metals
do.
do.
do.
do.
209.0
165.5
230.4
195.4
215.2
171.3
237.9
198.0
219.1
170.7
244.8
199.7
221.1
171.3
247.6
201.1
223.9
172.7
252.0
202.9
224.6
173.4
252.0
203.2
225.9
173.9
252.5
205.4
227.3
174.4
253.9
205.9
231.0
176.2
258.6
211.1
• 231.4
• 176.0
' 258.5
' 211.4
'
'
'
'
234.1
176. 9
259. 9
217.1
235.4
177.0
261.5
218.1
236.6
178.8
263.1
218.9
241.6
180.1
272.0
223.2
247.3
181.2
274.6
238.8
Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
Rubber and plastics products
Tires and tubes
do
do
do
do
do
do
do
do
200.5
179.8
191.8
183.5
186.4
194.3
167.6
169.9
212.9
189.6
202.9
209.7
188.0
197.5
170.2
172.3
215.1
190.4
205. 2
215.9
188.6
198.3
170.2
170.9
215.9
192. 6
206.0
217.0
189.7
198.8
171. 4
172.3
218.4
193.7
207.9
221.2
191.9
202.7
172.8
175.1
219.3
194.2
209.7
228.2
193.2
204.0
173.8
178.8
222.0
195.5
211.8
230.2
193.5
205.1
174.5
179.5
224.7
196.6
214.4
234.0
195.5
206.8
174.9
179.9
227.2
197.7
219.7
235.9
195.8
208.0
175.7
180.0
' 228.2
• 202.3
' 221.4
236.0
' 199.0
' 210.2
'176.7
' 180.4
' 229.1
202.4
' 222.2
236.8
' 213. 0
' 178.1
' 184.5
229.8
204.4
222.9
242.1
203.7
214.2
179.2
187.6
230.9
206.5
224.2
242.7
204.9
214.9
179.6
188.6
237.7
209.7
235.0
247.6
206.8
217.4
180.7
191.4
240.3
210.7
236.3
250.6
208.4
220.8
183.1
193.8
Textile products and apparel §..do
Synthetic
fibers
Dec. 1975=100..
Processed yarns and threads
do
Gray fabrics
do
Finished fabrics
do
Apparel
1967 = 100.
Textile house furnishings
do
154.0
107.3
100.9
104.7
103.7
147.3
171.3
156.5
110.0
100.6
108.9
103.6
150.1
175.4
157.0
109.9
101.0
109.9
103.7
150.0
175.8
157.4
109.9
101.2
112.2
103.0
150.2
176.3
157.9
109.2
101.1
113.9
103.1
150.7
176.1
158. 6
109.5
101.0
117.3
103.3
151.0
177.0
159.2
108.9
101.6
117.8
103.1
152.1
178.7
160.0
108.9
101.9
119.2
103.2
153.0
179.4
160.5
109.1
102.4
120.9
103.4
153.5
179.2
' 161.3
"-109.1
103.3
' 124. 2
' 104.1
' 153. 3
180.3
" 162.3
' 109.4
' 104.0
126.5
' 104.5
' 154.1
181.0
163.0
110.8
105.3
126.7
104.7
155.2
180.5
163.5
111.5
104.6
125.9
105.8
155.4
183.4
164.6
113.3
105.3
125.6
106.4
157.1
181.8
165.0
113.7
105.3
123.2
106.8
157.5
186.0
Transportation equipment 9 ...Dec. 1968=100.
Motor vehicles and equip
1967=100.
161.3
163.7
169.1
171.3
169.5
171.8
169.6
171.9
170.5
172.9
172.0
174.6
172.4
' 175.0
172.8
175.5
173.1
175.8
r 173. 6
' 175. 9
' 179. 2
r
181. 8
179.8
182.1
180.2
182.5
182.4
184.7
183.5
185.9
0.8
0.9
0.8
1.1
0.7
0.8
0.4
0.3
0.8
1.3
0.7
0.6
1.4
1.3
Industrial commodities
r
202.
4
Seasonally Adjusted!
All commodities, percent change from previous
month
By stage of processing:
Crude materials for further processing. .1967=100..
Intermediate materials, supplies, etc.
.do
Finished goods O
do
Finished consumer goods
do
Food
do
Finished goods, exc. foods..
..do
Durable
..do
Nondurable
.do
Capital equipment
do
222.2
208.0
186.9
184.6
196.0
177.1
157.6
190.1
192.3
226.5
209.6
188.4
186.2
199.8
177.7
157.8
190.9
193.4
229. 2
210.9
189.5
187.5
201.7
178.5
158.8
191.7
194.4
233.8
212.0
191.5
189.7
203.8
180.8
163.0
192.4
195.7
235.9
213.3
192.8
190.8
204.4
182.2
165.3
193.3
197.2
240.9
214.4
194.2
192.3
207.2
183.0
165.6
194.4
198.7
241.5
215.4
195.6
193.7
207.4
184.9
168.5
195.5
200.1
241.5
216.8
196.1
194.0
206.6
185.9
169.8
196.3
201.0
245.7
218.2
197.7
195.8
209.7
186.9
171.0
197.2
202.1
253.4
220.7
199.4
197.7
213.6
187.
170.5
199.2
203.1
256.0
222.4
200.9
199.1
215.1
189.2
171.2
200.9
204.
257.3
224.0
202.5
200.9
217.3
190.7
172.1
203.0
206.4
263.4
226.6
205.2
203.7
221.2
193.0
174.1
205.5
208.4
272.2
229.0
207.3
206.7
224.7
194.7
175.4
207.4
210.1
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
196.6
196.3
196.2
198.2
197.9
197.9
199.3
199.1
198.7
200.8
201.1
199.8
202.1
202.4
201.5
203.5
203.9
202.0
204.4
205.5
202.5
205.5
207.3
203.2
207.3
208.4
205.3
209.6
209.9
208.1
211.0
211.8
209.3
212.6
213.1
211.3
215.3
215.7
214.1
217.6
217.7
216.8
193.2
191.3
197.6
195.1
205.2
198. 3
212.8
200.6
212.8
202.0
217.8
203.0
216.0
201.7
210.8
201. 9
215.4
204.9
221.7
209.6
224.1
210.4
225.2
212.4
231.4
215.0
239.0
218.9
$0,535
°.534
$0,531
.531
$0,529
.527
$0,522
.522
$0,518
.517
$0,514
.512
$0,510
.508
$0,511
.506
$0,507
.502
$0,501
$0,499
.495
$0.494
.493
$0,487
$0.482
do..
do..
do.
Farm products
do
Processed foods and feeds...
do....
PURCHASING POWER OF T H E DOLLAR
As measured by—
Producer prices A--1967=$1.00.
Consumer prices
do
$0,554
.551
.512
r
Revised.
-Beginning Jan. 1978, based on CPI-U; see note "If" for p. S-8.
cf1 See
corresponding note on p. S-8.
Q Includes data for items not shown separately.
§ Effective with Jan. 1976 reporting, the textile products group has been extensively reclassified;
no comparable data for earlier periods are available for the newly introduced indexes.
t Be-
288-330 O - 79 - S2
.483
ginning in the. March 1979 SURVEY, data have been revised (back.to 1967) to reflect new
seasonal factors.
O See corresponding note on p. S-8.
A Beginning
Jan. 1979 SURVEY
monthly and annual data have been restated to reflect the
^C^}ulV°uZf\^v
measured by finished goods: comparable data prior to Nov. 1977 will be shown later.
O F (JUKJMEN'!
S-10
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
Marcti 1979
S1ME
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
18,726
16,634
13,940
Feb.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
201,577
11,441
11,395
13,425 '15,319 '17,263 '18,799
19,201
19,952
19,787
19,634
134,724 156,812
Private, total 9
do
80, 956 92,664
Residential (including farm)
do
75,486
65,749
New housing units
do
Nonresidential buildings, except farm and pub35,697
lic utilities, total 9
...mil. $__ 28,695
10,760
7,712
Industrial
do
18,279
14,783
Commercial
...do
Public utilities:
5,323
4,345
Telephone and telegraph
do
9,188
5,149
4,239
9,153
5,158
4,295
10,823 ' 12,159 ' 13,440 '14,558
6,264 ' 7,252 '8,271 ' 8, 927
5,174
7,041
5,669
6,366
14,763 15,108
r
9,178 ' 9,325
7,382
7,543
14,990
9,037
7,436
14,989 14,509
8,696 ' 8,267
7,332
7,041
2,074
554
2,095
565
1,097
2,463
720
1,242
2,672
750
1,365
2,825
735
1,524
3,171
966
1,627
3,359
1,057
1,697
3,437
1,114
1,720
297
424
417
438
516
2,242
2,603
3,159
3,823
4,240
2,253
950
63
96
115
323
945
59
93
117
266
1,055
70
96
119
376
1,173
66
107
120
548
1,353
92
106
120
897
1,386
91
119
113
1,067
171.4
177.6
185.4 ' 195.0 ' 201.3 '206.3
134.9
141.9
147.7 ' 153. 5 ' 156.2 ' 161.1
'79.4
65.0
85.3
70.9
88.1
72.5
'92.2
74.4
'94.3
75.1
'95.4
76.6
28.4
7.4
15.0
28.7
7.7
15.2
31.8
9.2
16.2
33.2
9.2
17.2
34.2
8.7
18.5
4.7
4.5
4.9
5.3
do.
36.4
35.7
37.7
41.5
do.
do.
do.
do.
do.
12.7
.9
1.2
1.4
8.4
13.1
.9
1.1
1.5
7.4
13.8
.9
1.0
1.4
8.1
14.8
.9
1.2
1.5
8.5
16.4
1.2
1.2
1.4
10.6
16.0
1.0
1.3
1.4
10.3
9,390
••172
9,695
' 162
12, 345
'153
17. 785
'202
4,097
13,688
14,169
'153
3,551
10,618
New construction (unadjusted), total
Public, total 9
mil. $_. 172,552
—do-
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
do....
do
do
do....
do
37,827
44,766
12,751
959
1,146
1,517
9,372
15,236
1,083
1,259
1,464
10, 350
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
M ilitary facilities
Highways and streets
1,081
294
3,207
950
1,661
3,559
1,110
1,844
3,479
1,078
1,788
13,131 11,110
• 7,142 6,031
• 5,969 4,938
3,354
1,163
1,634
2,878
949
1,442
469
485
544
499
499
4,844
4,797
4,645
4,217
3,503
2,830
' 1,482
95
'118
128
1,413
1,465
116
'103
146
1,271
1,406
103
'102
116
1,310
1,349
125
102
124
1,020
1,205
'108
104
125
'711
1,164
82
103
126
387
' 210.2 ' 208.7
209.2
209.8
212.8
215.7
208.1
161.8
160.6
161.3
161.9
164.9
168.2
162.2
'95.0
77.1
94.2
76.8
'96.9
'80.4
92.6
75.4
37.6
12.0
18.8
38.2
12.6
18.9
93.6
76.8
38.7
12.6
19.4
95.4
78.9
37.3
11.3
19.2
'95.9
77.7
37.7
11.2
19.5
39.7
12.5
20.3
'40.2
13.3
39.3
12.7
19.9
5.0
5.6
5.5
5.1
5.6
5.9
45.1
45.2
48.4
'48.2
48.0
47.9
443
4,439
1,468
94
114
124
1,148
'20.1
6.1
47.9
'47.6
45.9
'16.4
1.1
'1.6
1.5
11.4
16.0
1.2
1.3
1.6
10.9
'15.8
1.1
1.2
1.4
11.4
15.5
1.4
1.3
1.4
11.0
14, 711 15, 597
' 173 '177
14,863
'193
11,557
'173
10,185
'184
10,716
181
3,099
11,764
2,867
2,978
7,207
2,984
7,732
1.0
1.6
1.5
9.8
'15.0
'1.3
1.2
1.5
'11.9
15.6
1.2
1.2
1.6
10.0
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $.. 139,723 158,438
Index (mo. data seas, adj.)©
1972=100.. -• i 154 r I 174
Public ownership
Private ownership
By type of building:
Nonresidential
Resid ential
Non-building construction
New construction planning
(Engineering News-Record) O
mil. $_. 36, 917
102,805
do
38,827
119,610
2,499
6,891
2,239
7,456
3,131
9,214
13,189
' 169
3,594
9,595
do
do
do
35,086
62,017
42,620
44, 373
74,531
39,534
2,809
3,8"
2,697
2,905
3,862
2,929
3,429
6,139
2,776
3,470
6,854
2,864
4,538
7,652
5,596
do
91,702
112,069
6,885
10,349
10,470
7,014
1, 989. 8 2,021.5
1,377.9 2 833.2
1,987.1 2,020.3
1,450.9 1,433.3
88.6
67.5
88.6
63.3
101.3
75.2
101.3
72.8
172.3
121.6
172.1
121.4
1,744
1,290
1,659
1,171
3,569
11,141
3,857
11, 740
13,816
'182
3,499
10,317
3,768
7,722
2,679
4,534
6,710
3,466
3,945
6, 910
4,742
4,572
6,317
2,926
4,141
6,821
3,901
3,532
5,921
2,104
3,096
4,781
2,308
3,952
4,468
2,296
6,556
8,771
9,071
9,756
5,882
9,837
13,209
14,269
9,936
197.5
141.8
197.5
139.9
211.1
146.2
211.0
154.9
216.1
149.7
216.0
154.3
192.3
131.2
192.2
139.3
190.9
181.1
192.1
158.6
190.9
140.0
180.5
124.6
192.1
131.1
158.6
110.4
119.5
'81.4
2,011
1,413
2,176
1,482
2,037
1,463
2,093
1,439
2,104
1,455
2,004
1,431
2,024
1,432
2,054
1,436
2,107
1,502
1,669
• 2,074 '
•1,539 11,148
1,411
964
1,360
814
11,752
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Tnside SMSA's
Privately owned
One-family structures
Seasonally adjusted at annual rates:
Total privately owned A
One-family structures A
thous..
do....
do
do
do.
do.
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous. .
One-family structures
do
()
'88.3
16.4
'88.1
'58.1
86.2
60.2
1,690
1,126
1,680
1,089
1,526
1,032
1,534
957
1,647
1,037
1,740
1,157
1,597
1,058
1,821
1,123
1,632
1,035
1,563
1,020
1,731
1,092
1,727
1,135
1,724
1,114
1,664
1,149
• 1,324
'841
277.0
275.6
18.9
317
18.7
274
24.6
276
23.2
260
26.6
268
26.4
270
20.2
255
28.0
267
24.1
275
25.8
22.2
280
17.0
303
19.1
311
1972=100..
156.6
175.7
164.5
164.5
164.8
169.2
171.0
174.1
176.1
179.5
180.5
183.1
184.3
..1913=100..
do....
do....
do....
do.
1,998
2,141
2,065
2,063
1,905
2,173
2, 322
2,222
2,263
2,071
2,C
2,197
2,162
2,167
2,095
2,247
2,162
2,195
1,990
2,111
2,270
2,174
2,195
2,003
2,124
2,137
2,169
2,283
2,294 i 2,309
2,181 i 2,191 2,211
2,220 1 2,216 2,230
2,078
2,029
2,066
2,180
2,348
2 211
2,295
2,087
2,207
2,366
2,223
2| 312
2,102
2,218
2,374
2,229
2,321
2,111
2,244
2,389
2,298
2,338
2,122
2,249
2,388
2,297
2,336
2,121
Manufacturers' shipments of mobile homes:
Unadjusted IF
thous..
Seasonally adjusted at annual rates If
do.
CONSTRUCTION COST INDEXES
Dept. of Commerce composited1
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
ir
Boeckh indexes:
Average, 20 cities: §
155.3
154.0
158.2
148.6
Apartments, hotels, office buildings..1972=100..
158.5
160.9
164.3
152.8
Commercial and factory buildings
do.
155.5
157.5
148.5
161.8
Residences
do.
2
' Revised.
*> Preliminary.
1 Computed from cumulative valuation total.
Data
no longer available; 1978 annual total represents Jan.-July.
JData for new construction have
been revised bark to Jan. 1973 and are available from the Bureau of the Census, Washington,
D.C. 20233.
O Data for Mar., June, Aug. and Nov. 1978 are for 5 weeks; other months 4
weeks.
9 Includes data for items not shown separately.
& This index has been revised
to a new comparison base (1972=100); monthly data back to Jan. 1964 are available upon
• 185.4 186.8
2,254
2,379
2,324
2,332
2,154
2,264
2,431
2, 331
2,337
2,161
2,268
2,430
2, 353
2,372
2,157
164.9
163.8
160.7
156.7
158.8
172. 2
170.9
167.5
165. 2
163.0
171.6
170.8
166.4
162.0
158.8
request.
§ These indexes are restated on the 1972=100 base; monthly data for earlier periods
will be available later.
© This index has been revised to a new comparison base (1972- « « ) .
monthly data back to Jan. 1970 are available upon request.
A Monthly revisions back to
Jan. 1970 will be shown later.
\ Revised unadjusted data for Jan.-Dec. 19/ o and seasonally
adjusted data for Jan. 1974-Dec. 1976 will be shown later.
March 1979
<
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Annual
5-11
Jan.
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
254. 5
265.4
254.8
265.4
Nov.
Dec.
Jan.
Feb.
256.7
267.0
257.5
267.4
1 257. 6
1 267. 9
9.4
145
15.7
217
8.3
113
14.6
194
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:
Building..
Construction
...1967=100..
do
Federal Highway Adm.—Highway construction:
Composite (avg for year or qtr.)
1967=100
228.6
240.0
247.7
258.4
216.4
264.9
237.7
248.8
239.0
249.6
239.5
250.7
240.0
251.2
244.6
254.4
219.5
246.2
256.3
251.0
262.6
252.3
263.3
256.3
266.4
302.7
296.1
258.1
CONSTRUCTION MATERIALS
Output index:
Composite unadjusted 9 d*
Seasonally adjusted &
1947-49=100
do
Iron and steel products unadjusted
do
T nmbpr and wood nrodncts unadiusted do
Portland cement unadinsted
do
180.4
148.4
156.9
153.6
174.1
186.6
193.9
147.3
199 8
208 7
124.9
187.1
91.7
129.2
186.9
110 8
161.9
212.7
188 1
158.9
194.2
226 5
176.4
209.6
268 6
180.9
205.0
997 8
153.2
177.0
261 6
7.2
117
15.3
226
7.2
99
13.7
181
10.4
112
18.1
191
11.0
133
18.9
215
12.0
113
16.3
171
9.7
104
16.7
178
10.9
132
15.4
186
173.8 ' 159.4
207.2 ' 198. 7
301 2 r 266 4
173.2
204.8
289.9
158.6
193.1
226.4
8.6
101
14.9
188
11.6
133
17.0
192
11.1
148
15.5
202
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...
113.3
118.8
211.8
192.7
11.1
122
17.7
185
8.0
120
13.2
221
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
mil. $.. 8,840. 84 11,139.97 811.39 785. 78 963.10 714. 00 868.92 805. 68 886. 60 1, 049. 48 807. 70 1,916.27 905.02 565.36 1,420.67 1,422.09
Vet. Adm.: Face amount§
do
13,753.02 14,470.40 1,586.68 1,411.86 1, 344. 91 988.96 1,180.30 1,108.57 1,178.68 1,319.00 1,536.24 1,178.75 1,115.62 1,176.51 1,418.91 1,367.36
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
20,173
New mortgage loans of all savings and loan associations, estimated total
mil. $.. 107, 368
By purpose of loan:
Home construction
do
20, 717
Home purchase
do
66,060
All other purposes. .
do
20,591
Foreclosures
32, 670
20, 422
20, 845
21,278
110, 294
7,115
6,828
22,495
68, 380
19 419
1,380
4,212
1,523
1,364
4,022
1 442
379
22, 957
23,664
25,274
26, 605
27,869
29,158
30,104
30, 975
32,670
32,489
9,418
9,026
10,436
11,472
9,031
10,398
9,305
9,674
9,165
r 8,426
6,615
2,113
5,501
1 804
2,011
5,200
1 755
2,259
0,423
1 754
2,260
7,358
1 848
1,811
5, 756
1,464
1,981
0,830
1 587
1,807
6,049
1 449
2,017
6,077
1 580
1,794 r 1, 092
5,775 rr 5,117
1 596 1,017
1,398
3,933
1,284
385
370
311
355
351
320
295
302
311
31,738
...number
Fire losses (on bldgs., contents, etc.) . .
mil. $
3,764
310
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index
Network TV
Spot TV
Magazines
Newspapers
advertising
index,
1967=100
do
do
do
do
207
231
223
172
197
226
247
267
182
211
215
234
250
188
212
218
235
260
191
180
234
261
257
196
218
238
271
269
197
207
247
274
281
210
208
244
267
277
212
212
257
288
205
228
236
248
286
259
224
205
252
291
284
204
217
257
285
287
221
228
258
291
280
227
219
Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $.. 1,965.4
Apparel and accessories
do
1.6
Automotive, incl. accessories
do
176.6
Building materials
do
36.2
Drugs and toiletries
do
201.8
150.5
Foods, soft drinks, confectionery
do
130.3
3.8
12.1
1.8
12.3
160.2
193.5
212.7
231.0
189.7
162.9
146.9
3.7
7.6
9.2
8.7
5.1
3.5
0.0
17.5
19.5
20.9
22.8
19.5
17.8
259.5
10.8
29.2
6.0
6.1
3.9
2.1
13.8
215.9
11.8
12.4
16.1
13.5
17.7
18.0
19.8
15.7
22.0
14.3
19.7
14.9
13.7
14.3
13.9
13.4
19.8
16.3
23.1
18.5
263.5
9.5
26.1
4.4
21.6
24.6
207.8
6.4
16.1
2.7
19.8
16.4
7.2
6.7
4.0
2.1
14.7
56.8
10.3
8.7
13.0
13.2
12.9
14.7
16.5
18.1
17.5
11.3
18.6
11.3
9.5
3.3
2.5
9.8
3.9
2.8
20.0
15.7
6.9
3.2
4.5
2.5
13.8
13.9
4.8
3.7
16.1
65.4
16.0
75.2
17.2
87.9
18.4
94.0
18.1
72.7
18.0
59.5
16. 3
53.3
16.0
99.9
19.0
108.4
22.8
18.1
5.8
4.0
18.2
108.5
29.3
9.0
4.8
3.0
16.7
83.4
488.2
11.1
142.0
18.4
67.7
249.0
458. 5
13.7
129.7
11.3
64.4
239.4
555.6
15.5
152.8
16.2
69.6
301.4
621.0
14.4
177.5
19.8
84.4
324.8
600.8
13.7
165.5
19.2
80.7
321.6
578.2
12.9
165.8
23.3
73.9
302.3
523. 2
10.9
172.9
17.1
50.9
271.3
488.7
10.8
162.7
47.4
259.2
497.9
11.4
158.0
11.8
59.8
257.0
578.1
12.8
174.0
16.2
72.9
302.2
663.6
14.5
155.0
19.9
91.2
382.9
590.0
9.1
128. 6
19.9
63.7
368.7
52,143 52,766
22,869 23,880
29,274 28,886
62,900
28,985
33,915
60,613
28,784
31,829
66, 249
30,405
35,844
65,834
30,991
34,843
00,051
28,701
31,950
67,702
32,279
35,423
63,931
30,404
33,527
69,086 67,700
32,242 •31,038
36,844 36,002
64,527
29,340
35,187
Beer, wine, liquors
do
Household equip., supplies, furnishings ..do
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials
do
All other
do
132.3
112.8
49.5
33.9
194.5
Newspaper advertising expenditures (64 cities): ©
Total
mil. $.. 5, 696.1 6,643. 7
Automotive..
.
do
151.0
r 144. 5
Classified
do
1, 522.5 1, 884. 5
Financial
do
r 147. 4
201.7
General
.
do
>" 752. 3
826. 6
Retail
do
3,129.5 3, 579. 9
2.1
3.8
3.0
4.1
4.8
4.3
2.4
8.6
5.1
5.5
3.3
5.6
6.3
2.9
WHOLESALE TRADE O X
Merchant wholesalers sales (unadj.), total O mil. $.. 642,104
Durable goods establishments
do
285,605
Nondurable goods establishments
_. _ .do
356,498
754,105
349, 916
404,189
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total O mil. $ . 68,555
80,922 69,590 71,156 73,931
Durable goods establishments
do
43,676
51,040 44,287 45,757 47,275
Nondurable goods establishments
do
24,879
29,270 25,309 25,399 26,656
r
Revised.
p Preliminary.
1 Index as of Mar. 1, 1979: Building, 259.0; construction,
268.7.
9 Includes data for items not shown separately.
§ Data include guaranteed
direct loans sold.
If Home mortgage rates (conventional 1st mortgages) are under money and interest rates
on p. S-18.
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
cTMonthly
revisions back to Jan. 1974 will be shown later.
63,680
28, 374
35, 306
r
74, 035 74,634 74,882 74,874 74,943 76,074 78,715 80,100 80,922 82, 236
52, 095
47,957 48,918 49,027 49,900 49,841 49,944 50,462 50,971 '"51,646
r
20, 078 25, 710 25,255 24, 974 25,102 26,130 28,253 29,129 i 29,276 30,141
©Beginning Nov. 1977 SURVEY, data revised to reflect new sample design, benchmarking
to the 1967 and 1972 Censuses, conversion of the classifications to the 1972 SIC, addition o]
farm assemblers and bulk petroleum establishments, and revision and updating of seasona1
factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the reportMonthly Wholesale Trade: January 1967-August 1977 (Revised) available from the Census
Bureau, Washington, D.C. 20233. The revisions back to 1967 also appear on p. 34rl of the
May 1978 SURVEY.
^Effective March 1979 SURVEY, seasonally adjusted data for wholesale
trade have been revised back to Jan. 1978.
March 1979
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977 r
1978
1978 r
Jan.
Annual
Feb.
Mar.
Apr. 1 May June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
i
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: 1f
Estimated sales (unadj.), totalif
mil. $.. 724,020
798,818
53,209
53,612
64,764
68,615 71,297 84,597
62,035
60,852
247,832
Durable goods stores 9
do
Building materials, hardware, garden
supply, and mobile home dealers 9 .mil. $_ 38,641
Building materials and supply stores..do
26,509
Hardware stores
do
6,516
277,916
16,944
17,936
22,777
23,165
25,085
25,685 23,932 24,898
22,563 24,596
24,463 25,872
21,123
21,292
44,125
29,991
6,881
2,461
1,644
3,665
2,382
571
4,115
2,653
11,119
10,257
862
3,170
2,114
504
14,560
13,462
1,098
14,382
13,234
1,148
15,415
14,250
1,165
4,260 4,074 4,308
2,897 2,841 3,079
585
631
582
15,718 14, 294 14,642
14,464 13,090 13,835
1,254 1,204 1,257
4,034 4,219
2,861 2,985
600
624
12, 733 14,401
11,512 13,118
1,221 1,283
3,918
2,699
632
13,610
12,322
1,288
2,901
1,825
804
3,074
1,935
3,231
1,973
943
3,566
2,197
1,034
67,952 69.056 66,557 69,102 66,219
3, .K60 2,834 » 2,780
2,263
1,878
749
505
12,452 12,846 i 13,172
11,169 11,719
1,127
1,283
Automotive dealers 9
Motor vehicle dealers
Auto and home supply stores
do
do
do
148,444
135,777
12,667
163,668
149,664
13,993
2,341
1,573
390
10,342
9,412
930
Furniture, home furn., and equip
Furniture, home furnishing stores
Household appliance, radio, TV
do
do
do
34, 761
2,295
10,801
37,430
22,719
10,991
2,511
1,512
758
2,539
1,537
738
2,902
1,758
852
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
-do
...do
do
do
476,188
90,133
72,333
7,602
520,902 36,265
5,405
99,505
79, 732 4,345
427
7,809
35,676
5,524
4,424
458
41,987
7,366
5,894
611
Food stores
Grocery stores
Gasoline service stations
do
..do
- .do
158,519
147,142
58,231
174,458
161,527
60,884
13,061
12,141
4,633
12,792
11,892
4,404
14,529 13,865 14,528
13, 482 12, 862 13,455
4,906 4,889 5,156
Apparel and accessory stores
do
Men's and boys' clothing
do
Women's clothing, spec, stores, furriers.do
Shoe stores..
do
Eating and drinking places
do
Drug and proprietary stores
do
Liquor stores
do
Mail-order houses (dept. store mdse.)§..do
34,341
7,052
37,828
7,353
2,293
480
2,151
421
2,940
532
2,816
536
2,906
542
2,892
563
2, 754
508
3,194
554
3,236
552
3,273
3,675
763
5,698
1,293
2,685
558
13,106
5,852
14,660
6,593
853
424
374
1,143
570
528
1,122
529
1,104
518
1,095
467
1,249
571
1,310
594
1,320
578
1,396
617
2,144
823
987
478
63,556
22,918
12,832
6,705
70,083
25,337
13,616
7,073
4,829
1,875
939
4,734
1,847
922
5,579
2,070
1,038
5,719
1,940
1,010
6,024
2,060
1,086
6,220
2,069
1,138
6, 395
2,016
1,181
6,527
2,109
1,161
6,134
2,041
1,147
6,006
2,106
1,123
5,775
2,164
1,196
6,141
3,040
1,675
5,479
2,136
1,068
434
594
538
534
497
499
902
62, 898 64,075
65,146
Estimated sales (seas, adj.), totalif
do
Durable goods stores 9 .
-.do
Building materials, hardware, garden supply,
and mobile home dealers 9
mil. $_.
Building materials and supply stores.do
Hardware stores
_
do
Automotive dealers
Motor vehicle dealers
_
Auto and home supply stores
437
61,892
20,817
3,275
2,155
533
12,559
11,464
1,095
2,867
1,730
872
do.
_.do_
do.
Furniture, home furn., and equip. 9—-do.
Furniture, home furnishings stores...do.
Household appliance, radio, TV
do.
21,244
21,813
3,324 3,397
2,183 2,251
521
545
12,689 13,132
11, 603 12,030
1,086
1,102
2,934 2,924
1,763 1,734
872
883
3,107
1,943
892
3,021
1,853
883
3,224
1,999
930
3,138
1,897
930
4,216
2,290
1,359
2,979
1,870
843
» 2,934
40, 673 42,867 43,371 42, 625 44, 204 43.656 44,019 46,834 58, 725 40, 912 i 39,560
5,972 15,995
7,472 8,017 8,106 7,497 8,165 8.024 8,262 9,883 15,784
7,908 12, 635 4,783 i 4,794
6,010 6,431 6,522 5,965 6,520 6,468 6,610
712
1,273
649
631
465
605
582
605
627
629
22,617
3,609
2,451
547
13,537
12,426
1,111
3,061
1,885
877
14, 936 15.006
13, 848 13,941
5,256 5,283
65,522 65,964 66,224
22,730
3,590
2,429
552
13,520
12,413
1,107
3,116
1,918
902
22, 947 23,049
3,651 3,707
2,502 2,546
552
558
13, 638 13,490
12,501 12,337
1,137 1,153
3,071 3,091
1,872 1,883
893
895
14, 858 14,942
13. 781 13,892
5,387 5,191
14,417 14,834 16, 690 14,910 14,187
13,295 13, 695 15, 243 13, 733 i 13,107
5,264 5,197 5,318
5,089 i 4,770
552
776
68,085
68,971
722
439
70,158 70,918
71,031
23,872 24,422 24,954 25,163
3,911
4,009
3,798 2,675 3,971
2,667 2,727
2,613
621
631
599 14,352
14,033 13,105 14,431 14,558
12,791 1,247 13,179 13,296
1,252
1,262
1,242
3,170 3,228 3,248 3,303 3,307
1,922 1,978 1,967
2,003 2,014
962
956
935
975
25,271
67, 303
23,617
3,809
2,625
580
13,895
12,699
1,196
1 2,384
15,446
i 2,123
1 71,472
25,266
1 3,793
3,906
2,514
679 115,019
15,059
13,755
1,304
3,359 13,404
2,108
957
Nondurable goods stores
General merch. group stores
Department stores
Variety stores.
__do_.
_ _ do..
do..
do..
41,075 41,654 42,262
7,698 7, 815 7,952
6,270 6,338 6,420
618
627
622
42,529 42, 792 43,017 43,175 43, 686 44, 213 44,549 45, 204 45, 755 45, 760 46,206
8.439 i 8,496
8,048 8,236 8,294 8,287 8,361 8.379 8,394 8,549 8,716
6,684 6,806 6,897 6,843 i 6,868
6,462 6,609 6,662 6,650 6,701
649
660
663
660
658
654
656
659
Food stores
Grocery stores
Gasoline service stations
do.
do..
_.do.
13,923
12,902
4,929
14, 298 14.375
13, 273 13,335
4,994 5,020
Apparel and accessory stores
do.
Men's and boys' clothing
do_
Women's clothing,spec. stores,furriers.do.
Shoe stores
_
do.
2,844
551
1,069
524
2,862
570
1,089
496
2,983
581
1,169
528
3,046
585
1,201
548
3,062
577
1,176
552
3,074
573
1,182
552
3,126
588
1,237
532
3,221
614
1,272
543
3,261
629
1,274
547
3,271
636
1,262
568
3,388
685
1,287
590
3,376
675
1,313
586
3,269
632
1,217
580
Eating and drinking places
do.
Drug and proprietary stores
do.
Liquor stores
do
Mail-order houses (dept. store mdse.)§._do
5,450
2,020
1,098
603
5,563
2,023
1,102
558
5,787
2,050
1,110
571
5,794
2,042
1,098
584
5,672
2,058
1,105
586
5,770
2,075
1,109
597
5,867
2,102
1,122
598
5,923
2,135
1,151
584
5,996
2,158
1,167
593
6,018
2,180
1,158
595
6,003
2,240
1,181
598
6,184
2,232
1,194
604
6,142 16,400
2, 275 112,328
1,233
604
Estimated inventories, end of year or month: If
Book value (unadjusted), totaW
mil. $
D urable goods stores 9
do. .
Building materials and supply stores.do..
Automotive dealers
do_.
Furniture, home furn., and equip
do..
14, 070 14,177
13, 054 13,153
5,005
4,996
98,527
47,888
7,792
25,011
7,133
do
...do
...do
do
do
44, 978
15,895
11, 932
9,558
7,149
50, 639 44,467 45,038 47,597
17, 926 15, 769 16, 088 17,610
13, 638 11,843 11, 959 13,307
10, 734 9,320 9,359 9,714
7,392
7,957
6,905 7,145
Book value (seas, adj.), totalif
do
Durable goods stores 9
do
Building materials and supply stores.do
Automotive dealers
.do
Furniture, home furn., and equip
do
90,120
43,414
7,494
21,594
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores...
Apparel and accessory stores
do_
...do
do
do.
do.
100,818
48,161
8,125
24,690
7,140
15,284 15,623
13, 984 14,320
5,292 5,385
93, 523 95,434 95, 568 95, 694 9f, 571 9",54S 97, 799 10?, 344 105,330 98,527
43, 866 44, 751 45,926 46, S75 46, 752 46,308 45, 652 43, 855 44,411 46, 357 47, 798 47,888
7,745 7,929
7,418
8,665
8,062 8,100 8,016 7,911 7,922 7,891 7,910 7,792
22,373 22, 748 23,403 23,478 23,564 23,201 22,564 20,542 20, 778 22, 201 23, 396 25,011
7,133
6,734 6,776 6,918
7,110
7,127 7,105 7,121 7,241 7,313 7,538 7,441
88,148
43,170
7,187
21,875
Nondurable goods stores 9
General merch. group stores
Department stores.
Food stores
A pparel and accessory stores
14,420 14,609 14, 629 14, 775 14,947 15,125
13, 393 13, 574 13, 577 13, 687 13,835 13,960
5,030 4,887 5,082 5,191 5,222 5,276
91, 003 91,214
44,040 44,436
7,616
7,737
21,977 22,043
6,871
6,943
48,459 48,816
18, 298 18, 465
13,899 14, 063
9,687 9,864
7,622
7,584
49, 386
18, 560
14,137
10,083
7,661
49,919
18, 770
14,086
10,082
7,922
51,693
19, 631
14, 686
10,186
8,324
53,388 55, 987 57, 532
20,574 21,894 22,452
15,459 16, 602 17,113
10,312 10, 734 11,008
8,767 9,127 9,271
50, 639
17,926
13,638
10,734
7,957
15,607
14,388
i 5,420
i 3,166
49,125
8,128
25,717
7,148
49,568
17,728
13,429
10,611
7,528
92, 712 94, 290 94,933 95, 607 96,521 97,824 98, 35^ 99, 279 100,483 100.818 101,679
44,624 45,619 45,525 45,502 45,704 46,116 46, 444 47,006 47, 555 48,161 49,302
8,372 7,804 7,988 8,024 7,991 7,986 7,987 8,047 8,125
8,345
7,691
22,099 22,275 22,485 22, 438 22,474 22, 673 22,985 23,493 23,849 24, 690 25,262
7,294
7,124 7,156 7,134 7,215 7,299 7,248 7,262 7,176 7,140
7,009
52,657 46,963 46, 778
48, 671 49,408 50,105 50,817 51, 708 51, 906 52, 273 52,928 52,657 52,377
19,622 17,507 17,275 18,006 18,319 18,522 18, 768 19, 053 19,401 19, 607 19,661 19,877 19,622 19,704
14,905 13,174 12, 901 13, 579 13,844 14,035 14,323 14,447 14,642 14,836 14,850 14,933 14,905 14,954
10,596
9,443 9,492 9,743 9,716
9,884 10,093 10,215 10, 373 10,406 10,503 10,595 10,596 10,751
8,332
7,465 7,490 7,535
7,834 7,922 8,067 8,217 8,240 8,305 • 8,413 8,332 8,138
7,707
7,478
r
1
Revision for retail sales (Jan. 1967-Dec. 1977) and for retail inventories (Jan. 1973-Dec. 1977),
Revised.
Advance estim ate.
lEffective Mar. 1979 SURVEY, estimates have been
as well as a summary of the changes, are forthcoming from the Census Bureau, Washington,
revised to reflect a new sample des ign, benchmarking to the 1967 and 1972 Censuses, redefiniD. C. 20233.
91 ncludes data not shown separately.
§Includes sale of mail-order catalog
tion of sales to exclude sales taxes and finance charges, classifications based on the 1972 Standdesks within department stores of mail-order firms.
ard Industrial Classification (SIC), and revision and updating of seasonal adjustment factors.
46,706
17,376
13,026
9,426
March 1979
S-13
SURVEY OF CURRENT BUSINESS
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1979
1978
Jan.
Annual
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TRADE—Continued
RETAIL TRADEt—Continued
Firms with 11 or more stores:
Estimated sales (unadjusted), totalt
mil. $_
Durable goods stores
_
Auto and home supply stores
Nondurable goods stores 9
General merchandise group stores
Department stores__
Variety stores
Miscellaneous general stores
do...
do...
do...
do...
do...
do._.
do...
Food stores
do...
Grocery stores
do...
Apparel and accessory stores 9
do...
Women's clothing, specialty stores, furriers
mil. $.
Family clothing stores
do...
Shoe stores
do...
Eating places
do...
Drug stores and proprietary stores
do.. _
Estimated sales (seas, adj.), total} 9..
do...
Auto and home supply stores
do...
Department stores
....
do...
Variety stores
_
do._.
Grocery stores..
do...
Apparel and accessory stores
do...
Women's clothing, spec, stores, furriers.do...
Shoe stores
_
do...
Drug stores and proprietary stores
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).
do...
Durable goods stores
_
do...
Nondurable goods stores.
do...
Charge accounts..
_
do.
Installment accounts
do...
270,155
17,556
17,477
21,496
20,944
22,073
22,380
21,611
22,570
22,548
22,848 > 25,261
33,391
20,447
3,139
1,162
204
1,194
190
1,508
262
1,607
294
1,743
266
1,788
287
1,724
267
1,782
275
1,733
272
1,793 ••1,950
284
•-287
2,463
279
249,708
88,168
75,276
6,329
6,563
16,394
4,764
4,109
329
326
16,283
4,875
4,183
359
333
19,988
6,511
5,565
493
453
19,337
6,607
5,686
459
462
20,330
7,096
6,082
496
518
20,592
7,184
6,176
500
508
19, 887
6,604
20,815
7,111
6,111
481
474
20,788
7,224
6,176
521
527
92,715
91,684
7,022
6,939
6,877
6,792
7,876
7,406
7,325
7,649
7,567
7,878
7,798
7,873
7,790
7,683
7,602
7,985
7,907
7,574
7,494
' 7,929
' 7,846
8,848
1,017
1,007
931
1,162
1,166
1,149
'1,284
2,005
489
273
494
254
296
493
249
278
539
294
842
493
408
1,212 ' 1,184
974 '1,038
1,207
1,634
13,092
7,776
673
5,516
3,030
3,129
276
163
183
287
158
163
13,754
11,975
932
862
20,703
255
5,723
480
7,213
925
373
233
1,032
5,649
497
503
404
224
243
432
241
247
422
233
242
406
222
212
921
825
432
226
279
1,122
974
1,130
894
1,203
950
1,198
970
1,236
936
978
1,171
940
21,264
252
5,993
489
7,488
21,476
251
5,984
498
7,484
22,249
268
6,140
517
7,760
22,222
245
6,187
524
7,674
22,243
246
6,232
519
7,668
22,761
256
6,249
540
7,853
22,432
258
6,283
538
7,527
22,690
285
6,300
531
7,714
423
229
934
1,020
439
253
971
1,077
464
265
974
1,089
461
274
962
1,058
446
263
975
1,111
474
259
994
1,138
477
254
976
1,117
460
266
21,055 r 23,311 30,928
7,307 '8,798 14,087
6,232 '7,455 11,852
1,085
513
'596
1,150
'747
562
22,842 ' 23,676 24,317
'279
270
277
6,226 ' 6,410 6,730
'549
542
534
7,663 ' 7,846 8,073
1,131 ' 1,197
503
472
'290
278
1,016 ' 1,102
1,149
486
263
1,077
34,149
10,089
24,060
37,336
10,911
26,425
32,454
9,445
23,009
31,692
9,369
22,323
31,650
9,531
22,119
31,599
9,817
21,782
31,915
9,963
21,952
32,212
10,203
22,009
32,147
10, 375
21,772
32,534
10,490
22,044
32,879
10,501
22,378
33,680
10,884
22,796
34,621
10,818
23,803
37,336
10,911
26,425
10,659
23,490
11,539
25,797
9,928
22,526
9,823
21,869
10,011
21,639
10,029
21,570
10,171
21,744
10,399
21,813
10, 319
21,828
10,513
22,021
10,589
22,290
10,973
22,707
11,138
23,483
11,539
25,797
32,018
10,019
21,999
34,859
10,828
24,031
31,966
9,790
22,176
32,020
9,838
22,182
32, 275
9,919
22,356
32,030
10,010
22,020
31,950
9,880
22,070
32,362
9,933
22,429
32,807
10,195
22, 612
33,101
10,312
22,789
33,262
10,204
23,058
33,906
10,608
23,298
34,423
10,761
23,662
34,859
10,828
24,031
10,490
21,528
11,272
23,587
10,281
21,685
10,346
21,674
10,371
21,904
10,077
21,953
9,820
22,130
10,097
22,265
10, 381
22,426
10,749
22,352
10,685
22,577
10,891
23,015
11,129
23,294
11,272
23,587
218.86
219.03
219.19
219.34
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas!
mil..
LABOR FORCEIf
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over..
thous
Civilian labor force
do
Employed, total
do
Agriculture
I_I"I""""do"""'
Nonagricultural industries. .
do
Unemployed
IIIIIcloIII]
Seasonally Adjusted? O
Civilian labor force . .
do
Employed, total
"I
do""""
Agriculture
_
"do
Nonagricultural industries."l'/_~_l
do"""
Unemployed.
•_
do
Long-term, 15 weeks and over""
do
Kates (unemployed in each group as percent"
of total in the group):
All civilian workers
Men, 20 years and over
'_
Women, 20 years and over"
Both sexes, 16-19 years.
White
Black and other
I.IIIII
Married men, wife present—IIIIIIIII
2
t a t 6 S
*"* C
t
220
217. 74
99,534
97,401
90,546
3,244
87,302
6,855
102,537
100,420
94,373
3,342
91,031
6,047
100,071
97, 950
91,053
2,868
88,185
6,897
100,048 100,565 100,984 101,422 104, 276 104,755 104,169 102,961 103, 677 103,776 103,740 102,961 103,343
97,924 98,443 98,866 99,309 102,178 102,639 102,047 100,838 101,555 101,659 101,632 100,867 101,249
91,185 91,964 93,180 93,851 95, 852 96,202 96,116 95,041 96,095 96,029 95,906 94,436 94,765
2,762
2,990
2,796
3,856
3,553
3,100
3,549
3,983 3,997
3,151
2,771
2,913
3,369
88,413 89,051 90, 029 90,483 91, 869 92,204 92, 261 91,492 92,541 92,929 92,916 91, 673 91,969
6,431
5,725
6,484
5,931
5,460
5,629
5,797
6,326
5,685
6,438
6,739
5,457
6,479
•99,215
92,923
3,363
89,560
99,139
93,047
3,280
89, 767
'
217.84
217.94
r
99,435
93, 282
3,334
89,948
218.09
218.22
218.36
218.50
99,767 100,109 100,504 '100,622 '100,663 '100,974 101,077 101,628 101, 867 102,183 3102,527
93,704 93,953 94,640 94,446 94, 723 95,010 95,241 95,751 95, 855 96, 300 96,647
3,311
3,232
3,387
3,377
3,374
3,275
3,351
3,274
3,243
3,406
3,424
90,430 90, 710 91,216 91,069 91,372 91,604 91, 867 92,476 92,468 93,068 93,335
5,881
5,883
6,012
5,877
5,964
6,063
6,176
5,836
5,940
5,864
6,156
1,260
1,251
1,208
1,196
1,314
1,234
1,317
1,268
1,404
1,486
1,266
1,911
1,379
6,292
1,641
6,092
1,559
6,153
1,488
7.0
5.2
7.0
17.7
6.0
4.2
6.0
16.3
6.3
4.6
6.2
16.4
6.1
4.5
5.8
17.2
6.2
4.5
5.9
17.0
6.1
4.3
6.0
16.7
6.1
4.2
6.2
16.5
5.8
4.0
6.1
15.1
6.1
4.1
6.4
16.3
5.9
4.1
5.9
15.7
5.9
4.1
5.9
16.3
5.8
4.0
5.6
16.2
5.8
3.9
5.8
16.2
5.9
4.1
5.8
16.5
5.8
4.0
5.7
15.7
5.7
4.0
5.7
16.1
6.2
13.1
3.6
5.2
11.9
2.8
5.5
12.8
3.1
5.4
11.9
2.9
5.3
12.5
3.0
5.2
12.0
2.8
5.3
12.3
2.9
5.0
12.0
2.7
5.2
12.3
2.7
5.2
11.5
2.8
5.2
11.3
5.1
11.3
2.6
5.0
11.7
2.4
5.2
11.5
2.5
5.1
11.2
2.6
4.9
11.9
2.6
4.3
8.1
3.5
6.9
3.7
7.3
3.5
7.2
3.6
6.7
3.7
6.7
3.6
6.6
3.7
6.7
3.5
6.9
3.5
6.8
3.3
7.2
3.2
6.4
3.5
6.8
3.3
6.4
3.4
6.4
7.0
12.7
6.7
6.2
5.9
10.6
5.5
4.9
6.3
11.5
5.7
5.3
6.1
11.2
5.8
5.1
6.1
11.0
5.6
5.0
5.9
9.8
5.4
4.5
6.0
9.6
5.7
5.1
5.7
9.5
5.6
4.9
6.0
9.6
5.5
5.0
5.8
9.4
5.6
5.4
5.8
10.6
5.3
4.8
5.6
11.2
5.1
4.6
5.6
10.8
5.1
4.6
5.8
12.1
5.0
4.4
5.7
10.6
5.0
4.4
5.6
11.5
4.8
4.1
SS 77' & ^ ' ^ r i ^ x r
LjJSj2J
219.48
218.50
Occupation: White-collar workers .
Blue-collar workers. .
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing..]"!^"
Durable goods
l
218.67
216.82
to May 1977 are not
C h a n g e - 1 9 3 0 - 7 5 , " P - 2 5 , N o . 632
If Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in EM-
PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.
O Effective March 1979 SURVEY, the civilian labor force series, seasonally adjusted, reflect
revisions back to Jan. 1978; comparable data for earlier periods will be shown later.
SUEVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Jan. v
Dec.
Feb. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab.:O
Total, not adjusted for seasonal variation, .thous..
Private sector (excl. government).
do
82,256
67,177
85,760
70,282
82,724
67,372
82,962
67,363
83,897
68,171
85,075
69,309
85,796
69,988
86,800
71,109
85,925
70,996
86,134
71,375
Total employees, nonagricultural payrolls!© do.._
Private sector (excl. government)
do...
Nonmanufacturing industries.
do
Goods-producing.
do...
Mining
do...
Contract construction
_.
-do
82,256
67,177
47,530
24,289
85,760
70,282
49,951
25,381
83,871
68,557
48,492
24,648
84,188
68,838
48,699
24,724
84,726
69,291
49,061
24,927
85,418
69,901
49,619
25,313
85,618
70,056
49,759
25,341
85,996
70,399
50,083
25,473
86,033
70,476
50,174
25,501
86,573 87,036 '
71,130 ' 71,564 '
50,694 ' 50,963 '
25,670 25,872 '
3,833
4,213
3,905
3,901
3,999
4,164
4,175
4,278
4,317
86,149 86,163
70,613 70,718
50,335 50,432
25,463 I 25,471
887
887
4,298
4,298
Manufacturing
do.._
Durable goods
_
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 prod.®
do...
Miscellaneous manufacturing
do...
19,647
11,573
20,331
12,159
20,065
11,917
20,139
11,986
20,230
12,041
20,282
12,076
20,297
12,093
20,316
12,109
20,302
12,138
20,278
12,146
743
481
692
1,205
1,646
2,351
1,975
1,941
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
8,074
1,703
8,172
1,694
8,148
1,706
8,153
1,705
8,189
1,718
8,206
1,715
8,204
1,701
1,312
1,316
1,318
1,315
1,319
1,330
1,338
1,071
1,181
1,088
1,159
1,079
1,163
1,081
1,171
1,081
1,174
1,085
71,556
87,303
71,745
87,800 ' 88,054 ' 86,236
72,097 ' 72,367 ' 70,716
86,441
70,703
Seasonally Adjusted f
Service-producing
_
Trans., comm., electric, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
G overnment
Federal
State and local
do...
do
do...
do
do...
do
do
.do
.do
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjustedO.thous...
Manufacturing
do
809
722
463
668
1,179
1,577
2,179
1,868
1,862
615
439
74
914
693
202
712
253
837
751
486
696
1,206
1,653
2,337
1,966
1,956
654
454
73
911
702
209
748
251
678
754
484
689
1,186
1,625
2,259
1,923
1,917
632
448
74
917
699
207
737
252
684
756
487
691
1,193
1, 638
2,271
1,935
1,928
635
452
74
917
699
208
738
253
698
752
491
692
1,189
1,639
2,289
1,951
1,944
639
455
76
916
703
209
744
252
867
751
491
699
1,192
1,646
2,309
1,951
1,936
644
457
74
911
706
210
748
253
869
745
489
700
1,197
1,652
2,311
1,952
1,942
649
456
879
747
486
701
1,197
1,645
2,332
1,962
1,929
654
456
882
743
485
698
1,199
1,643
2,345
1,977
1,937
661
893
903
4,341
4,368
87,465
71,984
51,172
26,099
'908
' 4,379
87,766
72,280
51,39526,149
916
4,348
20,286
12,166
744
480
692
1,214
1,650
2,358
1,972
1,943
662
451
20,436
12,305
20,601 ' 20,729 ' 20,812
12,410 ' 12,491 ' 12,553
759
' 765
'770
1,220
1,667
2,391
1,987
1,991
701
707
'705
1,235 '1,240
1,239
1,684 '1,697
1,705
2,404 ' 2,425 ' 2,445
2,001 '2,011 '2,025
2,010 ' 2,021 ' 2,029
671
'676
'682
458
'458
'459
20,885
12,635
777
494
714
1,247
1,709
2,461
2,039
2,052
688
454
8,131
1,667
660
451
451
8,207
1,702
8,164
1,688
8,132
1,670
73
909
69
903
1,326
1,325
1,307
1,180
1,093
1,186
1,091
1,187
1,091
207
749
243
1,309
698
1,188
1,089
209
746
251
8,120
1,665
70
907
1,309
697
1,178
1,088
209
744
253
75
913
709
207
747
253
76
908
709
209
749
252
710
748
484
696
665
456
487
87,281
71,810
51,081
26,030
'904
' 4,397
491
'
'
'
'
494
246
'910
'1,317
'708
'1,209
' 1,101
'211
'773
'244
8,250
1,709
72
909
1,307
709
1,215
1,102
212
775
240
' 61,251
' 4,967
' 19,697
'4,995
' 14,702
8,191
1,693
71
910
' 8,238 ' 8,259
'1,711 '1,714
71
907
1,307
1,307
1,185
1,089
1,198
1,093
'1,312
'705
'1,203
'1,097
692
210
752
251
700
210
761
248
72
910
211
'771
72
57,968
4,696
18,492
4,677
13,795
60,380
4,858
19,392
4,897
14,496
59,223
4,758
18,991
4,802
14,189
59,464
4,782
19,071
4,828
14,243
59, 799
4,817
19,169
4,854
14,315
60,105
4,847
19,252
4,872
14,380
60,277
4,847
19,335
4,885
14,450
60,523
4,881
19,412
4,905
14,507
60,532
4,827
19,469
4,901
14,568
60,686
4,846
19,523
4,905
14,618
60,692
4,855
19,546
4,917
14,629
60,903
4,922
19,632
4,945
14,687
61,164
4,947
19,701
4,968
14,733
' 61,366
' 4,962
' 19,797
' 5,007
' 14,790
61,617
4,998
19,927
5,021
14,906
4,452
15,249
15,079
2,727
12,352
4,676
15,976
15,478
2,754
12,723
4,563
15,597
15,314
2,736
12,578
4,591
15,670
15,350
2,736
12,614
4,605
15, 773
15,435
2,739
12,696
4,623
15,866
15,517
2,745
12,772
4,637
15,896
15, 562
2,753
12,809
4,670
15,963
15,597
2,772
12,825
4,690
15,989
15, 557
2,765
12,792
4,707
16,074
15,536
2,765
12,771
4,719
16,127
15,445
2,752
12,693
4,737
16,169
15,443
2,760
12,683
4,774 ' 4,789 ' 4,811
16,270 ' 16,327 ' 16,315
15,472 ' 15,471 ' 15,481
2,757
2,734 ' 2,743
12,715 ' 12,737 ' 12,738
4,828
16,378
15,486
2,742
12,744
55,040
14,110
57,536
14,611
55,028
14,237
54,984
14,250
55,716
14,355
56,761
14,444
57,358
14,534
58,289
14, 737
58,120
14,476
58,437
14,532
58,637
14,877
58,771
14,878
59,063 ' 59,323 ' 57,673
14,803 ' 14,927 ' 14,794
57,647
14,821
55,040
17, 729
57,536
18,576
56,114
17,954
56,348
18,016
56,744
18,198
57,263
18,541
57,428
18,565
57,653
18,660
57,704
18,675
57,771
18,619
668
3,419
57,861
18,629
671
3,422
58,151
18,795
58,576 ' 58,780 ' 58,842
18.974 ' 19,114 ' 19,149
683
'682
'688
3,488 ' 3, 513 ' 3,461
59,103
19,193
695
3,424
14,532
8,693
636
394
549
947
1,245
1,544
1,293
1, 336
405
344
14,536
8,706
636
395
548
953
1,248
1,550
1,290
1,337
406
343
14,655
8,816
14,803 ' 14,919 ' 15,000
8,909 ' 8,985 ' 9,039
649
'654
'659
400
403
'405
561
556
'560
981
976
'980
1,280
1,291 ' 1,293
1,581 ' 1,603 '1,618
1,312 ' 1,320 ' 1,333
1,393 ' 1,407 '1,418
421
412
'416
350
'349
'352
15,074
9,127
664
406
568
990
1,304
1,638
1,349
1,433
429
346
5,839
1,124
54
785
1, 127
523
667
623
136
584
216
5,830
1,122
56
790
1,124
522
657
624
137
581
217
5,839
1,122
' 5,934 '5,961
' 1,166 '1,171
5,947
1,157
57
790
1,122
538
687
637
141
612
206
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrollsf..
thous..
Goods-producing.
do
Mining
.do
Contract construction
do
615
628
493
494
509
655
659
663
667
3,004
3,337
3,021
3,023
3,122
3,288
3,303
3,401
3,439
Manufacturing.
do.
Durable goods
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 prod.©
do
M iscellaneous manufacturing
do
14,110
8,291
14,611
8,727
14,440
8,569
14,499
8,620
14, 567
8,661
14, 598
8,676
14, 603
8,685
14, 596
8,683
14, 569
8,694
1,194
1,425
1,227
1,284
1,255
1,537
1,290
1,351
1,234
1,483
1,267
1,326
1,247
1,493
1,276
1,332
1,247
1,507
1,288
1,342
1,251
1,517
1,284
1,337
1,257
1,516
1,283
1,344
1,250
1,533
1,284
1,327
1,245
1,547
1,293
1,328
Nondurable goods.
do.
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
.do
Apparel and other textile products do
Paper and allied products...
...do
Printing and publishing
...do.
Chemicals and allied products
.do
Petroleum and coal products
...do
Rubber and plastics products, nec__.do.
Leather and leather products
do.
5,819
1,154
5,884
1,147
5,871
1,156
5,879
1,158
5,906
1,168
5,922
1,167
5,918
1,154
5,913
1,152
5,875
1,142
1,126
1,130
1,132
1,131
1,134
1,144
1,140
1,137
1,121
616
381
533
920
375
335
60
795
519
644
615
131
557
217
644
400
554
948
401
347
58
793
528
666
624
137
587
215
650
399
553
929
386
342
59
799
523
656
618
136
576
216
650
401
551
937
388
345
59
798
525
658
620
136
578
216
647
405
552
933
391
349
60
798
527
663
620
137
583
216
Service-producing
do..
37,311
38,961 38,160 38,332 38,546
Transportation, comm., elec, gas, etc
do..
3,993
4,088
4,028
4,044
4,067
Wholesale and retail trade
do..
16,297
17,092 16, 737 16,812 16,894
Wholesale trade.
do.
3,869
4,036
3,958
3,982
4,007
Retail trade..
do.
12,427
13,056 12,779 12,830 12,887
Finance, insurance, and real estate
do..
3,385
3,556
3,472
3,494
3,500
Services.
_do.
13,636
14,225 13,923 14,982 14,085
r
Revised.
P Preliminary.
©See end of notef for this page.
tData have been revised to conform to the 1972 Standard Industrial Classification and
adjusted to March 1977 benchmark levels; consequently they are not comparable with previously published data. For a discussion of the effect of these revisions, see "BLS Establishment Estimate Revised to Reflect New Benchmark Levels and 1972 SIC," in the October 1978
646
405
558
934
394
350
59
794
530
664
624
137
586
217
639
404
557
939
397
349
60
795
535
668
628
135
586
217
641
400
558
939
402
349
61
792
535
668
628
136
587
217
637
398
554
942
407
343
58
791
535
669
628
135
587
209
675
3,465
641
398
551
960
1,264
1,576
1,301
1,370
408
347
5,894
1,148
57
790
56
795
1,123
1,123
519
663
624
137
589
215
525
672
627
138
598
212
'58
58
'793
1,124
'531
'676
'794
' 1,130
'535
'607
'634
' 140
'609
'209
630
139
210
681
38,722 38,863 38,993 39,035 39,152 39,232 39,356 39,602 ' 39,666 ' 39,693 39,910
4,191
4,064
4,066
4,129
4,150 ' 4,155 '4,156
4,094
4,086
4,109
4,051
16,952 17,079 17,106 17,165 17,214 17,228 17,288 17,372 ' 17,355 ' 17,404 17,531
4,132
4,042
4,053
4,020
4,026
4,043
4,040
4,075
4,093 '4,109 '4,116
12,932 13,053 13,063 13,125 13,172 13,175 13,213 13,279 ' 13,246 ' 13,288 13,399
3,674
3,579
3,591
3,603
3,635 ' 3,644 ' 3,663
3,516
3,523
3,546
3,565
14,160 14,175 14,232 14,254 14,293 14,349 14,336 14,445 ' 14,512 ' 14,470 14,514
issue of Employment and Earnings, available from the U.S. Government Printing Office,
Washington, D.C. 20402.
©Effective October 1978 SURVEY, includes data formerly shown separately under ordnance and accessories.
SURVEY OF CURRENT BUSINESS
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
S-15
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. p
Feb.?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjustedf
Avg. weekly hours per worker on private nonagric.
payrolls:^ Seasonally adjusted!
hours.
Not seasonally adjusted
do...
Mining
do...
Contract construction
do. - .
Manufacturing: Not seasonally adjusted
do...
Seasonally adjusted
do...
Overtime hours
do...
35.7
35.3
43.2
35.6
39.6
40.1
3.7
36.0
35.8
43.7
36.9
40.4
40.6
3.7
36.1
35.8
44.0
37.3
40.4
40.8
3.8
35.9
35.7
43.4
36. 6
40.4
40.4
3.5
35.9
36.2
43.4
37.3
40.8
40.5
3.6
35.9
36.3
43.0
37.3
40.3
40.5
3.6
35.8
36.2
43.6
37.1
40.4
40.3
3.4
35.8
36.0
43.0
37.0
40.7
40.4
3.6
35.9
35.9
43.0
36.9
40.6
40.5
3.6
35.8
35.8
43.3
36.8
40.9
40.7
3.7
35.9
36.1
'•43.7
'37.2
41.4
40.7
3.8
35.7
35.2
'43.5
'36.0
'40.1
'40.7
3.8
35.7
35.4
43.3
36.4
40.2
40.6
3.4
3.6
35.5
35.1
42.8
34.3
39.2
39.8
3.5
do..
do.
do.
do.
do.
do.
do..
41.0
3.7
39.8
39.0
41.3
41.3
41.0
41.1
3.8
39.7
39.3
41.6
41.8
41.0
40.4
3.7
39.3
38.4
40.0
41.4
40.3
40.7
4.0
39.6
40.0
40.9
41.6
40.7
41.3
3.9
39.9
40.1
41.8
41.5
41.3
41.4
4.0
40.2
40.1
42.0
41.5
41.4
41.0
3.7
39.5
39.4
41.6
41.7
41.1
41.2
3.7
40.0
39.5
41.9
41.8
41.0
41.2
3.8
39.8
39.3
41.7
41.8
41.0
41.0
3.6
39.3
39.0
41.6
42.0
40.9
41.1
3.8
39.6
38.8
41.8
41.8
40.9
41.2
3.9
40.1
39.0
41.8
42.1
40.8
41.4
4.0
40.1
39.2
41.9
42.3
41.1
41.5
4.1
40.1
'39.2
42.0
42.2
41.4
'41.4
4.2
'40.0
'39.1
'41.3
' 42. 2
' 41.2
41.4
4.2
39.5
38.8
41.5
41.8
41.3
do.
do.
do.
do.
do.
41.5
40.4
42.5
40.6
38.8
42.0
40.3
42.1
40.9
38.8
41.1
39.7
41.6
40.4
38.0
41.8
40.0
40.9
40.6
38.3
42.3
40.6
42.1
41.3
39.0
42.3
40.4
42.4
41.4
39.1
42.1
40.2
41.8
40.8
42.3
40.2
42.0
40.8
38.8
42.2
40.7
42.1
40.7
38.8
41.8
40.4
41.8
41.0
39.0
41.9
40.1
42.5
40.9
39.0
42.0
40.3
42.6
40.9
33.8
42.2
40.4
42.9
40.9
38.8
'42.5
40.5
42.9
M0. 9
38.8
'42.1
'40.6
'43.0
'41.2
'39.0
42.5
40.7
42.8
41.2
38.8
Nondurable goods
O vertime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do.
do..
do.
do.
do.
do.
39.4
3.2
40.0
37.9
40.4
35.6
39.4
3.2
39.8
38.2
40.4
35.6
38.8
3.2
39.7
37.6
40.3
33.7
39.1
3.3
39.7
38.3
40.3
35.5
39.7
3.3
40.0
38.9
40.8
36.0
39.8
3.4
40.1
38.7
40.9
36.3
39.5
3.2
39.8
38.7
40.5
35.9
39.4
3.1
39.6
39.6
40.3
35.8
39.4
3.2
39.8
38.6
40.2
35.8
39.3
3.2
39.5
37.7
40.4
35.6
39.4
3.2
39.5
37.9
40.4
35.7
39.3
3.2
39.9
36.7
40.3
35.2
39.6
3.2
40.0
37.4
40.4
35.7
39.5
3.3
40.0
'38.1
MO. 4
' 35. 6
'39.6
3.2
'40.1
'36.8
'40.9
'35.3
39.4
3.2
39.6
36.3
40.1
35.4
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubbcr and plastics products, nee
Leather and leather products
do.
do.
do.
do.
do.
do.
42.9
37.7
41.7
42.7
41.0
36.9
42.9
37.6
41.8
43.5
40.9
37.1
42.5
37.4
41.6
43.1
40.2
36.5
42.5
37.4
41.6
42.8
39.8
36.4
43.4
38.0
42.1
43.3
40.7
37.1
43.5
37.9
42.0
43.6
41.3
38.1
42.9
37.3
41.9
42.9
41.1
37.6
42.9
37.5
41.9
43.4
41.1
37.4
42.9
37.6
41.8
43.9
40.9
37.2
42.7
37.4
41.9
44.3
40.9
37.1
42.7
37.8
41.8
43.8
41.0
37.2
42.6
37.7
41.9
43.9
41.0
37.1
43.1
37.9
42.1
44.2
41.1
36.8
42.7
37.6
'41.8
43.7
'41.2
'36.7
42.9
37.7
42.0
'44.2
'41.5
'36.9
43.0
37.8
42.0
44.9
41.4
36.5
do.
do.
do_
do_
do.
do.
39.9
33.3
38.8
31.6
36.4
33.0
40.0
32.8
38.8
31.0
36.5
32.8
40.0
32.7
38.7
30.9
36.3
33.0
40.1
32.7
38.7
30.9
36.3
32.9
40.4
33.0
38.9
31.2
36.3
33.0
40.0
33.0
39.0
31.2
36.7
33.0
40.2
32.9
38.7
31.1
36.3
32.9
40.1
32.8
38.8
31.0
36.5
32.8
39.6
32.9
38.7
31.1
36.6
32.8
39.9
32.8
38.8
30.9
36.5
32.7
40.1
32.8
39.0
30.9
36.5
32.8
40.1
32.9
38.9
31.0
36.6
32.8
40.0
32.8
38.8
30.9
36.3
S2.7
'40.0
32.9
38.9
31.0
36.3
'32.5
'40.0
32.4
38.7
30.5
'36.3
32.6
39.7
32.6
38.8
30.7
36.2
32.6
156.31
126. 67
1.83
7.28
40. 96
9.74
32.14
8.44
26.28
29. 64
162. 55
132.02
1.89
8.03
42.47
10.12
33. 26
8.87
27.38
30.53
157.83
127. 87
1.50
7.03
41.43
9.87
32.51
8.64
26. 89
29.96
159.13
128.81
1.53
7.19
41.89
10.04
32.61
8.66
26.88
30.32
161.30
130.93
1.59
7.62
42.53
10.12
33.09
8.42
27.26
30.36
162.90
132. 21
1.98
8.10
42.57
10.11
33.22
8.84
27.39
30.69
162.48
131. 79
1.96
7.94
42.44
10.15
33.21
8.78
27.30
30.69
163.31
132. 60
1.98
8.36
42.49
10.18
33. 36
8.88
27.34
30.71
163.47
132. 56
1.99
8.39
42.54
9.93
33.42
8.94
27.35
30.92
162.91
132. 29
2.03
8.29
42.22
10. 05
33.38
8.93
27.39
30.62
162.93
132.61
1.99
8.26
42.30
10.11
33.47
8.96
27.52
30.32
163. 68
133. 51
2.01
8.32
42.60
10.21
33.66
9.01
27.70
30.18
165.19
134.22
2.06
8.33
43.14
10.27
33. 63
9.03
27. 76
30.97
165.53
134.89
2.07
8.51
43.51
10.35
33.64
9.05
27.76
30.63
165.68
134. 89
2.04
8.38
43.58
10.41
33.61
9.10
27.78
30.79
115.4
100.2
133.4
105.8
98.0
98.7
97.1
120.2
105.1
135.9
118.2
101.8
104.2
98.2
116.2
99.3
105.6
100.3
98.9
100.5
96.5
117.1
100.9
106.8
104.2
100.1
101.9
97.4
119.1
103.6
111.3
111.5
102.0
103.9
99.2
120.4
106.0
144.2
118.8
102.5
104.2
99.9
120.0
105.1
143.1
117.1
101.0
103.5
98.9
120.6
106.0
144. 0
122.8
101.7
103.8
98.7
120.6
106.1
143. 5
124.2
101.6
104.0
98.1
120.4
105.4
145.7
122.8
101.0
103.5
97.2
120.8
105. 5
144.4
122.6
101.2
103.9
97.2
121.6
106.5
145.2
123.8
102.1
105.5
97.2
122.4
108.0
148.0
124.3
103.7
107.1
98.8
'
'
'
'
'
122.9
109.1
149.1
126. 5
104. 6
108. 3
'99.1
'122.4
' 108. 6
' 149. 7
' 120. 6
' 105.1
' 108. 7
'99.9
123.0
109.0
150.6
120.7
105.4
109.7
99.2
126.0
105.9
123.0
120. 6
123.1
131.3
138.8
130.6
108. 6
126. 8
126.0
127.1
138.0
144.0
127.9
107.0
123.7
123.1
123.9
134.3
141.7
128.4
107.7
124.2
123.9
124.4
135.1
141.8
129.8
109.1
125.9
125.3
126.1
135.4
143.3
130.5
108.7
126.4
126.0
126.6
137.5
144.1
130. 5
109.0
126.8
125.2
127.3
136.2
143.8
130.7
109.4
126.8
126.1
127.0
137.9
143.9
130.7
106.5
127.4
125. 7
128.0
139. 0
144.1
130.8
107.7
127.2
126.1
127.7
139. 2
144.1
131.4
108.2
127. 5
127.1
127.7
139.6
145.1
132.0
109.9
128.2
121A
128.5
140.5
145.0
132.3
110.2
128.4
127.6
128.7
140.6
145.6
'
'
'
'
'
'
'
132. 5
110. 3
128. 7
128. 5
128.8
140. 9
145. 4
' 132. 0
' 110. 4
' 127. 4
128.0
' 127.1
141.7
' 145.4
132.8
110.5
129.0
128.9
129.0
141.7
145.9
5.24
6.94
8.09
5.67
5.68
7.61
8.62
6.16
5.47
6.91
8.34
5.97
5.73
6.35
6.08
5.39
4.55
6.04
7.86
6.11
6.53
5.66
7.59
5.54
4.58
5.49
6.93
8.32
5.98
5.73
6.37
6.09
5.39
4.55
6.04
7.96
6.13
6.59
5.68
7.60
5.59
4.57
5.52
6.95
8.40
6.00
5.75
6.40
6.12
5.40
4.56
6.08
7.94
0.19
6.61
5.68
7.69
5.60
4.60
5.59
7.62
8.39
6.03
5.79
6.44
6.16
5.43
4.59
6.18
7.98
6.25
6.61
5.70
7.74
5.62
4.63
5.62
7.64
8.52
6.07
5.82
6.47
6.19
5.49
4.61
6.25
8.04
6.27
6.63
5.73
7.75
5.65
4.64
5.69
7.82
8.63
6.17
5.92
6. 57
6.29
5.71
4.68
6.37
8.19
6.32
6.73
5.83
7.84
5.70
4.70
5.71
7.79
8.72
6.16
5.90
6.57
6.28
5.68
4.72
6.40
8.31
0.35
6. 74
5.87
7.78
5.73
4.70
5.82
7.94
8.87
6.28
5.99
6.71
6.39
5. 75
4.76
6. 46
8.42
6.45
6.88
5.94
8.04
5.76
4.74
5.86
7.97
8.88
6.32
6.04
6.76
6.44
5.77
4.78
6.48
8.42
6.49
6.94
5.96
8.21
5.79
4.77
5.88
8.05
8.88
6.38
6.10
6.81
6.49
5.76
4.80
6.53
8.52
6.54
7.00
5.98
8.27
5.83
4.80
'5.91
'8.05
'8.91
6.47
6.18
6.92
6.59
'5.79
4.86
'6.57
8.56
6.62
7.13
6.10
8.40
' 5. 95
'4.86
5.95
'8.20
'8.96
'6.48
6.22
'6.90
6.60
'5.81
'4.89
'6.55
'8.58
'6.59
7.07
'6.12
' 8. 33
'5.97
'4.92
5.97
8.21
8.97
6.50
6.23
6.93
6.62
5.82
4.93
6.57
8.66
6.63
7.13
6.14
8.32
6.04
4.94
Durable goods
Overtime hours
Lumber and wood products
F u r n i t u r e and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products©
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment©
Instruments and related products©
Miscellaneous manufacturing ind
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
36.0
43.4
36.5
40.3
35.8
43.4
36.7
40.4
AGGREGATE EMPLOYEE-HOURS
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the m o n t h , seasonally adjusted at annual ratef
bil. hours.
Total private sector
do
Mining
do
Contract construction
do
M anufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
do
Indexes of employee-hours (aggregate weekly) :^ff
Private nonagric. payrolls, total
1967=100
Goods-producing
do
M ining
do
Contract construction
do
Manufacturing
do
Durable goods
do
Nondurable goods
do]...
Service-producing
Transportation, comm., elec, gas
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
do
do..
do.
do.
do!...
do
do.
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:^
Not seasonally adjusted:
Private nonagric. payrolls
dollars
Mining
do..
Contract construction
do
Manufacturing
do
Excluding overtime
do
Durable goods
do..
Excluding overtime
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 e q u i p m e n t © .
do
Instruments and related prod.© . do
Miscellaneous manufacturing i n d . . d o
6.06
6.57
5.09
4.34
5.80
7.40
5.90
6.25
5.39
7.28
5.29
4.36
5.59
4.67
6.31
8.19
6.33
6.75
5.82
7.89
5.70
4.69
' Revised.
v Preliminary.
\ Production and nonsupervisory workers.
t See corresponding note., p . S-14.
© See corresponding note, p . S-14.
5.65
7.69
8.56
6.11
5.85
6.52
6.23
5.66
4.66
6. 33
8.10
6.29
6.70
5. 75
7.81
5.65
4.66
iVKY O F
S-16
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Marclt
KEN I 13U
1978
1978
Jan.
Annual
Mar.
Feb.
Apr.
May
June
1979
1979
Aug.
July
Sept.
Nov.
Oct.
Dec.
Feb. P
Jan.*>
LABOR FORCE, EMPLOYMENT, AND EARNING S—Cont inued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas. adj. %—Continued
M anufacturing—Continued
Nondurable goods
..
.
dollars
Excluding overtime
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
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
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
Indexes of avg. hourly earnings, seas, adj.: If t
Private nonfarm economy:
Current dollars
1967=100
1967 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
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): cf
Common labor,
$ per hr .
Skilled labor
.
do
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate
$ per h r . .
Workers receiving cash wages only
.do
Workers paid per hour, cash wages only..do . . .
5.80
6.27
4.29
3.94
6.52
6.47
7.01
8.60
5.50
3.90
7.54
4.66
5.88
4.19
4.90
4.99
5.38
5.18
5.63
6.03
4.17
3.85
6.27
6.33
6.78
8.41
5.34
3.80
7.34
4.54
5.67
4.10
4.76
4.89
5.38
5.17
5.68
6.06
4.16
3.85
6.32
6.34
6.82
8.57
5.33
3.84
7.37
4.54
5.66
4.10
4.76
4.91
5.39
5.19
5.69
6.30
4.17
3.89
6.32
6.37
6.83
8.50
5.32
3.86
7.34
4.56
5.69
4.11
4.76
4.91
5.42
5.21
5.73
6.33
4.17
3.91
6.33
6.37
6.87
8.53
5.36
3.87
7.45
4.60
5.78
4.14
4.84
4.95
5.44
5.24
5.75
6.41
4.19
3.89
6.37
6.38
6.93
8.52
5.43
3.88
7.45
4.61
5.78
4.15
4.85
4.95
5.48
5.26
5.75
6.61
4.20
3.92
6.51
6.42
6.96
8.52
5.47
3.89
7.47
4.62
5.81
4.16
4.89
4.93
5.57
5.35
5.80
6.58
4.32
3.92
6.63
6.47
7.05
8.58
5.51
3.89
7.53
4.66
5.91
4.19
4.93
4.95
5.56
5.33
5.80
6.30
4.37
3.93
6.59
6.51
7.06
8.59
5.54
3.87
7.63
4.67
5.92
4.19
4.91
4.94
5.62
5.38
5.87
6.10
4.42
3.99
6.68
6.58
7.13
8.67
5.58
3.92
7.71
4.74
6.02
4.25
4.97
5.00
5.64
5.41
5.89
5.99
4.42
4.01
6.68
6.58
7.19
8.67
5.66
3.94
7.72
4.78
6.06
4.28
5.02
5.12
5.70
5.47
5.97
6.18
4.45
4.04
6.75
6.64
7.22
8.75
5.69
3.98
7.72
4.80
6.08
4.30
5.03
5.13
5.75
5.52
'6.02
'6.32
4.48
4.07
6.79
'6.68
'7.28
'8.86
'5.75
'4.01
'7.82
'4.80
6.15
'4.31
'5.07
5.16
5.81
'5.60
'6.10
' 6 . 46
'4.51
'4.17
'6.80
'6.69
'7.31
'8.97
'5.81
'4.15
'7.79
'4.95
6.18
'4.46
'5.13
'5.23
5.24
6.94
8.09
5.67
6.99
4.27
4.54
4.65
5.68
7.61
8.62
6.16
7.54
4.66
4.90
4.99
5.46
6.84
8.30
5.93
7.34
4.51
4.72
4.86
5.49
6.92
8.35
5.98
7.38
4.50
4.71
4.87
5.54
6.94
8.47
6.01
7.40
4.55
4.75
4.90
5.61
7.63
8.47
6.05
7.49
4.60
4.84
4.95
5.62
7.66
8.59
6.08
7.50
4.60
4.84
4.94
5.66
7.71
8.65
6.12
7.52
4.63
4.89
4.96
5.71
7.85
8.66
6.18
7.53
4.67
4.95
5.01
5.73
7.88
8.72
6.20
7.58
4.70
4.92
5.02
5.77
7.94
8.87
6.28
7.71
4.74
4.97
5.06
5.82
7.99
8.77
6.32
7.66
4.77
5.03
5.10
5.87
8.03
8.82
6.38
7.68
4.81
5.06
5.11
5.91
8.05
8.87
6.43
7.75
4.83
5.05
5.14
5.94
8.17
8.94
6.43
7.78
4.91
5.07
5.21
196.8
108.4
214.8
194.3
199.4
213.2
189.5
180.7
197.9
212.6
108.9
238.5
206.8
215.7
230.1
206.5
194.6
212.5
206.0
109.8
219.7
198.8
208.1
223.8
199.9
187.7
207.0
206.6
109.4
221.0
200.1
209.4
224.9
199.7
187.3
206.8
208.3
109.5
222.5
203.0
211.0
225.6
201.5
188.9
208.7
210.3
109.6
237.1
203.5
212.2
228.4
203.5
192.3
210.5
211.0
109.1
237.3
206.0
213.5
229.2
204.0
192.4
210.4
212.3
108.8
239.8
207.6
214.7
229.6
205.2
194.6
211.5
214.1
109.1
244.3
207.9
216.7
230.4
207.6
196.9
213.2
214.6
108.7
244.5
209.2
217.5
231.2
208.3
196.0
212.9
216.2
108.7
247.1
209.9
218.9
233.3
209.9
198.2
214.8
218.0
108.8
249.7
210.6
220.8
234.0
211.6
199.8
217.5
219.0
108.5
249.8
211.4
222.4
234.7
213.0
200.8
217.8
220. 7
108. 6
249.1
212. 5
224.1
238. 3
214. 6
202. 0
218. 9
222.3
108. 3
251.9
213. 5
225. 3
238. 0
217. 6
202.1
221. 4
223.1
9.46
12.56
10.08
13.36
9.77
13.01
9.78
13.03
9.82
13.04
9.83
13.04
9.87
13.09
9.96
13.19
10.26
13.55
10.27
13.61
10.31
13.66
10.33
13.68
10.34
13.72
10.37
13.76
10.40
13.79
2.87
2.82
3.06
3.07
3.02
3.22
3.10
3.18
3.14
3.40
3.18
7.716
2.93
2.90
3.06
3.00
5.10
5.53
5.37
5.62
3.98
3.62
5.96
6.11
6.43
7.82
5.17
3.41
6.99
4.27
5.39
3.85
4.54
4.65
7.481
Avg. weekly earnings per worker, Ifprivate nonfarm:t
1967 dollars seasonally adiimteH A
Spendable earnings (worker with 3 dependents):
1067 dollars seasonally adiiisfpfl A
Current dollars, not seasonally adjusted:
Private nonfarm, total
Mining _
Contract construction
Manufacturing ...
. . ..
Durable goods
Nondurable goods
Transportation, comm., elec, gas
Wholesale and retail trade .
..
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
__
dollars
do
do
. do ..
do
- -do
do
- -do
do . .
do
do ..
do
3.09
3.05
3.22
3.08
'
'
'
'
'
'
'
'
'
10.37
13.73
3.18
3.11
3.34
3.20
'
'
'
'
'
'
1967=100
193.83
103.32
195.99
103.81
199.44
104.86
202. 52
105. 59
201.76
104. 21
203.19
104.20
204.99
104.48
205.13
103.97
20fi. 57
103.86
208.94
104.16
210.15
104.14
212.17
104. 41
212. 06
103. 34
213.13
173.27
92.36
174.93
92.65
177.52
93.33
179.83
93.76
179.26
92.69
180.33
92.48
181.68
92.60
181. 78
92.13
182. 86
91.94
184. 64
92.04
185.55
91.95
187.06
92.06
188. 71
91.96
189. 54
'213.35 209. 44 211. 34
»-350.18 rr 348. 50 353. 03
'330. 56 r310. 91 317. 54
267. 86 259. 85 261. 30
292. 72 281. 52 284.13
226. 59
r 22t. 43 r 226. 59
314. 36 306. 93 309. 67
'158.88 ' 157. 91 159. 22
'240.47 T 237. 31 237. 93
' 134. 90 133. 35 134. 99
' 184. 04 '186.73
187. 31
' 167. 70 r 169. 45 170.42
188.64
301.20
295.29
228.50
248. 46
200. 94
278. 90
142.19
209.13
120.11
165.26
153.45
203.34
330.27
316.35
248.86
270.03
217.88
301.60
152.85
228.14
121.66
178.85
163.67
192. 00
289. 53
275.22
234.02
252. 73
205. 52
289. 20
146.19
217.73
120.08
173.26.
160.39
193.80
297. 30
287. 87
236.81
256. 71
208.21
294.80
146. 64
217. 34
122.36
173.26
160.56
197. 62
301. 63
304. 92
242.40
263. 04
212. 37
294. 33
149.11
220.20
122. 88
172. 79
161.05
200.12
332. 23
310. 43
243. 61
265.33
213. 55
296. 51
150. 42
224. 26
127. 26
177.14
162.36
200. 63
331. 58
312. 68
245. 23
265. 27
213. 79
297. 26
150. 75
223. 69
133. 57
176. 06
161. 37
204. 53
336. 05
324. 42
249. 29
270. 58
217. 56
301. 04
153. 38
226. 59
127. 40
178. 49
162. 69
206. 55
337. 82
329. 67
248. 65
268. 71
220. 02
301. 20
157.04
230. 49
134. 08
180. 93
164.84
206. 70
338.09
330.49
248.80
268. 71
220.18
307.49
156.45
230. 88
133.24
179. 71
164.01
209. 52
345. 39
332. 63
255. 60
277. 79
223.68
309.94
Ic5. 47
234. 78
131. 33
180. 91
165.46
210. 37
348. 29
336. 55
256.59
279.19
222.78
309.57
156.31
236. 34
131.82
183. 73
167.42
210.15
351.35
323.60
260.53
283. 30
226.46
309. 20
156.48
236. 51
131. 58
182.59
167.24
118
149
138
139
141
146
144
147
150
151
152
161
161
165
161
4.0
2.8
3.8
1.9
1.2
4.1
3.0
3.8
2.1
.9
3.8
2.5
3.6
1.5
1.2
3.2
2.2
3.7
2.6
4.0
2.9
4.7
3.6
4.8
3.8
4.4
3.2
5.3
4.1
4.8
3.9
4.3
3.5
3.3
2.6
4.0
2.8
3.5
1.8
.9
3.5
2.0
.7
3.6
2.1
.7
3.8
2.2
.7
4.1
2.1
1.1
5.2
3.4
.7
4.8
3.0
.8
4.0
2.3
.9
3.5
1.7
1.0
'2.3
1.7
' 3. 4
1. 3
4.2
3.1
3.8
4.0
3.9
4.0
3.9
3.8
3.8
4.1
q n
q (\
9 ft
q -i
3.9
21
4.0
21
3.9
20
3.7
19
3.7
2 0
4.4
34
3.9
2.3
4.5
S5
3.9
2.2
'4.4
3.5
'4.1
2.2
1.1
4.4
3.4
4.0
2.3
9 O
3.8
20
qn
9 Q
3.8
2.0
4.2
31
4.0
2.2
.9
1.0
.9
1.0
1.0
.9
.9
.8
.9
.8
.9
.8
395
670
484
835
475
859
467
810
439
774
453
785
389
775
290
638
157
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 emplovees.
New hires
do
Separation rate, total _.
do
Quit. _ _
do
Layoff-.. .
do
Seasonally adjusted:
Accession rate, total . _
do
New hires
...
.
do
Separation rate, total
do...
Layoff
do
.9
3.1
1.4
.9
q n
1.3
WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
Beginning in month or year
247
287
4,300
217
number. ' 5,506
449
527
r 394
Workers involved in stoppages:
45
90
62
1,600
Beginning in month or year.
. thous. ' 2, 040
329
367
318
In effect during month
do...
4,802
4,842
5,286
Days idle during month or vear
d o . . . ' 35,822 39,666
'Revised.
P Preliminary.
f Production and nonsupervisory workers.
AEarnings
in 1967 dollars reflect changes in purchasing power since 1967 by dividing- by Consumer Price
Index; effective Feb. 1977 SURVEY, data reflect new seas, factors for the CPI.
tSee cor-
252.7
215.3
226.5
239.0
217.8
202.8
221.7
3.37
3.33
3.60
3. 34
HELP-WANTED ADVERTISING
Seasonallv adjusted index
5.81
5 59
6.11
6.57
4.50
4.18
6.82
6.62
7.31
8.94
5.79
4.15
7.82
4.96
6.18
4.47
5.16
5.26
49
63
106
118
448
114
177
198
130
199
214
603
190
338
333
307
228
1,440
1,776
2,277
4,446
2,097
3,071
3,714
2,670
2,579
responding note on p. S-14.
cfWages as of Mar. 1,,1979: Common, $10.40 skilled,
©Revisions for 1975 are in the July 1976 SURVEY.
S-17
SURVEY OF CURRENT BUSINESS
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
2,567
p 3,198
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment Insurance programs:
Insured unemployment, all programs, average
3,304
weekly § 9
thous-.
State programs (excl. extended duration prov.)
Initial claims
thous.. 19,488
2,647
Insured unemployment, avg. weekly.._do
Percent of covered employment: A
Unadjusted
3.9
Seasonally adjusted
Beneficiaries, average weekly
thous..
2,178
Benefits paid §
mil. $.. 8,773.0
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. $.
2,428
3,781
3,638
3,212
2,659
17,966
2,358
2,272
3,191
1,692
3,273
1,442
2,901
4.0
1,944
8,225.5
4.6
3.6
2,520
910.2
4.7
4.2
3.6
3.5
2,753 2,615
919.2 1,002.0
1,211
2,379
3.4
3.1
2,140
704.6
2,297
2,581
2,394
2,064
'1,999
1,229
2,051
1,349
1,962
1,680
2,265
1,372
2,168
1,059
1,860
1,288
1,816
2.9
2.8
3.1
1,653
579.0
3.2
3.4
1,680
557.8
3.0
3.6
1,811
677.4
2.6
3.3
1,552
521.0
2.4
3.1
'1,455
'519.7
3.1
1,724
638.9
2,148
P 1,490
2,009
1
v 1,882
2,421 v 3,036
3.2
3.1
1,881
645.1
"3.1
32
34
37
'P22
P24
2.7
3.1
P1,539
5506
46
34
46
42
38
32
29
31
32
354
80
78
341.5
273
53
54
247.3
25
69
71
26.0
23
69
65
22.6
59
60
24.5
18
52
55
19.7
20
47
47
19.2
23
45
46
18.2
24
49
46
17.8
25
50
51
21.5
53
18.3
49
46
n»18.9
48
r*>48
19.5
50
*>54
"21.1
104
21
99.8
89.0
13
40
13.1
12
41
16.9
35
18.4
3
22
10.4
2
13
5.3
11
5.9
16
16
3.9
28
33
1.5
31
1.4
15
23
1.0
10
17
5.4
8
17
5.7
28,289
72,884
56,277
9,830
46,447
16,607
27,579
73,809
56,633
10,258
46,375
17,176
28,319 27,952 30, 579
73,273 74,994 78,518
56,236 57,373 59,917
10,511 10,966 11,219
45,725 46,407
17,037 17,621 18,601
32,145
81,890
62,584
11,842
50,742
19,306
33,700
82,236
63,857
12,350
51,507
18, 379
86,232
66,451
13,408
53,043
19, 781
47,053
47,344
48,374
49,351
25,596 26,020
6,102
6,732
15, 646 15,622
26,355
7,255
15, 740
130
25
34
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $. '25,450
Commercial and financial co. paper, total. _do-._
63,977
Financial companies
do...
49,322
Dealer p laced
do...
8,926
Directly placed
do...
40,396
14,655
Nonfinancial companies
do. - .
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $.. 41, 713
Farm mortgage loans:
Federal land banks
do
22,139
Loans to cooperatives
do
5,600
13,974
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__I
bil. $.
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do.
6 other leading SMSA'sf
do
226 other SMSA's
do.
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. 3
42,663
43,632
44,329
44, 666 44,926
45,201
45,614 46, 051 46,729
22, 351 22,581
6, 0x73 6,277
13, 755 13,806
22,927
6,800
13,905
23,185
6,939
14,205
23, 526 23,866
6,114
6,631
14,509 14,945
24,152
5,747
15,302
24,467 24, 760 25,070 25,355
5,634 5,642 6,214 6,382
15,513 15, 649 15,445 15,316
25, 411
67,116
51,785
9,340
42,445
15,331
47,344
42,179
25,596
6,102
15,646
139,889
153,151
123,488
1,174
110,562
11,671
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
26,256
70,700
53,983
9,693
44,290
16,717
25, 252
66,594
51,055
9,409
41,646
15,539
Reserve bank credit outstanding, total 9 _do..:_ 116,303
Time loans
do
265
U.S. Government securities
do
102,819
Gold certificate account
do
11,718
Liabilities, total 9
26,181
67,215
•51,562
8,972
•42,590
15,653
33,700
82,236
63,857
12,350
51,507
18,379
do.
139,889
153,151
do
do
do
35, 550
26,870
93,153
36,972
31,152
103,325
26,714
71,900
55, 892
10,201
45, 691
16, 008
134,925 134,500 136,643 141,394 141,977
109,849 110,235 113,604 116,621 116.607
758
332
1,750
304
1,167
97, 004 98,450 101,577 103,500 102, 826
11,718 11,178 11,718 11,718 11,718
148,127
134,925 134,500 136,643 141,394 141,977 148,127 146,137
31,822 30,805 33,697 36,663 33,647 40,595 39,910
19, 301 26,047 27,900 28,321 30,135 27,920 28,461
90,159 90,703 91,666 92,331 94, 570 95,345 95,571
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $._ 1 36,471 141,572 38,185 36,738 36,231 36,880 37,119 37,262
Required
do
36, 297 141,447 37, 880 36,005 35,925 36,816 36,867 37,125
305
Excess
do
U25
306
133
64
252
137
i 174
481
1874
344
405
539
1,227
Borrowings from Federal Reserve banks...do
1,111
1558
-144
i -615
9
-220
-432
-882
-854
Free reserves
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:©
Demand, adjustedo"
mil. $.. 120,472 113,248 .14,743 112,191 112,769 112,127 113,822 13,522
Demand, total 9
do
200, 280 203,092 88,226 191,501 177,269 188,146 206,908 L87, 760
Individuals, partnerships, and corp
do
143, 553 144,438 34,181 136,293 128,408 133,580 144,852 .33,823
7,107
5,309
6,182
6,377 5,665
State and local governments
do..""
6,510
6,144
6,346
2,105
2,745 2,702
U.S. Government
do
981
3,714
1,325 2,909
3,744
27,983
27,540
Domestic commercial banks
do
34,086
29,172
24,482
26,886
35,975
29, 275
Time, total 9
Individuals, partnerships, and Corp.:
Savings
Other time
Loans (adjusted), total ©d"
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
_
Investments, total©
U.S. Government securities, total
Notes and bonds...
Other securities
38,189
38,049
140
1,286
-1,003
148,947 153,075 156,320 153,098 153,151 147,138 147,306
40,773 44,430 42,563
27,705 26,830 26,260
96,534 96,572 98,154
37,666
37,404
262
1,147
37,689
37,614
75
1,068
-802
38,434
38,222
212
1,261
39,452 36, 972 '34,666 33,845
31,919 31,152 '29,931 29,280
00,825 .03,325 99, 354
39,728
39,423
305
722
-232
41, 572 '43,167 40,828
41,447 '42,865 40,500
'302
328
125
994
973
874
-580
-531
-615
14,813 113,870 118,184 14,248 13,248 .01,765 98,781
L92,013 .86,539 191,858 201,237 .91,695 203,092 .76,356 180,383
138,220 .35,136 135,128 142,470 .38,612 144,438 .24,481 126,009
6,632 5,592 5,802 6,709
5,672 5,309 5,364 5,224
862
981
1,411
1,031 5,970 1,303
954
1,444
31,091 29, 773 34,086 29,036 31,681
28,213 27, 563
116,955
do
252,424
258,061 252,425 254,902 260,621 261,462 265,176 266,884 267,169 270,102 272,480 276,533 280,971 258,061 258,293 257,738
do
do
92,461
121,400
77,865 92,562 92,641 94,013 93,202 93,405
141,940 L20,910 122,262 126,550 128,296 131,672
do__. 324, 557
do.."" 125, 534
do
13, 638
do._.
23,904
do
74, 600
do
111, 547
do
do
do
. "do
92,883 91,857 91,590 91,633 90,783 90, 044 77,865 76,480 76,023
34,330 135,919 L37,422 139,485 .43,895 .48,290 .41,940 .42,539 142,730
347,246 !22,039 323,040 325,163 332,251 339,652 541,669
134,038 .24,359 126,609 128,805 131,654 134,601 L35,528
10,655 12,983 12,612 11,521 12,481 12,296 12,335
24,166 22,573 22,370 22,589 22,931 23,023 22, 991
80,655 75,241 75,897 76,788 77,936 79,156 80,530
119,560 .09,149 106,727 107,664 108,708 117,686 .13,196
113,934 97,953 .10,113 110,763 109,907 112,417 111,295 .10, 263
46, 111 35,549 44,611 44,969 44,038 44,335 43,425 42,742
37, 247 3 32,437 37,598 38,380 37,710 39,534 38,503 38,011
67,823 62,404 65,502 65,794 65,869 68,082 67,870 67,521
2
\ uVf
"Preliminary.
i Average for Dec.
Data no longer available.
3 See
note j on page S-18.
©See corresponding note on p. S-18.
§Insured unemployment
(an programs) data include claims filed under extended duration provisions of regular State
laws: amounts paid under ihese programs are excluded from state benefits paid data.
Alnsural unemployment as % of average covered employment in a 12-month period.
V includes data not shown separately.
cfFor demand deposits, the term "adjusted"
288-330 O - 79 - S3
146,137 148,947 153,075 156,320 153,098 153,151 ••147,138 147,306
124,439 123,607 126,311 129,675 .29,266 129,255 123,488 119,730 120,764
1,174 ' 4,366 1,604
954 1,365 1,207
1,127
813
1,428
L10,146 108,885 111, 739 115,279 15,322 13,305 L10,562 101,279 103,486
11,706 11,693 11,679 11,668 11,655 11,642 11,671 11,592 11,544
145,594
L35, 467
12,172
23,520
82,621
.14,293
348, 636
134, 981
12,490
23,576
84,410
.13,853
353,784
136, 710
12,865
24,022^
85,882
114,813
365,297
139,878
13,048
24,692
87,588
.20,965
366,087 347,246 341,886 343,926
140,573 L34,038 131,604 133,899
10,971 10,655 10,979 10, 287
24,119 24,166 23, 297 22. 980
88,929 80, 655 81, 849 82,387
.25,474 .19,560 24,743 115,230
10,097 10,888 112,020 11,176 11,498 97,953
42,847 42,777 42,917 41,484 41,317 35,549
38,350 38,187 38,579 38,156 38,181 > 32,437
67,250 68,111 69,103 69,692 70,181 62,404
98,848 100,582
34,984 36,140
31,051 31,732
63,864 64,442
denotes demand deposits other than domestic commercial bank and U.S. Government, less
cash items in process of collection; for loans, exclusive of loans to and Federal funds transactions with domestic commercial banks and include valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
©Total 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.
^Corrected.
SURVEY OF CURRENT BUSINESS
S-18
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1978
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
May
1979
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
92^.4
661.2
98.4
162.8
035 9
672.0
99.7
163 5
939.2
677.2
97.0
165.0
947.1
684.4
96.3
166 4
955.4
693.7
94.3
167.4
966.3
706.7
90.3
169.3
967.3
709.0
88.4
169.9
Jan.
Feb.
FINANCE—Continued
BANKING—Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas adj.:f
Total loans and investments©
bil $
LoansO
.
do
U S Government securities
do
Other securities
do
865.4
612.9
93.5
159 0
967 3
709.0
88 4
169 9
874.3
622.4
92.5
159 4
881 9
625.4
97.5
159 0
888 8
633.5
96.5
158 8
904.8
645.0
98.4
161 4
917 9
657.9
97.1
162 9
Money and interest rates:§
Bank rates on short-term business loans:
Tn 35 center*?
Dercent r>er annum
New York Citv
do
7 other northeast centers
do
8 north central centers
do
8 southwest centers
do
5 Discount rate (N.Y.F.R. Bank), end of year or
month
percent
Federal intermediate credit bank loans
6.00
9.50
6.37
6.50
6.50
6.50
6.84
7.00
7.23
7.43
7.83
8.26
9.50
9.50
9.50
9.50
6.93
18.01
7.34
7.48
7.64
7.76
7.86
7.94
8.05
8.18
8.27
8.38
8.50
8.70
9.16
9.48
'8.80
18.83
19.30
19.36
8.93
8.95
8.96
8.99
9.03
9.04
9.07
9.14
9.14
9.17
9.23
9.27
9.34
9.41
9.45
9.55
9.50
9.62
9.60
9.68
9.63
9.74
9.76
9.85
'9.92
9.91
10.12
2
2
2
2
2
8.11
7.99
7.78
6.86
6.79
6.69
6.82
6.80
6.74
6.79
6.80
6.73
6.92
6.86
6.74
7.32
7.11
6.98
7.75
7.63
7.41
8.02
7.91
7.66
7.98
7.90
7.65
8.54
8.44
8.18
9.32
9.03
8.78
10.53
10.23
9.82
10. 55
10.43
10.06
10.29
10.32
10.10
10.01
10.01
9.85
5.265
6.85
22 7.221
8.30
6.448
7.71
6.457
7.76
6.319
7.76
6.306
7.90
6.430
8.10
6.707
8.31
7.074
8.54
7.036
8.31
7.836
8.38
8.132
8.61
8.787
8.97
9.122
9.23
9.351
9.36
9.265
9.16
254,071
218,793
298,574
253,508
18,725
19,426
18,959
18,538
24,611
21,318
23,985
19,970
26.898
21,383
28,244
21,750
25,266
21,234
28,313
22,596
24,859
21,086
25,290
22,845
25.946 - 27,478
22,079 21,283
22,608
22, 902
do
21,983
22,758
23,925
24,682
25,104
25,565
25,022
25,669
25,537
25,758
26,214 r 26,500
25,544
do
do
do
do
10,529
3,573
2,919
3,219
10,792
3,698
3.086
3,232
11,382
3,857
3,282
3,438
12,102
4,158
3,257
3,337
12,067
4,179
3,484
3,408
12,382
4,223
3,445
3,552
12,187
4,261
3,271
3,477
12,255
4.348
3.379
3,725
12,123
4,372
3,360
3,718
12,182
4,605
3.401
3,518
12,476 ' 12,521
4,512 * 4,679
3,530
3,526
3,571
3,612
12,153
4,547
3,241
3,565
do
do
do
6,541
7,960
6,730
8,147
7,043
8,398
7,434
8,523
7,592
8,563
7,595
9,062
7,652
8,700
7,744
9,028
7,542
9,006
7,501
8,846
7,787
9,176
447
405
493
22,037
21,857
22,384
10,565
3,742
2,757
3,403
1
do
Home mortgage rates (conventional 1st mortgages) :f
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)_. .do
Commercial paper (prime, 4-6 months).-do
Finance co. paper placed directly, 3-6 mo.do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues
_
do
2
5.59
5. 60
5.49
2
2
r 10. 08
CONSUMER INSTALLMENT CREDIT |
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
mil $
do
Seasonally adjusted:
Extended, total 9
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
By major credit type:
Automobile
Revolving
Mobile home
529
527
510
509
531
do
19,546
19,896
19,849
20,576
20,824
21,358
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
do
do
do
do
9,002
3,051
2,405
3,418
9,149
3,147
2,457
3,427
9,169
3,178
2,517
3,228
9.655
3,279
2,587
3,279
9,807
3,318
2,635
3,273
9,995
3,599
2,648
3,318
10,087
3,590
2,758
3,333
10,470
3,612
2,766
3,383
10,409
3.525
2,721
3,390
By type of credit:
Automobile
Revolving
Mobile home
do
do
do
5,215
7,545
398
5,397
7,698
389
5,409
7,566
398
5,622
7,840
417
5,715
7,919
426
5,953
8,107
440
5,941
8,100
426
6,140
8,291
452
6,010
8,384
422
Total outstanding, end of year or month:
By major holder: 9
Commercial banks
Finance companies. __
Credit unionsRetailers
__ _
230,126 •230,547 233,842 237,855 243,371 249,865 253,897 259,614 263,387
604
22,115
22,483
10,551
3,494
2,751
3,385
10,441
3,581
2,753
3,416
10,823
3,206
2,881
3,655
369
5,865
8,984
329
265,821 26'J,445 ' 275,640 275,346
6,126
8,500
579
r
7,545
9,417
r 7,833
9,424
••502
22,100
486
6,032
8,511
411
6.053
8,555
431
do
230,829
275,640
do
do
do
do
112,373
44,868
37, 605
23,490
136,189 112,778 113,205 115,050 117,654 120,440 124,080 126,619 129,622 131,403 ' 132,702 133.908 ' 136,189 136,452
54,309 44,877 45,099 45,608 46,463 47,580 48,637 49,502 50,558 51,280 51,984 53,099 54,309 55,004
45,939 37,402 37,758 38,724 39,236 40,481 41, 936 42,355 43,499 44,325 44.635 45,305 r 45,939 45, 526
24,876 22,526 21,869 21,639 21,570 21,744 21,813 21,828 22,093 22,302 22,464 23,006 24,876 23, 962
By type of credit: 9
82,911 102,468 83,075 83,826 85,757
Automobile
do
47,051 38,795 38,143 38,034
39,274
Revolving.. . .
do
15,141
16,042 15,092 15,070 15,149
Mobile home.
_ _
do
r
Revised, v Preliminary. 1 Average for year. 2 Daily average. 3 Data no longer available.
©Adjusted to exclude interbank loans. § For bond yields, see p. S-21. f Beginning Jan. 1959,
monthly data have been revised to reflect new seasonal factors and adjustment to bench marks
for the latest call date (Dec. 31,1975). Revisions are available from the Federal Reserve Board,
Washington, D.C. 20551. JBeginning Jan. 1979 SURVEY, the consumer credit group has been
completely restructured. Comparable data prior to Nov. 1977 are available from the Federal
Reserve Board, Washington, D.C. 20551. f Beginning Jan. 1973, data have been revised;
revisions for Jan. 1973-April 1975 will be shown later. 9 Includes data for items not shown
separately.
r
494
21,556
Liquidated total 9
r
p
102,468 102, 890
87,747 90,359 93,361 95,289 97,687 99,062 100,159 101,565
38,426 38,967 40,001 40,553 41,629 42,420 42,579 43,523 rT 47,051 46, 516
15,287 15,396 15,532 15,663 15,799 15,910 15,925 16,017 16,042 16,004
NOTES FOR P.S-17:
0 Data beginning Dec. 1978 reflect a reduction in number of banks reporting (from 317
to 171) and changes in consolidation basis as well as content of several asset and liability
items. Comparable data for earlier periods will be available later.
$ Beginning Dec. 1978, data include all investment securities; not comparable with those
shown for earlier periods.
March 1979
SURVEY OF iCURRENT BUSINESS
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1978
S-19
1979
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net).
Budget surplus or deficit (—)
mil. $.. 357,762
d o — 402,802
1-45,040
do
Budget financing, total
Borrowing from the public
Reduction in cash balances
do
do
do
Gross amount of debt outstanding..
do
Held by the public
do....
3,717
» 45,040 48,761
53,516
59,106
6,027
- 8 , 4 7 6 -10,345 -2,310
1
709,138
551,843
6,992
5,108
1,884
15,125 - 6 , 6 1 8
9,656 - 2 , 2 6 3
5,469 - 4 , 3 5 5
47,657 29,194 35,040
38,602 36,426 39,572
9,055 - 7 , 2 3 2 - 4 , 5 3 2
42,591 28,745 33,227 37,477
38,935 42, 691 39,134 41,392
3,655 -13,946 - 5 , 9 0 7 - 3 , 9 1 5
5,907
5,236
671
3,915
3,533
382
58,804 760, 203 773,340
i95, 894 599,089 308,128
'80,425 '85,267 '91,563
510,948 517,433 >22,669
'97,694
.26,202
1,708 - 9 , 055
-555
5,401
2,263
14,456
7,232
4,532
3,195
9,039
4,037 - 4 , 5 0 7
r
3, 655
2,821
6,476
13,946
6,484
7,462
780,425
610,948
31,821 739,650 747,844 746,431
78,546 583,654 393,310 591,048
'51,412
>90,493
401,997
180,988
i 59,952
33,201
20,217
1,991
26,795
10,620
1,013
24,879
5,258
8,023
42,343
18,883
8,850
34,961
14,293
1,183
47,657
20,301
14,655
29,194
14, 590
1,785
35,040
14,784
1,122
42,591
20,883
9,753
28,745
15,922
1,684
33,227
16,609
1,048
37,477
16,066
10,386
123,410
137,647
7,998
2,996
12,427
2,736
8,560
3,037
11,828
2,831
16,092
3,395
9,287
3,414
9,518
3,300
15, 587
3,547
8,515
3,439
7,805
3,335
11,923
3,647
7,716
3,309
402,802
i 16,738
1
95,650
450,758
120,368
103,124
36,917
2,689
8,123
33,787
939
8,226
40,004
1,879
35,724
781
8,315
36,670
1,229
8,870
38,602
819
8,854
36,426
1,336
8,285
39, 572
1,200
9,552
38,935
1,865
8,811
42,691
1,696
9,164
39,134
2,654
9,224
41,392
2,859
9,383
147,455
i 50,461
i 3,944
18,019
162,809 13,125
5,082
i 56,309
315
i 3,980
118,962
684
13,378
3,601
342
1,514
14,387
3,386
370
2,676
12,756
5,647
316
556
13,826
3,657
361
1,751
14,142
6,837
320
2,432
13,122
5,180
324
14,417
3,727
320
1,528
14,402
3,585
344
1,440
14,103
5,714
300
1,645
14,512
3,990
350
1,665
15,017
7,479
333
2,648
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $_. 357,762
Individual income taxes (net)
do.... 1157,626
54,892
Corporation income taxes (net)—
do
Social insurance taxes and contributions (net)
mil. $.. 108,688
i 36,556
Other
do
Outlays, total 9
do
Agriculture Department
do
Defense Department, military. __
do
Health, Education, and Welfare Department
mil. $..
Treasury Department
do
National Aeronautics and Space Adm
do
Veterans Administration
do
401,997 33,201 26,795 24,879 42,343 34,961
450,758 36,918 33,787 40,004 35,724 36,670
—48,761 - 3 , 7 1 7 -6,992 -15,125 6,618 - 1 , 7 0 9
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates :f
Federal Government receipts, totalf
bil. $..
374.4
431.5
396.2
424.7
441.7
• 463.2
Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do.
169.4
61.3
25.0
118.7
193.2
71.6
27.9
138.7
176.8
59.6
26.5
133.3
186.7
72.6
27.9
137.6
199.7
73.6
28.2
140.1
• 209.7
422.6
461.4
448.8
448.3
464.5
'483.8
145.1
94.3
153.8
99.5
151.5
97.9
147.2
98.6
154.0
' 162. 5
102.1
172.7
67.4
29.1
185.4
76.9
35.5
180.2
73.9
33.2
180.7
75.9
188.8
77.5
36.3
r
8.0
Federal Government expenditures, totalf__do
Purchases of goods and services
do
National defense
do.
Transfer payments
_
do
Grants-in-aid to State and local govts
do
Net interest paid
_
do
Subsidies less current surplus of government
enterprises
bil. $..
9.7
10.0
10.0
0
.0
.0
.0
-48.1
-29.9
-52.6
-23.6
351.72
23.56
171.65
96.85
88.01
389.02
25.94
190.98
105.93
95.56
354.02
23.88
173.70
97.15
88.26
356.27
24.09
175.15
97.48
88.47
359.11
24.03
176.98
98.02
88.82
363.27
23.88
180.37
98.58
89.21
366.94
24.27
182.34
99.19
89.67
369.88
24.20
183.70
100.04
90.34
11.06
27.56
2.13
18.92
11.78
30.20
2.14
22.05
11.14
27.69
1.64
18.82
11.22
27.84
1.46
19.03
11.21
28.02
1.57
19.27
11.27
28.25
1.48
19.44
11.54
28.43
1.54
19.62
11.54
28.65
1.48
20.27
407,042 ' 26,192
279, 044 r 18,068
121, 729
7,681
6,T "
'443
26,817
36,588
19,282 ' 24,463
' 7,091 ' 11,545
580
••444
31,740
22,848
' 8,320
'572
24,651
' 8,569
••582
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. $.. 11,719
11,671 11, 718
Net release from earmark§
do._
525
426
262
Exports
_
thous. $.. 1,042,625 1,113,795 195,119
Imports
_
do.
674,026 903,023 75,585
11,718 11,718
8
-9
26,092 36,552
32,347 138,032
11,718
41
Less: Wage accruals less disbursements..do
Surplus or deficit (—)
do
r
'28.8
144.0
191.9
80.3
38.1
'11.0
.0
-20.6
-22.8
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities
_
Mortgage loans, total
Nonfarm
_
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. $.. 367,335
242,842
Ordinary (incl. mass-marketed ord.)...do
117,960
Group. _
do
6,533
Industrial
do.
374.42 378.12 381.05
25.18
24.71
24.38
187.18 189.47 190.61
100. 60 101. 60 102. 36
92.26
91.65
90.78
382.45
25.66
189.98
103.16
92.90
385.56
26.01
191,32
104.11
93.75
389.02
25.94
190.98
105.93
95.56
11.56
28.84
1.42
20.44
11.54
29.07
1.45
20.28
11.58
29.29
1.42
20.60
11.69
29.52
1.42
21.01
11.71
29.82
1.46
21.14
11.78
30.20
2.14
22.05
37,472
24,494
12,458
••520
28,660
21,028
r 7,138
'494
• 32,685
• 23,912
' 8,255
'518
34,616
22,486
11,644
'486
34,172
25,007
' 8,509
'656
34,801
24,321
' 9,946
'534
49,497
28,484
20,573
'440
90,620
11,718
19
32,674
49,529
11,706
47
23,118
82,745
11,693
26
40,906
32,994
11, 679 11,668 11,655 11, 642
23
19
22
5
29,538 269,917 45,804 207,133
71,754 58,454 121,231 74,477
82.8
6.2
80.2
5.8
78.5
6.0
81.1
5.9
82.8
5.8
83.6
79.8
79.4
74.3
7,936 13,665
10,735
82,384 210,902 164,590
5.273
5.118
4.936
5,758
29,915
5.121
6,194
33,206
5.316
6,079
32, 209
5.331
12,468
33,105
5.495
18,345
30,572
5.575
12,472
35,716
5.918
8,444
29,985
5.866
5,539
30,556
5.928
8,873
32,158
6.255
1,526
1,434
2,456
2,045
1,645
3,870
1,467
32,111
21,480
10,200
432
MONETARY STATISTICS
Production :1[
South Africa
Canada
Silver:
Exports
Imports.
Price at New York
Production:
United States
mil.
.do....
thous. $.
84,645
d o . . " . 3.54,818
dol. perfineoz__
4.623
thous. fine oz.
955.5
2 951.6
2 73.7
27,519
2
76.0
5.8
119,125
836,423 136,446
5.401 * 4. 934
23,972
1,219
76.4
5.5
1,893
80.6
6.4
2,536
' Revised.
*» Preliminary.
* Data are for fiscal year ending Sept. 30 of respective
year and include revisions not distributed to the months. Data for 1976 and earlier years
2
are for fiscal year ending June 30 of respective year.
Reported annual total; revisions
not distributed to the months.
9 Includes data for items not shown separately.
1,634
1,911
1,8
11,671 11,592
15
62
18,078 247,736
75,253 53,828
7.418
fData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1978 SURVEYS
for earlier data).
§Or increase in earmarked gold ( - ) .
HValued at $38 per fine ounce from Jan. 1972-Sept.
1973; at $42.22 thereafter.
<
= Corrected.
Marcti 1979
SURVEY OF' CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes areas shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
1979
1978
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
MONETARY STATISTICS—Continued
bil. $_.
103.8
114.6
100.8
101.4
102.4
103.1
105.4
106.3
106.6
107.6
107.7
109.3
112.1
114.6
110.7
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 adjustedif
do
U.S. Government demand depositsif
do
327.4
84.8
242.6
517.1
4.2
353.0
93.2
259.8
580.3
5.4
347.5
88.7
258.8
549.5
4.3
335.9
89.0
247.0
554.9
4.3
338.2
89.9
248.2
563.2
4.8
350.9
91.0
259.9
567.4
5.0
345.5
91.9
253.6
574.1
4.0
351.8
92.8
259.0
578.5
6.2
356.3
93.9
262.4
582.4
4.5
354.4
94.2
260.2
587.5
3.6
359.0
94.9
264.1
593.1
6.2
361.4
95.6
265.8
597.6
4.3
363.0
97.2
265.7
605.0
8.0
371.6
99.1
272.5
609.9
10.2
365.7
97.4
268.3
615.5
12.0
352.0
97.6
254.4
619.1
8.3
341.9
89.4
252.5
550.0
342.4
90.2
252.3
555.9
343.2
90.7
252.5
560.8
347.9
91.3
256.6
565.9
350.7
92.0
258.8
572.2
352.5
92.5
260.0
576.8
354.5
93.2
261.3
582.2
357.0
93.9
263.0
587.5
361.1
95.2
265.9
593.7
361.6
95.8
265.8
597.9
361.0
96.6
264.4
608.8
361.5
97.5
264.1
611.4
359.9
98.2
261.7
616.0
259.9
620.6
2,695
1,596
2,572
1,533
Currency In circulation (end of period)
Adjusted for seasonal variation:
<~>Total money supply
' Currency outside banks
_
2
Demand deposits
Time deposits adjusted^..
do
do
do
_.do
358.8
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMS A's)O..ratio of debits to deposits.
New York SMSA
_do.
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'stf1
226 other SMSA's
do....
do
..do....
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
mil. $._
Food and kindred products..
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products.
..do
5,575
828
2,367
8,060
16,064
1,236
225
563
2,020
22,189
1,707
343
719
2,392
20,436
1,531
311
629
2,251
Petroleum and coal products..
_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. $..
12,179
1,686
873
2,549
246
191
161
3,152
655
376
791
3,423
759
303
642
3,458
720
1,167
Machinery (except electrical)
Elec. machinery, equip., and supplies
9,131
5,383
2,067
1,387
3,029
1,710
2,471
1,757
1,989
6,133
11,840
498
1,471
2,730
506
2,014
3,628
675
1,020
3,634
do...
26,585
6,392
6,957
7,056
mil. $.
53,618
3,074
2,409
5,642
3,458
4,889
5,274
4,056
3,260
4,133
4,768
3,413
do...
37,532
2,314
1,821
3,872
2,434
3,157
3,598
3,446
2,353
2,871
2,550
2,436
do..
..do..
8,034
3,393
462
171
388
138
674
148
239
235
649
819
586
451
57
625
157
800
127
1,422
47
577
149
mil. i
do..
.do..
do
48,958
12,225
2,589
13,199
2,947
273
328
644
2,347
716
99
465
4,694
1,229
187
1,258
2,908
549
142
618
4,196
878
100
1,885
5,003
1,471
334
1,244
3,954
842
370
799
3,135
721
277
875
3,798
971
168
1,338
4,019
495
435
1,619
3,162
840
53
761
do.
do.
do.
1,641
4,353
11,565
70
519
1,023
41
34
912
113
291
1,311
252
35
931
216
0
811
209
349
1,017
261
353
1,115
87
552
375
123
215
561
67
290
707
457
814
State and municipal issues (Bond Buyer):
Long-term
do.
Short-term
_
__.do.
45,060
21,349
3,224
1,171
2,662
1,521
4,430
1,556
3,489
4,915
5,146
985
4,122
1,870
3,683
1,598
6,020
1,760
2,289
1,937
3,272
1,273
do
do
Transportation equipment (except motor
vehicles, etc.)
mil. $._
Motor vehicles and equipment
do
All other manufacturing industries
..do
Dividends paid (cash), all industries
70,366
SECURITIES ISSUED
Securities and Exchange Commission^
Estimated gross proceeds, total A
By type of security:
Bonds and notes, corporate
Common stock
Preferred stock..
By type of issuer:
Corporate, total 9
Manufacturing
Extractive (mining)
Public utility
Transportation
Communication
Financial and real estate
_
_
46,215
21,642
4,026 r 3,854
978 "2,077
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month
or year, total
mil. $_
10,866
10,690 10,901 11,027
At brokers
do
9,993
9,839 10,024 10,172
At banks..
_
do...
873
855
877
851
Free credit balances at brokers:
660
630
640
635
Margin accounts
do__.
1,925
1,875
1,795
C ash accounts
i
do
2,060
r
Revised.
v Preliminary.
J Data no longer available. © Effective February 1976
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 1970 are in the Feb. 1976 Federal Reserve Bulletin.
ifAt all commercial banks.
11,424
10,510
914
()
11, 209 11,035
10,910 11,332 11,438 11,984 12,626 12,307
(2)
835
790
795
710
700
755
715
S25
885
2,300 2,295 2,555
2,170 2,395
2,655 r % 465 ' 2,305 2,510
©Total 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.
§ Data revised back to 1973; no monthly revisions for 1973-7o ara
available.
9 Includes data not shown separately.
ABeginning Jan. 1973, data exclude
noncorporate bonds and notes formerly included.
SURVEY OF CURRENT BUSINESS
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
S-21
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard <fc Poor's Corporation:
High grade corporate:
Compositec?
dol. per $100 bond..
Domestic municipal (15 bonds)
do
55.6
77.9
51.26
57.2
80.9
56.9
81.8
57.0
82.0
56.3
79.8
55.5
77.2
53.74
53.09
52.90
52.15
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 4,646.35 4,554.01
372.15
283.80
378.68
U.S. Treasury bonds, taxableif
do
59.6
81.3
56.89
54.5
75.2
56.1
77.0
56.1
77.6
51.34
55.2
75.7
50.91
49.97
51.32
408.75
451.17
410.47
348.52
459.78
54.3
76.6
53.3
73.8
52.8
74.6
52.6
75.1
51.67
54.7
77.4
50.11
49.54
48.38
47.97
47.97
393.73
392.14
334.59
320.23
329.73
235.52
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
8.43
9.07
8.74
8.78
8.80
8.88
9.02
9.13
9.22
9.04
9.20
9.40
9.49
9.65
9.63
do—.
.. . . d
doo —
8.73
8.92
9.12
9.49
8.41
8.59
8.76
9.17
8.47
8.65
8.79
9.20
8.47
8.66
8.83
9.22
8.56
8.73
8.93
9.32
8.84
9.05
8.76
8.95
9.18
9.60
8.88
9.07
9.33
9.60
8.96
9.18
9.48
8.69
8.92
9.11
9.42
8.89
9.07
9.26
9.59
9.03
9.24
9.48
9.83
9.16
9.33
9.53
9.94
9.25
9.48
9.72
10.13
9.26
9.50
do--.-
8.02
8.24
8.49
8.97
10.08
do
C OQ
8.60
8.87
8.20
8.65
8.90
8.32
8.66
8.93
8.41
8.72
9.05
8.49
8.84
9.19
8.60
8.92
9.33
9.05
9.38
8.70
8.95
9.21
8.72
8.90
9.17
8.68
9.03
9.37
8.74
9.21
9.58
9.01
9.31
9.67
9.15
9.44
9.85
9.21
9.42
9.84
9.22
5.63
5.60
5.63
5.51
5.69
5.49
5.89
5.71
6.19
5.97
6.29
6.13
6.12
6.18
6.16
5.98
6.09
5.93
6.22
5.95
6.29
6.03
6.61
6.33
6.22
6.25
6.42
6.19
7.50
7.60
7.63
7.74
7.87
7.94
8.09
7.87
7.82
8.07
8.16
8.36
8.43
8.43
7.92
7.99
8.07
8.06
8.11
8.31
8.42
8.26
8.24
8.43
8.84
8.79
8.77
276. 65
794. 66
105.85
214. 50
306. 73 305. 26 294. 58 261.61
887. 93 878. 64 857. 69 767.73
108.51 106. 67 103.88 93.93
248.96 250. 25 234. 64 202.30
274.87
807.94
99.38
211.12
283.85
837.39
102.24
216.85
280.06
825.18
103.75
210.41
103. 86 100. 58 94. 71
115.11 111.56 105.23
113.94 111.37 103.38
88.00 81.71
91.30
96.11
100.92
105.82
82.53
99.71
111. 15
112.08
84.42
98.23
109.49
110.66
81.80
do
do....
W QOC
percent..
poooc
By group:
Industrials..
Public utilities
Kailroads..
do.
do.
9.22
8.64
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do
do
5.67
5.56
6.07
5.90
U.S. Treasury bonds, taxable ©__
do
7.06
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
.percent-Industrials.
do
Public rtilities...
do.—
Railroads
do . .
N.Y. banks
do—
Property and casualty insurance cos
do
Earnings per share (indust., qrtly. at ann. rate;
pub. util. and RR.,for 12mo. ending each qtr.):
Industrials
dollars _
Public utilities
do
Railroads
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.).
percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation:cf
Combined index (500 Stocks)
1941-43-10
Industrial, total (400 Stocks) 9 —
do...
Capital goods (111 Stocks).
...do._.
Consumer goods (189 Stocks)
do...
0)
(0
(0
0)
7.61
301.70
89-1.62
110. 96
225.16
282.59
817.17
104.24
221.80
273.04
781. 09
106. 97
209.90
267.80
763. 57
104.32
208.14
265.75
756.24
105.48
204.50
08.20
108.44
106. 79
85.27
96.02
106.16
104.38
84.80
90.25
99.34
97.95
• 99. 42 96.25
80.14
79.11
88.82
97,65
93.12
78.68
288.45 288. 53 287.85
838. 56 840.26 831. 71
104.85 105. 48 105.54
225.96 224.33 227.06
97.66 97.19 103.92
97.41
92.71
102. 07 107. 70 107. 96 107. 39 114. 99
97.86 104.69 106. 36 105. lfi 115.19
86.84 87.51
86. 68 92.45
82.69
8.29
50.74
50.33
49.32
49.04
53.35
52. 54 51.28
Utilities (40 Stocks)
do....
52.16
51.64
51. 71 52. 25 52.32
54.23
52.40
51.60 51.72
13.08
13.46
13.10
13.17
15.41
15. 40 14.62
13.88
14.00
Transportation (20 Stocks)*... _ 1970=10
13.30
14.01
14.06
13.81
13.13
12. 91 12.70
44.92
44.45
43.37
47.63
43.56
48.19
47.26
Railroads (10 Stocks)
1941-43=10.
43. 61 44.77 46.05 44. 92 43.97
49.94
45.35
46.13
44.69
11.28
11.
30
11.68
12.23
12.
70
11.21
12.
85
11. 75
11.87
11.20
Financial (40 Stocks)*
1970=10
11.87
11.63
10.50
10.33
11. 53 10.46
41.91
43.19
44.12
48.13
48.01
43.61
47.34
40.32
38.74
38. 66 42.04 45. 20 44. 85 43. 02 48.02
43.70
New YorkCitybanks(6Stocks).1941-43=10..
97.54
100.
78
102.
32
111.80
99.93
97.09 102. 28 101. 70 100. 70 113.19 114. 25
98.23
90.36
100.99
90.14 89.56
Banks outside N.Y.C. (10 Stocks)
do.
112.42
106.96 101. 86 99. 37 101.01 107. 52 107.88 108. 43 106.90 117. 48 115. 64 110. 98 101.35 105.07 108.73 108. 22
Property-Casualty Insurance (6 Stocks).do
% Prices are derived from average yields on basis of an asaffect continuity of the series.
'Revised.
i No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1975
O For bonds due or callable in 10 years or more.
sumed 3 percent 20-year bond.
will be shown later.
9 Includes data not shown separately.
* New series.
& Number of issues represents number currently used; the change in number does not
SUEVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
March 1979
1978
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
1979
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
55.77
61.31
43.69
38.79
57.59
55.08
60.37
42.27
39.21
56.09
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
_
_
do
Utility
do
Finance
do
Sales:
Total on all registered exchanges (SEC):
TVTnrVpr valnp
Sharps <?old
mil $
millions
On New York Stock Exchange:
Market value
mil. $
Shares sold (cleared or settled)
.millions. .
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
.
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $
Number of shares listed
millions..
53.69
57.86
41.08
40.92
55.25
53. 70
58.23
43. 50
39.22
56.65
49.89
53.45
39.15
39.09
50.91
49.41
52.80
38.90
39.02
50.60
49.50
52.77
38.95
39.26
51.44
51.75
55. 48
41.19
39.69
55.04
54.49
59.14
44.21
39.47
57.96
54. 83
59. 63
44.19
39.41
58.31
54.61
59. 35
44.74
39.28
57.97
58. 53
64.07
49. 45
40.20
63.28
58.58
64.23
50.19
39.82
63.22
56.40
61.60
46.70
39.44
60.42
52.74
57.50
41.80
37.88
54.95
53.69
58.72
42.49
38.09
55.68
187 203
7 023
249,257
9,602
14 442
568
11.889
482
15 794
639
20,335
802
27,367
1,041
24, 391
923
18, 318
669
30, 452
1,099
27.342
r 1, 136
22,016
801
20,091
788
16,820
654
157, 250
5,613
210,426
7,618
12,334
462
9,990
387
13,289
510
17, 316
650
23,486
848
20, 557
744
15, 229
534
26,123
895
22,302
790
18,476
639
17, 248
637
14,078
522
5,274
7,205
428
369
498
696
776
671
541
865
672
682
515
493
616
476
796. 64
26,093
822. 74
27,573
750. 45
26,153
737. 55
26, 276
760. 31
26,388
820. 70
26,411
829.63
26,588
818. 95
26, 736
864.13
26,940
890.57
27,012
883.85
27,152
792. 03
27, 243
811.60
27,401
822. 74
27,573
858.65
27,626
828.79
27,726
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totalcf
Excl. Dept. of Defense shipments
Seasonally adjusted ©
By geographic regions:
Africa.
Asia
Australia and Oceania
Europe
mil. $.. 121,212.3
do
do
do
do
do
..do
121,150.4 •143,574.6 19,364.4 9, 514.6 12,074.2 12,064.2 12,478.912, 477.3 10, 934. 0 11, 613. 9 12,1,713.1 13,153. 6 13,055.4 13,531.0 12,558.1
19,863.7 9,945.0 11,146.5 11,630.4 11,786.0 12,268.2 11,661.5 12,293.7 13,274.2 12,901.1 13,450.6 13,282.5 3,133.3
504.3
435.2
486.6
510. 2
427.3
582. 7
510.5
567.1
544.4
529.3
5,545. 0 5,885.5
372.1
415.8
'31,435.8 39,628.2 2,463.4 2,578.5 3,366.1 3,174. 2 3,297.0 3,390.2 3,209.4 3.346.8 3,589.0 3,583.3 3,720.0 3,910.3
303.9
355.8
I
354.7
433.2
200.
0
233.2
293.6
289.7
j
256.8
253.2
2,876.5 3,462.1
203.0
224.4
'37,304.2 43,614.9 3, 010.1 2, 996. 0 3,723. 9 3,846. 8 2,726.0 3,690.2 3,076.2 3,467.7 3,829.2 3,786.4 4,308.4 4,154. 0
'25,791.4
Northern North America
do.
8,676.5
Southern North America
do.
9,283.5
South America
do.
By leading countries:
Africa:
Egypt.
do
982.4
1,054.4
Republic of South Africa
do
Asia; Australia and Oceania:
Australia, including New Guinea
do
2,375. 6
India...
_
do
778. 6
Pakistan
do
292. 7Malaysia
_
do
560.7
Indonesia
do.
763.2
Philippines
do.
875.9
Japan
do.
10,528.9
Europe:
France..
__
do
3,503.2
German Democratic Republic (formerly E.
Germany)
mil. $._
36.1
Federal Republic of Germany (formerly W.
Germany)
mil. $._ •5,988.8
Italy
do
•2,789.6
Union of Soviet Socialist Republics
do
1, 627. 5
United Kingdom....
do
5,950.9
North and South America:
Canada
_
do. -•25,788.1
Latin American Republics, total?
Argentina
Brazil....
Chile
Colombia...
Mexico
_
Venezuela
do
do
do
"do."."
do
do
do
143,659.9 19,366.9 9, 518. 5 12,079.4 12,069.7 12, 494.6 12,487.3 10,944. 7 11,621. 8 12,714. 4 13,157.4 13,672.3 13,532.9 12,561.3
1
28,373.1 1,858.1 1,945. 5 2, 412.0 2, 451.8 2, 654.7 2, 612.6 1,995.5 2,143.8 2.397.0 '2,806.0 2,583. 7 2,512. 3
956.6 1,033.1 1,109.6 1, 051.6
909.9
867.7
926.4
922.7
898.4
868.9
11,026.5
729.7
691.7
981.2 1,023.5 1,072.6
901.6 1,047.4
840.0
970.8
932.2
896.0
927.9
10,989.5
649.5
747.1
1,134.1
1,079. 6
55.3
67.0
82.6
75.6
111.4
81.5
129.6
91.5
75.2
94.5
118.9
89.5
110.7
76.1
80.8
90.7
86.7
92.2
86.6
118.0
90.6
115.6
112.3
2,941.9
947.9
495.7
728.4
191.2
72.7
17.2
49.6
172.8
90.1
47.0
52.4
209.8
75.9
72.9
59.7
193.0
75.8
46.8
54.8
249.7
65.8
35.5
56.6
243.2
128.8
30.2
58.4
219.4
84.7
16.3
72.6
216.4
70.1
40.0
59.4
312.5
80.7
54.8
70.9
296.6
49.0
48.9
69.5
382.7
63.6
21.1
58.0
254.7
84.7
64.9
66.4
751.4
1,040.0
12,885.1
79.3
57.4
743.2
69.1
70.5
79.4
84.7
869.4 1,015. 9
4,166. 3
271.2
294.1
325.3
340.8
325.1
338.6
280.1
415.2
395.5
373.9
431.4
5.6
2.2
18.8
21.5
.3
11.5
15.4
17.2
30.6
23.7
170.4
375.2
13.9
9.5
6,956.9
447.1
462.5
625.4
544.3
493.2
518.3
472.7
542.2
802.0
668.4
694.7
685.4
3,360.4
2,252. 3
7,118. 7
211.7
155.2
550.5
217.3
197.3
488.4
280.6
241.7
635.1
299.2
308.3
791.2
291.8
356.5
533.7
342.5
265.4
574.2
258.0
170.9
460.6
222.6
103.0
534.0
275.1
97.0
575.9
302.0
90.5
593.1
286.5
79.4
761.5
373.0
121.2
620.6
28,371. 6 1,858. 0 1, 945.1 2,411.9 2, 451.8 2, 654. 6 2, 612.5 1,995.4 2,143.8 2,396.9 2,805.9 2.583.6 2,512.1
16,371.1 20,182.7 1,304.4 1,263.3 1,631.6 1, 562. 6 1,729.2 1, 708.2 1,662.7 1, 720.5 1,843.7 1,853.9 1,952. 3 1, 950.5
79.3
121.3
53.0
76.2
83.1
60.5
841.8
46.5
70.0
55.1
67.5
73.3
731.1
56.0
237.8
289.2
253.8
278.6
239.1
165.0
224.1
266.0
262.4
275.7
251.8
•2,489.8 2,978. 3
234.8
38.5
71.1
90.3
77.2
70.7
35.4
42.5
56.2
724.6
64.4
76.3
69.5
520. 2
32.6
81.7
111.1
116.1
96.1
122.7
59.9
73.3
87.4
78.4
73.3
81.0
782.0 1,040. 0
65.2
515.2
705.3
663.9
003.2
598.8
425.4
535.2
505.0
547. 9
543.3
597.9
4,806.1 0,680. 5
379.3
336.0
316.3
327.6
320.4
214.7
375.9
357.0
301.5
338.6
292.3
289.6
3,170. 5 3,726. 9
256.9
Exports of U.S. merchandise, totald*.
do
119,005.5
Excluding military grant-aid
do
118,943.7
Agricultural products, total
do
23,671.0
Nonagricultural products, total
do
" ':, 291.8
By commodity groups and principal commodities:
Food and live animals $
mil. $_. 14,115.7
Meats and preparations (incl. poultry)_do
796.9
Grains and cereal preparations..
do
8,754.8
Beverages and tobacco
..do
1,846.8
141,154.2
141,008.9
29,400.9
111,747.2
9,216. 6
9,214.1
1,943.5
7,273.1
9,341.7 11,835.8 11,859.6 12,250.0
9,337. 8 11,830.5 11,854.1 12,234.3
2,008.1 2.519.4 2, 508.0 2,729. 3
7,273. 6 9.316.4 9,351. 6 9,520. 7
12,271.7
12,261.7
2, 639.8
9, 631.9
10,780.0
10.769.4
2,133.8
8,646.2
11,429.3
11,421.4
2.391.1
9.038.2
12,505. 7 12, 926.4 13,433.5
12, 504. 4 12, 922. 6 13,410.5
2.208.0 2,005.8 2.806.7
10,237.7 10,260.6 10,626.8
13,303.9 12,352.5
13,302.1 12,349.4
2,738. 3
10,565.6
18,333.2 •1,132.7 1,271.5 1, 465. 7 1,472.8 1, 684. 2 1,737.1 1, 540. 6 1,716.2 1,645.7 1, 597. 9 1,513. 7 1, 555. 2 1,313.3
88.6
95.0
94.4
93.2
90.7
74.1
04.8
957.8
63.8
78.1
77.6
75.3
62.2
945.4
885. 2
937.8
657.1
11,634.0
920.1
942.7 1,168. 0 1,193. 0 1,008.5 1,107.2 1,049.2
819.8
2,292.9
1
138.0
168.0
213.6
Crude materials, inedible, exc. fuels 9
do
13,086.3 15,552.8 •1,049.8 1,063. 4 1, 337. 5
Cotton, raw, excl. linters and waste.._]do"" 1, 529. 5 1,739.6 157.6 145.6 203.8
Soybeans, exc. canned or prepared.
do
4, 393. 2 5,210. 4
323.0
431.5
334.2
Metal ores, concentrates, and scrap. do
1,197. 0 1,838. 9
105.9
112.5
84.8
Revised.
i Beginning Jan. 1978, data are based on a new classification system and include nonmonetary gold: the overall total and the commodity groups (but not the items within tne groups) have been revised back to Jan. 1977 to reflect these changes.
d" Data may
not equal the sum of the geographic regions, or commodity groups and principal commodities,
because of revisions to the totals not reflected in the component items!
50.2
53.1
48.1
60.0
55.2
57.6
53.8
89.3
59.2
88.8
109.3
87.1
99.6
90.0
87.3
76.6
91.8
88.2
969.9 1,009.3 1, 046.1 1,046.7 1,092.3 1,193.5 1,248.9 1,369.1 1,280. 8
144.3
143.6
141.5
1,388.6 1,466.5 1,353.9
154. 2
143.8
182.8
468.2
513.3
583.4
162.3
149.9
149.5
161.6
213.3
176.9
251.3
281.1
992.5 1,083.4 1,111.9 1,470.4 1,678.4
112. 5
84.7
114.4
153.7
132.2
696.7
593.2
271.9
262. 0
238.6
201.4
170.6
162.1
179.8
152.0
259.7
135.4
1,556.5 1,550.4
154.3
493.7
202.1
9 Includes data not shown separately.
0 Effective Feb. 1979 SURVEY, seasonally adjusted data have been revised to reflect sums of commodity components; comparable data
prior to Dec. 1977 will be shown later.
SURVEY OF CURRENT BUSINESS
March 1979
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1978
1978
Jan.
Annual
S-23
Feb.
Mar.
Apr.
June
May
1979
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
417.9
230.3
163.3
350.2
FOREIGN TRADE. OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U . S . merchandise—Continued
B y commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
. . . m i l . $ . . 4,183.6
2, 730. 4
Coal and related products
do
1,275. 6
Petroleum and p r o d u c t s . _
_..do
3,878.3
2,122. 6
1,561.3
1,308.7
1,521.3
Oils and fats, animal and vegetable
Manufactured goods 91f
Textiles
Iron and steel
Nonferrous base metals
141.0
37.1
86.4
165.2
24.5
119.4
284. 5
134.7
137.6
363. 6
235.1
112.9
424.0
289.8
121.1
321.7
180.2
118.9
335.4
181.7
139.1
196.0
97.2
141.5
145.4
119.3
132.1
130.7
120.9
348.0
170.7
422.1
250.1
152.7
465.9
317.8
137.3
150.8
113.9
121.0
147.0
145.8
10,812.3
12,618.4
« 830. 2
883.2 1,031.1
971.3 1,018. 7 1,063.4 1,077.2 1,149.1
, 085. 0
, 174.4
, 137.0
, 235. 6
do
do
do
do
10,857.0
1,958.9
1,660.5
1,058.4
12,466.0
2, 225. 4
1^ 713'. 9
1,047. 8
1
848.4 1, 067. 7
173.4
140.6
136.0
120.2
84.6
72.5
988.7 1,100.4 1,092. 5
189.7
192.9
171.1
146.6
152.8
129.0
86.2
88.6
73.3
939. 5 1,024. 7
164. 2
180.9
129.4
149.3
80.7
86.1
., 197. 9
., 132. 5 ,120.8
212. 0
202. 5
164.3
149. 7
88.2
119.1
, 134.3
230.9
149.0
104.4
, 186.7 1,121.5
224.0
174.7
104.7
59,270.4
13,852.0 3, 641.9 5,144.4 5, 098. 2 5,132.2 5,075. 2 4,486. 8 4, 599. 8 5,142.1
Machinery and transport equipment, total
mil. $.. 50,247.6
Machinery, total 9
Agricultural
Metalworking
Construction, excav. and mining
Electrical
T r a n s p o r t equipment, total
Motor vehicles and parts
188. 9
52.8
115.8
...do..
do..
Chemicals.
1
do
do
do
do
do
do
do
Miscellaneous manufactured articles
do
Commodities not classified
do
829. 9
142.7
113.0
59.5
156.3
5, 586. 4
, 497. 3 ., 714.2 5,040.4
32,516.6 37, 022. 3 2,465. 2 2,546. 5 3, 289. 7 3,127. 9 3, 239. 3 Z, 088.0 2,912.3 2,933. 3 3,211.4 3,358.1 3,296.7 3, 553.8
166. 3
167.3
193.0
158. 4
146.0
1,871.1 2,151.5
196. 3
221.2
224.5
148.4
132.8
222.9
174.4
92.5
100.4
121.5
100.0
102.8
102.4
730.3 1,188. 4
85.2
112.4
89.0
86.3
113.1
82.7
51.2
52.3
00. 0
50.7
47.5
681.8
56.4
62.7
4,405.5
59.8
49.
0
61.1
58.7
66.5
549.1
603. 5
030. 3
628.4
581.8
616.2
591.1
10,285. 3 6,966.9
587.7
024. 4
467.0
483.8
597.4
18, 520. 0 22, 248. 0 1,386.8 1, 395. 4 1, 854. 7 1, 970. 3 1, 892. 9 1,987.1 1,574.5 1,000.4 1, 930. 7 2,228.3 2, 200. 6 2,100. 3
873.2
1,330.3 1,207.2
878.5
11,796.5 13, 234. 9
903.3
948.2 1,181.6
1,135.4
1, 203. 7 1, 247. 3 1,201.9
1,124. 4
777.9
953.6
936.0
855.9
878.5
689.6
8,233. 9 10,190.9
665.6
921.9
857.2
908.8
854.6
891.3
351.6
325.1
631.3
330.6
390.4
4,313. G 5, 030, 0
237.5
433.6
395.0
407.9
312.8
511.1
703.0
873.2
VALUE OF I M P O R T S
General imports, total
Seasonally adjusted ©...
_..
.._do
do
B y geographic regions:
Africa.
Asia
Australia and Oceania
Europe
147,f85.0
172,025.5 12 717 7 13,286.4 14,547.3 14.486.0 14,199.2 14,514.5 14,703,9 14,021.0 14.416.9 15,118.3 15,054.9 14.956.3 15,846.3
13,102.6 14,259.5 14,004.1 14,491.5 14,008.5, 13,970.3 14,544.7 14,132.6 14,819.7 14,851.6 14,824.7 15,031.8 16,231.
..do....
..do....
..do....
..do....
17,120. 9 16,\, 898. 3 1,388.2 1,325.3 1,409.8 1,407.2 1,310.5 1,261.2 1,355.6 1,430.7 1,465.4 1,425.0 1,637.7 1,481.6
49, 312. 0 18, 300. 3 4 234.1 4, 565. 8 4,702.6 ;4,924. 2 4.640.3 5,01o.7 ,5,148.7 5,153.2 \ 089. 6 i, 092. 3 4,863.0 4,872.8
252.9
209.9
200. 0
192.4 | 201.7
198.4 | 170.8
1,727.
174. 9
209. 6
234.2
2, 351. 0
121.5
178.0
28,801.5 37, 987.4 2 759.7 2,875.1 3,443.1 3,285.3 3,088.5 3,155.7 3,421.2 3,140.0 2, 904. 6 3,321.3 3,293. 9 3,298.8
Northern North America..
Southern North Am erica. _
South America
..do....
..do....
..do....
By leading countries:
Africa:
Egypt
Republic of South Africa
29, 617.8 33, 5fO. 6 2,360. 3 2,562.9 2,806.2 2. 780. 3
2, 759. 4 3,116. 9 3.030.4 3,051.5
11,689.4 12, 622. 6 1,047.1 1,022.0 1,067.5 1, 008.2 3,049.8 2,991.2 2,605.3 2,376.2 1,056.8 1,024.0 1,075.7 1,117.6
900.9
928.0
932.4
9,389.8 10, 307. 5
870.6 1.074.4 1,074.1 1,049.9 1,005.2
906.6
756. 5
942. 4
842.5
816.3
864.2
741.1
do.
..do....
170.0
1,261.1
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
I
105. 0
2, 258. 9
1.0
126.5
154.4
15.6
186.4
2.0
141.7
10.5
189.4
!
3.4
146.3
8.9
148.6
1.7
169.1
15.3
228.1
4.8
208.0
14.1
349.8
27.2
210.7
155.1
190.2
166. 5
142.2
139.2
137.9
128.5
136.2
143.8
152.4
139.7
•1,266.2 1, 728. 3
96.8
75.8
85. 0
56. 9
83.6
81.6
91.7
73.1
110.5
78.3
88.0
90.8
•• 776. 0
979.5
63.6
10.2
6.6
9.2
7.9
6.5
6.4
3.4
7.4
6.0
7.7
7.2
83.7
r 56. 0
5.3
120.3
143.
5
119.4
125.9
149.8
138.8
154.9
141.6
120.1
96.6
121.6
•1,318.2 1,518.1
86.4
30o. 9
346.4
277.3
291.5
314.9
335. 6
358. 5
225.1
312.9
290.4
338.5
•3,475.1 3, 606. 9
209.9
101.8
110.9
103.9
109.9
114.2
118.1
97.6
dol.il •1,109.5 1, 206. 9
96.5
86.6
90.4
95.4
81.7
do.
• 18, 549.1 24, 457. 8 1,784.4 1, 842.4 2,103.7 2,181. 9 2,010.1 2,048.9 2,217.2 2,065.5 2,064. 8 2,120.4 2,024. 6 1,993.9
do
do
...do.
do
do
Philippines
Japan
Europe:
France
do...
German Democratic Republic (formerly E.
Germany)
rr>j]. $_
Federal Republic of Germany (formerly W.
Germany
mil. $
Italy
do...
Union of Soviet Socialist Republics
do
United Kingdom
do..I
290.9
301.3
361.8
376.3
361.2
316.3
396.1
321.6
278.7
337.6
349.3
4.0
1.5
4.8
4.1
3.5
1.2
2.5
4.1
2.0
2.7
2.2
2.2
767.2
274.0
25.4
457.4
775.2
243.6
20.8
506.1
876.6
360.6
875. 3
344.6
57.1
553.8
758. 6
335.4
13.6
568.1
780.8
357.7
46.1
597.6
940. 3
839.4
376.2 ! 391.0
21. 6
54. 6
553.0
537. 7
704.8
320. 0
23.1
529.8
836.4
343. 2
110.5
576.8
910.3
375.5
37. 5
533. 8
896. 0
374.2
31.9
532.8
d o . . . •29,598.6 33, 529. 4 2, 360.2 2, 562. 6 2,802.4 2, 777. 6 3,047.4 2,988.4 2,664.7 2,372.8 2,757.9 3,115.5 3,028.7
do...
16,450. 3 18, 560.1 1, 485. 8 1, 396.8 1,592. 8 1, 509. 3 1,546.8 1,507.8 1,538.7 1,378.2 1,571.9 1, 039. 0 1,643. 9
47.5
49.8
50. 0
d o _ I ~ r 392.3
43.1
52. 6
54. 5
47.3
49.7
41.7
41.6
563. 3
30.0
283. 9
264.8
do
207.8
176. 7
265. 2
215.2
2, 240. 5 2,831.3
256.0
231. 6
216.2
199,5
227.3
22.8
32.7
25.
7
18.9
32.1
35.7
owl.*
:.:::::::doi:::
39.5
56.0
31.1
35.2
385. 3
38.6
104.6
124.1
111.5
85. 6
81.4
Colombia
do
70.4
68.9
90.3
89.1
' 89L 4 1,043.9
66.3
70.7
583.
0
521.
0
531.
2
495.
4
480.5
Mexico
11 Idol III 4,694.2 6, 092. 8 498.1
471.
5
451.0
446.6
511.8
460.9
272.5
329.6
271.4
248.3
Venezuela
.I.III.doIIII •4,084.4 3, 545.1
260.0
411.0
249.4
268.4
343.7
295. 8
By commodity groups and principal" c o m m o d i "
ties:
Agricultural products, total
mil. $ 13, 538. 3 14, 960. 8 1, 239. 9 1, 245.1 1, 405. 7 1, 346. 7 1.290.5 1.168. 3 1.192.9 1 021.2 1,107.9 1,231.0 1. 302. 2
Nonagriculiural products, total
IZIZI.do'.-II 133,278.4 157,064.7 11,477.8 12,041.3 13,141.6 13,139.4 12,908.7 13,346.1 13,511.0 13,002.8 13,309.1 13,887.3 13, 752.'
3,051.1
3, 032. 4
4, 053. 7
16.7
35.2
7,238.3
3, 036.7
' 452. 9
5,141.0
9, 960. 8
4,102. 5
540. 3
6,513.3
566.4
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil
12,557.8 113,520.6 »1,126.9 1,111.4 1, 257. 5 1,161. 5 1,143. 4 1,045.9 1,126.1
46.8
38.8
54.8
53.3
67.0
92.2
485. 5
667. 0
68.9
259. 9
256. 5
Coffee
I.IIIIIIdoIIII 3,860. 9 3, 727. 8 414.4
285. 8
345. 0
380.9
383.6
153.
2
155.0
155.
3
Meat^ and preparations
do
171.0
124.6
148.4
1, 273. 2 1, 856. 0
107.6
110.4
69.2
59.7
14.5
32.4
1,079.1
43.6
723.0
52.2
Sugar
do
177.4
212.7
189.2
201.5
162.4
174.7
1,669.4 1 2, 221. 4 1 138.1
Beverages and tobacco
do
769.8
788.0
841.4
712.4
8,486.2 1 9, 333. 6 1 650. 4 657.2
768.5
236.8
230.8
233.1
Crude materials, inedible, exc. fuels 9 . do
177. 5
199.0
2, 234. 4 2, 850. 2
218.5
183.6
91.7
85.3
108.9
84.0
1,252. 4 1,154.2
91.2
91.7
95.0
Metal ores
do
28.6
21.
9
19.4
23.2
18.8
21.8
225.1
20.4
Paper base stocks
~_~a0
247.8
43.0
47.2
72.8
62.5
40.7
41.2
650. 3
Textile fibers
do
684.7
Food and live animals 9
Cocoa b e a n s . . .
Rubber
do
do
IlllllllllllldoIIII
Minerals fuels, lubricants, etc
Petroleum and products
Revised,
arately.
1
_
170.2
168.2
211.5
209.6
205.9
204.8
817.4
266.9
91.0
23.7
64.3
829.3
279.9
88.9
17.1
72.8
831.2
272.7
104.0
17.2
52.7
843. 2
307. 3
111.3
21.0
46.5
806.9
244.1
111.2
14.8
74.4
812.7
3,513. 5 3, 234.1 3,471.5 3, 380.1 3, 677.1 3, 698. 9 3,491.6 3,536. 2 3,746. 3 4,228.0
530. 7
4,970.4
1
511.1
6, 427. 4
1
29.3
•418.9
46.6
472.7
46.0
604.2
42.7
611.6
51.5
583. 9
46.7
547. 2
49.4
546.9
43.0
514.9
30.2
537. 9
40.9
541.4
do
do
do
do
See corresponding note for p . S-22.
1,409.3
13,547.0
924.0 1, 048. 9 1,152. 2 1,168. 7 1, 254.1 1,278.3
40.4
74. 5
63.7
23.0
43. 5
329. 5
317.0
300. 5
238. 0
210.1
199. 2
175. 3
158. 5
182.1
125. 7
59.4
05. 4
59.4
97.1
59.8
51.7
512.5
21,367 0 27,237.3 1,982.9 2,195.4 2,334.1 2,383.0 2 359.3 2,301.0 2,418.3 2,218.6 2, 215. 4 2, 344. 5 2,373. 4
rno
n
r* r* r* r~
738. 5
019. 2
593. 9
030.8 1 637.9
5, 804.4 7, 259. 3
593.
9
493. 0
669.4
516. 4
538. 4
666.
5
178. 0
180.1
104. 7
195.7 I 172.5
1,871.8 2,100. 7
159. 7
177.1
152. 7
194.1
190. 0
177.2
384.1
422.0
344.
3
356.
5
433.
2
404. 5
3, 938.4 5,121. 9
443.8
494. 9
465.1
509. 8
480. 6
175.7
184.2
175.3
176. 2
201.4
192.2
159.7
186.1
188.3
191.6
199.5
V.IIIIIIIIIIIIIHIIIIdoIIII 1, 772. 4 2, 200.1
Textiles
r
1, 749.1
49.0
287.3
17.0
80.9
641.1
308.2
44.537.2 '42,105.2 13,422.2 3, 502. 3 3,431.2
do
ZIIIIIZIIII Zdo 1111 41,526.1 39,108. 9 3,149.4 3, 241. 3 3,194. 2 3, 246. 4 2, 954. 0 3, 235. 3 3,140.7 3,448.8 3,471.8 3, 200.2 3, 301. 6 3, 465. 2
Oils and fats, animal and vegetable.
do
Chemicals
" ""do
Manufactured goods 9 ^
Iron and steel
.
Newsprint
Nonferrous metals
362.6
9 Includes data not shown sep-
\ Manufactured goods—classified chiefly b y material.
© See corresponding note on p . S-22.
33. 0
535. 3
532.2
2,111.5 2,255.8
555. 5
158. 8
383.1
170.0
Feb.
SURVEY OF CURRENT BUSINESS
S-24
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
March 1979
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOREIGN TRADE OF THE UNTTED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment....mil. $ . . 36,406.8 M7,625.6 '3,392.7 3, 573. 2 4,050.7 4, 085. 5 4.020.4 4.132. 9 4,108.2 3, 578.5 3.832.0 4, 294. 6 4,238. 3 4,318. 7 4,515. 9
17,663.8 24,404.0 1,619.9 1,751.8 1,979. 7 2,003. 1 2,011.6 2, 073.3 2,217.6 2,046.5 2.077.1 2,277. 2 2,162. 8 2,183. 3
Machinery, total 9
do
80.5
91.0
433.5
80.8
93.5
73.8
69.5
86.4
946.7
69.3
67.8
75.2
76.8
82.1
Metalworking
do
411.5
453.3
8,432.0 5,170.8
446.4
465.2
451.1
480.6
335.0
349.8
407.7
494.0
408.4
Electrical
do
467.7
Transport equipment
17,829.9 23,221.6 1,772.7 1,821. 4 2,071.0 2, 082. 3 2.008. 8 2, 059. 6 1,800. 6 1,532.0 1, 754. 9 2, 017.4 2, 075. 5 2,135. 4
15,842.0 20,631.2 1,556.6 1,574.6 1,854. 8 1, 854. 4 1,776. 3 1, 840. 3 1,676. 3 1,361.0 1, 547.1 1,817. 8 1, 889. 0 1,891.2
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
13,809.4 '19,062.1
h
1,227.9 1, 293.7 1,511.1
3,335.7 >3,981.1
b
328.4
253.5
369.2
1,460.0 1, 651. 5 1,782.5 1,756. 5 1,751. 9 1, 827.1 1, 799. 9 1, 560.3 1,619.7
334.8
323.6
304.2
383.3
p 224.0 p 232.2 p 231.3 P234.2
p 213.9 P206.8
182.3 p 190. 9
p 479.0 P408. 1
421.7 p 447.2
238.8
205. 0
489.6
237.3 p 248.1 P250.7
213. 3 P211.7 P207.8
506.1 p 525. 3 p 520. 9
316.0
335.2
327.0
384.4
321.4
309.4
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
_
1967=100..
Quantity
do
Value...
do
General imports:
Unii value
do
Quantity
do
Value
do
Shipping Weight and Value
Watprborne trade:
Exports (inel. reexports):
Shipping weight
Value..
General imports:
Shipping weight..
Value
'r 210.2
183.1
' 384.7
p 231.5 P219. 9
p 198.8
164. 1
P 460.3
360. 8
r
p 292.7
p 220.1
P644.4
P219.6 P 219.4 p 223.0
p 162.8 p 211.1 p 208.2
P357.5 p 463.3 p 464.2
280.7
203.6
571.6
281.2
212.8
598.3
289.4
226. 4
655.2
290.3
224.5
651.9
292.6
218.4
639.1
293.6
222.3
652.7
293.3
225.1
660.4
295.0
213.4
629.6
294.3
220.5
649.0
296.3
228.7
677.7
thous. sh. t o n s . . 274,413
mil. $ . . 65,376
18,144
4,947
18,930
5,108
21,712
6,431
24,142
6,313
28, 057
6,912
29,487
6,842
24, 969
5,989
26, 001
6,385
26,260
6,646
26,536
6,958
thous. sh. t o n s . . 612,798
mil. $ . . 103,037
44,640
45,952
9,132
47, 200
9,680
47,681
9,838
47,176
9,400
47,840
9,657
50, 703
10,143
53, 652 56,196
9,880 9,780
49, 811
9,850
269.9
r 200.8
' 541.9
303.9
222.8
677.0
300.9
222.9
670.6
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenffer-mile"' (revenue)
Passenger-load factor §
Ton-milps (revenue) totalU
Operating revenues (quarterly) 9 O
Passenger revenues
Cargo revenues
Mail revenues
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
Domestic operations:
Passenger-miles (revenue)
Oa,rs"o ton-miles
Mail ton-miles
bil
156. 61
3,125
751
mil. $..
15,821
15,165
497
mil
do
Operating expenses (quarterly)O...
Net income after taxes (quarterly)©
International operations:
Passenorer-mile (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©.
Operating expenses (quarterly)©.
Net income after taxes (quarterly)©
16 62
56.8
2,143
14 51
55.1
1,948
mil. $.. 19,925
16,274
do
1,719
do
390
do
19, 017
do
731
do
. .
Operating revenues (quarterly) O_
194.75
56.2
26 100
bil
percent..
mil
do
do
bil
mil
do
36.61
2,302
397
mil. $ . .
do
do
4,104
3,852
234
mil
5,979
Urban Transit Systems
Passengers carried (revenue)
18 45
60.6
1,460
17 58
59.9
2,344
17 96
62.1
2,363
15. 32
309
74
14.32
293
68
14.46
293
68
2.49
158
27
3.12
199
33
3.25
193
32
3.50
177
30
3 615
610
691
17.74
281
59
18.93
316
65
3.98
187
28
616
670
654
14.78
308
65
15.03
323
66
14.44 « p 14.03 « p 13.62 " p 13.03
309
67
4,902
4, 406
433
4.73
197
27
4.78
193
28
1,152
1,053
94
964
958
-5
7,636
520
86
5,603
629
4,556
4,205
311
4,151
4,053
67
3.20
220
28
16.53
300
64
19.03 p 18.81 p 17.75
P57.3
60.2 P 5 8 . 2
2,515 P 2 , 5 3 6 p 2, 414
6,308
5 230
5,258
405
5,011
63
12 03
251
60
23.70
71.1
2,972
492
90
432
89
13.42
236
62
22 48
68.9
2,811
5,708
4 660
5,115
4 226
181.03
20.51
67.6
2,630
4.25
211
29
3.78
234
32
3.13
226
37
684
652
1,406
1,197
195
571
619
646
609
Motor Carriers
Carriers of property, large, class I, qtrly.:*
Number of reporting carriers
.
2
Net income, after extraordinary and prior period
charges and credits
mil. $..
Tonnage hauled (revenue), common and contract
carrier service
_
mil. tons..
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.) cf
. average same period, 1967=100
Common carriers of general freight, seas, adj.t
1967=100..
Class I RailroadsA
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total© 9
mil. $
Freight
do
Passenger, excl. Amtrak
do
Operating expenses©
do
Tax accruals and r e n t s . .
do
Net railway operating income
do
Net income (after taxes)©.
do
100
13,853
100
3,569
100
4,139
100
4,166
2 452
46
153
154
217
54
61
58
166.2
177.3
181.7
162.6
175.9
4,750
20,116
4,440
18,916
85
337
4,905
16,392
3,377
-156
347
-274
284
r
2
Revised.
p Preliminary.
i Before extraordinary and prior period items.
Annual
total; quarterly revisions not available.
3 Beginning Jan. 1978, data are for total unlinked
passenger trips; revenue passenger data no longer available.
9 Includes data not shown
separately.
if Applies to prssengers, baggage, cargo, and mail carried.
§ Passengermiles as a percent of available seat-miles in revenue service reflects proportion of seating
capacity actually sold and utilized.
CTotal revenues, expenses, and income for all groups
of carriers also reflect nonscheduled service.
*New Series. Source: ICC (no comparable
data prior to 1972).
192.5
182.8
178.5
5,720
5,368
89
5,375
-
160
167
152
—
177.6
177.6
184.3
188.5
186.2
197.1
5,394
5,015
91
5,268
53
235
1
203
28
cf Indexes are comparable for the identical quarter of each year (and from year to year).
AEffective 1976, defined as those with annual revenues of $50 million or more; restated 19//
data reflect changes.
©Natl. Railroad Pass. Corp. (Amtrak) operations (»ot included in
A A R data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 (ICC)
• Domestic trunk operations only (domestic trunks average about 90% of total domestic
operations).
> See note 1 for p. S-22.
t Effective Mar. 1977 SURVEY, revised back to
1957 to new trading day and seas. adj. factors.
March 1979
VEY OF IJUKJbLEINT
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
)1NEZ SIS
1978
1978
Jan.
Annual
S-25
Mar.
Feb.
Apr.
May
June
1979
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
2
2 61.6
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads A—Continued
Traffic:
Ton-miles of freight (net), total, qtrly
bil.
Revenue ton-miles, qtrly. (AAR)
do...
Revenue per ton-mile
cents.
Price index for railroad freight..
.1969=100.
Passengers (revenue) carried 1 mile
mil.
235.8
203.4
192.7
826.2
2.289
199.1
10, 295
856.2
188.5
210.5
' 227.1
213.1
207.6
207.6
"207." 7'
207.8
207.9
208.2
215.2
215.7
215.8
215.8
216.3
231.1
139
34.96
65
24.65
70
157
38.83
68
28.45
72
124
38.43
60
26.11
63
139
38.32
68
26.80
69
157
38.09
67
27 42
'73
155
39.37
74
27.07
74
164
39.83
73
28.55
75
169
39.14
72
28.91
174
36.77
66
29.28
78
163
38.39
69
29.67
82
160
38.20
70
29.00
75
167
42.06
77
28.99
76
154
39.30
66
29.90
68
155
38.02
50
29.71
54
8,201
8,198
6,492
5,364
3,107
69,980
8,903
8,883
7,861
6,325
3,234
62,989
633
592
550
450
217
1,679
570
586
405
325
239
2,520
711
721
567
420
379
2,757
706
662
550
420
351
3,439
718
804
603
496
371
785
917
686
522
380
8,232
1,024
858
925
545
308
12,047
1,077
901
948
844
290
11,037
742
910
741
698
196
6,375
740
624
640
539
178
5,264
612
593
581
517
168
2,732
584
714
664
548
156
1,921
58.6
231.7
Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967=100.
Hotels: Average room saleif
...dollars.
Rooms occupied
% of total.
Motor-hotels: Average room saleil
dollars.
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals©
thous.
Departures©
do...
Aliens: Arrivals©
_
do...
Departures ©._
do
Passports issued
do...
National parks, visits§_
do._.
221
1,574
234
1,695
COMMUNICATION
Telephone carriers:
Operating revenues 9
_
_
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service, end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
_
Net operating revenues (before taxes)
Overseas, total:cf
Operating revenues
Operating expenses
Net operating revenues (before taxes)
mil. $.
do._.
do
do...
do
mil.
40,754
18, 667
16,313
26,120
7,298
149.9
3,640
1,642
1,487
2,302
661
145.6
3,585
1,645
1,406
2,248
654
145.5
3,788
1,683
1,570
2,447
660
146.1
3,715
1,688
1.469
2,335
685
146.4
3,820
1,692
1,574
2,470
673
146.9
3,828
1,694
1,560
2,424
702
147.2
3,783
1,680
1.526
2,356
712
147.5
3 924
1,725
1,636
2,532
703
146.6
3.942
1,765
1.573
2,527
718
148.9
mil. $.
do...
do
554.8
439.6
86.9
44.5
36.5
5.4
44.8
35.3
6.8
47.9
35.9
9.2
46.6
36.6
7.3
49.1
37.5
9.0
48.1
37.5
8.5
46.8
37.0
7.2
50.4
39.1
8.8
47.9
37.9
7.5
51.1
53.9
5.9
_do...
.do
do~.
396.9
279.4
108.4
35.4
23.8
9.2
34.2
23.5
9.0
38.7
25.3
11.8
36.5
24.4
10.4
38.0
25.0
10.3
39 2
25! 4
11.0
36.7
24.8
9.6
39.3
26.0
11.6
38.0
25.3
11.0
39.9
31.7
12.1
92
919
226
101
950
232
39
96
••971
'233
39
242
38
885
63
97
()
918
73
107
<
'937
'73
'103
()
963
70
94
60
66
'60
65
58
790
5,245
838
5,260
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AI2O3)}
thous. sh. tons..
Chlorine gas (100% Ch)t
do....
Hydrochloric acid (100% H Cl)}
do....
Phosphorus, elemental!
do
Sodium carbonate (soda ash), synthetic (58%
NajO)}
thous. sh. tons..
Sodium hydroxide (100%NaOH)J
do
Sodium silicate, anhydrous}
...do
Sodium sulfate, anhydrous}
do
Sodium trypolyphosphate (100% NasP30io)X
do....
Titanium dioxide (composite and pure) f...do
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons..
Stocks (producers') end of period
do
1,162
10,664
2,568
431
1,185
10,809
2,735
440
97
816
215
33
93
825
212
33
102
813
230
36
95
890
253
38
107
875
224
37
98
884
221
39
951
237
39
115
925
210
33
867
64
115
(6 )
861
68
114
(e )
864
67
104
()
941
62
97
()
906
64
102
798
65
104
(«)
823
66
104
59
47
57
54
61
60
63
67
58
66
59
63
58
63
63
60
60
63
» 9,389
5,469
792
5,478
735
5, 441
809
5,389
780
5, 352
826
5, 368
811
5, 437
810
5,519
795
776
5,472
17,398
7,454
1,391
612
155
643
199
693
3,041
1 208
530
157
595
173
718
3,031
1,435
701
160
767
227
830
3,365
1, 558
689
177
736
224
820
3, 319
1, 553
640
168
719
218
P22
3,410
1, 424
563
164
625
210
768
3, 250
1,374
512
172
604
191
732
3,107
1,329
537
182
627
e 176
803
3,350
1,296
523
153
603
»168
796
3,337
1,425
• 1,422
649
'610
8 83
(6)
733
'681
»200
U68
853
825
3,476 • 3,459
1,529
639
155
716
5 163
893
3,439
556
7,369
600
492
458
6,833
4 26, 249 4 2,165
4
168
* 2, 623
4 16, 740 41,272
4 154
4 1,828
562
571
447
1 924
153
1 340
80
673
506
687
2,150
192
1,448
162
627
400
789
1, 690
73
1, 321
58
639
471
692
1, 831
129
1, 306
119
569
494
557
293
2,
148
1, 368
205
573
461
417
2,596
364
1,431
210
614
395
598
2,651
406
1,496
237
619
379
487
2,690
354
1,571
169
651
359
620
1,985
290
1,347
122
687
492
532
2,493
176
1,599
242
47
48
609
21
27
545
30
54
31
851
16
1,812
10,481
781
1,241
107
818
67
99
709
679
( 6)
(
()
786
786
5,126
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}
thous. sh. tons..
Ammonium nitrate, original solution}
do
Ammonium sulfatef
__
do
Nitric acid (100%HNO 3 )}
do....
Nitrogen solutions (100% N)}
do
Phosphoric acid (100% P2O5)}
do. .
Sulfuricacid (100% H 2 SO 4 )t
do
Superphosphate and other phosphatic fertilizers
(100% PjO*):
Production
thous. sh. tons..
Stocks, end of period
do
Potash, deliveries (K 3 O)©
do
Exports, total 9
do
Nitrogenous materials
dol.l.
Phosphate materials
do
Potash materials
do.
Imports:
Ammonium nitrate
do....
Ammonium sulfate
do
Potassium chloride
do
Sodium nitrate
dol "
* 1,904
7,877
2,640
8,456
35,821
6,699
573
6,309
23,108
1,169
16,741
1,650
7
361
327
8,229
157
9,563
39,584
404
326
8,390
142
(5)
'Revised.
v Preliminary.
1 Annual total; monthly revisions are 4 not available.
For month shown.
» Reported annual total; see note 6 for this page.
Because of an
overall revision to the export commodity classification system effective Jan. 1, 1978, data
may not abe
strictly
comparable
with
those
for
earlier
periods.
6
Less
than
500
short7 tons.
re being withheld to
a 7?
avoid disclosing figures from individual companies.
See
© note, this page, s Excludes data for byproduct (other than coke oven); withheld to avoid
disclosure of figures from individual companies. » Represents solutions containing ammonia
and
ammonium nitrate/urea solutions; not comparable with data prior to Aug. 1978.
10
Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate containing over 16.3% nitrogen by weight; not strictly comparable with data shown for earlier periods.
A See A " note, p. S-24.
H Average daily rent per occupied room, not scheduled rates.
2
'599
'425
549
1,781
L70
1,241
70
'554
101,975
10 212
1,048
195
18
13
14
18
22
21
23
37
24
11
11
21
3
34
18
37
643
682
619
716
735
654
849
16
0
0
16
15
15
5
9 Includes data not shown separately.
© Beginning Jan. 1977, data exclude potassium
magnesium sulfate; not strictly comparable with those shown for earlier p3"iois.
©Effective 1976, data are compiled by U.S. Dept. of Transportation from INS records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784; 159; 129).
.
§ Effective Jan. 1976, data include visits to Voyageurs National Park (no count of visits for
earlier periods is available); data for Mar.-Julv 1976 are restated to delete visits to Platt National Park which was reclassified as a national recreation area, and beginning Jan. 1979, data
include visits to two additional parks.
cf Includes data for Western Union Int. Cable & Wireless.
}Monthly revisions back to 1971 are available upon request.
81
59
669
13
53
26
812
21
S-26
SURVEY OF CUERENT BUSINESS
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1978
Annual
March 1979
1978
Jan.
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Industrial Gases|
Production:
Acetylene
-mil. cu. ft.
Carbon dioxide, liquid, gas, and solid
thous. sh. tons.
Hydrogen (high and low purity)
mil. cu. ft.
Nitrogen (high and low purity)
do...
Oxygen (high and low purity)
do...
5,972
5,262
431
413
422
450
434
449
402
2.256
84, 459
331,545
392,984
2,287
90, 248
389,382
428,014
147
7.041
31,853
32,012
158
6,591
28,902
30,001
181)
7,809
33,497
34,409
190
7,269
31,776
33,694
200
7,342
33,235
37,805
204
7,186
32,273
36,298
205
7,394
31,879
36,295
...mil. lb.
mil. gal.
mil. 1b.
do...
do...
mil. gal_
mil. lb.
i 31.4
» 161.2
i 217.8
6,046.5
286.0
i 971.8
i 926.0
32.2
i 143. 2
i 226.7
6,433.2
290.5
i 957.8
i 993.4
2.7
8.4
15.4
488.4
23.8
65.3
72.5
2.1
8.3
16.7
477.7
21.0
62.5
72.6
3.0
13.6
17.1
571.3
23.4
57.7
85.2
2.4
13.1
12.4
555.1
23.5
87.3
81.5
3.2
11.9
18.4
550.4
26.3
78.0
92.7
3.0
13.9
22.5
549.1
21.8
77.3
93.4
2.5
10.1
19.8
535.8
20.0
83.3
87.2
...mil. tax gal.
do...
do.. _
do...
498.3
405. 3
81.0
71.4
35.8
35.1
6.9
68.3
41.1
32.4
5.8
75.2
50.4
37.3
7.5
78.9
42.2
32.1
7.3
31.3
37.2
7.2
74.6
48.7
37.5
7.5
76.2
mil. wine gal.
do...
do...
223. 8
224.6
2.6
19.1
19.2
2.5
17.4
17.1
2.8
19.9
19.9
2.8
17.7
17.7
2.9
21.3
21.3
2.9
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
.mil. lb. 1,797.1 , 764.2
Polyethylene and copolymers
do... 10,100.1 Ul,083.4
Polypropylene
do... 2,705.8 i 2,969.1
Polystyrene and copolymers
do... 5,203.0 5,579. 8
Polyvinyl chloride and copolymers--do... • 5,267.3 15,653.8
136.6
845.1
235.7
413.3
430.2
138.2
739.4
210.8
396.5
413.8
154.9
916.7
253.0
467.1
477.2
149.1
905.2
226.8
474. 9
481.0
148.2
915.4
232.3
479.6
501.6
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. lb. 2, 675.1 ' 2,821.1
P aints, varnish, and lacquer, factory shipments:
Total shipments
mil. $. 4,517.7
Trade products
do... 2,278.5
Industrial
finishes
do... 2,239.2
319.1
149.4
169.8
341.1
160.7
180.3
415
••475
455
205
210
7,762
7,510
34,001 32,653
37, 554 36,904
206
7,906
34,627
38,016
180
7,929
33,165
37, 605
193
5,509
31,521
37, 421
2.5
11.6
20.4
£22.8
29.4
79.8
80.1
2.5
12.9
17.9
546. 6
26.4
87.9
79.6
2.5
11.8
20.8
585.0
28.3
73.2
73.9
2.9
12^8
21.7
531.3
24.7
60.9
76.5
2.8
12.5
20.8
548.1
21.9
90.0
94.6
42.5
25.4
5.9
85.8
45.4
36.6
7.7
88.4
50.5
30.3
7.4
40.3
40.3
8.2
38.0
38.6
7.4
64.6
20.3
20.2
3.0
17.0
17.0
3.1
19.9
19.9
3.0
16.9
17,4
2.6
21.7
21.4
2.9
16.6
17.2
2.9
143.5
900.8
232.2
483.4
480.6
128.8
937.1
232.0
450. 5
458.1
142.7
960.4
260. 5
427.5
151.8
962.2
257.3
473.4
459.1
967.0
246.8
477.8
500.3
151.7
937.5
268.2
434.8
479.7
448
Organic Chemicals cf
ProductionAcetylsalicylic acid (aspirin)
Creosoteoil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades
Methanol, synthetic
Phthalic anhydride
21.4
ALCOHOLf
Ethyl alcohol and spirits:
Production
Used for denaturation...
Taxable withdrawals
Stocks, end of period..
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks, end of period
445.6
416.6
204.0
212.5
809.5
786.7
138.8
961.2
244.3
481.5
493.5
790.
(3
C)
)
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr
Electric utilities, total
do
*>2,124,078
By fuels
do
1,903,643
By waterpower
do
220,435
Industrial establishments total
do
Bv fuels
do
By waterpower
do
Sales to ultimate customers, total (Edison Electric
Institute).
.
. . . . mil. kw.-hr 1,950,791
Commercial and industrial:
Small light and power§
do
469 227
Large light and power §
...do . 757,168
4,212
Railways and railroads
do
652,345
Residential or domestic
do
Street and highway lighting
do. . 14,418
Other public authorities
do
46,242
7,179
Interdepartmental
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 62,610.0
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total
197,271 173,676 173,157 159,749 175,184 187,408 202,595 205,637 185,597
172,488 151,260 148,496 134,406 146,409 162,166 178,037 183,505 164,338
24,783 22,416 24, 661 25,343 28,775 25,242 24,558 22,132 21,259
174,427 169,924 164, 064 153,146 153,813 165,403 176,403 181,386 108,454 167,770 160,614
39,922
63, 348
39, 498
59,724
38, 467
60,150
36,001
61, 706
36.252
65, 057
40, 365
67,449
415
64,624
421
64,283
353
51, 533
1, 258
4,172
567
336
49,722
1,170
3,643
568
316
46, 764
1, 396
4,135
587
377
59, 283
1,227
3,978
583
1,119
3,719
586
1,101
4,005
597
5,674.5 5,626.9 5, 646. 4 5,277.1 5,278.2
44, 071
65, 894
335
60, 266
1,129
4,103
606
44,918
67,819
44,206
68,998
40,144
68,723
37,700
67,247
344
62,366
342
60,883
1,218
4,201
605
343
52,656
1,285
4,009
609
370
49,440
1,168
4,173
598
5,918. 6 5,552.0
6, 318. 6 6, 510.8
5,802. 3
6,420. 2
thous..
45,725
46,172
Residential
do
Commercial
.
do
Industrial
do
Other
do
Sales to customers, total....
tril. Btu_.
Residential
do
Commercial
do
Industrial
do
Other..
do
Rev enue from sales to customers, total mil. $..
Residential
do
Commercial
do
Industrial
do
42,108
3,400
2 175
2 42
45 580
41,984
3,373
172
51
41,816
45,355
3,332
169
38
14,341
42 445
3 490
183
54
5,312
3,180
2,551
4, 946
2,409
a 6, 711
2275
2,439
1,066
1,692
115
960
492
1,662
66
429
306
1,758
59
28,303
11,166
6,861
5,503
11, 541
4 980
a 11,385
2 397
5,685
2,330
3,019
132
2 517
1,118
3,128
1,332
713
3,374
85
Other
r
do
Revised.
p Preliminary.
i Reported annual total; revisions are not distributed to
the monthly data. 2 Beginning 1976, Industrial includes electric generation, prior to 1976,
electric generation was included with other.
s Series being restructured: data not available
at this time.
§ Data are not wholly comparable on a year to year basis because of changes
97
1,330
3,913
614
from one classification to another.
d* Data are reported on the basis of 100 percent content
of the specified material unless otherwise indicated.
| Monthly revisions back to 1973 are
available upon request.
March 1979
STTRVET OF CURRENT BU
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
S-27
1978
1978
Jan.
Annual
Mar.
Feb.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
mil. bbl..
Taxable withdrawals
. . .do
Stocks, end of period
._.
do
Distilled spirits (total):
Production
—mil. tax gal..
Consumption, apparent, for beverage purposes
mil. wine gal..
Taxable withdrawals
mil. tax gal..
Stocks, end of period
do
Tm ports
mil. proof gal..
Whisky:
Production
mil. tax gal.
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil. proof gal..
Rectified spirits and wines, production, total
mil. proof gal..
Whisky
do....
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
-do
Stocks, end of period
do
Imports
do
Still wines:
Prod uct i on
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
170.51
156.92
12.42
16.56
15.00
14.97
16.74
15.29
19.81
17.61
16.28
14.33
14.62
14.01
13.72 ! 12.99
14.01
13.71
12.71
12.04
13.50
14.61
12.87
10.69
13.92
12.71
11.01
12.02
159. 29
11.88
11.29
11.84
13.69
15.15
14.95
7.63
13.20
432. 56
220. 74
706.86
112.94
30.55
18.28
38.42
21.12
690.80
9.74
33.82
20.15
686.68
11.52
34.36
17.44
685.96
9.29
38. 75
20.61
683. 36
10.94
32.05
15. 63
678.12
35.77
21.30
672.34
1.90
6.06
7.36
11.39 ! 12.00
614.91 610.95
' 8.46
80.60
128. 27
649.00
91.15
15.86
14.18
14.56
15.63
13.60
15.01
16.88
15.82
14.57
18.78
18.09
34.23 I 37.35
20.18 i 25.42
669.16 665.18
10.94 14.83
22.42
663. 28
14.13
11.28
8.36
8.39
15.12
605.23
12.14
9.21
12.99
601. 20
11.55
8.83
6.36
128.60
8.29
30.16
16.87
691.79
8.65
101.89
5.25
10.11
643. 65
6.59
5.40
9.70
633. 82
6.76
5.45
12.08
633. 43
7.63
6.39
11.58
629.07
9.04
7.77
9.52
527. 72
7.12
6.80
11.37
624. 89
8.70
3.09
8.68
619. 70
6.99
9.95
3.95
8.00
2.70
10.00
3.42
8.68
2.81
9.36
3.10
9.79
3.36
7.46
3.03
10.25
3.48
9.77
3.40
10.49
4.49
9.60
3.42
1.24
.83
10.22
.40
1.92
1.13
10.97
.28
2.55
1.76
11.58
.30
2.06
1.90
11.43
.40
2.73
3.27
8.51
.44
2.59
3.25
12.56
.64
1.52
2.50
8.25
.47
.36
32.67
25.43
332. 30
8.06
140.20
26.29
431.50
7.68
151.16
29.10
553.44
8.05
41.16
31.17
555.80
8.38
22.29
27.77
527.07
7.90
7.11
'01.16
110. 46
41.48
22.86
21.35
8.56
2.93
23.04
20.59
8.25
4.31
1.72
1.04
9.06
.21
1.51
.97
9.59
.18
1.84
1.25
9.84
.29
1.41
.98
10.19
.30
1.94
1.71
10.67
.40
409.75
310.41
505.36
65.79
420.04
318.75
527.07
89.77
6.22
25.20
478.44
5.61
3.99
21.23
461.30
5.39
4.79
31.63
434. 92
6.62
5.70
25.65
411.29
7.26
4.81
25.62
348.02
7.98
4.51
26.34
355.00
8.64
2.53
23.32
320.44
8.18
276.55
244.23
4.81
5.49
2.45
1.57
1.90
3.56
1.46
32.17
97.78
67.42
16.13
9.47
mil. l b . . 1,085.6
184.9
do
1.015
$ per l b . .
999.0
206.9
1.141
108.3
195.7
1.047
95.7
215.9
1.035
97.7
235.6
1.059
98.5
245.6
1.084
96.7
264.6
1.088
84.7
280.9
1.093
73.7
312.7
1.117
64.2
282.4
1.207
64.5
266.6
1.220
71.1
251.8
1.219
66.7
228.8
1.260
77.2
206.9
1.258
97.4
208.6
1.150
mil. lb._ 3, 357. 9 3,516. 5
2,042.4 2, 093. 6
.do
274.0
163.6
260.6
154.3
311.8
182.9
306.2
190.8
328.7
208.2
332.9
209.3
297.0
183.4
284.6
167.5
264.9
149.2
279.4
159.0
276.3
153.5
300.1
171.8
288.9
173.8
460. 6
Stocks, cold storage, end of period..
.do
468.6
436.4
American, whole milk
do
404.7
395.2
357.9
209.4
Im ports
do
14.5
242.2
Price, wholesale, American, single daisies (Chicago)
$ per lb..
1.187
1.229
1.301
Condensed and evaporated milk:
Production, case goodst—
mil. lb-.
818.9
56.2
777.2
Stocks, manufacturers', case goods, end of month
or year
mil. lb..
75.2
59.7
70.3
Exports:
Condensed (sweetened)
do
4.3
5 a 37.0
Evaporated (unsweetened)
do
Fluid milk:
Production on farmst
do
122,698 121,928
Utilization in mfd. dairy products}:
do
65,879
5,398
64,910
Price, wholesale, U.S. averaget
$ per 100 l b . .
9.72
10.20
10.58
Dry milk:
Production:
69.4
Dry whole milkt
mil. lb..
72.8
6.8
1,106.0
Nonfat dry milk (human food)t
do
79.7
Stocks, manufacturers', end of period:
Dry whole milk
_do
6.0
4.4
'5.9
Nonfat dry milk (human food)t
do
60.7
40.1 r 61. 3
Exports:
23.8 5 6 122.8
Dry whole milk
..do
6.8
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human foodH
$ per lb..
.665
.714
.681
442.0
377.5
14.1
431.0
365.3
16.7
448.2
379.8
13.6
462.3
392.1
13.8
501.1
424.3
13.0
501.6
425. 5
16.4
491.1
418.0
22.7
475.8
396.4
19.3
455.0
37S.9
22.0
431.1
357.1
30.7
436.4
357.9
45.6
436.8
361.6
12.8
449.5
372.6
1.241
1.246
1.259
1.259
1.259
1.260
1.321
1.340
1.394
1.400
1.410
1.410
1.360
52.1
67.3
68.9
82.4
78.8
73.8
69.0
58.2
58.9
52.3
59.3
58.0
52.9
52.1
57.4
79.4
101.4
120.2
134.4
136.0
113.8
84.4
70.3
66.0
3.9
2.6
3.5
3.2
2.3
2.1
2.4
4.2
2.7
2.4
3.1
9,287
5,093
10.20
10,523
5,871
10.20
10,631
5,903
10.10
11,178
6. 293
10.00
10,851
6,295
10.00
10,534
5,687
10.10
10,213
5,323
10.50
9,733
4,854
10.90
9,832
4,837
11.30
9,364
4,517
11.60
9,788
4,833
11.80
4.5
70.6
7.1
84.4
6.1
49.8
7.4
96.4
8.0
103.0
6.9
113.5
5.9
98.2
5.5
78.6
5.0
59.1
4.9
49.0
5.0
41.9
5.8
54.4
7.3
'79.3
8.4
'87.2
9.5
'95.0
9.4
'94.9
9.3
'73.9
7.4
'63.6
5.3
'52.2
3.7
'36.6
4.4
'40.1
7.2
55.1
4.9
36.1
4.0
3.1
Distilling materials produced at wineries...do
DAIRY PRODUCTS
Butter, creamery:
Production (factory) t
Stocks, cold storage, end of period.
Price, wholesale, 92 score (N.Y.)
Cheese:
Production (factory) totalj
American, whole milkf
5.4
'55.4
12.9
6.4
.680
.680
.705
.711
.710
213.3
1.150
10,035
5,285
' 11.90 v 11.90
.715
'.724
.732
.747
.765
.764
327.6
303.8
260.8
248.5
252.1
202.4
.7
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)...mil. b u . .
Barley:
Production (crop estimate) A
do
Stocks (domestic), end of period
do.
On farms
do
Off farms
do_.
Exports, including malt §
~~ "do.. ~ I
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu
No. 3, straight
do.
Corn:
Production (crop estimate, grain only)Amil. b u . .
Stocks (domestic), end of period, total
do
On farms
do.
Off farms
do!
Exports, including meal and
flour
do ~
Price, wholesale:
Weighted avg., selected markets, all grades
2,586.1
3,307.6
3 420. 2
329.2
218.9
110.3
72.8
3 447. 0
386.6
272.1
114.4
31.3
2.45
2.64
3 6,425.5
5,503.0
3,824.3
1,678.7
1,596.2
2.30
2.29
3 7,081.8
6,197. 2
4, 517. 5
1,679. 8
1, 975. 2
195.5
224.2
1.6
.5
238.0
148.9
89.0
.3
2.34
2.22
2.30
2.27
2.29
2.27
3,877.2
2,517.0
1,360.2
127.1
128.0
157.0
2.22
2.23
2.44
2.30
5.39
$ P e r b U
Oats:
"
Production (crop estimate)A
mil. b u . . 3 750.9
Stocks (domestic), end of period, total
do
565.0
562.9
418.7
482.3
357.3
483.2
On farms
do
82.7
61.3
79.7
Off farms
do....
Exports, including oatmeal
do
15 1
.5
11.2
15.1
.6
Price, wholesale, No. 2, white (Minneapolis)
$perbu..
1.34
1.37
1.32
1.33
1.34
' Revised.
v Preliminary.
i Includes Hawaii, not available on a monthly basis;
monthly revisions for 1976 will be shown later.
2 Stocks a= of June 1.
3 Crop estimate for
the year.
< Previous year's crop; new crop not reported until Oct. for corn and June for
barley and oats (beginning cf new crop year).
& Beginning Jan. 1978, data for condensed
and evaporated milk are reported under the single heading "total milk and cream, con-
334.4
271.3
288.3
3.3
4.4
5.2
5.0
4.3
3.2
1.0
386.6
272.1
114.4
.5
2.49
2.44
2.35
2.34
2.12
2.10
2.14
2.11
2.26
2.29
2.18
2.27
2.48
2.44
2.32
2.37
2.23
2.28
139.5
153.9
6,197.2
4,517.5
1,679.8
159.1
130.1
2.27
2.15
2.34
2.23
468.3
338.7
129.6
2U72.1
22 4104.7
* 67. 4
2.38
2.38
2 2,837.4
21,848.6
2 988.8
207.3
160. 9
2.80
2.62
2 * 310.6
2 4 257.1
2 * 53.6
1.1
214.3
171.3
2.52
2.47
1,104.0
4 659.3
4 444. 7
176.4
180.3
2.31
2.24
1.
5.4
.3
2.48
562.
665.'
550.7
115.0
.6
2.29
2.28
79.7
1.7
1.4
.3
1.54
1.44
1.47
1.42
1.44
1.36
1.25
1.27
1.37
1.38
densed and evaporated"; data for dry whole milk and nonfat dry milk are under the heading
6
"total dry milk, whole and nonfat."
See corresponding note for p. b-29.
9 Scattered^onthly revisions back to 1973 are available.
\ Revised monthly
data back
c
to 1973 are available.
A Revised crop estimates for 1970-74 are available.
Corrected.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Annual
March 1979
Jan.
Mar.
Feb.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Rice:
Production (crop estimate) A mil. bags 9 - California mills:
Receipts, domestic, rough
mil. lb..
Shipments from mills, milled
rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
mil. lb..
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb..
Shipments from mills, milled rice
__do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
.mil. lb..
Exports...
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per lb..
Rye:
Production (crop estimate) A
mil. bu..
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis)..$ per bu..
Wheat:
Production (crop estimate), total A
Spring wheat A
Winter wheat A
Distribution, quarterly cf
Stocks (domestic), end of period, total
On farms
Off farms
199.2
* 137.8
2,215
1,460
1,675
989
214
109
61
172
99
304
114
62
217
228
237
9,557
6,217
8,824
6,130
344
433
282
505
266
520
2,629
2,488
2,474
2,231
1,933
4,972
204
4,995
.152
U7.3
9.3
2.39
7
.177
.215
126.2
16.2
2.64
2.67
427
.215
2.57
mil. bu.. 1 2,036 11,799
-do
*499
1550
1
do
1,537 11,248
do
1,827
2,163
do
1,993.8 1,630.7
do
831.3
815.4
do
1,162.5
815.3
Exports, total, including
flour
do.
Wheat only
do.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$per bu..
No. 2, hd. and dk. hd. winter (Kans. City) do....
Weighted avg., selected markets, all grades
$ per bu..
294
6.1
2.95
170
81
179
140
69
55
103
61
72
109
240
58
226
165
239
229
237
185
131
101
455
109
434
110
385
1,005
500
1,287
952
684
694
347
463
1,638
339
.205
3.02
275
126
124
162
171
277
79
72
253
304
222
122
3,062
599
1,708
654
884
620
822
562
607
509
842
2,184
2,604
2,496
2,488
3,365
325
545
467
371
596
361
.190
.185
.175
.145
.145
.145
.148
.163
.140
3.23
2.39
2.19
24.0
2.37
2.32
2.48
16.2
2.52
2.38
2.49
364
887.8
1,286.0
1,243.5
66.3
64.6
94.9
94.5
107.4
103.3
2.80
2.62
3.24
3.24
3.04
2.90
3.07
2.99
3.13
3.16
2.88
3.33
3.12
3.14
3.27
107.8
101.8
3.32
3.34
Wheat flour:
Production:
Flour}
thous. sacks (100 lb.)_. 275,784 277,693 21,787 21,738 24,330 22, 554
Offal
..thous. sh. tons..
4,593
381
385
4,856
430
385
Grindings of wheatt
thous. bu_. 618,125 621,276 48,430 48,910 54,821 50, 478
Stocks held by mills, end of period
thous. sacks (1001b.) _. 4,160
3,214
4,096
17,994 618,268
Exports
_
do
723
147
1,774
2,554
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 1001b.. 7.160
7.588
7.325
7.650
8. 638
8.012
6.246
Winter, hard, 95% patent (Kans. City)..do-..
6.988
6.675
8.250
6.963
7.467
630.7
815.4
815.3
2,137.0
1,032.9
1,104.2
U, 176.7
H92,
1,527.7
905.8
863.9
507
2 351
466
79
124.2
118.8
115.1
108.8
110.0
106.1
136. 9
131.9
122.8
118.3
116. 5
113.0
93.0
92.3
91 2
90.0
71.3
70.4
3.35
3.26
3.27
3.20
3.18
3.20
3.18
3.12
3.30
3.27
3.39
3.44
3.52
3.50
3.16
3.46
3.32
3.41
3.47
3.52
3.40
3.34
3.22
3.31
3.34
3.51
3.55
3.40
3.30
3.55
24,078
417
53,601
23,051
402
51,544
22,335
384
49,749
25,053
439
56,062
22,395
400
50,506
24,843
436
55,348
2,297
3,459
2,694
1,674
2,145
3,342
1,963
1,505
306
3,214
486
382
8.388
7.463
8.100
7.225
8.250
7.600
7.938
7.575
7.825
7.550
7.900
7.600
8.400
7.925
8.138
7.788
7.813
7.550
23,738 21,791
381
416
52, 934 48,893
7.775
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
Cattle
do....
Prices, wholesale:
Beef steers (Omaha)
$ per 100 1b..
Steers, stockerand feeder (Kansas City)..do
Calves, vealers (So. St. Paul)t
do....
Hogs:
Slaughter (federally inspected)...thous. animals..
Prices:
Wholesale, average, all weights (Sioux City)©
$ per 1001b..
Hog- corn price ratio (bu. of corn equal in value
to 100 lb. live hog)...
Sheep and lambs:
Slaughter (federally inspected)..-thous. animals.
Price, wholesale, lambs, average (Omaha)
$ per 1001b.
MEATS
Total meats (excluding lard):
Production, totalf
mil. lb.
Stocks, cold storage, end of period O
do...
Exports (meat and meat preparations)
do...
Imports (meat and meat preparations)
do...
Beef and veal:
Production, totalt
.do
Stocks, cold storage, end of period O
do
Exports
.do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (East Coast) 1f
$ per lb.
Lamb and mutton:
Production, totalt-..
mil. lb.
Stocks, cold storage, end of period
do...
r
4,696
38,717
3,620
36,947
368
3,238
336
3,046
386
3,243
304
288
3,215
271
3,052
261
2,869
304
3,247
275
3,027
287
3,180
274
3,029
267
2,834
265
3,090
40.38
38.74
48.19
52.34
56.16
69.24
43.62
42.85
40.50
45.02
46.89
43.75
48.66
51.39
47.60
52.52
53.81
69.45
57.28
59.85
77.26
55.38
57.42
73.28
54.59
58.67
75.72
52.40
58.22
81.66
54.26
60.23
83.25
54.93
62.06
81.82
53.82
60.75
78.60
55.54
64.19
78.00
60.35
69.95
80.73
74,018
74,142
5,840
6,794
6,213
6,298
5,778
5,402
6,227
6,203
6,576
6,737
6.105
6,393
41.12
48.67
46.08
49.26
47.77
46.22
49.25
48.19
46.94
48.83
50.34
52.58
48.68
49.73
52.11
54.93
19.9
22.4
22.0
23.6
21.8
20.0
20.9
20.9
20.9
24.0
24.0
25.9
23.1
23.0
'24.0
24.8
6,133
5,169
425
390
487
430
451
441
406
438
435
457
413
396
391
53.38
63.28
64.00
67.50
69.38
62.75
71.00
59.50
60.00
59.25
62.50
60.00
59.50
64.00
73.75
71.25
39,172
5 567
1,315
1,741
38,104
724
6 1,337
2,072
3,214
'559
109
138
3,044
••572
101
155
3,341
660
115
183
3,079
748
108
202
3,268
761
108
181
3,078
721
2,882
642
93
161
3,272
582
119
137
3,138
598
131
182
3,353
641
124
184
3,343
716
119
3,092
'724
111
3,281
736
102
201
721
25,780
327
24,601
414
6 387
1,635
2,140
'326
30
103
2,009
331
35
118
2,133
370
27
141
1,960
385
32
161
2,118
400
30
147
2,007
385
32
133
1,897
344
28
123
2,146
325
35
107
2,018
342
42
151
2,150
358
31
141
2,083
396
32
165
1,941
'414
33
145
2,110
440
28
160
424
93
1,377
.662
.834
.723
.747
.782
.846
.922
.897
.878
.840
.854
.859
.845
.884
.974
.975
341
10
300
12
25
23
28
25
11
3
Revised.
* Crop estimate for the year. 2 See "d"" note, this page.
Stocks as of
June 1.
* Previous year's crop; new crop not reported until June (beginning of new crop
year.
s s e e "©» note, this page. • See corresponding note on p. S-29. 7 Ten-month
average; Feb. and June prices not available.
» See note "IT for this page.
9 Bags of
100 lbs.
c? Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept,).
© Effective April 1977 SURVEY, data beginning Feb. 1976 are restated to
exclude cooler meats; comparable earlier data will be shown later.
t See corresponding
64.88
75.61
91.48
note, p. S-29.
© Effective July 1977 SURVEY, monthly prices are restated through May
1977 to coincide with published annual averages which are for "all weights, excluding sows";
comparable monthly data prior to May 1976 will be shown later.
A Revised crop estimates
for 1971-1974 are available.
JMonthly revisions back to Jan. 1976 will be shown later.
^Effective Feb. 1979, prices are for Central U.S. (including East Coast); comparability is not
affected.
e Corrected.
March 1979
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
Annual
S-29
1979
1978
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):
Production, totalt
.mil. l b . .
Stocks, cold storage, end of periodA
do
Exports .
...
. _
do
Imports
do
Prices, wholesale:
Hams, smoked composite
._.$ per lb__
Fresh loins, 8-14 lb. average (New York)...do..
13,203
242
6
346
347
1,051
'175
32
29
1,013
'172
26
'29
1,179
217
26
35
1,093
281
25
32
1,125
281
31
28
1,046
258
25
26
962
218
23
29
1,101
178
31
23
1,095
176
32
23
1,176
207
35
36
1,236
245
36
29
1,128
'242
26
29
1,147
225
23
31
219
.865
.952
.900
1.091
.857
1.038
.932
1.066
.822
1.022
.759
1.001
.820
1.091
.808
1.129
.803
1.102
.887
1.067
.905
1.147
1.038
1.212
1.086
1.124
1.078
1.097
.885
1.254
.880
1.251
Slaughter (commercial production)
mil. lb._
Stocks, cold storage (frozen), end of period, total
mil.lb..
Turkeys . . . . _
_
do
Price, in Georgia producing area, live broilers
$perlb._
11,916
12,553
932
831
981
901
1,088
1,127
1,052
1,234
1,119
1,229
1,081
978
310
168
280
175
305
168
263
137
233
113
210
101
213
104
257
152
326
213
413
298
486
370
543
430
346
236
280
175
'280
'171
260
157
.237
.260
.230
.240
.240
.280
.265
.300
.330
.265
.270
.245
.245
.250
.265
.280
Production on farms t
mil. cases©..
Stocks, cold storage, end of period:
Shell...
thous. cases©..
Frozen
mil lb
Price, wholesale, large (delivered; Chicago)
$ per doz_.
179.5
186.2
15.9
14.2
15.8
15.4
15.9
15.2
15.4
15.4
15.2
15.9
15.8
16.5
16.3
39
30
38
25
'34
28
'27
26
37
23
36
23
30
22
30
27
29
28
55
29
42
29
23
28
38
25
'22
'26
18
24
.624
.603
.552
.628
.620
.570
.520
.493
.612
.618
.632
.608
36
26
.672
.716
.713
.677
Cocoa (cacao) beans:
Imports (incl. shells)
.thous. lg. tons..
Price, wholesale, Accra (New York)
$ per lb._
172.1
2.144
209.7
2.500
19.4
2.500
20.3
2.500
27.9
2.500
20.5
2.500
16.5
2.500
12.4
2.500
16.1
2.500
14.7
2.500
7.3
2.500
«15.9
2.500
18.6
2.500
20.2
2.500
27.3
2. 500
2.500
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscf __
Roastings (green weight)
do
1,684
14,233
2,331
16 299
18,133
2,679
2 1.484
3 089
1,682
1,575
2,161
4.467
1,707
1,557
1,345
1,249
1,316
1,124
1,337
1,901
1,689
1,651
209
129
115
319
329
206
337
56
57
334
308
280
333
1 350
1.540
1 540
1.460
1.270
291
271
207
211
193
174
314
306
312
1.530
'289
1.460
252
384
339
336
319
324
342
364
408
425
427
426
'422
P379
P341
1 046
13,051
3
186
289
298
J
POULTRY AND EGGS
MISCELLANEOUS POOD 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
thon*! *?h ton5!
Deliveries, total
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Raw sugar, total
From the Philippines
Refined sugar, total
do
do
do
..sh. tons..
thous. sh. tons..
.
do
do
Prices (New York):
Raw, wholesale..
Refined*
Retail (incl. N.E. New Jersey)
Wholesale (excl. excise tax)
Tea, imports
14,808
2,453
3,059
420
422
2,202
3 554
5,053
602
374
280
130
189
135
48
11,245
11,210
4,349
766
764
4,352
775
930
864
891
927
3,850
861
3,451
905
772
4,104
888
3,326
1 033
1,029
3,059
901
2,729
20,335 614,138
4,312
881
970
802
682
613
841
277
118
189
49
447
53
67
28
300
63
330
56
.114
.114
.114
5,130
1,136
656
7 4,177
7 822
(8)
2,331
4,497
2,131
3 781
1,747
269
115
658
1,020
1,014
2,054
894
853
888
2,324
849
3,084
3,711
747
1,019
1,020
1,077
1,174
865
607
16
335
54
550
131
400
114
327
66
348
134
343
0
.114
5.135
.144
.150
.142
.145
.138
.150
.219
35
1 122
1,109
2 264
$ per lb_.
.109
6.143
.114
.114
.114
$ per 5 lb
_$perlb__
1.118
.169
9 1. 211
.204
1.155
.187
1.174
.201
1.212
.193
1.270
.201
1.268
.200
1 189
.198
.191
.205
.213
.223
.214
.220
.223
9,023
12,791
18,648
15,450
17,523
8,286
13,141
13,788
9,390
12,502
8,877
12,332
14,797
thous. lb._ 4203,012 151,751
(9)
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production!
Stocks, end of period©
mil. lb . 3,841.1
113.0
do
4,044.6
106.7
312.4
138.8
305.1
125.2
368.2
112.1
328.0
128.4
335.5
141.1
302.2
126.1
293.0
124.2
360.4
107.2
356.0
106.9
381.5
107.9
370.1
110.0
' 332.2
' 106.7
335.7
121.9
4,352.9
105.4
4,849.2
123.0
391.1
127.7
378.1
118.3
459.0
112.7
435.0
133.8
413.1
128.1
406 8
123.7
368.8
130.8
410.6
132.9
389.2
121.6
407.1
106.8
401.3
120.4
' 389.1
' 123.0
395.1
117.1
Margarine:
2,535.0
Production
._
do
Stocks, end of period©
do
79.9
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb_.
.507
2,519.5
69.5
219.8
61.8
224.6
70.3
243.0
59.3
186.8
72.3
183 7
63.4
194 6
68.8
166.0
67.8
200.6
60.3
207.6
66.0
222.2
68.9
220.6
58.9
' 250. 0
'69.5
229.4
65.1
.529
.500
.500
.514
.552
.552
.552
.552
.525
.522
.521
.533
.528
.523
835.0
847.8
55.1
64.0
66.6
48.7
60.8
67.0
49.1
74.1
82.8
40.6
60.8
74.8
38.3
70.0
71.4
38.8
65.5
63.7
45.4
61.7
62.0
45.1
70.3
70.6
46.3
68.8
74.8
41.8
79.3
77.3
44.4
78.8
72.1
45.0
'80.9
'64.7
'55.1
81.5
70.9
68.8
Salad or cooking oils:
Production:!:
Stocks, end of period©
Animal and fish fats:
Tallow, edible:
Production (quantities rendered) _
Consumption in end products
Stocks, end of periodil
do
do
mil. lb._
do
do
769.4
787.9
42.4
Tallow and grease (except wool), inedible:
6,106.4 5,815.9
Production (quantities rendered) f. .
do
483.2
464.2
537.4
Consumption in end productsl
do. . 3,180.5 3,219.5
254.8
261.9
294.4
347.2
Stocks, end of period^
do
346.6
352.0
349.0
352.3
r
Revised, v Preliminary, i Average for July-Dec; beginning July 1977, prices represent
Midwest and Los Angeles and are not comparable with those for earlier periods. 2 Average for 5 mos. (Aug.-Dec).
3 See " A " note, this page.
* Reflects revisions not distributed to the months.
s Beginning Aug. 1978, prices are estimated; not strictly comparable with those for earlier periods. Annual average for 1978 represents Aug.-Dec.
• Because of an overall revision to the export commodity classification system 7effective Jan. 1,
1978, data may not be strictly comparable with those for earlier periods.
Beginning Jan.
1978, data are for both raw and refined sugar and are not comparable with those for earlier
periods.
» Beginning Jan. 1978, data are no longer available; see note 7, this page.
» Be-
.523
502.0
501.8 ' 486.7
505.9
500.1
474.1
463.3
442.5
491.8
464.9
273.1 i
270.1 ' 244.8
286.0
250.3
281.7
296.3
242.5
273. 6
263.1
400.5 i
304.2
348.8 ' 346.6
394.0
289.2
309.6
346.1
292.7
289.3
ginning July 1978, data no longer available. Annual average for 1978 represents Jan.-June.
© Cases of 30 dozen.
cTBags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
©Producers' and warehouse stocks.
11 Factory and warehouse
stocks.
t Monthly revisions back to 1974 are available.
AEffective April 1977 SURVEY,
data beginning Feb. 1976 are restated to exclude cooler pork; comparable earlier data will
be shown later.
t Revised series. Beginning May 1977 SURVEY, data represent total commercial slaughter (excluding rendered pork fat and lard), whereas the price for calves
(p. S-28), represents a different market. Comparable data prior to Mar. 1976 will be shown
later.
«Corrected.
SUKVEY OF CUERENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1977
1978
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS;
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS—Continued
Vegetable oils and related products:
Coconut oil:
Production, refined
Consumption in end products
Stocks, refined, end of period If
Imports
729.4
878.7
39.9
994.3
768.3
914.2
44.4
1,022.5
58.1
69.3
36.6
65.5
56.8
71.0
35.9
127.1
73.0
81.5
46.0
102.9
70.4
88.9
48.2
72.4
68.1
87.6
41.2
98.3
69.0
76.1
40.7
79.9
65.3
73.6
38.7
104.5
70.3
79.0
39.0
83.7
61 3
72.4
43.0
47.0
69.6
84.0
40.6
80.4
59.7
75.4
40.3
100.7
'46.7
'55.4
44.4
60.1
58.2
71.4
45.0
167.2
671.9
577.0
537.6
33.4
720.0
581.1
537.9
70.4
54.9
47.6
44.7
26.7
51.6
43.2
43.2
31.9
58.7
51.1
48.7
33.4
57.1
44.4
37.5
41.2
68.0
53.3
41.2
52.3
64.7
48.1
44.9
62.9
60.5
41.4
37.7
69.3
59.7
55.1
47.3
71.0
63.8
52.7
50.9
72.6
65.4
54.4
50.8
70.1
59.8
46.3
43.7
74.6
'55.8
43.5
47.3
70.4
45.7
44.2
48.9
59.7
1,254.6
do
do ._ 1,188.8
625.3
_ _ do_ . .
1,417. 7
1,344.8
697.3
141.6
132.4
50.0
129.5
117.0
52.3
141.8
136.6
55.6
122.1
122.5
55.7
109.2
109.9
63.4
113.9
114.1
65.9
107.8
110.0
62.3
103.5
117.5
60.0
82.0
84.7
57.3
108.8
83.7
55.6
134.0
116.0
64.6
'123.5
' 100.4
'54.6
133.3
118.7
55.9
142.3
731.2
.299
127.1
728.8
.332
162.3
50.6
.295
167.0
68.2
.288
188.4
84.9
.315
193.4
61.6
.315
165.4
59.8
.335
139.7
63.5
.333
114.3
70.2
.340
102.3
50.0
.355
84.8
82.3
.405
101.4
25.9
.340
123.0
29.2
.328
127.1
82.5
.330
152.2
56.7
.335
mil. lb . 8,836. 5 10, 621.4
7,789.5 8, 713. 7
- do
7,451.1 8,175.2
do
911.9
719.2
664.1
809.5
665.9
648.8
943.3
816.9
771.7
866.9
752.3
686.5
908.2
746.3
662.4
795.1
662.5
640.5
777.9
649.2
596.2
815.8
725.3
699.8
783.3
679.9
672.5
984.3
782.8
715.9
974.8 '1,050.4
747.7 ' 765. 7
709.3 ' 707.5
986.1
750.8
690.9
970.6
1,945
.309
918.8
113.1
.265
861.2
141.8
.265
808.3
252.6
.320
826.9
218.9
.319
833.8
176.4
.336
839.3
147.2
.315
825.6
165.5
.320
777.5
108.8
.316
728.6
193.4
.330
813.4
96.8
.329
837.1
154.8
.293
' 970.6
175.4
.305
946.0
219.1
.309
687,773
335,981
52, 539
25,925
55,604
26,973
4,811
73,157
27,773
40,904
29,161
4,453
32, 316 29,178
31,446 29,661
42, 661
35,184
52,266
28,032
4 635
41, 319 85,785
26, 755 32,049
95, 786
21,474
86,258
21,548
35,559
42,866
85,135
614,217
3,621
74,359
5,399
48,436
6,769
49,326
7,362
55,317
6,973
50,268
6,981
54,390
7,971
58,267
5,925
44, 397
9,141
54,308
8,002
7,634
50, 321 53, 387
280
271
329
282
319
345
235
298
322
346
5,361
6,050
6,616
5,523
7,205
7,823
6,328
7,522
53, 689
323
6,846
5,456
42, 111
271
6,160
4,398
47, 511
58, 797
54,396
60,090
58,503
91,186
61,605
mil. lb
do
do
do
Corn oil:
Production* Crude
Refined Consumption in end products.
Stocks, crude and ref., end of period 1f
Cottonseed oil:
Production* Crude
Refined t
Consumption in end products
do
do
do. __
do
Stocks, crude and ref., end of period Ht .-do
Exports (crude and refined)
do
Price, wholesale (N.Y.)
$ per lb__
Soybean oil:
Production- Crude
Refined}
Consumption in end products
864.0
Stocks, crude and ref., end of period 1ft do
1,666.9
Exports (crude and refined)
do
.289
Price, wholesale (refined; N.Y.)
$ per l b . .
5
.380
.325
TOBACCO
Leaf:
i 1,912
Stocks, dealers' and manufacturers', end of period
5 070
mil lb
Exports incl scrap and stems
thous. lb ^628,564
Imports incl. scrap and stems
.
. do_ _. 316,236
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxablp
..millions.- 78,133
592,006
do
3,776
66,835
do
Exports cigarettes
i 2, 016
3,716
6,151
6,580
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total?
thous. $_. 582,906 5 694,617
2,508
2,665
Calf and kip skins
thous. skins. 24, 792
Cattle hides
-thous. hides.. 24,488
45,523
211
160
288
265
194
199
222
189
339
181
177
241
207
1,893
2,021
2,270
2,375
2,122
2,078
1,725
2,176
1,779
1,922
1,754
2,676
1,635
Im ports:
Value, total?
Sheep and lamb skins
Goat and kid skins
6,700
841
116
10, 200
1,850
227
10, 800
2,080
143
12,200
2,541
275
11,400
2,245
128
8,800
1,577
45
8,300
1,848
190
7,800
1,323
75
7,600
1,093
117
7,700
920
112
7,100
935
175
7,000
739
158
1,321
352
1,346
.472
.900
.388
.900
.378
1.000
.373
1.100
.413
1.100
.418
1.100
.458
1.200
.478
1.850
.530
1.850
.590
1.850
.573
1.650
.548
1.650
.518
1.800
.603
thous. sq. ft.. 2 206,276 5208,799
17,364
15,309
16,408
16,720
18,899
21,427
14,160
19,726
16,224
17,438
17,947
17,176
13,854
4 235.2
210.0
212.8
208.5
207.1
210.0
227.2
241.6
270.4
261.7
270.4
Footwear:
Production, t o t a l . . .
thous. pairs.. 391,121 395,765
Shoes, sandals, and play shoes, except athletic
thous. pairs . 309,770 309,691
62,675
65,961
Slippers
do
12, 642 15,835
Athletic
do
4,564
2,748
Other footwear
do
32,395
32,572
37, 271
36,173
36,761
34,221
24,481
34,445
31,629
33,530 ' 31,364
27,923
26,955
4,204
26,498
4,698
1,020
29,895
5,520
1,479
27,870
G,0l0
1,568
28,871
5,991
1,578
26,516
5,830
1,474
19,987
3,248
26,827
5,857
1,362
24,116
5,799
1,334
25,103 ' 24,241
6,501 ' 5,479
1,501
1,306
425
'338
22,812
3,538
1,288
5,411
6,179
395
378
585
495
448
514
454
605
467
546
612
679
549
193.3
7 211.3
200.8
206.8
206.8
211.4
211.4
211.4
211.4
213.8
218.6
221.0
171.8
144.9
185.3
7 157.5
176.9
146.8
176.9
146.8
17G.9
146. 8
181.7
157.4
182.9
161.3
182.9
161.3
182.9
161.3
182.9
161.3
187.7
161.3
197.3
170.9
197.3
197.3
197.3
-
thous. $_.
thous. pieces,.
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9^/15 lb
Hides, steer, heavy, native, over 53 lb
$ per lb_.
do
96, 600 105,600
15,468 ' 27,807
1,762
1,137
3.914
.370
47,562
58,535
61, 297
55, 370
55,846
2.000
.653
LEATHER
Calf and wholp kin
Oaftlp Jiirfp and sirta kin
Goat and kid
Exports:
Upper and lining leather
thous skins
trimis hidps and kiDS
thous. skins..
Prices, wholesale, f.o.b. tannery:
Sole, bends, light.
index, 1967=100..
Upper, chrome calf, B and C grades
inripx 1967—100
LEATHER
(6)
(6)
(6)
(6)
r 206. 1
' 267.5 '284.7
284.7
(6)
MANUFACTURES
Exports
-- -do
Prices, wholesale f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality.. -do
978
258
356
377
2
' Revised.
* Crop estimate
for the year.
Annual total reflects revisions
not distrib3
4
uted to the monthly data.
Average for Jan.-Sept., Nov. and Dec.
Average for Jan.5
May, and July-Dec.
Because of an overall revision to the export commodity classification system effective Jan. 1,1978, data may not be strictly comparable with those for earlier
725
321
401
947
299
399
380
6
7
periods.
Data no longer available.
Average for Jan.-Oct.
items not shown separately.
1 Factory and warehouse stocks,
back to Jan. 1977 are available.
285
197.3
9 Includes data for
t Monthly revisions
March 1979
i OJb1 <JUK
SUJ
1978
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
JSIJNI
1978
Jan.
Annual
S-31
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft..
Hardwoods
do—
Softwoods
do
1
37,906
r
1
37,534
6,670
30,864
2,843
442
2,401
2,904
430
2,474
3,222
497
2,725
3,127
571
2,556
3,203
546
2,657
3,333
574
2,759
2,988
6,188
31, 718
597
2,391
3,263
591
2,672
3,285
580
2,705
3,333
629
2,704
3,102
618
2,484
2,931
595
2,336
138,155
do
d o — '6,299
-_.do— r 31,856
137,682
6,641
31,041
2,699
426
2,273
2,741
456
2,285
3,158
511
2,647
3,133
574
2,559
3,355
583
2,772
3,548
600
2,948
3,156
574
2,582
3,357
567
2,790
3,250
577
2,673
3,262
601
2,661
3,116
600
2,516
2,907
572
2,335
4,862
780
4,082
4,746
802
3,944
4,963
787
4,176
5,128
763
4,365
5,201
749
4,452
5,190
752
4,438
5,038
715
4,323
4,877
687
4,190
4,705
706
4,632
732
3,900
4,669
737
3,932
4,740
765
3,975
4,731
783
3,948
4,746
802
3,944
1,670
10,698
1,300
12,199
72
865
94
840
110
125
915
212
1,173
118
1,117
1,194
1,119
94
1,014
1,091
96
979
100
954
97
925
.mil. bd. ft..
..do
8,712
565
*>8,903
»553
738
607
846
757
679
807
706
833
614
705
597
742
612
632
526
718
553
747
8,796
8,781
964
769
1,037
812
783
1,143
745
727
1,161
745
780
1,126
816
925
1,017
619
722
914
738
717
907
790
740
957
707
718
946
944
678
935
do
do—
do—
129
359
v 8,912
*>8,949
P944
478
119
359
634
548
672
717
779
610
do—
do
..do
712
586
810
733
1,114
28
5
23
39
9
29
52
17
36
37
10
27
52
16
36
50
19
47
4
44
35
11
24
31
34
7
27
Price, producer:
Dimension, construction, dried, 2" x 4", R. L.
$perM bd. ft..
230.38
253.39
238.08
241. 81
246.28
238.48
238. 43
272.06
274.74
266.66
271.51
262.40
mil. bd. ft._
do
i 8, 317
470
*i 8,319
624
500
591
495
790
552
767
563
761
588
696
552
544
769
561
671
541
738
542
626
510
618
505
Production
do
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
..
-mil. bd. ft..
i 8,224
i 8,290
•p 18,287
v 18,284
594
622
596
728
733
730
756
735
736
728
732
669
676
733
752
691
737
737
663
658
646
623
Shipments, total
Hardwoods
Softwoods
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
SOFTWOODS
do—
do
do—
do
do
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
Southern pine:
Orders, new
Orders, unfilled, end of period
696
245. 28 245.00
23
258.77
1,166
1,169
1,180
1,206
1,210
1,175
1,174
1,170
1,163
1,144
1,141
1,141
1,146
1,169
M bd. ft_. 157,806
152,121
14, 712
9,784
14,492
14, 920
12,506
15,495
8,991
10,324
12,161
10,467
15,751
12,518
271.0
329.7
299.7
305.5
313.6
321.5
329.7
331.5
333.6
337.7
343.4
346.4
347.1
347.8
348.6
250.2
276.9
267.9
269.9
272.4
271.2
274.4
274.4
276.6
280.6
282.1
283.8
284.3
285.4
285.4
.mil. bd. ft.
do—
10,331
590
*>9,907
469
696
567
752
618
850
636
739
596
877
546
874
526
854
544
889
506
980
545
908
545
714
462
774
469
793
596
-do—
-do—
do—
10,309
10, 295
p 9,910
10,028
744
719
759
701
871
832
790
779
865
927
843
894
786
836
901
927
927
941
897
908
776
797
701
666
1,329
v 1, 211
1,354
1,412
1,451
1,462
1,400
1,349
1,299
1,273
1,259
1,248
751
767
1,211
Exports, total sawmill products
Prices, producer (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, 'F. G., 1" x 4", S. L.
1967=100..
Western pine:
Orders, new
Orders, unfilled, end of period
r
Production
Shipments
Stocks (gross), mill, end of period
Price, producer, Ponderosa, boards, No. 3,1"x 12",
R. L. (6' and over)
$ per M bd. ft..
231.53
4
237.07
247. 58
263.85
264.90
267.57
240.07
251. 25 232. 33
236. 92
254. 23
267.17
1,227
15,273
1,246
317. 01
304.49
6.3
9.2
8.0
7.2
2.7
9.4
9.2
8.3
9.4
1.6
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
.mil. bd. ft.
do...
112.8
7.9
108.6
9.2
9.8
8.9
8.6
9.1
10.8
10.4
9.5
10.7
9.3
11.6
9.3
10.2
8.5
11.4
10.5
11.4
7.9
10.6
9.8
11.0
8.3
9.6
do...
do...
do...
109.8
110.0
6.2
104.7
106.3
2.7
7.9
8.8
5.3
8.0
8.5
4.8
9.9
9.4
5.4
9.0
9.2
5.2
8.5
5.4
9.1
10.1
4.0
7.2
7.4
3.7
9.9
10.4
3.1
8.7
8.7
3. 2
8.9
9.4
2.7
9.4
8.7
3.4
174
834
1
218
977
11
194
973
248
944
11
193
893
35
1,264
46
49
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
-do
Pig iron
do
Imports:
Steel mill products
Scrap t
Pigiront
-
do
do
do
-
2,003
6,175
51
2,508
9,278
51
19,307
625
373
21,135
794
655
160
642
1
191
628
5
208
444
1
2,220
46
7
205
695
255
821
1
271
786
1
174
756
5
777
7
2,175
45
35
1,511
127
38
1,360
55
99
1,785
77
42
1,870
71
78
1,584
70
1,715
51
41
2,016
67
75
1,372
60
48
4,477
4,265
8,488
8,779
4,581
4,851
8,938
4,605
4,509
8,579
8,747
4,070
4,144
7,659
8,865
4,565
4,426
8,279
9,018
4,426
4,186
8,338
8,808
4,699
4,443
8,918
8,536
' 4,442
r
4,342
4, 334
4,237
8,327
8,293
Iron and Steel Seraph
Production
Receipts, net
Consumption
Stocks, end of period
thous. sh. tons.. 1 49,523 ! 51,960
147,873 j 51,804
do
i 92,090
99,133
do
* 9,360 I 8,293
do
3,824
3, 714
3,679 I 3,868
7,541
7, 374
8,923
8,797
4, 730
4,396
8,347
9, 017
Prices, steel scrap, No. 1 heavy melting:
68. 94
66. 04
Composite (5 markets)
$ per Ig. t o n . . 2 55.99 !
73.00
74.50
Pittsburgh district
do
80.35 ! 78.29
r
1
Revised.
* Preliminary.
Annual data; monthly revisions are not available.
2 Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective July 1977, it reflects addition
of Detroit and Houston. Avg. for 1977 is for July-Dec,
4
s Less than 500 short tons.
Average for 11 months; price not available for Nov.
9 Totals include data for types of lumber not shown separately.
t Effective Aug. 1976
' 8,397
' 8,458
88.50 ~93.~56Ti68.~50
eludes sponge iron imports
"•"" "
J, data reflect exincluded in scrap
SURVEY
S-32
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1977
CURRENT BUSINESS
1978
1978
Jan.
Annual
March 1979
Feb.
Mar.
Apr.
May
June
1979
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. lg. tons..
Shipments from mines
do
Importsdo....
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
-do
Stocks, total, end of period
do
At mines
--do
At furnace yards
do
At U.S. docks
do
55,750
54,053
37,905
80,718
82,539
29,924
5,104
3,871
0
4,820
2.475
1,316
6,425
2,489
1,643
6,034
5,299
1,291
94,944
108,462
2,143
114,227
116,305
3,762
4,408
8,735
87
4,185
8,321
2
4,639
9,048
2
6.363
9,379
59,390
14,140
42,271
2,979
55,339
12,469
39,301
3,569
56,342
15,358
37,915
3,069
834
842
94
50
113
49
71
81,328
82,017
1,309
87,687
6,390
6,452
1,271
5,971
6,061
1,200
6,894
7,013
1,108
7,189
7,316
1,916
183.11
196.00
191.00
191.00
191.00
935
15,318
7,496
904
15,294
7,840
949
1,090
543
990
1,161
596
65
829
458
66
816
446
125,333
78.4
136,689
86.6
10,301
77.2
451
1,718
1,488
784
1,863
1,627
494
152
135
Manganese (mn. content), general imports...do—
7,988
8,754
2,182
7,559
1,757
7,593
9,779
4,488
7,314
8,707
4,534
7,032
8,088
1,610
6,546
7,667
4,015
6,552
7,095
3,057
6,144
3,296
2,108
10,907 11,448
10,114 10,216
403
393
11,787
9,940
143
14,658
10,137
348
12,291
9,797
520
12,285
10,323
317
11,524
9,954
733
9,732
10,341
435
4,711
9,457
50, 360 49,862 51,887
22,411 21,598 20,968
26,199 26,903 28,127
1,750 1,361 22,792
51,561
18,772
29,939
2,850
53,791
16,461
34,349
2,981
54,681 55,500 56,432 55,339
15,165 14,104 12, 982 12,469
36, 738 38,585 40,049 39,301
3,569
2,778 2,811 3,401
53,028
14,852
34,473
3,703
55
82
42
97
62
64
7,936
7,969
997
7,754
7,770
1,014
7,637
7,611
1,068
7,518
7,527
1,080
7,391
7,463
1,047
7,809
7,887
983
7,533
7,594
965
191.00
191.00
191.00
191.00
203.00 203.00
203.00
1,009
1,327
646
1,969
1,301
663
976
1,423
737
1,406
734
946
1,148
587
1,000
1,330
711
963
1,279
673
917
1,444
729
'907
1,312
904
1,173
558
9,643
80.1
11,083
83.1
11,528
88.5
12,320
91.5
11,861
91.1
11,388
85.1
11,550
86.3
11,467
88.6
12,105
11,654
89.4
11,812
87.7
461
141
124
502
158
138
512
153
133
492
168
145
501
162
140
592
124
108
634
156
134
668
159
139
711
173
153
'734
'161
'141
784
156
137
8,055
8,610
8,787
8,293
8,252
8,599
7,813
8,196
8,206
434
413
714
146
491
460
767
155
467
444
772
141
S93
393
694
111
457
426
697
123
491
419
688
140
463
422
701
156
423
424
690
145
461
424
746
154
411
400
662
155
1,423
827
412
177
1,509
884
437
180
1,524
904
430
182
1,272
661
359
149
1,463
845
436
174
1,465
877
407
173
1,531
916
422
185
1,370
796
411
155
1,430
856
408
159
1,401
805
396
191
737
231
449
3,509
1,207
1,445
779
228
502
3,719
1,297
1,527
737
235
549
3,918
1,349
1,629
175
472
3,455
1,176
1,430
211
498
3,720
1,316
1,512
204
536
3,630
1,288
1,473
219
487
3,921
1,391
1,588
652
199
410
3,499
1,292
1,398
619
184
524
3,653
1,384
1,420
641
199
526
3,812
1,315
1,607
4,320
2,463
922
5,526
1,015
1,486
1,544
7,330
2 1,464
2 715
2 305
2 1,880
2 291
2 486
2 576
2 2,491
54,092 53,084
17,702 21,687
33,701 29,195
2,689 2,202
7,751
8,558
2,102
62
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
$ per sh. ton..
Castings, gray and ductile 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.
Steel, Raw and Semifinished
Steel (raw):
Production..
thous. sh. tons.Rate of capability utilization*.
.percent, Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do...
For sale, total
..do...
7,688
7,721
'889
7,064
7,098
851
203.00 203.00
203.00
203.00
11,105
83.5
Steel Mill Products
86,187
7,539 8,718
91,147
Steel products, net shipments:
Total (all grades)
thous. sh. tons. 1 3,991
3,922
352
344
425
By product:
376
354
421
4,383
4,382
Semifinished products
.do...
596
738
649
7,529
6,588
Structural shapes (heavy), steel piling.__do...
132
157
1,863
136
1,677
Plates
do...
Rails and accessories...
do... 15,420 13,807 1,221 1,236 1,438
Bars and tool steel, total...
do.
7,428
769
854
9,362
754
Bars: Hot rolled (incl. light shapes) do.
4,688
384
4,179
284
307
Reinforcing.
do.
1,691
191
1,794
161
169
Cold
finished
do.
804
6,547
7,490
708
Pipe and tubing
do.
235
2,457
192
198
2,400
Wire and wire products
do.
566
6,100
461
645
6,382
Tin mill products
do.
3,933
40,706
3,300
3,326
41,687
Sheets and strip (incl. electrical), total. ..do.
1,406
14,114
1,127
1,190
14,558
Sheets: Hot rolled
do.
1,644
17,235
1,382 1,373
17,684
Cold rolled..
do.
By market (quarterly shipments):
4,179
17,377
315,346
Service centers and distributors©
do.
2,079
9,582
3 7,553
Construction, incl. maintenance©
do.
3,789
4,500
Contractors' products
do.
5,117
21,254
21,490
Automotive
do.
820
3,555
3,238
Rail transportation
do
1,477
6,040
5,566
Machinery, industrial equip., tools
do
1,790
6,601
6,714
Containers, packaging, ship, materials _. .do
7,179
3 26,740 3 29,738
Other©
.do.
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
32.6
34.1
33.1
mil. sh. tons..
34.1
Producing mills, inventory, end of period:
9.1
9.4
10.0
Steel in process
mil. sh. tons..
11.7
10.1
6.8
8.0
Finished steel.
do....
7.6
7.4
7.8
Service centers (warehouses), inventory, end of
6.7
6.4
6.4
period
...mil. sh. tons.
6.6
Consumers (manufacturers only):
10.0
9.9
9.9
10.5
Inventory, end cf period
do...
5.9
5.2
5.1
67.5
63.5
Receipts during period
do...
5.2
5.8
5.0
63.9
66.8
Consumption during period
do...
r
Revised.
v Preliminary.
i Annual data; monthly or quarterly4 revisions are not
available. 2 p o r month shown.
3 See note "©" for this page.
Avg. for 11 months;
Feb. price not available.
•New series. Source: American Iron and Steel Institute. The production rate of capability utilization is based on tonnage capability to produce raw steel for a full order book
4,159
2,432
934
5,365
4,709
2,497
926
5,257
856
1,577
1,652
7,977
1,497
1,615
7,287
32.5
33.7
33.7
34.9
35.1
'35.0
34.9
35.3
9.2
7.0
9.5
7.3
9.7
7.0
10.6
7.1
10.6
7.2
10.7
7.3
11.0
8.0
6.6
7.1
7.1
7.1
7.1
'7.0
10.9
7.4
6.6
10.1
5.0
4.7
10.2
5.8
5.7
10.0
5.4
5.6
10.0
6.2
6.1
9.8
6.1
6.1
9.7
5.3
5.6
9.7
5.7
6.0
'6.1
11.7
8.0
6.6
10.5
5.7
4.
based on the current availability of raw materials, fuels and supplies, and of the industry's
coke, iron, steelmaking, rolling andfinishingfacilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &
gas supply houses and pipelines, which were formerly shown in "Service centers and distributors" and "Construction, incl. maintenance," respectively, are now included in "Other.
SURVEY
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
CURRENT BUSINESS
1978
1977
S-33
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1979
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
Platps sheets bars etc
Exports:
Metal and alloys crude
Plafp^ sheets bars etc
.
.
4,539
1,591
4,804
1,407
400
366
395
114
395
118
408
107
125
399
122
416
127
403
117
405
114
410
104
387
110
132
418
117
do
do
673.3
73.8
756.9
34.2
'53.0
1.5
'64.0
2.8
'74.4
3.1
'58.2
2.4
'89.9
2.4
'83.5
2.1
'66.9
4.8
'50.7
5.2
'51.3
2.2
'86.9
2.4
'43.1
2.8
35.0
2.5
do
do
97.8
207.9
126.6
197.0
3.7
13.0
5.7
19.6
6.1
19.0
4.2
14.8
7.0
19.5
9.3
17.3
8.5
15.1
11.0
14.5
15.9
19.5
17.7
13.8
23.1
15.4
14.3
15.7
18.5
.5134
.5308
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5390
.5500
.5500
932
1,026
1,267
1,081
1,228
889
504
171
986
552
184
933
528
164
988
565
172
1,258
995
556
171
1,107
878
509
126
1,197
1,008
562
165
1,175
936
535
165
1,344
'1,008
'575
184
1,181
931.7
1,986
852
476
158
5,811
5,802
5,732
5,751
5,697
5,666
5,705
5,588
5,612
'5,577
5,545
1,490.3
1,533.1
1,408.9
124.2
453.0
125.4
116.3
108.7
133.5
134.6
124.4
10.2
41.0
129.3
119.8
113.7
41.0
133.7
129.6
119.3
10.3
41.0
128.0
128.4
121.4
7.0
44.0
97.8
104.8
95.9
29.0
122.5
116.0
99.8
16.2
31.0
30.0
125.1
133.6
126.9
6.7
36.0
123.2
123. 4
117.4
6.0
37.0
130.4
136.4
128.5
7.9
41.0
127.6
147.4
136.1
11.3
39.0
113.9
142.8
116.8
26.0
43.0
528.1
394.0
607.5
463.4
64.0
47.4
55.5
45.9
69.3
58.2
94.5
77.9
62.6
47.8
63.8
53.4
46.5
39.2
38.6
28.7
28.4
17.6
34.5
27.7
24.8
12.3
24.2
6.6
220.3
52.7
321.6
109.3
17.1
19.1
28.1
11.4
26.5
10.1
23.3
31.6
10.2
41.2
22.2
20.8
5.3
34.4
4.9
24.2
11.9
20.4
4.7
2,202
649
2,417
172
178
491
658
164
647
151
550
154
534
133
595
491
128
.6677
.6651
.6362
.6359
.7657
.8970
Price, primary ingot, 99.5% minimum..$ per l b . .
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill Droducts total
mil. lb._
do
Castings
do
13,199
10,420
6,041
2,009
Inventories, total (ingot, mill products, and
5,685
scrap) end of period
mil. l b . .
Copper:
Production:
1,504.0
TVftnp rppnvprflble roDDPr
thous sh tons
1,496.2
Rpfinerv Drimarv
do
1,411.0
From fiornpstic ores
do
85.2
From foreign ores
do
376.0
Secondary, recovered as refined
do
Imports (general):
"Rftfinpd nnrpfinpfi soraD (coDDer cont ) do
Refined
do
Exports:
T?ftfinpd fltid sorBX)
do
Consumption, refined (by mills, etc.)
do
^tftpV*? rpfitipd pnd of Deriod
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
$perlb..
Copper-base mill and foundry products, shipments
(quarterly total):
2,668
2,667
583
Copper wire mill products (copper cont.)...do
Lead:
Production:
Recovered from scrap (lead cont.)
1
do
Imports (general), ore (lead cont.), metal...do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS.
thous. sh. tons .
Refiners' (primary), refined and antimonial
Scrap (lead-base, purchased), all smelters
(pm<i<i vtrpipht")
Price, common grade, delivered
thoilS sh
tons
...$ per lb..
Tin:
Imports (for consumption):
Ore (tin content) t
.metric tons
Metal, unwrought, unalloyedf.-do
Recovery from scrap, total (tin cont.)f
do
Asmetalf
do
Consumption, totalt
do
do
635
642
7.2
154
5.3
156
595
144
578
135
621
560
130
.6477
.6657
.6408
.6723
.6763
.7050
.7119
.7190
144
648
162
637
163
.6241
.6462
582.9
49.8
54.7
45.0
56.4
57.1
63.7
49.4
57.8
54.3
64.3
40.1
62.1
35.5
54.1
47.6
62.6
49.5
68.5
55.5
71.2
50.0
70.1
49.1
204.3
1,582.3
83.9
5.4
122.5
3.4
115.0
13.2
125.2
7.7
122.5
5.5
117.4
4.8
121.6
11.0
99.5
11.0
125.2
4.5
124.9
7.4
' 140.4
5.2
130.9
4.9
4.4
184.6
182.1
176.4
184.4
189.8
198.6
198.5
199.2
15.4
109.3
15.4
106.0
15.8
111.7
20.0
119.4
31.4
111.9
31.4
119.7
32.1
115.9
30.1
113.8
24.2
109.6
19.6
115.6
17.5
113.4
18.2
110.5
97.6
.3300
94.2
.3300
83.7
. 3300
82.8
.3300
73.8
.3100
64.4
.3100
61.1
.3100
63.8
.3217
63.7
.3406
68.7
.3661
75.4
.3800
.3800
.4076
169
2,911
1,160
175
273
4,727
1,255
145
664
5,070
1,505
125
439
4,369
1,485
135
355
3,382
1,410
155
273
3,861
1,265
150
718
115
2,530
4,581
4,100
3,900
3,500
3,700
3,700
52
3,410
1.855
175
5,300
4,000
193
4,518
3,700
324
7,626
5.9230
380
6,628
5.9336
579
6,291
5.5757
617
7,785
5. 3962
405
8,139
5. 7027
40
5,413
1,630
155
5,400
4,000
384
7,846
6.0092
62
3,144
1,215
180
4,500
635
3,438
1,555
160
5,700
4,200
274
7,817
6. 0700
508
7,260
6. 3925
298
5,774
6. 7484
269
4,975
7.3918
280
5,666
7.4502
6. 9562
33.9
33.2
35.3
35.2
33.1
22.7
19.9
25.6
24.6
26.6
'23.6
23.9
3.8
64.9
10.9
43.4
13.7
35.1
17.9
65.1
13.0
78.8
19.0
56.1
6.0
49.9
25.6
47.4
9.2
49.2
25.3
54.0
29.2
53.4
33.6
83.8
7.0
27.2
7.8
27.2
8.4
28.6
8.8
28.4
9.9
16.4
8.6
15.9
8.8
15.6
8.1
15.6
7.4
'15.6
6.8
'16.3
9.1
16.3
8.4
15.2
36.6
30.0
27.0
3.4
96.0
30.1
3.4
93.0
32.0
3.7
99.0
31.3
3.2
99.9
34.5
39.0
39.1
100.0
4.
33.5
3.9
96.4
41.3
2.9
3.4
3.5
84.3
105.3
95.6
87.9
40.9
82.5
.2900
32.5
88.1
.2901
31.8
93.2
.2980
27.4
92.3
.3116
30.1
86.8
.3237
26.9
89.0
.3283
32.9
85.3
.3442
38.4
94.6
.3450
91.3
.3070
6,724
48,338
15,380
1,790
68,000
55,500
.3365
3,873
46, 773
4,693
6.2958
O
o
65.8
38.4
2.6
2.9
85.9
84.0
31.7
2.7
(2)
64.3
62.8
56.9
86.8
94.6
76.7
81.0
83.6
Consumers'
do
.3050
.3006
.2900
.3097
Price, Prime Western
$ per lb_. .3439
r
1
2
Revised.
Annual data; monthly revisions are not available.
Less than 50 tons.
3
See " *" note for this page. 4 For month shown.
cf Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
§ All data (except annual productionfigures)reflect GSA remelted zinc and zinc purchased
for direct shipment.
O Revised Dec. 31 stocks for 1970-73 (thous. tons): 124.2; 48.6; 30.1,
25.9. Producers' stocks elsewhere, end of Feb. 1979, 15,405 tons.
7.3
8.9
519
'174
'653
679
145
Price, Straits quality (delivered)*
Zinc:
337.6
Mine prod., recoverable zinc
thous. sh. tons.. 449.6
Imports (general):
207.2
122.8
Ores (zinc content)
do
576.7
681.1
Metal (slab, blocks)..
do
Consumption (recoverable zinc content):
99.0
100.8
Ores
do
238.2
237.3
ScraD all tvDes
do
Slab zinc: §
Production (primary smelter), from domestic
444 8
and foreign ores
thous sh tons
450 1
38.7
50.6
Secondary (redistilled) production
do
1,127.
3
1,103.1
Consumption, fabricators
do
Producers', at smelter (ABMS)O_.
566
620
6.1
3.1
589.2
734.4
5,462
8,441
3
5.3460
$ per lb..
Stocks, end of period:
7.6
69.6
50.0
86.4
.2900
3.1
.4363
5,400
4,000
1
375
6.8423
7.2008
34.0
48.2
39.9
38.0
.3457
.3562
* New series effective with data for Jan. 1976. Source: Metals Week. MW Composite monthly
price (Straits quality, delivered) is based on average of daily prices at two markets (Penang,
Malaysia—settlement, and LME 3-month—High grade), and includes fixed charges plus
dealer's and consumer's 70-day financing costs; no comparable earlier prices are available.
t Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert U.S.
long tons to metric tons, multiply by factor, 1.01605).
« Corrected.
Marcli 1979
KJtiJN.V B\J SIJNJi
S-34
Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes are a s shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1977
1978
Annual
1978
Jan.
Mar.
Feb.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly. 9 O
mil. $.*.
Electric processing heating equip
do
Fuel-fired processing heating equip
do—
i 240.8
168.0
192.5
286.8
71.4
118.2
Material handling equipment (industrial):
Orders (new), index, seas, adj
1967= 100..
232.3
336.1
286.5
246.2
298.6
334.0
362.1
351.0
318.2
433.5
308.0
353.0
346.2
392.5
Industrial trucks (electric), shipments:
Hand (motorized)
number..
Eider-type
-do
Industrial trucks and tractors (internal combustion
engines), shipments..
_
.number..
18,000
21,409
20,994
25,119
1,363
1,614
1,775
1,912
1,897
2,441
1,539
2,173
2,043
2,241
1,815
2,128
1,297
1,609
1,699
2,190
1,882
2,214
1,986
2,275
1,842
2,191
1,856
2,131
1,847
2,472
43,289
51,986
4,378
4,675
4,312
3,839
5,200
3,106
4,645
4,972
5,054
4,486
4,100
4,729
199.2
231.1
207.4
236.5
191.4
205.3
2,202.05
1,980.70
1,650.80
1,469.85
1,793.6
3,375.45
3,043.15
2,188.50
1,960.10
2,980.6
794.85
730.70
629.95
560.35
384.1
986.55
896.85
824.95
728.50
517.7
19,942
1,127.8
5,271
330.1
22,058
1,376.9
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted...
....1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.)
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
Shipments, total
Doirestic
Order backlog, end of period..
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic.
Order backlog, end of period
mil. $..
.do
.do—
-do
do
do..
do..
do..
_do_.
do..
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units.
mil. $.
Wheel (contractors' off-highway)
units.
mil.$_.
il$
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units..
mil. $..
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
..units..
mil. $..
3,219
213.8
198. e
215.4
218.6
222.8
226.2
228.3
227.5
225.4
232.7
251.3
258.0
253.4
266.0
224.0
233.6
233.9
242.2
238.6
243.3
253.7
250.6
253.3
247.2
255.5
199.8
200.6
201.5
202.3
203.7
205.6
206.9
207.8
210.1
212.5
213.8
215.7
•301.15
•238.70
•218.50
'196.95
•2,980.6
P421. 20
' 80.25
' 73.75
' 91.40
r
74. 40
' 517.7
P 97.10
?92.75
P 68.25
P59.40
^546.6
230. 55 234.40 258.90
205. 45 210.00 230,80
146. 25 151. 60 206.00
130. 95 140.35 188.35
1,877.9 1,960.7 2,013.6
83.80
76.35
63.00
55.55
394.9
173,568
2,662.7
thous..
54,601
56,229
Radio sets, production, total market
thous..
Television sets (incl. combination models), production, total market
...thous..
52,926
78.9
34.4
29.6
65.5
16.8
23.3
208.7
65.40
62.60
66.35
61.40
420.9
76.95
71.30
50.00
44.30
421.9
302.20
267.40
273. 70
235. 30
178.70
189. 45
158.65
175. 25
2,137.1 2,215.7
76.70
70.80
64.25
55.45
433.4
87.45
80.20
66.25
61.20
454.6
316.95 249.30 274.65 253.00
280.55 231.20 255.10 234.40
216. 05 137.75 161.70 193. 60
193.05 123.55 142.90 172.40
2,315.9 2,427.5 2,540.5 2,594.9
75.80
69.60
76.90
68.95
453.5
72.25
66.95
70.65
64.40
455.1
100.15
93.95
53.70
49.00
501.5
81.70
75.35
65.15
57.55
518.0
5,820
350.1
1,537
107.7
5,926
361.0
1,546
119.1
4,752
304.3
1,464
-L, t\Jt
105.7
11,825
394.7
13,076
464.9
12,031
400.9
45,912
47, 931
706.6
37,911
552.8
42,730
1,328.2
207,239
2,758.7
75.0
15.3
36.5
67.3
14.8
28.8
334.05 352.90
312.00 335.95
195. 05 188.85
173,10 164. 60
2,733.8 2,897.9
79.95
74.55
71.75
65.45
526.3
88.15
81.45
85.55
70.85
528.9
^378.20
"177.55
*159.15
*>3,224.2
5,560
361.5
41,814
709.8
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
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 (qtrly.)
_
.do
4,711
4,209
3,975
3,287
3,456
3,695
3,703
5,247
5,972
6,442
5,692
•5,818
5,364
2,700
2,907
2
5,422
3,272
3,883
2 5,585
4,328
4,313
2 4,831
3,937
3,246
3,610
3,552
2,872
2
1 , 674
1,368
1,288
2 1,678
1,225
1,279
a 2,044
1,538
1,345
1,666
1,224
1,388
3,100
703
307
280
293
480
118
416
296
3,205
639
330
277
307
536
153
446
3,247
591
320
280
296
604
191
435
271
3,084
2,616
307
211
255
249
548
163
376
246
2,789
111
301
278
294
586
168
469
327
2,720
101
288
287
274
528
115
468
340
2,162
2,855
130
342
335
298
518
103
463
347
2,554
162
342
293
259
431
81
372
324
2,225
240
276
231
221
346
67
325
256
2,479
259
300
271
236
375
97
416
306
2,143
130
154
286
118
161
275
127
168
217
126
124
217
137
146
230
155
168
217
15,432
17,406
1,103
1,197
30,957
3,270
3,356
2,941
3,011
5,707
1,598
4,933
3,553
9,392
33,216
4,037
3,556
3,313
3,127
5,890
1,522
5,038
3,621
9,136
• 2,193
233
230
234
'214
360
100
348
263
2,422
270
266
273
230
388
114
410
287
3,343
124
140
242
133
157
270
569
345
291
305
569
150
513
375
1,747
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous_.
Ranges, total, sales
do
Water heaters (storage), automatic, sales
do
1,508
1,746
* 3,070
121
110
230
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production }____
thous. sh. tons..
'350
610
6,175
16,445
M30
52
Exports .
dr»
33
625
24
869
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 46.579 5 47.135 46. 579 46. 579 46. 579
Bituminous:
1
Production $
thous. sh. tons.. 688,575 653.800 23,115 23,520 38,765
r
1
Revised.
*
Preliminary.
Annual
data;
monthly
or
quarterly
revisions
not avail.
2
3
4
Data coyer 5 weeks; other periods, 4 weeks.
For month shown.
Beginning July
1977, data include shipments to mobile home and travel trailer manufacturers
(formerly
5
excluded); they are not directly comparable with those for earlier periods.
Average for
Jan.-Apr. and June-Dec.
595
31
570
43
680
66
575
116
535
142
575
100
'425
179
47. 192
47.192
47. 498
47. 542
47.537
47.530
47. 675
455
79
4.7.677
59,530 62,220 65 565 53,640 64, 395 57,775 69,860 69,245
9 Includes data not shown separately.
t Monthly revisions back to 1973 are available upon request.
©Effective 1976, data reflect additional reporting firms.
59,630
52,085
575
19
46. 579
650
62
366
47. 677
March 1979
KKN1r BU SUN*
OF
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1978
Jan.
Annual
S-35
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
3,526
444.8
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued t
Industrial consumption and retail deliveries,
total 9 _..
thous. sh. tons.. 620,174
475,360
Electric power utilities
...do
137,785
Mfg. and mining industries, total
do
77,396
Coke plants (oven and beehive)
-do
54,405
42, 594
10,916
5,399
46,014
35,737
9,386
4,155
43,810
33,923
9,237
3,988
45,504
34,545
10,418
5,501
48,753
37,125
11,132
6,406
51,827
40,593
10,758
6,382
55,428
44, 035
10,942
6,530
57,215
45,952
10,820
6,436
53,921
42,556
10,839
6,391
52,270
39,770
11,723
52,186
39,659
11,676
6,496
7,020
895
891
650
540
495
475
450
442
525
776
850
118,121 93,130
102, 792 82,437
15,147 10,574
5,067
8,130
83,942
75,081
8,747
3,750
Retail deliveries to other consumers
do
Stocks, industrial and retail dealers' end of
period, total
thous. sh. tons.. 152,317
130, 951
Electric power utilities
do
Mfg. and mining industries, total
d o — 21,146
12,721
Oven-coke plants
do
Retail dealers
do.
Exports
.-Price, wholesale t
do
Index, 1967=100-
220
53,687
15,517
430.0
96,462 110,886 121,588 119,791 122,607 125,568
85,772 98,472 107,498 107,443 110,006 112,797
10,555 12,239 13,780 12, 058 12,246 12,407
7,129
6,604
6,276
5,602
8,237
6,202
143,564 142,643
129,359 127,118
13,848 15,145
7,272
8,520
182
119
114
135
175
310
355
364
357
199
403.2
109
404.6
16
406.5
940
426.4
1,548
432.4
1,730
434.5
1,223
1,251
437.2 '441.9
3,338
442.9
1,837
444.1
1,911
442.9
1,415
442.8
29
29
2,741
2,014
29
2,661
2,321
29
3,753
2,137
33
4,398
2,286
29
4,362
2,220
29
4,455
2,252
25
4,379
2,388
29
4,346
30
4,512
31
4,383
32
4,645
5,209
5,059
150
2,146
3,461
3,373
87
2,270
3,189
3,107
81
2,321
2,993
2,910
83
2,380
2,938
2,848
164
2,095
2,954
2,827
127
2,397
3,008
2,896
112
2,287
3,128
3,029
99
• 3,277
' 3,178
100
3,496
3,357
139
103
78
30
1,406
307.5
1,294
310.5
1,861
312.2
1,372
316.4
290
445.0
COKE
Production:
Beehive..
Oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
thous. sh. tons..
449
do
2 53,060
..do
' 26,949
d o — r 6,444
'6,308
do
136
...do
2,050
do
355
48,238
2,376
2,846
2,731
114
2,489
1,241
891
62
81
42
56
103
74
53
46
125
18,886
274.2
5,468.3
90
17,758
300.1
1,184
288.8
449.8
85
1,486
289.7
401.2
84
1,499
293.4
447.9
85
1,369
294.3
426.3
1,209
295.5
472.2
1,812
298.9
451.2
1,503
301.9
470.3
88
1,516
302.7
483.2
91
1,619
305.7
461.9
6,832.8
561.6
503.6
585.4
537.4
549.6
553.6
573.5
575.1
579.5
3,009.3
258.8
50.1
234.4
45.3
237.0
50.9
261.2
49.9
272.8
48.9
264.7
49.0
271.2
50.1
272.4
50.0
263.6
48.0
2,425.6
' 789.1
189.2
63.5
159.2
64.7
190.3
71.2
163.5
173.1
54.6
192.1
192.8
59.5
197.0
55.7
209.1
' 200.1
-43.9
-76.1
-23.5
37.1
—1.1
..-do.
6,816.1
618.4
590.3
616.8
556.8
589.4
do.
do.
18.3
70.3
.2
5.6
1.9
6.5
4.3
5.9
5.4
7.1
6,727.5
2,633.5
64.0
584.5
193.6
8.8
608.4
226.2
6.0
531.4
217.3
3.2
3.8
5.9
562.1
241.0
3.8
551.1
6.3
6.8
do..
do..
do.
3.0
4.9
610.4
207.6
9.6
541.5
2.8
7.4
548.1
238.8
2.7
546.5
236.3
3.0
576.9
245.6
3.4
538.0
223.5
5.2
do.
do.
-do.
1,223.3
1,120.9
' 379.3
137.6
108.4
30.4
135.3
111.0
31.0
126.8
109.6
34.5
92.8
89.7
30.4
94.4
82.7
30.8
85.1
78.5
31.6
77.9
86.2
31.4
86.2
91.1
35.0
79.6
81.4
32.3
do.
do_.
do.
do.
do.
do.
do.
58.3
156.0
'518.9
4.3
4.6
57.6
4.4
4.6
50.4
4.8
7.7
44.2
5.3
10.4
34.7
5.5
15.2
36.2
5.8
20.8
33.6
5.1
21.1
34.7
5.8
24.1
33.7
5.1
19.8
40.1
Exports
do
3,357
139
3,603
2,177
5,937
5,772
90
2,188
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed.
number..
Price, wholesale
Index, 1967=100..
Gross input to crude oil distillation units..mil. bbl_.
Refinery operating ratio
% of capacityAll oils, supply, demand, and stocks:
New supply, total <?t
mil. bbl_.
Production:
Crude petroleum J
do
Natural-gas plant liquids
do
Imports:
Crude and unfinished oils |
do
Refined products t
do
Change in stocks, all oils (decrease,—)t—do.
Demand, total t__
Exports:
Crude petroleum
Refined products
--
_
Domestic product demand, total 91
Gasoline
Kerosene t
Distillate fuel oil t
Residual fuel oil t
JetfuelJ
Lubricants t
Asphalt
Liquefied gases t
Stocks, end of period, total
Cmde petroleum
Unfinished oils, natural gasoline, etc
Refined products.
Refined petroleum products:
Gasoline (inch aviation):
Production t
_
Exports
Stocks, end of period
do.
do..
...do.
1,311.9
' 347.7
' 121.7
' 842.5
2,581.2
6.5
3.4
571.8
47.8
7.6
560.1
5.9
6.1
58.8
41.9
1,267.4 1,191.2 1,167. 7 1,174.2 1,177. 6 1,185. 2 1,222.3 1,221. 2 1,263.1
363.8
354.6
365.0
367.9
357.7
368.3
363.4
351.2
350.1
124.0
123.4
123.0
121.5
119.1
115.0
121.0
118.3
121.6
699.0
686.1
732.8
744.5
779.8
680.6
700.8
797.8
719.6
215.8
0)
186.4
0)
274.0
210.1
0)
262.3
260.7
275.3
Prices (excl. aviation):
r
252.0
252.9
Wholesale, regular J
Index, 2/73=100253. 6
255.1
264.9
Retail (regular grade, excl. taxes), 55 cities
.511
.510
(mid-month)
$ per gal—
.512
.507
.531
Aviation gasoline:
.7
.8
Production
mil. bbl—
14.2
0
0
.1
0
Exports
do
2.9
2.4
3.0
3.0
Stocks, end of period
do
Kerosene:
5.3
5.9
5.5
'62.6
Production t
do
11.5
11.9
14.3
18.0
Stocks, end of period
do
Price, wholesale (light distillate) t
388.2
388.4
383.0
392.6
Index, 1967=100.. . ' 358.5
T
2
Revised.
i Less than 50 thousand barrels.
Reflects revisions not available by
months.
3 Beginning Jan. 1979, price includes taxes formerly excluded.
9 Includes
data not shown separately.
§ Includes nonrnarketable catalyst coke.
62.7
322.2
90
222.2
226.6
.1
219.1
211.8
223.4
.1
219.3
255.5
260.5
266.4 '271.3
274.6
277.9
277.3
282.8
.517
.524
.533
.542
.545
.547
.554
.564
1.3
0
2.4
4.2
13.6
1.4
0
2.5
1.4
0
2.6
1.6
0
2.5
1.4
0
2.6
201.2
(0
251.6
220.1
0)
236.1
217.8
253.0
.512
1.1
0
2.4
4.0
12.9
232.7
0)
292.5
3
.684
.700
4.1
3.8
3.8
3.9
16.1
15.9
16.7
14.8
407.0
393.1 ' 394. 4 395.5
390.7
391.4
387.9
397.1
402,5
413.8
d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
I Monthly revisions back to 1973 for bituminous coal, back to 1974
for petroleum and products and for 1977 for wholesale price indexes will be shown later.
S-36
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978 v
1978
Jan.
Annual
Marcli
OF CURRENT BUSINESS
SUE
Mar.
Feb.
Apr.
May
June
1979
1979
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 '1,196.3
r
do
91.3
Imports^
do
.5
Exports
do
250.3
Stocks end of Deriod
Price, wholesale (middle distillate) t
Index, 1967=100.. '384.1
Residual fuel oil*.
r
640.1
Production!
mil bbl
r
496.1
do
Imports^
2.3
do
Exports
Stocks end of Deriod
Price, wholesale t -
do
Index, 1967=100
Jet fuel:
Production!—_
Stocks, end of period*
89 7
' 522.5
..mil. bbl.. ' 355.0
do.... '34.5
Lubricants:
Production
ExDorts
Stocks end of Deriod
do
398.1
93.0
5.8
88.2
3.0
99.4
3.7
93.2
4.4
.2
96.4
4.6
101.6
4.4
.1
.1
.1
200.4
220.8
213.4
165.9
137.9
136.3
145.1
157.5
180.5
396.7
398.6
394.8
393.3
393.3
393.3
393.2 ' 393.6
58.0
42.1
50.4
43.8
54.5
52.7
46.6
46.9
51.0
37.9
47.5
30.4
.3
.7
.2
.5
.1
81.4
514.8
64.9
502.7
62.2
491.6
66.2
494.6
72.4
505.9
71.9
509.3
28.6
34.6
27.8
33.3
30.1
32.0
29.5
34.6
31.4
38.5
28.8
37.4
.4
496.8
82.2
5.8
.4
(2)
5.1
4.6
5.8
5.7
5.9
5.8
95.2
4.9
394.1
49.4
40.2
50.7
39.2
.3
.8
.4
75.3
73.7
494.5 '480.8
81.2
480.2
28.8
38.0
6.3
30.1
35.7
6.1
399.9
408.5
417.8
425.5
432.3
484.0
500.9
502.2
517.9
520.5
49.4
39.4
29.7
35.3
6.0
do
do
.7
.8
1.1
.7
12.1
12.4
12.0
11.3
11.9
.9
1.0
12.3
.7
11.9
.8
12.1
11.6
11.8
do
154 1
18.7
8.6
22.6
6.7
24.7
9.8
26.8
12.2
28.6
15.9
29.2
16.4
25.0
17.7
21.8
18.9
16.8
19.1
16.2
' 571.6
443 0
r 128 6
' 136.3
47.2
37.1
10.1
121.7
43.1
33.6
49.5
38.3
11.2
112.6
47.1
36.7
10.5
121.5
47.7
36.5
11.2
129.4
46.0
34.9
11.0
138.5
46.4
35.6
10.8
147.3
46.3
35.4
10.9
155.1
46.1
34.7
11.4
156.7
35.8
36.1
6,349
6,231
5,323
6,251
6,275
5,363
6,894
6,508
5,895
6,429
6,358
5,976
' 1,136 ' 1,020 '1,144
'721
732
744
1,085
729
'4,051
118
•3,088
120
375
'351
3,931
105
2,986
130
369
341
Asphalt:
T^rod notion
Stocks And of D&riod
An
Liquefied gases (incl. ethane and ethylene).|
Production, total
_ do
At ess Tyroce^sinsr Dlants (L P Q )
At rAfin«rip<5 (1* "R O ^
Stoolr<5 fat Tilants and rpfinpriftO
64.5
94.7
6.0
An
do
do
9.6
.8
9.5
111.5
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. cords (128 cu. ft.).
Consumption
do...
Stocks, end of period
do...
Waste paper:
Consumption
Stocks, end of period
thous. sh. tons.
do
6,998
6,780
5,382
6,538
6,776
5,151
6,463
6,751
4,844
6,949
6,884
5,020
6,203
6,090
5,141
1,095 '1,046 '1,183
633
706
640
1,155
744
1,217
745
1,119
753
732
3,944
131
2,983
172
342
316
3,642
135
2,701
168
326
312
4,149
142
3,149
166
352
340
4,101
113
3,150
165
342
330
4,100
136
3,064
173
387
341
4,109
130
3,085
178
389
325
3,672
114
2,823
129
304
301
3,848
117
116
302
329
3,878
84
2,9fiO
127
362
345
609
62
1,051
613
379
59
1,062
618
391
53
1,090
613
415
62
1,074
613
397
64
1,069
611
395
63
426
407
1,014
516
432
1,048
545
436
67
993
473
454
66
'999
'486
••442
'70
480
423
65
i 2,640
796
i 1,844
185
61
124
185
62
123
233
83
150
210
46
163
227
71
156
266
80
186
230
69
161
174
54
120
73
196
207
60
147
204
52
152
13,864
179
i 3,686
326
10
316
319
23
297
327
20
307
300
402
16
303
7
296
327
20
307
325
5
320
316
20
297
351
8
343
367
33
5,242
2,379
2,368
10
484
5,602
2,533
2,559
10
499
5,463
2,444
2,541
11
467
4,793
2,075
2,278
6
435
5,233
2,201
2,513
10
509
4,963
2,134
2,374
9
446
• 5,321
• 2,332
•2,543
'9
177.3
188.7
178.0
190.8
179.5
178.6
' 192.3 ' 193.1
179.4
189.8
184.2
187.0
185.5
189.5
72,875
73,971
5,761
'12,192
728
WOODPULP
Production:
Total, all grades 9
thous. sh. tons. 149,033
1,401
Dissolving and special alpha
do...
Sulfate
do... 3 34,005
2,000
Sulfite
do...
4,753
Groundwood
do...
Semlchemical
do... 3 3,569
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills.
Exports, all grades, total
Dissolving and special alpha
Allother.
Imports, all grades, total
Dissolving and special alpha
Allother
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
1,356
5,534
6,406
5,421
6,129
6,251
5,210
210
47
163
165
41
124
7
355
331
16
315
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
5,003 4,956 5,547
All grades, total, unadjusted-..thous. sh. tons.. 61,869
2,553
2,350 2,297
27,491
Paper
do
2,494
2,230 2,211
28,727
Paperboard
_
do
10
8
128
8
Wet-machine board
do
439
5,523
416
Construction paper and board
do...
Producer price indexes:
Book paper, A grade
1967=100.
174.5
172.1
176.4
170.7
179.4
Paperboard
do...
186.6
180.1
187.4
175.0
157.0
Building paper and board
_
do...
r
* Preliminary.
1 Revised.
Reported annual total: revisions not allocated to the months. 2 Less than 50 thousand
barrels. 3 Beginning with January 1975, data for soda (formerly combined with semichemical) is now combined with sulphate; not comparable with data for earlier periods.
5,196
2,279
2,450
9
459
186.3
188.7
186.8
187.6
188.5
• 185.2
* Data exclude small amounts of pulp because reporting would disclose the operations of
individual firms.
X Monthly revisions back to 1974 for imports and back to 1977 for other refined petroleum
products data are available upon request.
9 Includes data for items not shown separately.
SURVEY
March 1979
1978
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
CURRENT BUSINESS
1978
Jan.
Annual
S-37
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (API):
Groundwood paper, uncoated:
Orders new
thous. sh. tons
Orders, unfilled, end of period . .. _ ... do. ..
1,312
1,274
121
151
105
98
149
101
4,413
391
4,435
356
363
348
370
382
351
403
402
'6,878
7,170
7,462
7,547
577
591
602
591
702
691
658
644
. do. .
3,815
4,286
3,894
4,219
326
307
347
368
340
373
. . do. .
8,988
9,005
282
9,713
9,792
203
811
767
721
688
do.
372
452
. do. .
do
do....
'3,871
3,866
34
3,806
3,818
22
324
rlo
Consumption b v Dublishersd
Stocks at and in transit to publishers, end of
Dpriod
thous- sh. tons
6,772
7,106
796
Imports
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered.
Index, 1967=100..
Paperboard (American Paper Institute):
Orders, new (weekly avg.)._
thous. sh. tons..
6,559
215.4
558
1,037
Shirvments
134
133
1,307
1,245
d o . . . . ' 4,279
398
do....
4,261
. . do. . .
do
Coated paper:
Orders new
Orders, unfilled, end of period
Shipments
Uncoated free sheet papers:
Orders new
Shipm ents
„_____
Or/iprQ TIPW
thoil c c^* tATic
do
do_ __
Unbleached kraft packaging and industrial converting papers:
OrrJpTN nnfillpd pnd of Dfiriod
do
Shipments
do
Tissue Oftner Droduction
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
do
United States:
Production
Shirnnpnts from mills
Stocks at mills, end of period
11
do
Orders, unfilled §
do
118
155
116
111
133
111
124
130
124
419
337
385
132
144
106
84
143
81
124
173
95
100
160
110
110
'104
'133
'105
128
156
105
'88
'140
397
370
333
382
390
394
342
405
326
408
381
405
353
'367
S90
'365
'356
379
'363
'391
'333
373
709
661
666
648
572
575
636
659
592
597
598
648
'630
574
'568
'603
637
638
345
348
320
301
293
301
364
388
369
317
338
327
'319
'360
'305
'344
'291
'329
300
365
826
834
843
759
855
782
768
350
386
770
868
792
834
927
391
359
798
376
807
838
823
853
833
813
333
287
293
303
292
895
258
279
342
255
284
34
30
33
28
620
631
586
560
558
818
818
835
876
898
611
604
639
747
649
216.7
216.7
228.2
228.2
228.2
573
1,139
518
592
1,166
577
610
1,306
593
622
1,385
598
634
1,546
612
622
1,556
612
17,880
18,669
21,555
19,970 21, 759
22,116
205.2
164.7
210.9
171.7
240.2
194.3
236.0
193.4
229.9
191.7
307
352
328
339
309
360
336
315
323
43
41
34
38
340
548
521
600
728
774
784
7,484
593
530
226.2
216.7
600
1,370
do-.-.
557
582
Production, total (weekly avg.) Paper products:
Shipping containers, corrugated and solid fiber
shipments
.mil. sq. ft. surf, area.. ' 227,198 244,127
Folding paper boxes, shipments..thou s. sh. tons.. 2,639.0 2,731.0
mil.$._ 2,105.0 2,261.2
72
138
83
215.7
176.8
360
279
269
319
331
322
311
316
337
323
312
30
399
342
203
25
24
566
624
657
868
829
840
761
728
680
580
672
648
532
228.2
230.5
230.5
230.5
230.5
230.5
230.5
560
1,560
542
598
1,600
586
584
1,470
573
605
1,479
597
566
1,412
600
546
1,367
555
620
1,450
'591
17,583 22, 311
20,548
22,654
20,407
18,675
20,923
244.2
206.1
232.1
193.9
247.4
209.4
231.1
192.2
237.7
200.5
215.0
183.1
51.68
125.41
47.79
69.13
126.06
71.02
65.55
127. 65
77.07
69.47
133.48
54.90
70.89
123.95
46.05
71.51
72.84
.494
.520
.544
.543
.581
.558
.544
195.95 205.67
169. 96 212.29
456. 46 445.08
207.37
211.28
437. 67
212.33
219.86
425.32
212.10
211.85
419.91
20.77
22.22
23.81
23.77
21.12
5.00
10.01
15.51
10.40
11.28
14.84
10.15
9.58
15.25
200.5
166.5
22
636
622
1,480
614
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons.. 780.13
1127.65
Stocks, end of period
do
Imports, incl. latex and guayule.-thous. lg. tons.. 792.41
4
746.23
Price, wholesale, smoked sheets (N.Y.)..$ per lb_.
.416
Synthetic rubber:
Production
_
.thous. metric tons.. 2,417.53
2,464.09
Consumption
do
426.83
Stocks, end of period..
do
59.19
123.29
46.71
61.06
116.40
45.68
117.10
71.77
61.23
115.60
83.44
.430
.446
.455
.439
198.20
193.23
430. 97
63.79
67.98 61.88
122. 76 123.39
75.96 54.36
.450
.490
192. 71 210.31 214.92 211.17
191.00 200. 61 195.68 211.42
427.88 434.49 446. 93 411.41
194.36
194.19
16.94
18.86
22.55
19.48
24.90
22.28
19.35
85.37
111.34
16.26
9.45
9.79
14.76
9.62
9.12
14.73
9.61
9.39
14.52
10.05
10.11
13.45
9.85
10.28
13.70
10.26
13.56
9.53
8.75
13.67
thous. 2 231,638
18,290
18,319
18,987
18,828
19,148
18,946
15,108
19, 245
19,155
20,497
18,299
18,869
do..
...do..
do.
do.
226,583
2 65,998
2155,195
2 5,390
15,170
5,238
9,564
15,755
4,840
10,573
341
22,198 21,738 20,597 22,509
6,300 6,121
6,386 6,161
15,373 15,224 13,888 16,008
440
352
439
409
17,584
4,077
13,265
242
20, 516
4,680
15,464
372
22,214
5,933
15,888
18,872
5,911
12,597
365
16,946
5,065
11,486
392
22,727
6,403
15,871
447
Stocks, end of period.
Exports (Bu. of Census)
do..
do_.
2 47,181
6,023
54,621
389
51,986
474
50,006
406
46,293
483
44,280
314
44, 057
462
41,796
414
40,135
0
40,394
43,472
541
559.5
Inner tubes, automotive:
Production
Shipments
_
Stocks, end of period
Exports (Bu. of Census)
do_.
do..
do.
do.
()
2,298
240
198
188
143
223
223
274
343
312
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
thous. lg. tons..
239.98
thous. metric tons..
_.
do
do
4 231.52
10.79
9.60
15.14
.570
T I R E S AND T U B E S
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment.
Replacement equipment...
Exports
4
5,328
51,523
384
4
3,015
251
r
Revised. l Beginning Jan. 1977, producers' stocks are included; comparable data for
earlier periods will be shown later. 2 Beginning Jan. 1977, data cover passenger
car and
truck and bus tires; motorcycle tires and tires for mobile homes are excluded. 3 Beginning
Jan. 1977, data no longer available. 4 Reported total; revisions not distributed to the
months.
49,276
458
396
cfAs reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
March 1979
O F UUKJHEN'l : 13 u,S1JNE
S-38
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1978
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
37, 851
28,952
Jan.
Feb.
253.2
255.3
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement
thous. bbl..
CLAY CONSTRUCTION PRODUCTS
Shipments :J
Brick, unglazed (common and face)
mil. standard brick..
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified
_
do
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
unglazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
dook 0 .
_
1967=100..
GLASS AND GLASS PRODUCTS
418,862 1451,739
15,330
18,516
31,452
37,239
8,300.5
45.0
9,051.1
76.2
461.2
3.8
43.9
476.9
7.7
38.6
713.6
7.4
70.9
788.8
10.5
82.1
95.6
1,106.8
941.9
2.9
3.1
4.6
4.9
5.8
61.8
58.3
* 266.2
298.0
' 204.0
234.3
20.6
21.5
27.9
25.0
27.1
224.0
224.4
228.0
230.1
230.6
49,782
43,755
50,340
44,617
48,468
914.6
6.3
807.1
5.4
94.8
911.6
5.1
106.4
784.9
6.9
91.3
875.4
5.7
4.9
5.6
5.4
21.0
27.0
24.3
231.9
234.1
242.2
101.0
5.7
26.2
230.7
Flat glass, mfrs.' shipments
thous. $.. 739,919 820,216
Sheet (window) glass, shipments
do
Plate and other flat glass, shipments..
do
202,552
(J)
Glass containers:
Production!
Shipments, domestic, total}:
Narrow-neck containers:
Food
Beverage
Beer.
Liquor and wine
44,904
94.5
5.6
27.6
r
769.2
6.0
72.5
654.4
4.9
50.4
4.6
5.0
25.7
24.0
244.6
247.9
24.3
210, 640
202,475
204,549
thous. gross.
_-do...
303,452
326,691
25,982
25,375
28,884
28,767
29,150
28,759
26,930
29,428
26,175
30,031
25,710
21,500
304,785
315, 339
21, 086
22,020
27,383
26, 528
33,988
27, 233
24,514
29, 484
27, 674
27,359
25,547
22,523
do...
do...
do...
do...
25,069
67,466
92,757
24,352
26,627
60,549
106,226
25,070
1,876
3,705
6,249
1,841
1,914
4,014
6,889
1,852
2,317
5,438
8,679
2,321
2,234
5,202
8,948
2,132
2,705
6,940
10,569
2,770
2,184
6,010
9,755
1,897
1,758
5,317
9,501
1,573
2,432
5,683
10, 519
2,134
3,357
4,914
9,304
2,060
2,242
4,761
9,253
2,390
1,967
4,473
8,512
2,214
1,641
4,092
8,048
1,886
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars) JO
thous. gross.
61,330
65, 063
4,937
4,807
5,806
5,226
7,194
4,717
4,187
6,018
5,567
5,967
5,640
4,997
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do...
Chemical, household and industrial
do...
30,091
3,720
27,964
3,840
2,074
404
2,265
279
2,515
307
2,474
312
3,349
461
2,375
295
1,906
272
2,371
327
2,147
325
2,415
331
2,440
301
1,633
226
36,912
44,349
39,337
42,408
43,764
45, 739
41,461
43,398
45,902
43,947
43,233
46,515
1,110
1,051
1,027
956
1,222
1,071
1,333
1,195
1,277
1,237
1,208
1,121
1,195
1,164
1,302
1,184
1,251
1,129
1,212
1,206
1,136
1,091
593
417
493
529
767
684
825
788
811
700
658
295
302
370
423
458
565
505
568
552
494
462
25
27
35
36
38
28
33
20
9
21
11
25
11
26
10
27
14
29
25
10
29
26
11
31
9
25
1,194
14
32
16
921
196
16
1,399
15
40
22
1,071
232
20
1,364
12
36
22
1,049
227
18
1,399
13
42
22
1,070
232
20
1,388
11
40
22
1,058
236
20
1,351
12
40
21
1,037
221
20
1,502
13
43
21
1,147
257
21
1,326
10
36
17
1,014
228
20
1,479
11
43
17
1,136
250
22
1,317
8
35
17
1,001
237
18
621
234
380
871
294
570
2,811
1,082
1,728
774
298
468
871
300
565
2,772
1,008
1,765
2 964
551
2,752
1,043
1,709
863 2 1,015
2 392
349
505
2 613
858
876
295
297
558
574
2,923
2,908
1,166
1,127
1,758
1,781
746
292
447
829
244
579
3,011
1,230
1,781
144
672
1,492
4,667
6,678
i,321
575
383
459
2 569
482
••2595
435
6,285
6,281
765
4,411
1,105
5,326
5,321
700
3,803
1,118
15,130 13, 976
15,126 13,971
1,606
950
3,457 3,431
1,063 1,030
12, 932
12,929
6,603
5,312
1,014
Stocks, end of periodj
do...
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct)..thous. sh. tons.
Calcined
do...
Imports, crude gypsum
Sales of gypsum products:
TJrjcalcined
do..
do..
Calcined:
Industrial plasters
do...
Building plasters:
Regular basecoat
do...
All other (incl. Keene's cement)
do...
Board products, total
.mil. sq. ft.
Lath
_
do...
Veneerbase
_
do...
Gypsum sheathing
do...
Regular gypsum board
__do--_
TypeX gypsum board
__do..Predecorated wallboard
do...
113,390
12,590
1
17,074
1 5,759
1326
136
312
15,369
165
418
289
11,840
2,425
232
1,254
11
35
21
967
204
17
46, 371 44,349
37
TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb.. 1,688.6
Knitting machines active last working day*, .thous.- 7 34.3
412.1
34.5
Woven fabric (gray goods), weaving mills:
2
Production, total?
mil. linear yd.. 10,237 10,147
814
983
827
323
22 382
Cotton
do
3,962
341
4,237
481
Manmade
fiber
do
478
588
6,070
5,915
927
932
915
829
Stocks, total, end of period 9 d*
do
986
311
314
306
244
Cotton
do
340
609
611
602
579
Manmade
fiber
do
640
2,050 2,148
2,037
2,004
3,011
Orders, unfilled, total, end of period 9 IF...do
755
806
819
858
1,230
Cotton
_
do
1,342
1,295
1,218
1,781
1,146
Manmade
fiber
do
COTTON
Cotton (excluding linters):
Production:
13,859
3 14,018
GinningsA
thous. running bales.. 3 14,018
314,389
Crop estimate
thous. net weight bales 0 . . 314, 389 10,841
2
620
'501
6,079
Consumption
thous. running bales.. 6,393
493
Stocks in the United States, total, end of period 9
thous. running bales.. 12,890 11,229 11,935 10,836 9,525
9,518
11,22G 11,928 10,828
12,883
Domestic cotton, total
do
1,110
1,162
1,360
2,316
1,665
On farms and in transit
do
7,398
8,714
9,634
7,860
10,268
Public storage and compresses
do
1,010
952
1,050
934
950
Consuming establishments—
do
r
v Preliminary.
* Annual total; revisions 3not allocated to the months.
2 Revised.
Data cover 5 weeks; other months, 4 weeks.
Crop for the year 1977.
* Crop for the year 1978. * Beginning 1st Qtr 1977, data no longer available. 6 Dec. 1
estimate of 1978 crop. 7 Beginning 1st Qtr 1977, data exclude garment lengths, trimming,
and collars; not comparable with earlier data.
Q) Bales of 480 lbs.
GIncludes data for
"dairy products."
*New series.
Source: BuCensus. Data cover warp and weft knit
yard goods and knit garment, lengths, trimmings, and collars; no quarterly data prior to 1974
available.
JMonthly revisions back to 1975 for shipments of clay construction products
439.7
34.3
784
303
471
866
307
553
2,388
803
1,585
786
305
471
860
307
547
2,522
797
1,724
484
•"483
8,395
8,388
976
6,375
1,037
7,391
7,385
977
5,312
1,096
2 970
2 368
2 589
884
298
579
2,580
821
1,759
2
2
375
2
579
851
294
* 10,841
2 600
12,127 11,229 P10, 023
12,124 11,226 P10, 019
1288
4,893 '2,316
,8
6,230 "•7,860
1,001 ' 1,050 v 1,046
and for Jan.-Mar. 1975 for glass containers will be shown later.
9 Includes data not shown
separately.
& Stocks (owned by weaving mills and billed and held for others) exclude
bedsheeting, toweling, and blanketing, and billed and held stocks of denims.
fUnfilled
orders cover wool apparel (including polyester-wool) finished fabrics; production and stocks
excludefiguresfor suchfinishedfabrics. Orders also exclude bedsheeting, toweling, and blanketing.
ACumulative ginnings to end of month indicated.
©Monthly revisions for
1977 will be shown later.
March 1979
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
UN JUS
ttJNT
1977
1978
1978
Annual
S-39
Jan.
Feb.
Mar.
Apr.
May
June
1979
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
502
521
4,448 9 5,875
Exports
- - thous. running bales..
(10)
25
3
0
Imports
.
thous. net-weight(Dbales..
Price (farm), American uplandU
cents per lb._
52.1
60.2
48.0
50.3
Price, Strict Low Middling, Grade 41, staple 34
51.0
52.9
(lMe*), average 10 markets
.cents per l b . .
152.7
Spindle activity (cotton system spindles):
16.5
16.5
16.7
16.6
Active spindles, last working day, total
mil_.
6.7
6.4
6.6
6.6
Consuming 100 percent cotton
do. . .
8.2
8.3
103.6
102.5
Spindle hours operated, all fibers, total.
"bil__
.398
.395
.412
.416
Average per working day
do
3.4
3.3
43.4
41.6
Consuming 100 percent cotton
do. . .
Cotton cloth:
Cotton broad woven goods over 12" in width:
4,356
"Prrxinption (c\tT\v }
mil lin vd
Orders, unfilled, end of period, as compared with
3 16.1
13.0
12.3
avg. weekly production
No. weeks' prod.. 3 11.7
Inventories, end of period, as compared with
3 4.9
4.4
3 4.7
4.5
avg. weekly production
No. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
3.30
3.40
.34
.37
mills), end of period
460.1
457.9 "32.2 '35.2
Exports, raw cotton equiv. thous. net-weight0bales_
525.2
676.2
44.8
70.0
Imports, raw cotton equivalent
do . .
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
282.0
300.9
Filament yarn (acetate)
mil. lb.
Staple, incl. tow (rayon)
...do
534.6
Noncellulosic, except textile glass:
3,659. 9 3,814.3
Yarn and monofilaments
do
Staple, incl.
tow
do
3,952.8
1
786.7
TpxtilpfflflS ?fibpr
do
928.3
Fiber stocks, producers', end of period:
16.7
13.1
Filament yarn (acetate)
do
Staple, incl. tow (rayon)
do...
49.8
28.7
Noncellulosic fiber, except textile glass:
4
353.0
343.4
Yarn and monofilaments
do
335.6
Staple incl tow
do
299.7
67.9
97.6
Textile glass
fiber
do
Manmade fiber and silk broadwoven fabrics:
6,223.6
Production (qtrly.), total Q
mil. lin. y d . .
2,014.1
Filament yarn (100%) fabrics?—
...do
371.5
Chiefly rayon and/or acetate fabrics
do
356.9
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing9.do
286.2
Rayon and/or acetate fabrics, blends do
2,677.1
Polyester blends with cotton...
...do
359.5
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
.31
3.42
.31
Ratio, stocks to unfilled orders, end of period...
Prices, manufacturer to mfr., f.o.b. mill:*
50/50 polyester/carded cotton printcloth, gray,
.456
.405
.451
.492
48", 3.90 yds./lb., 78x54-56
$ per yd
65% poly./35% comb. cot. broadcl., 3.0 oz/sp yd,
45", 128x72, gray-basis, wh. permpresfin.
6
.725
.901
.729
.765
$ per y d . .
Manmade fiber knit fabric prices, f.o.b. mill:*
65% acetate/35% nylon tricot, gray, 32 gauge, 54",
7
.443
.501
.458
3 2 oz /linear vd
$ ner vd
100% textured polyester DK jacquard, 11 oz./
1.665
1.655
linear yd., 60", yarn dyed, finished...$ per yd_. « 1. 708 81.657
Manmade fiber manufactures:
29.24
27.84
441.70
Exports, manmade fiber equivalent
mil. lbs.. 367.08
17.24
206.34
17.14
267.28
Yarn, tops, thread, cloth
do
131.35
165. 71
10.85
10.65
Cloth, woven
.
do
160.74
12.01
10.70
174.42
Manufactured prods., apparel, furnishings.do
531.13
46.68
45.54
642.59
Imports, manmade fiber equivalent
do
110.11
147. 55
14.91
11.95
Yarn, tops, thread, cloth. _
do .
67.70
87.76
7.98
5.90
Cloth, woven
do
421.02
495.04 r 30.63 ' 34.73
Manufactured prods., apparel, furnishings.do
365.24
29.50
24.80
425.18
Apparel, total
.
do
218.68
212.40
12.33
17.10
Knit apparel
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
95.5
8.2
7.7
103.3
Apparel class
mil lb
.8
1.0
12.5
13.0
Carpet class
do
3.7
3.2
53.0
50.4
Wool imports, clean yield..
.
.
.
do.
2.2
1.9
18.8
23.4
Duty-free (carpet class)
do
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:d"
Domestic—Graded territory, 64's, staple 2*A"
1.82
1.78
1.90
1.83
and up
$perlb__
2.30
2.28
2.34
2.27
Australian, 64's, Type 62, duty-paid
do
Wool broadwoven goods, exc. felts:
Production fotrlv ^
mil lin vd
101.7
704
(10)
640
0
510
(10)
528
1
456
(10)
524
0
388
(10)
283
(10)
355
0
464
0
517
(10)
51.3
51.7
53.7
54.8
56.5
56.6
55.9
59.6
61.1
58.1
'56.0
55.0
54.7
57.4
57.0
59.8
P60.0
64.1
65.6
64.4
16.5
16.6
57.6
16.4
16.3
16.3
16.3
16.3
16.4
16.4
16.5
6.5
6.6
8.2
6.4
8.2
6.3
6.4
6.5
6.3
7.9
6.3
6.3
8.1
.413
.408
.327
.395
2 10.1
.403
2 4.0
3.4
3.3
2 10.0
.402
2 4.1
2.7
3.2
3 9.6
.385
2
3.9
1,010
1,046
2
6.3
6.4
7.4
6.3
3.3
10.0
.399
24.0
.371
3.0
4.1
.406
899
14.4
14.0
13.7
13.9
22.7
17.7
17.2
16.6
17.0
21.1
19.4
4.8
4.9
4.8
4,8
5.9
5.2
4.7
5.7
4.3
4.6
4.1
.33
'37.1
56.7
.35
'35.2
68.7
.35
'34.5
53.9
.35
'33.0
60.6
.26
'31.4
60.8
.29
35.9
51.3
.28
37.9
52.1
.25
44.8
62.2
.25
50.1
51.1
.22
50.4
44.1
2 1
45.6
54.0
71.5
76.3
76.9
133.8
76.2
139.8
'909.9
1 nno i
225.2
'951.5
229.1
'955.5
952.1
233 7
997.4
1,001.8
240 3
13.1
11.7
46.1
336.5
347.6
89.4
12.6
37.4
334.3
328.1
89.3
15.4
28.7
19Q ^
AQ a
353.6
306.3
84.5
1,648.5
555.3
98.6
78.4
931 8
84.7
660.8
97.5
343.4
335 6
97.6
1,690.3
566.8
104.0
95.1
QC7 o
83.3
673.5
97.9
.30
.34
.22
.21
.21
.20
.19
'.17
.17
.475
.495
.515
.493
.496
.496
.516
.514
.496
495
.729
.751
.763
.780
.778
.776
.794
.824
35.57
39.06
36.63
36.83
32.06
35.38
21.50
23.30
20.85
22.86
18.62
20.99
13.07
12.77
13.24
13.82
11.11
12.48
14.07
15.77
15.79
13.96
13.43
14.39
59.74
53.87
67.70
46.34
70.41
64.90
13.29
16.11
13.74
12.36
14.13
12.29
7.27
7.85
8.05
7.94
8.61
8.51
' 33.05 ' 37. 76 ' 46. 01 ' 55.34 ' 56.28 ' 52.61
31.08
40.00
48.88
27.48
49.66
47.10
15.78
18.46
25.09
30.40
29.34
26.89
38.12
23.29
15.12
14.82
58.31
11.79
7.85
46.52
40.24
22.92
43.68
27.52
16.95
16.16
50.47
10.24
6.86
40.23
34.38
18.53
44.41
27.15
17.93
17.26
41.08
8.68
6.00
32.40
27.49
13.53
42.88
26 82
17.72
16.06
37.54
8.06
4 93
29.49
24.58
12 02
.451
.456
.467
.472
1.658
1.658
1.651
1.655
10.5
53.7
8.8
1.1
4.9
2.2
9.2
1.0
4.0
1.5
10.3
1.2
4.1
1.4
1.5
3.8
2.0
7.0
.8
4.7
2.3
8.4
1.0
5.4
2.5
94
1.4
3.4
1.9
8.1
1.2
4.0
1.8
1.78
2.31
1.81
2.32
1.84
2.33
1.92
2.36
1.92
2.36
1.92
2.36
1.95
2.36
1.97
2.36
28.2
42.86
27.30
17.69
15.56
8.1
78
4.8
1.5
4.0
2.0
?1.9
2.02
2.37
2.02
2.37
2.02
2.37
'1.2
s
J>4.5
2.02
2.49
31.7
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), ship242.6
ments, quarterly
mil. sq. yds.. 1,024.6 1,075.9
APPAREL
Women's, misses', juniors' apparel cuttings:*
984
Coats
thous. units. . 17,624
1,037
1,173
Dresses
do
166, 385
12,152 13,006 15,504
2,595
2,307
Suits (incl. pant suits, jumpsuits)
do. . . 34, 575
2,815
1,864
Blouses
thous. dozen.. 19,540
1,719
2,174
532
Skirts
...do....
5,445
443
641
r
1
3
Revised.
v Preliminary.
Season average.
For 5 weeks, other months, 4 weeks.
3
4
Monthly average.
Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
»Effective 1976, production of blanketing is included in 100%
spun yarn fabric (prior to 1976, in "all other group," not shown separately). fl Avg. for
Jan.-Oct.
7 Aug. for Feb.-Jun.
s Avg. for Jan-Jun.
9 Effective Jan. 1, 1978, in10
cludes reexports formerly excluded.
Less than 500 bales.
H Based on 480-lb. bales, v price reflects sales as of the 15th; restated r price reflects total
quantity purchased and dollars paid for entire month (' price includes discounts and
premiums).
9 Includes data not shown separately.
Q Net-weight (480-lb.) bales.
281 3
'269 8
282.2
1,408
15,048
2,343
1,778
1,748
14,600
2,189
1,960
1,967
14,115
2,026
1,945
1,531
11,246
1,761
1,551
2,193
14,133
2,264
2,217
2,080
14,001
2,037
2,042
1 854
13,811
1,757
2 136
537
638
574
495
604
554
603
d" Effective Jan. 1976, specifications for the price formerly designated fine good French
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%
of total output of these items; current monthly estimates, from smaller sample. Monthly data
for 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.
Suits omit garments purchased separately as coordinates. Except for the year 1974, earlier
monthly data are available, except for suits. Prices (USDL, BLS)—Data not available prior
to 1976.
• Avg. for Jan.-Apr.; June-Dec.
OF UUKJ
SUE
S-40
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
t h e 1975 edition of B U S I N E S S STATISTICS
1977
1978
Annual
March 1978
SINE
1978
Jan.
Feb.
Mar.
Apr.
May
1979
July
June
Aug.
Sept.
1,334
1,311
1,302
1,483
2,810
24,569
2,985
23,664
Oct.
Nov.
Dec.
24,589
24,062
20,383
550
Jan.
Feb.
TEXTILE PRODUCTS—Continued
APPAREL-Con.
Men's apparel cuttings:
Suits!
thous. units..
Coats (separate), dress and sportt
do
Trousers (separate), dress and sportt
do
Slacks (jean cut), casual %
thous. doz__
Shirts, dress, sport, inc. knit outerwear J._.do
Hosiery, shipments
thous. doz. pairs..
"16,065
• 13,652
125,827
15,537
32,523
248,144
267,683
1,335
1,031
8,499
1,190
2,318
18,384
1,261
960
9,472
1,283
2,298
19,418
1,496
1,378
10,505
1,295
2,784
21,859
1,381
1,193
9,241
1,239
2,609
21,183
1,432
1,376
9,368
1,193
2,691
22,541
1,438
1,291
8,889
1,272
2,869
24,987
786
5,711
785
1,990
22,044
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
38,922
22,682
35,478
33,315
20,704
10,807
5,567
10,084
8,511
5,093
11,632
7,566
10,774
9,331
5,622
10,978
5,503
9,879
9,366
5,431
45,309
Backlog of orders, end of period 9
do
26,119
U.S. Government
do
19,709
Aircraft (complete) and parts.._
do
5,354
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil. $_. 6,743
Other related operations (conversions, modifications), products, services
mil. $.. 6,208
46,796
25,843
20,330
5,192
49,906
28,537
23,193
5,425
51,518
28,609
24,001
5,214
6,163
6,917
7,268
6,561
7,246
Aircraft (complete):
Shipments
Airframe weight
Exports, commercial
4,700.9
do
thous. lb__ 47,647
mil. $_. 2,605
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
.do...
Retail sales, total, not seasonally adj
do...
Domestics A_ _
do
ImportsA
do...
Total, seas, adjusted at annual rate t
mil.
DomesticsA t
do...
ImportsA t
_
do...
Retail inventories, end of mo., domestics: A
Not seasonally adjusted
thous
Seasonally adjusted!
do...
Inventory-retail sales ratio, domestics A t
Exports (BuCensus), assembled cars
thous..
To Canada
do...
Imports (BuCensus), complete units
do
From Canada, total.
_
do
Registrations©, total new vehicles
do..I
Imports, incl. domestically sponsored
do....
Trucks and buses:
Factory sales (from U.S. plants), total
thous..
Domestic...
_do
Retail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW
do....
Medium-duty, 14,001-26,000 lbs. GVW do
Heavy-duty, 26,001 lbs. and over GVW..do
Retail inventories, end of period, seasonally adjusted*
thous..
Exports (BuCensus), assembled units
do....
Imports (BuCensus), including separate chassis
and bodies
thous..
Registrations©, new vehicles, excluding buses not
produced on truck chassis.
thous..
Truck trailers and chassis, complete (excludes detachables), shipments..
number
Vans..
_
do
Trailer bodies (detachable), sold separately._.do_...
Trailer chassis (detachable), sold separately..do....
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments.
number.
Equipment manufacturers
do
New orders...
doIII!
Equipment manufacturers
I.I .do
Unfilled orders, end of period _
do
Equipment manufacturers
IHIIdoIII!
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
Held for repairs, % of total owned.
Capacity (carrying), total, end of mo..mil. tons.
Average per car
_
tons.
»3,589
294.5
2,624
«80
363.0
3,604
203
478.5
4,287
172
436.2
3,902
210
675
623
777
628
149
10.5
8.5
2.0
842
1,078
883
195
11.8
9.8
2.1
806
1,043
863
180
12.3
10.2
2.1
469.1
4,959
248
564.1
5,844
379
679.1
6,071
356
573.6
5,490
423
752.0
5,656
504
528
492
958
753
205
11.9
9.9
2.0
738
676
828
662
166
10.8
8.9
1.9
894
828
1,034
884
150
11.1
9.2
1.9
842
784
909
770
139
11.0
9.0
2.0
2 786
196
12.1
10.0
2.1
589
553
930
762
168
11.0
9.1
1.9
2 632
821
1,137
950
187
11.8
9.7
2.0
769
646
123
11.2
9.4
1.8
••784
645
138
11.0
9.0
2.0
P840
676
P164
pll.4
9.1
1,911
1,721
2.1
1,729
1,694
2.2
1,510
1,655
2.0
1,606
1,678
2.3
1,629
1,737
2.3
' 1,728
" 1,777
2.4
1,729
1,780
2.3
1,885
1,819
2.4
1,957
1,851
2.4
36.11
25.95
198.3
41.1
3 1,061
U98
61.60
46.61
212.3
78.3
•887
•185
66.74
50.06
232.8
77.2
•866
•149
58.73
43.19
230.5
80.2
•826
•140
52.03
38.36
244.3
74.3
•949
•158
269.2
71.8
366
337
330
305
2 277
308.5
135.3
173.3
309.0
138.1
167.9
301.0
148.9
178.6
919
850
1,159
9,199
8,511
11,185
9,109
2,075
"lljiii"
9,312
2,000
657
616
687
545
142
10.1
8.0
2.1
1,731
1,784
2.3
1,729
1,780
2.3
1,887
1,824
2.8
1,952
1,848
2.6
1,991
1,866
2.3
2,008
1,877
2.2
1,970
1,818
2.2
697.20 6 695.12 «47.09
591.51 «540.90 «38.S0
2,791.3 2,881.8 «116.2
849.2 6 832.7 «55.5
•703
i 10,826 10,946
•127
1,946
* 1,977
53.72
41.81
253.6
61.1
3 767
3 152
62.84
49.56
299.1
78.9
3 870
3 163
70.48
57.21
310.1
78.1
•916
•162
69.32
57.92
266.5
73.5
•987
• 162
2 9,172
963
70.63
45.83
58.20
33.75
281.4
236.8
86.8
47.6
3 1,053 •1,062
2 166
•183
2 342
3,440
3,178
2 3,711
240
223
268
247
341
311
319
291
338
309
355
324
272
254
281
266
3,145.0
171.5
169.1
3,540.5
165.3
202.2
259.3
133.7
147.1
276. 3
135.8
151.6
292.2
151.2
178.8
301.4
145.3
163.8
303. 3
142.5
167.2
315. 5
142.8
173.4
297.7
141.0
179.6
314.8
113.3
168.3
305
281
261.5
125.8
172.4
843.8 719.5
716.1
202.55 6 248.43 813.60
727.5
18.58
719.7
21.72
721.1
22.86
702.9
22.74
679.9
24.24
661.0
18.05
641.0
16.58
664.7
22.18
694.2
24.90
732.2
21.73
773.9
21.24
822.43 51,035.68
186.15
84.67
103.13
96.87
92.12
97.00
85.88
63.80
76.23
83.21
90.77
75.85
3,509
3,963
•255
3 287
3 306
•320
•342
3 357
3 396
•335
•305
•314
•361
159,297
98,687
7,193
20,662
193,245
127,588
6,066
28,432
12,590
7,817
483
2,265
14,052
8,637
408
2,429
17,543
11,653
578
3,341
15,540
9,930
352
2,643
17,589
11,150
622
2,531
16,872
10, 967
540
2,421
13,758
8,853
462
2,192
16,979
11,585
670
3,170
15,558
10,324
320
1,718
17,691
11,961
'463
1,795
17,492
12,344
585
1,993
17,584
12,367
583
1,934
51,729
46,664
66,750
59,557
35,910
29,490
67,440
62,400
125,307
124,862
96,255
89,944
3,762
3,522
6,344
6,144
38,195
31,315
3,795
3,483
6,352
6,352
40,602
34,034
4,874
4,489
4,346
4,346
45,387
39,204
4,702
4,351
10,258
10,008
50, 943
44,861
5,843
5,644
16,907
16,907
61,802
55,919
6,893
6,113
14,815
14,815
69,298
64,195
4,753
4,351
11,599
11,265
75,461
70,426
6,697
6,198
13, 5«6
13, 086
82,733
78,197
5,942
5,533
10,561
8,911
87,200
81, 423
6,465
6,174
9,010
9,010
87,605
82,119
6,733
6,461
8,802
8,302
91,773
86,059
6,048
6,827
5,667
6,524
12,727 13,656
13,656
11,827
96,255 104,318
89,944
1,267
8.9
95.64
75.50
1,225
7.9
93.96
76.68
1,263
9.1
95.44
75.58
1,253
9.3
94.84
75.66
1,247
9.5
1,247
1,245
9.3
94.38
75.83
1,242
9.3
94.30
75.94
1,239
9.0
1,239
8.9
94.38
76.20
1,232
8.8
94.05
76.31
1,231
8.4
94.18
76.50
94.04
94.47
75.74
r
Revised.
v Preliminary.
i Annual total includes revisions not distributed by
months. 2 Production, not factory sales. 3 Excludes 2 States. • Excludes 1 State.
Excludes 3 States. « Beginning 1978, data may not be strictly comparable with those for
earlier years because of the revised export schedule.
JAnnual figures, "Apparel 1975," MA-23A(75)-l. Survey expanded and classification
changed; not comparable with data prior to 1974.
9 Total includes backlog for nonrelated products and services and basic research.
. fSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p. 5, do not reflect end-digit revisions to
imports and total sales introduced in the Feb. 1977 SURVEY.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
662.2
6,293
275
434.8
5,113
165
9.5
94.45
75.73
94.20
76.04
1,228
8.1
76.61
1,225
7.9
93.96
93.80
299.5
14.5
19.5
•317
283.3
17.6
21.9
• 816.1 • 847.0
17.53
93.20
76.68
76.76
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
*New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas, adjustment
by BEA). Reporting firms do not represent the entire industry. Motor coaches are not
covered. Sales include imports of U.S. manufacturers only (all other imports are not covered)
Units refer to complete vehicles and to chassis sold separately. Gross vehicle weight reiers
to the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1971
are available.
"Excludes leisure-type; not strictly comparable with 1974.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
8, 9
10,11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
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
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
Banking
Barley.
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporations (new), failures
Business sales and inventories
Butter
17,18
27
34
28
9,11, 22 23,27
5-7
20, 21
33
38
4, 6,
7,11 31,38
10,11
10
7
5
27
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
4,6,9,14-16,20,23,25, 26
Cigarettes and cigars
30
Clay products
9,38
Coal
4,9,23, 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
4,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, sales
3b
«
3,8,9,27
17
19
2
12,13
17,20
34
16
27
2,3, 20,21
12,13
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
4,9,26
Electrical machinery and equipment
5-7,
9,14,15,20,23,24,34
Employee-hours, aggregate, and indexes
15
Employment
13,14
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 comxnod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
5,9,12-15
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
4,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
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, 5,8,11,12
Household appliances, radios, and television sets.
4,
8,9,12,34
Housing starts and permits
10
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
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers* and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
5,9,11,20, 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 (see also
Consumer credit)
11,17,18
Lubricants
35,36
Lumber and products
5,9,11,12,14,15,20,31
Machine tools
34
Machinery
5-7,9,14,15,20,23,24,34
Mail order houses, sales
12
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, 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
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,9,14-16,20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40
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
Nonferrous metals
5-7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers*
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
2,4,10,20,21, 26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11, 34
Railroads
2,16,17,21,24,25,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics).
4,6,
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
5, 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..
4,6,8,14,15,30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, urban
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
5-7,14,15,20,40
Travel
24, 25
Truck trailers
40
Trucks (industrial and other)
34, 40
Unemployment and insurance
U.S. Government bonds
U.S. Government finance. f<
U.S. International transactions
Utilities
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
Wholesale Price Indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
13,17
17-21
19
3
2,4,8,10,21,22,26
34
**• **[
23,29,30
8
**
1'
2,3, 15, 16
34
34
28
8,9
5,7,11, 14-16
36
9,39
33
UNITED
STATES
GOVERNMENT PRINTING OFF
PUBLIC
DOCUMENTS
DEPARTMENT
WASHINGTON, D.C. 2 0 4 0 2
OFFICIAL BUSINESS
1979 RELEASE DATES FOR BEA ESTIMATES
~ , .
Subject
Release
D a t e *
Personal Income, March 1979
Gross National Product (preliminary), 1st quarter 1979.
Corporate Profits (revised), 4th quarter 1978
Composite Indexes of Leading, Coincident and Lagging
Indicators, March 1979
Apr. 18
Apr. 19
Apr. 19
Apr. 30
Merchandise Trade (balance of payments basis), 1st
quarter 1979
May 2
Personal Income, April 1979
May 17
Gross National Product (1st revision) 1st quarter 1979. May 18
Corporate Profits (preliminary), 1st quarter 1979
May 18
Federal Receipts and Expenditures, 1st quarter 1979... May 21
Selected International Transactions, 1st quarter 1979. May 23
Composite Indexes of Leading, Coincident and Lagging
Indicators, April 1979
May 31
Plant and Equipment Expenditures, 1st quarter 1979..
Personal Income, May 1979
Gross National Product (2nd revision), 1st quarter 1979.
Corporate Profits (revised), 1st quarter 1979
Summary of International Transactions, 1st quarter
1979
Composite Indexes of Leading, Coincident and Lagging
Indicators, May 1979
June 7
June 19
June 20
June 20
June 21
June 29
Personal Income, June 1979
July 19
Gross National Product (preliminary), 2nd quarter
1979
July 20
Composite Indexes of Leading, Coincident and Lagging
Indicators, June 1979
July 31
Merchandise Trade (balance of payment basis), 2nd
quarter 1979
Personal Income, July 1979
Gross National Product (1st revision), 2nd quarter 1979.
Corporate Profits (preliminary), 2nd quarter 1979
Federal Receipts and Expenditures, 2nd quarter 1979..
Aug. 1
Aug. 16
Aug. 17
Aug. 17
Aug. 20
T h e s e are target dates; estimates may occasionally be released
a day or two earlier or later.
CJ , .
Subject
Release
D a t e *
Selected International Transactions, 2nd quarter 1979. Aug. 22
Composite Indexes of Leading, Coincident and Lagging
Indicators, July 1979
Aug. 29
Plant and Equipment Expenditures, 2nd quarter 1979.
Personal Income, August 1979
Gross National Product (2nd revision), 2nd quarter
1979
Corporate Profits (revised), 2nd quarter 1979
Summary of International Transactions, 2nd quarter
1979
Composite Indexes of Leading, Coincident and Lagging
Indicators, August 1979
Sept. 6
Sept. 18
Sept. 19
Sept. 19
Sept. 20
Sept. 28
Personal Income, September 1979
Oct. 17
Gross National Product (preliminary), 3rd quarter 1979. Oct. 19
Composite Indexes of Leading, Coincident and Lagging
Indicators, September 1979
Oct. 30
Merchandise Trade (balance of payments basis), 3rd
quarter 1979
Personal Income, October 1979
Gross National Product (1st revision), 3rd quarter 1979.
Corporate Profits (preliminary), 3rd quarter 1979
Selected International Transactions, 3rd quarter 1979.
Federal Receipts and Expenditures, 3rd quarter 1979. .
Composite Indexes of Leading, Coincident and Lagging Indicators, October 1979
Plant and Equipment Expenditures, 3rd quarter 1979..
Personal Income, November 1979
Gross National Product (2nd revision), 3rd quarter 1979.
Corporate Profits (revised), 3rd quarter 1979
Summary of International Transactions, 3rd quarter
1979
Composite Indexes of Leading, Coincident and Lagging
Indicators, November 1979
*
Nov. 1
Nov. 19
Nov. 20
Nov. 20
Nov. 20
Nov. 21
Nov. 30
Dec. 6
Dec. 18
Dec. 19
Dec. 19
Dec.
20
Dec. 31
For information, call (202) 523-0777, Bureau of Economic
Analysis, U.S. Department of Commerce.
@FedFRASER