Full text of Survey of Current Business : May 1966
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MAY 1 9 6 6 / VOLUME 4 6 NUMBER
SURVEY OP CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
ILLS* Department of Commerce
John T. Connor / Secretary
Summary
1
National Income and Product Tables
3
Meat and Poultry Prices
5
ARTICLES
Office of Business Economics
George Jaszi / Director
Morris R. Goldman Louis J, Paradiso
Associate Directors
Murray F. Foss / Editor
Recent Financial Developments
8
A Quarterly Econometric Model of the
United States s A Progress Report
13
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
REVISED STATISTICAL SERIES
STAFF CONTRIBUTORS TO THIS ISSUE
New Construction Put in Place
40
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
Business Review and Feature:
Francis L. Hirt
Leo Bernstein
David R. Hull, Jr.
Articles:
John A. Gorman
Paul E. Shea
Imogene C. Petersen
Maurice Liebenberg
Albert A. Hirsch
Joel Popkin
Subscription prices, including tveekly statistical supplements, are $6 a year for domestic and $9.75 for foreign
mailing. Single issue 45 cents.
Make checks payable to the Superintendent of Documents and send to U.S. Government Printing Office,
Washington, D.C., 20402, or to any U.S. Department of
Commerce Field Office.
U.S. DEPARTMENT OF COMMERCE FIELD OFFICES
Albuquerque, N, Meat., 87101
U.S. Courthouse Ph. 247-0311.
Anchorage, Alaska, 99501
Loussae-SogH Bldg. 272-6331,
A t l a n t a , Ga.» 38303
75 Forsyth St. NW. 526-6000.
Baltimore, M 4 . , 21202
305 U.S. Customhouse PL 2-8460.
B i r m i n g h a m , Ala., 35205
908 S. 20th St. Ph. 325-3327.
Boston, Ma*8., 02110
80 Federal St. CA 3-2312.
Bssftalo, N.Y. 5 14203
117 Eltieott St. Pbt, 842-3208.
Charleston, S.€., 29403
334 Meeting St.
Ph. 747-4171.
Charleston, W. Ya., 25301
500 Quarrier St. Ph. 343-6196.
Cheyenne, Wyo.» 82001
6022 U.S. Federal Bldg.
Ph. 634-5920.
Chicago, III,, 60604
1486 New Federal Bldg.
Ph. 828-4400.
Detroit, Mieh,, 48226
445 Federal Bldg. Ph. 226-6088.
Greensboro, N.C., 27402
412 U.S. Post Office Bldg.
Ph. 275-9111.
Cincinnati, Ohio, 45202
550 Main St. Ph. 684-2944.
Hartford, Conn., 06103
18 Asylum St. Ph. 244-3530.
Honolulu, Hawaii, 96813
202 International Savings Bldg,
P k 588-977.
Cleveland, Ohio, 44101
E. oth St. and Superior Ave.
Ph. 241-7900.
Dallas, Tex., 75202
1114 Commerce St. HI 9-3287.
Denver, Colo., 80202
16407 Fed. Bldg., 20th & Stout Sts.
Ph. 297-3246.
Des Moines, Iowa, 50309
1216 Paramount Bldg.
Ph. 284-4222.
H o u s t o n , Tex., 77002
515 Rusk Ave. Ph. 228-0611.
Jacksonville, Fla., 32202
208 Laura St. Ph. 354-7111.
Kansas City, Mo., 64106
911 Walnut St. FR 4-3141.
Los Angeles, Calif., 90015
1031 S. Broadway Ph. 688-2833.
M e m p h i s , T e n n . , 3810$
345 Federal Office Bldg.
Ph. 534-3214.
M i a m i , Fla,, 33130
51 SW. First Ave. Ph. 350-5267.
Milwaukee, "Wis., 53203
238 W. Wisconsin Ave. BR 2-8600.
Minneapolis, M i n n . , 55401
306 Federal Bldg. Ph. 334-2133.
New Orleans, La,, 70130
610 South St. Ph. 527-6546.
New .York, N.Y., 10001
Empire State Bldg. LQ 3-3377.
Philadelphia, Pa*, 19107
1015 Chestnut St. Ph. 597-2850.
Phoenix, Ariz., 85025
230 N. First Ave. Ph. 261-3285.
P i t t s b u r g h , Pa,,'15222. • '
1000 Liberty Ave. Ph. 644-2850.
P o r t l a n d , Oreg,, 97204
217 Old U.S. Courthouse Bldg.
Ph. 226-3361.
Reno, Nev., 89502
300 Booth St. Ph. 784-5203.
Hiehtrumd, Va., 23240
2105 Federal Bldg. Ph. 649-3611.
S t . Louis, M o . , 63103
2511 Federal Bldg. MA 2-4243.
Salt Lake City, U t a h , 84111
125 South State St. Ph. 524-5116.
S a n Francisco, Calif., 94102
450 Golden Gate Ave.
Ph, 556-5864.
S a n t u r c e , P u e r t o Rico, 00907
605 Condado Ave. Ph. 723-4640.
S a v a n n a h . Ga., 31402
235 U.S. Courthouse and P.O.
Bldg. 232-4321.
Seattle, Wash., 98104
809 Federal Office Bldg.
583-5615.
the BUSINESS SITUATION
I H E BUSINESS expansion continued in April/ but there were some
indications that it was not proceeding quite so rapidly as in the first
quarter of this year, which witnessed
the largest increase in current-dollar
GNP in the present expansion and the
largest advance in final sales on record.
Payrolls in April showed only a modest
rise as nonfarm establishment employment did not exhibit much more than
its usual seasonal gain, partly because
of strikes. The increase in manufacturing production was about two-thirds
as large as the monthly average in the
first quarter. According to advance
figures, retail sales appear to have eased,
mainly because of lower automobile
sales. Even if allowance is made for
the effect of the work stoppages and
the difficulties in seasonal adjustments
for the months of March and April, the
April results suggest a less rapid pace
in activity as compared with the first
quarter.
This is not to suggest that aggregate
demand is flagging. On the contrary,
it is still increasing vigorously, chiefly
under the stimulus of rising defense
expenditures and capital outlays, and
continues to press on plant and equipment capacity and labor resources.
The unemployment rate in April declined to the 3.7 percent reached in
February, and the rate for adult men
was the lowest since 1953. Upward
pressure on prices continues. Although farm and food prices edged
down last month, industrial prices
rose again, reflecting widespread ad-
i CHART ]
vances among the major groups of
commodities.
Retail Sales
Modest rise in personal income
Have shown an accelerated rise since
last fall Centering in nondurables
and durables excluding autos
Personal income in April rose $1.7
billion at a seasonally adjusted annual
rate to reach a record $563 billion.
About $1% billion was due to higher
payrolls; of this increase, manufacturing accounted for about one-half and
government for most of the remainder.
Personal interest income continued to
advance, but farm proprietors' income
fell slightly.
Most of the rather small increase in
payrolls reflected higher hourly rates of
pay, since both employment and weekly
hours of work were little changed after
seasonal adjustment. Employment
would have made a better showing if
strikes had not caused declines in both
mining and contract construction. The
rise in manufacturing -employment,
which centered in durable goods, was
smaller than the average monthly increases in the fourth quarter of 1965
and the first quarter of this year.
Total government employment, however, advanced at a somewhat faster
pace than in the preceding 6 months.
Auto sales decline in April
After 7 straight monthly increases,
total retail sales (seasonally adjusted)
were down somewhat in April, according
to advance figures. Sales at nondurable goods stores were higher but
durable sales were lower, particularly
for automotive dealers.
Sales of new domestically built passenger cars declined sharply from March
to April, the first significant month-tomonth reduction in the 1966 model year.
Billion $ (ratio scale)
26
—
24
16
5.5
5.0
Auto Dealers
4.0
Durable Goods Stores
Excl. Auto Dealers
2.5
111
1963
I I I I I I ! i I I I I
1964
in
MM
i
1965
i I ii
I i i i
1966
Monthly, Seasonally Adjusted
U.S. Department of Commerce, Office of Business Economics
Data: Census
66-5-1
SURVEY OF CURRENT BUSINESS
In April, retail dealers sold 8 million
new cars at a seasonally adjusted annual
rate. This was down from 9.2 million
units in March and from an average
rate of 9,1 million in the first quarter.
The April decline was experienced by
all producers, with sales of most individual makes decreasing over the month.
It is still too early to provide a definitive
explanation of the decrease.
The auto industry operated at a high
rate in April. Over 1 million cars and
trucks rolled off the assembly line
during the month, roughly the same as
in March and about the monthly average in the first quarter, after seasonal
adjustment. With sales lower and
production at a high rate, stocks of new
passenger cars in the hands of dealers
rose to a record seasonally adjusted
total of 1.42 million units by the end of
April. The stock-sales ratio moved up
for the third consecutive month and at
2.15 was the highest since early 1961.
To balance inventories with the current rate of sales, the auto industry has
scaled down the high production schedules that were originally set for May.
The cutbacks in output will result from
a return to a normal 5-day workweek at
some plants and a workweek of less
than 5 days at a number of others.
Revised first quarter GNP
Regular estimates of first quarter
GNP and preliminary estimates of
national income and corporate profits
appear in the tables starting on page 3.
The GNP estimate, at $713.9 billion,
was little different from the preliminary
figure published last month. On the
basis of more complete data, nondurable
consumption expenditures were revised
downward while net exports and State
and local government expenditures were
raised slightly.
Sharp rise in profits
Reflecting the unusually large increase in total production and sales in
the first quarter, corporate profits
before tax (including inventory valuation adjustment) rose $3 billion to a
seasonally adjusted annual rate of
$78% billion, according to preliminary
estimates. The rise brought profits 4
percent above the previous quarter and
9 percent above the first quarter a year
ago. Strong gains in several manufacturing industries paced the sharp
advance.
Book profits, which include gains due
to inventory price increases, rose $4
billion to an annual rate of $81 billion
(chart 2). Tax accruals rose by $1%
billion and after-tax profits by $2%
billion. Most of the increase in aftertax profits, $1% billion, was retained by
corporations; this boosted corporate
internal funds (undistributed profits
plus capital consumption allowances)
to an annual rate of $65 billion, as
compared with $61 billion a year ago.
National income in the first quarter
rose $17 billion, or 3 percent, to a
seasonally adjusted annual rate of
$588 billion, according to preliminary
estimates. All types of income increased. Compensation of employees
rose by $12% billion, or 3 percent, not
only because of the large increases in
employment and weekly pay but also
because of the rise in employers7 social
May 1966
security contributions that became
effective at the start of the year.
Farm proprietors' income rose for the
fourth straight quarter, reflecting mainly the rise in farm prices in the first
quarter.
CHART 2
Corporate Profits
Rose sharply in the first quarter
Billion $
CORPORATE PROFITS BEFORE TAX (Excluding IVA)
84
J
72
Total
-
60
/
48
_y/
Tax Liability
Profits After Tax
• is
m
36
24
12
""
0
i
Dividends
i
i
1 i
i
i
i
i
i
I
1 i
i
.1.1
-
1
l 1 i i i
nternal funds up substantially
84
CORPORATE INTERNAL FUNDS
72
Total
60
'jBg0
-
48
36
-
- ^ ^ ^ ^ ^ ^ ^ ^ ^
24
Capital Consumption Allowances
12
0
t
i
1961
i
1 i i
62
t i
f
i
63
r
i
i
i 1 t
64
t
f 1 i
65
i
i
66
Quarterly, Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics
66-!
SURVEY OF CURRENT BUSINESS
May 1966
NATIONAL INCOME AND PRODUCT TABLES
Table 1.—-Gross National Product in Current and Constant Dollars
1965
1963
1964
1966
III
1965
IV
1965
1963
1964
1965
Seasonally adjusted at annual rates
Gross national product
Durable goods _.
Nondurable goods.
Services
_.
Gross private domestic investment-
Fixed investment
.
Nonresidential
Structures
Producers' durable equipmentResidential structures
Nonfarm
Farm
_.
Change in business inventories
Nonfarm
Farm
Net exports of goods and services..
Exports
____.
Imports
Govermeil t purchases of goods and ser vices .
Federal...!'-::
National defense
Other
State and local
:__
Addendum: Implicit price deflator for seasonally
adjusted GNP, 1958=100.
III
IV
I
Seasonally adjusted at annual rates
Billions of 1958 dollars
Billions of current dollars
Personal consumption expenditures..
1966
II
589.2
628.7
676.3
657.6
668.8
681.5
697.2
713.9
550.0
577.6
609.6
597.7
603.5
613.0
624.4
633.6
373.8
398.9
428.7
416.9
424.5
432.5
441.0
451.8
352.4
372.1
394.2
386.1
390.5
396.9
403.3
409.9
53.4
168.0
152.3
58. 7
177.5
162.6
65.0
189.0
174.7
64.6
182.8
169.5
63.5
187.9
173.1
65.4
190.5
176.7
66.4
195.0
179.6
68.7
200.1
183.0
53.2
161.8
137.3
58.5
169.4
144.2
65.6
177.1
151.5
64.5
173.2
148.4
63.4
176.4
150.7
66.4
177.8
152.7
67.9
181.0
154.4
70.7
182.9
156.3
86.9
92.9
105.7
103.4
102.8
106.2
110.3
111.7
82.3
86.3
96.8
95.4
94.2
96.9
100.5
100.9
81.2
54.3
19.7
34.6
26.9
26.3
.6
5.7
4.9
88.1
60.5
21.1
39.4
27.5
27.0
97.4
69.8
24.3
45.5
27.6
27.1
94.6
66.9
23.2
43.7
27.7
27.1f<
96.4
68.4
24.5
43.9
28.0
27.5
98.6
70.9
24.2
46.7
27.7
27.1
100.2
73.0
25.4
47.6
27.2
26.7
8.2
7.9
.3
8.8
9.2
-.4
6.4
6.6
7.6
7.0
.6
10.1
8.9
1.2
76.6
51.9
18.0
33.8
24.7
24.1
.5
5.7
4.9
81.7
57.1
18.9
38.3
24.6
24.0
.5
4.6
5.1
-•5
65.0
21.2
43.8
23.9
23.3
.5
7.9
7.6
.3
62.5
20.3
42.2
24.3
23.8
.5
8.6
9.0
88.1
63.7
21.4
42.3
24.4
23.9
.5
6.2
6.4
-.2
89.7
66.0
21.0
45.0
23.7
23.2
.5
7.2
90.7
67.6
4.8
5.4
-.6
103.6
75.5
26.9
48.5
28.2
27.6
.5
8.1
7.4
.7
21.9
45.7
23.1
22.6
.5
9.8
8.6
1.2
93.1
69.3
23.0
46.3
23.8
23.3
.5
7.7
7.0
. .7
5.9
32.4
26.4
8.6
37.0
28.5
7.1
39.0
31.9
6.0
34.7
28.6
8.0
40.4
32.4
7.4
40.1
32.7
6.9
40.8
33.9
6.4
41.7
35.3
5.6
32.2
26.5
8.5
36.5
27.9
6.0
37.2
31.2
5.1
32.9
27.8
6.6
38.5
31.9
6.2
38.3
32.1
6.2
39.1
32.9
5.7
40.0
34.2
122.6
64.4
50.8
13.6
58.3
128.4
65.3
49.9
15.4
63.1
134.8
66.6
49.9
16.7
68.2
131.3
64.9
48.8
16.1
66.4
133.5
65.7
49.2
16.5
67.8
135.4
66.5
49.8
16. 7
68.9
139.0
69.2
52.0
17.2
69.8
144.0
72.5
55.0
17.5
71.5
109.8
59.7
110.7
57.8
112.7
57.1
111.2
56.4
112.1
56.8
113.0
57.0
114.3
58.2
117.1
60.2
50.0
52.8
55.6
54.8
55.3
56.0
56.2
56.8
107.1
108.9
110.9
110.0
110.8
111.2
111.7
112.7
a
R
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars
1965
1963
1964
1965
I
II
1966
III
IV
1965
1963
1964
Seasonally adjusted at annual rates
Billions of current dollars
Gross national product-
Final sales..
Inventory change...
III
IV
Seasonally adjusted at annual rates
Billions of 1958 dollars
628.7
676.3
657.6
668.8
681.5
697.2
713.9
550.0
577.6
609.6
597.7
603.5
613.0
624.4
633.6
583.5
5.7
623.9
4.8
316.1
668.1
8.2
648.8
8.8
662.4
6.4
673.9
7.6
687.1
10.1
705.8
8.1
544.4
5.7
573.0
4.6
601.7
7.9
589. 2
8.6
597.3
6.2
605.8
7.2
614.6
9.8
625.9
341.6
331.6
335.5
344.6
354.7
362.6
288.3
304.6
325.5
317.9
319.1
327.9
337.0
311.3
4.8
126.1
122.8
3.3
333.4
8.2
139.5
133.5
6.1
322.8
8.8
329.1
6.4
344. 6
10.1
354.6
8.1
282.6
5.7
300.0
4.6
317.6
7.9
309.3
8.6
313.0
6.2
320.7
7.2
327.2
9.8
137.2
130.1
-7.1
136.6
130.3
6.2
337.1
7.6
141.9
135.4
6.5
142.5
138.0
4.4
147. 5
142. 5
5.0
114.0
111.2
2.8
123.1
120.0
3.1
136.2
130.3
5.8
133.7
126.7
7.0
132. 5
126.5
6.0
138.8
132.6
6.2
139.7
135.5
4.2
190.0
188.4
1.5
202.0
199.9
2.1
194.4
192.8
1.6
198.9
198.7
.2
202.7
201.7
1.0
212.2
206. 5
5.7
215.1
212.0
174.3
171.4
2.9
181. 5
180.0
1.5
189.3
187.2
2.1
184.3
182.7
1.6
186.6
186. 5
.2
189.1
188.1
1.0
197.4
191.8
5.6
244.0
261.0
253.8
259.0
263.0
268.0
201.5
211.5
220.2
216.4
219.5
221.3
223.5
291.1
5.7
Final sales
Inventory change
Durable goods output
Final sales
Inventory change
Nondurable goods output __
Final sales
Inventory change
Services
Structures
Addendum: Auto gross product
1966
II
589.2
296.8
Goods output
1965
115. 9
113.1
2.8
181.0
178.1
2.9
226.9
65.5
68.6
73.7
72.1
74.2
73.9
74.5
25.9
31.5
33.0
31.5
31.2
30.4
3.1
273.8
77.4
60.2
61.4
64.0
63.5
64.9
63.7
63.9
24.7
25.5
31.5
32.7
31.2
31.4
30.7
334.0
7.7
144.6
139.9
4.7
197.1
194.1
3.0
226.2
65.7
32.2
31.4
25.0
7.7
341.7
Tablet5.—Gross National Product by Sector in Current and Constant Dollars
1965
1963
1964
1965
I
II
1965
1966
III
IV
I
1963
1964
1965
Business 1
Nonfarm *_ _ _ _ _
Farm
Households and institutions
Rest of the world __
_ __
General government
I
589.2
628.7
676.3
657.6
668.8
681.5
697.2
713.9
550.0
577.6
609.6
597.7
603.5
613.0
624.4
633.6
531.0
565.8
609.1
592.4
602.6
614.1
627.0
641.5
502.2
528.5
559.0
547.9
553.3
562.3
572.8
581.3
511.7
490.1
21.6
16 0
544. 5
524.1
20.4
17.3
4.1
586. 7
563.8
22.9
17.8
4.6
570. 7
550.3
20.4
17 1
4.6
580.3
557. 2
23.1
17.5
4.8
591.6
568.0
23.6
18.0
4.5
604.1
579.7
24.4
18.6
4.3
618.1
593.7
24.4
18.9
4.5
485.7
462.8
22.9
13 2
3.3
510.9
488.6
22.3
13 6
4.0
540.7
517.4
23.3
13 8
4.5
530.0
508.0
22.0
13.4
4.5
535.0
511.8
23.2
13.6
4.7
544.0
520.4
23.6
13.9
4.4
554.2
529.9
24.3
14.4
4.2
562.4
540.4
22.0
14.4
62.9
67.2
65.2
66.2
67.4
70.2
72.4
47.8
49.1
50.6
49.8
50.2
50.7
51.6
52.3
3.3
58.2
1. GNP originating in government enterprises (e.g., the Tennessee Valley Authority) is included in the nonfarm business sector.
IV
Billions of 1958 dollars
Billions of current dollars
_
1966
III
II
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross national productPrivate^
_ .__
I
4.5
SUEVEY OF CUKKENT BUSINESS
4
Table 4.—National Income by Type of Income
Table 6.—Personal Income and Its Disposition
(Billions of dollars)
[Billions of dollars]
1965
1964
May 1966
II
1965
1966
III
1965
IV
1963
1964
1965
II
Seasonally adjusted at
annual rates
Compensation of employees-
341.0 365.3 391.9 382.4 387.9 393.7 403.6 416.2
Wages and salaries..
311.2 333.5 357.4 348.9 353.6 359.0 368.1 377.0
251.6 269.2
10.8 v 11.7
48.8
52.6
Supplements to wages and salaries. 29.8
31.8
Employer contributions for
social insurance
15.0
15.4
Other labor income.
14.8
16.5
Employer contributions to
private pension and welfare funds.
_- 12.1 13.5
Other
.—
-_.
2.7
2.9
Private
Military
Government civilian.
288.5 282.0 285.9 290.0 296.1 303.1
12.3 13.7 14.4
12.4 11.8 11.
56.5 55.0 55.
56.7 58.3 59.5
Personal income.__•__;
464.8 495.0 530.7 516.2 524.7 536.0 546.0
557.1
377.0
Commodity-producing industries
125.7 133.9 143.9
Manufacturing
100. 6 107.2 115.5
Distributive industries
76.0 81.1 86.5
Service industries.49.9 54.1 58.1
59.6 64.3 68.9
Government
33.5
34.3
34.7
35.5
16.3
16.0
16.2
16.3
16.6
19.8
18.2
17.5
18.1
18.4
18.9
19.4
14.8
16.5
18.2
17.5
18.1
18.4
18.9
51.1
39.1
12.0
54.5
40.3
14.3
51.9
39.9
12.0
54.6
40.1
14.5
55.4
40.4
15.0
56.2
40.7
15.5
56.9
41.0
15.9
Rental income of persons
17.6
15.8
18.2
17.2
18.6
18.9
18.5
18.0
18.6
18.6
18.6
19.2
18.7
19.9
18.8
20.6
31.1
34.3
37.1
36.0
36.7
37.5
38.2
39.5
35.2
36.6
39.2
38.4
37.5
41.2
39.7
41.7
16.0
18.0
16.6
16.6
20.4
18.6.
19.5
2.6
5.3
12.7
2.2
5.6
13.4
2.4
5.5
13.9
2.2
5.6
13.1
2.2
5.6
13.1
2.0
5.7
13.4
2.0
5.8
14.4
11.8
12.4
13.2
12.9
13.0
13.3
13.6
16.8
60.9
59.2
65.4
64.8
66.2
64.8
Dividends
54.5
51.9
54.6
55.4
56.2
56.9
Personal interest income.
Business and professional
._. 37.8
Income of unincorporated enterprises.
37.8
Inventory valuation adjustment...
0
39.1
40.3
39.9
40.1
40.4
40.7
41.0
39.1
0
40.7
-.4
13.0
12.0
14.3
12,0
14.5
15.0
15.5
15.9
Transfer payments
.--._
Old-age and survivors insurance benefits
----- 15.2
State unemployment insurance benefits-----2.8
Veterans' benefits—
5.0
Other...
12.1
Rental income of persons-
17.6
18.2
18.6
18.5
18.6
18.6
18.7
18.8
Corporate profits and inventory valuation adjustment
58.1
64.5
73.1
71.7
72.0
73.5
75.2
i 78.3
58.6
64.8
74.7
73.1
73.9
74.6
77.0
81.1
Profits before tax.
Profits tax liability
Profits after tax
—.
Dividends
Undistributed profits..
26.0
32.6
15.8
16.8
27.6
37.2
17.2
19.9
13.6
15.2
Inventory valuation adjustment.
Net interest...
30.1
44.5
18.9
25.6
30.1
44.5
19.2
25.3
31.1
45.9
19.9
26.0
32.7
48.4
20.6
27.8
- . 3 -1.6 -1.4 -1.8 -1.2 -1.8
-2.8
16.5
29.8
44.1
18.6
25.5
29.5
43.6
18.0
25.7
16.1
16.4
16.7
17.1
17.6
Less: Personal contributions
social insurance--.
___
for
Less: Personal tax and nontax payments
65.7
68.3
Equals: Disposable personal income__ 403.8 435.8 465.3 451.4 458.5 471.2 480.3
488.7
Less: Personal outlays._~_
_. 383.4 409.5 440.5 428.1 436.1 444.4 453.2
Personal consumption expendi373.8 398.9 428. 7 416.9 424.5 432.5 441.0
tures
:
1.0 10.0 11.1 10.6 11.0 11.3 11. 6
Interest paid by consumers
Personal transfer payments to
.6
.6
.6
foreigners
451.8
11.9
22.4
464.4
27.1
24.4
Addendum: Disposable personal income in constant (1958) dollars--.
380.6 406.5 427.7 417.9 421.7 432.3 439.4
443.5
Equals: Personal saving
1. First quarter 1966 national income total and the corporate profits share are based on preliminary estimates and are subject to revision in next month's SUEVEY.
144.4 148.0
116.0 118.9
87.0 88.2
58.5 59.9
69.0 72.0
Proprietors' income.50.8
Business and professional.—__._ 37.8
Farm
...
___
13.0
Other labor income
34.5
40.8 142. 3
13.0 114.2
84.7 86.1
56.5 57.5
66.8 67.7
152.2
122.7
89.8
61.1
73.9
19.4
51.1
Farm
IV
Wage a n d salary disbursements. __ 311.2 333.5 357.4 348.9 353.6 359.0 368.1
50.8
Proprietors' income..
III
Seasonally adjusted at
annual rates
481.1 514.4 554.7 540.6 549.5 557.9 570.8 587.9
National income
1966
20.4
26.3
24.9
26.8
Table 5.—Relation of Gross National Product, National Income,
and Personal Income
(Billions of dollars)
1965
1964
II
1965
1966
III
IV
Table 7.—Personal Consumption Expenditures by Major Type
[Billions of dollars]
Seasonally adjusted at
annual rates
1966
1965
Gross national product
:___
589.2 628.7 676.3 657.6 668.8 681.5 697.2
Less: Capital consumption allowances. 52.8
58.3
59.1
713.9
59.8
60.7
Equals: N e t national product.._--____ 536.5 573.0 617.5 599.9 610.5 622.4 637.4
653.2
Less: Indirect business tax and nontax liability
B usiness transfer payments
Statistical discrepancy
62.5
2.3
i 1.5
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
54.6
2.2
-.7
.7
1.2
57.7
62.0 61.5 61.4
2.3
2.3
2.3
- . 2 -3.1 -1.4
1.2
1.4
1.3
62.0
2.3
1.4
1.2
62.9
2.3
2.4
1.1
1.1
58.1
64.5
73.1
71.7
72.0
73.5
75.2 i 78.3
26.8
27.8
29.5
28.9
29.2
29.6
30.2
36.6
.0
.0
.0
.0
.0
.0
.0
.0
36.0
35.1
38.9
37.3
39.4
19.9
18.0
2.3
20.4
18.6
2.3
20.8
19.2
2.3
21.1
19.9
2.3
21.8
20.6
2.3
464.8 495.0 530.7 516.2 524.7 536.0 546.0
557.1
Plus: Government transfer payments
to persons
____ 33.0
Interest paid by government
(net) and by consumers-_____ 17.5
Dividends
15.8
Business transfer payments.____ 2.2
i See footnote table 4.
58.0
2.3
-.5
58.7
481.1 514.4 554.7 540.6 549.5 557.9 570.8 1587.9
Less: Corporate profits and inventory
valuation adj ustment _
Contributions for social insurance
Wage accruals less disbursements
Equals: Personal income
55.7
__
34.2
19.1
17.2
2.3
20.6
18.9
2.3
1963
1964
1965
II
I
III
IV
I
Seasonally adjusted at
annual rates
Personal consumption expenditures
_
_ 373.8 398.9 428.7 416.9 424.5 432.5 441.0
451.8
65.4
66.4
68.7
31.3
Durable goods _
53.4
Automobiles and parts
Furniture and household equipment
Other
Nondurable goods
Food and beverages
Clothing and shoes
Gasoline and oil
Other
_
. ._
Services
Housing
Household operation.
Transportation.
Other
58.7
65.0
64.6
63.5
24.3
25.8
30.0
30.3
29.3
30.3
30.1
21.9
7.3
24.7
8.2
26.0
9.0
25.5
8.8
25.4
8.9
26.0
27.3
9.1
28. 0
168.0 177.5 189.0 182.8 187.9 190.5 195.0
200.1
99.3 102.2
35.2 35.9
14.8 15.0
41.2 42.0
103.8
37.7
15.5
43.0
152.3 162.6 174.7 169.5 173.1 176.7 179.6
183.0
66.7
26.6
12. 5
73.8
68.0
27.0
12.7
75. c
_ _ 88.2
30.5
13.5
35.8
55.5
23.1
11.4
62.3
92.3
33.3
14.0
37.8
59.5
24.4
11.7
67.0
98.4
35.1
14.7
40.9
64.7
25.8
12.2
72.0
94.8
34.3
14.2
39.5
62.7
24.9
11.9
70.0
97.3
35.0
14.7
40.8
64.0
25.5
12.1
71.4
65.3
26.3
12.3
72.7
9.5
SURVEY OF CURRENT BUSINESS
May 1966
Table 8.—Government Receipts and Expenditures
Table 9.—Sources and Uses of Gross Saving
[Billions of dollars]
[Billions of dollars]
1966
1965
1963
1964
II
1965
III
1965
IV
1963
1964
1965
II
Seasonally adjusted at
annual rates
Federal Government receipts..
114.5 124.1 123.7
124.4
122.7
54.8
28.0
53.2
28.3
54. 0
29.2
56.2
16.7
24.9
16.1
25.2
16.3
25.8
14.8
32.1
125.3
133.9
Gross private saving-
65.3
66.6
64.9
65.7
66.5
69.2
72.5
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment.
Corporate capital consumption allowances.
Noncorporate capital consumption allowances
Wage accruals less disbursements..
50.8
13.6
49.9
15.4
49.9
16.7
48.8
16.1
49.2
16.5
49.8
16.7
52.0
17.2
55.0
17.5
Government surplus, national income and product accounts
29.2
27.0
2.2
29.9
27.8
2.2
32.1
29.9
2.2
31.2
29.2
2.0
30.6
28.2
2.4
34.1
32.0
2.1
32.5
30.3
2.1
34.0
31.9
2.1
Grants-in-aid to State and local
governments
—
9.1 10.4
11.4
10.8
11.0
11.7
12.0
13.5
Net interest paid..
7.8
8.4
8.8
8.6
8.7
8.8
8.9
3.6
4,3
4.5
4.6
4.5
4. 5
4.4
.3 -3.8
.7
3.6
3.8 -2.9
-1.8
Purchases of goods and services—. 64.4
National defenseOther-___.
Transfer payments
•_
To persons...—
To foreigners (net)..
_-__._.
Subsidies less current surplus of
government enterprises_.
Surplus or deficit (—), national
income and product accounts......
State and local government receipts
120.6
125.6
127.0
133.6
9.3
74.3
71.8
73.2
75.4
76.7
179.8
11.5
1.8
11.2
1.8
11.4
1.8
11.6
1.8
11.7
1.9
12.1
12.0
Indirect business tax and nontax
39.2
accruals
_. _:
.
Contributions for social insurance.. 3.8
41.9
4.1
45.3
4.3
43.8
4.2
44.7
4.3
45.9
4.4
46.6
4.4
47.7
4.5
9.1 10.4
11.4
10.8
11.0
11.7
12.0
13.5
76.3
71.5
7.5
State and local government expenditures
_---_ 62.2
Purchases of goods and services
Transfer payments to persons.
Net interest paid
Less: Current surplus of government enterprises——_—-_---_._—-.
Surplus or deficit (—), natonal income and product accounts
58.3
6.0
67.2
72.6
70.8
72.1
73.2
74.1
63.1
6.5
68.2
6.9
66.4
6.8
67.8
6.9
68.9
6.9
69.8
7.0
.8
.8
.7
.7
.7
.7
.6
.7
2.8
3.1
3.3
3.2
3.2
3.3
3.3
3.3
.9
1.4
1.7
1.1
1.1
2.2
2.6
See footnote table 4.
105.3
104.4
110.0
111.2
24.9
25.6
23.3
25.7
22.4
25.5
26.8
25.3
27.1
26.0
24.4
127.8
110.1
-.4
-.3 -1.6
-1.4
-1.8
-1.2
-1.8
-2.8
32.0
34.0
36.1
35.4
35.8
36.3
36.8
37.3
20.8
.0
21.7
.0
22.7
.0
22.3
.0
22.5
.0
22.8
.0
23.1
.0
23.4
.0
1.2 -2.4
-3.8
1.4
2.5
4.7
4.9
.7
1.7
3.6
1.1
3.8
1.1
-2.9
2.2
-1.8
2.6
.3
3.5
-.7
.9
13.7
90.0
98.7
109.9
106.8
107.8
110.9
114.5
115.4
86.9
3.2
92.9
5.8
105.7
4.3
103.4
3.4
102.8
5.0
106.2
4.7
110.3
4.1
111.7
3.7
-.7
-.5
-.2 -3.1
-1.4
1.4
2.4
i 1.5
13.5
[Billions of dollars]
1965
1963
1964
II
1965
III
1966
IV
Seasonally adjusted at
annual rates
Receipts from foreigners
32.4
37.0
39.0
34.7
40.4
40.1
40.8
41.7
Exports of goods and services..
32.4
37.0
39.0
34.7
40.4
40.1
40.8
41.7
Payments to foreigners
32.4
37.0
39.0
34.7
40.4
40.1
40.8
41.7
33.9
35.3
2.7
.6
2.1
3.7
28.6
32.4
32.7
Transfers to foreignersPersonal
...
Government
2.8
.6
2.2
2.7
.6
2.2
2.8
.6
2.2
2.6
.6
2.0
3.1
.6
2.4
2.8
.6
2.1
2.7
.6
2.1
Net foreign investment..
3.2
5.8
4.3
3.4
5.0
4.7
4.1
Meat and Poultry Prices
PRICES for basic agricultural products, sale and retail, rose 3 percent. The
and for foods at wholesale markets and large gains prolonged the upswing that
retail stores, rose sharply from the became pronounced early in 1965.
fourth quarter of 1965 to the first.
Much of the first quarter rise in
quarter of 1966, after seasonal adjust- farm prices took place in January and
ment. Among the major price indexes, February. During March and April,
prices received by farmers increased prices of farm products eased a little.
6 percent, wholesale market prices for Lower prices for meat animals were
farm products were up nearly 4)_. offset in part by higher prices for
percent, and food prices, at both whole- poultry and dairy products. Whole-
107.7
26.3
19.9
Table 10.—-Foreign Transactions in the National Income and
Product Accounts
Imports of goods and services..
1
101.7
20.4
16.8
i See footnote table 4.
10.6
1.6
63.1
Gross private domestic investment.. —
Net foreign investment
Statistical discrepancy.
68.6
Federal grants-in-aid.
Federal—
State and local.
Gross investment.
9.5
1.5
Personal tax and nontax receipts
Corporate profits tax accruals _....__
IV
89.5
ooo
Federal Government expenditures-
III
Seasonally adjusted at
annual rates
51.5 48.6 53.9 53.5
24. 5 26.0 28.3 27.7
15.3 16.1 16.7 17.7
23.0 23.7 25.2 24.7
114.0 118.3 123.3 120.1
114.3
Personal tax and nontax receipts. _
Corporate profits tax accruals..--Indirect business tax and nontax
accruals
.
_.,
Contributions for social insurance.
1966
26.4
28.5
31.9
sale prices for foods leveled off in
March and decreased in April. Retail
food prices, which often lag behind
changes in wholesale markets, rose
steadily throughout the first quarter;
April data are not yet available. Not
only were meat prices at retail much
higher in the first 3 months of 1966
than in the preceding quarter, but retail
prices for products other than meats
also showed gains (chart 3).
Although the advance in the overall
level of farm and food prices during
the past year or so has been substantial,
the upward push has been attributable
mainly to an acute supply problem for
hogs and pork products. This has
SURVEY OF CURRENT BUSINESS
6
apparently caused significant upward
shifts in demands for substitute meats
and poultry and has thereby exerted
upward pressures on the prices of these
products.
Meat output lower
The 1965 pig crop was the smallest in
nearly 30 years.
For 1965 as a whole, wholesale prices
for all grades of hogs at Chicago were
40 percent above the 1964 average.
The very steep price rise last year
resulted mainly from reduced slaughter
but also from other factors. The rate
of increase in beef production, which
had risen sharply the year before,
slowed noticeably in early 1965; indeed,
on a per capita basis, supplies of red
meats, even if pork is excluded, decreased in 1965. These changes were
taking place at a time when the overall
vitality of the economy was generating
very strong consumer demand.
-•Combined production of meats and
poultry declined last year for the first
time since 1958. Supplies for domestic
consumption were augmented by a
large reduction in cold storage stocks
and by an excess of meat imports over
exports. Because net imports and
changes in stocks were quite small
relative to annual production or consumption, they had little restraining influence on livestock and poultry prices, Pork prices easing now
which rose more than one-sixth at the
producer level from 1964 to 1965.
Although hog slaughter in the first
Wholesale and retail prices for processed quarter of 1966 was extremely small, on
meats and poultry also showed sizable
CHART 3
gains.
In the first quarter of 1966, producConsumer Food Prices
tion continued at about the 1965 rate.
First quarter increases were
Seasonally adjusted slaughter figures for
widespread and especially large
the first 3 months of the year show that
for meats
a further slight increase in beef and Percent Change From Previous Quarter
veal production, coupled with a subFOOD AT HOME
stantial rise in commercial poultry output, was offset by another decrease in
pork production (chart 4).
o
Fluctuations in pork
production
The substantial drop in hog slaughter
and the upward spiral of pork prices
were among the most noteworthy occurrences in agricultural and food markets during 1965. The origin of these
developments dates back to the 1962-64
period, when pork production was increasing at a rapid rate, gaged by past
consumption trends. By late 1963,
after a steady rise in production for
more than 2 years, cold storage holdings
of pork had become quite high, and
prices had dropped significantly. At
the same time, cattle slaughter and beef
imports were in a steep uptrend;
wholesale beef prices were at their lowest point in many years and were still
moving down. This accentuated the
drop in pork prices and led farmers—
whose receipts from hog marketings
were falling sharply—to reduce pig
crops in the spring and fall of 1964 and
to cut them even further early in 1965.
MEATS, POULTRY, AND FISH
8
6 ~
4—
2 -
4
FRUITS AND VEGETABLES
2 -
_2
-4
DAIRY PRODUCTS
|
-2
CEREALS AND BAKERY PRODUCTS
4
2 0
9——
2
"
'
'
I
OTHER FOODS AT HOME
4
2
0 -2
I
0
III
II
1964
IV '
I
— i
II
III
1965
i.
IV '
I
II
1966
Seasonally Adjusted,
Data: BLS-OBE
U.S. Department of Commerce, Office of Business Economics
66-5-4
May 1966
a seasonally adjusted basis it appears to
have reached a low point in January
and has since turned upward. This
improvement reflects the modest step-up
in pig production that began late in
1965. Accompanying this turnaround
in slaughter has been a considerable
drop in wholesale prices for both hogs
and pork. Retail prices of pork eased
slightly in March.
Farmers have indicated that they
expect their crop of pigs this spring to
be about 7 percent larger than a year
earlier; this would still be well below
spring pig crops of all recent years other
than 1965. After midyear, slaughtering
is expected to increase further because
of the larger crop this spring, and an
additional drop in prices is anticipated.
Military buying may tend to moderate
the price decline. In early May, the
Department of Defense indicated that
pork procurement for domestic military
needs would be stepped up now that
prices have receded from their peak.
Procurement was slashed 50 percent
earlier this year because of high prices,
and this may have contributed to the
softening in prices this spring.
Cattle slaughter heavy
In contrast to pork, beef production
showed only a modest rise between
early 1961 and the spring of 1963
despite the large inventories of cattle
on farms. Beef imports, however, were
increasing during this period, and this
tended to retard any price improvement that domestic producers might
have expected. Cattle marketings were
stepped up sharply after the spring of
1963, partly because of drought conditions, and imports rose considerably.
Against a background of declining pork
prices, these factors seriously depressed
wholesale beef prices in the latter part
of the year.
In early 1964, prices continued to
drop as the pace of marketings quickened, and with drought conditions
continuing, a further increase in
slaughter appeared likely. Under these
circumstances, the Department of Agriculture, in an attempt to improve
returns to domestic producers, initiated
large-scale purchase programs for frozen
and canned beef and concluded agreements with other major producing
SUKVEY OF CUKEENT BUSINESS
May 1966
countries to limit beef exports to the
United States. At the same time, a
major effort was underway to encourage
increased consumer purchases of beef.
Price uptrend emerges
By late spring of 1964, beef prices at
both wholesale markets and retail
stores had begun to stabilize despite
rising production. After mid-1964, an
irregular uptrend in prices emerged.
Even so, for all of 1964, beef prices
were lower than at any time since 195657. This relative price attractiveness
and the special promotion of beef helped
raise per capita beef consumption more
than 6 percent above 1963.
During 1965, beef production showed
only a small increase, restrictions on
imports continued and pork supplies
were low. As a result, wholesale beef
prices rose throughout the year, averaging 8 percent above the 1964 level.
Prices also increased substantially in
the first quarter of 1966 on a seasonally
adjusted basis, but have declined since
then. For the second quarter as a
whole, beef production is expected to
show a greater than seasonal rise, and
prices—which normally change little
from the first quarter-—are expected to
decline moderately. Larger beef production this spring may be at the ex-
pense of output later this summer.
Prices may not change much in the
second half, however, because large
supplies of poultry and increasing
supplies of pork will temper upward
pressures.
Poultry production rises
Last year's rise in red meat prices
led to a vigorous expansion in demand
for poultry, which is relatively low in
price. Chicken and turkey slau^ter
increased more than 5 percent froi±*
1964 to 1965, with most of the gain
occurring in the second half of last
year. On a seasonally adjusted basis,
the rate of production rose moderately
in the third and fourth quarters of
1965 and then increased sharply—
more than 6 percent—in the first
quarter of this year. Rapid short-run
adjustments in production, especially
for broilers, are possible because of
ample capacity and the short timespan
between hatch and slaughter.
In more normal circumstances, a
production rise as large as the one that
occurred in 1965 and so far in 1966
would depress prices severely. However, in 1965, broiler prices at the farm
averaged 6 percent higher than in
1964, and in the first quarter of 1966,
seasonally adjusted broiler prices were
up 4 percent from the average for the
full year 1965. This strength in prices
at both wholesale and retail levels
can be traced to such developments
as the decline in pork production,
increased military procurement of
chicken, expanded exports, and the
significant rise in per capita consumption of chicken.
Larger poultry supplies likely
According to the Department of
Agriculture, broiler marketings in the
second quarter are expected to average
10 percent above a year earlier, a rate
not greatly different from the first
quarter, after seasonal adjustment.
However, some expansion in output will
take place in the second half of 1966
if producers carry out their present
intentions of raising 10 to 15 percent
more birds than in the second half of
1965.
In addition, turkey production
in 1966 is expected to reach a new peak
and to add to available poultry supplies.
The uptrend in broiler prices may be
arrested after midyear by increasing
competition from supplies of pork and
turkey. By the end of the year, the
currently planned expansion in production could bring prices below yearearlier levels.
CHART 4
Production and Prices for Meats and Poultry
Bil.
Lbs.
Cents Per Lb.
1.2
(ratio scale)
Bil. Lbs.
Cents Per Lb.
PORK
.
Cents Per Lb.
Bil. Lbs.
24
.8
72
1.5 - -BEEF AND VEAL
_ _ _
60
POULTRY
~ 40
(Right Scale)
I
1958
I
60
I' ' I
62
!
64
66*
i
1958
60
62
64
66*
1958
60
• • x
62
'
i
I
64
;
r
i
66*
12
* Monthly average for 1st quarter, seasonally adjusted. Data prior to 1966 are monthly averages for year.
Note.-Production totals for beef and veal and for pork (excluding lard) represent total dressed weight of federally inspected slaughter. Poultry production is commercial output.
Prices for beef and pork, respectively, are New York wholesale prices for choice grade, fresh steer carcasses (600-700 pounds), and fresh pork loins (8-12 pound average).
Poultry prices are prices received by farmers for live broilers at the Georgia producing area.
Data: Dept. of Agri., OBE
U.S. Department of Commerce, Office of Business Economics
66-5-5
by JOHN A. GORMAN and PAUL E. SHEA
Recent Financial Developments
o
fVER the past half year, there has
been a marked tightening in credit
conditions against a background of
continuous gains in output and increased prices. Most market interest
rates rose sharply, reaching the highest
levels since the early 1930's.
The transactions of both nonfinancial
corporations and consumers contributed
to the recent tightening of credit. As
the rise in corporate investment outstripped the rise in internal funds and
as personal saving declined, both groups
stepped up their borrowing. Much of
the increase in private demand for
credit was accommodated by a temporary improvement in the deficit position of the Federal Government on
income and product account. However, the increased credit requirements
were met at higher rates of interest as
monetary policy limited the expansion
of bank credit and as expectations of
higher interest rates became more
widespread.
The monetary authorities moved
toward tighter credit in December by
raising both the discount rate and the
interest rate banks might pay on time
deposits. After the turn of the year,
open-market operations tended to limit
the growth of bank reserves in the face
of substantial private demands for
credit.
The administration also attempted
to moderate the growth of private
demand. In early 1966, the excise tax
cuts that had been effective January 1
were rescinded, and on May 1, a new
system of income tax withholding went
into effect. The President appealed to
business to make downward adjustments in projected plant and equipment
spending and to hold the line on prices,
while he asked both business and labor
This article, which covers financial developments since the end of
the third quarter of 1965, presents
statistics through 1965 on the
sources and uses of corporate
funds, the disposition of personal
saving, and public and private
debt. Table 1, on corporate financing, was last published in the
November 1965 SURVEY. Tables
2-5 show for the first time revised
statistics on the disposition of
personal saving for the years 194665, consistent with the revisions
in the national accounts published
last August. Tables 6 and 7
carry OBE's regular statistics on
public and private debt through
1965.
to keep wage increases within the
guideposts. Finally, the President has
requested Federal agencies to slow the
rise in nondefense Government spending.
Interest rates up
Interest rates advanced sharply in
the last quarter of 1965 and the first
quarter of 1966 (chart 5). Rates fell
moderately in March and early April.
Most resumed their rise during April
but by early May were below peaks
reached earlier this year. From December to March, long-term yields rose
sharply (most long-term yields rose onethird of a percentage point) to reach
the highest levels since the early 1'930's.
The rise in such yields during the current business expansion had hitherto
been quite moderate: From the recession lows of early 1961 through November of 1965, increases had ranged from
one-third to one-half of a percentage
point.
Since last December, the gains in
short-term market interest rates have
averaged about half a percentage point.
This represents less of an acceleration
than was the case for long-term yields.
From the 1961 lows to November 1965,
short-term rates registered increases
ranging from 1% to 2 percentage points.
Bank credit tightens
The tightening in reserve availability
was signaled by an increase in the discount rate in early December and was
effected by limiting open-market purchases in the face of increased demand
for bank credit. During the first
quarter of 1966, seasonally adjusted
bank reserves showed little expansion,
and borrowings from the Federal Reserve rose markedly.
The tightened reserve position was
accompanied by a slowing in the expansion of bank credit. During the
first quarter of this year, total bank
credit rose $23K billion at a seasonally
adjusted annual rate, a pace 12 percent
below the 1965 average. Total loans,
however, rose at a $30 billion rate—21
percent above the 1965 rate. The
difference between total credit expansion and loan expansion reflected
mainly a step-up in the sale of Government securities by banks to an annual
rate of $8 billion. By March, commercial banks had also begun to reduce their holdings of municipal bonds
in addition to continuing to sell Federal
securities.
The tightening of bank reserve positions helped slow the growth in de-
May 1966
posits. The rate of increase in time
and savings deposits began to decline
in the last quarter of 1965; in the first
quarter of 1966, such deposits rose
$10K billion at an annual rate, about
one-half the 1965 increase. Demand
deposit creation fell to an annual rate
of $4K billion in the first quarter of
1966, as compared with $6 billion last
year.
The slowdown in the growth of time
and savings deposits this year, coming
closely after a round of interest rate
increases for such deposits, highlights
the general tightness of recent credit
conditions. Private investors stepped
up their purchases of marketable securities as current and prospective
security yields became more attractive
than those available on time and savings deposits. In this respect, the
present situation is quite different
from 1957, 1962, 1963, and 1964, when
the growth of time and savings deposits spurted after increases in allowable interest rates.
Corporate investment high
The heavy demand for new bank
loans late last year and so far in 1966
was attributable largely to the corporate sector. During the half year
ended in March 1966, nonfinancial
corporations placed increased reliance
on external funds, as the rise in inventory investment and fixed capital outlays outstripped a substantial growth
in internal funds.
The rise in fixed investment expenditures was very large: $2 billion in the
fourth quarter and $3 billion in the
first. Inventory accumulation was much
higher than it had been during most of
the 5-year business expansion. The
fourth quarter rate—$8 billion—was
particularly high, but accumulation fell
somewhat to a $6K billion rate in the
first quarter of 1966. As in other
periods of rapid economic expansion, a
substantial increase in trade credit
augmented working capital needs.
Profits of nonfinancial corporations
continued to expand. In the opening
quarter of 1966, bef ore-tax profits (including inventory valuation adjustment) were up $5 billion from the third
quarter of 1965. Corporate tax
liabilities rose $1% billion, about in
214-820 O - 66 - 2
SURVEY OF CURRENT BUSINESS
line with the profits advance.
Dividends were up $1% billion, and the
balance of the profit rise was carried
down to retained earnings. This gain,
combined with an increase of $1 billion
in capital consumption charges, raised
internal funds by $3 billion.
A considerable expansion of new
security issues and a sharp rise in bank
borrowing were major sources, of
financing under these circumstances.
By the first quarter of 1966, net new
corporate bond issues increased to the
highest rate since early 1958, according to preliminary indications. Nonfinancial corporations also stepped up
their borrowing from banks and finance
companies.
Despite the tightening in their credit
position, nonfinancial corporations ap-
9
parently added moderately to their
liquid asset holdings in the opening
quarter of 1966. There was a marked
shift in their portfolios toward interestbearing liquid assets such as time
deposits and open-market paper and
away from currency and demand deposits, which carry no interest return.
Internal funds in three expansions
The accompanying chart, which compares the course of fixed investment and
internal funds during three business
expansions, shows that both internal
funds and fixed investment have grown
substantially over the past 5 years.
Starting in early 1964, the gap between
internal funds and fixed investment
narrowed considerably and by the
first quarter of this year
disap_ _ _had
!
CHART 5
Interest Rates Rise to New Peaks
Short-term rates
Percent
Percent
Prime Commercial Paper
4-6 Months
\
• April
U.S. Treasury Bills
(New Issues)
I
I.I
i
I
I.I
I
I
I
I
i
l
l 0
Long-term rates
Corporate Aa Bonds
April
I I I
1946
48
62
1964
I I I
Quarterly
1965
I
I
I
I
2
1966
Data: Treas., Moody's & FRB
U.S. Department of Commerce, Office of Business Economics
6b-5-6
SURVEY OF CURRENT BUSINESS
10
peared. External financing, which had
increased only moderately through 1964,
showed a large increase last year that
has continued into 1966.
During the two earlier expansions,
internal funds moved up in the first
year or so and then tended to flatten
out or decline moderately. Fairly
early in the expansions, fixed capital
expenditures exceeded internal funds.
Under these circumstances, large increases in external financing occurred
much earlier than during the current
business expansion. The earlier periods
were also characterized by sharp reductions in liquid asset holdings of corporations.
Table 1.—Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, 1963-65
(Billions of dollars)
1965
1963
Corporate Financing in Three
Business Upturns
1964
II
1965
III
IV
Seasonally adjusted at annual
rates
Sources, total-
63.6
68.5
88.7
88.5
87.1
83.0
96.4
Internal sources
Undistributed profits
Corporate inventory valuation adjustment.
Capital consumption allowances
44.3
13.8
-.4
31.0
49.9
17.3
-.3
32.9
55.3
21.9
-1.6
34.9
55.2
22.3
-1.4
34.3
54.7
21.8
-1.8
34.7
55.4
21.5
-1.2
35.1
56.0
22.2
-1.8
35.6
External sources
Stocks
Bonds.
Mortgages
Bank loans, n.e.c
Other loans
Trade debt
_.
Profits tax liability..
Other liabilities
19.3
-.3
3.9
3.4
2.8
.5
5.3
1.8
1.9
18.6
1.4
4.0
3.4
3.4
1.3
2.4
.2
2.5
33.4
.3
5.4
3.5
9.9
1.2
6.7
2.0
4.5
33.3
.0
4.7
3.0
9.7
.1
7.4
2.6
5.7
32.4
1.7
5.0
4.0
9.8
2.1
6.8
-1.7
4.7
27.6
-.4
8.3
3.7
5.4
1.6
4.7
1.5
2.8
40.4
-.1
3.6
3.2
14.5
.8
7.9
5.7
4.7
Uses, total..
Purchases of physical assets _
Nonresidential fixed investmentResidential structures
Change in business inventories._.
I CHART 6
May 1966
Increase in financial assets
Liquid assets
____—
Demand deposits and currencyTime deposits
.
U.S. Government securities
Finance company paper
Consumer credit..-—
Trade credit
...
Other financial assets
_..—__.
Discrepancy (uses less sources)
_
_
_.___
60.5
64.3
83.9
83.2
82.6
80.8
89.1
43.6
35.7
3.7
4.2
49.6
41.3
3.7
4.6
59.6
49.0
3.8
6.9
59.4
47.1
4.2
8.0
57.4
48.1
3.6
5.7
58.9
49.4
3.5
6.0
62.8
51.2
3.6
7.9
16.9
3.0
-1.9
3.9
.4
.7
.7
8.0
5.2
14.7
.5
-2.6
3.2
-1.5
1.5
1.0
8.9
4.3
24.3
.3
-3.3
5.0
-2.1
.7
1.2
13.5
9.3
23.8
-1.0
-4.1
8.3
-5.1
-.1
1.8
14.4
8.6
25.2
.5
-2.4
6.8
-4.5
.6
.4
12. 5
11.8
21.9
.5
-6.4
3.7
1.7
1.5
.9
9.3
11.1
26.3
1.3
-.1
1.2
-.5
.8
1.3
17.8
5.9
-4.8
-5.3
-4.4
-2.3
-7.3
—3.1
Source: Board of Governors of the Federal Reserve System.
Billion $
60
50
40
J
r"1
Fixed Investment
4
30
1 i
1 2 3 4
1961
12 3 4
1962
12 3 4
1963
12
1
1
•$
•
i
Consumer finance
?
interna Funds
• I-
t
•(
f
i f i
12 3 4
1964
) I i
1 2 3 4
1965
1966
30
20
3 4
1958
2
3
1959
4
2
3
4
1960
40
20
2
3
4
1954
0
12
12 3 4
1955
3. 4 5 6
i .1 i
I \ i
12 3 4 12 3 4
1956
1957
7 8 9 10 11 12 13 14 15 16 17 18 19 20
Quarters From G N P Troughs*
Seasonally Adjusted, at Annual Rates
* The cyclical troughs in GNP are 2d qtr. 1954, 1st qtr. 1958, and 1st
qtr. 1961.
Note: Data relate to nonfarm nonfinancial corporations.
U.S. Department of Commerce, Office of Business Economics
66-5-7
Transactions by persons added to the
pressure on the money and capital
markets during the past half year.
Consumer durable purchases increased
as did the borrowing usually associated
with these purchases. At the same
time, new funds supplied by personal
saving declined.
Consumers stepped up their purchases of durable goods by $3% billion
from the third quarter of 1965 to the
opening quarter of 1966. The rise
extended to all categories of consumer
durables, with furniture and household
equipment scoring the most rapid gains.
Consumer credit extensions rose by
about $5 billion over this period.
There was little change in the rate of
personal investment in housing or in
new mortgage borrowing.
Personal saving declined $3% billion
from the third quarter of 1965 to the
first quarter of 1966. By the first
quarter, saving totaled $23% billion and
was 5.0 percent of disposable income.
There was a marked shift in personal
investment preferences during this period. Individuals invested less in fixedvalue claims such as time deposits and
more in marketable securities. The
shift was especially noted in the stock
market, where seasonally adjusted oddlot purchases exceeded odd-lot sales for
the first time since 1962; investment in
mutual fund shares rose sharply and the
total volume of trading increased rapidly. Speculative activity has been
widespread in the recent past, as indicated by steep rises in customers' debit
balances and by a marked increase in
the volume of trading in low-priced
stocks. Stock prices have fluctuated
fairly sharply this year and in early
May were at 1966 lows.
Government finance
The marked improvement during the
past 6 months in the deficit position of
the Federal Government as measured
on income and product account was not
matched by a reduction in Federal
borrowing. A substantial part of the
improvement centered in increases in
corporate tax and social insurance
accruals in excess of collections; in addition, Federal Government mortgage
purchases moved up. These credit advances eased the financial pressures on
SURVEY OF CURRENT BUSINESS
May 1966
private taxpayers and borrowers. With
interest rates unfavorable, financing
operations of the Treasury and Federal
agencies were confined largely to shortterm issues.
11
markedly reduced in the opening quarter of 1966 as some local government
units postponed their planned offerings
in the hope of obtaining better terms
later.
State and local government construction continued substantial over the
past 6 months. Nonetheless, after rising sharply in the final quarter of 1965,
the total amount of bonds floated was
Table 2.—Personal Investment and Related Financing, 1946-65
(Billions of dollars)
1946
1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964
12.8 16.5 25.4 20.0 29.6 29.0 26.9 27.5 29.4 35.1 33.3 32.2 32.5 37.3 34.9 33.7 37.4 38.9 39.5
Gross investment in tangible assets
Nonfarm homes—___
. 5.5 8.3 12.1 10.7 15.6 15.8 15.3 16.2 16.8 21.1 20.2 17.8 16.8 21.4 19.7 17.6 18.7 19.0 19.6
Noncorporate business construction, equipment,
and inventories__--_
__. 7.2 8.2 13.3 9.3 14.0 13.2 11.7 11.3 12.6 14.0 13.2 14.3 15.7 16.0 15.2 16.1 18.6 19.9 19.9
Borrowing.
Nonfarm homes, gross of amortization.
Other debt
___._„______
8.8
10.4
10.4
8.5
4.9
3.9
6.1
4.3
7.3
3.1
6.9
1.6
18.2
1965
41.9
19.5
22.4
13.7
14.3
12.4
18.8
22.9
22.3
20.5
23.4
29.4
27.0
28.9
36.2
40.9
45.3
44.8
11.2
2.5
10.8
3.5
12.3
.1
13.7
5.1
17.8
5.1
17.3
5.0
15.6
4.9
16.4
7.0
21.2
8.2
20.1
6.9
21.0
7.9
23.6 27.2
12. 6 13.7
28.9
16.4
29.3
15.5
1961
1962
1964
Sources: Securities and Exchange Commission, Federal Home Loan Bank Board, and U.S. Department of Commerce, Office of Business Economics.
Table 3.—Personal Consumption Expenditures and Related Financial Flows, 1946-65
(Billions of dollars)
1946
Personal consumption expenditures, totalDurables only.
_
1947
1948
1949
1950
1951
1952
143.4 160.7 173.6 176.8 191.0 206.3 216.7
15.8 20.4 22.7 24.6 30.5 29.6 29.3
Consumer borrowing !
Secured by durables..
6.8
5.0
12.2
8.2
16.1
10.6
18.4
12.8
22.3
15.7
23.7
16.4
30.4
21.0
1953
1954
1955
1956
1957
1958
1959
1960
1963
236.5 254.4 266.7 281.4 290.1 311.2 325.2 335.2 355.1 373.8 398.9
32.8 39.6 38.9 40.8 37.9 44.3 45.3 44.2 49.5 53.4 58.7
32.1 32.4 40.4 39.6 42.3 40.9 48.9 50.5 50.2 56.7 62.9 68.8
22.2 20.9 27.4 27.2 28.3 26.0 31.8 32.1 30.6 35.5 39.4 43.9
230. 0
33.2
1965
428.7
65.0
76.2
49.4
1. Gross of payments on installment debt.
Sources: Board of Governors of the Federal Reserve System and U.S. Department of Commerce, Office of Business Economics.
Table 4.—Persons' Financial Asset Accumulation and Debt Operations, 1946-65
(Billions of dollars)
Financial asset accumulation.
Life insurance and pension reserves -___
Private insurance reserves
Private insured pension reserves
Private noninsured pension reservesOther financial assets..
Fixed-value claims—.
Currency and demand deposits...
Time deposits.
_;
, Savings shares----—--__—
1946
1947
1948
13.2
9.1
3.4
3.1
n.a.
.3
3.8
3.5
_____ 12.8
5.3
: __ 5.3
••___ _:
1.2
____•; ___ 1.0
U. S. savings bonds...-—________
Marketable securities.
U. S. Government securities
State and local government securities.
Corporate and other bonds
_______
Investment company shares.___
Other preferred and common stock
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
6.5
6.7
10.8
14.3
19.7
18.6
17.0
22.2
23.1
22.9
4.1
3.5
4.6
n.a.
3.7
3.3
n.a.
.4
n.a.
3.7
n.a.
5.3
2.8
1.0
1.5
6.1
3.3
1.1
1. 7
6.5
3.4
1.1
2.0
6.9
3.5
1.2
2.2
5.3
2.7
2.8
6.3
9.0
13. 7
12.1
5.3
1.0
1; 8
- . 2 -2.7 -2.2
.8
.9
2.2
1.3
1.6
1.3
1.6
1.5
2.0
5.5
3.1
.4
1.7
.3
7. 7
4.0
1.9
2.3
-.5
10.4
2.8
4.2
3.3
.1
0
-.7
.3
-.6
.2
1.7
-.2
1.0
0
.1
8.6
12.4
1.8
6.8
2.2
10.2
15.6
8.8
6.8
Net increase in debt_
Nonfarm homes and business..
Consumer and security credit..
Financial asset accumulation less increase in debt- _ .
6.2 - 1 . 2
Retirement of amortized debt..
Nonfarm homes
Consumer installment credit..
New borrowing i
.
Nonfarm homes and business..
Consumer and security credit..
.5
4.2
4.0
.2
25.7
30.1
18.6
29.4
37.2
42.6
49.7
52.6
7.8
3.8
1.2
2.8
7.7
3.0
1.6
3.1
8.1
3.3
1.5
3.3
8.7
2.9
2.0
3.8
9.0
3.6
1.3
4.1
3.8
1.4
4.4
10.1
4.3
1.4
4.4
10.9
4.5
1.7
4.7
12.2
4.8
2.0
5.4
13.0
5.4
2.0
5.6
10.3 14.8
15.5
15.2
17.7
21.5
9.7
19.9
27.1
31.6
37.6
39.6
10.7
1.1
4.3
4.7
8.1
10.1
1.2 - 1 . 5
3.7
6.3
5.3
5.2
- . 1 -1.9
9.5 10.4
16.1
1.9
.6 - 2 . 5
8.3
4.9
3.5
6.4
8.2
7.2
- . 5 -1.8 - . 2
19.5
.4
9,1
9.2
28.0
2.8
14. 9
9.9
.4
31.3
6.8
11. 6
11.7
1.2
31.5
7.0
12. 3
11. 3
33.9
8.8
15.2
9.2
.7
6.1
7.1 1.6 12.0 - . 7
.4 - . 9
•3
3.3
2.2 - 1 . 9
9 2 -2.5 -1.8
.3
.7
2.4
2.2
1.8
.8
1.7
1.2
.3
1.8
.1
.9
1.2
.5
1.3
.4
.4 - . 1
1.6
2.4
1.2
1.8
3.1
2.3
1.8
2.0
.3 - . 4 - 1 . 1 - 2 . 1 - 2 . 5 - 3 . 7 - 4 . 3 - 2 . 9
5.7
3.1
2.7
2.1
2.1
-4.3
7.4
3.7
1.3
2.4
.2
3.2
5.2
-.4
.5
-.4
.3
.8
1. 3
-.7
.4
-. 1
.4
1.3
3.3
.3
.9
.4
.6
1.1
15.9
1.0
-•2
.4
-.2
.3
.7
18.5
21.8
27.2
30.1
33.1
2.6
13.3
3.0
15.5
3.4
18.4
4.2
4.7
23.0
25.4
5.1
28.0
22.6
26.5
26.9
40.5
37.4
44.7
44.5
10.4
12.2
10.4
16.1
8.5
18.4
18.2
22.3
13.7
23.7
14.3
30.4
12.4
32.1
18.8
32.4
22.9
40.4
7.0
10.3
10.7
8.5
18.6
10.2
14.6
11.5
15.3
7.0
.0
8.2
2.0
7.8
2.8
5.5
2.9
14.8
3.9
9.5
.7
9.6
5,0
7.3
4.1
13.4
1.9
-1.8 -7.8
4.1
5.1
7.1
-3.0
-3.0
-.2
-.7
.2
.7
-4.2
3.2 - . 4
.2 - 1 . 7
1.8
.7
.2 - . 2
.6
.5
.2 •
.5
5.9
1.9
1.8
.9
.9
.4
5.4
1.8
1.5
.4
1.2
.5
35.8
39.4
43.8
47.4
48.5
51.3
55.2
57.8
61.7
5.4
30.5
5.8
33.6
6.7
37.1
7.5
39.9
8.2
40.3
8.7
42.6
9.2
46.0
10.1
47.7
51.1
63.3
61.9
62.8
64.3
78.3
77.5
79.1
12.3 13.4
55.2 61.1
92.9 103.8 114.1
29.4
48.9
27.0
50.5
28. 9
50.2
36.2
56,7
40.9
62.9
23.4
40.9
67.5
20.5
42.3
23.9
18.1
15.4
15.9
27.1
22.2
21.3
31.2
36.4
17.1
6.8
15.6
2.5
13.0
2.4
15.2
20.7
17.8
4.5
18.8
2.5
25.1
6.1
1.7 - 1 . 7
5.0
7.5
8.1
6.0
28.6
7.8
6.2
6.3
3.0 - 3 . 6
74.5
11.1
50.6
22.3
39.6
1. Gross of retirements.
Sources: Securities and Exchange Commission, Federal Home Loan Bank Board, and Board of Governors of the Federal Reserve System.
1965
45.3
68.8
39.6
31.9
7.7
10.1
81.8
14.3
67.5
120.9
44.8
76.2
39.2
30.5
8.7
13.4
SURVEY OF CURRENT BUSINESS
12
May 1966
Table 5.—Persons' Saving and Investment and Related Transactions, 1946-65
[Billions of dollars]
Investment in housing and noncorporate business
(table 2, line 1)
Less: Associated borrowing (table 2, line 4)
Capital consumption allowances
Plus: Financial assets and debt retirement (table 4,
lines 1+18)
Less: Consumer borrowing (table 4, line 23)
Statistical discrepancy
Equals: Personal saving
,.
Total sources of funds (lines 2+3+5+7)_---Total uses of funds less discrepancy (lines 1+4—6)
1946
1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965
12.8
16.5
25.4
20.0
29.6
29.0
26.9
27.5
29.4
35.1
33.3
32.2
32.5
37.3
34,9
33.7
37.4
38.9
9.5
41. £
8.8
5.2
10.4
6.4
10.4
7.6
8.5
8.6
18.2
9.5
13.7
10.9
14.3
11.7
12.4
12.5
18.8
13.1
22.9
14.1
22.3
15.2
20.5
16.3
23.4
16.9
29.4
17.9
27.0
18.5
28.9
19.0
36.2
19.9
40.9
20.8
45.3
21.7
44.8
22.7
21.8
21.5
22.4
25.2
32.6
41.5
49.8
51.7
52.8
61.6
66.9
70.3
74.2
81.4
73.8
87.2
98.9 110.1 124.2
134.4
6.8
-1.5
12.2
1.6
16.1
.2
18.4
.2
22.3
-.9
23.7
4.8
30.4
2.2
32.1
3.7
32.4
1.6
40.4
3.6
39.6
2.6
42.3
2.6
40.9
3.2
48.9 50.5
3.4 - 4 . 3
50.2
1.6
56.7
1.8
62.9
3.9
68.8
1.6
76.2
7.7
16.4
15.8
20.6
20.8
22.3
19.1
21.2
21.6
20.4
26.3
24.9
93.1
93.1
97.6
97.6
103.5 115.3 113.0 119.3 134.5 145.1 162.1
103.5 115.3 113.0 119.3 134.5 145.1 162.1
168.6
168.6
15.2
7.3
13.4
9.4
13.1
17.3
18.2
18.3
36.1
36.1
36.4
36.4
47. e
47. e
45.0
45.0
63.1
63.1
65.7
65.7
74.5
74.5
75.5
75.5
17. 0
Sources: Board of Governors of the Federal Reserve System, Securities and Exchange Commission, and U.S. Department of Commerce, Office of Business Economics.
Table 6.—Public and Private Debt, End of Calendar Year, 1961-65 * 2
Table 7.—Total Nonfarm Mortgage Debt by
Borrowing and Lending Groups, by Type
of Property, 1961-65 *
[Billions of dollarsl
Net debt
1961
Total public and private debt
1962
(Billions of dollars)
Gross debt
1964
1965
1961
1962
1963
1964
1965
947.7 1,019.3 1,096.9
,174.3
,267.5
, 100.5
,178.8
,264.2
1,349.3
1,450.7
1963
__._
313.1
329.5
340.5
352.4
362.1
402.7
421.0
434.3
448.5
457.9
Federal
Government
and
agency 3 4 5
Federal Government.
Federal agency
-_.____.__
248.1
241.8
6.4
255.8
248.1
7.7
261.0
251.6
.9.5
267.2
257.5
9.7
269.8
259.1
10.7
330. 2
296.2
34.0
340.1
303.5
347.6
309.3
38.2
356. 3
317.9
38.5
359.2
320.9
38.3
State and local governments 6____
State governments
__
Local governments.
65.0
16.2
48.8
73.7
18.2
55.5
79.5
19.9
59. 6
85.2
21.6
63.6
92.3
23.7
68.6
72.5
20.0
52.5
80.9
21.9
59.0
86.7
23.4
63. 3
92.2
25.0
67.2
98.7
26.8
71.9
Total private debt
Total, all corporations_
Long-term 7
Short-term ?___
Notes and accounts payableOther. _ — ^ — — —
634.6
324.3
149.3
175. 0
96.0
689.8
348.2
161.2
187. 0
103.3
83.7
756.4
376.-1
174.4
201.7
112.6
89.1
821.9
402. 6
189.2
213.4
119. 5
93.9
905.4
445.6
207.5
238.1
134.7
103.4
697.8
387. 5
180.5
207.0
115.2
91,8
757.8
416.2
194.9
221.3
123.9
97.4
829.9
449.6
211.0
238.6
135.1
103.5
900.8
481. 5
229.0
252. 6
143.4
109.1
992.8
533.0
251.2
281.8
161.6
120.2
Total public debt
_._
78.9
13.2
10.8
2.4
13.4
10.8
2.6
13.4
10.7
2.7
1.7
.5
1.7
1.8
.6
2.1
.7
2.1
374.2
169. 6
204.6
403.2
184.2
219.0
436.4
200.2
236.2
468.1
218.2
249.9
519.6
240.5
279.1
114. 6
90.0
123.4
95.6
134. 5
101.7
142.9
107.1
160.9
118.1
13.2
10.9
2.3
13.0
10.7
2.3
1.8
433.8
198.1
235.7
Railway corporations—
Long-term
...
Short-term
j._
:_____
Notes and accounts payable..——————.
Other__-——.
11.7
9.6
2.1
11. 5
9.5
2.0
11.6
9.5
2.1
11.8
9.5
2.3
.5
1.6
.5
1.5
.5
1.6
.5
Nonrailway corporations
Long-term 7___ _________
Short-term ?—..._
;_
Notes-and accounts payable.
.
Other-.——
312.6
139.7
172. 9
336.7
151.7
185.0
364. 4
164.9
199.5
390.8
179.7
211.1
95.5
77.4
102.8
82.2
112.1
87.4
119.0
92.0
134.1
101.6
310. 3
341.6
380.3
419.3
459.8
310.3
341.6
380.3
419. 3
459.8
27.5
13.9
13.6
30.2
15.2
15.0
33.2
16.8
16.4
36.0
18.9
17.1
39.3
21.2
18.1
27.5
13.9
13.6
30.2
15.2
15.0
33.2
16.8
16.4
36.0
18.9
17.1
39.3
21.2
18.1
Nonfarm total—
Mortgage—-----__•__.
1-4 family residential.
Multifamily
residential
and commercial-.
2S2.8
190.4
145.1
311.4
210. 6
157.2
347.1
234.3
171.5
259.5
186.9
420.5
284.8
202.2
282.8
190.4
145.1
311. 4
210. 6
157. 2
347.1
234.3
171. 5
383.3
259.5
186.9
420.5
284.8
202. 2
45. 3
53.4
62. 8
72.6
82.5
45.3
53.4
62.8
72.6
82.5
Other nonfarm 9___
Commercial __——__—_.
Financial 1°—.
— .
Consumer..
.
__..
92.4
37.9
16.9
57.7
100.8
19.3
18.3
63.2
112.8
21.5
20.8
70.5
123.8
23.9
21.5
78.4
135. 7
25.1
22.7
87.9
92.4
17.9
16.9
57.7
100.8
19.3
18.3
63.2
112.8
21.5
20.8
•70.5
323.8
23.9
21.5
78.4
135.7
25.1
Total individual and noncorporate debt.——-_——___Farm, total 8
Farm mortgage-.
Farm production
...
11.8
9.4.
2.4
22.7
87.9
1. Data for State and local governments are for June 30 of each year.
2. Estimates for the period 1916 through 1956 appear in the July 1960 Survey; data for 1957 may be found on p. 19 of the
May 1962 Survey, for 1958 on p. 16 of the May 1963 Survey, for 1959 on p. 17 of the May 1964 Survey, and for 1960 on p. 10 of
the May 1965 Survey.
3. Includes categories of debt not subject to the statutory debt limit.
4. Net Federal Government debt is defined as the gross debt outstanding less Federal Government securities held by
Federal agencies and trust funds, and Federal agency securities held by the U.S. Treasury and other Federal agencies. It
thus equals Federal Government and agency debt held by the public.
5. Details of Federal obligations may be found in the Treasury Bulletin.
6. Includes State loans to local units.
• . • 7. Long-term debt is denned as having an original maturity of 1 year or more from date of issue; short-term debt as having
an original maturity of less tnan 1 year.
8. Comprises debt of farmers and farm cooperatives to institutional lenders and Federal Government lending agencies,
and farm mortgage debt owed to individuals and others; farmers' financial and consumer debt is included under the "nonfarm"
category.
9. Comprises debt incurred for commercial (nonfarm), financial, and consumer purposes, including debt owed by farmers
for financial and consumer purposes.
10. Comprises debt owed to banks for purchasing or carrying securities, customers' debt to brokers, and debt owed to life
insurance companies by policy holders.
SOURCES: U.S. Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Home Loan
Bank Board; U.S. Department of Commerce, Bureau of the Census, and Office of Business Economics.
1961
1962
1963
1964
Total nonfarm residential
and commercial
212.4 236.4 264.4 292,7
mortgages
Corporate borrowers 2_ 22.0 25.8 30.1 33.2
Noncorporate bor190.4 210.6 234.3 259.5
rowers
1-4 Family residential
mortgage debt
Savings and loan
associations....
Life insurance carriersMutual savings banksCommercial banks
Federal National
Mortgage Association
Individuals and
others 3._.___
Multifamily residential
and commercial 4_ _
153.1 166.5 182.2 197.6
62.4
25.8
20.0
20.0
69.8
26.4
22.1
22.1
79.1
27.3
24.7
24.9
87.0
28.7
27.4
27.2
321.1
36.3
284.8
213.0
93.6
30.3
30.0
30.4
5.4
5.2
4.0
3.8
4.2
19.4
20.9
22.2
23.4
24.4
59.3
70.0
82.2
95.1
108.1
9.0
17.1
10.1
10.3
11.9 14.3
19. 4 22.1
11. 5 13.1
12.2 14.1
16.6
24.8
14.7
16.4
Savings and loan
associations
6.4
Life insurance carriers- 15.3
Mutual savings banks. 9.1
C ommercial banks
8.7
Federal National
Mortgage Associ.7
ation.
Individuals and
others
;
_._ 19.2
.7
•7
.7
22.7
26.6
30.8
35.0
1. Data for 1929-44 may be found on p. 18 of the September
1953 SURVEY, and for the 1945-56 period on p. 22 of the May
1957 SURVEY; estimates for 1957 are on p. 20 of the May 1962
SURVEY, for 1958 on p. 17 of the May 1963 SURVEY, for 1959 on
p. 18 of the May 1964 SURVEY, and for 1960 on p. 11 of the
May 1965 SURVEY.
2. The corporate mortgage debt total is included in the
total corporate long-term debt outstanding (table 6).
3. Includes portfolio loans of the Veterans Administration.
4. The data represent mortgage loans on commercial and
residential property, excluding multifamily residential and
commercial property mortgage debt owed by corporations
to other nonfinancial corporations.
Sources: U.S. Department of Agriculture, Agricultural
Research Service; Board of Governors of the Federal Reserve
System; Federal Home Loan Bank Board; and U.S. Department of Commerce, Office of Business Economics.
by MAURICE LIEBENBERG, ALBERT A. HIRSCH, and JOEL POPKIN
A Quarterly Econometric Model oi the United States:
A Progress Report
I N RECENT years economists have
made increased use of a relatively
new tool for analyzing the behavior
of the overall economy—the econometric model. This kind of model—
of which there are now a considerable
number—attempts to depict in a set of
equations the essential quantitative
relationships that determine the behavior of such magnitudes as output,
income, employment, and prices.
Econometric models have been used
for forecasting, estimating the quantitative impact of alternative Government policies, and testing various
hypotheses about the nature of the
business cycle.
This article presents a quarterly
model of the U.S. economy that has
been developed by the Office of Business Economics. It is a variant of one
constructed under the direction of
Professor Lawrence R. Klein at the
Wharton School of Finance and Commerce of the University of Pennsylvania. The original model, consisting of 34 equations, was designed
primarily as a forecasting instrument.1
In the mo del V further development at
OBE, this characteristic has been
maintained.
It should be made quite clear that
this article is a progress report on work
that must be regarded as experimental.
Forecasting business activity is hazardous whatever technique is used and
the econometric technique is no
exception. This article is published
with the intention of fostering the
1. See Lawrence E. Klein, "A Postwar Quarterly Model:
Description and Applications," Models of Income Determination (Princeton University Press, 1963), pp. 11-57. See
also Lawrence R. Klein and Joel Popkin, "An Econometric
Analysis of the Postwar Relationship Between Inventory
Fluctuations and Changes in Aggregate Economic Activity,"
in Joint Economic Committee, Inventory Fluctuations and
Economic Stabilization, Part III, 87th Congress, 1st Session,
1961, pp. 71-89 (U.S. Government Printing Office, 1961.)
progress of research in this field; no
predictions of the future will be
presented.
The first part of this article deals
with the nature of econometric models,
The second describes the OBE model,
The third reports the results of tests
that show how well the model has
depicted the behavior of the U.S.
economy since the Korean war.
Econometric Models
The characteristics of an econometric
model and the steps involved in its
construction and use will be explained
by reference to a simplified version of
actual models. The following set of
six equations constitutes a complete
model, although hardly a realistic one,
and will serve to illustrate the main
points.
(1) ; C t =
(2) I t =
(3) W t
(4) T t = C t + I t + G t
(5) P t = Y t - W t
(6) K t =K t _!+I t
The variables included in the above
equations are defined as:
C = Consumption
Y=Income (net product)
W=Wage income
P=Non wage income
I = Net investment
K = N e t capital stock at end
of period
t = time
G=Government expenditures on goods and
services
Ui, u2, u 3 =disturbance terms
The subscript t refers to a given time
period; t-l to the previous period.
The first equation states that consumption in the current period depends
on the same period's income and on
consumption in the previous period.
Net investment, represented in equation (2), is determined by non wage
income earned in the current period and
by the net capital stock available at
the end of the previous period. Wages,
in equation (3), are related to income
and time. The latter stands for factors
that are not further specified and that
affect the economic variables gradually
and persistently. The remaining three
equations, called identities, are definitional statements and are needed to
complete the model. Total income (or
net product) is defined in equation (4)
as the sum of consumption, net investment, and government expenditures.
(The items that in the real world constitute differences between net income
and product are omitted.) Non wage
income is the difference between total
income and wage income (equation 5),
and the net capital stock at the end of
the current period is equal to the last
period's stock plus current net investment (equation 6).
The first three equations contain,
besides the explanatory variables on the
13
SURVEY OF CURRENT BUSINESS
May 1966
choice depends in part on how much
the model builder wishes to explain and
upon how much detail he thinks is
needed to make a model perform reasonably well. Models also vary with
respect to the length of the unit time
period; in practice, this period has
varied from a quarter to a year.
There is also considerable latitude
at the next step of model building—
the formulation of the component
equations. In the example, the first
three equations represent the kind
over which the model builder has discretion, for they embody hypotheses
regarding economic behavior; the identities arise naturally as logical requirements for completeness.
The investigator selects equations as
a result of testing various economic
hypotheses on empirical data. More
specifically, he uses regression methods
in determining how well the hypotheses
fit the data for some selected time
Constructing the model
period. In the process, he obtains
As a basis for an econometric model estimates of the parameters, that is,
the investigator must, first of all, values of the a's, jft's, and Y'S. Equaestablish a conceptual framework that tions embodying given hypotheses may
sets forth the way in which he believes be entertained during the fitting and
the economy to work. In the example, testing stage only to be subsequently
for instance, there are three compo- discarded because they explain the
nents of final demands—consumption, historical data poorly. Others may
investment, and government expendi- be discarded even if they fit such data
tures—that are determined by different well, because they do not provide adesets of factors. Total demand, made quate predictability when tested beyond
up of the three components, calls forth the period of fitting.
production of an equal amount; this
The testing of hypotheses with actual
implies that there are no resource economic magnitudes and the selection
limitations. On the income side, it is of a workable set of equations are the
assumed that wages are systematically most important tasks of the model
explained while nonwage income is builder. He must decide not only
residually determined.
which variables are to be included in
Such a framework does not, of course, each equation but also what form the
fix the exact character of the model. variables are to take. Together, these
There is wide latitude left with respect two decisions constitute what is called
to the particular form a model may specification. For instance, in the extake. For instance, it may be highly ample, the consumption equation might
aggregative, containing only a few have contained, instead of total income,
variables and equations, like the illus- W and P as separate variables. In
trative example, or it may be very specifying equations, the model builder
disaggregative, containing many.2 The is normally guided by economic theory,
institutional knowledge of the economy,
2. Kecently developed models vary in size from a fiveand results obtained by other research
equation model (see I. Friend and P. Taubman, "A SemiAnnual Forecasting Model," Review of Economics and
workers. But there remains a wide
Statistics, August 1964, pp. 229-236) to the very large Brookarea of freedom for exercising ingenuity,
ings-SSRC model, which has over 300 equations in the
complete version. See J. Duesenberry, G. Fromm, L.
which is reflected in different specificaKlein, and E. Kuh (eds.), The Br'ookings Quarterly Econotions among different models for equametric Model, of the United Stales (Rand McNally and
Company, 1965).
tions explaining the same dependent
variable. The task of specification is
never really finished since new research
may suggest other relevant variables
and new forms. Revised specification
may also be called for because of basic
changes in the economy that make the
old equations inapplicable.
14
right-hand side, the variables tii, u2,
and u3 respectively. These terms,
called disturbance terms, are included
in explicit recognition of the fact that
the other variables cannot fully explain
movements of the dependent variables
on the left-hand side. Assuming that
no significant variables have been
omitted, the disturbance t<3rms can be
regarded as reflecting random elements
representing the net effect of a host of
unknown and unpredictable factors.
Ideally they are small so that the remaining ("systematic") part of each
equation accounts for most of the movements in the dependent variable. The
last three equations, because they hold
by definition, contain no disturbance
terms.
The following section explains how
the equations of a model are constructed. A later section shows how
they are solved and how a model is used.
Using the model
After the equations have been decided upon and the parameters estimated, the model can be tested as a
whole and applied. This means solving
the set of equations for values of the unknown or endogenous variables. First,
values of the inputs to the model are
obtained. These inputs are all those
variables assumed to be known at the
time the model is to be processed; in
the case of the illustrative model, these
are the prior period's consumption and
capital stock, time, and government
expenditures. These variables are referred to as predetermined, and they
include both lagged values of endogenous variables and other magnitudes,
such as time and government expenditures, designated as exogenous. Variables are regarded as exogenous if they
are believed to be determined essentially
outside the economic system. However, certain other variables may be
treated as exogenous if they cannot be
adequately predicted by regression
equations or if making them endogenous
would require a substantially enlarged
model.
After the predetermined values have
been introduced into the equations, the
entire set is solved simultaneously, and
the outputs—the endogenous variables
—are obtained. In the example, there
are six independent equations and six
unknowns, the current endogenous variables C t , Y t , It, W t , P t , and K t . Thus,
the model is complete and can be solved.
The disturbance terms are also unknowns, but are assumed to be zero in
accordance with their statistically expected value. Clearly, the values
determined for each unknown depend
on both the magnitude of the inputs
and the coefficients (the estimates of the
a's, jft's, and 7's).
When the model is used for forecasting purposes, it is apparent that in
addition to the lagged values, projections of all the exogenous variables
May 1966
must be included as inputs. In the
illustrative model, there are only two
such variables, time and government
expenditures. Only the latter, of
course, is not known with certainty.
With all predetermined values introduced, a solution is obtained for the
first of the future time periods. Forecasts beyond the first period are made
by further projections of exogenous
variables and the use of needed outputs
of earlier solutions as lagged endogenous
variables. In the simple model, C t
and K t obtained in the first period
become Ct_i and Kt_x with respect to
the next. Successive solutions trace
out a path over time for all the endogenous variables.
Although this article focuses on the
use of econometric models for forecasting purposes, the policy use of a model
is illustrated here. In the simple
model, there is only one variable that
can be regarded as an instrument of
government policy, namely government
expenditures. It is necessary only to
introduce into the model an alternative
contemplated value for such expenditures under the assumed new policy
and to solve the model under the
changed conditions. The difference in
the model's behavior under the two assumed values of government expenditures represents the effect of the proposed change.
By slightly enlarging the model, it is
possible to illustrate another policy use.
If the first equation is modified by substituting disposable income—income
minus taxes—for total income and
including an additional equation for
taxes, the system is again complete
with seven equations and seven unknowns. The model could then be
used to examine the probable effects of
a proposed change in tax rates. This
would involve changing the parameters
of the tax equation to conform with the
proposed changes in rates and solving
the model using the alternative tax
functions.
The working of a simple model
At this stage, an attempt will be made
to describe verbally how the illustrative model would work if it were used
to forecast the effects of a given increase in government expenditures.
SURVEY OF CUKKENT BUSINESS
In the case of simple models, such a
verbal account is possible, and it helps
nonmathematicians to understand the
essence of econometric models. In
the case of models as complex as the
OBE model that will be described, a
verbal account is not possible.
1. The assumed increase in government expenditures will result in an increase in product (income) (equation 4).
This, in turn, will result in an increase
in consumption (equation 1), and this,
m turn, in an increase in product
(income) (equation 4), and so on, all
within the same time period.
2. The assumed increase in government expenditures will also result in an
increase in the profit component of income (equations 4 and 5), and this will
stimulate investment (equation 2).
Next, the increase in investment will
affect production, income, and its
profits component, and this will in
turn stimulate investment (see the same
equations). A profit-in vestment interaction will be in progress, similar
to the income-consumption interaction
sketched in paragraph 1.
3. The increases in investment, by
raising income will also contribute to
the income-consumption interaction described in paragraph 1; and the incomeconsumption interaction will contribute
to the profit-investment interaction
described in paragraph 2.
Thus, the initial increase in government expenditures will result in a
cumulative upward movement in production and income and their components—consumption and investment
and wages and profits. How far this
cumulative movement will proceed
depends on the spending behavior of
consumers and investors. The higher
the additional spending out of additional
income, the larger the total effect of
the initial increase in government
expenditures. However, it can be
shown that the upward movement
will always reach a limit provided not
all the additional income is spent.
This exhausts the effects of the
increase in government spending on
economic activity in the same period.
However, there are additional effects
in the next period.
4. In that period, consumption will
increase further, reflecting the depend-
15
ence of current consumption on priorperiod consumption (equation 1), and
this will in turn tend to stimulate
aggregate economic activity and its
components in a manner very similar
to that already sketched for the prior
period.
5. However, another force will be
working in the opposite direction:
Investment during the prior period
will have increased the capital stock,
and this will reduce investment during
the current period (equation 2). This
will tend to bring about a cumulative
downward movement in economic activity and its components.
Whether, how soon, and where the
system will finally settle in response to
the increase in government expenditures
will depend on the initial state of the
economy and the particular behavior
patterns reflected in the equations. If
the system does settle down to.a unique
income value, one may regard the effect
of the additional government expenditure as the resulting (ultimate) change
in output. The ratio of the change in
output to the initial change in expenditure is called the long-run multiplier* If the ratio is computed on the
basis of the first period effect only, it is
called the impact multiplier. In a later
section of this article, the impact
multiplier for the OBE model will be
given.
The above explanation of how the
model works within a period illustrates
the economic meaning of simultaneity.
Mathematically, this is reflected in the
fact that none of the equations can be
used alone to solve for the left-hand
variable; the system must be solved as
a whole.
It would be possible by different
specifications of equations to remove
the simultaneous character of the simple
model. We could, for example, substitute Y t -i for Y t in the first equation.
Consumption would then depend exclusively upon lagged variables. In
3. In some contexts, the multiplier is confined to the effects
on output of changes in exogenous variables operating
through the consumption-income interrelationship. In this
article, the use of the term is extended to include effects on
output operating through the entire model. It should also
be noted that a model does not have a single value for the
multiplier. Different exogenous elements may have different effects. Thus, an assumed change in transfer payments would have a smaller effect on output than an equal
change in purchases.
16
that case, the equation could be solved
in isolation from the others since all
values on the right would be known.
If the time period t is short enough,
say a week, the substitution of lagged
income for current income is not unreasonable ; decisions to spend this week
may well depend on last week's income
and not on the current week's. When
the time period is much longer—a
quarter or more, as it is in almost all
models—-unidirectional causality becomes doubtful. That is, income earned
within the quarter can clearly affect expenditures within the same period, so
that causation runs in both directions.
Such interdependence also applies to
other variables and points up the importance of simultaneity in a realistic
characterization of economic behavior.
SURVEY OF CURRENT BUSINESS
the systematic parts of the equations.
Although the assumption is made that
the expected value of the disturbance
terms is zero, in any given instance the
actual value may be either positive or
negative. This will result in differences
between predicted and actual values.
A second type of error also is due to
the disturbances; their presence tends
to obscure underlying relationships, thus
resulting in imprecise estimates of parameters. In other words, the parameter
estimates are subject to sampling error
because any given set of observations
has associated with it a unique set of
disturbances that would, in general, be
different if the same structure underlay
another set of observations.
Third, the various behavioral equations may not correctly specify the
underlying economic relationships. In
terms of our simple model, for instance,
Forecasting errors
consumption may depend not only on
Needless to say, econometric models current income and lagged consumption
do not produce perfect forecasts of the but also on, say, liquid assets held by
future. There are several reasons for consumers. This is likely to result in
this. First, errors can be made in the incorrect estimates of parameters and
projections of the exogenous variables. also in nonrandom residuals.
In our simple example, for instance,
A final class of errors that may be
government expenditures may turn out distinguished stems from shortcomings
to be different from those that had been in our methods of statistical inference.
projected. Second, the data to which For instance, when two or more varithe equations are fitted usually contain ables on the right-hand side of an
errors; these will affect the estimates of equation tend to move closely together,
the parameters. Incidentally, errors in
the data will also result in a somewhat
false standard against which errors of
prediction are measured.
These two sources of error should be
distinguished from those that occur in
The equations of the model presently
the construction and solution of the
model and that would lead to faulty in use at OBE are shown in Appendix A.
forecasts even if the exogenous variables This model represents the current stage
and the data were perfect. To focus in a process of development that began
on these "model"-errors, it is useful to with the Wharton School model reregard an econometric model as a ferred to in the introduction.
The original model, with only slight
device that translates given inputs—the
predetermined variables—into certain modification and with prices assumed
outputs, and to inquire into the reasons exogenous, was tested at OBE over a
why this translation process may go fairly long period. During this period,
certain changes were made.4 The
wrong.
One reason for a model's failure to model presented in this article incorserve as a perfect translator stems from porates all changes made up to the
the fact that no conceivable set of time of this writing. As research proequations can take full account of all gresses and as changes in the economy
the causal factors that influence given warrant, further modifications will be
variables. We have already referred made.
In its present form, the model conto the disturbance terms, which reflect
the factors not taken into account in sists of 49 equations including identities.
May 1966
it is difficult to calculate their separate
effects on the left-hand term. This
again affects the parameter estimates.
Also in this class is the problem of bias
in the parameter estimates when the
equations are part of a simultaneous
system. (Appendix B contains a description of the methods used to cope
with this problem in the present model.)
The reader might infer from the above
listing that econometric models are
beset with errors. This is far from true,
as the subsequent discussion of the performance of the OBE model will show.
The econometric approach is comparable in validity to alternative approaches—for instance, the "judgmental" method, which may also use
econometric methods but which does
not rely on an explicit set of simultaneous equations, or the "economic
indicators" approach originally developed by the National Bureau of
Economic Research. The particular
promise of the econometric method
stems from the fact that it provides
explicit formulations of the cause-effect
relationships in the economy which can
be communicated and which are open
to inspection and testing. In addition,
compared with methods confined to
predicting only directional change, the
method has the clear advantage of
quantification.
A Description of the OBE Model
This section briefly describes the equations of the model and points out the
principal mechanisms that merge the
different parts into an interdependent
system.
Categories of Equations
The model may conveniently be
divided into six groups of equations:
those explaining (1) components of
4. Some of the changes led to fairly important modifications of the original version, while others entailed relatively
minor respecification. The most fundamental changes were
the substitution of an explicit short-term labor demand
function for an implicit relationship involving a production
function, the introduction of an explicit equation for the overall price deflator, the substitution of a different equation for
corporate profits, the further disaggregation of consumer
durables, the introduction of an equation for housing starts,
and the incorporation of a variable statistical discrepancy in
the income-product identity.
May 1966
GNP, (2) prices and wage rates, (3)
labor force and employment-related
magnitudes, (4) income components,
(5) monetary variables, and (6) miscellaneous variables needed to round out
the model. Each of these blocks of
equations will be discussed briefly.
Components of GNP
Four equations explain personal consumption expenditures in 1958 dollars.
These equations pertain to expenditures
for autos and parts, other consumer
durables, nondurables, and services
other than housing. Housing services
are projected exogenously. Each of
the consumption components is made a
function of disposable personal income,
deflated by an appropriate price deflator, and of other relevant variables.
Among the latter, lagged consumption,
reflecting time taken to adjust consumption to changing income levels,
figures prominently in the nondurables
and services equations. Other relevant
variables include the ratio of nonwage
to wage income—which is introduced to
allow for an income distribution effect—
population, and deflated liquid assets
held by households at the end of the
preceding quarter.
Gross private domestic investment
in 1958 dollars is estimated in three
components: residential structures,
fixed nonresidential investment, and
the change in business inventories.
For the residential component, an
equation is included to predict the
number of private nonfarm singlefamily housing units started during the
quarter.5 Multifamily starts, which
have become quantitatively significant
only in recent years, are added exogenously because a satisfactory equation for them has not yet been
developed. Expenditures on new nonfarm housing construction are obtained
by multiplying the predicted starts by
cost per unit started, expressed in 1958
dollars; this product is phased out over
time by using a pattern developed by
the Census Bureau. The total resi5. This equation is a modified version of the one developed
for total private housing starts by S, J. Maisel, "A Theory of
Fluctuations in Residential Construction Starts," American
Economic Review, June 1963, pp. 359-383. The rationale
for the modified equation is discussed by Albert A. Hirsch,
in "Predicting Housing Starts: Professor Maisel's Model
Modified" (U.S. Department of Commerce, Staff Working
Paper in Economics and Statistics No. 5, unpublished).
214-820 O - 66 - 3
SUEVEY OF CUEEENT BUSINESS
dential structures component is obtained by adding "additions and alterations'7 and investiment in farm
residential structures as exogenous
variables.
Investment in nonresidential structures and producers7 durable equipment
depends primarily on businessmen7s
quarterly anticipations of plant and
equipment expenditures reported in the
OBE-SEC survey, converted into 1958
dollars. First anticipations—-projections usually made 6 months in advance—-are used in the equation. In
addition to this variable, the equation
contains some others, reflecting the
factors that may cause actual investment to differ from anticipated investment. Such equations are frequently
called realization equations.
The use of anticipatory data in a
model, when such data are shown to be
reliable, may be definitely advantageous
for forecasting. However, the use of
such data limits the time period over
which forecasts can be made. For
more extended forecasts, it would be
necessary to substitute an equation
reflecting the basic determinants of
actual investment outlays for the equation containing the anticipatory data.
Alternatively, supplementary equations
designed to predict investment anticipations could be introduced.
For purposes other than forecasting,
equations containing exogenous anticipatory variables are generally unsatisfactory. For instance, if one wishes to
test the effects of alternative tax
policies, the use in the model of
exogenous investment anticipations is
an obstacle, because it is not possible to
determine the effect of the alternative
policies on the anticipations.
Inventory investment is explained by
total sales of private GNP to final
markets, the prior period's inventory
investment, durable manufacturers7 unfilled orders, and total inventories on
hand at the beginning of the period, all
in 1958 dollars. The last variable,
appearing with a negative coefficient,
introduces a cycle-producing element
into the model, as growth of inventories
in the current period tends to dampen
inventory investment in subsequent
periods.
Imports (in 1958 dollars) are esti-
17
mated by two equations, one for
finished goods and services and the
other for crude materials and foodstuffs.
The first is similar to the consumption
functions in that it includes disposable
income deflated by the implicit price
deflator for imports and the ratio of
nonwage to wage income. The materials and foodstuffs equation contains
lagged private GNP divided by the
import deflator.
Exports and government purchases
of goods and services—both exogenous
variables—complete the accounting for
GNP.
Price and wage rate equations
Price indexes are needed to derive
current-dollar estimates of GNP components and for other purposes, such as
deflating disposable income or output in
the various equations. Most indexes
represent the appropriate implicit GNP
deflators.
The equation for the price deflator
for private GNP is a function of the
average unit wage cost of private output for the current quarter and two
previous ones, and of the two-quarter
change in private final sales. The
latter variable is made dependent upon
capacity utilization in order to reflect
increased sensitivity of prices to demand
pressures when output is near capacity.
Three component deflators—those
for consumer nonauto durables, nondurables, and fixed nonresidential investment—are made functions of the
change in the overall price deflator and
their own lagged values. Two other
deflators—for consumer services and for
residential structures—-are made functions of the average wage rate. Deflators for autos and parts and for
imports are exogenous.
The average (private sector) wage
rate, which, is estimated in the form of
a percentage change over the previous
four quarters, is related to the state of
the labor market as measured by the
unemployment rate during the intervening period, and to two factors that
have a major role in collective bargaining decisions: changes in consumer
prices and corporate profits. The relative wage change one year earlier—the
change from eight to four quarters
18
earlier—is also introduced. This term
appears with a negative sign, suggesting that current wage changes are
moderated by prior wage changes.
SURVEY OF CUEEENT BUSINESS
nonwage personal income (consisting of
proprietors' income, rental income of
persons, divdends, and personal interest income), corporate profits (including the inventory valuation adjustLabor force and employment
ment), and dividends.
equations
Private wages and salaries are obThe labor force has increased secu- tained as the product of private manlarly, both in absolute terms and as a hours and the wage rate (including
proportion of the working-age popula- other labor income); government emtion. It is also somewhat responsive to ployee compensation is estimated exogecyclical variations in employment. The nously. The equation for corporate
labor force equation incorporates all of profits reflects the fact that profits are
these elements. The dependent varia- the excess of sales revenues over costs.
ble is expressed as a participation rate, Thus, corporate profits are made to vary
and the explanatory variables are the positively with corporate sales and
proportion of the working-age popula- negatively with the ratio of the money
wage rate to the overall price deflator,
tion employed and a time trend.
man-hours
per unit of output, and the
Man-hours of labor employed are
ratio
of
capacity
to actual output. The
estimated in an equation reflecting both
last
variable
serves
as a proxy for unit
secular and cyclical variations in pro6
fixed
costs.
ductivity.
The secular variable is
Nonwage personal income less divicapacity output, which determines
man-hour requirements at full capacity. dends is made a function of corporate
Two other variables serve to adjust profits and time. Corporate profits are
man-hours from full capacity to actual introduced to reflect some association
levels of production. One represents between the entrepreneurial income
an intermediate adjustment of man- component and profits. The time
hours to an output level equal to a trend is largely associated with the
moving average of recently experienced secular behavior of the other elements.
output levels, called "planned" output. Dividends are related to their value in
The other is a shortrun adjustment to the previous period and are also made
account for the difference between to vary with current corporate profits.
actual and planned output. Secular
Disposable personal income is obchanges in man-hour requirements due tained by adding total transfer payto technological change, the growth of ments to wage and nonwage incomes
the stock of capital, and other factors and subtracting personal tax and nonare introduced by making two of the tax payments and personal contribucoefficients in the equations dependent tions for social insurance. Transfers
upon time. For purely statistical other than unemployment compensareasons the equation was estimated by tion are exogenous.
first dividing through by capacity
output.
Monetary equations
Private employment is derived by
The model contains a small group of
dividing the estimate of total man-hours equations pertaining to monetary magby an index of average weekly hours nitudes. The short-term interest rate
worked. The equation for average is made a function of excess reserves in
hours worked contains the variables the prior period and of the current re"capacity utilization" and "time" to discount rate. Both are exogenous to
reflect cyclical and secular movements. the model. The long-term rate is, in
turn, made a function of the short-term
Income equations
rate and its own lagged value. The
Income components represented by long-term rate is used in the equations
separate equations are: wages and for the FHA mortgage yield and for
salaries (including other labor income), household liquid assets. The latter is
also made to depend upon personal
6. See Thomas A. Wilson and Otto Eckstein, "Short-Run
consumption
expenditures to reflect
Productivity Behavior in U.S. Manufacturing," Review of
transactions demand for money.
Economics and Statistics, February 1964, pp. 41-54.
May 1966
Miscellaneous equations
Finally, there are some equations
that are not conveniently categorized.
These are equations for new orders,
unfilled orders, shipments, depreciation, unemployment compensation, personal tax and nontax payments, indirect business taxes, corporate tax
liability, capacity output, and a number of identities required to complete
the structure. Only brief mention will
be made here of the more important
functions.
New orders placed with manufacturers of durable goods are estimated
by relating them to corporate profits.
New orders, in turn, enter into the
equation for shipments of these goods.
The timing relationship between orders
and shipments is variable and depends
on the size of the lagged ratios of backlogs of unfilled orders to shipments.7
Unfilled orders, which are required also
in the inventory investment and nonauto durables price deflator equations,
are obtained from lagged unfilled orders
and the difference between new orders
and shipments. The new and unfilled
orders, shipments, and corporate profits variables in the above relationships
are deflated by an index of wholesale
prices for durable goods.
Private output at capacity levels,
used in a number of equations, is given
by a production function relating output to labor and capital and an exponential trend to reflect technological
advance. The equation has the CobbDouglas form and uses fixed non residential capital stock and 97 percent of
the civilian labor force less government
employment as measures of available
capital and labor respectively.
The equation for personal tax and
nontax payments is a simple relation
between such payments and the sum of
wage and salary and personal nonwage
income. Indirect business taxes are
related to final sales of private GNP
and to time.
Of the many identities in the model,
the one relating the income and product
sides of the national income and
product account deserves brief mention.
7. The equation used for shipments has the same form as
that used by Joel Popkin in "The Relationship Between
New Orders and Shipments: An Analysis of the Machinery
and Equipment Industries," SURVEY OF CURRENT BUSINESS,
March 1965, pp. 24^32.
SUEVEY OF CUEEENT BUSINESS
May 1966
In addition to income and product
flows, this statement contains the
reconciliation items, which include the
statistical discrepancy. In the present
model, the discrepancy is not assumed
at some predetermined value but is
allowed to vary within certain limits
imposed on its movement and level.8
The Model as an Interdependent System
The foregoing description of the
equations does not make clear the interdependent character of the system. As
noted in the discussion of interdependencies in the simple illustrative model,
it is impossible to give an effective
verbal account of the interdependence
in a model consisting of many equations.
However, with the aid of the flow chart
8. See Appendix C for the reasons for this treatment and
an account of the constraints imposed.
(see chart 7), which depicts a simplified
version of OBE's model, some idea may
be obtained of the main interrelationships.
The rectangular boxes in the center
of the chart represent, in condensed
form, the main current endogenous
variables in the model—the variables
for which a simultaneous solution is
sought. The rounded boxes to the left
and right of the vertical dashed lines
represent, respectively, the more important exogenous and lagged endogenous variables.
The important simplifications to note
are:
Compensation of government
employees (GNP originating in government) is assumed to be zero. Consumption, investment, and import components have been aggregated into single
variables. Component price deflators
^::;7\::\'*I-:ir/;.;j;7^^^
19
are represented by one box. Corporate
profits and personal nonwage income
are consolidated into one nonlabor income variable, which is treated residually in the simplified version although
not in the full model. Some relationships, such as those that determine
unfilled orders, liquid assets, and housing starts, are not shown. The time
variable, which appears in several
equations, is left out, as are relatively
minor explanatory variables. Finally,
reconciliation items between national
income and product are neglected.
The lines connecting the boxes of
the chart reveal the direct dependencies
among variables. The arrows indicate
the cause-effect direction of these dependencies. In the chart, no distinction
is made between behavioral equations
and identities.
CHART I
Condensed Flow Diagram
Exogenous Variables
U.S. Department of Commerce, Office of Business Economics
Current Endogenous Variables
Lagged Endogenous
Variables
20
Some of the interrelationships in the
system can now be traced. It is useful
to point out first the linkage between
product and income in the model.
The boxes representing the GNP components at the right of the endogenous
portion of the chart plus government
purchases and exports make up total
GNP. By deflating the latter (see the
line connecting the implicit GNP deflator with the line emanating from GNP),
GNP in 1958 dollars is obtained. The
main linkage to the income side of the
accounts is shown by the line leading
from GNP in 1958 dollars to the box for
man-hours and the box for weekly
hours. One important link thus occurs
via employment variables. The nest
of boxes concerned with employment
and with the wage rate determines labor
income. As was indicated earlier, nonlabor income is determined residually
in this simplifif d version of the model,
that is, as the difference between GNP
and labor income.
The feedback from income to product
can also be delineated. As expected,
the main linkage is revealed via the
chain "income-taxes-disposable incomeconsumer expenditures." This chain
can easily be followed in the chart.
The way in which prices are determined in the model can also be set
forth. It is best seen by tracing the
lines that lead into the implicit price
deflator box. One such path emanates
from GNP in 1958 dollars, another from
labor income, and a third from capacity
output. The first two of these flows
combine to influence prices by changing
unit labor costs. The first and third
variables indicate the effect of capacity
pressures on prices.
The description of the model given
previously indicated that component
prices are made functions of the overall
implicit price deflator and, in some
instances, of the wage rate. The main
influence on component prices stems
from the former—the box immediately
adjacent—but it can also be seen that
a line emanates from the wage rate
and from lagged prices.
A number of other relationships can
be followed in the chart. For example
the relationships among the boxes
concerned with employment and related variables can be traced. Em-
SURVEY OF CUKKENT BUSINESS
ployment is derived from man-hours
and average weekly hours: To show
this, a line from weekly hours joins one
from man-hours and leads to employment. The wage rate is affected by
unemployment—the difference between
labor force and employment—and by
prices. Thus, lines flow to the wage
rate box from employment, labor force,
and the component price deflators.
The reader will note that, with the
exception of the rounded boxes representing the predetermined variables,
which lie at the extreme right and left
of the chart, all boxes have arrows
entering them as well as emanating
from them. This reveals the simultaneous character of the system and
makes it possible to trace paths which
are closed—that is, paths from any
endogenous variable through other endogenous variables and back to the
original variable. There are many such
closed paths—or loops^in the system.
The income-product loop is seen to be
the main element of simultaneity.
May 1966
Another important loop is that involving wages and prices.
The earlier discussion of the illustrative model introduced the concepts
of long-run and impact multipliers.
These ratios constitute important characteristics of specific models. In the
present model, the multiplier is not1 a.
constant but depends to some degree on
the levels of some variables. A test for
a recent period yielded an impact
multiplier on purchases of approximately 1.8. This means that if government purchases were to be changed by
$1.0 billion, the effect on output in the
same quarter would be $1.8 billion.
Owing to the feedbacks via lagged
endogenous variables, the cumulative
effect would be larger in subsequent
quarters. No figure is given here for
the longrun multiplier because the
present model neglects effects of
changes in exogenous variables on the
plant and equipment anticipations variable—an omission that would lead
to an underestimate of long-run effects.
Testing the Model
Whether a model is to be used for
forecasting or for studying policy or
business cycles, the criterion of accepta-
bility must be the accuracy of the predictions it produces. In policy studies,
in which interest focuses on quantita-
Table 1.—Predicted and Actual Gross National Product, 1953-65
(Billions of dollars seasonally adjusted at annual rates)
Current Dollar Totals
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1st Qtr.
Predicted.
Actual. . . .
366.6
364.2
362.5
360.7
385.1
386.2
408.9
410.6
442.3 439.8
436. 9 434.7
473.5
474.0
505.7
503.0
510.7
503.6
548.6
547.8
573.8
577.0
613.9
614.0
658.1
657.6
2dQtr.
Predicted.
Actual....
369. 2
367.5
395.0
394.4
416.1
416.2
443.5
442.6
438.3
485.6
486.9
506.1 518.3
504. 7 514.9
560.5
557.2
581.0
583.1
628.3
624.2
670.5
668.8
3d Qtr.
Predicted .
Actual
373.9
365.8
369.1
364.7
407.1
402.5
415.3
420.6
439.4
446.3
445.0
451.4
483. 6 506.6
484.0 504.2
529.9
524.2
568.7
564.4
592.3
593.1
636.5
634.8
683.3
681.5
4th Qtr.
Predicted.
Actual. . . .
372.6
360.8
374.4
373.4
412.2
408.8
427.4
429.5
439.9
441.5
459.2
464.4
487.4
490.5
508. 7 543.3
503.3 537.7
575.8
572.0
604.8
638.1
641.1
697.7
697.2
Year
Predicted .
Actual.. __
370.6
364.6
368.0
364.8
399.8
398.0
416.9
419.2
441.3
441.1
446. 6
447.3
482.5
483.6
506.8
503.8
563.5
560.3
588.0
589.2
629.2
628.7
677.4
676.3
43.4
40.2
27.7
28.9
40.0
39.5
48.7
47.6
34.3
17.1
32.7 . 20.0
27.1
27.6
29.3
32.0
525.6
520.1
Year-to-year changes
Predicted .
Actual....
25.1
19.1
3.4
0.2
35.0
33.2
18.9
21. 2
Predicted.
Actual
21.4 - 0 . 9
17. 7 - 5 . 8
34.0
31.0
7.6
8.0
(Billions of current dollars)
22.1
5.5
35.2
23.2
21.8
21.9
6.2
36.3
20.2
16.3
(Billions of 1958 dollars)
10.6 - 4 . 2
31.5
14.9
14.2
6.5 - 5 . 2
28.6
11.9
9.5
SOURCE: U.S. Department of Commerce, Office of Business Economics.
May 1966
tive differences in economic behavior
resulting from alternative policy actions, it is necessary, as was noted
earlier, to take all major policy instruments into account and to derive
endogenously as many as possible of
the nonpolicy variables. This may
result in some loss of forecasting accuracy. But even in policy applications,
forecasting accuracy must be reasonably good if one is to have confidence
that the dynamic structure of the
economy has been adequately captured
by the set of equations.
This section presents three sets of
results: (1) a quantitative analysis of
the overall behavior of the model during
the entire period 1953 through 1965;
(2) an examination of the model's performance in predicting cyclical turning
points; and (3) a detailed presentation
of the model's performance for 1965, a
year that lies outside the period over
which the equations were fitted.
These results do not represent forecasts in the usual sense of prediction of
events before they occur. They are,
rather, ex-post forecasts in which exogenous variables are assigned their actual
values. Lagged endogenous variables,
however, are those generated by the
model as current endogenous variables
of prior quarters. While such tests are
not strictly pertinent to an actual forecasting situation, they have the advantage of eliminating errors made in
projecting the exogenous variables.
Obviously, in judging the validity of a
model, errors due to wrong assumptions
about the exogenous variables are not
relevant.
There is, however, a sense in which
tests for the period prior to 1965 are
not fully adequate. Since this is the
period to which the equations of the
model were fitted, it is somewhat uncertain whether the basic structure of
economic behavior was captured or
whether the equations reflect special
factors unique to the period. There is
the further point that the structure of
the economy may have changed since
the period over which the equations
were fitted. The only conclusive test
of forecasting accuracy is whether a
model continues to perform satisfactorily beyond the period from which it
was derived. This limitation, however,
SURVEY OF CUEEENT BUSINESS
does not imply that ex-post forecasts are
of no value. Adequate performance
over the fitted period is at least a necessary condition for acceptance; a model
that performs poorly over the fitting
period is not likely to be a good forecasting tool.
It is important to note in this connection that apart from the tests of the
individual equations discussed earlier,
the model requires testing as a whole.
Even if the separate equations fit well,
have statistically significant coefficients,
and are theoretically reasonable, the
model as a whole may still perform unsatisfactorily. This may be because
21
the simultaneous solution of the entire
system and the use of an earlier period's
outputs as later inputs may cause
errors.
Model Performance, 1953-65
To test the model's quantitative
performance, ex-post forecasts of economic activity were made for each of
the 13 years 1953 through 1965. In
each case, the model was run for the
four quarters of the year using the
fourth quarter of the previous year as
the jumpoff point. Known values of
exogenous variables were used through-
CHART 8
Predicted Versus Actual GNP, 1953-65
Billion $
750
700
Actual
Predicted
600
500
400
Note: Each four-quarter sequence of forecasts
starts from a c t u a l GNP in the fourth
quarter of the preceding year.
300
I I
I
1953
I
I
54
I
I
55
I
I
I I
56
U.S. Department of Commerce, Office of Business Economics
I I I
I
I
I
I I I
I I I
I
I
57
58
59
60
61
Quarterly/, Seasonally Adjusted, at Annual Rates
I
I I I
I I I
62
63
I I I I I I
64
65
SURVEY OF CUEEENT BUSINESS
22
out. All lagged endogenous variables
arising from quarters within the year
were those yielded by the model rather
than actual values. Thus, the results
provide a test of how accurately the
model generates a sequence of outputs
from an initial starting point.
Major results of the tests are shown
in tables 1, 2, and 3 and in chart 8.
Table 1 gives predicted and actual
values of GNP in current dollars by
quarter and by year. The last two
pairs of lines show predicted and actual
year-to-year changes in current- and
constant-dollar GNP. Table 2 lists
the errors in predicting current-dollar
GNP and its major components, disposable personal income, real GNP,
and the implicit price deflator for GNP.
Errors are defined as predicted minus
actual values. Table 3 presents summary statistics on errors for the same
items. The chart shows predicted and
actual GNP; each four-quarter forecast is shown as starting from its prior
fourth quarter actual GNP jumpoff.
May 1966
General time path
Table 1 and the chart show that the
model performed quite well over the
period. For 9 of the 13 years, the
error in predicting GNP for the year
was $3.0 billion or less. As shown in
table 3, the average absolute error (obtained by disregarding the signs of the
individual errors) for all 13 forecasts was
$2.3 billion. The average absolute
error for constant-dollar GNP was $2.9
billion. As the bottom line in table 1
Table 2.—Quarterly and Annual Prediction Errors: Selected Items, 1953-65
(Billions of current dollars seasonally adjusted at annual rates, unless not applicable)
1953
Gross national product
__
Residential structures
Fixed investment, nonresidential
Change in business inventories...
Net exports
1.7
2.4
Personal consumption expenditures__
. ___ _ _ __
3Q
2Q
1Q
GNP in constant (1958) dollars..
8.1
11.8
Year
1Q
6.0
1.8
2Q
5.8
2Q
3Q
3.2
-1.1
0.6
4. 6
3.4
1.8
-0.1
-5.3
-2.1
2.9
2.9
2.3
1.2
2.3
-1.2
.6
4. 2
4.6
2.0
.3
1.3
-1.8
1.0
.2
-.9
1.0
-.7
1.3
-.5
1.2
-.1
.3
6
1.4
-1.2
.5
-.5
-1.3
-2.0
1.7
-1.7
.6
-1.0
-1.5
-.4
-.5
1.5
.2
.8
-.2
.6
2.0
1.9
-.5
1.8
2.6
-.4
.9
-.5
-1.4
—.4
-1.2
-3.3
2.0
.8
2.6
.5
-.9
-.3
2.0
.7
5.9
.7
7.4
9
.4
2Q
0
8
6
-2.1
-.9
-1.1
•3
-.6
-.7
-.5
.4
.1
9.2
3.9
1.4
4.9
4.9
3.8
3.8
.7
1.8
3.
4.7
3.7
5.0
8.8
5.6
.2
4.9
.5
1.5
6.
1.7
.7
—.6
—.1
.2
—.3
—3
—2
1958
3Q
4Q
Year
1Q
5.4
3.6
-6.9
-1.6
0.2
5.1
0
2
3.8
3.0
-.2
Year
1Q
2Q
3Q
4Q
Year
-6.4
-5.2
-.7
-0.5
-1.3
-0.4
-3.1
-1.1
-4.2
-4.9
-3.4
-1.5
1.6
1.8
-1.9
-.3
.3
-1.7
-2.6
9
—.4
-1.8
—.4
—1.6
.4
-.7
.3
.4
—.4
—.1
—2.8
-.3
—3.3
.3
—1.6
.1
—.1
—.1
6
—1.4
1.9
1.1
-1.4
2.7
1.1
2.7
2.7
-1.8
-2.9
.2
1.1
.9
1.5
•9
4
.9
.9
.8
.2
.1
.4
1.1
.4
.3
1 *>
15
_.
1.2
.7
-5.9
-2.8
-1.7
1.3
1.7
-5.4
-2.9
-1.3
.-. 7
-1. 7
GNP in constant (1958) dollars. ._
5.7
5.6
.1
5.2
4.1
7.4
5.-3
-4.9
-3.8
1.0
2.3
2.5
-.1
.4
-1. 5
-1.5
-.9
-.4
-.3
-.4
-.5
-.7'
-.2
1962
1961
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
3.3
4.3
3.8
3.2
10
1 0
—.3
—.5
-.1
1 3
-.3
3Q
-3.2
-2.1
-0.8
2.3 - 2 . 7
Year
4.0
-.2
.4
5.2
.7
•8 - . 7
-.7
-.1
.4
-.3
-.1
-. 7
.6
-.4
-.3
.4
.3
!'3
-.3
.2
-.1
1.0
-.2
-1.2
-2.1
-3.5
-1.7
1. 7
1.0
-.2
.2
-.1
.2
.1
-.3
.1
-.3
-.2
6.0
2.9
-2.8
-1.4
.0
1.0
1.2
2.5
-.2
1.6
-2.1
-1.6
-4.2
-3.8
-2.9
-.6
•0 -.5
.8
.3
-.2
—.1
.7
.9
.4
.1
.3
_
-1.1
-1.1
.1
Disposable personal income..
3.0
GNP in constant (1958) dollars...
•6
1.1
6.1
2.4
4.0
.2.
.1
-.2
.2
6.6
2.2
.3
.5
.1
.7
1.3
3.8
1.8
2.6
2.6
.1 - . 2
.2
.3
-.5
1.3.
4.7
3.2
.2
-. 6
-1.6 - . 2
2.7
2.0
—.4
—.6
1.1
.4
.4
4.5
1.7
-.3
1.0
.2
1.8
.4
1 i
3
.6
—.3
—1.8
-.7
2.5
.6
2.6
6.1
3.0
-.2
4Q
Year
1Q
2Q
3Q
4Q
Year
0.5
0.5
1.7
1.8
0.5
1,1
1.3
1.9
3.0
-.2
.2 - 1 . 2
-.8
-. 5
.5
-.6
-3.1
.5
2.1
2.0
1.9
.7
1.5
.4
3.2
4.1
-.9
-.5.
-1.5
-.5
-1.7
-7.2
-.3
.1
.4
.4
.6
1.3
2.9
•- . 4
•- . 6
.4
-.5
1.0
.1
1.3 - 2 . 5
.7
1.8 - 2 . 2
.0
Implicit price deflator for GNP
.3 - . 3
NOTE.—Error equals predicted minus actual.
SOUECE: U.S. Department of Commerce, Office of Business Economics.
.7
.0
1965
-.9
.0
.1
.5
- . 9 -2.5 -1.3 -1.3
.4
3.0
1.7
1.7 - 3 . 0
3.1
5.4
—.4
4.1
-.3
1.4
2.4
—.7
.3
-0.1
2.8
Year
4Q
-.6
3Q
-.6
.1
-.4
4.0
2Q
-.3
.4
—.4
—.5
—1 3
—.3
1Q
.3 - . 2
•2
.7.
.2
7
—.6
.1
4.9
.7
.3
-2.3
-3.3
.2
•7
-.1
-3.6
1.4
-.8
4.6
1.2 - 1 . 2
.7
-2.0
3Q
1964
4Q
.7
-2.7
2.7
—1.0
1963
•2Q
2Q
1Q
-1.1
5.4
—.4
-.5
4.8
Personal consumption expenditures
-.7
-•2
1.2
0.8
3.3
-.5
1.9
5.5
Change in business inventories . . .
-3.1
1.7
5.6
.3
.9
.5
2.9
5.7
4.5
-1.1
-.6
3.4
5.3
.9
-4.0
1.9
•3
7.1
.4
.9
-.2 -.2
.1
-.6
.5
-1.3
Gross national product...-
Residential structures.
-.4
Fixed investment, nonresidential. - . 1
-.8
1960
4Q
'
—.4
1959
-4.3
1Q
.2
2.3
0
2
;7
.
,2
4.2
3Q.
2Q
4.3
1
1.4
(1958=100).
-2.3
5.6
.2
Net exports
-1.7
-.6
0
1. 7
.6
Implicit price deflator for G N P
(1958=100)
4Q
0
.1
__
Disposable personal income
3Q
11.9
1Q
Net exports
2Q
7.2
1957
Change in business inventories...
Year
1Q
-.3
.1
Residential structures
Fixed investment, nonresidential.
Year
4Q
-.8
.9
(195«=100)
Gross national product
1.0
4.4
1Q
3.2
Implicit price deflator for G N P
Personal consumption
expenditures
Year
4Q
3Q
1956
- 1 .0
.0
.
4Q
1955
.5
______
D isposable personal income
1954
1.9
-.6
-.7
-.9
1.6
2.3
—2.7
• .7
May 1966
SUEVEY OF CURRENT BUSINESS
shows, the model predicted the declines in constant-dollar GNP in both
1954 and 1958.
These results are highly summary
and conceal strengths and weaknesses
in predicting quarterly economic behavior as well as the behavior of individual components. Table 3 shows, for
example, that (average absolute) errors
are not, in general, uniform throughout
the year. For current-dollar GNP, the
error tends to increase with the distance
from the jumpoff quarter, although the
pattern is not completely consistent.
The error made in fourth quarter predictions, for example, was $3.7 billion,
as compared with $2.5 billion for the
first quarter. This is not surprising,
since successive quarterly forecasts embody whatever errors were made in
prior periods' components, and these
enter as inputs in later periods.
In some instances, relatively small
errors in GNP for the year as a whole
reflect offsetting positive and negative
errors made in the individual quarters.
For 1957 as a whole, for example, predicted GNP differed from actual GNP
by only $0.2 billion, because an overestimate of $4.5 billion for the first half
of the year was virtually offset by an
underestimate for the second half.
Quarterly errors in current-dollar
GNP ranged from a low of —$6.9 billion (third quarter of 1957) to a high of
$11.8 billion (fourth quarter of 1953);
errors in constant-dollar GNP ranged
from —$7.2 billion (fourth quarter of
1965) to $8.8 billion (second quarter of
1954). However, the summary measures given in table 3 show that such
large errors were exceptional.
Errors in predicting residential construction, fixed nonresidential investment, and net exports were relatively
small. (Errors in net exports reflect
errors in imports since exports are
exogenous.) Average absolute errors
in each of these items for all quarters
and years were less than $1,0 billion.
On the average, errors in inventory
change were somewhat larger than those
in the last three items mentioned but
less than those in consumption expenditures. Errors in inventory change were
often relatively large, but it should be
Table 3.—Summary Measures of Quarterly
and Annual Prediction Errors for Selected
Items, 1953-65
(Billions of current dollars seasonally adjusted at annual
rates, unless not applicable)
Averlute
error
Gross national product:
Q
lQ
2Q._
3Q
4Q
Year
2.5
2.6
4.1
3.7
2.3
1.5
2.0
1.0
1.4
1.5
-5.2
-2.3
5.8
8.1
11.8
6.0
Personal consumption expenditures:
1Q
2Q
3Q
4Q
Year..
_-...._
1.9
2.0
3.0
3.6
2.2
1.0
1.4
1.1
2.3
1.4
-2.7
-2.6
-4.3
-4.9
-3.3
5.4
4.6
7.2
11.9
5.6
-1.3
-2.0
-2.8
-3.3
-1.6
1.7
.7
1.0
1.4
.7
-1.6
-1.4
-1.8
- . 2 -2.5
- . 1 -1.3
.9
1.7
1.1
1.3
1.2
1.2
1.2
1.6
2.0
1.1
-.8
.7 - 1 . 2
.2
- . 5 -3.5
-2.0
3.3
2.7
2.6
4.5
l.f
.5
.6
.6
.9
.5
-1.1
-1.1
Residential structures:
1Q
2Q
3Q
4Q
Year
_
Fixed investment, nonresidential:
1Q
2Q3Q.
4Q
Year....
Change in business inventories:
1Q
2Q
3Q
YearllZIIIIIIIIIIIIIIIII
Absolute errors in components
Comparatively small errors in total
GNP may also reflect larger but
partly offsetting errors in the components, as can be seen from table 2. In
general, however, errors in components
were also moderate.
The largest errors occurred in consumption expenditures. Average absolute errors in this component were
about the same as for total GNP. One
might well expect this since consumption expenditures account for about
two-thirds of GNP and usually for a
large proportion of its changes.
Range
Average
error Low High
Net exports:
1Q
— 2Q
3Q
.—
4Q......
Year
._.
Disposable personal income:
1Q
2Q
...
Year
GNP in constant (1958)
dollars:
1Q2Q._
.__
3Q
.....
4Q_.
Year
Implicit price deflator for
GNP (1958=100):
1Q
2Q
Q
Year..
.7
-.4
-.3
-.3
.6
1.4
1.5
3.0
2.9
2.6
3.7
3.4
2.9
-3.2
-2.1
-2.1
7.1
2.1
2.0
1.9
1.6
.7
.6
1.4
.9
-2.8
-1.7
-5.9
-3.6
-2.3
3.0
4.9
5.9
9.2
3.9
2.2
2.3
1.5
1.0
1.7
-2.1
-1.6
-4.9
-7.2
-2.9
7.4
8.8
7.4
6.6
4.9
-.1
.0 - . 7
- . 1 -1.5
.1 -1.5
.4
.7
.7
1.7
.7
SOURCE: U.S. Department of Commerce, Office of Business Economics.
remembered that inventory change is
the most volatile element in GNP.
Price behavior was perhaps the
poorest aspect of the model results.
Average absolute errors in the implicit
GNP deflator were 0.3 points for each
of the first two quarters, or only somewhat less than the average quarterly
increase in the actual deflator; for the
third and fourth quarters, the errors
were larger. However, the equation
system is such that errors in the price
index and in real output tend in opposite directions; thus, current-dollar
GNP does not bear the full brunt of
errors in price.
Evidence of bias
There is evidence that errors of
prediction in the model are not entirely
random. For the period as a whole,
there was a slight tendency to overestimate GNP. This is indicated by
positive average errors (obtained by
netting positive and negative errors),
shown in the second column of table 3
for each quarter and for the year as
a whole; somewhat larger average
errors are observed for real than for
current-dollar GNP.
The tendency to overestimate GNP
reflected primarily a similar tendency in
personal consumption expenditures.
Table 2 shows that positive errors in
consumption were generally associated
with positive errors in disposable income—an important determinant of
consumption. However, such errors
were not perfectly correlated. Furthermore, disposable income exhibited
smaller average errors than did consumption.
Average errors in GNP components
other than consumption were all less
than $1.0 billion and in most cases less
than $0.5 billion, indicating little or no
bias in estimating these components.
Despite sizable average absolute errors
in the implicit GNP deflator, there was
no apparent bias in estimating it.
Business Cycle Turning Points
Tests of a model's performance in
predicting business cycle turning points
are clearly important in an overall
appraisal. Success in making such
predictions strongly suggests that criti-
SURVEY OF CURRENT BUSINESS
24
cal dynamic elements in the economy
have been taken into account in the
set of equations. Failure to pass such
tests reflects adversely on a model's
reliability, at least for periods when
economic activity is undergoing changes
in direction.
Such tests can be applied with
varying degrees of rigor. A stringent
criterion of success is the requirement
that all turning points be estimated
with precise timing. This test is
particularly rigorous when actual
changes in direction are slight. An
alternative criterion is that forecasts
show a directional change in the
neighborhood of the actual turning
point.
Although considerably less
rigorous, such a criterion still permits
appraisal of the model's usefulness
since a somewhat mistimed signal of
change is clearly better than no signal
at all.
In this section, the behavior of the
model in predicting constant-dollar
GNP at its six cyclical turning points
during the 1953-61 period is examined.
Three separate four-quarter forecasts
were made preceding each turning
point. The first used as a jumpoff the
quarter three periods before the actual
reversal; the second and third started,
respectively, from two quarters and one
quarter before the reversal. Thus,
there were in all 18 forecasts, 9 for
upturns and 9 for downturns.9
Chart 9 presents the forecasts of both
constant-dollar and current-dollar GNP
for each of the turning points. The
9. The forecast three quarters before the 1958 upturn jumps
off from the peak quarter in 1957 and thus is also a forecast
made one quarter in advance of the downturn that followed.
f^lW£J^^^JZ7^^kX^W-h~:..
May 1966
discussion focuses on constant-dollar
GNP because it is the most comprehensive measure of real economic
activity.
Summary of turning point behavior
The rigorous criterion of exactly
coincident timing was met by the model
only infrequently. Three of the nine
forecasts of downturns were precisely
timed—one made two quarters and two
made one quarter in advance. None
of the forecasts made three quarters
ahead manifested precise timing. In
recoveries, timing was accurate only
when the forecast was made one
quarter before the actual upturn; prediction was accurate in two of the three
cases. The results at both peaks and
troughs suggest that precision is in-'
..;..£A;2T
Current and Constant Dollar GNP at Cyclical Turning Points, 1953-61: Predicted Versus Actual
Downturn
1953
Downturn
1957
Upturn
1954
Billions of Current Dollars
400
425
475
375
400
450
350
375
425
I
325
I
i
I
350
Billions of Constant (1958) Dollars
450
I
I . I
I
I
I
I
450
475
425
425
450
400
400
425
375
I
i
i
i
i
3
4
1
2
3
1952
1953
i
4
l
l
1
1954
2
375
I
I
3
4
1953
I
I
1 2
1954
I
I
I I
3
4
1 2
1955
Quarterly, Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics
i
400
400
'
4
1956
i
!
1
•
2
1957
i
i
i
i
i
'
3
'
4
'
1
I •'
2
1958
I
3
SURVEY OF CURRENT BUSINESS
May 1966
creased when the jumpoff quarter is
close to the actual turning point.
The performance of the model was
very good when the criterion was
relaxed to require only that it predict
a turning point in the neighborhood of
the actual turning point—for instance,
one quarter on either side. The chart
shows that all but 3 of the 18 forecasts
met this criterion. The exceptions
were forecasts made three quarters
before directional changes occurred.
The foregoing summary was concerned solely with the extent to which
turning points were successfully predicted. The following section is a brief
analysis of the model's behavior with
particular reference to individual cycles.
Performance in individual cycles
Perhaps the best performance at
cyclical turning points was in the
1957-58 period. Forecasts two and
three quarters before the fourth quarter
1957 decline showed a contraction in
activity in the third quarter. The
forecast made one quarter before the
actual turning point predicted it correctly. All three of these forecasts
warned of a substantial decline in
constant-dollar GNP, similar to that
which actually occurred.
Beginning two quarters ahead, the
model also predicted the 1958 upturn
and to some extent its strength. Of
particular interest is the forecast made
two quarters before the upturn began.
It shows a continuation in the decline
of real GNP for one more quarter,
followed by a leveling off prior to
recovery. The forecast one quarter
before the upturn correctly predicted
the recovery.
25
On balance, the behavior of the
model in the mild recession of 1960-61
was not as good as in the 1957-58
recession. The model performed as
well, if not better, in predicting the
downturn, but was markedly less successful in predicting the upturn.
With respect to the 1960 downturn,
the forecast made three quarters earlier
started from the third quarter of 1959.
This quarter was dominated by the
contractionary influence of a strike in
the steel industry. The model predicted a continued decline for one
quarter, a sharp advance for one quarter, and much smaller advances for the
two quarters in which actual constantdollar GNP was edging down from its
peak. The forecast made two quarters
before the downturn gave early warning
of the exact quarter in which it would
CHART 9
Actual
Three Quarters Ahead _ _
Two Quarters Ahead
One Quarter Ahead —
Upturn
1958
Downturn
1960
Billions of Current Dollars
500
475
425
I
I
I
I
I
I
Upturn
1961
550
575
525
550
500
525
I
I
Billions of Constant (1958) Dollars
500
I
I
I
I
500
525
550
475
500
525
450
475
500
425
1
2
I
3
I
4
1957
1
\ PREDICTED
J
1
2
I
3
1958
I
4
I
1
1959
450
1
2
I
3
1959
I
4
I
1
I
2
I
3
I
4
1960
Quarterly, Seasonally Adjusted, at Annual Rates
I
1
1961
475
1
2
1
3
1960
1.
4
1
1
I
2
1
3
1961
1
1
4
1
1962
66-5-10
SURVEY OF CURRENT BUSINESS
26
start. The forecast made one quarter
before the downturn was timed correctly
and the predicted decline was about the
right size. In addition, this forecast
indicated the ensuing upturn, but
placed it in the first quarter of 1961,
when actual constant-dollar GNP fell
only slightly further to reach its trough
for that recession.
The prediction made three quarters
before the upturn was quite inaccurate,
forecasting the recovery two quarters
before it actually occurred. The forecast made one quarter later also gave a
premature signal. The forecast made
at the trough correctly indicated recovery. However, in view of the failure of
the two preceding forecasts to materialize, it could easily have been discounted as another premature signal.
The forecasts for the 1953-54 period,
particularly for the recovery, were least
satisfact6ry though still relatively useful. All forecasts, including the one
made three quarters ahead, showed a
recession but in each case one quarter
later than it actually occurred. Despite
the timing error, the persistency with
May 1966
which the model suggested a recession
made the forecasts of value. During
the recession, two premature signals of
recovery were obtained, although the
second one suggested it would be
abortive. A continuation of the decline
in constant-dollar GNP was forecast
at the trough.
Forecast for 1965
As was pointed out earlier, the forecast for 1965, since it is outside the
period to which the equations were
Table 4.—Predicted and Actual Gross National Product and Components, Income and Reconciliation Items, and Selected
Supplementary Items, 1965
(Billions of dollars seasonally adjusted at annual rates, unless not applicable)
1964—
4th
Qtr.
Actual
Gross national product _
1st Quarter
Predicted
3d Quarter
2d Quarter
Actual Difference
Predicted
Actual Differ-
Predicted
Year
4th Quarter
Actual Difference
Predicted
Actual Difference
Predicted
Actual Difference
657.6
0.5
670.5
668.8
1.7
683.3
681.5
1.8
697.7
697.2
0.5
677.4
676.3
1.1
405.9
24.8
419.8
29.9
416.9
30.3
2.9
-.4
424.1
28.2
424.5
29.3
-.4
—1.1
434.4
29.2
432.5
30.3
1.9
-1.1
444.0
30.1
441.0
30.1
3.0
.0
430.6
29.4
428.7
30.0
1.9
33.1
180.9
167.1
34.5
185.0
170.4
34.3
182.8
169.5
.2
2.2
35.0
187.5
173.4
34.2
187.9
173.1
.3
36.1
191.9
177.2
35.0
190.5
176.7
1.1
1.4
.5
38.0
195.3
180.6
36.3
195. 0
179.6
1.7
.3
1.0
35.9
189. 9
175.4
35.0
189.0
174.7
.9
.7
Gross private domestic investment-_.
Fixed investment, nonresidential.
Residential stru ct.ures _
Change in business inventories.__
97.7
63.5
26.7
7.5
100.7
65.6
26.8
8.3
103.4
66.9
27.7
8.8
-2.7
-1.3
-.9
-.5
102.9
68.6
27.4
6.9
102.8
68.4
28.0
6.4
.1
.2
-.6
.5
104.2
69.7
27.5
7.0
106.2
70.9
27.7
7.6
-2.0
-1.2
-.2
105.9
72.5
26.4
7.0
110.3
73.0
27.2
10.1
-4.4
-.5
-.8
-3.1
103.4
69.1
27.0
7.3
105.7
69.8
27.6
8.2
-2.3
-.7
-.6
-.9
Net exports of goods and services_
Exports*...
Imports
8.9
38.4
29.5
6.5
34.7
6.0
34.7
28.6
.5
.0
10.1
40.4
8.0
40.4
32.4
2.1
.0
9.4
40.1
30.7
7.4
40.1
32.7
2.0
.0
6.9
40.8
1.9
.0
8.7
39.0
30.3
7.1
39.0
31.9
1.6
.0
133.5
133.5
135.4
135.4
134.8
134.8
670.5
668.8
677.4
676.3
58.3
62.5
2.3
-.3
58.3
61.4
2.3
—1.4
641.1
Personal consumption expenditures
.
Automobiles and parts
Durable goods other than automobiles
and parts
Nondurable goods____
Services
__
__--
Government purchases of goods and services* _ 128.6
Gross national product
_.
...
Less: Capital consumption allowances*
Indirect business tax and nontax liabilityBusiness transfer payments*
Statistical discrepancy—
._.
Plus: Subsidies less current surplus of government enterprises*.
Equals: National income
Less: Corporate profits and inventory valuation
adjustment—Contributions for social insurance*
Wage accruals less disbursements* _ _ _ _ _
Plus: State unemployment insurance benefits
Business and other government transfer
payments to persons*.
Interest paid by government (net) and by
consumers*
Dividends
Equals: Persona! income
Less: Personal tax and nontax payments.
Equals: Disposable personal income
641.1
56.9
59.3
2.4
-2.2
1.5
28.2
131.3
658.1
57.7
60.9
2.3
-1.2
1.4
131.3
657.6
57.7
61.5
2.3
-3.1
1.4
526.3
539.8
540.6
64.9
28.4
-.1
69.0
71.7
28.9
28.9
-.4
.0
.5
.0
-.6
.0
1.9
.0
-2.7
.0
.0
1.3
549.0
549.5
70.8
29.2
72. 0
29.2
.0
.0
-1.2
.0
.0
19.5
17.7
35.9
19.9
18.2
35.9
19.9
18.0
.0
.2
35.2
20.4
18.7
35.2
20.4
18.6
.0
.1
507.1
518.1
516.2
1.9
525.4
524.7
.7
66.5
458.9
34.4
.0
60.7
65.2
64.8
.4
446.4
452.9
451.4
1.5
Equals: Personal saying
_
Saving rate (percent)
29.5
6.6
584. 7
109.6
21.9
4.8
596.2
110.4
74.5
74.9
75.0
-1.5
.4
-.1
70.7
3.8
5.1
71.4
3.5
4.6
71.3
3.6
4.8
.1
-.1
-.2
2.0
2.2
-.2
-2.0
.0
683.3
681.5
59.1
62.2
2.3
.5
59.1
62.0
2.3
1.4
.0
.2
.0
1.8
697.7
59.8
63.5
2.3
1.0
697.2
59.8
62.9
2.3
2.4
-1.9
.0
.5
.0
.6
.0
-1.4
-1.6
.0
58.7
62.3
2.3
.0
58.7
62.0
2.3
1.2
1.2
.0
1.1
1.1
557.9
2.5
572.2
570.8
1.4
555.4
554.7
.7
72. 3
29.6
73.5
29.6
.0
-1.2
.0
.0
72.2
30.2
75.2
30.2
-3.0
.0
.0
71.1
29.5
73.1
29.5
•0
-2.0
.0
.0
2.2
-.2
2.2
-.2
.0
2.0
.0
.0
2.0
2.0
39.0
20.8
19.2
20.8
19.2
.0
.0
21.1
19.7
539.5
536.0
3.5
66.2
65.1
64.8
458.5
474.4
471.2
37.6
3.2
.0
.0
.0
2.0
.0
-.2
36.9
20.6
19.0
20.6
18.9
.0
.1
550.3
4.3
533.3
530.7
2.6
65.9
65.7
.2
65.7
65.4
4.1
467.6
465.3
2.3
428.7
11.1
1.9
.0
.0
.5
.0
111.6
24.9
5.4
609.6
110.9
-2.7
.7
75.4
75.6
-.2
72.1
3.3
4.4
72.2
3.4
4.6
-.1
-.1
-.2
484.4
432.5
11.3
1.9
.0
.0
444.0
11.6
441.0
11.6
.6
3.0
.0
.0
26.8
5.7
613.0
111.2
1.3
.2
-1.8
28.2
5.8
27.1
5.6
617.2
113.0
624. 4
111.7
1.1
.2
-7.2
1.3
25.4
5.4
-.5
.4
434.4
11.3
.6
28.1
5.9
611.2
111.8
75.5
-.3
75.5
75.8
75.8
76.1
71.9
3.6
4.7
.1
-.3
-.4
72.3
3.2
4.2
72.4
3.4
4.4
72.5
3.3
4.4
72.9
3.2
4.2
424.5
11.0
-1.4
23.2
5.1
603.0
111.2
22.4
4.9
603.5
110.8
75.2
72.-0
3.3
4.3
-.1
-.2
-.2
SOURCE: U.S. Department of Commerce, Office of Business Economics and U.S. Department of Labor, Bureau of Labor Statistics.
.0
21.1
19.9
546.0
37.6
430.6
11.1
424.1
11.0
o
1.2
.0
2.9
.0
.0
1.1
.0
.3
.0
.2
560. 4.
39.0
.0
139.0
.0
*Exogenous variables.
139. 0
.0
1.2
2.2
-.2
416.9
10.6
.6
23.3
5.2
597.7
110.0
Employment (millions of persons)....
Unemployment (millions of persons) Unemployment rate (percent)
.0
1.1
.0
1.1
.0
419.8
10.6
Civilian labor force (millions of persons)
1.7
2.4
405.9
10.4
Gross national product in constant (1958) dollars
Implicit price deflator for G N P (1958=100)
1.3
.0
.0
2.4
Less: Personal consumption expenditures
Interest paid by consumers*
Personal transfer payments to foreigners*.
_
-2.1
40.8
32.0
-.4
.1
.2
27
SUEVEY OF CUKKENT BUSINESS
May 1966
fitted, is a more adequate test of the
model's performance than are the forecasts made for 1953-64. Moreover,
1965 presented something of a challenge
to econometric models because special
account had to be taken of a number of
unusual events.
A dock strike occurred early in the
first quarter reducing the volume of
imports and exports. At the same
time, production of autos picked up
sharply following the auto strikes in
late 1964. Steel producers and users
continued to accumulate inventories in
anticipation of a steel strike. During
the third quarter of the year, excise
taxes on a number of consumer goods—
mainly consumer durables—-were removed, lowering prices paid by consumers. Apart from the further reduction in income tax rates in 1965, personal
Table 5.—Predicted and Actual Values for Endogenous Variables, 1965 !
lsi i
Quarter
2d
3c I
Quarter
Year
4th Quarter
Quarter
1964—
4th Qtr.
Actual
Actual
Difference
Predicted
Actual
Difference
Predicted
Actual
24.8
29.6
30.2
-0.6
28.0
29.1
-1.1
29.4
30.7
-1.3
33.1
171.8
90 5
34.4
174.6
91 9
34.3
173.2
90 8
.1
1.4
1 i
34.8
175.8
9? 2
34.3
176.4
91 9
.5
-.6
.3
36.3
179.2
93 4
35.7
177.8
92.9
.6
1.4
.5
63.2
23 6
63.7
23 9
-.5
— 3
63.6
23 4
66.0
23.2
-2.4
.2
DifPreference dicted
Actual
Difference
Actual
Difference
30.5
30.4
0.1
29.4
30.1
-0.7
38.0
181.0
94.3
37.5
181.0
93.6
.5
.0
.7
35.9
177.6
93.0
35.4
177.1
92.3
.5
.5
65.6
22.3
67.6
22.6
-2.0
-.3
63.4
23.2
65.0
23.3
-1.6
-.1
-1.1
Predicted
Predicted
Gross national product components, billions of 1958 dollars:
Personal consumption expenditures
Automobiles and parts
Durable goods other than automobiles and parts
Nondurable goods .
-.
Services, excluding housing . . .
Fixed investment, nonresidential
Residential structures, nonfarm
Change in business inventories
Imports of crude materials and fooastuffs
59.6
23 0
61. 0
23 3
62.5 - 1 . 5
23 8 — 5
.7
7.1
7.7
8.6
-.9
6.4
6.2
.2
6.5
7.2
-.7
6.5
9.8
-3.3
6.8
7.9
58
53
50
3
53
58
— 5
53
50
3
5.4
6.0
-.6
5.3
5.4
-.1
22.8
-.6
24.7
26.1
25.0
27.1
-2.1
26.0
26.9
-.9
24.5
25.7
-1.2
Imports of other goods and services.-...
Gross private output, excluding housing services
23. 2
22.2
478 4
488 8
490 4
494 1
494 7
500 8
502 3
—1 5
504.8
512.0
-7.2
497.1
499.8
-2.7
Gross private output at capacity..
552.0
558.7
559.0
-.3
565.4
567.0
-1.6
569.4
571.3
-1.9
577.2
579.3
-2.1
567. 7
569.2
-1.5
108.9
108.7
.2
109.1
109.0
.1
109.6
109.3
.3
108.9
108.8
.1
1.4
15
-1.4
— 6
Implicit price deflators (1958=100):
Personal consumption expenditures
107.7
108.1
108.0
.1
Durable goods other than automobiles and parts
Nondurable goods
Services, excluding housing _
100 0
105.3
116 8
100 3
105.9
117 1
100 0
105.5
117 6
100 8
106.7
118 6
99 7
106.5
118 7
11
.2
-.1
99 4
107.1
119. 8
98 0
107.2
119.9
-.1
—.1
100.0
107.9
120.7
97.1
107.7
120.6
2.9
.4
— 5
.2
.1
100.1
106.9
119.0
98.7
106.7
119. 2
1.4
.2
-.2
Fixed investment, nonresidential..
Residential structures, nonfarm- __ _
106.6
113.6
107.5
112 6
107. 0
114 2
.5
—1 6
108.6
113 5
107.3
115.1
—1.6
•1.3
109. 6
114.5
107.4
117.1
2.2
-2.6
110.6
115.7
108.0
117.9
2.6
-2.2
109.1
114.1
107.4
116.1
1.7
-2.0
Gross private output, excluding housing services
107 7
108 5
108 0
5
109 4
108 9
5
109 9
109 2
7
110.8
109.4
1.4
109.6
108.9
.7
123 3
124 7
124 4
3
126 8
128 5 —1.7
128 4
130.7
-2.3
128.9
133.0
-4.1
127.2
129.2
-2.0
387.0
31.1
8.2
-1.3
380.2
29.3
375.6
30.1
4.6
-.8
3
Income and related items, billions of dollars:
Nonwage personal income
Wage and salary disbursements and
other labor income
_
Profits tax liabilityUndistributed profits and inventory
valuation adjustment
State unemployment insurance benefits_
359.7
28 1
368.2
28 5
22.9
366.4
29 5
1.8
—1 0
374.5
29 2
2.8
371.7
29 8 — 6
23.6 - 1 . 1
383.1
29 8
377.4
30 1
5.7
-.3
395.2
29.8
22.1
24.2
-2.1
20.8
24.2
-3.4
22.1
24.1
-2.0
2.0
2.2
-.2
2.0
2.0
.0
2.0
2.2
-.2
5.781
5.729
24.2
-1.3
22.5
2.4
2.2
2.4
-.2
2.0
2.2
5.626
5.683
5.643
.040
5.771
5. 727
.044
5.881
5.765
.116
5.967
.186
5.826
.988
.990
.993 - . 0 0 3
.988
.988
.000
.989
.988
.001
.989
.990 - . 0 0 1
.989
. 990 -.001
1.203
1.219
1.222 -.003
1.224
1.227 - . 0 0 3
1.242
1. 244 -.002
1.235
1.251 -.016
1.230
1.236 -.006
4 06
4 47
4 30
4 47
4 38
4 49
4 38
4.66
4.47
.19
4.52
4.38
.14
4.86
4.77
.09
4.76
4.64
.12
19.1
-•2
Wage rate, hours worked and output per
manhour, private sector:
Annual wage rate, thousands of dollars..
Index of weekly hours worked, 195759=100
Index of output (excluding housing
services) per man-hour, 1957-59=100..
.097
Monetary variables:
Interest rate, 4-6 month commercial
paper, percent
Yield, corporate bonds (Moody's) percent .
Mortgage yield, secondary m?rket,
FHA-insured new homes, percent
Liquid assets of households, billions of
dollars
_
4 58
5.45
4 66
4 56
17
10
4 73
4 58
5.45
09
15
.05
4 79
5.53
4 66
5.45
.11
.13
5.57
5.49
.08
5.52
5. 46
.06
5.45
.02
5.50
323.8
329.7
332 9
—3 2
334 6
338.9
-4.3
345.7
348.5
-2.8
355.9
359. 0
-3.1
341.5
344.8
-3.3
468 1
472 8
472 7
478 0
478.0
.0
483.0
483.7
-.7
488.4
489.4
-1.0
480.6
481.0
-.4
.1
5.47
.08
Miscellaneous:
Net stock of fixed investment, nonresidential, billions of 1958 dollars
Durable manufacturers' new orders per
quarter, billions of 1957-59 dollars
63.2
62.1
1.1
64.5
63.5
1.0
64.3
65.4
-1.1
63.4
63.3
-3.3
58.8
59.9
-1.1
60.4
61.6
-1.2
62.7
62.4
.3
59. 7
61.0
-1.3
53.8
2.9
60.5
55.5
5.0
64.1
57.2
6. 9
68.0
60.2
7:8
62.3
56.7
5.6
1,450.0
51.5
1,488. 9
1,524. 0
-8.7
1,415.5
58.1
61.6
62.1
56.8
56.8
60.1
52.4
56. 7
Private nonfarm housing starts, thousands of units
1,532.0
1,501.5
Durable manufacturers' shipments per
quarter, billions of 1957-59 dollars.....
Durable manufacturers' unfilled orders,
end of quarter, billions of 1957-59
dollars
1
-35.1
1, 422. 3 1,431.0
1,537.7 -122.2
1,457.0
1,485. .7 -28.7
NOTE.—All data not specifically noted are at seasonally adjusted annual rates.
1. Items shown in table 4 are not repeated here.
SOURCE: U.S. Department of Commerce, Office of Business Economics and Bureau of the Census: U.S Department of Labor, Bureau of Labor Statistics; Board of Governors, Federal
Reserve System.
28
SURVEY OF CUEEENT BUSINESS
tax payments dropped from the some- 1965 performance
what inflated levels of the first half,
The model closely depicted the degree
which were associated with the underand pattern of economic expansion
withholding of taxes in 1964.
during the year. It yielded a GNP of
Fortunately, an econometric model $677.4 billion for the year as a whole,
is sufficiently flexible to make allow- or $1.1 billion above the actual level.
ances for special factors of the kind just This represents an error of 2.3 percent
described. In an actual forecasting in predicting the change in GNP from
situation, such factors must, of course, 1964, the actual change being $47.6
be anticipated and quantified along billion. The error in predicting the
with the usual exogenous variables. change from the fourth quarter 1964 to
In testing the model over a past period, the fourth quarter 1965 was only $0.5
as with the QBE model, the task is billion. As shown in chart 10, the
made easier by the existence of ex-posi model results gave a good depiction of
information regarding the special fac- the general pattern of quarterly GNP
tors. But most special elements can- changes over the course of the year.
not be isolated with precision even in This pattern was characterized by
retrospect. For example, in the present instance available data do not
clearly indicate how much inventory
CHART 10
buildup was due to the anticipation of
Predicted Versus Actual Quarterly
a strike and how much was "normal."
It is usually possible, however, to
Changes in GNP and
prepare at least a crude estimate of the
Major Components, 1965
special factors.10
Bil. $ Change
It may be noted in this connection 20
GROSS NATIONAL PRODUCT
that the 1953-64 forecasts discussed
previously were not adjusted for special
factors other than through the use of
the "dummy" variables appearing in
the auto and inventory equations and
through allowance for changes in taxes.
Tables 4 and 5 present in full detail
the outputs of the model by quarter and
for the year as a whole, together with 15
PERSONAL CONSUMPTION EXPENDITURES
corresponding actual values and errors
of prediction. Table 4 presents GNP
and its components in current dollars,
income and reconciliation items, and
certain supplementary items including
labor force and employment data.
Table 5 gives endogenous variables not
shown in table 4.
GROSS PRIVATE DOMESTIC INVESTMENT
10. Specifically, the following adjustments were made:
To allow for abnormal auto purchases in the first quarter,
a "dummy" variable—which is included in the auto equation
to take care of strike situations—was assigned a value of
one, adding $1.9 billion more to consumer purchases than the
equation would otherwise have yielded. Similarly, $2.0
billion was temporarily added to inventories to allow for
unusual steel and auto inventory buildup. An estimated
reduction in imports during the first quarter and a subsequent makeup in the second, associated with the dock
strike, were similarly incorporated.
Amounts of $2.5 billion, $3.0 billion, and $0.5 billion were
added to the personal tax function for the first, second, and
third quarters respectively. The implicit price deflators
for "other" durables and total private output were reduced
after the second quarter by 1.7 and 0.3 points respectively,
on the assumption that the reductions in excise taxes were
fully passed on to consumers; indirect business taxes were
reduced by $1.6 billion.
-5
5
IMPORTS
1
2
3
4
Change From Previous Quarter,Seasonally
Adjusted, at Annual Rate
U. S. Department of Commerce. Office of Business Economics
May 1966
large changes for the first and final
quarters and somewhat more moderate
gains for the intervening periods. The
major components did not do quite as
well on either an annual or a quarterly
basis.
Table 4 shows that GNP was slightly
overestimated for each quarter of the
year, as has been the tendency since
the Korean war. This reflects mainly
a pattern of overestimating personal
consumption expenditures. Not all
consumption components were overestimated, auto purchases being the
notable exception. Errors in individual
investment components, though usually
negative, were relatively small, except
for the underestimate of inventory
change in the fourth quarter, when
actual inventories rose by an exceptional
$10.1 billion.
Personal income was overestimated,
particularly in the third and fourth
quarters. Positive errors centered in
wage income and are attributable to an
increasingly overestimated wage rate.
Positive errors in wages were partly
offset by underestimates of nonwage
personal income. Predicted corporate
profits (including inventory valuation
adjustment), which in the model are
inversely related to the wage rate, were
also below actual levels.
GNP in 1958 dollars, unlike currentdollar GNP, was slightly underestimated for the first three quarters of the
year and substantially so—by $7.2
billion-—for the fourth quarter. This
reflects excessive price increases predicted by the model. The implicit
GNP price deflator determined by the
model was consistently higher than the
actual, and markedly so by the fourth
quarter. As shown in forecasts for
earlier years, prices have been difficult
to predict, though not always for the
same reasons. In the present case,
excessive price gains yielded by the
model are clearly associated with overestimation of the wage rate.
Because the price results were not
very satisfactory, another forecast was
made with actual price deflators replacing those predicted by the equations. Since in this version prices were
assumed to be exogenous, the model
was reduced in scope to predicting real
quantities on the product side.
SURVEY OF CUEEENT BUSINESS
May 1966
Table 6 shows the main results for
this alternative forecast. Interestingly, the behavior of current-dollar
GNP and its major components was
little affected during the first three
quarters by making prices exogenous.
However, GNP in 1958 dollars was
estimated above the actual level in each
quarter in this version. In the fourth
quarter, current-dollar GNP was $2.6
billion higher than before; that is, additional real output more than offset the
reduction in price level.
In both versions of the forecast, the
unemployment rate approximated the
sharp decline that took place over the
year. In the full version, the rate did
not fall quite to the actual fourth
quarter level, while in the exogenous
price version it dropped below. The
lower unemployment rate in the exogenous price version reflects a larger
gain in employment—virtually the same
as the actual increase—associated with
the greater rise in real output. In both
cases, expansion of the labor force was
somewhat underestimated.
It seems fair to say that this particular forecast has been improved by making prices exogenous. Whether this
would be generally the case in actual
ex-ante forecasting depends, of course,
on how well independent price projections can be made.
Further research
The inadequacies of wage and price
determination in the model point up the
need to improve the specifications of
the wage and price functions. This is a
major challenge facing all econometric
29
model builders. Apart from this, further work is required in several areas to
improve the OBE model. These areas
include the monetary equations, the
equations for inventories, man-hours,
and imports. In addition, a number of
the present equations show evidence
of nonrandom residuals, suggesting the
need for improved specifications.
Beyond this, the usefulness of the
OBE model would be increased by
further adapting it for policy purposes.
This, as has been noted, entails the
introduction of more policy variables
and also the provision of endogenous
explanations for as many nonpolicy
variables as possible. In this connection, the major task ahead is the development of an endogenous function
for fixed investment.
Table 6.—-Predicted and Actual Major Forecast Items, 1965: Exogenous and Endogenous Price Versions
(Billions of dollars seasonally adjusted at annual rates, unless not applicable)
Prices
Prices
Exog- Endog-
Gross national product....
Actual
Exog- Endogenous
Prices
Prices
Prices
Actual
Year
4Q
3Q
2Q
1Q
19644th
Qtr.
Exog- Endog-
Actual
Exog- Endogenous
Actual
Exog- Endog-
Actual
___._
641.1
659.0
658.1
657.6
670.9
670.5
683.3
681. 5
700.3
697.7
697.2
678.4
677.4
676.3
Personal consumption expenditures.
405.9
419.9
419.8
416.9
424.1
424.1
424.5
435.0
434.4
432. 5
446.1
444.0
441. 0
431.3
430.6
428.7
26.7
63.5
27.2
65.3
26.8
65.6
27.7
66.9
27.7
68.1
27.4
68.6
28.0
68.4
28.0
68.3
27.5
69.7
27.7
70.9
26.8
71.2
26.4
72.5
27.2
73. 0
27.4
68.2
27.0
69.1
27.6
69.8
Change in business inventories
7.5
8.8
8.3
7.4
6.9
6.4
7.6
7.0
7.6
8.5
7.0
10.1
8.1
7.3
8.2
Net exports of goods and services
8.9
6.4
6.5
6.0
10.1
10.1
8.0
9.3
9.4
7.4
8.7
8.8
6.9
8.5
8.7
7.1
446.4
453.5
452.9
451.4
459.3
458.9
458.5
475. 0
474.4
471.2
487.4
484.4
480.3
467.6
465.3
'___
584. 7
599.1
596.2
597. 7-
605.4
603.0
603.5
615.0
611.2
613.0
626.6
617. 2
624. 4
611.5
606. 9
609. 6
Implicit price deflator for GNP (1958=100).
109.6
110.0
110.4
110.0
110.8
111.2
110.8
111.2
111.8
111.2
111.7
113.0
111.7
110.9
111. 6
110.9
74.5
74.9
74.9
75. 0
75.3
75.2
75. 5
75.6
75.5
75.8
75. 9
75.8
76.1
75.4
75.4
75.6
70.7
3.8
5.1
71.6
3.4
4.5
71.4
3.5
4,6
71.3
3.6
4.8
72.1
3.2
4.3
72.0
3.3
4.3
71.9
3.6
4.7
72.4
3.1
4.2
72.3
3.2
4.2
72.4
3.4
4.4
72.9
3.0
4.0
72.5
3.3
4.4
72.9
3.2
4.2
72.2
3.2
4.2
72.1
3.3
4.4
72. 2
3.4
4.6
Residential structures.___
Fixed investment, nonresidentiaL
Disposable personal income
Gross national product (1958 dollars)
Civilian labor force, millions of persons
Employment, millions of persons
Unemployment, millions of persons.
Unemployment rate, percent
SOURCE: U.S. Department of Commerce, Office of Business Economics and U.S. Department of Labor, Bureau of Labor Statistics.
(Appendix A follows)
30
SURVEY OF CUEEENT BUSINESS
May 1966
APPENDIX A
ESTIMATED EQUATIONS
Numbers in parentheses under coefficients are standard errors of the coefficients. Key to variables and other abbreviations follows equations.
I. GNP Component Equations
(1) Personal consumption expenditures, automobiles and parts
( £ = - 1 3 4 * 0 - 11.0 ^HH -104 ^ ^
()
(.14)
(
P
1
()
(6.4) P* (.006) V*
TSLS,R*=.n,
+ (
w
(19.4)
)
1
+ 4 ;
(.30)
#=1.0, D.W. = 1.25.
(2) Personal consumption expenditures, durables other than automobiles
and parts
(7^=28.0+ .060 i - - i — 65.2 W—+- .060 I — V ;
(.07) (.002) P<* (15.2)
(.008) \ 2 W - i
TSLS,R*=.98 S=.5,D.W. = .88.
(3) Personal consumption expenditures, nondurables
31.1+ .252 ^ ^ + .210 | S
(.15) (.025) P» (.083) 8 i =- 1
, 1 2 =.995, S = 1.0, D.W.=1.23.
(4) Personal consumption expenditures, services (except housing)
<7 s =-44.2+ .069 ^ = s^ + .476 8| i S 1 (<7s)<+.347iV;
(.06) (.015) ^
(.161) =~
(.118)
, S 2 =.998, S=.5, Z?.PF.=1.13
(5) One-family housing starts, private nonfarm
HSS=-
768 + .622 (HSs)-i(7.9) (.137)
u
.113
(.081)
- 43.9 (rm)_!+1530 (—} - .0216F*?;
(13.9)
(486)^2*/-i (.0235)
0L8, R*=.92, S=54.5, Z?.W. = 1.96.
11. Prior to 1961 the average Treasury bill yield, lagged two, three, and four quarters, is used in place of (r m )-i with
coefficient of-84.8.
May 1966
SURVEY OF CURRENT BUSINESS
31
(6) Residential structures, nonfarm
Ih=-.U + .001022 L
(1.06) (.000060)
fe
M(^HS)+.49(-.
^2*
7
#)
1 H +
/-3j
v
&
2
+ 3
3
(.21) (.23) (.24)
OLS, £ 2 = .93, 5 = .4, Z>. W.=1.36.
(7) Fixed investment, nonresidential
Ip= 11.0+ .8041*+ .108(AZ)_1+ .524(I«-/|)_ 2 +.163«+.14C O ;
(1.5) (.045)
(.026)
(.126)
(.012)
OLS, JS2=.96, 8=1.0,
D.W.=1.25.
(8) Change in business inventories
7^=49.9+ .232(Z-/ i -(7 s )+.363(I,)-i
(0.2) (.044)
(.084)
•••- .364 S . (/,),+ .215(Dr(,)_,+ .72*+4.34d,;
(.053)J—
(.064)
(.18) (.86)
TSLS, B2=.81, 8=1.6,
D.W.=2.04.
(9) Imports other than crude materials and foodstuffs
Fif= 15.5 + .0573 — - - 49.4 ^w ;
(0.1) (.0026) P* (17.0)
TSLSf&=-.97y.S=.6,''D.W,
= M.
(10) Imports of crude materials and foodstuffs
(.03)
.0027
(.0005)
0L89'Bi=:M;8^.2iDiW^lA8.
II. Price and Wage Rate Equations
(11) Implicit price deflator, gross private output, except housing services
i-2
/w__TT^\
p= .226 + 1.305 6- i=0
S v(
(.0006) (.076)
YXV-2-1
J• ) + .00208 (A^c-/ ) S=0 A(Z-7 1 ) J +.OO113^ ;
A
•'•A (.00042) ^
^
(.00018)
', 52=.99.6, S = .
32
SURVEY OF GUREENT BUSINESS
May 1966
(12) Implicit price deflator, personal consumption expenditures, durables
other than automobiles and parts
(.0004)
(.18)
p ( ^ ) _ ! + .000154(C7(i)_1;
(.04)
(.000045)
TSLS, E 2 =.96, S=.003, D.W. = 1.Z9.
(13) Implicit price deflator, personal consumption expenditures, nondurables
pn=-.O19 +
(.0005)
p
(.18)
(.012)
TSLS, JR2=.99, #=.003, D.W. = 1.86.
(14) Implicit price deflator, personal consumption expenditures, services
(except housing)
ps=-.118 + .155w+1.56 %\
(.002)
(.004)
(.41)°
TSLS, R2=.99, S=.010,
D.W.=.28.
(15) Implicit price deflator, residential structures, nonfarm
qh= .491 + . 1 ;
(.002) (.003)
TSLS, B2=.97, S=.0U, D.W. = .73.
(16) Implicit price deflator, fixed investment, nonresidential
p
=
.023 +
(.0006)
p
+
(
(.23)
(.008)
TSLS, S 2 =.997, S=.OO4, D.W. = 1.83.
(17) Wage rate (private sector)
^=^=-.015
+ .0106 r g (NL~ZW~NC)
(.002) (.0016) Li=o
w
-4
(.002)
(.0016) Li=o V
JSIL
Y
JiA
+ . 8 7 7 g (&=P*=1) + . 00 128(P 6 -P c _ 4 )- .311 w(.293)
i=0 V
Po-1
Ji
(.00047)
(.119)
TSLS, R2=.57, S=.012, D.W. = .77.
III. Employment, Weekly Hours, and Labor Force Equations
(18) Average weekly hours (employees)
hw= .821 +. .223 A-J—
.0004K ;
(.0005) (.018) c (.00004)
1
, E 2 =.92, S=.OO3, D.W. = 1.7
May 1966
SURVEY OF CURRENT BUSINESS
33
(19) Man-hours per unit of capacity output
_ ooiO9«-f-[.125 - .00148*]
(.0002) (.00008) (.013) (.00059)
+ .0579 ^ ^ ;
(.0121) A<
TSLS,R2=.99,
X=
b
S=.00105, D.W.=.51
(20) Civilian labor force
^ = .5753 + .183 N"i,Nt+
^
(.0030) (.126) A
.000474+.
(.00023)
TSLS(TN), B2=. 13, ^=.0035, D.TF^ 1.85.
IV. Nonwage Income Components Equations
(21) Nonwage personal income
P=55.6+ .149PC+| .79M+DIV;
(.2) (.062) i(.O35)
TSLS, 1 2 =.98, ^=1.6, D.W. = .Q&.
(22) Corporate profits and inventory valuation adjustment
P.=215.0+ .275 {^f\pXL
J
(.2)
(.053) P^t.
19.4 « _ 550
(11.4)^
(140)
^
(7.6)
OLS, 5"2=.99, 5=1.5, D.W. = M.
(23) Dividends
2 W = - . 5 7 6 + .0418Pc+ .897D/F_i;
(.038) (.0102)
(.033)
• TSL8ilP=.99:, -5= .2, Z).TF.=2.72.
V. Monetary Equations
(24) Interest rate (short-term), 4-6 month commercial paper
r,=1.06-.214B_ 1 + . 9 ;
(.03) (.102)
(.087)
OLS, R2=.92, S=.24, D.W. = .80.
(25) Yield, corporate bonds (Moody's)
,=.243 +.-.082r,+ .885(rL).1;
(.017) (.030) (.039)
TSLS, R2=.96, S=.11,D.W. = 1A
34
SURVEY OF CURRENT BUSINESS
May 1966
(26) Mortgage yield, FHA-insured new homes
r»=.591 + .198^+ .739(rm)_x;
(.015) (.070) (.077)
TSLS, R2=.96, S=.10,
D.W.=.97.
(27) Liquid assets of households
+
(2.4)
p.( + r)
(.047)
(50) r *
+(ift)i;
TSLS(TN),R2=.93,S=2A,D.W.=1.98.
VI. Miscellaneous Equations
(28) Capital consumption allowances, constant dollars (fixed nonresidential
capital stock)
Z?,=-4.89+.0340(«j)-i;
(.04) (.0010)
OLS, 12=.96, 8=2, D.W.=.15.
(29) Gross private output at capacity 12
Xc=3.734(10)00223([(^)_1]-305[.97(iVi-iV,)]-695
(30) Personal tax and nontax payments 13
(31) Corporate profits tax liability 13
•T.=bo+bJ>.
(32) Indirect business tax and nontax liability
+p(X-Ii)+ .112*;
(.10) (.011)
(.050)
TSLS, E 2 =.995, S-.7,
Z>.TF.=.3
(33) State unemployment insurance benefits
+
(.05) (.06)
TSLS, 5*= .88, 8=.3, D.W.=M.
12. For explanation of how equation is estimated, see Appendix B.
13. Coenicients are determined on basis of recent tax behavior and modified when required to comply with changes in
the tax laws.
May 1966
-SURVEY O F CUREENT BUSINESS
(34) New orders, manufacturers' durables
0t=-l:10 + .955 — 5
(.33) (.052) ?«*
TSLS,R2=.87,S=-2.Z,D.W.=1.12.
(35) Shipments, manufacturers'durables
&=13.8+ .917A(O(J)-i- .202A-/§* 0,Y
+ . (
(.3) (.142)
( . 0 7 6 ) ^ " y -> (.048)
OLS, 5 2 =.84, 5=1.8, Z?.T
(36) Unfilled orders, manufacturers'durables
(.11) (.04)
OLS, 1 2 =.93,
VII. Identities
(37)
(38)
A
~
HS=HSs+HSm
(39)
(40)
(41)
+Z? 0 »c+T i -S g +SD=6NP;• |SD|<4.0, |,SZ>-,S'ZL1|<1.0
(42) Y=W+P
(43) T=TP—TRU—TRO+Te
,...
W-W
e
(44) w = , /AT —-hrx
ha(Na—Ng)
Pc
~
c+cr
(46) C^Ca+Crt+Cn+C*
(47)
SP=Y-T-pc(C'+Cr)-ic-TRf
(48)
Sc=Pc-Te-DIV
(49)
^ (
35
Key t o Abbreviations
(All variables except interest rates are seasonally adjusted. All components
of the national income and product accounts are at annual rates; other flowvariables are at quarterly rates unless otherwise noted. Variables preceded by *
are exogenous.)
C
Personal consumption expenditures, except housing services, billions
of 1958 dollars.
Ca
Personal consumption expenditures, automobiles and parts, billions of
1958 dollars.
*Cn
Average cost p e r n e w p r i v a t e nonfarm housing unit started, in t h o u sands of dollars.
COP
Corporate gross product, billions of dollars (ratio CGP/pX is assumed
exogenous).
Cn
Personal consumption expenditures, nondurables, billions of 1958
dollars.
Cod
Personal consumption expenditures, durables other t h a n automobiles
a n d parts, billions of 1958 dollars.
*Cr
Personal consumption expenditures, housing, billions of 1958 dollars.
Cs
Personal consumption expenditures, services (except housing), billions
of 1958 dollars.
di, d2, dz Seasonal d u m m y variables, housing expenditures e q u a t i o n ; d = l in
q u a r t e r corresponding t o subscript, 0 otherwise.
*da
D u m m y variable for auto equation (—1 during strike quarter; + 1
following strike quarter; + 1 in 1955 to reflect abrupt credit and taste
changes; 0 otherwise).
*di
D u m m y variable for inventory equation (—1 during strike quarter;
+ 1 before and after strike; 0 otherwise).
*Z)ac
Capital consumption allowances, corporate sector.
*Danc
Capital consumption allowances, noncorporate sector.
dev
Deviation from least squares linear trend.
DIV
Dividends, billions of dollars.
Dp
Capital consumption allowances, constant dollars, fixed nonresidential
capital stock, quarterly rate, billions of 1958 dollars.
et
Discrepancy in jumpoff quarter between change in business inventories
in current dollars and pit.
*Fe
Exports, billions of dollars.
Fif
Imports other than crude materials and foodstuffs, billions of 1958
dollars.
Fim
Imports of crude materials and foodstuffs, billions of 1958 dollars.
*G ^
Government purchases of goods and services, billions of dollars.
GNP
Gross national product, billions of dollars.
h
Average weekly hours index, private sector (1957-59=1.000).
*A e
Average weekly hours index, self-employed (1957-59=1.000).
hw
Average weekly hours index, private employees (1957-59=1.000).
HS
Private nonfarm housing starts, in thousands at annual rate.
*HSm
Number of new 2 or more family units started, in thousands at annual
rate.
HSS
Number of new single-family units started, in thousands at annual rate.
*ic
Interest paid by consumers, billions of dollars.
Hg
Net interest paid by government, billions of dollars.
Ih
Kesidential structures, nonfarm, billions of 1958 dollars.
*Iftf
Kesidential structures, farm, billions of dollars.
*Ihr
Residential construction expenditures on other than new units (additions and alterations, etc.), billions of 1958 dollars.
Ii
Change in business inventories, billions of 1958 dollars.
Iv
Fixed investment, nonresidential, billions of 1958 dollars-. ^
Ip
Actual plant and equipment outlays in billions of dollars deflated by qp.
*Iep
Anticipated plant and equipment outlays; first anticipations in billions
of dollars deflated by qp-2Kv
End of quarter net stock of plant and equipment, billions of.1958
dollars.
Lh
End of quarter liquid assets held by households (currency+demand
and bank savings deposits+savings and loan shares), in billions of
dollars.
*iV
*Ar/
*Ne
*Ng
NL
Nw
Total population in millions.
Population, ages 18-64 in millions.
Self-employed, millions.
Civilian government employment, millions.
Civilian labor force, millions.
Civilian wage and salary employment, millions.
Od
p
P
*pa
pe
D u r a b l e m a n u f a c t u r e r s ' new orders, billions of dollars deflated b y p w d .
Implicit price deflator, gross private output, except housing services
(1958=1.000).
Nonwage personal income (sum of proprietors' income, rental income
of persons, dividends, and personal interest income), billions of
dollars.
Implicit price deflator, personal consumption expenditures, automobiles and parts (1958=1.000).
Implicit price deflator, personal consumption expenditures (1958 =
1-000). • \
*Pi
pn
pod
*pr
ps
*pud
Pc
Ofi
qp
*i?
*rtf
Rh
rL
rm
rs
Sc
Sd
SD
*Sg
Sp
t
*T&
Tc
*Te
Ti
Tv
*TRi>
*TRf
*TR0
TRU
Ud
{y>Lj)~i
(ti>NL)-i
V
w
W
*Wg
X
X*
Xc
Y-T
OLS
TSLS
TN
D.W.
R2
S
Implicit price deflator, imports (1958=1.000).
Implicit price deflator, personal consumption expenditures, nondurables
(1958=1.000).
Implicit price deflator, personal consumption expenditures, durables
other than automobiles and parts (1958=1.000).
Implicit price deflator, personal consumption expenditures, housing
(1958=1.000).
Implicit price deflator, personal consumption expenditures, services
(except housing) (1958=1.000).
Wholesale price index, durable goods (1937-59= 1.000).
Corporate profits and inventory valuation adjustment, billions of
dollars.
Implicit price deflator, residential structures, nonfarm (1958=1.000).
Implicit price deflator, fixed investment, nonresidential (1958 =1.000).
E n d of quarter excess reserves as percent of total reserves.
Federal Reserve average discount rate (percent).
BLS consumer rent index (1957-59 = 1.000).
Percent yield, corporate bonds (Moody's).
Percent yield, secondary market, FHA-insured new homes.
Rate, 4-6 month commercial paper (percent).
Undistributed profits and inventory valuation adjustment, billions of
dollars.
Manufacturers' shipments, durable goods, billions of dollars deflated
hy Pwd.
Statistical discrepancy, billions of dollars.
Subsidies less current surplus of government enterprises, billions of
dollars.
Personal saving, billions of dollars.
T i m e in q u a r t e r s (1953 — 1 = 1 . 0 ) . #
E m p l o y e r contributions for social insurance, billions of dollars.
Profits tax liability, billions of dollars.
Personal contributions for social insurance, billions of dollars.
Indirect business tax and nontax liability, billions of dollars.
Personal tax and nontax payments, billions of dollars.
Business transfer payments, billions of dollars.
Personal transfer payments to foreigners, billions of dollars.
Transfer payments, to persons, except State unemployment insurance
benefits, billions of dollars.
State unemployment insurance benefits, billions of dollars.
Unfilled manufacturers' orders, durable goods at end of quarter, billions
of dollars, deflated by pwd.
Estimate of lagged disturbance, liquid assets equation.
Estimate of lagged disturbance, labor force equation.
Number of vacant nonfarm housing units, end of quarter, in thousands.
Annual wage rate, private sector, in thousands of dollars.
Wage and salary disbursements and other labor income, billions of
dollars.
Government compensation, billions of dollars.
Gross private output, except housing services, billions of 1958 dollars.
Planned private output, billions of 1958 dollars.
Gross private output at capacity, billions of 1958 dollars.
Disposable personal income, billions of dollars.
Ordinary least-squares estimate.
Two-stage least-squares estimate.
Equation is estimated using Theil-Nagar transformation of variables. 14
Durbin-Watson statistic: Test for serial correlation of residuals.
Adjusted coefficient of determination.
Adjusted standard error of estimate.
14. See H. Theil and A. L. Nagar, "Testing the Independence of Regression Disturbances," Journal of the American
Statistical Association, LVI (December 1961), pp. 793-806.
SURVEY OF CURRENT BUSINESS
38
May 1966
APPENDIX B
Method Used To Obtain Estimates of Parameters
With a few exceptions, the two-stage estimates for capacity output given by elasticities from (1) were incorporated
least-squares (TSLS) method was used equation (29). The parameter esti- into equation (29). Values computed
to obtain estimates of the parameters mates were obtained indirectly as from this equation for X c rather than
in the equations of the model. Among follows:
Xc are used to define capacity output.
the various methods available to obtain
(1) A linear homogeneous Cobb- The usual supplementary statistics are
consistent estimates in an interdepen- Douglas production function was first not shown for this equation.
dent simultaneous system, this is by fitted, using actual private output,
The above procedure was adopted to
far the simplest to apply and has been man-hours employed, and utilized cap- remove the unrealistic fluctuations in
shown in past studies to yield acceptable ital approximated by multiplying the capacity output obtained by direct
results.
Wharton School Index of capacity application of the Wharton School
The application of TSLS to obtain utilization by total capital. The com- Index. The fluctuations arise primarily
parameter estimates for the present puted elasticities were used in the next because of the inapplicability, in a strict
model differs in one important respect step.
sense, of the index, which is based on
from the more usual way the method
(2) The difference log X^—a log K— indexes of industrial production, to a
is used. The customary procedure has (1-a) log [.97 (N L -N g )] was then GNP concept of total private output.
been to obtain the first-stage computed
X
Although this procedure removes the
values by regressing all "right-side" regressed on time, where Xc= W Q T fluctuations, it does not correct for
endogenous variables on all prede(3) The constant term and the co- possible bias in the estimate of capacity
termined variables in the system or on efficient for time from (2) and the level.
some selected subset of them. In the
present instance, because of the large
number of predetermined variables relative to the number of observations, the
APPENDIX C
computed values were obtained by
regressing the endogenous variables on
Treatment of the Statistical Discrepancy in the Model
leading principal components of the
predetermined set.15 In brief, principal
In designing econometric models, it tion implied by adding the incomecomponents are certain linear combina- has been customary to include equa- product identity (there being then more
tions of the variables in the prede- tions to account for all but one income equations than unknowns), the statistitermined set which capture in con- item—usually corporate profits—which cal discrepancy is defined as a new varidensed form the essential information is then determined residually through able, rather than assuming a precontained in the full array. The the constraint, found in the national assigned value. This makes the
method was adopted primarily for income and product accounts, that in- discrepancy, rather than an income
convenience and to avoid computational come plus reconciliation items equal component, the residual.
difficulties associated with large systems product. This implies that values for
Clearly, the discrepancy cannot be
that have strong correlations among the usual reconciliation items, including allowed to vary without limit since the
the predetermined variables. It was the statistical discrepancy, must be essential identity between income and
found that 10 principal components introduced. In general, the discrepancy product must hold. Thus, two conwere sufficient and all but exhausted is set at the previous period's or some straints are introduced to limit the
the information contained in the full other predetermined level.
behavior of the discrepancy: (1) Its
set. Thus, all first-stage regressions
This procedure has the serious draw- level is constrained to vary within the
were based on the set of derived back that the residual item must bear approximate
historically
observed
variables, 10 in number.
the brunt of errors made elsewhere in range, from —$4.0 billion to +$4.0
Specific mention should be made of the model—errors that are by no means billion, and (2) its maximum allowable
the method used to obtain parameter necessarily offsetting. To alleviate this quarterly change is set at $1.0 billion.
difficulty, the present model uses a Movements of the discrepancy beyond
15. See, for example, T. W. Anderson, An Introduction to
different approach. Behavioral equa- either of these limits give rise to an
Multivariate Statistical Analysis (John Wiley and Sons,
tions initially determine all income ele- excess that must be eliminated.
1958), pp. 272-281, and T. Kloek and L. B. M. Mennes,
"Simultaneous Equations Estimation Based on Principal
ments, including corporate profits.
The method of elimination is as
Components of Predetermined Variables," Econometrica,
Then, in order to avoid overdetermina- follows: Adjustments are made on cerJanuary 1960, pp. 45-61.
May 1966
tain income-determining equations,
namely those for the wage rate, manhours, corporate profits, and personal
nonwage income, by shifting the constant terms in these equations by
amounts sufficient to eliminate the
excess discrepancy when the model is
again solved.
These adjustments have two effects.
First, they serve to reconcile income and
product by spreading the excess residual element among the major income components rather than concentrating it in profits. Second, because
of feedbacks to spending primarily via
disposable income, the levels of income
and product are adjusted to the point
where they are consistent with both
the necessary income-product identity
(within the above-stated discrepancy
limit) and the requirements of the
model.
The relative amounts of adjustment
introduced into the four equations are
somewhat arbitrary; they were determined so that the resulting income
increment or decrement would be
distributed among wages, corporate
profits, and personal nonwage income in
amounts based partly on the relative
sizes of these components, and partly
on the residual character of corporate
profits and entrepreneurial income.
Equal weight was attached to the wage
rate and to man-hours in affecting wage
payments.
The decision to confine adjustments
exclusively to income items was not
arbitrary. It was based on examination of the multipliers implied by the
given system of equations. This examination showed that errors made on the
product side of the accounts tend to
bring about similar errors on the income
side in both magnitude and direction.
Errors on the income side, however, do
not affect product commensurately,
and they therefore tend to affect the
statistical discrepancy. Thus, the procedure adopted is based mainly on
what is expedient to bring about a
desired change in the statistical discrepancy. However, apart from expediency, it appears quite likely that the
income equations are more precarious,
which also suggests the adoption of the
adjustment procedure, at least on a
provisional basis.
SURVEY OF CUEEENT BUSINESS
39
APPENDIX D
Method Used to Solve the Model16
Examination of the model equations
shows that many of them are nonlinear
in endogenous variables. Given such a
system, the usual methods of matrix
inversion for the solution of a set of
linear equations cannot be applied, and
an alternative method must be employed.
The particular method used to solve
the model was originally suggested by
Professor Klein and consists, essentially,
in the separation of the equations of the
system into two parts. The first step
in the solution is to introduce provisional values for a select set of variables
in one of the parts—values from the
previous period are satisfactory for this
purpose. The variables selected are
such as to remove the nonlinearities in
the set so that a linear solution method
can be applied to obtain provisional
values for the remaining unknowns.
These values are then introduced into
the second part, which can then also be
solved as a linear set. The solution
yields revised values for the variables
initially introduced into the first set.
After a number of iterations (usually
five to seven), the process converges to
a solution for the entire set of equations.
Solution is assumed complete when
two successive interations yield values
of the endogenous variables that differ
by no more than 0.05 percent. This
ensures that all variables are computed
correctly to the degree of precision
given by the corresponding data. Because of the treatment accorded to the
statistical discrepancy (see Appendix
C), the iteration procedure is carried
out twice for each quarter in which the
discrepancy does not fall within the
prescribed limits.
APPENDIX E
Constant and Time Trend Adjustments
In most of the equations of the model
there is evidence of serial correlation
of residuals. This indicates either imperfections in specification or autocorrelated errors of measurement in the
data. To minimize forecasting errors
resulting from serial correlation, it is
reasonable to adjust the intercept or
constant term of each equation showing
such correlation so that the computed
value of the dependent variable coincides with the last observed value or
with the average of recently observed
values.
In simulating with the model, whereever serial correlation was believed to
be present, constants were adjusted as
just described. Either the value of the
last quarter (prior to forecast) or
average values of the last four quarters
were used depending on whether serial
correlation was deemed to be strong or
moderate. For equations estimated
with the Theil-Nagar transformation,
this procedure was superseded by appropriate explicit treatment of the
lagged residual.
In applying the model beyond the
sample period, it is also appropriate to
examine residuals in equations containing trend terms to see if there has been
a shift in the trend. Thus, in making
the 1965 forecast, a trend correction was
applied to the man-hours equation
because of an apparent drift of the
residuals over the recent period prior
to 1965.
16. Solutions were carried out on an IBM 7094 computer
by means of a program called OMNITAB. Cf. J. Hilsenrath, G. C. Ziegler, C. G. Messina, P. J. Walsh, and R. J.
Herbold, OMNITAB: A Computer Program for Statistical
and Numerical Analysis, National Bureau of Standards
Handbook 101 (U.S. Government Printing Office, 1966).
SURVEY OF CURRENT BUSINESS
40
May 1966
REVISED STATISTICAL SERIES
New Construction Put in Place, 1962-64: Revised Data for Page S-9
(Millions of dollars)
Private
Year and month
Residential
(nonfarm)
Total
Total i
Total i
New
housing
units
Public 2
Nonresidential buildings (except
farm and public utilities)
Total i
Industrial
Commercial
Farm
construction
Public
utilities
Buildings (excluding
military)
Total i
Total
Residential
Military
facilities
Highways
and streets
(Unadjusted for seasonal variation)
1962:
January. __.
February. _.
March
April
...
May........
June.—____.
July
August....
September.
October
November.
December..
Annual.
1963:
January. __
February. _
March
April.... __.
May
June
July
August
September.
October
November.
December..
Annual
1964:
January—
February _ _
March. ____.
April
May
June
July
August
September.
October....
November.
December..
Annual.
4,058
3,602
4,035
4,478
5,001
5,546
5,578
5,768
5,713
5,786
5,317
4,785
59,667
2,830
2,587
2,864
3,203
3,533
3,868
3,922
4,017
3,960
3,899
3,722
3,393
41,798
1,543
1,368
1,605
1,906
2,141
2,377
2,357
2,377
2,330
2,210
2,113
1,965
24,292
1,210
1,082
1,198
1,354
1,527
1,709
1,808
1,883.
1,858
1, 758
1,683
1, 568
18,638
861
834
832
844
903
985
1,050
1,100
1,094
1,127
1,060
927
11,617
225
226
224
230
238
247
217
229
236
251
278
241
2,842
360
341
342
342
378
430
496
549
533
529
443
401
5,144
101
98
99
98
103
109
117
122
115
112
106
102
1,282
307
270
309
337
365
374
371
391
392
422
417
375
4,330
1, 228
1,015
1,171
1,275
1,468
1,678
1,656
1,751
1,753
1,887
1, 595
1,392
17,869
475
444
483
516
523
552
538
539
535
536
492
459
6,092
82
83
85
83
82
79
78
75
76
73
74
68
938
93
67
96
112
118
135
100
108
108
116
106
107
1,266
390
249
300
322
471
604
633
696
712
835
627
526
6,365
4,046
3,599
4,198
4,891
5,456
5,937
6,048
6,061
5,943
6,054
5,691
5,044
62,968
2,870
2,574
2,912
3,435
3,817
4,022
4,055
4,091
4,048
4,165
4,003
3,650
43,642
1,669
1,456
1,698
2,018
2,254
2,495
2,470
2,446
2,419
2,408
2, 357
2,153
25,843
1, 328
1,161
1,281
1,458
1,634
1,825
1,919
1,943
1,932
1,940
1,909
1,734
20,064
784
728
782
942
1,046
989
1,033
1,069
1,069
1,165
1,084
955
11, 646
193
174
170
232
251
229
265
266
267
304
291
264
2,906
332
309
344
402
460
429
446
476
465
502
451
379
4,995
99
96
97
95
99
106
114
118
112
109
103
99
1,247
295
274
314
360
393
402
405
425
417
455
435
421
4,596
1,176
1,025
1,286
1,456
1,639
1,915
1,993
1,970
1,895
1,889
1,688
1,394
19, 326
438
413
469
508
544
618
603
597
582
592
551
534
6,449
34
32
33
35
37
41
43
42
40
39
38
37
451
92
78
77
77
107
142
115
127
106
112
105
89
1,227
358
274
444
536
618
731
817
790
753
726
625
419
7,091
4,302
3,962
4,625
5,339
5, 701
6,305
6,391
6,301
6,150
6,086
5,748
5,311
66, 221
3,068
2,855
3,254
3,711
3,943
4,273
4,307
4,256
4,197
4,174
4,029
3,847
45,914
1,813
1,626
1,906
2,188
2,345
2,570
2, 546
2,492
2,405
2,311
2, 229
2,076
26, 507
1,451
1,316
1,477
1,613
1,708
1,882
1,979
1,976
1,910
1,842
1, 788
1,670
20,612
814
819
900
1,037
1,064
1,135
1,184
1,180
1,195
1, 261
1, 207
1, 202
12,998
219
214
246
281
290
302
323
325
338
333
336
365
3,572
313
322
351
414
445
474
499
507
498
542
535
506
5,406
96
93
94
93
98
104
112
116
110
107
101
97
1,221
325
296
331
367
406
428
426
433
456
469
466
447
4,850
1, 234
1,107
1,371
1,628
1,758
2,032
2, 084
2,045
1,953
1,912
1,719
1,464
20, 307
485
478
525
618
623
696
651
639
615
605
566
551
7,052
36
34
35
37
39
40
42
43
45
46
42
35
474
77
65
70
72
82
79
70
93
95
108
94
63
968
337
257
421
530
626
759
861
820
757
719
623
434
7,144
1,271
1,036
1,400
1,487
1, 373
1,394
1,230
1,158
1,212
1.186
1,152
1, 298
6,612
5, 869
5,857
5, 792
6,460
6,156
6,288
6,350
6,325
7,168
6,367
6, 250
(Seasonally adjusted at annual rate)
1962:
January. __
February..
March
April
May
June
.July.
August. . . .
September.
October....
NovemberDecember.
1963:
January. _.
February..
March
April
May
June
July
August
September.
October....
November.
December.
1964:
January. _.
February..
March
April
May...
June.
July...—.
August
September.
October....
November.
December.
57, 543
56,822
57,616
58, 225
59,624
59,874
59,726
60, 333
60, 530
60,978
60,282
59,518
39, 600
39,752
40,160
40, 786
41,629
42,131
41, 974
42,578
42,811
42, 314
42,162
41,812
23,038
23, 274
23, 399
23,771
24, 347
24, 578
24, 687
25, 049
24, 966
24, 440
24, 299
24, 628
10, 668
10, 678
10,911
11, 210
11,488
11, 774
11,493
,11, 647
11,932
11, 819
11,827
11, 244
2,573
2,618
2,680
2,818
2,953
3,076
2,524
2,600
2,627
2,660
2,941
2,620
4,629
4,559
4,649
4,734
4,857
5,019
5,323
5,569
5,756
5,506
5,005
5,023
1,296
1,295
1,290
1, 288
1,287
1,283
1,279
1,279
1,278
1,277
1,275
1,273
4,369
4,255
4,300
4, 263
4,250
4, 239
4, 240
4,313
4, 322
4,471
4,453
4,360
17, 943
17, 070
17,456
17,439
17,995
17, 743
17,752
17, 755
17, 719
18,664
18,120
17, 706
6,179
6,161
6,161
6,128
6,093
6, 035
6,094
6,051
6,036
6, 027
6,128
5,952
1,004
1,010
1,015
959
940
923
916
931
922
887
890
844
61, 239
60,840
61,122
62, 111
63,140
62, 532
62,879
62,907
63, 460
65,021
64,870
64,187
42,058
41,897
41,905
43,332
44,126
43,169
43,397
43,434
43,854
45, 243
45, 273
44, 840
24, 871
24,804
24, 919
25,271
25, 630
25,786
25,843
25,752
25,953
26, 584
27,000
11, 406
11, 245
11, 071
11,920
12, 350
11, 231
11,357
11, 384
11, 703
12, 260
12,100
11, 550
2, 614
2,546
2,353
2,946
3,089
2,825
3,082
3, 020
2,972
3,223
3,079
2,869
5,107
4,997
4,980
5,188
5,248
4,750
4,787
4,829
5,022
5,225
5,096
4,747
1,268
1,264
1,259
1,254
1,250
1,245
1,243
1,242
1,240
1,237
1,236
1,235
4,214
4,292
4,368
4,606
4, 591
4,575
4, 622
4,715
4,630
4,855
4,655
4,877
19,181
18,943
19, 217
18, 779
19, 014
19, 363
19, 482
19, 473
19,606
19, 778
19, 597
19, 347
6,177
6,118
6,284
6,095
6, 214
6,416
6, 419
6, 453
6,600
6,757
6,700
6,860
461
466
460
456
457
467
462
450
429
415
425
460
1,256
1,212
1,120
1,032
1,242
1,457
1, 428
1, 356
1.187 „
1,133°
1,148
1,081
7, 439
7,386
7, 527
7,332
7,198
7,062
6,960
6,960
7,020
7,024
6, 943
6,754
66,277
67,003
67, 591
66,026
66, 558
66, 301
65,386
65,881
65,449
65, 619
67,457
44, 938
46, 255
46, 651
46, 778
45, 645
46,058
46,105
45,187
45, 626
45,407
45, 629
47,143
26,993
27,443
27, 803
27,406
26, 759
26, 586
26, 551
26, 252
25, 934
25, 685
25, 638
25,953
11,800
12, 609
12, 718
13,109
12, 580
12,969
13, 044
12, 596
13, 073
13, 228
13,451
14,493
2,967
3,132
3,404
3,569
3,569
3,725
3,756
3,689
3,762
3,530
3,556
3,967
4,816
5,208
5,081
5,342
5,076
5,248
5,356
5,143
5,378
5,641
6,046
6,338
1,234
1,231
1,229
1,228
1,225
1,223
1,220
1,219
1,217
1, 215
1,212
1,209
4,649
4, 673
4,585
4,680
4, 719
4,870
4,900
4, 761
5,071
4,990
5, 012
5,165
19,942
20,022
20,352
20, 813
20, 381
20, 500
20,196
20,199
20, 255
20, 042
19, 990
20,314
6,866
7,130
7,089
7,375
7,109
7,153
6,883
6,914
6,982
6,917
6,891
7,064
475
488
482
481
470
454
447
455
477
485
473
430
1,056
1,016
1,021
965
946
804
875
988
1,068
1,097
1,033
756
7,005
6,909
7,149
7,247
7,289
7,331
7,325
7,225
7,061
6,953
6, 920
7,002
1. Includes data not shown separately.
2. Beginning with estimates for 1963, State and local component is at a slightly higher level; there is a small break between 1962 and 1963.
Source: U.S. Department of Commerce, Bureau of the Census.
U. S. GOVERNMENT PRINTING OFFICE : 1966 O - 214-820
CURRENT BUSINESS STATISTICS
JLHE STATISTICS here update
OF CURRENT BUSINESS. That volume
series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
(price $2.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,
monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthly
SURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
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.
1964
1963
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
I
Annual total
1964
1963
II
III
IV
i
| n
1966
1965
III
IV
I
II
III
IV
I
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total
bil. $_
589.2
628.7
676.3
577.0
583.1
593.1
603.6
614.0
624.2
634.8
641.1
657.6
668.8
681.5
697.2
'713.9
Personal consumption expenditures, totals
do___
373.8
398.9
428.7
368.0
371.1
376.6
379.5
389.1
396.0
404.6
405.9
416.9
424.5
432.5
441.0
' 451. 8
Durable goods, total 9
Automobiles and parts
Furniture and household equipment
Nondurable goods, total 9
Clothing and shoes.—
Food and beverages
Gasoline and oil.
-
do___
_do___
do___
do__.
do___
_do___
do___
53.4
24.3
21.9
58.7
25.8
24.7
65.0
30.0
26.0
52.2
23.6
21.4
52.6
23.9
21.4
54.1
24.6
22.1
54.9
24.9
22.7
57.4
25.5
23.9
59.1
25.7
25.1
60.5
27.1
25.0
57.9
24.8
24.8
64.6
30.3
25.5
63.5
29.3
25.4
65.4
30.3
26.0
66.4
30.1
27.3
'68.7
'31.3
28.0
168.0
30.5
88.2
13.5
177.5
33.3
92.3
14.0
189.0
35.1
98.4
14.7
166.6
30.3
87.5
13.3
167.4
30.2
88.1
13.4
169.2
31.1
88.5
13.5
168.9
30.6
88.7
13.7
173. 7
32.3
90.6
14.0
175.7
33.2
91.3
13.9
179.8
33.8
93.3
14.0
180.9
34.0
94.1
14.2
182.8
34.3
94.8
14.2
187.9
35.0
97.3
14.7
190.5
35.2
99.3
14.8
195.0
35.9
102.2
15.0
' 200.1
'37.7
' 103. 8
'15.5
___do___
do.._
do...
do.__
152.3
23.1
55.5
11.4
162.6
24.4
59.5
11.7
174.7
25.8
64.7
12.2
149.2
22.8
54.5
11.3
151.1
22.8
55.3
11.4
153.3
23.5
55.7
11.4
155.7
23.3
56.5
11.5
158.0
23.6
57.5
11.7
161.2
24.4
58.8
11.7
164.3
24.8
60.1
11.8
167.1
24.8
61.4
11.9
169.5
24.9
62.7
11.9
173.1
25.5
64.0
12.1
176.7.
26.3
65.3
12.3
179.6
26.6
66.7
12.5
'183.0
'27.0
68.0
12.7
110.3 ' 111. 7
Services, total 9 ——Household operation._ _•
Housing
Transportation
_
Gross private domestic investment, total
do...
86.9
92.9
105.7
82.6
84.8
87.9
92.4
89.7
90.9
92.6
97.7
103.4
102.8
106.2
Fixed in vestment.
_
Nonresidential
Structures
Producers' durable equipment
Residential structures
_
Nonfarm
Change in business inventories...
Nonfarm
_do___
do___
_.do___
do___
do___
___do.__
__do___
__do___
81.2
54.3
19.7
34.6
26.9
26.3
5.7
4.9
88.1
60.5
21.1
39.4
27.5
27.0
4.8
5.4
97.4
69.8
24.3
45.5
27.6
27.1
8.2
7.9
78.1
52.1
19.0
33.1
26.0
25.4
4.5
3.8
80.1
53.4
19.2
34.2
26.7
26.1
4.7
4.2
82.1
55.1
20.0
35.1
26.9
26.4
5.8
5.2
84.3
56.5
20.5
36.0
27.9
27.3
8.1
6.9
86.5
58.1
20.7
37.5
28.4
27.8
3.3
3.6
86.8
58.9
21.1
37.9
27.9
27.3
4.1
5.1
88.8
61.6
.21.1
40.5
27.2
26.6
3.8
4.6
90.2
63.5
21.5
42.0
26.7
26.2
7.5
7.8
94.6
66.9
23.2
43.7
27.7
27.1
8.8
9.2
96.4
68.4
24.5
43.9
28.0
27.5
6.4
6.6
98.6
70.9
24.2
46.7
27.7
27.1
7,6
7.0
100.2
73.0
25.4
47.6
27.2
26.7
10.1
8.9
' 103.6
'75.5
'26.9
' 48. 5
r28.2
>27.6
'8.1
'7.4
Net exports of goods and services..
Exports
—
Imports
do_._
...do...
do___
5.9
32.4
26.4
8.6
37.0
28.5
7.1
39.0
31.9
4.5
30.0
25.6
6.2
32.4
26.2
5.7
32.6
26.9
7.3
34.4
27.1
8.8
36.3
27.5
7.7
36.0
28.2
8.8
37.3
28.5
8.9
38.4
29.5
6.0
34.7
28.6
8.0
40.4
32.4
7.4
40.1
32.7
6.9
40.8
33.9
'6.4
'41.7
'35.3
Govt. purchases of goods and services, total..do.__
Federal
.
do
National defense
do...
State and local..
.
do_._
122.6
64.4
50.8
58.3
128.4
65.3
49.9
63.1
134.8
66.6
49.9
68.2
121.9
65.4
51.5
56.5
120.9
63.6
50.5
57.4
123.0
64.2
51.0
58.8
124.3
64.4
50.3
59.9
126.3
65.0
49.8
61.3
129.7
67.0
51.7
62.7
128.7
64.9
49.5
63.8
128. 6
64.3
48.8
64.3
131.3
64.9
48.8
66.4
133.5
65.7
49.2
67.8
135.4
66.5
49.8
68.9
139.0
69.2
52.0
69.8
r 144.0
72.5
55.0
' 71. 5
By major type of product:
Final sales, total
Goods, total...
_
Durable goods.
Nondurable goods
Services
Structures
__do___
__do___
__do__.
do...
do___
do___
583. 5
291.1
113.1
178.1
226.9
65.5
623.9
311.3
122.8
188.4
244.0
68.6
668.1
333.4
133.5
199.9
261.0
73.7
572.5
287.2
109.8
177.4
222.1
63.2
578.4
289.2
112.0
177. 2
225.1
64.1
587.3
292.9
114.3
178. 6
228.2
66.2
595.5
295.3
116.2
179.1
232.1
68.0
610.7
304.9
120.1
184.9
237.3
68.5
620.1
308.3
121.6
186.8
242.8
69.0
631.0
316.0
125.4
190.6
246.4
68.6
633.6
315.8
124.3
191.5
249.7
68.1
648.8
322.8
130.1
192.8
253.8
72.1
662.4
329.1
130.3
198.7
259.0
74.2
673. 9
337.1
135.4
201.7
263.0
73.9
687.1
344.6
138.0
206.5
268.0
74.5
705.8
354.6
142.5
212.0
273.8
77.4
do._ _
___do.__
do___
5.7
2.8
2.9
4.8
3.3
1.5
8.2
6.1
2.1
4.5
2.0
2.5
4.7
3.4
1.4
5.8
2.3
3.5
8.1
3.8
4.3
3.3
2.2
1.1
4.1
3.5
.6
3.8
2.7
1.1
7.5
4.4
3.1
8.8
7.1
1.6
6.4
6.2
.2
7.6
6.5
1.0
10.1
4.4
5.7
8.1
5.0
3.1
_
Inventory change, total.
Durable goods.
Nondurable goods
_
GNP in constant (1958) dollars
Gross national product, total
Personal consumption expenditures, total
Durable goods.
Nondurable goods
;___
Services
Gross private domestic investment, total
bil. $.
550.0
577.6
609.6
541.2
544.9
553.7
560.0
567.1
575.9
582.6
584.7
597.7
603.5
613.0
624.4
•633.6
do___
352.4
372.1
394.2
348.3
350.0
355.1
356.4
364.5
369.8
377.3
376.8
386.1
390.5
396.9
403.3
409.9
do___
do___
53.2
161.8
137.3
58.5
169.4
144.2
65.6
177.1
151.5
52.0
161.0
135.3
52.3
161.2
136.5
54.1
163.0
138.0
54.7
162.1
139.6
57.0
166.4
141.1
58.7
167.8
143.3
60.2
171.6
145.5
57.9
171.8
147.1
64.5
173.2
148.4
63.4
176.4
150.7
66.4
177.8
152.7
67.9
181.0
154.4
70.7
182.9
156.3
82.3
86.3
96.8
78.7
80.5
83.0
86.9
. 83.8
85.2
86.0
90.2
95.4
94.2
96.9
100.5
100.9
76.6
51.9
24.7
5.7
81.7
57.1
24.6
4.6
88.8
65.0
23.9
7.9
74.2
50.0
24.2
4.4
75.8
51.2
24.6
4.6
77.2
52.6
24.6
5.8
79.0
53.7
25.3
7.9
80.7
55.1
25.7
3.0
80.7
55.7
25.0
4.5
82.2
58.1
24.1
3.8
83.1
59.6
23.6
7.1
86.8
62.5
24.3
8.6
88.1
63.7
24.4
6.2
89.7
66.0
23.7
7.2
90.7
67.6
23.1
9.8
93.1
69.3
23.8
7.7
do___
do___
Fixed investment
_
do___
Nonresidential
do
Residential structures
do___
Change in business inventories..
do___
Net exports of goods and services
__
_.do___
Govt. purchases of goods and services, total. .do___
Federal
___
___do__State and local.
do___
' Revised.
* Preliminary.
5.6
8.5
6.0
4.0
5.8
5.5
7.1
9.0
8.1
8.7
8.3
5.1
6.6
6.2
6.2
5.7
109.8
59.7
50.0
110.7
57.8
52.8
112.7
57.1
55.6
110.3
61.3
49.1
108.7
59. 2
49.5
110.0
59.7
50.3
109.6
58.7
50.8
109.9
58.2
51.7
112.8
59.9
52.9
110.5
57.1
53.4
109.4
56.1
53.3
111.2
56.4
54.8
112.1
56.8
55.3
113.0
57.0
56.0
114.3
58.2
56.2
117.1
60.2
56.8
9 Includes data not shown separately.
&-1
214-820 O - fifi - «,
SUltVJttl
S-2
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in t h e 1965
edition of B U S I N E S S S T A T I S T I C S
1964
1963
| 1965
Annual total
May 1966
UUKl
1964
1963
II
in
IV
I
II
1965
in
IV
I
1966
II
III
IV
570.8 * 587.9
403.6
416.2
368.1 377.0
296.1 303.1
13.7
14.4
58.3
59.5
39.2
35.5
56.2
56.9
40.7
41.0
15.9
15.5
18.7
18.8
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income total
- bil. $
Compensation of employees, total—_.
do
Wages and salaries total
do
Private
. . .
do
Military
. .-_.———-do
Government civilian
do
Supplements to wages and salaries..
do
Proprietors' income, total 9
do _
Business and professional 9
do
481.1
341.0
311.2
251.6
10.8
48.8
29.8
50.8
37.8
13.0
17.6
514.4
365.3
333.5
269.2
11.7
52.6
31.8
51.1
39.1
12.0
18.2
554.7
391.9
357.4
288.5
12.4
56.5
34.5
54.5
40.3
14.3
18.6
476.7
338.0
308.4
249.4
10.6
48.4
29.6
50.5
37.6
12.9
17.4
484.6
343.0
312.9
253.2
10.7
49.1
30.1
50.9
37.9
13.0
17.7
Rental income of Dersons
do
Corporate profits and inventory valuation adjust59.1
ment total
bil. $._
64.5
57.6
73.1
58.1
By broad industry groups:
Financial institutions
do _
8 0
7.5
89
75
75
Nonfinancial corporations, total _ _ _ do
51.6
56.5
64.2
50 6
50 1
29.5
Manufacturing, total
do
32.1
28.7
28.7
37.5
13.4
Nondurable goods industries
do
13.4
13.2
14.9
16.8
Durable goods industries
. do
15.4
15.4
17.2
16.1
20.7
Transportation, communication, and public
9.5
9.2
10.0
9.1
utilities
bil. $
10.8
All other industries
do
12 6
14 3
12 2
12 7
15 9
Corporate profits before tax, total
do
64.8
58.5
58.9
58.6
74.7
27.6
26.0
26.1
C orporate profits tax liability. . „do
26.0
30.1
37.2
32.6
32.8
Corporate profits after tax
do
32.6
44.5
17.2
15.7
15.8
Dividends
- - do_ __
15 8
18 9
16.8
17.0
19.9
Undistributed profits
...
do.
25.6
16.8
.2
-.9
-.4
-.3
Inventory valuation adjustment
do
-1.6
13.2
15.2
13.9
13.6
16.5
Net interest
do_.._
DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Rates
467.1
495.0
530.7
460.1
464.8
Personal income, total
bil. $
60.6
61.0
59.2
65.4
60.9
Less: Personal tax and nontax payments
do _
406.1
435.8
399.4
465.3
403.8
Equals: Disposable personal income.. . . . do
409.5
380.5
386.3
383.4
440.5
Less* Personal outlays©
do
26.3
18.9
19.8
20.4
24.9
Equals* Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
10.14
9.74
39.22
44.90
51.96
All industries
.
- .
.
bil. $.
3.92
3.95
18.58
15.69
22.45
Manufacturing
do
9.43
1.96
1.96
7.85
11.40
Durable goods industries. _
do
9.16
1.95
1.99
7.84
11.05
Nondurable goods industries
do
.26
.27
1.04
1.19
Mining
do
1.30
.29
1.41
.28
1.10
1.73
Railroad
do
.45
.54
Transportation, other than rail
do
1.92
2.38
2.81
6.22
1.40
1.60
5.65
6.94
Public utilities
__
do
.93
.95
3.79
4.30
4.94
Communication
do
10.83
2.41
2.64
10.03
Commercial and other . . .
_
do
11.79
Seas. adj. qtrly. totals at annual rates:
40.00
38.05
All industries
;_
do. __
15.95
15.30
Manufacturing
do
7.65
8.00
Durable goods industries
do
7.65
8.00
Nondurable goods industries .
do
1.00
1.05
Mining
do
1.00
1.20
Railroad
do
2.05
1.85
Transportation, other than rail . . .
do
5.45
5.90
Public utilities
do
3.65
3.85
Communication
do
9.65
10.20
Commercial and other
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
38,652
34,932 39,150
UImports:
S. payments recorded
mil $
Merchandise
do
16 992 18 619 21,492
Military expenditures
do
2,838
2 929 2 824
Other services
do
7,650
7,014
6 515
'837
978
Remittances and pensions
do
839
3,563
3,390
Govt grants and capital outflows K
do
3,581
Increase in U S private assets net
do
6 462
3 526
4 456
Direct investments
do
1 976 2 376
3 266
Long-term portfolio
do
988
1 695 1,975
Short-term
do
2,111
785
-728
Increase in U.S. official reserve assets, net do ___
-378
- 1 7 1 -1,222
U.S. receipts, recorded
do
35,333 40,311 39,311
Exports:
Merchandise and military sales
do.
27,100
22,728 26,050
Income on investments.. _ .
do
4,654
6,054
5,457
Other services
do
4 971
5 906
5 510
Increase in foreign assets in U.S.
do
251
2 980 3 294
Liquid assets: Foreign official agencies*. _do —
1,599
-50
1,073
Other foreign accounts
do
1 554
619
129
Other liquid assets
do
762
172
667
Unrecorded transactions (net)
do
—401 —1 161
—659
Increase in U.S. official reserve assets and decrease
in liquid liabilities to all foreigners. _ __ .mil. $
- 2 , 6 7 0 - 2 , 7 9 8 -1,301
Increase in U.S. official reserve assets and decrease
in liquid and certain nonliquid liabilities to
foreign official agencies
mil $
- 1 , 9 7 7 -1,342 -1,299
r
Revised.
p Preliminary.
1 Estimates for Jan.-Mar. 1966 based on anticipated capital expenditures of business.
2 Estimates for Apr-June. 1966 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1966 are as follows (in bil. $): All industries, 60.23; manufacturing, total, 26.75; durable goods industries, 13.50; nondurable goods industries, 13.25;
mining, 1.51; railroad, 1.83; transportation, 3.15; public utilities, 8.04; commercial and other
(incl. communication), 18.95.
3 includes communication
492.6
349.5
318.8
257.4
11.6
49.9
30.7
51.0
38.0
13.0
18.0
501.6
355.1
324.2
261.6
11 6
51.0
30.8
50.4
38.5
11.9
17.9
510.5
361.9
330.4
266.9
11.6
51.9
31.5
51.0
39.0
12.0
18.1
519.5
369.0
336.8
271.7
11.7
53.3
32.2
51.4
39.4
12.0
18.3
526.3
375.4
342.6
276.5
11.9
54.3
32.7
51.8
39.6
12.2
18.5
540.6
382.4
348.9
282.0
11.8
55.0
33.5
51.9
39.9
12.0
18.5
549.5
387.9
353.6
285.9
11.8
55.9
34.3
54.6
40.1
14.5
18.6
557.9
393.7
359.0
290.0
12.3
56.7
34.7
55.4
40.4
15.0
18.6
59.6
63.6
64.5
65.5
64.9
71.7
72.0
73.5
75.2
74
52.2
29.7
13.5
16.1
75
56.2
31.9
14.4
17.5
7.8
56.7
32.1
15.0
17.1
8.4
57. 0
32.5
15.0
17.5
8.5
56.4
32.3
15.3
17.1
8.3
63.4
37.3
16.6
20.8
8.9
63.2
36.7
16.6
20.1
9.2
64.3
37.3
16.6
20.7
9.3
65.9
38.8
17.4
21.3
9.4
13 1
60.8
27.0
33.8
16.1
17.7
-1.2
14.5
9.9
14.5
64.0
27.3
36.7
16.7
20.0
-.4
14.5
10.1
14.5
64.5
27.5
37.0
17.1
19.9
.0
15.0
10.2
14.4
65.3
27.8
37.5
17.4
20.1
.2
15.4
10.1
14.0
65.9
28.1
37.8
17.7
20.0
-1.0
15.7
10.5
15.5
73.1
29.5
43.6
18.0
25.7
-1.4
16.1
10.5
16.0
73.9
29.8
44.1
18.6
25.5
-1.8
16.4
11.0
16.0
74.6
30.1
44.5
19.2
25.3
-1.2
16.7
10.9
16.2
77.0
31.1
45.9
19.9
26.0
-1.8
17.1
I 48 A
20.6
*27.8
-2.8
17.6
475.6
61.6
414.0
389.5
24.4
483.0
60.4
422.6
399.3
23.3
490.6
56.9
433.6
406.3
27.3
499.1
58.8
440.3
415.3
25.0
507.1
60.7
446.4
416.9
29.5
516.2
64.8
451.4
428.1
23.3
524.7
66.2
458.5
436.1
22.4
536.0
64.8
471.2
444.4
26.8
546.0
65.7
480.3
453.2
27.1
' 557.1
'68.3
488.7
r 464.4
'24.4
11.09
4.56
2.31
2.25
9.40
3.79
1.93
1.87
11.11
4.53
2.30
2.23
11.54
4.67
2.37
2.30
12.84
5.59
2.83
2.76
10.79
4. 54
2.25
2.28
12.81
5.47
2.76
2.70
13.41
5.73
2.91
2.82
14.95
6.72
3.48
3.24
.28
.33
.54
.26
.32
.51
.29
.36
.63
.30
.37
.59
.33
.35
.64
.29
.39
.58
.33
.44
1.61
1.06
2.72
1.18
1.71
1.06
2.84
1.76
1.17
3.01
215.01
6.56
3.29
3.27
.40
.51
.90
2.00
2.37
1.58
1.10
2.61
U2.64
5.52
2.78
2.73
.34
.37
.76
1.47
3 4.19
3 4.64
41.20
16.45
8.30
8.15
1.05
1.35
2.10
5.80
4.05
10.45
42.55
17.40
8.85
8.55
1.15
1.40
2.30
5.95
4.05
10.25
43.50
17.80
9.00
8.80
1.15
1.25
2.25
6.30
4.30
10.45
45.65
18.85
9. 60
9.20
1.20
1.50
2.40
6.30
4.40
11.00
9,218
9,195
4, 599
.97
4,410
732
720
.32
.44
.72
.35
.46
.73
1.32
1.08
2.59
.77
1.71
1. 24
2.85
1.88
1.22
3.10
2.04
1.41
3.25
47.75
20.15
10.15
10.00
1.30
1.55
2.60
6.35
4.40
11.40
49.00
20. 75
10.40
10.40
1.25
1.75
2.55
6.80
4.55
11.30
50.35
21.55
10.80
10.70
1.30
1.55
2.70
6.85
4.80
11.60
52.75
23.00
11.75
11.25
1.25
1.70
3.00
6.75
5.05
11.95
55.35
24.15
12.45
11.70
1.35
1.95
3.00
7.30
5.30
12.25
9,737
11, 000
8,851
9,604
9,951
10,246
4,709
4,901
4,663
5,480
5,594
5 755
691
681
1,736
1,742
1,736
1,800
209
203
207
753
1,327
220
662
702
720
1,830
1,924
1,905
224
292
229
775
1,539
1,159
959
315
725
819
891
931
853
515
357
-53
701
111
41
890
1,344
895
1,569
1,025
2,222
464
274
589
540
256
548
551
612
406
821
833
568
51
9,506
-303
9,347
-70
10, 028
151
11,430
6,343
1,396
1,345
6,258
1,395
1,338
6,550
1,392
1,393
6,899
1,274
1,434
1,823
904
613
306
—430
5,801
1,555
1 355
693
422
356
237
71
114
—288
48
231
77
—152
-116
639
170
-291
-257
-582
-593 -1,366
679
-299
—842
8,861
-159
-417
-68
9,685
*78.3
157.20 258.90
25.15
25.80
12.80
12.90
12.35
12.90
1.45
1.55
1.65
1.80
3.30
3.20
7.65
7.95
318.05 318.65
754
1 991
233
-41
10,267
-271
10,498
7,028
1,505
1,505
7,242
1 346
1 579
229
-255
71
334
—10
7,029
1,648
1,467
—459
-300
—26
-133
—81
-263
739
-247
-316
331
768
655
218
—252
-658
258
-517
-384 p - 5 8 2
150
28
-152
-374
-844
247
244 -1,226 p -262
-564
9 Includes inventory valuation adjustment.
©Personal outlays comprise personal consumption expenditures, interest paid by consumers, and personal transfer payments to foreigners.
§Personal saving is excess of disposable income over personal outlays.
cf More complete details are given in the quarterly reviews in the Mar., June, Sept., and
Dec. issues of the SURVEY.
f Less payment on U.S. Govt. loans.
X Includes certain nonmarketable, medium-term, nonconvertible Govt. securities.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965 v
Annual
S-3
1966
1965
Mar.
Apr.
May
June
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Monthly
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.*
Series
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income——
_
5318
545.4
541.3
546.1
550.9
' 552.5
' 557.4
' 561.4
563.1
358.8
144.6
116.1
87.0
144.7
116.4
87.2
364.7
146.1
117.5
87.8
368.3
148.1
119.1
88.2
371.3
149.5
120.0
88.7
373.8
150.4
121.1
89.4
377.3
152.4
123. 0
>• 379.9
153.7
' 123. 7
90.2
381.1
153.9
124.4
90.4
58.2
68.3
18.3
58.5
68.7
18.4
58.8
7.0.1
18.4
59.6
71.3
18.6
60.0
72.0
18.9
60.4
72.6
19.0
60.7
73.2
19.2
61.0
74.0
19.3
61.4
74.6
19.5
61.6
75.2
19.6
40.1
15.9
40.3
15.2
40.4
14.9
40.5
14.9
40.6
15.3
40.7
15.5
40.8
15.7
40.9
15.7
41.0
15.9
'41.2
16.1
41.3
15.9
18.6
18.5
36.7
37.4
18.6
19.1
37.0
37.2
18.6
19.0
37.2
37.6
18.6
19.2
37.5
37.7
18.6
19.5
37.7
148.4
18.7
19.7
37.9
39.3
18.7
19.9
38.2
39.6
18.7
20.2
38.5
40.3
18.8
20.4
38.9
' 41. 4
18.8
20.6
39.4
18.9
2C.6
40.0
'41.8
'42.0
18.9
20.7
40.5
42.0
12.9
13.0
13.1
13.2
13.3
13.4
13.5
13.6
13.7
16.6
16.8
16.9
502.2
503.2
505.8
508.2
510.8
512.9
1526.2
521.7
526.3
530.7
•532.5
41,380
2,702
2,549
2,574
2,922
3,152
3,864
4,521
5,263
4,370
3,751 * 3, 713 v 2,921
38,930
17,143
21,787
5,086
12,873
3,523
2,452
743
1,709
443
971
260
2,466
804
1,662
438
916
267
2,546
823
1,723
454
972
261
2,896
1,106
1,790
3,046
1,297
1,749
3,224
1,336
1,888
438
1,050
278
413
1,029
291
405
1,146
318
3,903
1,883
2,020
397
1,275
4,923
2,770
2,153
422
1,359
358
4,287
2,208
2,079
410
1,309
348
1,773
1,925
437
1,133
332
3,648
1,719
1,929
429
1,170
297
2,754
884
1,870
405
1,149
281
121
125
118
91
65
111
92
70
108
95
72
112
108
96
116
113
113
114
120
116
123
145
164
131
183
241
140
160
192
135
138
155
125
150
125
77
121
69
141
118
120
117
48
118
114
87
51
114
105
91
115
114
117
111
118
116
119
140
160
126
181
242
135
160
200
129
132
158
113
v 131
158
111
74
103
56
120
132.3
143.3
141.7
141.6
142.6
145.2
139.3
143.2
145.9
149.9
148.1
146.6
'148.3
• 151.8
M54.0
154.3
133.1
133.5
132.6
111. 3
151.3
144.9
148.4
140.7
114.4
161.0
143.5
147.1
139.0
111. 1
143.4
147.5
138.2
113.0
144.6
149.0
139.0
114.4
147.2
151.7
141.5
115.9
140.3
144.9
134.6
112.3
143.9
143.3
144.7
118.2
147.5
148.3
146.5
114.2
152.3
154.6
149.4
118.4
150.5
154.5
145.5
117.2
148.3
155.4
139.3
117.4
'149.9
156.3
'141.9
115.6
'153.9
' 160.0
' 146.1
'116.9
156.3
'163.6
'147.3
118.8
157.2
164.7
147.9
115.2
131.8
131.7
142.8
128.1
132.0
142.4
140.2
159.9
134.0
146.9
140.9
140.5
167.8
131.8
141.6
138.5
136.9
162.6
128.7
142.0
139.8
137.8
163.6
129.6
144.2
143.2
141.6
165.8
133.9
146.8
138.3
135.2
147.0
131.4
144.9
141.1
138.9
129.6
141.8
145.9
145.7
143.8
148.4
142.3
149.7
151.4
150.1
174.9
142.2
154.2
148.7
145.2
173.4
136.2
156.1
146.4 ' 148.5 -151.4
140.0 ' 142.2 ' 145.4
167.4 ' 170.7
168.7
130.9 ' 134.1 137.4
164.4
162.1
160.3
153.0
146.4
173.3
152.8
145.4
172
'167.3
168.6
do_
do
do
132.8
131.2
134.3
144.1
144.2
144.0
142.5
142.9
142.0
144.3
144.4
144.3
145.0
146.9
143.1
147.0
149.5
144.5
140.3
142.9
137.5
145.1
144.5
145.7
146.2
146.6
145.8
148. 6
147.6
149.7
147.6
145.4
149.9
146.8
145. 9
147.7
' 148.1 • 152.1
'147.4 ' 151.4
' 148.7 '152.8
•154.8
155.4
154.2
156.0
158
do
132.3
143.3
140.7
140.9
141.6
142.7
144.2
144.5
143.5
145.1
146.4
148.7
'150.2
'151.6
do_
133.1
144.9
142.3
142.4
143.1
144.1
145.7
146.0
145.2
146.7
148.2
150.6
' 152.4
153.9
155.1
Durable manufactures 9 —
do
Primary metals
do
Iron and steel
__.do
Nonferrous metals and products
do_
Fabricated metal products
do_
Structural metal parts.
do
133.5
129.1
126.5
138.3
132.7
130.3
148.4
137.5
133.6
152.1
147.8
145.4
144.8
140.4
139.5
151.0
145.2
144.1
145.5
141.4
141.2
153.6
147.4
144.3
146.4
140.2
139.7
153.4
146.0
142.7
148.1
143.0
143.3
146.1
146.4
144.3
150.0
148.7
152.1
138.4
148.0
145. 5
150.5
146.5
143.3
149.0
147.5
145.0
148.2
131.2
125.0
152.3
147. 0
144. 7
150.3
123. 7
115.8
155.0
150.9
148.2
151.3
119.4
110.5
158.8
153.6
152.6
155.0
126.5
118.2
162.1
156.3
154.0
157.6
'130.8
'122.9
' 159.1
' 157.0
154.2
' 159.6
'132. 5
' 128.7
159.2
' 160.6
158.9
' 161.4
' 139.7
' 135.3
163.1
161.4
159.5
162. 5
141
137
162
160
do
do_
do
do
__do_
__do_
141.4
142.1
140.6
130.7
150.1
112.4
160.4
160.3
160.6
149.2
175.2
125.3
153.9
153.8
154.1
144.4
176.4
115.3
155,4
155.2
155.8
144.6
173.2
118.6
156.9
157.0
156.8
147.3
175.5
121.7
159.0
159.4
158.4
149.5
178. 0
123.3
160.6
161. 7
159.2
149.8
177.4
124.1
161.4
162.4
160.1
151.5
177. 5
127.3
162.3
162.4
162.1
149.4
175.2
125.6
166.0
165.8
166.2
155.0
177.1
134. 4
167.5
166.9
168. 4
157.3
178. 0
138. 0
170.7
169.2
172.8
160.7
179.2
143.4
174.3
171.9
177.6
163.1
176.7
150.1
• 176.7
• 174.4
179.8
163.2
• 175. 5
• 151.6
'176.2
' 173.7
179.5
•165.6
• 178.2
• 153.8
178
174
183
167
177
158
Instruments and related products. __ ..do
Clay, glass, and stone products
do
Lumber and products
do
Furniture and fixtures .
do_
Miscellaneous manufactures
____do_
136.4
126.0
112.6
143.4
133.4
151.4
133.5
117.4
157.4
146.0
146.9
129.2
120.5
154.3
142.4
139.1
131.5
144.0
106.1
139.0
145.5
129.9
114.2
155.6
143.2
147.0
130.3
117.1
156.5
143.6
149.8
131.6
112.8
156.8
143.6
152.1
132.6
115.4
155.8
143.5
152.6
133.5
117.2
156.3
146.6
155. 7
133.8
116.2
156.8
147.1
158.0
134.4
118.3
159.7
150.4
159.0
135.5
119.1
162.6
153.0
162.2
137.6
125.4
164.3
155.5
166.0
139.4
125.6
165.4
•151.2
171.2
141.6
• 126.5
• 166.8
155.3
173.5
142.9
127.5
• 168.0
157.0
172
144
138.5
132.2
144.3
105.0
140.0
138.8
131.6
145.3
110.9
140.9
—bil. $_.
495.0
530.7
517.8
520.5
525.0
528.5
530.4
532.1
Wage and salary disbursements, total.__.do
Commodity-producing industries, total_do___.
Manufacturing
„_do
Distributive industries. _ _
_do___
333.5
133.9
107.2
81.1
357.4
143.9
115.5
86.5
351.1
141.9
113.9
85.5
351.5
141.4
113.6
85.6
353.9
142.3
114.1
86.2
355.4
143.1
114.8
86.5
357.4
144.0
115.6
86.8
do
___do
do....
54.1
64.3
16.5
58.1
68.9
18.2
56.7
67.0
17.6
57.2
67.4
18.0
57.6
67.7
18.1
57.8
68.0
18.2
do___.
do___.
39.1
12.0
40.3
14.3
40.1
11.7
40.0
12.9
40.1
14.7
Rental income of persons
do___.
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $_.
18.2
17.2
34.3
36.6
18.6
18.9
37.1
39.2
18.5
18.0
36.2
37.6
18.6
18.2
36.5
37.8
12.4
13.2
13.0
478.7
512.1
Service industries
Government
Other labor income.—
Proprietors' income:
Business and professional
Farm
_.__
_
_
_
Total nonagricultural income
do__..
•537.2
•540.9
16.9
542.8
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments (48 States), total
_mil.$_.
Farm marketings and CCC loans, total
do
Crops
d o — 17,135
Livestock and products, total 9
_do___. 19,764
Dairy products
_
do
5,008
Meat animals
_
do___. 11,090
Poultry and eggs
___.do___.
3,335
Indexes of cash receipts from marketings and CCC
loans, unadjusted:
All commodities
___
1957-59=100..
114
Crops
do__..
124
Livestock and products
.do
107
Indexes of volume of farm marketings, unadjusted:
All commodities. 1957-59=100. .
118
Crops
_-do
119
Livestock and products.._
___do
117
965
792
2,173
462
1,339
P2,
INDUSTRIAL PRODUCTION
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities)
1957-59=100_.
By industry groupings:
Manufacturing, total
_do
Durable manufactures
do
Nondurable manufactures...—
do____
Mining
__
do
Utilities
do—
By market groupings:
Final products, total
Consumer goods
Automotive and home goods.
Apparel and staples
Equipment, including defense
Materials
Durable goods materials
Nondurable materials
Seas, adj., total index (incl. utilities)
By industry groupings:
Manufacturing, total
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment 9
Motor vehicles and parts..
Aircraft and other equipment
do
do
do
do_
do
Nondurable manufactures
do____
132.6
Textile mill products
do
122.9
Apparel products..
___do____
134.1
Leather and products.—
do____
102.6
Paper and products
do____
133.4
'Revised.
v Preliminary.
i Italicized? total excludes and other footnoted figures include
140.7
134.8
145.0
107.8
142.3
retroactive lump-sum pay-
r
154
153.0
153.4
156.1
169
155
147.3
148.0
146.8
140.4
144.2
140.4
145.1 ' 1 4 6 . 0
139.0
142.1
141.3
134.8
139.4
133.8
140.3 ' 140.1 • 140. 5 140.4
132.2
137. 7
135.7
148.1
141.9
147.2
143.8
148.5 '146.9
145.4
145.7
143.8
110.1
107.0
110.1
107.7
113. 9 '111.7
105.1
109.3
108.2
141.1
147.4
142.1
147.7 ' 148.4 • 148.4 146.9
139.4
143.6
143.9
ment of social security benefits; disbursements of $885 million put on annual rate basis
amounted to $10.6 billion.
9 Includes data for items not shown separately.
JSUJ
S-4
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965*
1965
Mar.
Annual
May 1966
: OF CU-K KEJN r.Bi )tiiJS1ilSS
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted indexes—Continued
By industry groupings—Continued
Nondurable manufactures—Continued
Printing and publishing
1957-59=100.
Newspapers
do__.
Chemicals and products
do...
Industrial chemicals
do. _ _
Petroleum products
do. _ .
123.3
117.0
159.6
178.4
121.0
130.3
124.2
173.3
196.1
123.4
128.5
121.0
169.5
190.8
122.2
128.3
120.7
169.2
191.6
121.5
129.3
121.5
169.3
191.7
122.9
130.0
124.7
169.9
192.9
121.8
131.3
126.2
172.8
194.9
124.5
133.0
129.7
174.2
195.7
125.8
129.3
120.1
176.6
199.9
125.1
131.1
125.1
177.1
200.9
124.0
133.2
127.2
178. 5
202.9
126.1
134.2
129.5
180.6
206.3
127.8
do..
do_.
do_.
do_.
...do..
156.3
120.8
120.1
124.4
120.8
172.2
123.3
122.4
128.4
120.5
172.6
123.4
122.4
128.6
127.2
167.7
122.5
122.6
121.8
120.9
168.2
121.9
120.6
129.0
116.5
169.1
122.3
121.2
128.5
121.8
170.2
123.1
122.6
125.9
119.9
168.1
122.4
121.9
125.0
120.7
171.2
123.2
121.8
131.0
120.6
175.5
123.6
122.1
131.8
114.5
181.6
125.0
123.5
133.0
118.9
181.3
125.3
123.6
134.3
117.1
184.6
126.0
124.6
133.2
119.6
do..
-do_do_.
__do_.
.do..
do..
111.3
107.1
110.4
109.9
117.4
118.7
114.4
111.8
112.3
111.8
122.6
126.5
112.5
103.1
111.4
110.5
124.6
124.1
113.0
107.9
112.0
111.4
125.8
118.2
114.0
113.0
111.9
111.3
121.6
123.9
115.3
117.1
112.5
112.2
123.7
125.8
116.0
117.1
113.0
112.1
126.4
127.3
117.0
115.2
114.2
113.4
130.2
129.1
112.6
106.7
110.6
108.5
122.4
127.4
115.8
116.8
114.0
114.0
116.5
125.5
116.0
115.7
113.8
114.5
114.2
133.2
117.9
118.5
114.5
116.0
120.6
138.2
117.2
114.4
113.4
114.1
133.4
135.5
—do..
__do_.
do..
151.3
153.9
143.4
161.0
165.5
147.0
158.5
162.4
146.0
159.9
164.0
147.2
160.4
164.3
147.8
162.5
167.1
147.9
161.3
165.8
147.1
161.4
166.2
146.4
165.3
170.9
147.5
165.7
171.3
165.1
170.5
165.5
170.9
do.
do_.
do..
131.8
131.7
142.8
142.4
140. 2
159.9
140.1
140.0
161.9
139.4
138.5
158.2
140.2
138.6
158.5
140.7
138.7
158.2
141.7
139.3
158.1
142.3
139.5
158.1
143.3
140.7
158.5
145.7
141.7
161.7
147.4
142.8
163.0
Automotive products__
__._do_
Autos
—do_.
Auto parts and allied products.__do_
Home goods 9
do_.
Appliances, TV, and radios
do_.
Furniture and rugs
do_.
Apparel and staples
do
Apparel, incl. knit goods and shoes..do
Consumer staples
_do
Processed foods
__do
145.1
150.6
138.0
141.1
137.1
142.4
167.1
182.6
146.8
154.7
152.4
154.2
173.1
194.2
145.2
154.0
150.8
152.7
166.9
183.5
145.1
152.1
149.0
152.0
168.1
184.9
146.0
151.8
147.6
154.4
168.1
187.1
143.0
151.3
148.8
153.5
167.8
184.6
145,8
151.2
146.5
154.0
169.8
184.3
150.7
149.8
145.2
152.3
166.5
178.1
151.2
153.0
149.1
152.0
168.6
181.1
152.0
156.9
154.0
154.9
128.1
124.2
129.3
119.9
134.0
134.3
133.9
122.2
133.0
132.5
133.2
122.1
132.3
131.8
132.4
122.1
132.2
132.5
132.2
121.1
132.8
133.2
132.7
120.7
133.7
132.2
134.1
122.4
133.6
131.9
134.1
121.6
135.0
134.0
135.3
121.6
123.2
146.9
123.7
142.3
125.7
157.0
127.1
149.8
128.1
154.2
128.6
146.5
121.5
152.6
126.9
148.8
124.8
151.9
126.6
148.2
126.2
152.9
125.6
150. 6
123.9
157.0
128.0
151.2
123.6
160.1
128.0
150.6
132.0
139.1
137.0
145.3
141.0
133.1
146.9
156.6
153.1
164.4
162.4
148.1
140.4
150.1
148.3
159.1
148.2
140.4
141.2
150.9
148.4
161.3
150.8
138.3
143.7
153.5
150.6
162.3
157.1
141.7
144.9
154.6
151.9
164.1
157.8
143.7
147.0
156.4
155.1
165.2
155.0
145.3
Materials
_
do___
132.8
131.2
Durable goods materials 9
__do__.
145.8
Consumer durable..
.do...
134.4
Equipment
do__.
124.5
Construction
do...
134.3
Nondurable materials 9
do.__
Business supplies
do...
127.4
Containers....
do...
127.9
General business supplies
do...
127.1
Business fuel and power 9
do...
122.6
112.2
Mineral fuels
do___
149.6
f
Nonresidential utilities
__ do. _ _
BUSINESS SALES AND INVENTORIES § 1871,765
Mfg. and trade sales (seas, adj.), totalf
mil. $_. 445,552
230,775
Manufacturing, total.
__do_
214,777
Durable goods industries
do
261,630
Nondurable goods industries. _
do_
84,173
Retail trade, totalf.
do.
177,457
Durable goods stores
_
.do
Nondurable goods stores
.do
164,583
Merchant wholesalers, totaL—
do
68,984
Durable goods establishments
_do_
95,601
Nondurable goods establishments.
do_
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total
..mil. $_. 110,535
144.1
144.2
166.8
151.9
133.8
141.7
142.6
166.3
146.9
133.5
142.6
142.9
163.4
147.5
130.5
142.6
143.4
162.3
148.7
131.4
144.5
146.1
169.9
150.0
131.3
144.0
136.5
136.6
136.5
140.6
134.2
129.7
136.5
142.4
135.1
137.3
134.0
141.8
134.1
132.0
135.2
127.6
115.2
159.2
125.7
112.3
158.5
127.2
114.3
159.6
77,866
77,513
Rubber and plastics products.
Foods and beverages
Food manufactures
Beverages...
Tobacco products
Mining
Coal
Crude oil and natural gas
Crude oil_
_
Metal mining
Stone and earth minerals
Utilities
Electric
Gas
By market groupings:
Final products, total..
Consumer goods
Automotive and home goods
Beverages and tobacco.-do
Drugs, soap, and toiletries. __
do
Newspapers, magazines, books. __ do
Consumer fuel and lighting
do
Equipment, including defense 9
do..
Business equipment
...do..
Industrial equipment
do..
C ommercial equipment
do..
Freight and passenger equipment..do..
Farm equipment
...do..
139.2
130.7
186.2
126.3
183.3
126.4
125.5
131.3
127.0
126.3
125.6
117.7
111.2
'r 115.0
115.1
130.8
'135.6
120.3
117.7
•116.7
117.2
136.2
137.0
'164.9
169.7
" 166.5
171.5
168.5
148.8
144.1
166.7
149.5
144.1
166.9
151.0
' 145.0
' 166.8
152.2
145.8
168.0
168.8
182.5
150.8
159.0
155.2
157.4
169.4
182.4
152.4
164.8
161.3
161.0
168.5
180.3
153.1
• 165.7
165.0
163.3
'167.6
177.8
'154.3
' 166.2
' 162.7
' 164.0
171.7
183.8
155.7
165.4
157.9
165.4
135.4
135.1
135.4
122.2
136.4
136.5
136.4
123.1
137.0
138. 5
136.5
123.1
127.5
161.3
126.1
154.2
126.0
159.2
126.3
.156.0
128.2
161.2
127.6
155.2
128. 5
162.7
129.6
153.9
136.8
138.1
136.4
137.9
• 136.9 ' 138.1
123.7. ' 124.6
128.6
129.9
' 164.0 ' 166.0
132.0 ' 134.0
151.9
153.0
148.4
157.8
153.8
165.2
163.6
157.1
149.0
159.0
155.3
166.4
164.2
155.4
154.3
164.3
159.4
169.7
178.7
155.7
157.3
167.2
162.0
172.7
180.4
165.8
158.8
168.9
162.4
174.5
188.0
163.9
161.3
170.5
162.6
177.5
194.9
161.2
'163.9 '165.7
' 173.2
175.1
'166.1
167.7
' 178.6
183.4
' 198.9
198.4
158.0
146.4
148.4
171.8
153.3
132.7
146.1
147.3
167.9
154.7
134.6
143.7
142.8
165.4
154.2
134.5
144.3
142.2
167.0
158.4
135.3
145.6
143.0
168.2
160.0
137.2
148.7
146.7
168.3
163.2
138.8
150.4
• 150.1
170.0
165.8
142.9
' 151.9 ' 154.0
' 151.7 ' 155.1
'173.6
169.1
' 170.0
171.8
' 143.6
146.4
143.4
134.8
132.0
136.2
145.0
137.6
136.1
138.3
144.8
135.1
132.1
136.6
144.5
135.9
134.4
136.7
146.4
136.8
136.6
136.9
148.1
140.3
144.9
138.0
150.7
143.4
146.9
141. 7
' 150.6
• 143.4
• 142.3
' 144.0
'
'
'
'
127.9
115.1
160.1
129.9
116.9
162.4
128.9
117.0
158.8
129.2
117.2
160.1
126.3
112.1
161.5
129.7
117.9
160.9
129.9
117.8
161.7
131.7
119.5
163.8
' 130.6 r 131.4 »-133.8
117.4 ' 118.0 '120.6
'164.9
165.9
77,849
78,001
81,555
82,810
r
138.9
125.1
167.3
137.3
152.1 ' 152.7
145.8
145.4
137.8
144.3
149.2
146.6
79,948
78,932
78,862
79,737
483,343
252,242
231,101
40,285 40,044 39,814 39,943 41,452
21,284 20,915 20,513 20, 652 21,820
19,001 19,129 19,301 19,291 19, 632
40,518
21,191
19,327
40,173
20,924
19,249
40, 548 41,403
21,146 21,606
19,402 19,797
42,622 42, 665 '42, 702
22,316 22,307 •22, 433
20,306 20,358 20, 269
43,972
23,167
20,805
283,950
93,718
190,232
22,856
7,581
15,275
23,322 23,668
7,665 7,827
15, 657 15,841
23,585
7,755
15,830
23,753
7,768
15,985
24,194
7,865
16,329
24,647
8,092
16, 555
24,816
8,252
16,564
25,023 25,263
8,324 ' 8,399
16,699 16,864
25,536
8, 620
16,916
177,587 14, 725 14,620 14,718 14,736 14,828
76,232 6,240 6,213 6,352 6,243 6,369
101,354 8,485 8,407 8,366 8,493 8,458
14,829
6,415
8,414
14,936 14,995
6,405 6,424
8, 531 8,571
15,505
6,666
8,840
15,372
6,666
8,706
16, 054
7,036
9,017
1944,880
22,849
7,454
15,395
23,317
7,616
15,701
83, 742
119,847 113,032 113,761 114,542 115,049 116,012 116,683 116,967 117,653 118,500 119,847 120,617
Manufacturing, total.
do
62,944 68,015 63,708
64,269
Durable goods industries
^___
do
38,412 42,324 38,972 39, 233 39,475
Nondurable goods industries..
do.
24,532 25,691 24,736 24,766 24, 794
Retail trade, totalf
do
31,130 33,957 32,260 32,546 32,823
Durable goods stores
__._do
13,136
14,782 14,082 14,298 14,566
Nondurable goods stores
do
17,994 19,175 18,178 18,248 18,257
Merchant wholesalers, total
do
16,461 17,875 17,064 17,216 17,450
Durable goods establishments..
do
9,077 10,091 9,428 9,454 9,589
Nondurable goods establishments. _
do.
7,384
7,784 7, 635 7,763 7,861
' Revised.
v Preliminary.
i Based on unadjusted data.
9Includes data for items not shown separately.
fSee corresponding note on p. S-ll.
§ The term "business" here includes only manufacturing and trade; business inventories
135.7
138.2
130.2 1 130.4
181.9
184.4
•206.3
209.5
• 130.5 • 125.5
64,625
39,951
24, 674
33,014
14,546
18,468
17,410
9,592
7,819
65,394 65,788 66,267 66,642
40, 600 40,814 41,300 41, 523
24,794 24,974 24,967 25,119
33,088 33,360 33,045 33,296
14,592 14,819 14,621 14, 782
18,496 18,541 18,424 18, 514
17,530 17,535 17, 655 17,715
9,779 9,820
9,948
9,911
7,751
7,715
7,743
7,767
67,192
41,869
25,323
33,533
14,774
18,759
17,775
10,041
7,734
68,015
42,324
25,691
33,957
14,782
19,175
17,875
10, 091
7,784
68, 594 "69,040
42, 589 '42, 884
26, 005 26,156
34,113 34,427
14,949 15,113
19,164 19,314
17, 910
10,135
7, 775
69,679
43,298
26,381
34,556
15,201
19,355
as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown on p. S-5; those for retail trade on p. S-ll.
May 1966
OF \(JUKItJUJN'l 1 BUi
BUK
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
S-5
1966
1965
Mar.
Annual
SB
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES AND INVENTORIES—Con.
Inventory-sales ratios:
Manufacturing and trade, totalf..._
ratio__
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process
Finished goods
Nondurable goods industries
Materials and supplies.Work in process
Finished goods
Retail trade, totalf
Durable goods stores
Nondurable goods stores
--
1.48
1.46
1.45
1.47
1.47
1.47
1.45
1.48
1.48
1.48
1.45
1.45
1.44
—do..
do_.
do_.
do_
_do_.
1.64
1.91
.57
.79
.54
1.61
1.91
.59
.80
.52
1.58
1.83
.57
.75
.51
1.60
1.88
.59
.77
.51
1.61
1.92
.61
.79
.52
1.62
1.93
.61
1.58
1.86
.58
.78
.50
1.62
1.93
.60
.82
.51
1.65
1.97
.61
.83
.53
1.64
1.96
.61
.83
.53
1.62
1.94
.60
.82
.52
1.60
1.90
.58
.81
.51
1.61
1.91
.58
.82
.51
1.62
1.91
.58
.82
.51
1.58
1.87
.56
.81
.50
do_.
do_.
do_.
•_._do_.
1.35
.53
.19
.62
1.29
.50
.19
1.30
.50
.19
.61
1.29
.50
.18
1.28
.50
.18
.60
1.28
.50
.19
.59
1.26
.49
.18
.59
1.29
.50
.19
.60
1.30
.51
.19
.60
1.29
.50
.20
1.28
.50
.19
.59
1.27
.49
.19
.58
1.28
.49
.19
.59
1.29
.50
.19
1.27
.49
.19
~do_
do
do.
1.40
1.86
1.18
1.38
1.84
1.16
1.41
1.86
1.19
1.42
1.92
1.19
1.41
.1.91
1.16
42
90
18
1.40
1.86
1.17
41
91
17
1.39
1.88
1.15
1.38
1.88
1.13
1.36
1.83
1.13
37
79
16
1.36
1.80
1.15
'1.36
'1.80
' 1. 15
1.35
1.76
1.14
1.17
1.51
.92
1.17
1.52
.91
1.16
1.51
.90
1.18
1.52
.92
1.19
1.51
.94
18
54
92
1.18
1.54
.92
18
.53
.92
1.18
1.55
.91
1.18
1.55
.91
1.15
1.51
.87
.16
.51
1.11
1.44
.85
853
855
Merchant wholesalers, total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries (unadj.), total—mil. $_.
Shipments (not seas, adj.), total
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
p
(a
aj total.Shipments
(seas, adj.),
By
B industry
i d t group:
Durable goods
industries,, total 99
g
St
l
d glass
l products
Stone, clay,
and
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
9,001
9,941
941
800
831
747
805
870
856
884
1,006
445,552
483,343
41,231
41,282 40,074
41,914
37,844
39,443
41,198
42,185
41,642
40,766
do.
do..
do_.
do_.
___do_.
230,775
11,525
38,832
21,236
23,549
252,242
21,928
924
3,859
2,245
2,012
21,968 21,157 22,280
1,010 1,095
967
3,613
4,074 1,923
1,954
2,085 2,025 2,147
19,564
1,022
3,273
1,847
1,905
19,813
1,046
3,590
2,076
2,089
do_.
do_.
do_.
do_.
do..
33,696
30,207
59,628
38,450
7,523
36,490
33, 593
3,164
2,646
5,755
3,898
679
2,844
6,106
4,144
732
2,857
2,539
5,069
3,366
650
2,814
2,746
4,355
2,570
675
20,778 21,748 21, 738 21,659 20,751
1,046
856
1,050
993
934
3,266 3,215 3,266
3,188 3,379
1,675
1,713
1,595 1, 612 1,546
2,122 2,088 2,101
2,014 1,908
3,063 3,048 2,970
3,124 2,952
3,002 3,063 3, 087 3,117 2,854
5,035 6,057 6,223
6,342 5,981
3,071 4,178 4,326
4,180 4,034
742
729
678
773
728
do_.
___do_.
do_.
do_.
do_.
do_.
do..
do_.
214,777
75,883
4,693
17,808
17,116
33,578
18,187
10,212
231,101 19,303 19,314
6,578 6,594
80,678
394
427
4,864
1,636
19,318
1,574
1,640
19,385
1,617
36, 030 3, 073 3,221
1,530 1,553
19,178
11,653
983
1,007
18,917
6,575
374
1,553
1,566
3,180
1,584
19,634
6,825
439
1,679
1,653
3,189
1,647
1,028
18,280
6,545
415
1,368
1,503
2,823
1,624
19,630
6,780
407
1,686
1,658
2,944
1,637
20,420
7,215
425
1,725
1,706
3,133
1,628
983
20,437 19,904
7,154 7,018
410
405
1,721
1,751
1,718 1,675
3,070 2,958
1,650 1,613
1,032
985
19,107 19,231 '20,692 21,144
6,832 6,861 '7, 234 7,209
431
'410
387
400
1,580 1,495 '1,672 1,744
1,632 '1, 743 1,812
1,649
2,797 2,998 '3,145 3,374
1,622 '1,668 1,590
1,625
'1,061 1,125
995
40,285
39,814
39,943
41,452 40,518 40,173
40,548 41,403
42,622
42,665 '42,702 43,972
21,284 20,915 20,513
1,019
935
923
3,796 3,435
2,086 2,245 1,835
2,087 2,048 1,955
20,652
962
3,389
1,820
1,974
21,820
969
3,782
2,170
2,036
21,191
926
3,708
2,105
1,968
20,924
953
3,237
1,652
1,995
21,146 21,606
1,013
947
3,204 3,335
1,681
1,608
1,963 2,139
22,316
1,140
3,470
1,730
2,166
22,307 '22,433 23,167
1,071
1,042
1,092
3,499 '3,643 3,732
1,741 '1,843 1,930
2,130 '2,202 2,282
3,009
2,701
5,668
3,814
691
3,119
2,990
2,800
5,803
3,932
703
3,081
2,796
3,150
2,962
5,907
3,981
710
3,242
3,073
6,075
3,993
713
3,257
3,145
5,962
3,824
764
'3,179
3,120
'6,049
'3,955
'740
3,273
3,244
6,230
4,080
797
do
11, 753
41,910
22,916
24,292
45, 412
8,347
do..
__do_.
d t do..
d
do_.
do..
do..
3,207
2,748
6,176
4,223
704
do..
do_.
do..
do..
__do_.
2,996
2,690
5,859
3,974
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
19,001
6,566
413
1,618
1,598
3,006
1,571
954
3,228
2,718
3,970
40,044
2,984
2,757
5,408
3,620
701
19,129 19,301
6,667 6,661
364
440
1,564 1,610
1,572
1,591
3,009 3,030
1,631
1,583
967
By market category:
Home goods and apparel..
do
3,730 3,681
2 41,750 2 44,909
Consumer staples
do.___ 2 94,397 2101,305 8,213 8,395
2
Equipment and defense prod., excl. auto.do
4,945 4,907
55,185 2 60,300
2
Automotive equipment
do.
4, 392 4,020
43,344 2 50,403
2
Construction materials and supplies
do.
3,063
35,878 2 37, 543 3,183
2
Other materials and supplies
do_
174,998 2188,883 15,822 15,978
Supplementary market categories:
2
Consumer durables
'
do.
1,594
17,902 2 19, 283 1,625
Defense products
do
2,281
2,259
2 25,953 2 27,965
2
Machinery and equipment
do
3,872
3,871
42,331 2 47,115
Inventories, end of year or month:
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
2,993
2,748
5,519
3,680
2,894
5,870
4,004
728
3,905
3,127
2,906
5,973
4,037
707
'22,878
885
'3,773
'1,919
23,922
970
3,961
2,076
2,198
'2,110
'3,312
3,193
'6,485
'4,270
'742
3,514
3,308
6,639
4,414
19,402
6,845
405
1,609
1,656
2,982
1,639
958
19, 797 20,306
7,001
7,131
394
410
1,673
1,703
1,691
1,762
3,067 3,133
1,619
1,594
1,012
1,064
20,358
7,157
427
1,659
1,717
3,143
1,605
1,055
20,269
'7,114
'433
'1,624
'1,710
'3,127
'1,638
'1,051
20,805
7,207
451
1,719
1,765
3,298
1,631
1,094
3,705
8,374
4,942
4,
4,232
3,001 3,062
15, 728 15,628
3,788
8,582
5,093
4,408
3,169
16,412
3,700
8,554
5,001
4,347
3,058
15,858
3,715
8,549
5,125
4,323
3,080
15,381
3,735
8,615
5,172
4,452
3,066
15, 508
3,861
8,812
5,175
4,418
3,252
15,885
4,067
8,955
5,385
4,448
3,409
16,358
4,005
8,979
5,484
4,298
3,427
16,472
'3,956
'8,961
'5,314
'4,410
'3, 361
16,700
4,110
9,110
5,534
4, 558
3,464
17,196
1,553
2,298
1,644
2,324
4,070
1,564
2,341
3,878
1,567
2,422
3,980
1,618
2,402
4,035
1,674
2,385
4,087
1,770
2,530
4,188
1,698
2,604
4,272
'1,711
2,577
'4,192
1,800
2,653
8,280
1,567
2,281
3,849
62,642
38,001
24,641
67,620 64,065
41,831 39, 265
25, 789 24,800
64,366
39,633
24,733
64,769
40,033
24,736
64,979
66,218
65,481
40,321 40,410 40,704 41, 096 41,212
24,658 24,678 24,777 24,773 25,006
Book value (seasonally adjusted), total
do____
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
L
____do____
Blast furnaces, steel mills
__ do
Fabricated metal products
do
62,944
68, 015
63,999
64,269
64,625
38,412
1,587
6,111
3,707
4,251
42,324 38,972
1, 626 1,593
6,349 6,071
3,678 3,618
4,856 4,420
39,233
1,606
5,900
3,427
4,517
Machinery, except electrical
do___
7, 558
8,508 7,668
Electrical machinery
do...
5,388
6,093 5,574
Transportation equipment
do...
7,908
8,930 7,945
Motor vehicles and parts
do___
3,013
3,318 3,052
Instruments and related products__do. __
1,646
1,619
1,788
'Revised.
^Advance estimate.
2 Based on data not seasonally adjusted.
tSee corresponding note on p . S-li.
8,095
3,150
1,653
977
45,066
19, 291 19,632 19,327 19,249
6,671
6,821
6,843
6,777
411
387
415
400
1,600 1, 603 1,619
1,581
1,575
1,631
1,616
3,057
2,942
2,957
1,637 1,648
1,614
1,615
958
951
980
968
do
do __•
do
7,726
••882
••43,570
66, 777 67,620
41, 407 41,831
25,370 25,789
68,651 '69,441 70,081
42,463 '43,070 43,619
26,188 '26,371 26, 462
67,192
68,015
68,594 '69,040 69,679
39,475 39,951 40,600 40,814 41,300 41,523 41, 869 42,324
1,620 1,623 1,600
1,640
1,618
1,614
1,634
1,626
5,996 6,074 6,163
6,142
6,224 6,275 6,261
3,531 3,597 3,631
3,576
3,633 3,669 3, 658 3,678
4,544 4,565 4,611
4,685
4,766 4,772 4,816
4,856
42,589 '42,884 43,298
1,638 % 643 1,649
6,565
6,438
3,760 3,786 3,813
4,828 '4,829 4,803
7,763
5,662
8,104
3,249
1,676
7,878
5,726
8,267
3,290
1,687
65,394
65,788
8,142
5,873
8,600
3,370
1,696
66,267
66,642
8,364
5,947
8,706
3,412
1,714
8,453
5,993
8,860
3,366
1,730
8,508
6,093
8,930
3,318
1,788
9 Includes data for items not shown separately.
7,988
5,810
8,653
3,527
1,683
5,907
8,707
3,430
1,711
8,521
6,177
8,984
3,263
1,806
'8,575
'6,210
'9,047
'3,276
'1,822
8,603
6,306
9,224
3,232
1,857
Apr.
SURVEY OF CUEEENT BUSINESS
S-6
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
Annual
May 1966
1965
Mar.
Apr.
May
June
July
Aug.
1966
Sept.
Oct.
Nov.
Dec.
Jan.
12,943
2,388
3,816
2,278
18,109
2,130
12,951
2,423
3,862
2,250
18,285
2,179
6,744
5,537
11,353
1,836
4,092
1,197
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS—Continued
Inventories, end of year or month—Continued
Book value (seasonally adjusted)—Continued
By industry group—C ontinued
Durable goods industries—Continued
By stage of fabrication:
Materials and supplies 9
mil. $-,
Primary metals.—
___do
Machinery (elec. and nonelec.) ...do
Transportation equipment- _ _ * _ _ .do
Work in process 9
do
Primary metals.
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
Finished goods 9 —
---do
Primary metals
do
Machinery (elec. and nonelec.).._do
Transportation equipment
do
'
12,406 12,512
2,332
2,317
3,456
3,502
2,280
2,362
16,114 16,162
1,883 1,957
5,936 5,966
4,782 4,686
10,713 10,801
1,685 1,722
3,962 3,957
1,033 1,056
12, 537 12,664
2,305
2,310
3,540 3,609
2,372 2,420
16,533 17,053
1,985
2,051
6,122
6,242
4,820 5,155
10,881 10,883
1,784
1,802
3,942 3,947
1,075
1,078
12,672
2,316
3,702
2,232
17,283
2,058
6,351
5,284
10,859
1,768
3,962
1,084
12,812
2,302
3,747
2,317
17,380
2,066
6,415
5,277
11,108
1,856
4,043
1,113
12,886
2,302
5,465
11,272
1,831
4,086
1,187
12,068
2,292
3,399
2,234
16,041
1,967
5,866
4,696
10,863
1,812
3,977
1,015
2,348
17,502
2,114
6,491
5,228
11,135
1,859
4,012
1,130
12,914
2,336
3,825
2,300
17,763
2,097
6,577
5,408
11,192
1,828
4,044
1,152
24,.532
6,030
2,359
2,837
1,885
4,003
1,745
1,176
25,691
6,034
2,371
3,130
1,965
4,335
1,756
1,279
24,736
6,196
2,328
2,820
1,855
4,072
1,800
1,213
24,766
6,182
2,307
2,828
1,865
4,106
1,792
1,222
24,794
6,100
2,328
2,826
1,885
4,174
1,775
1,221
24,674
6,040
2,317
2,879
1,882
4,133
1,765
1,234
24,794
6,073
2,281
2,952
1,900
4,203
1,746
1,244
24,974
6,000
2,286
3,003
1,916
4,240
1,727
1,258
24,967
5,881
2,286
3,038
1,922
4,258
1,696
1,262
25,119
5,861
2,328
3,119
1,919
4,285
1,718
1,273
25,323 25,691 26,005
6,034 6,243
5,993
2,371
2,268
2,334
3,130 3,119
3,085
1,965
1,934
1,970
4,335
4,350
4,409
1,756
1,737
1,787
1, 306 1,279
1,296
9,619
3,522
11,391
9,964
3,862
11,865
9,557
3,533
11,646
9,660
3,533
11,573
9,675
3,558
11,561
9,608
3,611
11,455
9,537
3,591
11,666
9,645
3,662
11,667
9,766
3,702
11,499
9,769
3,825
11,525
9,827
3,823
11,673
6,499
9,660
13,241
3,683
5,629
24,232
7,021
9,844
14,835
4,032
6,054
26,229
9,827
13,338
3,751
5,734
24,465
6,650
9,809
13,490
3,854
5,816
24,380
6,694
9,770
13,419
3,941
5,835
24,610
6,650
9,721
13,635
3,056
5,625
9,431
3,287
6,388
10,701
3,134
5,688
9,560
3,164
5,788
9,617
3,210
5,740
9,651
3,241
5,814
9,863
3,249
5,968
10,006
3,250
6,030
10,216
3,221
6,044
10,432
3,233
6,091
10,492
3,254
6,270
10, 591
do.._. 452,368
___do
237,631
...do
214,737
492,272
260,732
231,540
41,820
22,507
19,313
41,842
22,435
19,407
40,162
21,166
18,996
42,357
22,651
19,706
38,713
20,404
18,309
39,964
20,348
19,616
42,259
21,818
20,441
43.104
22.648
20.456
42,094 41,531
22,109 22,448
19, 985 19,083
42,379
23,052
19,327
45,434
24,578
20,856
47,059
25,839
21,220
2 452,368 2492,272
40,712
41,120
40,181
40,689
41,846
40,926
41,483
41,843
42,234
43,868
43,986
44,129
45,495
__-do___. 237,631 260,732
_---_do____ 41,308 41,017
...do
21,378
23,303
24,914
_do
24,222
38,434
34,929
do
_do____ 31, 212 35,292
72,973
61,174
_do_.
17, 514 22,044
do
21,714
22,043
3,456
1,876
2,098
3,107
2,929
6,453
2,248
20,992
3,286
1,632
2,027
3,108
2,801
5,878
1,552
21,310
3,454
1,816
2,042
3,189
2,874
5,870
1,684
22,195
3,493
1,851
2,058
3,140
3,099
21,509
3,119
1,465
1,974
3,318
3,000
6,141
1,956
22,163
2,908
1,276
2,013
3,315
2,995
6,853
2,462
22,425
3,148
1,451
2,050
3,349
22,389 23,403
3,684
3,392
1,854
1,635
2, 213 2,335
3,532
3,211
3,201
6,165
5,972
1,724
1,608
23,578
3,603
1,776
2,177
3,427
3,462
6,526
2,268
23,741
'3,994
' 2,141
' 2, 247
'3,317
' 3,332
' 6, 574
' 2,092
24,629
4,045
2,106
2,405
3,511
3,449
6,708
2,267
Nondurable goods industries, total9-.do
Food and kindred products. _
do
Tobacco products.
do
Textile mill products.
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products...
do
Rubber and plastics products
do
By stage of fabrication:
Materials and supplies
__do
Work in process
do
Finished goods
do
By market category:
Home goods and apparel
>
.do
Consumer staples.
do
Equip, and defense prod., excl. auto
do
Automotive equipment
do
Construction materials and supplies.__.do
Other materials and supplies
do
Supplementary market categories:
Consumer durables
_
.do
Defense products
do
Machinery and equipment
.do
New orders, net (not seas, adj.), total.
Durable goods industries, total
Nondurable goods industries, total
New orders, net (seas, adj.), total.
By industry group:
Durable goods industries, total 9
Primary metals.-___
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft and parts
_
do
Nondurable goods industries, total
Industries with unfilled orders®.
Industries without unfilled ordersif
By market category:
Home goods and apparel..
Consumer staples...
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies.......
Supplementary market categories:
Consumer durables
__
Defense products
_
Machinery and equipment
..do
do
do_
11,688
2,248
3,263
2,216
15,933
2,024
5,763
4,695
10,791
1,839
3,920
997
12,943
2,388
3,816
2,278
18,109
2,130
2,018
2,065
3,100
2,711
6,301
1,757
6,815
9,675
9,737
13,858 14,046
4,215 4,068
5,862
5,852
5,821
24, 774 25, 078 25,332
1,646
214, 737 231,540
57,318
63,458
157,419 168,082
5,203
13,795
19, 077 19,189
5,130 5,157
13,947 14,032
do
41,740 45,057
do
101,315
do
57,765
65,081
do____ 43,643
51,053
__do
36,325
38,058
do
178, 507 191,708
3,727
8,207
4,974
4,530
3,145
16,129
3,672 3,689
8,372 8,277
5,323
6,121
4,208
4,133
3,150 3,105
15, 672 15,579
5,509
4,194
3,132
15,714
3,725
8,583
5,466
4,524
3,155
16,393
1,574
2,460
4,069
1,586
2,579
4,091
1,560
2,618
4,348
59,869 60,309
56, 694 57,064
3,175
3,245
61,178
57,904
3,274
.do
do
.do
19,379 19, 651 19,417
5,298
5,347
5,444
14, 081 14,207 14,070
3,751
17,920
27,126
44,471
19,449
32,534
49,679
1,601
2,463
4,024
1,629
3,236
4,078
Unfilled orders, end of year or month (unadjusted),
total
_
...mil. $ _ 55,962
Durable goods industries, total...
do
53,042
Nondur. goods indus. with unfilled orders ©.do
2,920
64,896
61,543
3,353
59,217
56,215
3,002
59,779
56,684
3,095
Unfilled orders, end of year or month (seasonally
adjusted), total...
_
mil. $
By industry group:
Durable goods industries, total 9
..do
Primary metals
_
do____
Blast furnaces, steel mills
do. .
Fabricated metal products
do
Machinery, except electrical
__
do
Electrical machinery
do
Transportation equipment
_._
do. _
Aircraft and parts
_
do
59,897
60,588
60,981
62,534
5,646
2,730
5,467
10,304
9,830
25,993
19,781
55, 531 56,374 56,875
7,058
6,683
4,720 4,351
4,148
4,897
4,911
5,051
8,563
8,688
8,782
8,302
8,448
8,555
21, 776 22, 664 22,951
16, 098 16,849 16,861
57,454
6,637
4,144
5—
57,830
6,348
3,825
5,115
Nondur. goods indust.with unfilled orders©.do
58, 595 59,463
57,044
53,958
6,559
4,311
4,811
8,302
8,103
21, 090
15, 526
3,534
3,064
3,022
8,773
23,069
17,074
3,134
6,866
9,566
9,630
14,286 14,376
4,124 4,102
5,908 5,983
25, 520 25,685
6,920
2,466
19,320 19,418
5,267 5,307
14, 053 14,111
3,784 3,780
8,550
8,558
5,756
5,543
4,294 4,504
3,040 3,118
15, 707 15,775
3,778
8,604
5.689
4,516
3,129
16,127
9,964
11,8
10,028
3,876
12,101
12,986
2,441
3,949
2,194
18,829
2,253
6,824
5,830
11,483
1,871
4,136
1,200
26,381
6,342
2,399
3,199
1,990
4,467
1,803
1,291
10,181
3,908
12, 292
6, 890 7,021
9,844
9,708
14, 650 14,835
4,032
4,092
6,054
6,011
25,841 26,229
7,167 ' 7,247 7,305
10,039 10,036 10,247
14,966 15,054 15,243
3,992 ' 4, 003 3,954
6,017 '6,071
6,077
26,413 26,629 26,853
3,287
3,384 '3,423
3,455
6,519 ' 6,581 6,832
10,735 10,815 10,836
19,845
5,454
14,391
10,701
20,465
5,717
14,748
20,866
20,408
5,580 ' 5,604 5,743
14,828 14,784 15,123
4,145
8,955
8,806
5,834
5.485
4,448
4,413
3,604
3,296
16, 366 16,882
4,119
8,981
6,112
4,298
3,452
17,024
' 3,937 4,145
' 8,960 9,114
' 5,833 5,879
' 4,332 4,522
' 3,399 3,590
17,668 18, 245
1,844
2,528
4,583
1,810
3,402
4,450
1,805
'1,676
''3; 035. 3,213
4,534
r 4,584
61, 697 62, 758 63,676
58,438 59,479 60,379
3,259
3,279
3,297
64,129
60, 752 61,543
3,377 3,353
67,293
63,844
3,449
69,156 71,151
65,543 67,461
' 3,613 3,690
61,391
64, 821 66,068
67,388
68,814
1,640
4,159
1,610
3,450
4,153
1,675
3,276
4,249
63,993
58,148 59, 385 60,664
5,760 5,431
5,375
3,185
2,809
2,653
5,120
5,137
5,224
9,313
9,547
9,769
8,978 9,178
9,376
9,453
23,901
23, 563
24,891 25,838
17,252 17, 732 18,631 19,569
3,151
5,465
11,272
1,831
4,086
1,187
13,004
' 2,428
' 3,901
' 2,261
18,468
' 2, 224
' 6, 777
' 5, 589
11,412
1,834
' 4, 107
' 1,197
26,156
'6,230.
' 2,338
' 3,169
r 1,981
' 4,460
' 1, 816
1,293
10,072
' 3,877
12,207
3,243
3,314
3,329
1,695
2,567
4,325
61,445
5,432
2, 606
5,298
10, 014
9,692
25, 903
19, 683
3,376
62,534 63,803 65,110
5,646
5,750 '6,102
2,730
2,765 '3,063
5,467
5,513 ' 5, 558
10,304 10,475 10,613
9,830 10,147 10,358
25,993 26,557 27,082
19,781 20,397 20,846
3,534
3,585 '3,704
70,336
66,573
6,416
3,240
5,681
10,850
10, 564
27, 560
21,412
3,763
By market category:
Home goods, apparel, consumer staples, do.
1,922
2,124
1,953
1,975
1,898
1,901
1,908
1,861
2,017
2,260
2,046
2,048 2,124 2,241 ' 2,219
Equip. and defense prod., incl. auto
do—
29,223 34,732 29,549
31,154 31,607 32,097 32,587 33,401 33,983 34, 284 34,732 35,360 35,803 36,114
Construction materials and supplies
do__
5,733
5,701
6,041
5,720
5,739
5,490
5,591
5,628
5,721
6,226
5,803
5,845
6,041
6,063 ' 6,099
Other materials and supplies
do
23,171 21, 557 21,240 21,114 21,326 21,303 21,150 21,542 22,161 22, 644 23,171 23,724 24,693 25,736
20,356
Supplementary market categories:
Consumer durables
do
1,601
1,406
1,420
1,354
1,371
1,399 1,412
1,328
1,449
1,683
1,504
1,712 ' 1,677
1, 526 1,601
Defense products
"do " " 20, 058 24,587 20, 502 21, 361 21,457 21, 743 22, 036 22,503 23.532 24,407 24, 587 24,587 25,383 25,841 26,401
Machinery and equipment
do
13,367
16,000 13,771 13,981 14,166 14,422 14,700 14,982 15,152 15,369 15, 606 16,000 16,181 16,575 16,771
'Revised.
1 Advance estimate.
2 Data for total and components (incl. market
filled orders for other nondurable goods industries are zero.
1 For these industries (food and
categories) are based on new orders not seasonally adjusted.
kindred products, tobacco products, apparel and related products, petroleum and coal prod1 ?,deludes data for items not shown separately.
©Includes textile mill products,
ucts, chemicals and allied products, and rubber and plastics products) sales are considered
leather and products, paper and allied products, and printing and publishing industries; unequal to new orders.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1966
1965
1965
Annual
S-7
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INCORPORATIONS^
1
New incorporations (50 States and Dist. Col.):
Unadjusted
_
numberSeasonally adjusted. . .
„
do...
INDUSTRIAL AND COMMERCIAL
FAILURES <?
Failures, total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
number..__
__
_
do...
__do___
do...
do...
do...
thous. $..
do
do
do
......do
_do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns.
197,724 203,897
19,789
17,112
13,501
13,514
1,332
1,226
1,299
2,513
2,097
6,250
1,355
124
230
218
621
139
2,254
6,241
1,392
17,712 16,540
16,504 16,043
17,635
16,671
1,179
1,183
1,094
228
183
535
134
126
204
191
549
113
90
205
172
510
117
16,794 16,114 15,962 15,889
16,957 17,138 16,744
1,074
1,131
1,100
1,047
1,033
205
157
514
116
114
208
176
533
100
124
205
172
479
120
110
212
145
490
90
103
201
155
477
97
1,321,666 146,579 83,247 133,113 144,607 121,485 135,039 104,976
182,527
262,392
361,864
281,948
240,492
248,523
290,980
350,324
287,478
144,361
24,487
21,075
47,868
29,913
23,236
.6,039
19,554
26,090
20,067
11,497
153.2
153.3
54.8
50.8
54,207
17,729 35,601
32,978 22,435
20,944 22,353
12,656 10,011
54.1
50.1
15,130 18,185
17,418 16,999
119
210
156
492
113
19,731 16,585 20,156
17,677 17,868 17,305
1,084
946
1,226
101
203
160
515
105
103
167
139
430
107
130
209
171
601
115
82,066 71,722 97,575 103,175
103,471
23,039 10,381 7,635 7,895 8,021 8,595 11,005
19,007 19,139 14,420 22,741 13,877 24,306 16,630
24,880 17,862 22,539 24,972 23,029 18,163 29,928
27,463 27,876 20,606 28,793 42,216 35,165 29,749
10,587 6,808 6,522 13,174 16,032 9,307 16,159
4,891
53,372
31,145
21,352
10,725
47,127
24,080
30,097
19,704
14,031
52.8
56.9
59.7
51.5
51.4
54.2
50.7
44.1
50.2
250
224
231
249
171
160
263
531
271
267
334
150
248
220
236
248
161
164
241
527
273
277
332
150
248
218
258
245
156
167
215
526
274
279
332
154
259
223
259
236
166
170
228
550
263
228
296
225
171
171
235
540
247
344
142
250
224
235
244
171
162
242
508
272
256
344
146
280
356
164
276
369
160
272
236
339
224
174
173
246
548
302
274
384
170
271
233
306
236
170
171
245
548
303
277
380
174
266
238
315
240
172
168
254
550
291
272
365
161
305
277
321
78
305
276
307
276
291
309
278
309
281
295
312
282
'297
••314
284
296
314
322
77
322
77
80
327
80
331
82
333
80
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100. _
Crops 9
do
Commercial vegetables
____do
Cotton...
____do
Feed grains and hay
do....
Food grains
do___.
Fruit
do.__.
Tobacco.
_
do....
Livestock and products 9
-do
Dairy products
do
Meat animals
do
Poultry and eggs
_
do....
Prices paid:
All commodities and services.
_
do
Family living items
_
do
Production items.
do.._.
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
Parity ratio §
...do....
238
246
262
166
190
298
490
235
256
270
142
248
232
260
245
173
164
243
510
261
260
320
145
239
237
261
242
177
166
244
497
241
256
283
139
243
243
287
249
180
164
241
499
244
248
292
144
251
248
325
251
182
162
249
499
254
242
320
136
256
243
299
255
180
158
245
498
266
239
345
282
300
270
288
306
276
303
273
287
303
276
290
308
278
290
307
278
290
307
278
289
305
277
313
76
321
77
318
75
320
76
323
78
323
79
323
78
321
78
110.1
110.2
110.0
110.2
110.4
110.6
111.0 a 111.0
111.6
112^0
110.0
110.3
106.9
108.6
102.6
97.4
122.7
105.1
117.6
119.7
110.1
106.4
104.0
125.9
108.2
110.3
108.8
111.0
106.9
103.4
107.8
103.1
106.9
111.2
109.7
121.3
115.7
122.2
111. 0
115. 7
110.1
110.2
106.9
108.7
102.3
97.2
123.0
104.7
117.8
120.0
110.9
109.2
104.3
124.3
108.3
110.6
108.9
111.2
106.6
103.2
106.9
102.9
106.1
111.5
110.0
121.4
115.3
122.7
108.7
114.6
109.8
110.2
106.6
108.5
101.8
97.1
120.3
104.7
117.9
120.0
110.1
109.8
105. 0
114.6
108. 2
110.7
109.0
111.4
105.3
103.5
107.7
102.9
106.4
111.0
109.5
121.5
115.6
122.8
109.0
114.3
110.0
110.6
106.6
108.6
101. 7
96.5
118.9
104.9
118.5
120.7
109.7
109.8
105.3
108.5
108.6
110.8
109.1
111.6
107.4
104.3
107.9
103.1
107.2
111.0
109.5
121.6
115.8
122.8
109.2
114.8
110.2
110.9
106.9
108.7
102.1
97.7
119.4
105.3
118.7
121. 0
109.7
108.9
105.5
108.5
109.0
111. 2
109.2
112.1
107. 7
106. 9
107.9
103.3
107.8
111.2
109.7
121.6
116.2
123.0
109.2
115.2
110.4
111.2
107.1
108.9
102.4
98.7
118.7
105.6
119.0
121.3
109.7
108.5
105.8
109.9
109.2
111.5
109.3
112.5
107.9
107.2
108.0
103.3
108.1
111.5
110.1
121.6
116.4
123.4
109.6
115.4
110.8
111.3
107.4
109.4
102.4
98.7
118.2
105.7
119.3
121.6
110.6
110.1
106.1
111. 0
109.4
111.8
109.5
112.9
108.1
108.6
108.0
103.6
108.1
111.6
110.1
122.0
116.6
123.7
110.0
115.4
111.4
111.3
108.0
110.6
101.8
97.2
114.0
105.4
119.7
122.0
113.1
115.7
107.0
116.5
109.4
112.1
109.8
113.3
106.5
109.0
108.2
103.8
107.6
111.1
109.6
122.0
117.1
124.5
110.8
115.9
111.9
111.6
108.4
111. 1
102.0
97.1
115.4
105.6
120.1
122. 5
113.9
116.9
108.1
117.4
109.6
112.3
109.9
113.5
106.6
108.9
108.2
104.0
108.2
111. 4
109.9
122.1
117.6
125.3
111.0
116.6
253
236
254
253
177
160
219
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes:
108.1
109.9
109.0 109.3 109.6
All items
...1957-59=100.
Special group indexes:
109.4
108.0
108.7 109.1
109.6
All items less shelter..
do...
110.3
108.9
110.4 109.9 110.1
All items less food
do...
Commodities
do..
106.2
106.4
105.2
105.6
105.9
Nondurables
,.
do..
107.5
107.9
106.4
106.0
107.0
102.9
103.2
Durables 9
do..
102.6
103.0
103.0
100.8
100.2
New cars
_
do..
99.0
101.2
100.7
121.7
121.1
Used cars..
,
do..
120.8
121.6
120.6
Commodities less food
„
do..
104.4
104.8
105.2
105.0
105.1
Services
...do..
115.2
117.0
117.5
117.3
117.8
Services less rent..
do..
119.1
119. 5
117.0
119.3
120.0
Food 9
__do_.
106.4
106.9
107.9
107.3
108.8
Meats, poultry, and fish
do..
98.6
99.6
100.3
99.8
105.1
Dairy products
;__«
do_.
105.0
104.2
104.7
104.5
105.0
Fruits and vegetables
__do_.
115.3
121.4
117.6
115.3
115.2
Housing
do..
107.2
108.2
108.2
108. 5 108.2
Shelter 9
—do..
110.1
108.7
110.2
110.1
110.6
Rent
_do_.
108.7
107.8
108.8
108.9
108.8
Homeownership
„__._
__do_.
110.8
109.1
111.4
110.8
110.8
107.3
107.4
Fuel and utilities9-.
-do..
107.2
107.2
107.1
Fuel oil and coal...
do..
106.5
103.5
105.4
104.6
105.6
Gas and electricity
_.__do_.
107.7
107.9
107.7
107.7
107.8
Household furnishings and operation.do..
103.1
103.1
102.8
103.1
103.1
Apparel and upkeep
do..
105.7
106.3
106.0
106.8
106.8
Transportation.
do..
109.3
110.6
111.0
111.4
111.1
Private
do
107.9
109.0
109.5
110.0
109.7
Public.
....._-.....do..
119.0
121.3
121.3
121.4
121.3
Health and recreation 9
._do..
113.6
115.4
115.6
115.6
114.9
Medical care..
do..
119.4
121.6
121.8
122.3
121.4
Personal care...
...do..
109.2
111.0
109.9
110.4
110. 7
Reading and recreation
_do_.
114.1
115.2
115.4
115.9
115.9
Seasonally adjusted indexes:*
Food
do.
Apparel and upkeep....
—
do_
Transportation
_.___„______
____.do•• Kevised.
i Based on unadjusted data.
2 Beginning with indexes for Jan. 1966, data for six additional areas (Cincinnati, Houston,
Kansas City, Milwaukee, Minneapolis-St. Paul, and San Diego) have been incorporated
into the national CPI. These areas were "linked" into the CPI as of Dec. 1965 and were
first used in calculating the Dec. 1965-Jan. 1966 price change.
& Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
110.8
111.1
107.4
109.6
101.9
97.4
114.8
105.3
119.5
121.8
111.4
112.9
106.6
111.3
109.2
112.0
109.7
113.1
106.4
108.9
107.9
103.6
107.3
111.2
109.6
122.0
116.9
124.2
110.4
115.7
114.2
111.6 113.1
110.8
108.5
107.8 108.0
107.6
111.8
110.8 111.4
111.3
§ Ratio of prices received to prices paid (parity index).
9 Includes data for items not
shown separately.
* New series. Beginning with indexes for Jan. 1966, seasonally adjusted
indexes for selected groups and subgroups of the CPI were published by the Dept. of Labor.
Additional information and a description of the BLS Seasonal Factor Method are available
from the Bureau of Labor Statistics, U.S. Dept. of Labor, Washington, D.C. 20210.
VttY O F ( UUKRENl 1 BUSINESS
S-8
1964
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
May 1966
1966
1965
Mar.
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
COMMODITY PRICES—Continued
WHOLESALE PRICESc?
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1957-59=100.
9 Foodstuffs
__do_._
13 Kaw industrials
__do__.
All commodities
do.
1
197.7
188.8
104.6
i104.7
191.9
1114.6
103.0
89.8
113.2
105.3
90.6
116.7
105.2
90.3
116.9
104.2
90.1
115.3
103.3
89.0
114.6
104.7
91.2
115.2
105.4
93.2
114.8
105.6
93.4
115.0
106.1
93.9
115.5
108.9
97.9
117.1
112.0
100.7
120.5
113.8
101.9
122.9
113.6
100.7
123.5
112.5
100.8
121.5
100.5
102.5
101.3
101.7
102.1
102.8
102.9
102.9
103.0
103.1
103.5
104.1
104.6
105.4
105.4
105.5
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goods©
!
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
do___.
_do.__.
do
94.1
100.9
101.8
98.9
102.2
103; 6
95.8
101.6
102.4
96.9
101.8
102.8
98.3
101.9
103.2
100.6
102.2
103.9
100.5
102.3
104.0
100.8
102.4
103.8
100.0
102.5
104.1
100.1
102.6
104.3
100.8
103.0
104.7
103.2
103.0
105.3
105.2
103.4
105.6
106.9
107.5
103.8
103.9
106.3 '106.4
106.4
104.3
106.3
do
_do-__.
do
do
do
102.4
99.1
101.1
102.5
99.7
103.7
101.5
102.8
103.7
101.9
103.3
99.8
101.8
103.3
100.4
103.4
100.4
102.1
103.4
100.7
103.6
100.8
102.4
103.6
101.1
103.7
102.0
103.0
103.7
102.3
103.7
102.2
103.1
103.7
102.5
103.9
102.0
103.2
103.9
102.4
103.9
102.2
103.2
103.9
102.5
104.0
102.4
103.4
104.0
102.7
104.2
102.9
103.7
104.2
103.2
104.2
103.9
104.1
104.2
103.8
104.6
104.5
104.4
104.5
104.3
105.3
104.9
105.5 '105.3
105.0
104.9
105.1
104.8
104.8 '104.7
105.7
105.1
105.1
105.6
104.6
Farm products and processed foods _
..do..
98.0
102.1
99.0
100.2
101.1
103.5
103.7
103.3
103.5
103.6
104.3
106.5
107.7
109.8 '109.4
108.7
Farm products 9
do__
Fruits and vegetables, fresh and dried.. do__
Grains
do__
Livestock and live poultry
do__
94.3
103.2
94.1
84.7
98.4
101.8
89.6
95.4
107.8
90.6
97.6
117.7
91.2
91.4
98.4
118.5
91.0
96.2
100.3
109.0
89.6
104.6
100.0
103.9
88.4
105.0
99.1
85.5
88.3
106.4
99.5
96.1
89.3
102.6
99.4
95.6
88.6
103.2
100.3
94.2
87.4
104.0
103.0
92.2
90.1
109.0
104.5
97.5
92.4
112.6
106.8
107.4
98.0 '101.3
90.8
92.9
114.2
116.7
106.4
110.2
91.2
112.4
Foods, processed 9
do_.
Cereal and bakery products
do_.
Dairy products and ice cream
do_.
Fruits and vegetables, canned, frozen_.do_.
Meats, poultry, and
fish
do.
101.0
107.8
107.8
104.8
90.8
105.1
109.0
108.5
102.1
101.0
101.8
108.1
107.5
100.7
92.4
102.3
108.3
107.5
100.9
93.6
103.3
108.3
106.8
100.4
97.7
106.1
108.5
107.1
101.5
105.5
106.6
109.3
107.8
101.8
106.3
106.7
108.8
108.5
100.4
106.3
106.7
109.1
109.1
101.8
105.3
106.9
109.4
109.4
104.7
104.9
107.6
110.6
110.4
105.4
105.5
109.4
111.2
111.3
105.1
110.5
110.3
111.8
110.9
104.7
112.7
111.8 '111.5
112.2
112.1
114.8
112.7
105.3
105.5
'113.3
114.9
110.5
112.6
114.5
105.4
110.8
101.2
102.5
102.0
102.1
102.3
102.5
102.5
102.7
102.7
102.8
103.2
103.2
103.5
103.8
104.0
104.3
97.6
95.2
94.4
'106.4
104.7
105.9
97.7
95.6
94.0
104.2
105,5
105.9
Commod. other than farm prod, and foods..do
do
do___.
...do
do
do___.
do
96.7
94.2
95.0
96.8
100.1
104.7
97.4
95.0
94.4
112.7
103.5
105.4
97.5
94.5
94.6
118.7
104.3
104.4
97.6
94.8
94.8
121.2
104.3
104.4
97.6
94.8
95.0
116.7
104.3
105.7
97.4
94.8
93.9
114.0
104.3
105.7
97.4
95.0
94.0
110.3
103.3
105.7
97.1
95.0
93.9
104.4
102.1
105.7
97.2
95.0
93.9
108.4
102.5
105.7
97.6
95.4
94.1
110.1
103.4
105.9
97.5
95.5
94.7
106.7
103.8
105.9
97.6
95.5
94.6
110.1
103.8
105.9
97.6
95.1
94.4
113.1
103.8
105.9
97.6
95.2
94.5
110.0
104.7
105.9
Fuels and related prod., and power 9
do...
Coal
do
Electric power
Jan. 1958=100.
Gas fuels.—
do___
Petroleum products, refined
1957-59=100.
97.1
96.9
101.1
121.3
92.7
96.5
100.8
124.1
95.9
97.9
97.3
100.8
124.1
94.0
97.6
94.6
100.8
122.5
94.1
98.4
94.6
100.8
122.2
95.4
98.7
94.7
100.8
122.7
96.0
98.7
95.2
100.7
122.5
96.0
99.0
95.8
100.8
123.9
96.4
99.2
96.6
100.8
125.3
96.4
99.4
97.3
100.8
125.8
96.6
100.3
97.5
100.8
126.8
98.1
100.6
97.6
100.7
128.6
98.4
100.5
98.1
100.4
128.2
98.3
100.3
98.2 '97.5
100.4
100.4
128.9 '128.2
97.2
97.8
100.0
95.2
100.3
128.2
97.7
Furniture, other household durables 9 do___
Appliances, household
___do___
Furniture, household
do
Radio receivers and phonographs
do...
Television receivers
do...
98.5
91.3
105.3
81.5
90.9
98.0
89.2
106.2
'80.2
88.5
98.3
90.0
106.0
81.1
88.9
98.0
89.4
106.0
81.1
88.9
89.2
106.0
81.1
88.9
98.0
89.4
105.9
81.1
88.9
97.8
89.2
105.9
79.6
87.8
97.7
88.6
106.1
79.0
88.0
97.7
88.6
106.2
79.0
88.0
97.8
88.6
106.4
79.2
87.9
98.0
88.6
106.6
79.2
87.9
98.2
88.8
106.7
79.2
87.9
88.8
107.0
78.4
87.9
98.4
'89.0
107.2
78.5
87.7
'98.4
'89.1
107.2
'78.4
'87.2
98.8
89.2
108.6
78.4
87.2
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber
do_.
do_.
do_.
do..
do..
do..
104.6
108.5
87.5
102.9
100.6
100.7
109.2
110.7
111.2
108.1
101.1
101.9
105.7
109.1
92.1
105.7
100.7
101.3
106.3
109.7
96.3
103.6
100.5
101.0
107.4
109.7
105.9
104.2
100.4
101.0
107.7
109.8
103.1
107.6
100.3
101.1
108.8
110.0
117.4
105.9
100.5
101.2
112.2
110.2
133.4
112.5
101.8
102.5
111.3
110.3
124.9
110.9
102.0
103.1
113.3
113.6
125.6
111.9
101.6
103.0
113.6
113.7
126.5
113.3
101.6
103.0
114.6
113.8
132.3
114.2
101.9
103.4
116.0
114.4
140.0
116.6
102.8
104.3
117.8
114.9
152.8
118.0
103.7
105.6
'118.7
115.3
147.8
'123.3
'105.6
' 107.4
120.9
118.8
148.8
122.4
108.4
111.1
Machinery and motive prod. 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and e q u i p . . .
Motor vehicles
_do_.
do_.
do..
do_.
do_.
102.9
112.9
112.4
96.8
100.5
103.7
115.1
115.3
96.8
100.7
103.5
114.6
114.5
96.8
100.8
103.7
114.6
115.0
97.0
100.8
103.7
114.7
115.1
97.1
100.8
103.8
114.7
115.2
'96.9
100.7
103.7
114.9
115.3
97.0
100.7
103.8
114.8
115.6
96.7
100.7
103.8
115.0
115.6
96.6
100.5
103.9
114.9
115.8
96.6
100.5
104.1
116.8
116.4
96.5
100.5
1C4.2
117.0
116.5
96.6
100.5
104.4
117.3
116.9
97.0
100.5
104.7
117.8
117.5
97.8
100.4
' 105.0
118.0
117.9
'98.2
100.3
105.2
118.1
118.3
98.3
100.3
Chemicals and allied products 9
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
Fertilizer materials
Prepared paint
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do.__
do___
do
do...
102.8
92.0
100.5
105.9
105.7
91.7
101.4
115.2
104.8
91.6
101.3
112.3
105.2
91.9
101.4
113.4
105.7
91.6
101.5
115.2
105.9
92.0
101.3
116.2
105.8
91.7
101.5
115. 5
106.2
91.9
101.4
116.5
106.2
91.9
101.2
117.0
106.3
91.9
101.2
117.4
106.7
91.6
101.3
118.7
106.6
91.6
101.7
117.2
107.0
91.5
102.0
118.3
107.5
91.7
102.2
119.5
108.0
'91.8
102.3
'120.8
108.3
92.1
102.0
122.2
Nonmetallic mineral products 9
Clay products, structural
Concrete products
Gypsum products
Pulp, paper, and allied products....
Paper
Rubber and products
Tires and tubes.__
do
do
do
do...
do___
do___
do...
do___
101.5
104.2
100.9
108.2
99.0
103.6
92.5
89.0
101.7
105.1
101.5
104.0
99.9
104.1
92.9
90.0
101.9
104.9
101.2
108.4
99.5
103.8
92.2
88.5
101.9
104.9
101.3
108.1
99.8
103.9
92.3
88.5
101.9
104.9
101.3
108.1
100.0
104.0
92.9
89.7
102.0
104.9
101.6
107.5
100.0
104.1
93.1
90.2
101.9
105.3
101.7
105.7
99.9
104.1
93.0
90.2
101.6
105.3
101.5
100.6
99.9
104.1
93.2
91.1
101.6
105.4
101.6
99.9
100.0
104.1
93.3
91.1
101.6
105.4
101.6
99.1
100.5
104.5
93.4
91.1
101.6
105.4
101.8
98.6
100.8
104.8
93.5
91.1
101.6
105.6
101.8
97.4
100.9
104.9
93.5
91.1
102.0
105.6
102.0
101.4
101.2
105.2
93.7
91.1
102.1 ' 102.1
105.9
105.8
102.1 '102.2
101.4
101.4
101.3 '101.8
105.4
105.4
94.1 '94.3
91.1
91.1
102.4
106.0
102.7
101.4
102.3
105.8
95.4
94.4
101.2
102.8
99.6
95.8
117.3
103.0
101.8
103.7
100.2
95.0
134.3
104.3
101.5
103.1
99.6
96.4
131.4
103.1
101.5
103.1
99.7
96.1
134.5
103.1
101.6
103.2
99.9
96.0
135.1
103.8
101.9
103.6
100.2
95.9
132.2
104.0
101.9
103.8
100.3
95.7
127.6
104.4
101.9
104.1
100.4
94.7
132.8
105.0
102.1
104.2
100.6
94.2
134.9
105.2
102.0
104.3
100.8
93.3
140.3
105.4
101.9
104.2
101.0
92.5
142.2
105.4
102.0
104.3
101.2
91.9
143.6
105.4
101.9
104.6
101.0
91.3
147.6
105.9
102.0
104.7
101.5
91.0
155.3
105.8
102.1
104.7
101.8
90.8
151.4
106.0
102.2
104.8
102.3
90.5
151.6
106.3
107.4
100.7
105.6
109.2
101.0
107.7
100.8
1.05.8
111. 0
102.7
107.5
100.6
105.6
109.5
102.2
107.8
100.7
106.5
110.3
102.4
108.1
100.8
107.3
108.9
102.5
107.6
100.7
105.6
111.0
102.5
107.6
100.7
105.6
112.6
102.9
107.6
100.7
105.6
111.5
102.7
107.7
100.9
105.6
111.5
103.2
107.7
100.9
105.6
111.2
103.1
107.7
100.9
105.6
113.2
103.0
107.9
101.3
105.6
112.5
103.1
108.1
101.1
105.6
114.3
103.2
108.0
101.0
105.6
116.0
103.3
'109.2
101.0
'109.5
' 113.1
'103.3
109.4
101.0
110.0
113.0
103.6
$0,995
.925
$0.976
.910
$0.987
.917
$0,979
.912
$0,973
.908
$0,972
.907
$0.972
.909
$0,966
.904
$0,961 $0,956
.901
.901*
$0,949
$0,948
.907
$0,970
.906
$0,949
.915
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Silk products
Wool products
do_.
___do_.
do_.
do_.
do_.
_._do_.
Tobacco prod, and bottled beverages 9 —do___
Beverages, alcoholic—
do.__
Cigarettes
do...
Miscellaneous
do___
Toys, sporting goods.
do___
PURCHASING P O W E R OF T H E DOLLAR
As measured b y Wholesale prices
Consumer prices
_
1957-59=$!. 00do...
1
' Revised.
v Preliminary
Annual averages computed by OBE.
cfFor actual wholesale prices of individual commodities, see respective commodities.
O Goods to users, including raw foods and fuels.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
May 1966
1964
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
Annual
S-9
1966
1965
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CONSTRUCTION AND REAL ESTATE
C O N S T R U C T I O N P U T I N PLACE t
66,221 .' 71,748
4,924
5,634
6,197
Private, total 9 do___.
[Residential (nonfarm)
do___.
New housing units___
do___.
Nonresidential buildings, except farm and public utilities, total 9 mil. $..
Industrial
do—
Commercial
_
do
Farm construction
„
do
Public utilities
-.—do....
45,914
26,507
20,612
3,462
1,827
20,765
3,948
2,134
1,559
4,319
2,371
1,728
12,998
3,572
5,406
1,221
4,850
16,521
5,086
6,704
1,195
5,178
1,134
359
456
94
379
1,282
376
520
92
409
1,382
440
534
95
435
Public, total 9
--do.
20,307
'21,649
1,462
1,686
1,878
do..
do_.
.do..
do..
7,052
474
968
7,144
' 7,448
'431
883
'7,416
550
29
63
441
612
30
66
553
658
32
77
645
71,170
71,411
71,973
71,756
49,414
49,717
50,132
50,317
26,602
26,675
27,070
27,224
16,004
4,969
6,600
1,212
5,207
16,220
4,775
6,709
1,209
5,181
16,390
5,416
6,091
1,201
5,034
16,300
5,426
6,199
1,196
5,187
do.
21,756
21,694
21,841
do.
..do..
do..
do..
7,434
401
912
7,487
New construction (unadjusted), total
mil. $__
Buildings (excluding military)—.
Residential
_
Military facilitiesHighways and streets
New construction (seasonally adjusted at annual
rates), total
—
.mil. $..
Private, total 9
-
do.
Residential (nonfarm)
do___.
Nonresidential buildings, except farm and public utilities, total 9
mil. $_.
Industrial
—
do___.
Commercial
do
Farm construction
do
Public utilities
do....
Public, total 9
-
.-
Buildings (excluding military)
Residential
Military facilities
Highways and streets
'6,768
•6,806
6,740
6,671
6,432
5,941
5,002 '4,650
' 5,370
6,113
4,647
2,630
1,935
4,587
2,591
2,019
4,623
2,527
2,009
4,607
2,450
1,955
4,606
2,370
1,897
4,530
2,283
1,836
4,381
2,138
1,723
3,651 ' 3,389 •3,817
1,843 ' 1,627 • 1,864
1,483 ' 1,315 • 1,434
4,326
2,178
1,607
1,423
440
560
102
456
1,397
422
1,488
438
615
112
465
1,549
478
646
107
465
1,605
478
678
104
487
1,605
500
682
99
500
1,635
575
640
95
466
1,302 ' 1,266
442
'453
510
'451
92
91
367
'354
1,417
481
524
92
• 2,183
1,560
1,351 '1,261
' 1,553
109
454
' 2,121 •2,181
2,133
2,065
1,902
'703
'45
86
'851
674
39
91
784
659
39
82
750
619
649
39
63
452
70,358
70,863
72,279
71,802
73,402
49,122
49,222
50,167
50,084
51,209
26,983
26,621
26,413
26,343
15,406
4,907
5,882
1,188
5,185
15,949
4,973
6,239
1,186
5,142
16,984
5,321
6,977
1,186
5,208
21,439 21,239 '21,641
'708
'40
83
'778
'44
78
542
'38
54
349
91
429
1,787
'556
'37
52
'277
'617
'38
'436
538
75,094
75,105 •77,017
77,465
77,417
53,445
53,285 "54,290 •54,447
54,587
26,243
26,684
27,460 •27,463
27,151
27,267
16,923
5,068
7,056
1,185
5,196
17,839
5,291
7,706
1,183
5,429
19,551
6,250
8,017
1,182
5,412
18,812 19,388 20,006
5,987 ' 6,629 6,658
7,846 ' 7,294 7,585
1,190 1,194
1,185
5,220 ' 5,512 ' 5,407
1,197
5,434
21,820 •22,727 23,018
22,830
0)
22,112
21,718
22,193
21,649
7,351
393
888
7,559
7,536 '7,315 ' 7,382 • 7,609 7,638
395
'472 ' 407
'471
'451
887
1,025
910
980
834
7,512 ' 7,523 ' 7,499 • 7,494 7,310
7,537
409
832
7,261
7,580
413
967
7,211
7,536
479
760
7,303
4,153
4,356
3,745
3,374
3,270
147
147
141
153
149
144
158
1,163
2,582
1,328
1,696
721
1,304
2,395
1,125
2,249
1,066
2,204
1,463
3,274
1,433
1,446
1,177
1,290
906
1,259
1,299
712
1,726
2,004
1,007
3,384
3,942
7,743 ' 8,357 ' 8,372
480
'529
'530
733
823
0)
7,253 ' 7,457 ' 7,409
41
(0
8,379
535
0)
7,360
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Co.):
Valuation, total
mil. $__
Index (mo. data seas, adj.)
Public ownership__
Private ownership
By type of building:
Nonresidential
Residential...
Non-building construction
New construction:
Advance planning (ENR) §
Concrete pavement awards:
Total
Airports
Roads
Streets and alleys
Miscellaneous
47,299
49,831
4,209
4,770
4,864
»137
144
141
152
145
__mil. $__ 2 15,371
do
2 31,928
16,330
33,501
1,348
2,861
1,539
3,231
1,517
3,348
1,553
3,072
1,750
3,045
1,313
2,952
1,332
2,821
1,294
3,061
1,582
1,897
877
1957-59=100—
_
2
4,625
4,795
4,265
149
_
_._
do
do
do
2
15,495
2
20,561
2 11,244
17,470
21,461
10,900
1,379
1,877
953
1,546
2,139
1,086
1775
2,074
1,015
1,551
2,080
993
1,691
1,952
1,151
1,507
1,971
1,464
1,756
934
_
_do
44,405
45,625
3,476
3,322
2,962
4,174
3,215
3,714
3,915
thous. sq. yds.. 123,768
__do
5,352
do
89,872
_
—do
25,578
do
2,967
4,618
819
5,707
33,048
857
20,692
9,549
1,950
4,737
4,608
25,684
513
21,298
3,161
711
125,580
4,410
86,779
29, 016
5,376
28,931
623
22,835
4,837
635
1,542.7
' 963.5
1,505.0
124.9
76.7
120.7
154.9
100.2
152.2
162.1
102.3
157.5
162.3
99.9
155.5
143.9
94.1
141.3
138.0
88.5
134.7
125.9
80.0
124.3
135.7
87.2
133.6
118.3
71.4
116.1
103.2
'59.9
102.3
87.3
'48.2
84.6
80.5
'46.6
77.7
128.7
81.4
124.1
1,520.4
1,067.5
1,482.7
123.0
90.7
118.8
152.8
102.5
150.1
159.8
110.4
155.2
159.7
114.3
152.8
141.6
95.1
139.0
136.2
94.8
132.8
124.3
87.8
122.7
133.0
94.8
130.9
117.1
78.8
114.9
101.6
86.3
'75.9 '61.5
• 100.8 83.7
79.1
'54.9
76.3
126.5
91.2
121.9
1,489
1,465
1,552
1,532
1,516
1,501
1,566
1,539
1,473
1,447
1,427
1,409
1,453
1,436
1,411
1,380
1,547
1,531
1,769
1,735
1,611
1,585
1,365
1,340
1,543
1,512
1,242
709
1,269
711
1,187
677
1,240
722
1,254
703
1,243
704
1,217
692
1,180
677
1,259
741
1,282
736
1,325
735
1,262
709
1,191
659
1,299
755
112
116
114
114
114
116
116
116
117
117
117
118
118
118
118
118
802
878
824
904
925
814
815
901
917
804
803
818
901
917
804
810
827
908
917
804
809
829
908
834
909
940
834
805
909
940
834
815
837
909
941
837
817
840
913
945
839
821
843
916
946
840
822
845
917
949
841
830
854
926
954
852
836
34,455
1,601
22,421
8,991
1,443
1,329
29,147
20,831
5,639
1,347
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total, incl. farm (private and public)—.thous__ 1,590.7
One-family structures
do
973.0
Privately owned
do
1,557.4
Total nonfarm (private and public)
In metropolitan areas
Privately owned
Seasonally adjusted at annual rates:
Total, including farm (private only)
Total nonfarm (private only)
_do
do
do
1,563.7
1,117.7
1,530.4
do_.
do_.
New private housing units authorized by bldg. permits (12,000 permit-issuing places):
Seasonally adjusted at annual rates:
Total
_thous_One-family structures._____
_____do
720
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
American Appraisal Co., The:
Average, 30 cities
Atlanta
__
New York
San Francisco
__
St. Louis
___
1957-59=100—
1913=100do.
„_do_
_do_
—do.
792
785
815
901
917
804
804
Associated General Contractors (building only)
122
121
123
121
119
1957-59=1002
' Revised.
* Not yet available; estimate
included in total.
Annual total includes
3
revisions not distributed to months.
Computed from cumulative valuation total,
f Revised series. Monthly data for 1962-64 appear on p. 40 of the May 1966 SURVEY.
214-820 O - 66 - 5
820
901
917
804
809
825
907
917
804
809
809
125
124
124
124
124
124
124
124
123
124
124
9 Includes data not shown separately.
§Data for Apr., June, Sept., and Dec. 1965 and Mar. 1966 are for 5 weeks; other months,
4 weeks.
SURVEY OF CUEKENT BUSINESS
S-10
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
|
1965
Annual
May 1966
1966
1965
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST I N D E X E S - C o n .
E . H . Boeckh and Associates: f
Average, 20 cities:
All types combined.
1957-59=100..
Apartments, hotels, office buildings....do._._
C ommercial and factory buildings
do
Residences.
_'
___do
113.4
114.6
113.4
111.6
117.2
118.5
117.2
115.2
115.5
116.9
115.4
113.6
115.6
117.0
115.5
113.7
116.1
117.5
116.1
114.1
117.2
118.4
117.3
115.0
118.0
119.2
118.1
116.0
118.2
119.4
118.3
116.1
118.4
119.7
118.5
116.4
118.8
120.0
118.8
117.0
118.9
120.1
118.9
117.0
119.5
120.7
119.5
117.6
119.7
121.1
119.8
117.1
119.5
120.6
119.5
117.6
119.8
120.8
119.8
118.0
116.1
123.2
118.9
127.8
118.0
126.0
117.8
126.0
117.8
126.0
118.8
127.6
119.1
128.6
119.5
129.5
120.1
129.8
120.4
129.8
120.2
129.7
120.4
130.0
120.5
130.0
121.7
131.2
122.0
131.4
102.0
105.7
103.2
152.6
' 157.1
164.4
170.0
162.7
160.0
159.6
148.9
171.2
160.3
do.___
do
do..».
154.2
151.9
183.2
161.1
157.5
186.2
177.4
171.0
134.8
183.4
159.1
179.4
165.9
155.5
207.3
170.0
161.9
233.2
163.6
149.1
236.2
Mortgage applications for new home construction:
Applications for F H A commitments
thous. units. _
Seasonally adjusted annual rates X
do....
Requests for VA appraisals
.___
do
Seasonally adjusted annual ratest
do
182.1
188.9
113.6
102.1
19.2
175
10.5
106
18.7
187
9.5
100
16.6
180
10.4
113
15.7
154
9.7
100
15.1
165
8.6
95
Engineering News-Record:
Building________
do
Construction.....
do
Bu. of Public Roads—Highway construction:
Composite (avg. for year or qtr.)_._ 1957-59=100—
106.7
106.9
i 123.1
1132.4
109.0
106.6
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9_
Seasonally adjusted 9
1947-49=100..
.do
171.0
164.1
165.9
146.8
150.0
157.2
187.5
167.5
246.7
161.6
173.8
224.5
159.8
166.3
235.8
143. 6
159.5
188.1
144.9
168.8
148.0
156.6
150.2
17.3
186
8.9
95
16.6
15.1
192
7.2
94
14.5
222
6.8
100
13.3
219
6.7
105
13.6
214
5.9
13.8
179
5.4
72
* 17.7
160
9.1
92
16.0
168
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face a m o u n t . . .
.mil. $__ 6,573.22 7,464.59 532.44 541.38 515.58 610.77 646.67 757.29 755.77 714.36
Vet. Adm.: Faceamount§
_
.do
2,852.21 2,652.23 216.46 178.87 182.49 217.36 217.21 244.70 254.42 245.00
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $__ 5,325
5,997 4,747 5,219 5,227 5,586 5,793 5,770 5,802 5,826
706.02
242.64
698.25
227.87
727.41
236.31
511.89
189.76
607.09
163.04
515.71
5,724
5,997
5,898
5,739
5,687
6,516
1,825
1,996
1,549
• 1,554
1,986
431
834
560
491
865
640
322
640
587
307
'645
'602
455
810
721
120.40 131.10
133.36
83.1
4.0
11.2
2.3
9.1
10.7
101.9
6.8
11.5
3.4
10.8
12.2
Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted.
• 159.5 • 176.7
165.6
160.8
136.4
150.0
103.6
144.2
101.6
REAL ESTATE
New mortgage loans of all savings and loan associations, estimated total..._
mil. $ „
By purpose of loan:
Home construction.
do
Home purchase
_
do
All other purposes
-.__...._...do
24,505
23,847
6,515
10,397
7,593
5,921
10,696
7,230
New nonfarm mortgages recorded ($20,000 and
under), estimated total.
mil. $__ 36,921
Nonfarm foreclosures.._.
number._ 108,620
116,664
Fire losses (on bldgs., contents, etc.)
2,056
2,068
544
824
558
850
660
10,259
mil. $_. 1,367.13 1,455.63 138.63
128.48
2,022
526
861
635
2,399
614
2,186
520
1,063
603
9,578 10,248
9,753
119.54
130.52
116.92
2,187
511
1,099
577
8.4
97
2,079
1,961
490
1,015
574
487
910
564
9,577
9,642
10,421
111. 78 115.44
108.72
112.28
124.04
9,521
DOMESTIC TRADE
ADVERTISING
Printers' Ink advertising index, seas, adj.:
C om bined index. _
1957-59=100..
Business papers.
...
do....
Magazines
____do___.
Newspapers.
do
Outdoor
.do
Radio (network)
do
Television (network)
do
125
112
136
103
89
103
157
Television advertising:
Network (major national networks):
Net time costs, total—
__._..
mil. $_. 1,145.9
Automotive, incl. accessories
do___.
96.5
Drugs and toiletries....
__
dp....
360. 6
Foods, soft drinks, confectionery
do
209.5
Soaps, cleansers, e t c . . . .
__
do
103.2
Smoking materials
_
do
146.8
AUother..
_do___.
229.2
Spot (natl. and regional, cooperating stations):
Gross time costs, total
_
_.mil. $.. 1,016.0
Automotive, incl. accessories.
do
38.5
Drugs and toiletries
_.do.__.
192.9
Foods, soft drinks, confectionery
do___.
352.7
Soaps, cleansers, etc.
_
do
98.5
Smoking materials
do
50.2
Allother.___
_
do
283.2
130
121
144
106
90
101
155
125
114
139
100
82
110
154
130
126
144
100
108
112
155
130
114
144
106
99
105
161
130
122
150
104
77
95
157
136
129
159
104
91
84
161
133
126
144
109
78
111
166
1,260.3
99.1
409.2
234.8
112.0
145.4
259.8
310.5
21.1
105.7
58.8
28.8
38.4
57.7
279.2
17.3
88.7
56.6
27.9
31.0
57.7
269.2
16.3
91.0
52.0
26.8
29.3
53.8
401.5
44.4
123.9
67.3
28.6
46.7
90.6
1,075.5
38.9
207.4
377.7
100.4
48.7
302.4
249.6
8.8
51.9
90.2
22.3
13.2
63.2
273.6
9.5
48.1
97.7
25.9
13.4
79.1
248.3
10.1
51.1
82.7
26.4
10.5
67.5
303.9
10.6
56.4
107.1
25.8
11.5
92.5
1,076.9
64.8
111.7
30.4
115.9
133.9
94.1
6.6
10.9
3.0
9.6
12.3
103.4
8.6
11.9
3.7
9.7
11.3
103.7
6.6
11.0
3.7
9.4
11.6
Beer, wine, liquors
_
__do
69.3
4.9
58.3
Household equip., supplies, furnishings.. do_._
71.5
6.0
71.7
Industrial materials
do___
50.5
3.3
48.4
Soaps, cleansers, etc.
do___
21.7
2.0
16.0
Smoking materials
_
_do__.
41.6
3.4
38.3
Allother.
_
,
do___
365.6
32.1
320.9
Revised.
i Index as of May 1,1966: Building, 123.7; construction, 133.4.
U Copyrighted data; see last paragraph of headnote, p. S-l.
« Corrected.
6.1
7.7
4.6
2.8
3.4
33.5
5.9
9.2
4.9
2.7
3.6
35.2
Magazine advertising (general and natl. farm magazines) :
Cost, total
_
mil. $._
Apparel and accessories
do.
Automotive, incl. accessories._
__do_
Building materials
do.
Drugs and toiletries
do
Foods, soft drinks, confectionery. ______ .do
996.8
61.8
110.7
27.1
108.9
134.8
86.6
2.4
9.0
3.1
9.8
12.7
68.7
.9
5.9
2.4
8.3
9.4
65.3
6.6
4.4
1.7
8.0
8.5
90.0
10.1
3.6
3.0
10.1
9.3
120.5
8.0
16.9
3.2
12.0
13.1
117.8
5.9
15.2
2.2
12.3
14.3
91.5
3.9
7.2
1.2
11.9
11.1
64.6
1.7
8.8
1.6
6.6
7.7
11.3
2.4
9.2
5.2
7.3
3.2
4.6
6.0
5.4
3.0
9.1
6.0
8.5
3.8
3.4
6.1
3.9
2.9
6.5
5.7
3.9
5.0
3.1
4.2
.9
1.1
2.2
1.7
1.7
1.4
1.6
1.6
3.4
2.2
3.7
3.3
4.3
3.4
3.5.
26.7
31.3
24.3
27.5
32.7
21.3
9 Includes data for items not shown separately.
% Revised seasonally adjusted data for 1958-64 will be shown later.
§ Data include guaranteed direct loans sold.
3.6
3.3
1.5
2.6
31.0
5.2
7.6
4.0
1.4
2.5
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise s t a t e d , statistics through 1964
and descriptive notes are shown in the 1965
edition of B U S I N E S S S T A T I S T I C S
1964
S-ll
1965
1965
Mar.
Annual
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
240.0
73.7
166.3
12.8
7.8
18.8
126.8
Feb.
Mar.
Apr.
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Newspaper advertising linage (52 cities):
Total
—mil. lines.. 2,973.5
787.1
Classified.. _—
.._..„.._._„
do....
Display, total
„—_do____ 2,186.3
159.7
Automotive
.
do
60.9
Financial
—
do.—
292.5
GeneraL
_
do____
Retail.....—
do.— 1,673.2
3,164.6
865.6
2,298.9
170.4
63.4
288.5
1,776.7
256.3
71.3
185.0
14.3
5.4
24.8
140.4
271.8
72.7
199.1
16.6
5.7
25.4
151.4
286.0
79.9
206.0
16.9
5.0
28.5
155.6
266.0
75.7
190.3
17.3
5.4
24.9
142.7
238.7
74.1
164.6
13.4
5.7
18.2
127.3
261.4
79.1
182.3
13.3
3.9
18.1
147.1
271.9
72.9
198.9
13.2
4.6
27.4
153.8
296.3
78.4
217.9
18.8
5.4
30.6
163.2
292.4
71.8
220.7
14.6
5.2
28.7
172.2
285.4
62.0
223.4
9.6
5.4
22.9
185. 6
261,630
283,950
21,915
23,525
23,820
23,825
24,129
22,989
22,732
25,067
25,158
30,601
84,173
48,730
45,799
2,931
93,718
56,266
53,217
3,049
7,640
4,977
4,760
217
7,984
5,056
4,796
260
8,144
5,006
4,729
277
8,362
5,094
4,812
282
8,066
4,821
4,540
281
7,448
4,243
3,984
259
7,082
3,784
3,540
244
8,413
4,994
4,719
275
8,390
4,954
4,689
265
8,976
4,835
4,516
319
6,985
4,300
4,089
211
'8,575 18,455
' 4,366 ' 5, 391 i 5,131
' 4,166
5,135
-•200
256
1,014
1,015
642
1,044
666
312
1,106
708
1,129
724
335
1,139
724
347
1,201
712
1,272
790
394
1,318
819
397
1,619
941
546
1,058
645
342
' 1,015 ' 1,153
'614
713
'335
817
619
198
231.0
69.5
161.5
13.1
4.7
22.1
121.7
282.3
79.4
202.9
16.2
5.9
26.0
154.8
RETAIL TRADE
All retail stores: t
Estimated sales (unadj.), total f
.....mil. $.
Durable goods stores 9 -—
Automotive group...
Passenger car, other auto, dealers
Tire, battery, accessory dealers
do
-do
do
do
22,054 '21,260 '24, 709 i 25, 702
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do__._
do
do
13,090
8,079
4,199
13,737
8,538
4,223
Lumber, building, hardware group
Lumber, bldg. materials dealersd*
Hardware stores
do
do____
do....
11,340
8,690
2,650
12,115
2,813
624
184
973
745
228
1,090
839
251
1,143
900
243
1,160
916
244
1,119
889
230
1,102
865
237
1,132
885
247
846
252
1,084
729
355
Nondurable goods stores 9
. d o . — 177,457
15,282
Apparel group
—
do
3,121
Men's and boys' wear stores
do
5,944
Women's apparel, accessory stores do.—
3,626
Family and other apparel stores
do
2,591
Shoe stores..
_
do
190,232
15,752
3,258
6,243
3,680
2,571
14,275
1,049
199
433
230
187
15,541
1,383
265
538
309
271
15,676
1,256
256
496
282
222
15,463
1,208
268
456
275
209
16,063
1,145
236
440
278
191
15,541
1,173
226
443
309
195
15,650
1,324
250
496
348
230
16,654
1,360
280
553
310
217
16,768
1,455
299
602
341
213
21,625
2,418
554
992
566
306
8,613
19, 577
62,864
57,272
20,269
9,335
21,423
738
1,713
61,068
21,765
733
1,610
5,212
4,764
1,695
751
1,831
5,496
5,010
1,844
746
1,865
5,477
4,986
1,895
2,015
6,043
5,519
1,963
757
1,984
5,453
4,956
1,926
759
1,856
5,498
5,017
1,820
798
1,878
5,962
5,448
1,884
786
1,747
5,577
5,072
1,849
1,089
1,881
6,559
5,977
1,889
778
1,708
5,600
5,127
1,815
'752
'1,618
' 5,348
'4,874
' 1,667
32,350
20,809
2,402
4,948
6,011
35,840
23,421
2,581
5,320
6,305
2,439
1,583
197
355
452
2,842
1,841
199
2,809
1,836
194
423
510
2,746
1,806
184
409
497
2,663
1,731
172
412
542
2,865
1,863
212
426
2,962
1,942
223
422
505
3,122
2,035
225
448
533
3,600
2,344
328
484
561
5,644
3,745
358
2,375
1,564
166
313
496
'2,285 ' 2,888 13,178
' 1,474 ' 1,886 12,119
218
166
'335
398
510
'470
—do..
22,856
22,849
23,317
23,322
23,668
23,753
24.194
24,647
24,816
Durable goods stores 9
do_.
Automotive group
do_.
Passenger car, other auto, dealers. ___do_.
Tire, battery, accessory dealers
do..
7,581
4,608
4,363
245
7,454
4,472
4,218
254
7,616
4,555
4,295
7,665
4,606
4,359
247
7,827
4,743
4,491
252
7,755
4,402
258
7,768
4,658
7,865
4,614
4,345
8,092
4,776
4,509
267
8,252
4,953
4,714
239
8,324
4,884
4,610
274
'8,399 ' 8,620 i 8,045
5,083
' 4,995
4,790
' 4,718
293
'277
Furniture and appliance group 9
do_.
Furniture, homefurnishings stores.—-do..
Household appliance, TV, radio
do..
1,113
687
339
1,104
675
337
1,099
699
334
1,118
722
334
1,127
706
353
1,184
716
389
1,221
749
1,218
756
366
1,207
735
378
1,208
759
378
' 1,220
'730
'405
1,252
764
406
do..
do..
do..
946
730
216
942
724
218
1,004
776
228
1,011
783
228
1,016
782
234
1,002
768
234
1,002
765
237
1,021
775
246
1,074
819
255
1,070
825
245
1,149
896
253
'1,114
'862
'252
1,149
893
256
Nondurable goods stores9 -—_.do_.
Apparel group
_
_
do..
Men's and boys' wear stores
_do_.
Women's apparel, accessory stores. _.do..
Family and other apparel stores
do..
Shoe stores.
do..
15,275
1,245
264
- 496
278
207
15,395
1,242
265
485
289
203
15,701
1,299
271
502
306
220
15,657
1,278
262
501
303
212
15,841
1,315
268
510
326
211
15,830
1,306
271
500
327
208
15,985
1,343
278
508
344
213
16,329
1,321
276
535
290
220
16,555
1,384
280
566
311
227
16,564
1/340
269
560
297
214
do_.
do..
___do_.
do_.
do..
753
1,724
5,381
4,914
1,771
762
1,746
5,451
4,986
1,792
755
1,769
5,497
5,021
1,811
760
1,769
5,534
5,053
1,824
775
1,812
5,571
5,076
1,831
779
1,807
5,568
5,078
1,820
794
1,814
5,586
5,097
1,827
816
1,825
5,788
5,271
1,843
818
1,810
5,757
5,235
1,860
828
1,875
5,956
5, 432
1,838
1,879
5,783
5,278
1,907
'806
' 1, 915
' 5, 879
' 5, 359
' 1, 907
General merchandise group 9
do.
Department stores
^_do_
Mail order houses (dept. store mdse.) _do
Variety stores
_do_
Liquor stores
„
.__do.
2,864
1,869
211
431
2,839
1,850
205
420
516
2,940
1,909
215
450
530
2,894
1,885
211
442
525
2,961
1,936
219
443
527
2,988
1,961
211
448
513
3,043
1,982
223
452
3,055
1,978
220
459
531
3,199
2,087
235
469
543
3,069
2,019
209
433
533
3,230
2,119
243
451
560
'3,225 ' 3,225
' 2,127 ' 2,112
220
223
464
'457
575
'561
32,903
14,433
7,189
2,312
2,427
32,913
14,688
6,980
2,346
2,628
33,384
14,981
7,151
2,416
2,611
33,277
15,098
7,338
2,389
2,611
33,087
15,002
7,308
2,383
2,590
32,935
14,918
7,300
2,338
2,547
32,743
14,317
6,615
2,396
2,520
32, 527
13,623
5,945
2,426
2,529
33,708
14,016
6,344
2,419
2,526
34,771
14, 533
6, 772
2,502
2,525
32,903
14,433
7,189
2,312
2,427
33,103
14,923
7,541
2,312
2,462
34,148 35, 285
15, 480 15, 916
8,123
7,951
2,372
2,307
2,587
2,504
18,470
3,677
4,074
5,831
3,466
18,225
3,770
3,819
5,870
3,422
18,403
3,779
18,179
3,709
3,803
5,847
3,419
18,085
3,631
18,017
3,762
5,855
3,400
18,426
3,930
3,735
6,025
3,517
18,904
4,141
3,720
6,309
3,693
19,692
4,213
3,892
6,749
4,023
20,238
4,266
3,982
6,920
4,175
18,470
3,677
4,074
5,831
3,466
18,180
3,544
3,959
5,933
3,442
31,130
Book value (seas, adj.), total f
-tio_
33,957 32,260 32,546
13,136
Durable goods stores 9
__do
14,782 14, 082 14,298 14,566
Automotive group
__do____
5,645
6,813
6,513
7,329
6,334
Furniture and appliance group
do____
2,272
2,395
2,383
2,359
2,363
Lumber, building, hardware group—do
2,550
2,538
2,535
2,512
2,571
' Revised.
i Advance estimate.
t Revised series. Data reflect use of new sample
(effective with data for Oct. 1965) based on definitions and classifications according to the
33,014
14, 546
6,900
33,088
14,592
6,979
2,357
2,525
33,360
14,819
7,213
2,401
2,507
33,045
14,621
7,036
2,393
2,534
33,296
14, 782
7,250
2,335
2,562
14, 774
7,304
2,383
33,957
14,782
7,329
2,359
2,512
34,113
14,949
7,315
2,398
•2,541
Drug and proprietary stores
Eating and drinking places.__
Food group
Grocery stores
Gasoline service stations
__.do..
....do..
-do..
—do_.
~ -do..
General merchandise group 9
__._do___.
Department stores...___
do
Mail order houses (dept. store mdse.) _do___.
Variety stores..__
_
do.
Liquor stores
do.
Estimated sales (seas, adj.), total f _
Lumber, building, hardware group 1
Lumber, bldg. materials dealers d
Hardware stores
Drug and proprietary stores
Eating and drinking places
Food group
_
Grocery stores
_
Gasoline service stations
Estimated inventories, end of year or month: f
Book value (unadjusted), total f.,
mil. $__ 30,181
Durable goods stores 9
...
do
12,854
Automotive group.-._.._
do_
5,578
Furniture and appliance group.
do
2,227
Lumber, building, hardware group, .do
2,461
Nondurable goods stores 9 - - _ —
do_
Apparel group
do_
Food group._
_
__do_
General merchandise group
____do____
Department stores....
_do____
17,327
3,432
3,822
5,381
3,174
1,765
5,923
3,465
1963 Census of Business. See p. 20 If. of the Feb. 1966 SURVEY for data back to 1959 for mfg,
and trade inventories, total and retail inventories. See p. 18 ff. of the April SURVEY for
inventory-sales ratios, mfg. and trade sales, total, and retail sales back to 1959 (revised ac-
5,825
3,378
2,525
497
23,585
260
'774
'594
'180
1,118
760
219
15,069 ' 14,262 16,134 i 17,247
1.152 ' 1,009 ' 1, 277 i 1 , 505
'200
221
249
'428
551
466
'213
'278
244
227
193
25,023 '25,263
' 1, 809
' 5, 825
' 5, 311
'1,817
•25,536
1841
i 1,787
i 6,191
i 5,608
11,913
i 25,227
16, 699 '16,864 '16,916 117,182
1.417 '1,450 ' 1,376
272
'289
289
576
570
'594
' 302
318
'327
240
226
240
3,753
3,945
6,071
3,546
816
1,935
5,935
5,406
1,897
19,369
3,939
4,033
6,432
3,787
34, 427 34, 556
15,113 15,201
7,365
7,361
2,389
2,383
2,532
2,558
counts receivable data prior to Oct. 1965 are not presently available). Complete details appear in the Monthly Retail Trade Report, Jan. 1966 and subsequent issues, available from the
Bureau of the Census, Wash., D.C., 20233. 9 Includes data not shown separately. d"Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.
SURVEY OF CUKKENT BUSINESS
S-12
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
May 1966
1965
Annual
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
19,175
3,871
4,111
19,314
3,917
3,981
6,443
3,805
19,355
3,904
4, 012
6,479
3,718
19,164
3,844
4,027
6,501
3,803
Apr.
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail storesf—Continued
Estimated inventories, end of yr. ormo.f—Con.
Book value (seas, adj.)—Continued
Nondurable goods stores?
.mil. $_.
Apparel group
_
do
Food group
do
General merchandise group
do
Department stores
do___.
17,994
3,613
3,857
5,809
3,410
19,175
3,871
4,111
Firms with 4 or more stores:
Estimated sales (unadjusted), total
do_.
75,610
86,733
6,099
6,794
6,694
Firms with 11 or more stores :f
Estimated sales (unadj.), total 91
do_.
5,960
3,718
18,178 18,248 18,257
3,740 3,749 3,762
3,800 3,809 3,784
5,914 5,908 5,905
3,436 3,455 3,447
68,306
73,438
5,370
6,047
do_._.
do
do
do—
do
do
do—
4,287
531
1,622
1,155
2,029
1,677
1,126
4,445
557
1,656
1,168
2,300
1,891
1,193
297
34
113
82
173
146
92
420
49
150
125
179
153
94
General merchandise group 9
do
Dept. stores, excl. mail order sales
do
Variety stores.__
do___.
Grocery stores
do—
Lumber yards, bldg. materials dealerscf-do__..
Tire, battery, accessory dealers
do.__.
23,645
15,807
3,770
26,198
26,112
17,593
4,096
27,725
1,750
1,176
269
2,189
2,068
1,390
331
2,338
1,242
1,312
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
_
Furniture and appliance group
47
136
181
162
2,065
1,401
322
2,276
18,468 18,496 18,541 18,424 18,514 18,759
3,810 3,842 3,899 3,903 3,848 3,867
3,792 3,804 3,815 3,735 3,812 3,896
6,035 6,055 6,048 6,004 6,040 6,092
3,541 3,575 3,553 3,503 3,542 3,608
6,614
6,843
6,637
7,219
8,195
8,516
11,996
7,447
7,199
6,096
5,899
6,092
6,432
6,591
9,275
5,494
5,256
6,214
351
45
128
97
183
167
103
314
38
120
82
189
170
97
337
36
125
89
183
172
376
41
139
106
187
168
102
390
52
145
96
197
169
109
412
53
153
98
196
155
110
679
94
263
154
318
167
135
40
102
81
185
163
31
99
73
179
155
361
37
135
104
199
187
105
2,032
1,378
315
2,221
1,982
1,334
315
2,497
2,135
1,431
328
2,142
2,188
1,480
326
2,249
2,260
1,522
347
2,451
2,615
1,743
386
2,241
4,070
2,751
701
2,831
1,707
1,162
244
2,311
1,636
1,087
262
2,216
2,095
1,416
316
2,416
84
92
112
119
123
121
114
108
121
108
134
93
do..
5,894
5,937
6,044
6,037
6,091
6,162
6,248
6,209
6,373
6,445
6,475
do..
do.
do.
do.
do.
do.
do
351
43
132
93
182
150
47
134
94
186
154
47
135
96
187
157
363
45
133
97
188
159
46
137
95
193
158
371
47
133
97
194
160
375
47
139
97
198
163
49
146
99
204
164
46
139
104
203
160
374
45
143
100
206
168
392
49
146
106
199
180
407
47
156
104
205
179
43
144
106
208
General merchandise group 9
do_.
Dept. stores, excl. mail order sales
do..
Variety stores
_
do..
Grocery stores
_
do_.
Lumber yards, bldg. materials dealerscf__do_.
Tire, battery, accessory dealers
do_.
2,074
1,387
329
2,243
2,054
1,384
317
2,279
2,132
1,418
342
2,290
2,112
1,413
337
2,302
2,172
1,458
338
2,301
2,216
1,506
342
2,303
2,250
1,515
348
2,323
2,203
1,469
353
2,339
2,342
1,577
371
2,325
2,217
1,516
342
2,499
2,330
1,564
362
2,378
2,392
1,625
366
2,422
2,363
1,587
371
2,421
107
110
112
108
109
114
116
120
107
94
123
120
136
Estimated sales (seas, adj.), total91
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places—
Furniture and appliance group
All retail stores, accounts receivable, end of yr. or mo.:
Total (unadjusted) f
mil. $_
Durable goods stores
do__.
Nondurable goods stores
do___
Charge accounts
do___
Installment accounts
__.do___
Total (seasonally adjusted)!
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
do_.
do_.
do_.
do_.
do_.
Department stores:
Ratio of collections to accounts receivable:
Charge accounts
_
percentInstallment accounts
do
Sales by type of payment:
Cash sales
_
percent of total sales.
Charge account sales
do___
Installment sales
do___
16, 780
6,926
9,854
7,907
8,873
'17,166 18,058
'6,943 7,063
'10,223 10,995
r 8,040 8,215
' 9,126 9,843
16,824
6.722
10,102
7,825
' 17,180
r 6,891
'10,289
' 7,965
' 9,215
16,908
6,861
10,047
7,782
9,126
116
6,610
18
EMPLOYMENT AND POPULATION
POPULATION
Population, U.S. (incl. Alaska and Hawaii):
Total, incl. armed forces overseas
mil__
EMPLOYMENT
Noninstitutional population, est. number 14 years
of age and over, total, unadj
mil..
Total labor force, incl. armed forces
Civilian labor force, total
_
Employed, total
Agricultural employment
Nonagricultural employment
thous__
do
do
___do
do
Unemployed (all civilian workers)
do___
Long-term (15 weeks and over)
do___
Percent of civilian labor force
Not in labor force
thous.
Civilian labor force, seasonally adj©
do_.
Employed, total. _.
_
_
do..
Agricultural employment
do..
Nonagricultural employment
do..
Unemployed (all civilian workers).
do..
Long-term (15 weeks and over)
do_.
Rates: f
All civilian workers
_._.
Men, 20 years of age and over
Women, 20 years of age and over
Both sexes, 14-19 years of age
r
192.12
U94.57
193.81
193.98
194.17
194.37
194.57
194.79
195. 01
195. 24
195.45
195.64
195.83
196. 00
196.16
196.34
134.14
136.24
135. 65
135.81
135.98
136.16
136.25
136.47
136. 67
136.86
137.04
137.23
137.39
137.56
137.74
137.91
76,971
74,233
70,357
4,761
65,596
78,357
75,635
72,179
4,585
67,594
76,612
73,909
70,169
3,989
66,180
77,307
74,621
71,070
4,473
66,597
78,425
75,741
72,407
5,128
67,278
78,003
73,716
5,622
68,094
81,150
78,457
74,854
80,163
77,470
74,212
5,136
69,077
78,044
75,321
72,446
4,778
67,668
78,713
75,953
73,196
4,954
68,242
78,598
75,803
72,837
4,128
68,709
78,477
75,636
72,749
3,645
69,103
77,409
74,519
71,229
3,577
67,652
77,632
74,708
71,551
3,612
67,939
78,034
75,060
72,023
3,780
68,244
78,914
75,906
73,105
4,204
3,876
973
5.2
57,172
3,456
755
4.6
57,884
3,740
1,019
5.1
59,039
75,019
71,483
4,588
66,895
3,536
800
3,552
1,050
4.8
58,504
75,302
71,688
4,769
66,919
3,614
813
804
4.4
57,556
75,306
71,816
4,869
66,947
3,490
715
4,287
762
5.5
55,477
75,652
72,085
4,651
67,434
3,567
779
3,602
587
4.6
55,102
76,054
72,618
4,639
67,979
3,436
3,258
612
4.2
56,310
75,772
72,387
4,572
67,815
3,385
717
2,875
609
3.8
58,626
75,611
72,297
4,418
67,879
3,314
728
2,757
588
3.6
58,149
75,846
72,561
4,551
68,010
3,285
2,966
531
3.9
58,445
76, 111
72,914
4,273
68,641
3,197
644
2,888
600
3.8
58,749
76,567
73,441
4,486
68,955
3,126
660
3,290
678
4.4
59,985
76,754
73,715
4,429
69,286
3,158
685
4.2
59,930
76,355
73,521
4,442
69,079
2,834
579
3,037
749
4.0
59,707
76,341
73,435
4,363
69,072
2,906
588
2,802
779
3.7
58,994
76,666
73,799
4,482
69,317
2,867
603
5.2
3.9
5.2
14.7
4.6
3.2
4.5
13.6
4.7
3.4
4.6
14.1
4.8
3.4
4.6
14.7
4.6
3.3
4.4
14.0
4.7
3.2
4.8
14.0
4.5
3.2
4.4
13.4
4.5
3.1
4.4
12.9
4.4
3.0
4.2
13.2
4.3
2.9
4.2
13.2
4.2
2.8
4.3
12.3
4.1
2.6
4.0
12.9
4.0
2.6
3.7
2.6
3.6
10.9
3.8
2.6
3.6
11.7
3.7
2.4
3.6
12.0
Revised.
« See note marked " t " on p . S-ll.
1 As of July 1.
fSee corresponding
note on p. S-ll.
9 Includes data not shown separately.
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
69,228
661
12.0
© Effective with the Feb. 1966 SURVEY, data reflect revised seasonal factors; comparable
data for earlier periods appear in the Feb. 1986 BLS report, Employment and Earnings and
Monthly Report on the Labor Force, GPO, Wash., D.C. 20402.
U Unemployed in each group as percent of that group.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
|
1965
1965
Mar.
Annual
S-13
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.*
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
„
11s (nonagricultural estab.):f
F
il, unadjusted!. __
thous.
58,156
60,444
58,784
59,471
60,000 60,848
60,960
61,515
61,786
62,660
61,041 •61,212 •61,793
Manufacturing establishments_ „
Durable goods industries
Nondurable goods industries.-
_ do. _
___do_.
___do_.
17,259
9,813
7,446
17,984
10,379
7,604
17,578
10,114
7,464
17,659
10,218
7,441
17,745
10,279
7,466
18,027
10,437
7,590
18,016
10,416
7,600
18,211
10,410
7,801
18,428
10,608
7,820
18,412
10,623
7,789
18,443
10,686
7,757
18,415
10,718
7,697
18,274 18,457 18,574 18,676
10,697 10,812 10,902 11, 013
7,577 ' 7,645 ' 7,672 7,663
Mining, total 9
Metal mining
Coal mining
Crude petroleum and natural gas
do...
...do..,
do__.
.do...
79
148
289
628
83
142
282
615
82
143
279
144
280
629
83
142
282
640
84
142
288
641
84
139
290
640
85
140
288
627
84
136
281
83
143
278
631
84
145
279
628
84
144
281
3,056
3,947
756
267
3,211
4,031
737
267
2,820
3,965
729
271
2,978
3,977
735
270
3,223
4,008
737
270
3,412
4,070
747
3,476
4,083
749
248
3,575
4,098
750
252
3,495
4,112
741
270
3,465
4,104
738
271
3,375
4,091
730
270
3,203
4,087
733
273
920
213
706
614
965
231
737
620
926
222
722
610
224
728
613
946
227
731
614
978
229
740
627
233
755
234
756
1,001
236
744
630
1,005
238
742
622
1,001
240
744
618
243
745
621
12,132
3,173
8,959
2,964
12,167
3,189
8,978
2,999
9,978
12,418
3,199
9,219
3,012
8,796
10,008
12,437 12,596
3,213 3,269
9,224 9,327
3,029 3,062
8,905 9,008
10,024 10,033
12,583
3,301
9,282
3,098
9,081
9,716
12,574
3,312
9,262
3,102
9,062
9,595
12,588
3,263
9,325
3,044
8,907
10,051
12,639 12,736
3,307 3,321
9,332 9,415
3,073 3,066
9,039 9,073
10,102 10,301
12,960
3,326
9,634
3,062
9,054
10,413
13,638
3,345
10,293
3,064
9,046
10,579
12,716 12,617 '12,692 12,834
3,303 '3,299 ' 3,304 3,303
9,413 ' 9, 318 ' 9,388 9,531
3,091
3,049 3,054 '3,074
' 9,030 ' 9,103 9,242
10,427 10,556 10,664 10,745
58,156
17,259
9,813
247
602
406
612
1,231
60,444
17,984
10,379
236
606
429
621
1,292
59,814
17,762
10,194
230
614
425
623
1,284
59,846
17,803
10,241
229
607
428
619
1,285
60,032
17,835
10,266
231
603
428
613
1,285
60,290
17,943
10,345
234
601
428
612
1,306
60,501 60,621
18, 032 18,072
10,424 10,476
236
602
430
427
618
618
1,317
1,318
60,756 61,001
18,098 18,163
10,494 10,523
242
243
601
605
430
432
622
624
1,308
1,284
61,472
18,321
10,615
244
613
435
627
1,269
61,884
18,429
10,707
243
623
442
636
1,274
Fabricated metal products
do.
Machinery.
—_
do
Electrical equipment and supplies. _.do
1,187
1,606
1,548
1,260
1,714
1,672
1,222
1,678
1,624
1,247
1,683
1,635
1,251
1,692
1,647
1,259
1,707
1,665
1,269
1,728
1,677
1,263
1,728
1,683
I,zb9
1,736
1,697
1,274
1,745
1,722
1,294
1,768
1,741
1,300
1,771
1,769
62.148
18,522
10,805
250
633
447
644
1,283
1,314
1,783
1,794
Transportation equipment
_ _ _ do
Instruments and related products
do
Miscellaneous manufacturing ind..___do
1,605
1,740
385
424
1,700
378
416
1,712
379
417
1,722
378
416
1,735
383
415
1,740
389
418
1,781
388
428
1,771
390
428
1,767
392
435
1,790
394
440
7,446
1,746
89
891
1,302
625
950
877
183
434
7,604
1,737
84
920
1,351
638
977
902
178
464
354
7,562
1,729
86
915
1,344
633
971
893
178
460
9,595
7,598
1,728
86
916
1,367
634
975
900
177
463
352
626
3,195
4,034
12,580
3,041
8,857
10,014
7,608
1,733
87
921
1,343
641
981
908
179
464
351
633
3,154
4,031
12,619
3,049
8,929
10,054
7,596
1,723
80
921
1,345
637
981
911
179
466
353
627
3,189
4,049
12,600
3,053
8,946
10,085
7,604
1,717
79
924
1,356
640
980
910
179
465
354
617
3,186
4,067
12,641
3,061
8,967
10,119
7,706
1,761
81
3,056
3,947
12,132
2,964
7,569
1,734
86
914
1,346
633
971
894
176
460
355
627
3,188
4,020
12,532
3,032
8,843
9,955
7,640
1,733
81
928
1,362
643
984
909
177
469
354
628
3,211
4,031
12,588
3,044
8,907
10,051
7,568
1,746
86
912
1,340
632
969
892
179
457
355
632
12,769
13,376
7,209
7,6
106
530
337
492
1,002
459
912
1,118
1,038
1,120
581
338
234
319
5,560
102
532
356
499
1,055
481
976
1,199
1,146
1,241
667
353
246
340
5,684
13,180
13,252
7,621
7,599
98
531
350
497
1,066
1,154
77
798
1,158
489
601
529
114
90
335
306
1,146
72
821
1,203
497
620
542
110
86
361
311
13,412
13,340
7,750
7,662
99
553
355
507
1,085
506
984
1,206
1,136
1,244
678
341
245
336
5,662
5,678
1,124
63
826
1,208
499
616
544
112
87
358
310
13,361
13,405
7,701
7,721
100
553
353
512
1,080
506
974
1,204
1,132
1,218
660
350
247
329
5,660
5,684
1,175
63
816
1,165
499
618
548
114
87
354
13,540
13,440
7,683
7,769
102
558
360
516
1,076
504
979
1,196
1,148
1,144
568
356
250
355
5,857
5,671
1,256
78
830
1,224
503
622
551
114
87
363
318
13,773
13,457
7,887
7,781
106
550
364
519
1,Q69
484
999
1,212
1,180
1,270
682
364
254
365
5,886
5,676
1,266
86
832
1,229
506
626
547
113
Contract construction.
-do.
Transportation and public utilities 9
do.
Railroad transportation
do
Local and interurban passenger transit., d o —
Motor freight trans, and storage
Air transportation
Telephone communication
Electric, gas, and sanitary services
Wholesale and retail trade
-Wholesale trade
_
Retail trade
Finance, insurance, and real estate
Services and miscellaneous
Government
_
do
do.
do.
do
do. _
—do..
do__
do__
do
do.
Total, seasonally adjustedf
do_
Manufacturing establishments
do_
Durable goods industries
do..__
Ordnance and accessories„ _
_ _.do.
Lumber and wood products.,
do_
Furniture and fixtures
do
Stone, clay, and glass products..
do.
Primary metal industries. _
do.
Nondurable goods industries.
...do.
Food and kindred products
do.
Tobacco manufactures
do
Textile mill products
do.
Apparel and related products.
do.
Paper and allied products.__
do.
Printing, publishing, and allied ind.-do
Chemicals and allied products. _
do
Petroleum refining and related ind_..do
Rubber and misc. plastics products. _ do
Leather and leather products. _
do.
Mining
do
Contract construction
do
Transportation and public utilities
do
Wholesale and retail trade
do
Finance, insurance, and real estate
.-do
Services and miscellaneous
do
Government
do
Production workers on mfg. payrolls, unadjusted:!
Total, unadjusted!
thous..
Seasonally adjusted-...
do
Durable goods industries, unadjusted. - do
Seasonally adjusted
...do
Ordnance and accessories...
...do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Blast furnaces, steel and rolling mills, do
Fabricated metal products
do
Machinery...
do
E lectrical equipment and supplies
do
Transportation equipment 9
do
Motor vehicles and equipment
do
Aircraft and parts
do
Instruments and related products
do....
Miscellaneous mfg. industries
do
Nondurable goods industries, unadj____do
Seasonally adjusted
do
Food and kindred p r o d u c t s . . .
do
Tobacco manufactures
__
do
Textile mill products
do
Apparel and related products.
do
Paper and allied products
___do
Printing, publishing, and allied ind__do
Chemicals and allied products
do
Petroleum refining and related ind_._do
Petroleum r e f i n i n g . . . . . . .
do
Rubber and misc. plastics products. _ do
Leather and leather products. _
do
4,017
12,460
3,023
8,794
13,049
13,220
7,481
7,557
98
511
350
480
1,057
490
927
1,185
1,098
1,216
664
335
239
319
5,568
5,663
1,070
66
811
1,207
487
613
540
108
312
3,145
4,013
12,494
3,024
8,814
9,924
13,108
13,238
7,570
7,588
97
518
352
492
1,065
497
958
1,190
1,106
1,227
666
339
240
326
5,538
5,650
1,062
64
816
1,182
490
614
545
109
86
354
1,192
1,114
1,240
672
342
238
329
5,559
1,
63
817
1,184
490
613
544
109
85
355
305
' Revised. j> Preliminary.
fBeginning in the Jan. 1966 issue of the SURVEY, data for employment, hours, earnings, and
labor turnover reflect adjustment to Mar. 1964 benchmarks and the introduction of the 1963
amendments to the 1957 SIC system; they are not strictly comparable with previously pub-
312
617
83
143
277
••613
84
143
275
'616
84
142
276
2,974 ' 2,851 ' 3,015
4,025 4,034 ' 4,055
'710
711
718
r272
272
273
954
242
745
619
962
246
748
'618
62,454
590
3,198
4,078
971
248
754
619
62,501 '62,881 62,887
18,691 '18,763 18,825
10,919 '10,987 11,040
255
'259
263
'630
'636
630
'448
'450
450
'640
'643
644
' 1, 288 ' 1,294 1,295
'1,327 '1,335
' 1,798 ' 1,799
' 1,826 '1,839
1,334
1,805
1,873
1,805
398
446
1,822 ' 1,860 '1,880
'410
••413
405
'437
430
1,894
415
437
622
3,202
4,071
12,684
3,069
9,019
10,171
646
990
914
178
477
357
627
3,267
4,079
12,754
3,074
9,081
10,269
7,722
1,745
84
937
1,377
650
992
918
178
483
358
7,717
1,743
83
939
1,355
654
998
922
177
485
361
632
630
3,386
3,383
4,079
4,090
12,822 12,909
3, 082 3,080
9,128
9,142
10,328 10,390
' 7,772
' 1,749
82
'943
1,383
658
' 1,004
'927
176
487
'363
'631
' 3,374
4,104
12,942
3,082
' 9, 205
10, 472
' 7,776 7,785
1,746
1,730
84
84
945
947
' 1,383 1,387
658
657
1,003
1,009
'928
930
176
175
497
491
368
'363
596
'633
3,377
'3,462
' 4,108 4,115
13, 006 12,955
' 3, 099 3,103
' 9,242 9,261
10,568 10,655
13,754
13,507
7,900
7,798
108
543
366
511
1,032
451
1,004
1,212
1,203
1,291
697
369
254
376
5,854
5,709
1,232
86
835
1,229
505
630
543
111
85
372
311
13,770
13,647
7,949
7,878
110
540
367
508
1,017
435
1,017
1,226
1,221
1,314
706
381
256
373
5,821
5,769
1,194
75
838
1,228
507
634
543
109
85
378
316
13,724
13,731
7,968
7,955
108
533
368
500
1,026
437
1, 016
1,242
1,241
1,324
706
391
258
352
5,756
5,776
1,136
76
834
1,220
509
635
543
108
85
380
316
13,727
13,937
' 8, 024
' 8,122
118
'522
'367
'488
r 1, 049
'449
1,018
' 1, 266
1,261
1,340
'696
408
263
330
5,703
5,815
1,074
67
'834
1,236
'504
'635
'549
107
84
377
'320
13,823
13,997
'8,094
' 8,172
'120
'528
'369
'496
' 1, 060
460
r
1, 025
r
1, 277
' 1, 262
r
1,352
700
'415
'266
'338
" 5,729
' 5,825
1,074
64
'840
1
1, 242
507
'638
'557
'108
84
380
'319
13,571
13,801
7,929
8,027
114
522
366
489
1,035
442
1,012
1,250
1,245
1,318
688
400
260
318
5,642
5,774
1,088
70
828
1,179
504
630
544
107
84
378
314
13,898
14,034
8,184
8,207
122
538
369
514
1,068
1,032
1,284
1,286
1,366
"~~422"
266
340
5,714
5,827
1,068
62
844
1,218
510
640
565
109
84
385
314
lished figures. Comparable earlier data appear in BLS Bulletin 1312-3, Employment and
Earnings Statistics for the United States, 1909-65 (Dec. 1965), $4.25, GPO, Washington,
D.C. 20402.
9 Includes data for industries not shown separately.
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
Annual
May 1966
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
Mar.
12,512
1254
2,375
251
2,400
252
2,429
255
p 631
v 70.7
v 631
71.3
Dec.
Apr.*
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
Miscellaneous employment data:
Federal civilian employees (executive branch):
United States
.
thous_
Wash., D . C . , metropolitan area.
do___
Railroad employees (class I railroads):®
Total ._.__..
.
do.
Index, seasonally adjusted
1957-59=100—
2,317
244
2,347
251
2,295
2,306
246
2,308
246
2,342
255
2,375
258
2,376
256
2,341
2,352
2,371
246
251
251
253
*>652
644
72.4
649
73.0
653
72.7
663
73.1
667
.73.7
656
652
644
74.2
74.3
74.6
75.1
*75.5
*70.3
75.8
INDEXES OF WEEKLY PAYROLLS!
Construction (construction workers) !_1957-59=100_
Manufacturing (production workers) f
_ _ _ do_ __
Mining (production workers)f _____
__do___
126.4 • 139.2
• 143.2 • 144.8
95.9 '97.2
132.5
124.2
93.0
145.3
135.9
96.5
121.3
131.7
91.7
128.0
130.9
93.5
148.2
133.8
97.5
156.8
136.7
99.1
162.0
135.1
98.3
170.2
136.1
100.5
160.7
140.3
97.2
165.3
141.4
99.4
151.2
142.4
97.4
146.5
143.8
99.4
132.5
140.8
96.9
40.7
41.2
3.1
41.4
3.6
42.0
40.7
41.0
3.1
41.7
41.9
3.5
41.2
41.1
3.5
42.1
42.0
3.9
41.3
41.0
3.6
42.2
41.8
4.0
41.0
41.0
3.4
41.6
41.7
3.7
41.1
41.0
3.5
41.7
41.7
41.0
40.9
41.3
41.2
41.4
41.4
3.8
3.9
3.9
41.7
41.6
42.1
42.0
42.2
42.2
4.3
41.7
41.4
4.0
42.6
42.2
4.4
41.2
41.5
3.7
42.1
42.4
4.1
41.3
41.6
3.8
'42.1
'42.4
4.2
'41.4
'41.5
3.9
'42.2
'42.3
'4.2
41.9
41.4
42.0
42.5
41.8
41. 0
41.9
41.0
41.7
42.3
41.7
39.9
42.4
41.4
42.2
42.3
40.9
38.2
42.4
40.8
42.0
42.3
40.7
37.8
42.9
41.2
42.6
42.2
41.4
38.5
42.7
40.9
41.0
41.6
41.9
40.1
'42.2
'41.2
'41.4
42.0
40.3
'41.9
'41.0
' 41.5
'42.1
'42.1
40.5
HOURS A N D EARNINGS!
Average weekly gross hours per production worker
on payrolls of nonagric. estab., unadjusted:!
AH manufacturing estab., unadj.!
----- hours..
Seasonally adjusted
do_ _ _.
Average overtime
do
Durable goods industries..
_do
Seasonally adjusted
do_
Average overtime..
do_
3.3
3.9
41.2
41.3
3.5
42.1
42.2
3.8
Ordnance and accessories
do
Lumber and wood products..
do_
Furniture and fixtures ___
do
Stone, clay, and glass products.
do_
Primary metal industries
do_
Blast furnaces, steel and rolling mills._do
40.5
40.4
41.2
41.7
41.8
41.1
41.9
40.8
41.5
41.9
42.1
41.0
41.4
40.5
41.3
41.2
42.5
41.6
41.0
40.7
40.7
41.3
44.1
45.7
41.6
41.4
40.9
42.4
42.3
41.3
41.8
40.7
41.4
42.3
42.6
41.8
42.2
40.8
41.0
42.3
42.4
42.0
Fabricated metal products
_____do_
Machinery
do_
Electrical equipment and supplies
do
41.7
42.4
40.5
42.1
43.1
41.0
42.3
43.4
41.1
41.4
42.4
40.2
42.3
43.3
41.0
42.4
43.4
41.1
41.7
42.8
40.3
42.0
42.5
40.7
41.9
42.8
40.8
42.4
43.3
41.2
42.4
43.4
41.5
42.6
44.2
42.0
42.0
43.7
41.3
42.2
44.0
'41.4
42.2
'44.1
'41.3
Transportation equipment 9
do
Motor vehicles and equipment
do____
Aircraft and parts
do
Instruments and related products______do____
Miscellaneous mfg. industries
do
42.1
43.0
41.4
40.8
39.6
42.9
44.2
42.0
41.4
39.9
43.3
45.1
41.8
41.2
42.3
43.6
41.1
40.3
39.2
43.2
44.6
41.9
41.5
39.7
43.1
44.5
42.0
41.6
39.7
42.1
42.9
41.9
41.2
39.3
41.4
41.6
41.7
41.4
40.0
41.8
42.3
41.5
41.6
40.0
43.4
44.7
42.3
41.9
40.4
43.9
45.4
43.1
42.0
40.4
44.1
45.3
43.7
42.0
40.5
43.3
43.7
44.0
42.0
39.6
42.9
43.2
43.6
' 42. 2
40.2
'42.8
42.9
' 43.5
' 42.2
'40.3
Nondurable goods industries, unadj
_do___.
39.7
40.1
39.4
40.0
40.0
Seasonally adjusted..-.
______do
39.9
40.2
40.0
Average overtime
do
3.1
2.9
3.0
2.7
3.1
Food and kindred products.
do___.
41.1
40.5
41.0
40.3
41.0
37.2
Tobacco manufactures-..do
37.9
38.8
35.6
37.2
41.8
Textile mill products
__do
41.7
41.0
41.0
41.6
37.0
Apparel and related products
do_ _
36.4
35.9
35.6
36.4
42.9
Paper and allied products.
do
43.1
42.2
42.8
43.0
Printing, publishing, and allied ind-___do
38.5
38.6
38.7
38.5
38.3
Chemicals and allied products
_do
41.6
41.9
41.8
42.2
42.4
Petroleum refining and related ind__--_do___.
41.9
42.2
41.5
42.4
42.4
Petroleum refining
do___.
41.4
41.8
41.1
41.9
42.5
Rubber and misc. plastics products____do___.
41.3
42.0
42.0
41.7
40.8
Leather and leather products
..do
37.9
38.2
38.2
38.0
37.0
Nonmanufacturing establishments:!
41.9
42.3
41.7
42.6
41.7
Mining?
—
do___.
41.4
41.3
42.0
Metal mining____
do
41.6
41.5
Coalmining
do
39.3
40.0
*39.9
39.1
°39.0
Crude petroleum and natural gas
do
42.2
42.6
42.3
42.0
42.5
Contract construction..
do___.
37.4
38.4
37.2
36.7
36.7
General building contractors.
do
36.1
36,8
35.8
35.8
35.6
Heavy construction
do
40.8
39.2
42.0
40.8
39.6
Special trade contractors.
do
36.4
36.9
37.8
36.6
36.3
Transportation and public utilities:
Local and suburban transportation
do
41.4
42.1
42.0
41.6
42.6
Motor freight transportation and storage, do
42.1
42.5
41.9
41.6
42.2
Telephone communication.
do
39.8
40.4
40.2
39.8
40.1
Electric, gas, and sanitary services
do
41.1
41.4
41.2
41.4
41.5
Wholesale and retail trade
___.do
37.5
37.7
37.9
37.6
37.6
Wholesale trade
do
40.7
40.8
40.7
40.6
40.9
Retail trade
do
36.5
36.6
37.0
36.7
36.5
Services and miscellaneous:
Hotels, tourist courts, and motels
do___.
38.4
37.9
38.0
37.8
37.7
Laundries, cleaning and dyeing plants. _ _do
39.4
38.5
38.7
39.6
38.8
Average weekly gross earnings per production
worker on payrolls of nonagric. estab.:!
All manufacturing establishments !
dollars.. 102.97
107. 53 106. 71 105.82 107.53
Durable goods industries
do
112.19
117.18 117. 04 115. 93 117. 46
Ordnance and accessories
do___. 122. 31
130. 73 128. 34 126. 28 128. 96
Lumber and wood products..-.
do
85.24
88.54
85.86
89.42
Furniture and
fixtures
do
86.32
84.46
85.06
87.98
85.89
Stone, clay, and glass products
do
105. 50
109.78 105.88 106.97 110. 66
Primary metal industries.
_do____ 130.00
133.88 134. 73 141.12 134. 09
Fabricated metal products..
___._do
111. 34
116. 20 115. 48 113. 02 116. 75
Machinery..
do
121. 69
127.15 127.16 123.38 127. 74
Electrical equipment and supplies
do
101. 66
105.78 105. 22 102. 91 105. 37
Transportation equipment.
do
130. 09
137.71 138.13 134. 09 137. 81
Instruments and related products
_ do. _ _. 103.63
108.05 107.12 104.38 107. 90
Miscellaneous mfg. industries
____do
82.37
84.99
84.99
84.56
83.10
' Revised.
*> Preliminary.
« Average for 11 months.
1
Includes Post Office employees hired for the Christmas season; there were about 140,000
such employees in the United States in Dec. 1965.
© Effective Jan. 1965, data reflect change in definition of class I railroads (to $5 million or
40.2
39.9
3.1
41.2
37.8
41.9
36.6
43.3
38.5
42.0
42.4
41.6
42.1
38.4
40.2.
40.0
3.1
41.9
37.6
41.3
36.5
43.1
38.4
41.6
42.8
41.8
41.7
38.6
40.3
40.0
3.2
41.5
37.9
41.9
36.9
43.3
38.7
41.7
42.7
41.7
42.1
38.4
40.2
40.1
40.2
40.1
3.4
40.3
40.3
3.5
41.4
39.4
41.6
36.2
43.3
38.8
42.2
43.5
42.8
42.0
37.8
41.4
39.2
42.1
36.3
43.7
38.6
41.8
42.5
41.9
42.3
37.8
41.3
37.9
42.3
36.4
43.5
38.5.
42.0
42.3
42.0
42.4
38.2
40.4
40.2
3.4
41.4
39.0
42.3
36.2
43.8
39.1
42.1
41.7
41.7
42.8
39.2
40.2
3.1
40.7
38.1
41.8
35.7
42.8
38.1
41.7
41.8
41.8
42.1
38.8
'40.2
'40.6
3.3
40.8
'39.6
42.3
36.6
43.1
38.5
41.9
' 41. 7
41.6
42.0
39.2
40.2
40.4
3.3
'40.5
'38.2
42.3
36.9
'43.3
38.8
'42.0
' 41,9
'41.9
r41.9
'38.5
42.6
41.7
41.0
41.9
38.0
36.3
41.7
37.4
42.4
41.9
38.6
36.9
42.8
37.8
43.2
41.6
40.8
42.9
38.9
37.1
43.4
38.0
42.4
41.9
39.1
42.2
37.1
35.6
40.3
36.5
42.8
41.5
41.4
42.0
38.3
36.6
42.7
37.5
41.8
41.2
37.4
42.4
36.4
35.1
39.6
35.9
42.8
41.8
41.2
42.9
37.1
36.4
38.9
37.0
42.2
42.1
40.7
42.7
36.5
35.6
39.3
36.2
42.1
'41.7
' 40.7
'42.3
'36.3
35.5
38.1
'36.3
42.5
41.4
41.1
42.7
37.7
36.8
41.1
37.1
42.6
42.9
39.9
41.1
37.9
40.9
36.9
42.4
42.9
40.6
41.3
38.4
41.0
37.5
42.7
43.2
40.4
41.2
38.3
41.0
37.4
42.3
43.2
41.3
41.7
37.5
40.8
36.5
42.5
43.1
40.9
41.7
37.4
40.9
36.2
42.1
42.4
42.0
41.8
37.1
40.8
35.9
42.2
42. 7
40.5
41.5
37.7
41.2
36.7
41.7
41.6
39.9
41.6
37.1
40.8
35.9
' 41.8
42.3
'40.6
'41.6
37.0
40.7
35.8
42.0
42.0
40.5
41.1
37.0
'40.7
35.8
37.7
39.2
38.9
39.0
38.9
38.6
37.7
38.6
37.9
38.8
37.4
38.2
37.4
38.5
37.4
38.1
'37.2
'38.1
37.2
38.1
42.5
4.0
4.2
3.4
M0.4
107. 79 107. 01 106.45 107.83 108.62 109.71 110. 92 110.00 110. 27 110.95
117. 74 116. 06 115. 51 117.18 118.72 119.43 120.98 119.99 120.41 120.69
129. 58 131. 66 131.15 131.15 133.56 133.56 136. 85 135.36 132.93 131.99
88.94
91.08
88.75 ' 88.48 ' 90.20
89.40
88.73
90.61
91.49
89.76
89.24
86. 51
89.04
90.73
90.30
86.94
92.02 88.15 '88.58 '89.64
110.40 110.83 111. 78 112.10 112.94 112.94 112. 25 110.66 110.54 113.25
135.89 135.68 132. 51 133.44 130. 06 129.83 132. 48 135.34 136.08 137.25
117. 02 114. 68 115. 08 116.48 118.30 118. 72 119. 71 118. 02 119.00 119.85
128. 03 125.83 124. 95 127.12 129.47 130.20 133. 48 132. 41 133.76 134 51
106.04 103.97 104. 60 106. 08 107.12 108.32 110. 04 108.21 108.47 107.79
137.49 133.46 130.82 135. 01 141.48 144.87 145. 53 142.46 141.14 140.38
108. 99 107. ,53 108. 05 108.58 109.78 110.88 111. 30 111. 72 112,25 112.67
84.96
83. 71
87.48 87.12 r-88.44 ' 89.06
84.80
85.20
86.46
86.46
more annual railway operating revenues). The index (back to 1963) has been adjusted for
comparability, whereas the number of employees has not.
! See corresponding note, bottom p. S-13.
9 Includes data for industries not shown
separately.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
| 1965
Annual
S-15
1966
1965
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.*
EMPLOYMENT AND POPULATION—Continued
HOURS AND EARNINGS—Continued
Average weekly gross earnings per production
worker on payrolls of nonagric. estab.f—Con.
All manufacturing establishments —
f C ontinued
Nondurable goods industries
__dollars__
Food and kindred products. _
___do
Tobacco manufactures.
do
Textile mill products
do
Apparel and related products „._
do
Paper and allied products
do
Printing, publishing, and allied ind
do
Chemicals and allied products
do_._Petroleum refining and related ind
do
Rubber and misc. plastics products
do-__.
Leather and leather products...
____do
Nonmanufacturing establishments:!
Mining?
~,
do
Metal mining
do
Coalmining
____do
Crude petroleum and natural gas-_-.-_-do
Contract construction
._do_--_
General building contractors
do
Heavy construction
do
Special trade contractors
do
Transportation and public utilities:
Local and suburban transportation
do
Motor freighttransportationandstorage.do
Telephone communication
do
Electric, gas, and sanitary services_.---do-__Wholesale and retail trade
do
Wholesale trade
do__-_
Retail trade
—do
Finance, insurance, and real estate:
Banking
___.do
Insurance carriers
do
Services and miscellaneous:
Hotels, tourist courts, and motels
do__._
Laundries, cleaning and^dyeing plants, - d o . . . .
Average hourly gross earnings per production
worker on payrolls of nonagric. estab.rf
All manufacturing establishmentst
dollars. .
Excluding overtimed1
do
Durable goods industries 1
-do
Excluding overtimed
____do—.
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
__
do—
Blast furnaces, steel and rolling mills, .do
Fabricated metal products
.do
Machinery
.....
do—._
Electrical equipment and supplies
do
Transportation equipment 9 —
do___.
Motor vehicles and equipment
do-___
Aircraft and parts
_
do
Instruments and related products
do____
Miscellaneous mfg, industries....__
do
Nondurable goods industries
_do____
1
Excluding overtimed
do
Food and kindred products
_ __ do
Tobacco manufactures..
__do_—_
Textile mill products
__do____
Apparel and related products
do—_
Paper and allied products.
>__do— _
Printing, publishing, and allied ind
do
Chemicals and allied products.--.—-—do
Petroleum refining and related ind
do
Petroleum refining
do
Rubber and misc. plastics products
do
Leather and leather products.--—_-___ do
Nonmanufacturing establishments: t
Mining 9
__do
Metal mining
do
Coal mining
_do
Crude petroleum and natural gas
__do
Contract construction._______
do
General building contractors
do
Heavy construction
.
_____do
Special trade contractors
do
Transportation and public utilities:
Local and suburban transportation
do
Motorfreighttransportationandstorage.do_ _•_ _
Telephone communication. _ _ _ _
_ _ do
Electric, gas, and sanitary services.
do
Wholesale and retail t r a d e - . - - - - ___do__._
Wholesale t r a d e . . .
do....
Retail trade
_______do-_-_
Services and miscellaneous:
Hotels, tourist courts, and motels
_do
Laundries, cleaning anddyeingplants-._do___a
' Revised.
*> Preliminary.
Average for 11
t See corresponding note, bottom p . S-13.
90.91
97.17
76.05
73.39
64.26
109.57
114.35
116.48
133.66
104.90
68.98
94.64
9.9.87
79. 59
77. 98
66.61
114.22
118.12
121. 09
138.42
109. 62
71. 82
93.20
98.42
79.24
76.91
67.34
111.97
117.26
118.71
134.05
108.36
71.43
92.20
98.74
77.96
75.03
63.72
109.72
115.67
120.84
139.07
104.45
69.56
94.00
1Q0.45
81.10
76.54
65.52
112.66
117.04
120.69
137.80
107.59
71.44
94.47
100.53
83.16
77.52
66.61
114.31
117.43
120.96
137.38
109.46
72.19
94.87
100.98
82.72
77.64
66.43
114.65
117.12
120.22
139.10
109.25
71.80
95.11
99.19
78.07
79.19
67.53
115.18
118.81
121.35
138.35
109.88
72.19
95.68
100.19
78.41
78.62
67.33
116.48
120.28
123.65
142.68
110.46
71.82
95.68
100.19
77.62
79.99
67.52
117.12
119.66
122.06
141.10
112.10
71.82
96.32
100.77
80.35
80.79
67.70
116.58
118.97
123.06
142.97
111.94
72.58
96.96
101.84
83.07
80.79
67.33
117.82
121.60
123.35
140.53
113.42
74.87
95.52
100.94
82.30
79.84
66.05
115,13
117.73
122.18
140.87
111. 14
74.11
'96.48
101.59
••88.31
•81.22
68.81
'115.94
119.74
'123.19
'140.95
110.88
'75.26
96.88
'101.66
' 84.42
81.22
'69.37
'117.34
121.06
'122.64
'141.62
'110.62
'74.31
96.96
101.81
84.98
80.29
67.33
117.07
120.05
123.77
145.27
111.72
72.94
117.74
122.54
126. 82
113.05
132.06
122.79
131.78
138.35
123. 52
127.71
137.38
115.90
138.01
128.16
137. 50
144.65
120.10
123.90
134.41
114.36
133.96
126.02
127.01
141.23
120.51
125.33
134.11
114.66
132.49
124.24
126.72
139.76
123.97
127.68
138.40
117.15
140.16
129.54
139.86
147.04
123.97
126.77
142.27
113.97
139.08
127.78
140.53
145.86
122.96
128.21
134.46
116.03
140.50
129.15
143.38
147.04
126.14
127.71
141.98
117.12
143.15
131.33
148.43
148.96
124.66
131.57
135.29
116.47
138.75
128.52
138.63
145.27
126.26
130.31
143.24
115.92
144.01
132.49
149.45
150.00
123.73
128.96
129.78
117.87
136.14
126.71
135.83
142.52
127.12
131.67
142.96
119.69
139.50
132.13
131.87
148.00
126.18
132.19
142.04
121.27
137.97
129.23
132.44
145.89
126.30
'130.94
'142.45
'120.13
'138.30
'129.93
'130.68
'146.65
127.08
129.17
143.85
120.84
142.88
134.32
139.33
149.51
122.06
104.16
124.02
105.32
125. 25
74.28
102.56
64.75
107.78
130.48
109.08
131.24
76.53
106.49
66.61
104.74
128.41
106.27
128.64
75.38
105.01
65.34
106.50
126.46
106.66
130.00
75.58
105.15
66.06
109.06
129.55
107.87
131.14
76.33
106.75
66.43
109.06
131.27
107.33
129.47
76.56
105.93
67.16
108.97
131.27
108.40
130.51
77.95
106.60
68.25
110.17
132.62
108.27
130.60
77.75
106.60
68.07
109.56
133.92
112.75
133.86
77.25
106.90
67.53
110.08
133.18
111.66
134.69
77.42
107.57
67.33
109.04
131.44
115.50
135.43
76.80
108.12
67.13
108.88
132.37
112.59
134.05
77.29
109.59
67.90
108.00
128.54
110.12
135.20
77.54
108.94
67.49
'109.10
132.40
'112.87
'135.62
77.70
'109.08
67.30
109.20
131.88
112.19
133.58
77.70
109.08
67.66
76.67
92.01
79.24
95.12
78.70
93.74
79.24
94.49
78.86
94.86
78.44
94.74
79.24
95.74
79.24
95.86
79.18
95.86
80.35
95.86
80.35
96.49
80.35
96.87
82.28 '81.47
97.73 '98.74
81.84
98.36
49.54
55.73
51.17
58.98
50.54
56.98
49.90
59.10
51.65
60.19
50.90
59.58
52.13
59.28
51.74
58.67
51.65
59.06
62.30
60.14
51.99
58.83
52.36
59.68
51.99 '52.08
59.44 '59.06
51.71
59.82
2.53
2.44
2.71
2.60
3.02
2.11
2.05
2.53
3.11
3.41
2.67
2.87
2.51
3.09
3.21
3.02
2.54
2.08
2.29
2.21
2.37
1.96
1.79
1.79
2.56
2.97
2.80
3.19
3.37
2.54
1.82
2.61
2.50
2.79
2.67
3.12
2:17
2112
2.62
3.18
3.46
2.76
2.95
2.58
3.21
3.34
3.14
2.61
2.13
2.36
2.27
2.43
2.10
1.87
1.83
2.65
3.06
2. 89
3.28
3.47
2.61
1.88
2.59
2.49
2.78
2.66
3.10
2.12
2.09
2.57
3.17
3.45
2.73
2.93
2.56
3.19
3.33
3.10
2.60
2.13
2.33
2.25
2.43
2.13
1.84
1.82
2.61
3.03
2.84
3.23
3.41
2.58
1.87
2.60
2.50
2.78
2.67
3.08
2.13
2.09
2.59
3.20
3.48
2.73
2.91
2.56
3.17
3.31
3.09
2.59
2.12
2.34
2.26
2.45
2.19
1.83
1.79
2.60
3.02
2.85
3.28
3.46
2.56
1.88
2.61
2.50
2.79
2.66
3.10
2.16
2.10
2.61
3.17
3.43
2.76
2.95
2.57
3.19
3.32
3.12
2.60
2.13
2.35
2.26
2.45
2.18
1.84
1.80
2.62
3.04
2.86
3.25
3.43
2.58
1.88
2.61
2.50
2.79
2.67
3.10
2.18
2.10
2.61
3.19
3.46
2.76
2.95
2.58
3.19
3.32
3.12
2.62
2.14
2.35
2.26
2.44
2.20
1.85
1.82
2.64
3.05
2.88
3.24
3.45
2.60
1.88
2.61
2.50
2.79
2.67
3.12
2.18
2.11
2.62
3.20
3.47
2.75
2.94
2.58
3.17
3.29
3.11
2.61
2.13
2.36
2.27
2.41
2.20
1.88
1.82
2.66
3.05
2.89
3.25
3.45
2.62
1.86
2.59
2.49
2.77
2.65
3.13
2.20
2.12
2.63
3.17
3.43
2.74
2.94
2.57
3.16
3.28
3.13
2.61
2.12
2.36
2.26
2.39
2.06
1.89
1.83
2.66
3.07
2.91
3.24
3.43
2.61
1.88
2.63
2.51
2.81
2.68
3.13
2.21
2.14
2.65
3.20
3.49
2.78
2.97
2.60
3.23
3.36
3.15
2.61
2.13
2.38
2.28
2.42
1.99
1.89
1.86
2.69
3.10
2.93
3.28
3.48
2.63
1.90
2.63
2.52
2.82
2.68
3.15
2.21
2.15
2.67
3.18
3.47
2.79
2.99
2.60
3.26
3.39
3.18
2.62
2.14
2.38
2.28
2.42
1.98
1.90
1.86
2.68
3.10
2.92
3.32
3.52
2.65
1.90
2.65
2.53
2.83
2.69
3.15
2.20
2.15
2.67
3.19
3.47
2.80
3.00
2.61
3.30
3.44
3.21
2.64
2.14
2.39
2.29
2.44
2.12
1.91
1.86
2.68
3.09
2.93
3.38
3.59
2.61
1.90
2.66
2.54
2.84
2.70
3.19
2.17
2.16
2.66
3.20
3.50
2.81
3.02
2.62
3.30
3.43
3.23
2.65
2.16
2.40
2.30
2.46
2.13
1.91
1.86.
2.69
3.11
2.93
3.37
3.57
2.65
1.91
2.67
2.55
2.85
2.72
3.17
2.17
2.15
2.66
3.23
3.53
2.81
3.03
2.62
3.29
3.40
3.25
2.66
2.20
2.40
2.31
2.48
2.16
1.91
1.85
2.69
3.09
2.93
3.37
3.55
2.64
1.91
2.67
2.56
2.86
2.72
3.15
'2.19
2.15
2.67
3.24
3.54
2.82
3.04
2.62
3.29
3.39
3.26
2.66
'2.20
'2.40
2.31
2.49
2.23
1.92
1.88
'2.69
3.11
' 2.94
' 1 18
' 3.56
2.64
' 1.92
2.68
2.56
'2.86
2.73
3.15
'2.20
2.16
2.69
3.26
3.56
'2.84
3.05
'2.61
'3.28
3.37
'3.26
2.67
' 2.21
2.41
2.31
2.51
'2.21
1.92
' 1.88
2.71
3.12
2.92
'3.38
'3.57
2.64
1.93
2.69
2.57
2.87
2.73
3.16
2.23
2.17
2.72
3.26
2.81
2.96
a 3. 26
2.66
3.55
3.43
3.23
3.78
2.92
3.07
°3.45
2.74
3.69
3.55
3.37
3.92
2.88
3.00
3.42
2.71
3.65
3.52
3.24
3.88
2.89
3.02
3.43
2.73
3.61
3.49
3.20
3.85
2.91
3.04
3.46
2.75
3.65
3.52
3.33
3.89
2.91
3.04
3.47
2.72
3.66
3.52
3.37
3.90
2.90
3.06
2.94
3.14
3.46
2.76
3.74
3.61
3.44
3.98
2.95
3.14
3.46
2.76
3.76
3.62
3.50
4.00
2.96
3.13
3.47
2.78
3.74
3.61
3.43
3.97
2.97
3.15
3.47
2.79
3.76
3.63
3.39
4.00
2.99
3.14
3.49
2.84
3.78
3.63
3.37
4.03
3.00
'3.14
' 3.50
2.84
3.81
'3.66
'3.43
4.04
' 2.99
3.12
3.50
2.83
'3.79
3.65
3.39
4.03
2.92
2.73
3.64
3.50
3.35
3.89
2.92
3.07
3.48
2.73
3.68
3.54
3.42
3.92
2.48
2.96
2.62
3.04
1.96
2.52
1.75
2.56
3.07
2.70
3.17
2.03
2.61
1.82
2.53
3.05
2.67
3.13
2.01
2.58
1.79
2.56
3.04
2.68
3.14
2.01
2.59
1.80
2.56
3.07
2.69
3.16
2.03
2.61
1.82
2.56
3.06
2.69
3.15
2.02
2.59
1.82
2.57
3.06
2.67
3.16
2.03
2.60
1.82
2.58
3.07
2.68
3.17
2.03
2.60
1.82
2.59
3.10
2.73
3.21
2.06
2.62
1.85
2.59
3.09
2.73
3.23
2.07
2.63
1.86
2.59
3.10
2.75
3.24
2.07
2.65
1.87
2.58
3.10
2.78
3.23
2.05
2.66
1.85
2.59
3.09
2.76
3.25
2.09
2.67
1.88
1.29
1.44
1.35
1.52
1.33
1.48
1.32
1.50
1.37
1.52
months.
140.60
77.86
110.30
67.47
2. 84
3. 05
2. 63
3. 28
3.27
2.67
2.22
2.43
2.33
2.52
2.26
1.93
1.86
2.71
3.11
2.94
3.41
3.61
2.66
1.94
3.80
2.60
2.61
3.14
3.13
2.77
2.78
3.25
'3.26
2.11
2.10 '2.10
2.71
2.68
* 2.68
1.89
1.89
1.88
1.39
1.40
1.39
1.39
1.33
1.40
1.38
1.34
1.37
1.35
1.52
1.52
1.52
1.53
1.55
1.54
1.55
1.56
1.55
1.57
cfDerived by assuming that overtime hours are paid at the rate of time and one-half.
9 Includes data for industries not shown separately.
UUKJ iJtiJN'l 1 &VlSJLNJfi
SUJX VEX
&-16
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
Annual
May 1966
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
3.486
5.041
3.495
5.055
3.496
5.064
1.24
3.520
5.087
3.520
5.097
3.533
5.108
1.28
EMPLOYMENT AND POPULATION—Continued
HOURS AND EARNINGS—Continued
Miscellaneous wages:
Construction wages, 20 cities (ENR): §
Common labor__
$perhr_.
Skilled labor
_do___.
Farm, without board or rm., 1st of mo
do_._.
Railroad wages (average, class I)
do.._.
LABOR CONDITIONS
Help-wanted advertising, seas, adj—1957-59=100..
Labor turnover in manufacturing estab.: f
Accession rate, total—mo. rate per 100 employees..
Seasonally adjusted
do—
New hires
do
Separation rate, total...
do—
Seasonally adjusted.—
do_._.
Quit....
do_._.
Layoff
do—
Seasonally adjusted
do—
Industrial disputes (strikes and lockouts) :
Beginning in period:
Work stoppages...
number..
Workers involved
thous..
In effect during month:
Work stoppages
_
number..
Workers involved
thous..
Man-days idle during period.._
do—
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
_
thous..
Unemployment insurance programs:
Insured unemployment, all programs©
do
State programs:
Initial claims
do
Insured unemployment, weekly avg__.do
Percent of covered employment: cf
Unadjusted
Seasonally adjusted
Beneficiaries, weekly average
thous..
Benefits paid.,
mil. $_.
Federal employees, insured unemployment,
weekly average
thous..
Veterans' program (UCX):
Initial claims
----do
Insured unemployment, weekly avg-.-do
Beneficiaries, weekly average
do
Benefits paid
mil. $__
Railroad program:
Applications.. _
thous..
Insured unemployment, weekly avg. _ -do
Benefits paid
mil. $__
3.242
4.733
1.08
2.850
3.415
4.951
1.14
123
3.339
4.852
3.342
4.856
1.18
2.970
3.355
4.886
3.414
4.969
3.014
2.994
3.453
4.992
1.17
3.000
3.482
5.002
3.486
5.029
2.994
3.009
3.486
5.056
1.09
3.014
3.017
155
148
143
145
146
145
152
160
168
181
186
184
191
201
4.0
4.3
~2.T
3.8
3.9
2.6
3.7
4.0
1.7
1.3
1.5
4.1
4.1
3.0
3.6
3.9
1.7
1.1
1.4
5.6
4.5
4.3
3.6
4.0
1.7
1.1
1.4
4.5
4.1
3.2
4.3
4.0
1.8
1.8
1.6
5.4
4.2
3.9
5.1
4.7
2.6
1.6
1.7
5.5
4.5
4.0
5.7
4.4
3.5
1.3
1.3
4.5
4.5
3.5
4.4
4.1
2.2
1.4
1.3
3.9
5.0
2.9
3.9
3.9
1.7
1.5
1.3
3.1
4.9
2.2
4.0
4.1
1.4
1.8
1.3
4.6
4.9
3.2
4.0
4.0
1.9
1.3
1.1
'4.2
'4.8
'3.1
3.6
4.3
1.8
1.0
1.1
*4.8
*5.1
*3.6
1.5
1.7
3.1
4.0
1.9
1.4
4.0
4.3
2.8
3.4
3.8
1.5
1.2
1.4
3,655
1,640
1,480
350
191
340
128
420
111
450
262
138
380
92
280
131
320
96
270
130
125
25
205
101
240
107
310
198
23,100
500
234
1,760
500
175
1,630
580
174
1,770
670
332
2,520
620
303
3,630
630
222
2,290
515
224
1,950
560
200
1,840
510
185
22,900
335
76
912
335
127
1,000
380
142
865
450
236
1,350
6,281
6,473
491
555
573
610
554
644
611
531
462
1,725
1,419
1,837
1,570
1,259
1,131
1,210
1,178
982
1,104
13,938
1,605
12,047
1,328
1,009
1,718
956
1,470
763
1,179
870
1,059
1,078
1,139
976
1,120
760
981
791
933
1,004
1,042
P4.0
P4.5
P2.3
v.9
pl.0
452
460
547
1,736
1,678
1,381
1,285
1,308
1,644
985
1,590
769
1,301
3.7
2.7
1,330
212.7
3.6
2.6
1,413
217.2
2.9
2.3
1,272
225.5
3.8
3.0
1,373
2,522
1,131
2,166
4.0
3.2
1,631
273.4
3.4
3.2
1,373
224.9
2.7
3.0
1,060
165.7
2.4
3.0
941
156.3
2.6
3.0
932
149. 5
2.5
3.1
901
148.0
2.2
2.9
834
138.6
2.0
2.7
745
117.8
2.3
2.7
794
132.2
3.0
2.7
990
172.1
30
25
31
27
22
20
22
21
19
20
21
23
29
29
26
18
25
21
3.7
29
24
4.3
20
32
30
4.8
18
31
30
4.6
17
27
26
4.6
4
28
4.1
26
335
51
48
90.2
266
36
34
67.5
26
49
48
8.0
21
41
41
6.8
17
33
34
5.3
22
30
30
5.2
26
33
27
4.5
25
33
31
5.2
19
28
27
4.6
16
24
23
3.7
155
38
78.4
138
30
60.5
8.0
5
33
6.2
5
26
4.3
19
21
3.8
24
3.5
10
22
3.8
11
24
3.7
7
22
3.6
25
3.8
14
28
4.6
11
31
5.1
3,337
10,439
2,046
3,299
10,358
2,117
8,241
3,314
9,692
2,194
7,498
3,310
10,554
2,250
8,304
3,245
10,406
2,205
8,201
3,392
9,017
1,903
7,114
3,332
9,910
1,834
8,076
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $_.
Commercial and finance co. paper, total
do
Placed through dealers
_
do
Placed directly (finance paper)
do
8,361
2,223
6,138
3,392
9,017
1,903
7,114
3,325
9,077
2,070
7,007
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
—.mil. $_.
Farm mortgage loans:
Federal land b a n k s . .
_
do....
Loans to cooperatives
__do____
Other loans and discounts
do
7,104
8,080
7,472
3,718
958
2,428
4,281
1,055
2,745
3,889
1,007
2,576
5,135.9
2,138. 5
2,997.4
1,140.9
1,856.5
4,995.6
2,071.8
2,923.8
1,115.4
1,808.4
5,113.3
2,151.3
2,962.0
1,131.7
1,830.3
65,371
60,573
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (225 S M S A ' s ) 0 . _ bil. $. 4,621. 4
New York SMSA
_
d o . . . . 1,925.3
Total 224 SMSA's (except N.Y.)
do...
6 other leading SMSA'sf.
_do_— 1,030.8
218 other SMSA's..
do___ 1,665.3
Federal Reserve banks, condition, end of period:
Assets, total?
mil. $_.
Reserve bank credit outstanding, total 9 —do
Discounts and advances
do
U.S. Government securities
do___.
Gold certificate reserves
do
62,867
3,384
9,533
2,047
7,486
3,313
10,656 11,014
2,066
1,828
8,828 8,948
3,467
9,934
1,976
7,958
3,355
9,370
1,965
7,405
7,607
7,729
7,873
7,988
8,040
8,013
8,007
8,022
8,080
8,206
8,367
8,570
3,950
978
2,679
4,011
940
2,778
4,058
931
2,884
4,097
935
2,956
4,135
944
2,962
4,171
940
2,902
4,204
1,009
2,794
4,245
1,082
2,696
4,281
1,055
2,745
4,328
1,113
2,766
4,385
1,145
2,837
4,477
1,137
2,956
4,825.6
1,954.1
2,871.5
1,082.7
1,788.8
5,327.8
2,308.4
3,019.4
1,146.8
1,872.6
5,302.6
2,281.6
3,021.0
1,149.5
1,871.5
5,146.8
2,128.0
3,018.8
1,141.0
1,877.8
5,126.9
2,104.3
3,022.6
1,142.9
1,879.7
5,129.9
2,061.0
3,068.9
1,165.4
1,903.5
5,408.3
2,229.4
3,178.9
1,215.0
1,963.9
5,523.1
2,273.5
3,249.6
1,234.5
2,015.1
5,509.6
2,311.5
3,198.1
1,218.4
1,979.7
5,605.6
2,341.7
3,263.9
1,251.2
2,012.7
61,475
62,632
61,914
61,429
63,384
63,504
64,050
65,371
64,246
63,794
64,124
65,452
40,619 41,704 41,905
174
510
237
39,049 39,774 39,657
13,596 13,587 13,582
42,789
365
40,575
13,512
43,340 43,085
239
137
40,768 40,565
13,436 13,436
42,717
315
40,189
13,432
42,840
327
40,734
13,204
43,285
452
40,713
13,190
65,371
5,811.7
2,414. 6
3,397.1
1,336.6
2,060.5
39,930
186
37,044
15,075
43,340 38,972
137
124
40,768 37,591
13,436 14,293
40,071
568
37,754
14,144
41,169
545
38,686
14,023
41,159 41,166
536
657
39,100 39,207
13,670 13,591
do....
62,867
65,371
61,688
61,475
62,632
63,504
64,050
63,794
64,124
65,452
do....
do
—do
19,456
18,086
35,343
19.. 620 18,502 19,557 19,625 19,278 19,304 18,645 19,591
18,447 17,277 18,259 18,006 18,229 18,008 17,191 18,149
37,950 34,629 34,662 34,974 35,444 35,796 36,021 36,319
19,612
18,204
19,163 19,620 20,098 19,205
18,050 18,447 18,751 18,014
37,408 37,950 37,337 37,322
19,233
18,000
19,841
18,736
37,536
Ratio of gold certificate reserves to F R note
liabilities
percent..
42.7
37.4
37.1
35.3
35.1
Liabilities, total?
_
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
r
35.4
60,573
41.3
40.8
Revised.
* Preliminary.
§ Wages of M a y 1,1966: Common labor, $3,567; skilled labor, $5,141.
t See corresponding note, bottom of p. S-13.
© Excludes persons under extended duration provisions.
<? Insured unemployment as % of average covered employment in a 12-month period.
40.1
38.6
61,914
38.0
61,429
37.7
36.1
35.4
64,246
36.0
36.0
0 Total SMSA's include some cities and counties not designated as SMSA's.
1 Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
a n d descriptive notes are shown in t h e 1965
edition of B U S I N E S S S T A T I S T I C S
1964
1966
1965
1965
End of year
S-17
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
21,958
21,589
369
452
-83
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
BANKING—Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
__mil. $.. 1 21,609 i 22,719
1
Required
do
21,198 i 22, 267
Excess..
___do___.
Mil
1452
Borrowings from Federal Reserve banks. __do
1243
1454
Free reserves
___-do
1168
1-2
Weekly reporting memher hanks of Fed. Res. System, condition. Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjustedd"
mil. $.. 68,045
69,723
102,574 103,507
Demand, total 9-do
73,654
Individuals, partnerships, and corp
do
75,269
State and local Governments
_do
5,239
5,355
U.S. Government
do
4,563
Domestic commercial banks
do
12,539
12,429
Time, total 9
do_.
78,260
Individuals, partnerships, and corp.:
Savings..
.
do_.
40,698 45,362
16,407
21,258
Other time
do..
Loans (adjusted), totaled
do
102,227 117,165
Commercial and industrial
.do
42,119
50,629
For purchasing or carrying securities.____do
6,677
6,420
To nonbank financial institutions
do
9,032 10,919
Real estate loans
do
20,008
22, 540
Other loans
do.- — 29,156 32,068
Investments, total
do_.
48,783
48,299
U.S. Government securities, total
do..
27, 679
24,252
Notes and bonds
do..
21,979
19,502
Other securities
do..
21,104
24,047
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 *all dates), seas, adjusted:
Total loans and investments©
_
_bil. $..
267.2
294.0
LoansO
____do
167.1
191.8
U.S. Government securities
do
61.4
57.6
Other securities..
_
do
38.7
44.6
Money and interest rates: §
Bank rates on short-term business loans:
In 19 cities
percent
New York City
_do___.
7 other northern and eastern cities
do
11 southern and western cities...
do
Discount rate (N.Y.F.R. Bank), end of year or
month.
percent..
Federal intermediate credit bank loans
do
Federal land bank loans
...do
Home mortgage rates (conventional 1st mort-
21, 246 21,511
20,905 21,145
341
366
416
471
—75
-105
21,472
21,147
325
505
-180
21,709
21,363
346
528
-182
21,863
21,513
350
524
-174
21,617
21,187
430
564
-134
21,740
21,356
384
528
-144
22,719
22,267
452
454
-2
22,750
22,392
358
402
-44
22,233 22,160
21,862 21,855
371
'305
551
478
-107 '-246
63,407 64,741
99,182 96,130
67,645 68,571
5,570 5,269
5,990 5,266
12,634 10,965
71,137 72,082
62,606 63,809
97,840 103,553
67,521 69,651
5,545
5,410
6,384
12,046 12,404
72,994 73,817
64,171
94,572
63,505
96,101
68,189
5,105
3,914
12,566
75,896
1,175 69,723
64,133 65,012
97,048 100,028 101,204 103,507
68,280 71,348 72,127 75,269
5,572
4,940
5,429
5,355
2,442 3,789 3,866
5,591
12,075 13,692 12,977 12,429
76,276 77,170 77,662 78,260
68,220
99,647
72,415
5,532
3,153
11,982
65,231
99,182
71,371
5,531
3,147
12,619
79,600
42,323 42,148
18,457 19,052
104,816 105,234
44,620 44,597
6,449 6,572
8,703
20,327 20,559
29,977
28,906
47,147 47,438
24,962 24, 510
21,156 20,841
22,185 22,928
275.5
175.8
40.1
277.3
177.1
59.1
41.1
4,900
5,022
10,861
74,764
42,540 43,128 43,433 43,827
19,679 20,130 20,542 20,990
107,450 110,925 108,548 111, 071
45,270 46,847 46,282 46,987
5,712 6,224
6,803 7,418
9,290 9,830 9,484 10,289
20,842 21,149 21,367 21,739
30,474 29,326 30,224 30,113
46,708 47,515 47,244 47,086
24,026 24,254 23,667 22,992
20,823 20,619 20,677 20,322
22,682 23,261 23,577 24,094
44,319
21,003
111, 755
48,117
5,453
10,154
22,012
30,553
47,023
22,830
20,202
24,193
286.1
185.8
57.0
43.3
286.2
186.2
56.5
43.5
279.4
179.5
58.6
41.3
282.8
183.0
57.7
42.1
281.5
182.7
56.4
42.4
21,958
21,614
344
490
-146
44,805 45,094 45,362 45,015 45,064
21,342 21,511 21,258 22,259 22,961
112,727 114,741 117,165 116,025 116,939
48,778 49,167 50,629 50,462 51,315
5,587 6,482 6,420 6,429 ' 6,249
10,058 10,319 10,919 10,349 10,419
22,231 22,425 22,540 22,638 22,730
30,585 31,245 32,068 31,444 31,124
47,769 47,790 48,299 47,557 46,220
23,991 24,119 24,252 23,942 22,418
19,948 19,550 19,502 18,957 18,296
23,778 23,671 24,047 23,615 23,802
288.9
188.0
57.0
43.9
291.5
189.8
57.6
44.1
5.00
4.76
5.03
5.31
294.0
191.8
57.6
44.6
45, 111
24,160
118,410
52,640
6,035
10,618
22,867
32,019
45,252
21,474
17,945
23,778
43,377
26.040
119,494
52,494
6,666
10,789
23.041
31,757
299.9
199.3
55.6
45.0
302.7
201.0
55.9
45.8
46,371
21,849
18,064
24, 522
5.55
5.41
5.58
5.70
5.27
5.08
5.32
5.46
2 5.06
2 4.83
2 5.09
2 5.34
4.97
4.74
5.00
5.27
4.00
2 4.70
2 5.45
4.50
2 4.94
2 5.43
4.00
4.82
5.43
4.00
4.88
5.43
4.00
4.93
5.43
4.00
4.99
5.43
4.00
4.98
5.43
4.00
4.98
5.43
4.00
5.02
6.43
4.00
5.01
5.43
4.00
5.02
5.43
4.50
5.02
5.43
4.50
5.21
5.43
4.5(T
5.34
5.43
4.50
5.32
5.48
« 5.78
3 5.93
2 5.76
2 5.89
5.72
5.91
5.74
5.89
5.77
5.88
5.76
5.86
5.77
5.86
5.76
5.86
5.75
5.89
5.75
5.87
5.80
5.91
5.78
5.91
5.81
5.97
5.85
5.97
5.90
6.01
3 3.77
3 3.97
4.15
4.38
4.25
4.50
4.19
4.38
4.25
4.55
4.25
4.38
4.25
4.75
4.25
4.38
4.25
4.75
4.22
4.38
4.25
4.75
4.14
4.38
4.25
4.75
4.25
4.38
4.25
4.75
4.25
4.38
4.32
4.75
4.25
4.38
4.38
4.75
4.55
4.65
4.60
4.97
4.75
4.82
4.82
5.07
4.86
4.88
4.88
5.25
4.96
5.21
5.02
5.41
5.00
5.38
5.25
5.50
4.596
4.89
4.670
5.02
4.626
4.94
4.611
4.86
30,442 30,574
303
299
30,797
292
277
4.99
4.74
5.01
5.31
3 4.50
3 4.22
3 4.38
3 4.27
34.69
8 3. 549
3 4.06
3 3.954
3 4.22
3.942
4.12
3.932
4.12
3.895
4.11
3.810
4.09
3.831
4.10
3.836
4.19
3.912
4.24
4.032
4.33
4.082
4.46
4.362
4.77
Savings deposits, balance to credit of depositors:
N.Y. State savings banks, end of period
mil. $__
U.S. postal savings ^
do
28,260
390
30,312 28,955
309
28,883
356
28,995
350
29,272
342
29,380
29,498
332
29,785
327
29,845
321
30,001
317
30,312
314
•81,717
63,850
•27,280
15,648
' 3, 576
17,346
82, 539
64,704
•27,779
•15,818
' 3,604
17,503
85, 291
67,168
28,612
16,797
' 3,689
18,070
87,884
'68,565
•28,843
•17,693
' 3,675
18,354
CONSUMER CREDIT!
(Short- and Intermediate-term)
Total outstanding, end of year or month
mil. $. • 78,442 ' 87,884 77,796 79,237 80,469
Installment credit, total
do._. 160,548 ' 68,565 60,861 61,886 62,807
Automobile paper
__.do._.
25,195 ' 28,843 25,691 26,235 26, 717
Other consumer goods paper..
____do___
15, 593 ' 17,693 15,180 15,292 15,458
Repair and modernization loans
do...
' 3,675 ' 3,475 ' 3,488 ' 3, 534
' 3, 532
Personal loans
do__.
16, 228 ' 18, 354 16,515 16,871 17,098
By type of holder:
Financial institutions, total
„
do...
53,141 ' 60, 273 •53,910 54,911 55,762
Commercial banks
do___
25,094 ' 29,173 25,610 26,200 26,670
Sales finance companies_.
do. - _ 14, 762 16,138 14,831 14,991 15,158
Credit unions.
_do__.
6,458
7,512
6,569 6,739 6,871
5, 243
Consumer finance companies
do .
5,078
5,202
5,132
5,606
1,820
Other
__.._do
1,749
1,779
1,768
1,844
Retail outlets, total
do.._
8,292
6,951
6,975 7,045
7,407
Department stores._.
___do_._
4,488
3,673 3,701 3,745
3,922
Furniture stores
do_._
1,235
1,076
1,085
1,077
1,152
Automobile dealers
do
447
405
384
395
370
Other...
do...
2,122
1,819
1,809
1,802
1,963
Noninstallment credit, total __.
_ _ _ do.
•17,894 ' 19,319 16,935 17,351 17,662
Single-payment loans, total
...do...
' 6,954
' 7,682 ' 7,156 '7,277 ' 7,400
Commercial banks.
do...
' 5,950
'6,587 ' 6,133 '6,243 ' 6,342
Other financial institutions
do._.
1,004
1,034
1,095
1,023
1,058
' Revised.
2
i Average for Dec.
Average for year.
3 Daily average.
cfFor demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial interbank and U.S. Government, less cash items in process of collection; for
loans, exclusive of loans to domestic commercial banks and after deduction of valuation
reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
297.1
195. 5
56.3
45.3
66,292 67,921
97,162 101,082
70,313 73,303
5,651
5,469
3,223
3,983
11,512 11,807
81,001 81,817
3 4.99
2
4.75
2 5.02
2 5.30
New home purchase (U.S. avg.)__
percentExisting 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, 3-6mo.do
Stosk Exchange call loans, going rate
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues__
.do
214-820 O - 66 - 6
297.0
195.0
57.4
44.6
22, 534
22,166
368
626
-258
'83,319 83,801 84,465
'65,508 65,979 66,511
'28,111 •28,175 28,393
15,996 16,229 16,492
'3,648 '3,664 ' 3, 676
17,753 17,911 17,950
87,027
68,314
28,789
17,566
' 3,634
18,325
4.50
"86, 565 87,059
•68,279 68,827
29,248
17,386 17,450
r 3,603 3,597
18,396 18,532
56,726 •57,537 58,296 58,703 •59,105 •59, 567 •60,273 60, 202 60,331 60,863
27,214 •27,705 28,107 28,343 •28,618 •28,855 •29,173 29,201 29,312 29,684
15,372 15, 565 15,721 15,802 15,876 15,963 16,138 16,106 16,072 16,106
7,512 7,447 7,473 7,593
7,310 7,363
7,436
7,032 7,124 7,235
5,606
5,598 5,621 5,630
5,287 5,334 5,387 5,410 5,422 5,465
1,844
1,850
1,838 1,826
1,848
1,853
1,846
1,850
1,821
1,809
8,292 8,112
7,948 7,964
7,212 7,276 7,406 7,601
7,124 7,167
4,419
3,847 3,910 3,979 4,101 4,488
3,785 3,811
1,235
1,208
1,103
1,117
1,167
1,084 1,090
1,138
459
447
448
451
431
433
443
417
438
425
2,122 2,037
1,831
1,816 1,851
1,890
1,838
1,841
18,232
17,867 '17,835 17,811 •17,822 17,954 18,123 19,319 18,713 '18,286
' 7, 546 '7,539 ' 7, 575 ' 7,600 ' 7,624 ' 7,648 ' 7,682 '7,666 ' 7,731 7,795
' 6,477 '6,476 ' 6,497 ' 6, 520 ' 6, 546 ' 6, 555 ' 6, 587 ' 6, 574 ' 6,630 6,676
1,119
1,101
1,095
1,092
1,093
1,080
1,078
1,063
1,078
1,069
9 Includes data not shown separately.
©Adjusted to exclude interbank loans.
§For bond yields, see p. S-20.
1 Monthly data are as of the following dates: 1965—Mar. 26; Apr. 23; May 21; June 30; July
16; Aug. 13; Sept. 10; Oct. 8; Nov. 5; Dec. 3; 1966—Jan. 28; Feb. 25; Mar. 25.
| Revised monthly data prior to Mar. 1965 appear in the May 1966 Fed. Reserve Bulletin.
Unless otherwise stated, statistics through 1964
and descri tive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
T BlJS1JN E S S
Y Ob
HU
8-18
1965
Annual
May
1966
1965
Apr.
Mar.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Mar.
Dec.
Jan.
Feb.
6,746
968
5,055
723
4,891
6,107
855
4,509
743
4,940
5,505
746
5,050
755
5,044
7,519
2,328
2,657
2,534
6,120
2,097
1,760
2,263
5,586
2,001
1,684
1,901
5,837
2,055
1,811
1,971
5,517
2,084
1,527
1,906
5,552
1,979
1,707
1,866
6,865
2,676
1,890
2,299
6,317
2,322
1,826
2,169
6,544
2,340
1,983
2,221
• 5,947
• 2,115
• 1,778
6,492
2,340
1, 957
•2,195
• 2,135
' 1,781
' 2,038
6,673
2,479
1,959
2,235
6,024
2,216
1,708
2,100
12,400
11,264
1,136
13,804
12,086
1,718
Apr.
FINANCE—Continued
CONSUMER CREDIT §—Continued
Total outstanding, end of year or month—Con.
N oninstallment credit—C ontinued
Charge accounts, total.__
.mil. $_,
Department stores
do
Other retail outlets
do___
Credit cards
do___
Service credit
do___
Installment credit extended and repaid:
Unadjusted:
Extended, total
.
do_.
Automobile paper
do..
Other consumer goods paper
do_.
Allother
_.do_.
Repaid, total
do_.
Automobile paper
do..
Other consumer goods paper
do_.
Allother—do..
Seasonally adjusted:
Extended, total
do..
Automobile paper
do..
Other consumer goods paper
do_.
Allother
do_.
Repaid, total
-~do_.
Automobile paper
do..
Other consumer goods paper
do..
Allother
do..
FEDERAL GOVERNMENT FINANCE
Net cash transactions with the public: d1
Receipts from
mil. $_
Payments to
do___
Excess of receipts, or payments (—)
do___
Seasonally adjusted, quarterly totals: t
Receipts from
__.do_.
Payments to
do_.
Excess of receipts, or payments (—)
do..
Receipts and expenditures (national income and
product accounts basis), qtrly. totals, seas,
adj. at annual rates: *
Receipts
bil. $.
Expenditures
do._.
Surplus, or deficit (—)
do__.
Budget receipts and expenditures:
Receipts, total.
mil. $.
Receipts, netf
do...
Customs
do___
Individual income taxes
do..
Corporation income taxes..
do..
Employment taxes.....
do..
Other internal revenue and receipts
do..
Expenditures, totalf
do
Interest on public debt
--do.
Veterans' benefits and services
_-_.__do.
National defense
do.
All other expenditures
._
do.
Public debt and guaranteed obligations:
Gross debt (direct), end of yr. or mo., totaL.bil. $_.
Interest bearing, total
___do___
Public issues
do___
Held by U.S. Govt. investment accts.do___
Special issues
__do_._
Noninterest bearing and matured
do.
Guaranteed obligations not owned by U.S. Treasury, end of year or month..
bil. $_
U.S. savings bonds:
Amount outstanding, end of yr. or mo__.do._Sales, series E and H
_
do.
Redemptions
_
do.
6,300
1909
4,756
1635
4,640
6,746
1968
5,055
1723
4,891
4,977
601
3,743
633
4,802
5,210
626
3,942
642
4,864
5,453
647
4,142
664
4,809
5,528
627
4,218
683
4,793
5,534
591
4,217
726
4,762
595
4,149
754
4,738
67, 505
24, 435
19, 473
23, 597
61,121
21, 676
17, 737
21, 708
75, 508
27, 914
21, 454
26,140
67, 495
24, 267
19, 355
23, 873
6,253
2,424
1,625
2,204
5,830
2,118
1,662
2,050
6,554
2,537
1,621
2,396
5,531
1.993
1.510
2,028
6,253
2,419
1,684
2,150
5,330
1,937
1,518
1,875
2,646
1,804
2,389
5,796
2, 082
1,614
2,100
6,537
2,524
1,777
2,236
5,682
2,025
1,607
2,050
6.107
2,268
1,702
2,137
5,465
1,970
1,568
1,927
6,245
2,299
1,648
2,298
5,500
1,975
1,497
2,028
6,167
2, 249
1, 731
2,187
5,511
1,987
1,569
1,955
6,196
2,285
1,719
2,192
5,601
2,007
1,590
2,004
2,355
1, 818
2,210
5,659
2,007
1,608
2,044
2,443
1,862
2,184
1
5,855
5, 831
5,729
2,068
2, 056 ' 2, 080 • 2,148 2,107
1,720
• 1,670 • 1,683
1,662
1,638
2,028
• 1, 999 • 2,054 • 2, 055 2, 000
13,065
9,566
10,492 11,857 15,334
10, 476 10, 567 11,571
3,763
16
1,290
4,981
9,696
4,714
11,595
12, 299
-705
29, 724
30,165
441
•32,646
•32,395
251
30,646
'32,104
•-1,458
•30,685
'33,098
-2,413
32,684
36,908
-4,224
123.7
120.1
3.6
124.4
120.6
3.8
122.7
125.6
-2.9
125.3
127.0
-1.8
133.9
133.6
.3
115.031
120,340
-5,308
123,376
127,920
-4,544
114.5
118.3
—3.8
124.1
123.3
.7
117, 222
124,354
96,679
1,646
56,102
27,035
17, 268
22,303
101,378
11,615
5,151
52,773
32,582
1,352
52,334
25,047
17,106
21,382
96, 945
11, 039
5,484
52, 261
29,067
317. 94 i 320. 90
313. 55 i 316. 52
267. 48 1270.26
i 14. 36 i 15. 51
i 46. 08 V46.26
14.39
14.39
1.81
149.89
4.61
5.25
1.46
i 50.46
4.49
5.44
5,496
647
4,078
771
4,726
5,645
682
4,221
742
4,685
6,493
2,401
1,789
2,303
5,688
2,068
1,611
2,009
6,085
2,088
1,849
2,148
6,247
2,318
1,899
2,030
5,714
2,099
1,636
1,979
6, 385
2,372
1,816
2,197
6,434
2,385
1,859
2,190
5,616
2, 024
1,617
1,975
6,425
2,338
1,907
2,180
5, 748 5, 805
4,283
12,599
11,090 10,518
1,509 -6,234
12,640
10,999
159
5,422
4,236
1,120
1,703
9,452
966
474
4,531
3,482
4,327
3,295
153
317. 70 316. 56 319. 22 317. 27 316. 58 318. 24 316. 75
313. 33 312. 21 314.17 313.11 312. 20 313.90 312. 36
267. 67 267. 81 266. 33 264. 46 264. 41 264.12 264. 29
14.59
14. 92
15.40
14.
14.85
14.63
14.70
48.65
49.78
48.07
47.79
45.66
44.40
47.83
4.16
4.35
4.36
4.38
5.05
4.34
4.39
318. 90
14, 517 11,423
11,188 8,549
139
155
6,943
4,135
1,187
6,759
1,311
1,459
1,843
2,009
8,139
961
452
459
4,351
4,497
2,526
2,224
.72
50.06
.41
.49
11, 582 15, 525
7,268 13, 404
145
128
5,324
6,067
6,597
520
1,406
2,861
2,r"
2,007
9,070
8,116
989
955
476
450
4,949
4,317
2,700
2,486
.61
50.08
.39
.49
50.11
.36
.43
5,070
3,807
137
1,661
727
629
1,915
7,240
1,000
210
3,848
2,261
.59
.47
50.15
.36
.46
50.23
.39
.46
10, 586
7,350
145
5,540
482
2,501
1,918
8,990
966
483
4,372
3,261
1,508
625
461
1,580
8,750
962
486
4,477
2,878
314. 56
267. 60
15.18
46.96
4.34
5,740
725
4,291
724
4,735
2,410
2,004
2,194
5,955
2,193
1,700
2,062
6,530
2,480
1,873
2,177
10,728
12,312
-1,584
10,220
8,106
164
5,934
507
1,508
2,107
9,105
963
526
4,518
3,320
• 2,054
10,838
7,091
11,121 11,233
-283 -4,142
10,807
9,553
140
3,705
4,315
803
1,844
9,426
1,005
207
5,091
3,155
7,137 12,432
8,335
6,453
136
129
4,140
682
573
423
3,117
1,756
1,627
8,809
8,156
1,035
976
530
513
4,605 r 4,483
2,712 '2,200
321. 71 320.90 322.00
317 35 316.52 317.60
270.30 270.26 273.24
15.53
15.51
15.65
44.36
47.05
46.26
4.40
4.S
4.36
.50
.52
.49
.46
50.26
.37
.46
50.28
.34
.45
50.36
.3
.41
50.4!
.34
.40
• 5, 954
15,701
11,297
168
4,376
7,244
2,040
1,873
10,193
1,035
'525
5,
' 3, 052
323.31 321.00
318.92 316.58
273.14 270. 62
15.64
15.82
45.78 45.96
4.39
4.42
.46
.42
.43
50.46
.33
.42
50.44
.47
.65
50.45
.35
.46
.46
50.49
.46
.54
319.58
315.22
270. 30
44.92
4.36
.47
50.52
.43
.51
LIFE INSURANCE
I nstitute of Life Insurance:
Assets, total, all U.S. life insurance companies]:
bil. $. i 149. 47
151. 66 152. 27 152. 92 153. 50 154.42 155.19 156.04 156.89 157.64 158. 70 159.63 160.23
70.66
70.50
Bonds (book value), total
do___
70.10
69.84
70.22
i 67.96
68.74
69.16
69.82
68.85
69.12
69.63
7.29
7.29
7.24
Stocks (book value), total
___do___
7.07
6.96
7.13
i 7. 94
6.74
6.80
6.61
6.62
6.6'
6.75
60.88
60.52
60.02
Mortgage loans, totaL.
do___
58.82
58.41
59.28
i 55.15
57.38
58.02
56. 34
56.69
57.00
57.66
55.99
55.68
Nonfarm.
_
do.
55.20
54.10
53.72
54.52
i 50. 85
53.36
51.92
52.21
52.48 52.81
53.04
4.70
4.69
Real estate._
do___
4.
4.68
4.70
4.64
14.53
4.61
4.65
4.68
4.57
4.57
4.58
7.7'
7.72
7.59
Policy loans and premium notes.
__-do.
7.61
7.62
7.46
7.55
7.41
7.51
7.26
7.31
7.36
1.30
1.30
1.25
Cash
_
do.
1.48
1.27
1.36
1.28
1.23
1.31
U.49
1.24
1.20
1.19
7.63
7.60
7.38
7.63
Other assets.
do.
7.34
7.33
15.26
7.00
6.9'
7.09
6.91
7.02
7.00
Payments to policyholders and beneficiaries in
909.8
U.S., total
mil. $_ 10, 757. 8 11,416. 1, 059.2
918.
879.4 1,246. 3 964.3
935.5
954.2
922.
878.5 950.2 911.6
411.8
403.
Death benefits
__
do___ 4, 533. 5 4,831.
480.
388.8
381.9
399.3
388.0
400.4
398.8
374.3
468.3
398.
77.9
Matured endowments
___do___
74.8
75.8
74.6
80.9
67.9
74.6
898."
91.
71.1
85.1
931.
75.2
82.
12.2
Disability payments
do__
15.
13.0
12.
12.5
160. e
15.
14.8
12.3
163.
14.
14.
12.
12.
90.
104.5
Annuity payments
do.__
83.
85.
85.3
961.
89.
84.6
85.5
86.
1,038.
88.5
81.2
83.
157.
162.1
Surrender values..
do.
174.8
148.
148.3
162.
158.
164.5
1,833.
157.1
183.6
1,932.
165.2
162.
186.4
Policy dividends
__„
_
do.
415.7
209.
176.6
203.
215.3
2,370.
198. 5 210.4
2,519. 9 211.2
182. S 169.9
r
*New series; annual data for 1929-64 and quarterly data for 1946-64 are shown in the Aug.
Revised.
» Preliminary.
1
End of year; assets of life insurance companies are annual statement values.
1965 SURVEY.
IData for net receipts and total expenditures reflect exclusion of certain
§ See note "%" on p. S-17,.
cfOther than borrowing.
% Revisions prior to 1965 for cash
interfund transactions.
transactions with the public (seas, adj.) and for Jan. 1964-Feb. 1965 for assets of all life insurance cos. will be shown later.
UUJtiJ
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of B U S I N E S S STATISTICS
S-19
1965
1965
1964
Mar.
Annual
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
LIFE INSURANCE—Continued
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total!
mil. $~ 105,008
Ordinaryf
__do _. 73,130
24,566
Group and wholesale
do
7,312
Industrial
- - do
139,816
80,582
51,876
7,358
9,948
7,332
1,961
655
9,109
6,888
1,595
626
8,928
6,688
1,549
691
9,443
7,011
1,799
633
8,587
6,457
1,535
595
8,796
6,654
1,537
605
9,707
6,700
2,423
584
37,675
6,919
30,131
625
9,969
7,119
2,209
641
11,892
7,423
3,937
532
7,964
6,010
1,389
565
8,333
6,418
1,382
533
11,120
7,797
2 694
629
14,385
10,768
2,225
1,391
15,032
11,250
2,419
1,364
1,308
994
209
105
1,204
914
188
102
1,218
924
188
106
1,223
930
195
98
1,254
954
194
105
1,222
915
204
103
1,191
898
193
100
1,264
962
196
106
1,248
934
211
104
1,532
1,026
278
228
1,251
953
188
110
1,216
914
206
96
1 364
1,046
220
98
Gold and silver:
Gold:
Monetary stock, U.S. (end of period) -—mil. $ - 15,388
256
Net release from earmark§. _ _ _ _ __do_ __
Exports
_ _
thous. $._ 422,744
40,888
Imports
do
13,733
-198
,285,097
101,669
14,563
-247
22,304
2,128
13,934 13,857 13,857 13,858 13,857 13,805
99
142
-157
43
18
81
L26, 407 159,947 108,028 126,324 101,275 101,335
1,562
2,153
17, 794
1,539
1,888
56,027
13,733
-72
67,842
10,102
13,732
-37
10,877
3,037
13,730
-31
0
2,159
13,634
20
13,632
1,395. 0
1, 019. 8
133.4
51.4
1, 069. 6
125.6
86.8
10.8
88.0
11.3
89.2
10.4
90.1
10.7
90.8
10.0
91.0
10.5
89.7
10.2
90.4
10.5
10.4
181.1
10.2
9.8
144,121
thous. $
66,311
__ ___ do
1.293
_dol. per fine oz._
54 061
64, 769
1.293
4,476
2,760
1.293
5,302
4,932
1.293
9,273
4,364
1.293
2,101
3,763
1.293
848
3,917
1. 293
4,199
5,716
1.293
1,534
6,104
1.293
4,046
4,722
1.293
5,072
10, 809
1.293
3,908
7,688
1.293
4,616
6,475
1.293
8,875
6,546
1.293
1.293
1.293
r 29,933
41,716
45,872
31,916
2,379
2,994
4,599
2,632
3,290
3,527
2,884
2,903
3,418
2,549
3,838
3,159
2,507
3,647
3,231
3,043
3, 566
2,957
3,020
3,677
3,871
2,801
2,867
2,308
44 423
2,358
4,180
4,452
4,104
3,625
3,496
38.8
39.2
39.7
39.9
40.2
40.4
40.8
41.8
42.1
41.1
41.3
41.5
Premiums collected: t
Total life insurance premiums
Ordinary
Group and wholesale
Industrial
_ _ do __
_ _ _ do. __
do
do
1
MONETARY STATISTICS
Production world total
South Africa
Canada
United States
Silver:
Exports
Imports
i
Price at New York__
Production:
Canada
Mexico
___ _
United States
mil $
do
- - do
do
thous, finp oz
- do __
do
Currency in circulation (end of period)
14,410 14,290
124
13
58, 637 267,956
1,779
2,465
3
bil. $__
39.6
42.1
38.8
Money supply and related data (avg. of dailyfig.):J
Unadjusted for seas, variation:
Total money supply
- bil. $
Currency outside banks. __
_do __
Demand deposits
do
Time deposits adjusted!
do
U.S. Government demand deposits
_do __
156.3
33. 5
122.8
119.4
5.8
162.6
159.0
34.3
124.6
132.7
6.7
161. 6
34.5
127.1
134.0
5.6
157.6
34.6
123. 0
135.4
9.7
159.6
34.9
124.6
136.6
9.3
160.9
35.4
125.6
138.3
9.1
160.5
35.5
125.0
140.2
7.4
163.2
35.6
127.5
141.4
5.6
165.8
36.0
129.8
143.5
5.0
167.4
36.5
130.9
144.4
4.0
172.0
37.0
135.0
145.3
4.5
173.0
36.5
136 5
147.4
3.7
167.8
36.3
131.5
148.7
5.1
167.8
r
36.5
131.3
150.2
'4.6
171.6
36.8
134.8
152.2
3.0
160.3
34.7
125.6
132.1
161.1
34.7
126.4
133.5
160.0
34.9
125.1
134.6
161.8
35.0
126.8
135.9
162.5
35.2
127.3
137.6
162.7
35.4
127.3
140.1
164.3
35.6
128.7
141.6
165.6
35.9
129. 7
143.6
165. 7
36.1
129.6
145.5
167.4
36.3
131.2
147.0
168.4
36.7
131 8
148.0
168.0
36.8
131.2
148.8
169.2
36.9
132.3
149.6
171.1
37.1
134.0
151.6
48.4
99.6
35.4
44.9
31.4
47.9
96.9
35.4
44.8
31.2
48.4
100.0
35.2
44.5
31.2
47.0
96.0
34.7
44.3
30.6
50.9
107.0
36.3
45.5
32.2
49.3
104.9
35.1
44.4
31.1
48.4
99.4
35.5
44.9
31.7
47.2
95.4
35.3
44.1
31.4
47.4
96.3
35.1
43.8
31.4
50.5
104.7
37.0
47.6
32.1
50.6
102.2
37.5
47.7
33.3
50.7
104.5
37.0
47.3
32.7
50.9
105.6
37.0
47.6
32.5
52.3
107.1
38.3
49.1
33.5
27, 521
1,896
694
6,232
409
151
7,215
454
166
6,590
522
176
7,484
511
201
338
4 753
3,188
4 442
761
970
1,401
56
4162
731
1,061
83
235
388
93
• 4 188
853
1,088
220
270
411
105
4 184
789
1,079
253
214
312
84
4 219
815
1,214
206
251
290
1,151
2,499
1,926
244
500
406
325
689
455
304
652
471
278
658
594
721
3 496
4 3,285
147
985
4 674
187
1,057
4 759
184
469
4 876
10,810
11,979
2,658
2,942
2,623
3,756
2,385
2,568
712
597
626
632
Adjusted for seas, variation:
Total money supply
_
Currency outside banks
Demand deposits
Time deposits adjusted!
-
OK O
127.4
137.6
6.4
do__
do
do
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (225 SMSA's) $ __ratio of debits to deposits. _
New York SMSA
do
Total 224 SMSA's (except N.Y.)..__.
do
6 other leading SMSA'scf
do
218 other SMSA's
_do ~
44.7
89.5
32.9
41.4
29 2
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
23 211
Net profit after taxes all industries
mil $
Food and kindred products
do
1,692
Textile mill Droducts
do
507
Lumber and wood products (except furniture)
mil $
314
Pa/Dpr and allied Droducts
do
754
Chemicals and allied products.___do_ __
2,857
Petroleum refining
do
4 094
Stone clay and glass products
do
681
Primarv nonferrous metal
do
758
Primary iron and steel
do
1,225
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $ _
842
IVIachinprv fpxcpDt electrical)
do
2,001
Elec machinery equip , and supplies
do
1, 512
Transportation equipment (except motor
vehicles etc )
mil $
546
Miotor vehicles and eouiDment
do
2 808
A.11 othpy maiiufacturiiiff industries
do
2, 617
Dividends paid (cash), all industries
do
Electric utilities, profits after taxes (Federal Resprvp)
mil &
Transportation and communications (see pp. S-23
andS-24).
4
203
985
976
SECURITIES ISSUED
Securities and Exchange Commission:
3,050
3,160
"R^timatpd sross nroceeds total
inil $
3,003
37,122
40,108
By type of security:
2,887
2,712
2,860
34,
030
37,836
Bonds and notes, total
.do
1,324
1,070
1,215
13 720
10,865
Corporate
do
384
82
127
Common stock
do
2 679
1 547
35
65
60
412
'725
Preferred stock__
..do
r Eevised.
* Includes $28 bil. coverage on U.S. Armed Forces.
2 Estimated; excludes
U.S.S.R., other Eastern
European countries, China Mainland, and North Korea.
3 Data
4
for Nov.-Dec.
Beginning with April 1966 SURVEY, data reflect reclassiflcation of companies between paper and allied products industries and instruments, etc. (included in all
other).
X Revisions for insurance written (total and ordinary) for 1964 and premiums collected for
Jan.-Aug. 1964 will be shown later; those for money supply and related data for 1959-64
4,297
2,936
2,354
3,029
2,661
6,340
2,948
3,084
2,995
3,988
1,729
154
155
2,814
1,322
78
44
2,262
837
78
15
2,861
1,370
76
92
2,537
861
116
8
6,083
1,142
165
92
2,789
1,487
72
86
2,894
1,220
70
119
2,862
1,168
59
75
appear in the July 1965 Federal Reserve Bulletin.
§ Or increase in earmarked gold (—).
f Time deposits at all commercial banks other than those due to domestic commercial
banks and the U.S. Govt.
9 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.
KViii]
S-20
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
UU-fctliliilN 1
151JttlJNJ
May 1966
1965
1965
Mar.
Annual
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
1 410
1 301
428
21
407
46
127
152
556
20
257
42
148
152
Mar.
Apr.
FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange Commission—Continued
Estimated gross proceeds—Continued
By type of issuer:
Corporate total 9
mil. $
Manufacturing
_
do
Extractive (mining)
__do
Public utility
do
Railroad
do
Communication
__ _ _ _ _ _ _ _ do
Financial and real estate
__do_ __
Noncorporate, total 9
_ _ _ _ __do
U S Government
-do
State and municipal
do_ _
New corporate security issues:
Estimated net proceeds, total
do____
Proposed uses of proceeds:
New money, total
__do
Plant and equipment
do
Working capital
do
Retirement of securities
_do
Other purposes
_
. _ _ __do
State and municipal issues (Bond Buyer):
Long-term
do
Short-term
- _ __
do_
13,957
3,046
421
15 992
5 417
342
2,760
2 936
333
284
947
1,358
1,233
1,773
2,038
1,443
1,045
454
43
228
27
154
206
435
25
365
26
202
343
986
287
28
169
20
96
284
1,398
735
20
275
24
145
373
484
14
195
16
99
1,646
562
75
212
21
18
251
930
364
19
305
13
29
134
1,538
555
14
289
47
30
248
424
21
242
11
47
544
492
64
307
14
60
437
2,260
2,189
3,856
4 276
23,165
10, 656
10, 544
24 116
9 348
11 148
1,646
1,817
1,387
1,492
1,424
1,490
1,675
388
1,020
1,000
1,055
371
718
1,694
356
362
342
984
1,674
390
971
369
867
4,942
3,463
1,018
1,302
413
1,003
331
768
475
1,176
345
804
13, 792
15.801
1,343
1,214
1,746
2,018
1,427
919
1,523
973
1,377
1,632
1,395
1,287
11, 233
7,003
4,230
13,063
7 712
5 352
1,039
939
1,560
1,665
1,168
760
1,249
834
1,183
1,279
754
996
680
260
61
213
993
566
55
132
651
735
433
137
122
797
452
130
143
480
355
49
90
584
598
52
143
1, 086
667
372
146
157
572
188
69
91
1,211
699
580
136
217
911
300
50
135
802
283
36
165
971
1,020
1,000
718
557
984
543
867
397
768
332
1,176
489
991
380
1,018
'845
652
355
382
1,805
1,741
10,544
5,423
11 084
6,537
1,003
518
1,046
1, 014
72
281
665
r848
'608
1,144
1,055
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
501
489
477
515
491
491
539
525
550
534
581
4,132
1
534
5,543
11, 666
1
3, 706
5,085
1,264
4,000
5,096
1,207
4,066
5,154
1,208
4,187
5,139
1,297
4,436
4,887
1,233
3,676
4,908
1,192
3,771
5,016
1,369
3,609
5,096
1,475
3,552
5,232
1,479
3,661
5,543
1,666
3,706
5,576
1,730
3,669
5,777
1,765
3,586
5,671
1,822
3,603
95.1
111. 5
93.9
110.6
95.2
112.0
95.0
112.2
94.7
111.9
94.3
110.8
93.9
110.8
93.5
111.0
92.8
109.3
92.7
108.4
92.3
107.7
91.1
106.3
90.5
106.9
89.5
105. 2
87.9
103.9
87.6
105.8
84.46
U S Treasury bonds, taxablef
_do_
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
- __ _ mil. $ 2,882. 48
2, 640. 74
Face value
__do
New York Stock Exchange:
2,782. 80
Market value
do
2,542. 26
Face value
do
New York Stock Exchange, exclusive of some
stopped sales face value, total
mil. $ 2, 524. 50
Yields4.57
Domestic corporate (Moody's)
__percent__
By rating:
140
Aaa
'__•__ __do_ _
4.49
Aa
_ _ _ - ------ do
4.57
A
-__
do
Baa
_ _ _ _-do
4.83
By group:
4.52
Industrials
do
4.53
Public utilities
__ _-do_
4.67
Railroads
_
do___
Domestic municipal:
3.20
Bond Buyer (20 bonds)
do
3.22
Standard & Poor's Corp. (15 bonds)
_do
83.76
84.48
84.53
84.58
84.57
84.51
84.00
83. 27
82.97
82.22
81.21
81.15
79.32
78.92
79.75
490.17 359.80
368. 03 287.99
383.38
296.12
485.14
373.14
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances (net)_
Money borrowed
mil. $
do
_ _ _do _
__do_ __
1488
1
5,101
1
1,169
1
1
575
645
Bonds
Prices:
Standard & Poor's Corporation:
Industrial, utility,
and railroad (AAA issues):
Composited1
- -dol. per $100 bond-.
Domestic municipal (15bonds)
do
3,794.22
3,288. 68
321.07 261. 23 240. 82 303.79 265. 58 294.76 398. 73 424. 51 373.10
295. 71 257. 53 220. 36 278. 99 248.19 256. 23 332. 00 345. 52 296.25
3, 643.11
3.150.16
305. 46 251. 67 230.16 287. 04 253. 01 282,80
282.15 248.48 210. 27 262. 56 235. 86 245.19
2.975.21
258. 65 214. 56 207. 90
389. 95 414. 32
323. 26 336. 49
361. 09 469. 00 348. 47 371. 60 466. 96
285. 05 350.45 278. 54 285.18 358. 35
290. 84
272. 00
302.78
252.64
250. 95
331.66
253. 71
4.64
4.56
4.56
4.57
4.60
4.64
4.65
4.69
4.72
4.75
4.84
4.89
4.94
5.10
5.16
4.49
4.57
4.63
4.87
4.42
4.48
4.54
4.78
4.43
4.48
4.54
4.80
4.44
4.49
4.55
4.81
4.52
4.51
4.63
4.54
4.51
4.64
4.55
4.53
4.64
4.48
4.56
4.62
4.88
4.62
4.58
4.71
4.49
4.59
4.65
4.88
4.63
4.60
4.73
4.56
4.66
4.71
4.93
4.67
4.67
4.81
4.60
4.69
4.75
4.95
4.71
4.71
4.83
4.68
4.80
4.85
5.02
4.79
4.82
4.91
4.74
4.83
4.91
5.06
4.84
4.85
4.97
4.91
4.90
5.02
4.92
5.05
5.12
5.32
5.06
5.08
5.18
4.96
5.10
5.18
5.41
5.09
5.21
5.19
3.28
3.27
3.16
3.18
3.15
3.17
3.20
3.19
3.30
3. 26
3.25
3.26
3.29
3.25
4.52
4.63
4.69
4.91
4.65
4.64
4.77
3.41
3.36
4.78
4.90
4.96
5.12
4.61
4.60
4.72
4.46
4.52
4.58
4.85
4.59
4.56
4.66
3.40
3.42
3.50
3.47
3.54
3.56
3.54
3.52
3. 83
3.63
3.59
3.72
3.62
3.59
271. 92
191. 64 244. 98 307.79
do_ __
4.15
4.21
4.15
4.15
4.14
4.14
4.15
4.19
4.25
4.27
4.34
4.43
4.43
4.61
4.63
4.55
Cash dividend payments publicly reported:
Total dividend payments
- mil. $__
17, 682
19,488
2,623
1,244
487
2,864
1,279
507
2,735
1,333
537
3,881
1,561
756
2,870
1,385
572
2, 504
293
1,880
280
438
21
U S Treasury bonds, taxable©
-
Stocks
Finance
~_
Manufacturing
Mining
Public utilities:
Communications
Electric and gas
Railroads
Trade
Miscellaneous
-
3,154
10, 317
267
106
601
637
260
1,725
117
392
18
180
3
1,573
2,035
1,678
2,174
422
680
268
446
768
314
112
234
70
67
38
292
153
26
74
22
2
150
6
28
12
7.05
7.70
3.43
3.81
4.57
6.00
7.65
8.48
3.86
4.09
4.90
6.33
7.48
8.24
3.80
4.03
4.92
6.25
7.48
8.25
3.80
4.03
4.92
6.25
7.54
8.38
3.80
4.00
4.92
6.31
do
_ _ _ __do __
do
2,805
9,298
_
do_
_ __ _ ____do
do
do
do_ _
Dividend rates and prices, common stocks
(Moody's):
Dividends per share, annual rate, composite
dollars. _
Industrials
do
Public utilities
_
do_ _
Railroads
-- - _-do __
N Y banks
do
Fire insurance companies
_
__do
271
115
121
400
19
189
1
115
242
71
74
39
312
152
21
81
23
2
150
9
29
12
7.55
8.38
3.83
4.04
4.92
6.31
7.57
8.41
3.84
4.04
4.92
6.31
7.59
8.42
3.88
4.07
4.92
6.31
251
1,951
305
1,763
277
141
122
431
21
199
4
114
245
70
76
40
316
153
25
84
26
2
146
7
26
12
7.63
8.47
3.90
4.08
4.92
6.31
7.78
8.67
3.96
4.16
4.92
6.31
8.12
9.03
3.99
4.28
4.93
6.57
428
326
187
460
23
193
4
118
252
113
81
54
343
156
19
107
25
3
159
$
48
14
121
258
V.
47
349
160
27
84
26
8.15
9.06
4.02
4.34
4.94
6.59
8.18
9.10
4.03
4.35
4.94
6.59
8.22
9.16
4.03
4.35
4.9^
6.59
8.23
9.17
4.08
4.35
4.94
' 6.65
8.23
9.18
4.08
4.35
4.94
6.65
124
Ti
235. 08 250.31 245.38 253. 28 249. 78 238. 93 242.16 246. 50 254. 52 260. 91 255. 62 258.09 257.90 252.36 r 244. 95 246. 67
Price per share, end of mo., composite
do
258. 55 284.32 274. 90 287.13 282.16 269.18 273. 38 279. 07 290.30 301. 00 296. 07 299.67 300. 28 293.20 286.15 288.13
Industrials
do_
10S. 76 117.08 118.85 119. 57 118. 21 114. 22 114. 76 115.46 116. 95 118.38 115. 84 114.86 111. 34 106.81 105.41 106. 33
Public utilities
do___
94.01
95.06
94.16
94.11
90.22
86.23
90. 93 94.36
95.11
99.69 102.30 103.46 109.88 110. 59 102. 0: 102. 66
Railroads
_
do___
r
1
f Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
Revised.
End of year.
9 Includes data not shown separately,
O For bonds due or callable in 10 years or more.
cf Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
SURVEY OF CURRENT BUSINESS
May 1966
1964
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1965
Mar.
Annual
S-21
Apr.
May-
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Dividend yields a n d earnings, common stocks
(Moody's):
Yields, composite
percent..
Industrials
_
_ __ ___do_ _
P u b l i c utilities
____
__do
Railroads
do
N Y banks
_
_ do _
Fire insurance companies
_do_ __
3.00
2.98
3.15
4.05
2.97
2.50
Earnings per share (indust., qtrly. at ann. rate;
p u b . u t i l . a n d R R . , for 12 m o . ending each qtr.):
Industrials
dollars
Public utilities
do
Railroads
do __
14.39
5.41
6.97
' 16. 50
5.92
8.16
15.93
5.51
6.79
D i v i d e n d yields, preferred stocks, 14 high-grade
(Standard & Poor's Corp.)
.percent..
4.32
4.33
4.26
294.23
834. 05
146. 02
204.36
318.50
910. 88
157.88
216.41
81.37
88.17
86.83
87.97
86.19
76.34
73.84
69.91
45.46
93.48
85.26
81.94
76.08
46.78
91. 75
83.62
81.50
76.92
46.98
93.08
84.85
83. 78
77.24
46.63
39.64
77.54
67.20
38.92
71.35
64.17
38.96
71.13
68.26
72,147 r 89, 225
2,587
2,045
60,424
1,482
Prices:
Dow-Jones averages (65 stocks)
I n d u s t r i a l (30 stocks)_ . _ __ _ _ _ _ _ _
P u b l i c u t i l i t y (15 stocks)
Railroad (20 stocks)
S t a n d a r d & Poor's Corporation:©"
I n d u s t r i a l , public u t i l i t y , and railroad:
Combined index (500 stocks)
1941-43=10-.
I n d u s t r i a l , total (425 stocks) 9
do_ _ _ _
Capital goods (122 stocks)
___do
Consumers' goods (188 stocks)
do
Public utility (50 stocks)
_
do
Railroad (25 stocks)
_ _ _
do_ _
Banks:
N e w Y o r k City (10 s t o c k s ) . . . .
do____
Outside N e w York C i t y (16 stocks)
do
Fire a n d casualty insurance (22 stocks)
do
Sales (Securities a n d Exchange Commission):
T o t a l on all registered exchanges:
M a r k e t value
• _ _
mil. $__
Shares sold__
.__millions__
On N e w York Stock Exchange:
M a r k e t value
_
mil. $
Shares sold (cleared or settled)
millions _
Exclusive of odd-lot a n d stopped stock sales
( N . Y . S . E . ; sales effected)
millions..
Shares listed, N . Y . Stock Exch., end of period:
M a r k e t value, all listed shares
bil. $
N u m b e r of shares listed
. millions
3.06
2.98
3.30
4.30
3.33
2.74
3.05
3.00
3.20
4.28
3.33
2.59
2.95
2.87
3.18
4.28
3.24
2.51
3.02
2.97
3.21
4.43
3.39
2.70
3.16
3.11
3.35
4.69
3.51
2.84
3.13
3.08
3.35
4.44
3.38
2.86
3.08
3.02
3.36
4.31
3.25
2.90
17.21
5.68
6.91
4.30
3.00
2.92
3.33
4.29
3.17
2.94
2.98
2.88
3.35
4.17
3.43
2.96
3.18
3.05
3.44
4 18
3.51
2.94
14. 60
5.82
7.22
3.16
3.02
3.50
4.19
3.51
2.63
3.17
3.03
3.62
3 96
3.55
2.70
3.26
3 12
3.77
3 93
3 78
2.79
3.36
3.20
3.87
4 26
3 81
2.95
3.34
3 19
3.84
4 24
4 03
2.82
4.51
4. 63
4.83
4.78
346.95 347 42 331.16
985. 93 977.15 926.43
151.26 145. 87 141.49
255.52 264 99 252.80
337 27
943.70
140. 26
260 64
»"18 26
5 92
8.16
4.38
4.38
4.34
4.32
4.38
4.41
4.47
319.93 302.72
927. 50 878. 06
161.35 154.93
209.18 195. 79
303.66
873.43
155. 71
199.51
312.37
887. 70
155.44
214. 21
321. 61
922.18
157. 51
218.86
330.89
944. 77
157.19
231. 09
335.45
953.31
157.11
238.11
337.09
955.19
152. 00
245.33
89.28
85.04
84.91
86.49
89.38
91.39
92.15
91.73
93.32
92.69
'88.88
91.60
94.69
86.35
85.21
77.50
45.53
90.19
81.62
80.04
74.19
42.52
89.92
80. 54
78.80
74.63
43.31
91.68
83.25
80.23
74.71
46.13
94.93
86.91
82.34
76.10
46.96
97.20
90.28
83.90
76. 69
48.46
98.02
91.62
83.75
76.72
50. 23
97.66
91.42
83.31
75.39
51.03
99.56
93.35
84.28
74.50
53.68
99.11
93.69
83.48
71.87
54.78
95.04
90.28
78.96
69.21
51.52
98.17
93.54
79.28
70.06
52. 33
40.00
71.81
69.49
38. 91
71.23
67.67
37.17
68. 47
62.54
38.18
70.22
60.95
38.96
70.98
60.75
40.43
72.74
60.79
39.68
71.68
58.58
37.19
69.26
59. 56
37.71
70.27
66.13
37.24
70.93
67.86
36.10
70.51
66.98
34.11
65.19
63.28
33.67
64.17
65. 27
7,198
217
6,696
199
6,580
198
6,911
187
5,656 r 5,952
154
163
7,993
222
9,664 ' 8,603
262
279
11,683
345
11,169
302
12,978
337
73,200
1,809
5,979
152
5,508
136
5,366
133
5,819
4,783
136 . 116
4,937
120
6,662
165
7,857
199
6,879
163
9,200
231
11,022
304
8,651
206
8,789
198
10,359
224
1,237
1,556
125
119
110
109
155
164
147
191
183
166
192
186
474.32
9,229
537.48
10,058
490.25
9,481
506.58
9,516
500.
62 517.67
9,863
9,931
532.83
9,984
530.77
10,013
537.48
10,058
542.75
10,136
535.38
10,180
523.93
10,245
536.36
10, 276
4.28
315.14 317.55
896.44 907.71
161. 61 162. 25
212. 26 212.19
r
128
85
503.
54 478.83
9,785
9,647
487.85
9,829
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
Exports (mdse.), incl. reexports, totalO
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:A
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
.._
Malaysia
Indonesia
Philippines
Japan.________
Europe:
France
East Germany
West Germany
mil. $_
do
do___
2,973.5
2,891.1
2,611.5
2,528.3
2,427.9
2,381.0
2,335.6 2,244. 8 2,188.3 2,163.0 2,444. 0 505.4 2,606.5 2,132.5 2,297. 5 2,817.9
2,218.9 2,172.1 2,123. 5 2,140.2 2,419.5 2,440. 4 2,550. 5 12,132.5 2,210.3 2,747.0
2,754.8
2,379.6
2,260.2
2,230.2
2,324.1
,341.6 2,408.2 2,355.8 2,248.6 2,334.8 2,594.4
do..
do_.
do_.
do_.
1,222.5
5.233.7
750.1
8,326.7
1,224.1
165.5
5,495. 8
680.2
850.7
87.4
8,851. 6 1,009.3
131.1
559.6
82.3
885.1
120.4
466.7
76.7
806.3
120.2
459. 0
70.2
675.9
82.1
485.0
69.4
732.9
111.9
422.1
104.9
670.4
129.2
401.1
78.9
666.7
105.6
458.8
67.1
806.0
84.5
480.3
66.3
857.6
91.0
525.9
60.2
880.4
85.9
400.6
56.9
765.2
86.2
447.2
60.2
790.3
132.0
533.6
70.2
993.5
do..
do..
do..
4,746. 7
2.044.8
2,129.7
5,587.1
2,094. 6
2,141.7
495.9
194.4
216.1
456.8
190.1
210.2
517.7
175.6
192.3
531.2
179.0
168.9
451.1
171.0
164.7
440.1
170.9
172.2
458.5
172.8
191.9
532.5
188.6
210.6
528.3
193.0
197.4
524.8
190.4
227.8
434.1
170.3
178.1
457.4
161.3
177.2
567.1
212.0
217.8
do..
do_.
268.2
396.1
157.6
437.8
26.2
61.5
21.9
43.9
9.0
46.6
11.7
42.0
10.4
29.5
23.6
41.9
17.8
50.0
11.9
35.7
6.4
27.7
6.1
21.2
5.8
30.6
12.0
23.2
22.8
41.4
do
do_
do.
do_
639.6
955.0
375.7
77.0
700.7
928. 0
335.9
89.5
75.3
156. 2
31.9
8.7
70.2
93.3
42.8
9.1
65.2
81.0
41.9
8.1
58.2
92.2
28.9
7.6
58.6
97.3
26.9
8.1
78.1
75.2
31.3
7.5
60.9
72.9
14.0
7.1
52.3
73.3
22.9
7.4
56.3
53.3
25.5
8.1
50.1
63.0
42.3
8.0
46.3
62.3
17.3
3.0
49.9
88.4
15.8
3.7
58.8
116.9
13.2
4.1
do_.
do_.
do..
.68.1
361.5
1,912. 6
41.5
336.3
2,057. 5
4.5
36.3
244.1
4.4
34.0
189.5
5.4
32.0
152.5
3.3
27.7
152.3
4.3
28.4
195.4
2.1
24.7
156.7
4.3
34.5
145.6
2.7
32.0
169.9
2.7
25.4
196.6
3.8
26.1
202.6
2.3
24.1
157.9
2.9
23.9
174.6
2.5
27.5
194.3
do_.
_do_.
._do_
805.9
20. 2
1,315. 2
901.8
12.6
1,501. 8
109.4
.8
• 163. 9
84.8
.5
152.5
87.6
2.1
127.7
71.5
.8
113.0
69.2
.1
121.2
72.7
.6
120.1
61.8
.5
114.1
78.9
1.2
147. 0
86.1
.9
159.7
88.0
3.4
129.6
83.3
3.7
131.5
84.0
1.6
121.2
98.7
1.4
166.1
864.4
833.4
95.2
74.8
101. 0
Italy___
__________do_
44.4
144. 6
7.4
8.8
2.2
Union of Soviet Socialist Republics. ___do
1,564.
8
1,471.4
144.8
132.2
157.6
United Kingdom
do.
r
Revised.
v Preliminary.
i See note 2 for p. S-22.
cfNumber of stocks represents number currently used; the change in number does not
affect continuity of the series.
9 Includes data not shown separately.
Q Beginning Jan. 1965, data reflect adoption of revised .export schedule; in some instances,
,255.5 2,332.9
88.5
67.9
81.7
85.1
71.8
86.5
60.7
59.5
63.6
67.5
2.9
4.2
2.6
4.3
3.1
3.1
1.5
3.1
3.1
2.0
175.6
138.1
164,1
140.0
155.6
143.9
126.3
117.5
118.7
128.5
because of regrouping of commodities and release of some "special category" items from the
restricted list, data for commodities and countries are not comparable with those for earlier
periods.
A Excludes "special category" shipments.
SURVEY
S-22
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
CURRENT BUSINESS
1965
1965
Mar.
Annual
May 1966
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar. 1 Apr.
1
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value—Continued
Exports (mdse.), incl. reexports—Continued
By leading countries—Continued
North and South America:
Latin American Republics, total9
Chile
495.9
456.7
517.6
531.2
451.1
440.1
458.5
532.5
528.3
524.8
434.1
457.4
567.0
3,750.6
366.7
352.1
327.6
307.6
297.6
304.1
327.3
354.5
344.8
375.8
310.4
303.4
379.6
261.6
387.8
180.9
266.0
328.6
235.3
31.2
26.1
21.5
28.7
26.9
22.3
23.2
27.5
21.0
19.4
20.2
15.8
22.0
18.8
18.0
25.9
24.7
17.4
18.4
32.0
31.1
25.5
39.9
21.3
22.7
35.9
23.2
22.8
52.1
26.3
16.8
39.5
20.8
16.7
31.5
22.3
18.7
53.6
20.7
246.2
196.4
21.1
20.0
21.4
13.8
12.8
13.4
15.5
18.3
0)
0)
0
23.9
0)
0
0
0
92.7
54.6
95.2
55.8
92.5
52.2
88.9
52.8
- - do
Colombia
M^pxico
Venezuela
5,586.7
do ___ 3,737.9
._do—
._do—.
_do—
Argentina
Cubs-
mil. $— 4,774.5
••--
-
do
-- - . . d o ---
-
Exports of U.S. merchandise, total Ot
TTYPI "militarv Grant-si (it
By economic classes:
'—do
do
1,092.4
606.3
1,105.2
623.7
C1)
98.0
69.3
92.9
63.8
0)
93.1
49.9
17.2
0
0
18.0
1
21.9
0
98.0
58.3
99.2
54.0
99.0
56.9
93.5
45.0
86.9
44.6
C)
0)
25.2
(i)
108.6
51.7
26,136. 4 27,003.3 2,941.5 2,584.3 2,397. 4 2,307.4 2,212.1 2,161. 0 2,133. 2 2,411. 9 2,472. 2 2,576. 0 2,105.3 2,264. 0 2,778.4
25,318. 2 26,224. 5 2,859.1 2,501.1 2,350. 5 2,190. 7 2,139. 4 2,096. 2 2,110. 4 2,387. 4 2,407. 2 2,520. 0 2,105.3 '2,176.8 2,707. 5
d o Crude foodstuffs
Manufactured foodstuffs and beverages.. do
Finished manufactures cf
FYPI militarv erant-aid
By principal commodities:
Aerirnltural Droducts total?
2,897. 5
2,540. 2
1, 687. 4
4,067. 2
do
_do—. 14,893.8
14,076.1
-
do
Animal and vegetable oils and fats __. . d o do
Cotton unmanufactured
Fruits vegetables and preparations
do
Grains and preparations
do
IVTpat and meat DreDarations
do
Tobacco RTTI Tnfwifq.p.t.nrp.s A
do
N"rmaeripiiltural Droducts total 9 -
6,347. 0 6,228.9
1,720.8
2,326. 2
504.7
895.7
Maohinerv totalS 9
do
6,344.8
do
do—_
do
do
do
229.0
547.3
1, 540. 2
520.6
2,991. 7
do _
471.4
804.9
-
Petroleum and products
Textiles and manufactures
Gpnpral inrnorts total t
Spasonallv adiustedt
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
do
do_
- - -
18,684.0 21,366.4 2,033.5
1,861.0
459.3
484.7
587.0
652.2
647.5
505.7
518.6
v 624. 8
1,928.5 1,599.6
1,745.4 P2,153.6
1,856.8 1,723.3 1,907.0 1,632.9 1,716.0 1,797.6 1,997.1 1,966. 7 2,159.9 1,828 7 1 822 5 2 245 7
1,832.9 1,789.0 1,829.5 1,663.1 1,763.6 1,806.8 2,005.9 1,903.3 2,034.6 1,935.5 1,992.9 2,072.7
do
75.3
339.9
38.0
542.3
82.0
410.9
30.8
537.6
50.9
345.6
41.7
505.7
68.4
394.7
36.7
486.8
89.1
423.4
47.4
489.9
87.9
411.0
55.5
621.1
81.1
412.4
35.2
592.3
90.0
446.6
37.7
661.5
70.9
373.8
37 8
556.5
72.2
375.6
43 3
534.1
119.0
438.0
41.7
689.8
do—
4,241. 6
4,837.1
409.9
377.6
162.1
240.4
398.6
145.4
183.0
441.7
158.3
245.1
400.5
114.5
173.2
408.3
123.1
198.9
414.7
118.2
214.1
416.4
136.4
268.4
448.9
151.9
243.2
470.1
178.0
274 7
403.1
161.3
225.2
417.0
153.9
225.4
520.7
182.8
252.7
16. 2
249.5
16.1
225.1
5.0
19.5
1.3
19.3
1.4
17.4
1.0
18.8
2.6
8.2
.6
15.3
.5
27.6
.6
16.3
.5
26.3
1.2
25.6
2.8
16.5
1.0
14.1
1.9
31.3
281.1
314.1
348.0
304.5
40.0
44.8
211.9
161.1
165.3
169.7
387.2
369.1
1,768. 0 2,414.1
35.6
46.2
6.2
19.3
16.9
34.3
218.4
19.0
37.5
24.5
24.3
20.1
33.1
25.9
23.7
25.1
28.0
35.1
31.8
43.0
27.0
23.2
27.3
28.7
33.8
3.2
4.1
3.6
23.5
16.6
36.7
204.9
16.7
12.2
29.5
177.3
16.7
10.2
25.6
194.5
13.6
10.8
35.3
231.0
24.5
14.7
33.5
224.1
3.3
2.6
17.3
15.7
27.1
220.0
4.0
4.2
26.2
28.9
5.6
18.6
16.2
31.2
227.8
18.5
13.8
28.5
231.3
5.3
26.9
15.7
39.9
221.9
6.3
8.3
12 5
29 2
200.8
31.6
25.4
55
18.7
12 6
32 5
190.0
24.3
26.0
6.5
10.4
16 3
40 6
250.1
61.2
615.3
.7
6.5
1,341. 6 r 127. 0
619.7
59.3
42.6
1.5
1,405.3 r 125. 3
55.6
.6
131.2
52.6
2.5
109.6
54.2
.6
110.3
49.7
2.2
115.5
63.5
.3
117.6
54.8
2.6
112.7
55.1
.2
110.6
49.1
3.3
118.4
53.3
.3
91.2
56.1
2.4
112.1
41.7
1.4
110.4
53.1
1.9
111.8
54.7
.3
135.7
58.5
8.2
148.2
54.3
.4
133.1
58.8
3.5
137.1
61.5
1.2
131.9
67.9
5.7
165.3
47.6
.5
130 1
49.3
1.9
124.5
50.4
.4
119.7
51.6
4.8
106.0
63.8
.8
156 8
58.5
3.4
151.7
d o — 1,639.3 1,741.1 ' 181. 5
_ do
2,508.5 2,626.2
240.1
..do.. _
do-
dodo
do..
..do-
495.0
6.7
1,171.1
526. 2
20.2
1,143.2
409.8
377.4
398.3
441.5
399.4
407.6
413.5
416.0
448.6
469.7
402.5
416.9
519.9
3,523.7
3,676.6
r 359. 7
338.5
274.3
344.2
238.6
270.4
. 276. 2
346. 5
342.4
380.5
323.8
328.7
369.1
111.3
534.7
218.2
122.1
511.9
209.4
11.5
49.6
15.1
11.1
37.2
30.3
10.3
36.4
13.8
11.1
38.9
22.3
8.9
27.8
9.9
10.4
36.1
11.9
11.8
54.3
18.9
11.3
65.6
24.9
10.4
62.9
23.1
10.8
63.0
11.5
11.3
48.5
19.4
9.3
48.1
17.2
12.9
42.9
22.2
4,238. 5 4,831.9
26.2
24.2
20.7
280.4
do276.7
Colombia
0
Cuba
0
0)
0)
57.2
do
643.1
637.9
64.7
Mexico
61.1
92.2
66.3
__do_—
956. 4 1,020. 6
96.8
Venezuela
r
1
Revised.
v Preliminary.
Less than $50,000.
2 Military grant-aid shipments for
Dec. 1965 (ordinarily included with Jan. 1966 data) are included in Feb. 1966 data; subsequent
months will include these shipments on a 2-months delayed basis.
^Revisions for Jan.Nov. 1964 will be shown later.
9 Includes data not shown separately.
QSee similar
548.1
66.2
402.5
30.7
575.4
do
__do
do
Pakistan
Malaysia
__ ___do
do
Indonesia
do
Philippines
do
Japan
Europe:
do. .
France
East Germany
_
..dodo
West Germany
do
Italy
do
Union of Soviet Socialist Republics
United Kingdom
__
—
North and South America:
do
Canada
Argentina
Brazil
Chile
.530. 9
89.2
875.1
4,528.4 ' 432.2
453.5
57.7
6,293.0 ' 621.4
India
Latin American Republics, total 9
532. 9
916.5
3,619.5
439.7
5,307.3
do
..do-
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
_ _
Asia; Australia and Oceania:
Australia including New Guinea
553.9
19,739.0 20,777.0 2,245.8 2,031.3 1,864.8 1,776. 7 1,664.1 1,701.7 1, 649. 2 1,824.9 1,820.0
Automobiles, parts, and accessories.
do
Chprnioals and related DroductsS
do_ _
Coal and related fuels
Iron and steel prod. (excl. adv. mfs.)— do
A sri pulturol
Tractors parts and accessories
Electrical
Metalworking§
696.2
429.4
690.2
434.7
2,579.8
181.3
544.5
24.1
27.0
25.2
31.4
18.8
22.8
31.6
22.6
27.8
20.9
0
0
0
0
0
0
0
0
0
0)
63.7
47.3
39.2
65.5
61.9
39.3
41.8
62.9
65.2
73.1
77.5
68.9
70.3
84.5
101.9
71.1
110.1
84.6
81.7
111.6
note on p. S-21.
cfData for semimanufactures reported as "special category" are included
with finished manufactures.
AManufactures of tobacco are included in the nonagricultural
products total. §Excludes some "special category" exports.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
| 1965
Mar.
Annual
S-23
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value—Continued
mil. $__ 18,600.3 21,281.8
Imports for consumption, total
By economic classes:
__do____
-do__._
Crude foodstuffs
Manufactured foodstuffs and beverages. -do____
__do___.
Semimanufactures
__do___.
Finished manufactures
By principal commodities:
Agricultural products, total 9-do
1,992.3 1,822.5 1,718.8 1,878.0
1,635.4 1,727.1 1,795.0 2,003.9 1,952.9 2,129.8 1,800.8 1,806.2 2,231.7
3,444.1
2,034. 0
1,812. 0
3,988.3
7,321.5
4,104.6
4,092.2
420.4
369.0
338.8
345.2
262.3
319.0
354.1
411.2
399.0
428.6
353.3
371.6
431.2
130.9
Cocoa (cacao) beans, incl. shells. _ ____do___:
__do____ 1,200.3
Coffee
- 200.6
Rubber, crude (incl. latex and guayule) .do__._
Sugar (cane or beet)
_ ._ _ do_
458.4
205.3
Wool and mohair, unmanufactured
do
120.5
1,060. 2
182.3
444.7
235.1
11.8
126.5
18.3
26.5
31.8
9.2
83.7
24.0
38.6
27.4
13.8
77.3
13.3
47.3
17.6
13.2
89.7
16.9
42.5
18.6
8.6
59.4
12.8
22.3
16.9
11.3
77.8
11.2
42.7
19.1
14.5
83.6
15.3
48.8
20.1
8.9
128.7
17.4
50.8
17.9
7.6
125.9
17.2
41.0
18.4
7.4
113.5
17.2
51.7
17.5
13 4
93 0
9.4
16 7
23.7
18.0
102.5
18.3
28.8
21.1
15 4
118 2
15! 2
36 3
27.9
Nonasricultural Droducts. total 9
_ do _ 14,495.3 17,195.3 1,578.8 1,451. 7 1,380.8 1,532.8 1,370.6 1,409. 8 1,440.8 1,592. 7 1, 553.9 1,701.3 1 447 5 1,434.6 1 800 5
Furs and manufactures
do
Iron and steel prod. (excl. adv. mfs.)_ ..do__-_
Nonferrous ores, metals, etc.:
__do____
Bauxite, crude
_
.
Aluminum semimfs (incl. calcined bauxite)
mil. $__
Copper, crude and semimfs
—do
Tin, including ore
-do____
Paper base stocks
_
Newsprint
Petroleum and products
116.6
819.9
128.8
14.0
16.0
11.2
8.9
7.6
7.1
6.5
6.5
4.9
20.2
14.7
15.7
20.3
125.8
143.0
13.7
10.8
11.6
10.9
13.7
13.7
11.1
11.4
12.7
12.4
12 4
9.3
13 6
199.0
340.2
111.7
270.5
302.2
168.6
23.1
24.1
17.2
21.3
23.4
10.9
24.4
22.1
13.0
32.6
26.6
12.7
25.1
23.0
10.5
24.4
27.9
9.2
20.3
25.4
16.5
23.9
35.4
13.1
22.6
24.3
18.1
29.1
26.8
34.2
15.5
16.0
14 6
27.0
18.1
6.3
32.5
25.7
74
451.7
__do____
405. 5
__do__._
752.5
789.6
- d o — 1,872. 4 2,063.3
41.9
69.2
198.8
35.8
62.7
186.7
34.4
64.9
144.3
39.8
72.4
192.2
34.9
64.4
147.4
37.4
65.1
159.4
36.4
70.5
164.0
36.3
67.6
172.0
41.2
67.2
150.1
37.7
78.5
200.2
31 5
68 7
99 6
33.5
63.6
178.2
42 1
75 6
215 4
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Quantity
1957-59=100. _
-_do-___
Value
._do____
Unit value
_
Imports for consumption.d"
._do____
Quantity
._do__._
Value
_.do__._
Unit value
143
146
102
144
152
105
187
199
106
164
174
106
155
164
105
'143
152
'106
141
149
105
137
146
106
140
147
105
158
166
105
159
167
105
166
175
105
135
133
99
U53
175
174
'99
'162
158
98
149
147
99
' 165
163
99
140
139
99
148
146
99
154
153
99
171
170
100
168
168
100
184
184
100
i 152
199
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports) :§
Shipping weight
General imports:
Shipping weight
Airborne trade:
Exports (incl. reexports):
Shipping weight.
Value
General imports:
Shipping weightValue
_
_
thous. sh . tons— 172,210
mil. $__ 17,394.1
15, 000 15,068 15,598 15, 753 16,340 15, 675 14,997 17,279
1,963. 6 1,712.1 1, 558. 0 1,411.6 1,447.8 1,342.5 1,346.0 1,562. 9
__thous. sh . tons— 233,774
mil. $— 13,441.9
22, 016 21,783 19, 906 25,552 20,532 22, 078 21,222 21,992
1,465. 8 1,373. 9 1, 207. 2 1,368.0 1,123.7 1,224.8 1,295.3 1 383 1
163.3
thous. sh . tons—
mil. $ „ 1,844.6
228.7
2,290. 0
21.5
197.4
19.0
189.1
19.1
193.7
17.7
182.5
17.5
180.3
18.2
189.6
17.9
173.1
19.2
202.0
22.6
234.4
21.2
231 9
64.3
956.1
96.1
1,316. 5
7.8
102.4
6.9
98.4
6.2
100.3
9.2
103.9
7.5
104.9
6.8
95.1
8.1
94.0
8.3
144.8
8.7
123.9
11.7
154.7
thous. sh , tons—
mil. $__
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total):
735
2,831
Operating revenues total 9
mil. $
2,805
728
do
Transport, total 9
654
2,527
...do
Passenger
49
187
Property
_ _ do
65
17
U.S. mail (excl. subsidy) —
do____
678
2,531
Operating expenses (incl. depreciation) do
30
136
.__do
Net income (after taxes)
Operating results:
75.5
78.0
822.1
76.4
940,9
Miles flown (revenue)
_ _ _._ mil
726. 9
921.6
71.8
70.0
74.8
__do
Express and freight ton-miles flown
Mail ton-miles flown
do
184.7
219,6
17.5
17.6
16.6
5.5
5.9
5.8
do _
71.4
61.9
Passengers originated (revenue)
3.9
4.0
49.2
3.7
41.9
Passenger-miles flown (revenue)
___bil—
Express Operations (qtrly.)
431.4
Transportation revenues
*nii $
412 4
101.9
119.3
27.4
118.2
Express privilege payments
do
Local Transit Lines
21.9
21.9
21.9
21.2
Fares, average cash rate
cents
22 1
593
577
'607
6,854 ' 6,784
Passengers carried (revenue) _ _ _ _ _ _ mil
339
Operating revenues (qtrly. total)
1,408 v 1,427
mil $
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
1,128
Number of reporting carriers _
21,018
1,632
6,176
Operating revenues, total
_ -mil. $_
do
5,890
1,571
Expenses, total
100
366
Freight carried (revenue)
mil. tons—
*• Eevised.
*> Preliminary.
1 See note "c?" for this page.
2 Number of carriers filing
complete
reports for 1964.
3
Reflects New York City 13-day transit strike.
9 Includes data not shown separately.
832
826
744
53
885
878
788
55
18
708
65
78.3
74.5
16.9
6.3
4.5
17
739
79
82.1
73.0
16.5
6.3
4.6
83.6
77.6
17.2
79.7
86.7
17.7
83.0
95.0
19.4
78.8
85.2
19.9
6.1
4.2
6.3
4.2
84 9
75.9
19 8
78.0
79.4
20.2
6.8
4.9
84.5
92.9
29.4
5.9
3.8
6.3
4.5
6.3
4.4
5.8
4.0
22.3
3 479
22.3
22.3
528
607
103.7
28.2
106.7
31.1
119 1
32.5
22.0
22.2
22.2
22.2
22.2
22.3
564
367
22.3
520
516
559
591
574
605
cf Beginning Jan. 1965, indexes are based on general imports, instead of imports for consumption as formerly.
§Excludes "special category" shipments and all commodities exported under foreign-aid
programs as Department of Defense controlled cargo.
U U K J tCJbiJN J. -BLU5LNK
vim
5-24
Unless'otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of B U S I N E S S STATISTICS
1964
1965
1965
Mar.
Annual
May 1966
Apr.
June
May
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
TRANSPORTATION AND COMMUNICATION—Continued
1
TRANSPORTATION—Continued
Motor Carriers (Intercity)—Continued
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly )
average same period, 1957-59=100
Common carriers of general freight, seas, adj.*
19f 7-59=100.
Carriers of passengers, class I (qtrly.) :§
Number of reporting carriers. _ _
Onpratinc revenues total
mil. $
do
ExDPnses total
Passeneers carried (revenue)
mil .
Class I Railroads
Freight carloadings (AAR):
___thous __
Total cars
Coal
_
do....
Coke
____do—_
Forest products
doGram and grain Droducts
do. _
do—
Livestock
Ore
do—
Merchandisp l.c.l
__ . d o —
Miscellaneous
-_ __
Freight carloadings, seas. adj. indexes (Fed. R.):
Total.
1957-59=100..
Coal
_
do—
Coke
do—.
Forest products _ __
--- — . d o — .
do—
Grain and grain products.
Livestock .
do—
Ore .
_—.do—
Merchandise, l.c.l
__ _
do..._
Miscellaneous __
— d o Financial operations (qtrly.):
Ouprfttitiff rpvPTvnps total Q
mil. $
do
Freight
do
do
do
do
Passensrpr
ODeratinsr exDenses
Tax accruals and rents
Npt rnilwnv rvnprntiTiP' inpomp.
Npt in pomp faftpr taxps^
dn
Operating results:
Freight carried 1 mile, revenue and nonrevenue
fntrlv )
bil ton-Tnilfts
Revenue per ton-mile (qtrly. avg.)
cents-_
Passengers carried 1 mile, revenue (qtrly.) mil
Waterway Traffic
Clearances, vessels in foreign trade:
Total TT S norts
mil ™** tnns
do
Forpiffn VPSSPIS
United States vessels
Panama Canal:
Total
In United States vessels
do
a
thou - 1"- tons
do_.
137.6
150.9
141.9
131.9
' 144.3
148.5
1158
656.5
570.9
506.9
151.4
143.6
142.1
143.8
148.8
141.5
141.6
47.0
151.7
'153.8
' 154.5
154.6
2,292 2 3,108
448
2 610
31
2 36
158
2 200
200
2 284
2,347
2,189
2,103
472
29
160
434
32
147
2,096
2,229
465
29
156
329
35
161
238
211
234
413
34
150
16
10
7
6
67
26
2,376 2 2,768
455
2427
35
2 43
151
2 189
211
2 276
2,381
26
225
2 290
37
2 44
1, 257 21,493
7
11
222
34
192
33
1,221
1,220
29,027
5,530
423
1,960
2,625
29,554
5,679
440
2,003
2,657
2 2,701 ' 2,268
2 492
'424
2 44
'37
2 186
'152
2 242
'187
2,415
153
2,005
639
15,693
125
1,962
465
16,222
2 10
'8
2 104
'141
2 51
'39
2 1, 572 ' 1, 280
8
96
95
113
100
96
49
97
27
98
97
97
100
103
97
40
95
20
100
98
92
98
101
' 9,778
' 8,384
'576
10,208
8,836
553
963
2,582
2,240
139
1,963
361
258
213
2,575
2,215
156
1,965
'813
698
2,383
2,065
126
1,900
320
163
121
165.2
1.270
3,820
180.2
1.258
4,333
178.7
1.261
5,151
670 3
1.282
18,248
97
42
110
21
103
456
35
159
180
206
39
1,332
148.9
144.3
157.1
147
188.1
142.6
59.4
147
150.8
127.2
53.3
147
118.5
113.8
143.1
5
479
35
161
221
2 26
2 228
2 41
2 1,683
2 2, 790
2 542
2 44
2 198
225
2 273
129
31
73
29
65
27
1,273
1,217
1,158
1,174
97
92
94
28
2 103
233
2 1, 591
99
99
108
101
104
107
94
98
109
95
98
122
94
101
117
94
95
95
93
97
82
98
100
80
102
98
83
99
94
92
103
97
105
98
95
95
103
82
99
101
102
102
103
115
101
110
45
117
18
105
34
112
16
102
105
109
31
87
20
97
33
90
20
99
106
107
112
114
36
95
22
104
102
99
36
136
21
100
36
103
14
101
33
109
14
103
34
86
18
96
35
81
17
96
41
83
17
95
50
113
17
99
100
99
94
209
7
155
26
1,307
97
75
101
107
108
32
149
14
101
2,668
2,316
132
360
250
205
292
35.3
208 5
174 6
33.9
17.0
14.1
2.9
17.8
14.8
18.6
15.4
18.6
15.7
19.0
16.3
18.6
15.6
18.4
15.4
19 5
16.0
18.8
15.7
16. 8
14.1
3.0
3.2
2.9
2.8
2.9
3.0
3.5
3.1
2.7
74,210
10,750
78.927
9,080
7,670
822
6,998
884
6,631
738
6,467
835
6,855
496
6,809
628
6,035
716
7,065
767
7,090
973
6,442
789
7,123
780
6,340
762
7,193
895
9 53
61
111
9 71
62
112
9.14
63
119
9.96
65
110
9.36
65
123
10.03
63
115
9.10
57
112
9.99
65
106
10.15
66
116
10.44
70
112
10.41
60
109
9.08
49
115
9.64
60
106
9.83
62
118
9.41
65
123
2 913
2 851
1 890
1 654
1,133
33,976
3 337
3 340
2 086
1 818
1^330
36,509
243
234
136
115
151
977
231
284
308
350
504
348
258
226
200
278
160
134
175
296
171
159
168
398
182
165
175
433
226
182
131
365
230
213
105
265
251
184
80
224
189
188
59
195
154
134
59
221
155
152
59
84
187
2,393
5,074
8,578
8,346
3,631
2,534
1,219
817
'741
104
762
176
1,453
1,075
1,766
2,218
37 76
2,014
34 55
528
9.07
473
8.05
556
9.38
458
8.04
10,938
5 922
3 827
6,496
3
1 924
77.4
11,750
6,272
4 188
7,076
2 091
81.5
2,833
1,531
988
1,688
505
78.3
2,896
1,547
1,028
1,751
3,056
1, 620
1,108
1,873
79 2
2,964
1,573
1,064
1,765
538
80.4
299 4
264.2
21.1
305 6
267.4
23.8
73 7
65.5
3.9
77.3
67.6
5.6
77.3
68.6
5.3
77.3
65.7
9.0
107 4
3 83.0
3 17.6
119 2
87.0
21.0
27 2
21.3
28.8
22.1
5.3
27.0
21.2
29.2
22.4
5.0
6.0
202 2
166 9
Travel
Hotels:
A vprfl^p snip npr ooonpfpcl room
dollars
Rooms occupied_ - % of total-_
Restaurant sales index._.same mo. 1951=100..
Foreign travel:
thous
TT S citizpns* Arrivals
A.liptis# Arrivals
Dpnartiirps
Passports issued and renewed
National parks, visits _
Pulhnan Co. (qtrly.):
PjmspTippr-rn i'ps
do
do
do
do __
—do-
(rpvenue)
mil
mil $
COMMUNICATION (QTRLY.)
Telephone carriers:
Onpratinsr revenues Q
mil $
do
Station revenues
Toll5!
TTIPSSflffP
Onpratinsr pxupnsp^ (before taxes)
Net ODeratins income
Phonp<? in sprvipp pnd of npriod
do
do
do
•mil
Telegraph carriers:
Domestic (wire-telegraph):
mil *
Operating revenues
Operating expenses, incl. depreciation.__-do ___
Net operating revenues
_.
do...
International:^
Operating expenses, incl. depreciation
Net operating revenues
do
do... _
4.7
' Revised. l Number of carriers filing complete3 reports for 1964.
2 Data cover 5 weeks; other periods, 4 weeks.
Revised total; quarterly revisions are
not available.
*New series. The monthly index is based on a sample of motor carriers that represents
approximately one-third of the class I and II common carriers of general freight; monthly
data back to 1955 are available.
519
530
81.5
§Effective 1st qtr. 1965, carriers reporting both intercity and local and suburban schedules
are classified as intercity if intercity revenues equal or exceed 50 percent of revenues from
both operations.
,
9 Includes data not shown separately.
d71 Radio-telegraph and cable carriers.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown iin the 1965
edition of BUSINESS STATISTICS
1964
1966
1965
1965
Annual
S-25
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
1,399
1,243
1,380 1,523
1,411
1,139
16,548
Acetylene
—
mil. cu. ft.. 15,964
1,425
1,385
1,439
1,420 1,401
1,358
Ammonia, synthetic anhydrous (commercial)
762.1
737.6
816.6
846.6 802.0
thous. sh. tons.. 7,634.3 8.607.4
701.4
698.2
707.2 717.6
721.5
707.4
707.9
97.5
88.5
82.3
1,119.6 1,173.8
87.9
84.4
104.2
Carbon dioxide, liquid, gas, and solid
do
114.2
91.4
107.7
112.6
94.3
111.7
5,945.2 6.438.9
517.2
559.6
542.0 583.2 561.5
510.8
Chlorine, gas (100% CI2)
do
548.0 533.0 544.7 524.5 540.0
535.2
108.9
113.4 120.6
119.5
107.3
105.8
Hydrochloric acid (100% HC1)
d o . . . . 1,264.2 1.310.0
109.2
107.4
102.9
116.8
106.2
106.2
400.7
350.2
441.0 465.7 471.0
434.2
439. 5 415.1
351.5
386.7
Nitric acid (100% H N O 3 ) _____do__.. 4,732.5 4.860.0
291.4
448.6
Oxygen (high purity)
mil. cu. ft_. 153,387 182,404 16,321 15,603 15,314 15,057 15,064 15,571 14,426 15,409 14,753 15,543 16,603 16,004
3,283.0
313.7
304.4
338.1
330.3
324.0
350.9
361.1
353.2
Phosphoric acid (100% P2O5)
thous. sh. tons...
333.5
343.6
3.845.1
Sodium carbonate (soda ash), synthetic (58%
4,947.9
431.3
386.4
Na2O)
_
_
.thous. sh. tons..
414.6
422.7
411.6
4.931.0
409.2
398.5
436.5 415.9
406.8
411.8
137.9
12.2
Sodium bichromate and chromate
do
11.8
11.7
11.4
12.0
12.4
138.2
12.4
9.5
12.2
11.6
11.2
10.6
Sodium hydroxide (100% NaOH)
do___. 16,389.0 6.723.5
580.6
530.1
563.0 604.1
584.5 525.8
571.9
557.8 569.4 549.7 572.0
558.4
Sodium silicate (soluble silicate glass), anhydrous
564.6
55.2
thous. sh. tons_.
50.8
52.3
38.7
46.7
589.8
45.4
46.6
50.3
56.1
46.8
45.7
Sodium sulfates (anhydrous, refined; Glauber's
salt' crude saltcake)
thous. sh. tons-. 1,315.6 1.392.4
125.9
123.1
121.3
120.3
111.6
112.4
119.6
108.1
128.1
114.9
105.3
122.0
Sulfuricacid (100% H3SO4)
d o — . 22,923.5 24,822.0 2,044. 2 2,101.2 2,116.3 2,011.0 2,001. 6 2,120.9 2,088.8 2,175.8 2,060.8 2,211.7 2,168.0 2,076. 6
Organic chemicals, production re?1
134.4
Acetic anhydride
mil. lb. 11,399.2 1,533.9
128.8
139.8
123.1
116.5
128.4
156.5
130.6
126.7
134.0
128.0
117.0
Acetylsalicylic acid (aspirin)
do___
128.2
3.0
2.6
2.6
29.0
2.5
2.3
1.9
2.3
2.3
2.6
2.4
2.7
2.7
Creosote oilmil. gal.
1113.3 2108.4
7.9
8.1
7.9
10.3
10.4
9.3
9.0
10.0
10.7
8.7
7.5
7.6
DDT._
—
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
_
Glycerin, refined, all grades:
Production
_
Stocks, end of period
Methanol, synthetic and natural
Phthalic anhydride
___.
mil. l b - 1123. 7
do.... U17.7
do—. 12,839.9
___do
do
_mil. gal_.
mil. l b -
135.2
3.1
10.5
144.6
107.3
3,085.5
11.1
9.1
264.3
12.8
8.1
256.7
13.7
10.1
250.3
13.4
8.7
263.0
13.2
8.7
253.2
13.5
8.7
252.3
11.3
13.2
274.1
9.6
10.9
252.8
10.0
9.9
263.4
13.9
7.8
290.5
13.4
6.4
278.4
12.3
8.0
320.1
27.6
1397.7
1 555.5
353.2
24.7
433.3
579.1
30.7
32.2
33.3
50.8
25.1
27.6
36.2
31.4
30.1
37.5
51.3
31.6
25.5
37.3
46.3
25.7
28.6
37.3
49.1
28.2
36.0
48.1
27.9
29.8
34.1
47.7
33.7
32.6
35.1
47.5
30.5
28.4
36.1
47.1
28.3
24.7
42.1
53.1
28.8
30.3
39.4
55.0
28.6
28.6
36.0
'49.0
684.5
192.9
551.0
68.0
710.1
200.5
586.2
69.0
64.2
191.2
55.6
6.6
54.0
187.0
52.2
5.6
58.9
190.4
50.8
5.3
55.5
190.9
50.5
6.1
56.9
191.1
51.0
4.9
54.9
196.3
45.4
5.3
60.6
196.9
46.1
6.1
74.0
197.8
46.9
6.7
62.7
200.3
45.8
7.5
62.3
200.5
47.6
5.2
54.8
208.4
"50.6
4.9
49.5
211.9
46.4
5.1
296.8
296.6
3.4
315.9
315.2
5.4
31.0
29.6
5.0
28.0
26.8
6.0
27.2
27.5
5.8
27.1
27.9
5.1
27.4
27.0
5.6
24.3
24.7
5.2
24.8
25.2
4.7
25.3
24.6
5.5
26.3
27.2
4.4
25.6
25.5
5.4
27.2
29.2
3.4
24.9
24.3
4.0
9,578 3 10.810
799 3 1.196
7,145 3 8,104
1,026
3 1,053
874
44
687
1,077
125
826
68
835
107
650
57
1,026
78
828
77
1,005
126
703
116
1,039
935
157
1,119
151
805
129
944
135
674
97
895
106
1,060
265
725
58
1,272
301
852
82
1,150
272
747
47
2,799
200
176
1,195
363
177
181
1,780
14
30
159
33
17
17
11
133
32
12
16
10
76
26
19
6
191
22
14
14
179
17
14
7
227
21
10
136
50
15
10
183
47
18
181
18
11
19
139
17
15
26
290
44
3,342
348
301
116
199
357
234
307
208
250
335
238
343
220
305
275
450
304
459
302
411
425
334
463
'349
'505
363
546
12.0
8.3
309.7
30.1
30.0
39.5
57.3
ALCOHOL
Ethyl alcohol and spirits:
Production
_
mil. tax gal__
Stocks, end of period
do_
Use for denaturation
do_
Taxable withdrawals
_
do_
Denatured alcohol:
Production
mil. wine g a l Consumption (withdrawals) ___
_ _ do
Stocks, end of period
__do
FERTILIZERS
Exports, total 9
Nitrogenous materials
Phosphate materials. __
Potash materials.
thous. sh. tons..
do_
do.
do.
Imports, total semimanufactures 9
Ammonium nitrate
Ammonium sulfate
Potassium chloride
_
Sodium nitrate
do
do.
do.
do.
do.
Potash deliveries (K2O)._
____do
Superphosphate and other phosphatic fertilizers
(100%P 2 O 6 ):
Production-__
thous. sh. t o n s . .
Stocks, end ofperiod
do
3,465
431
3,831
469
204
72
353
224
97
803
101
120
MISCELLANEOUS P R O D U C T S
Explosives (industrial), shipments, quarterly:
Black blasting powder.
______mil. lb_.
.9
.8
High explosives
do
1,281.6 1,459.4
Paints, varnish, and lacquer, factory shipments:
Total shipments.mil. $__ 2,002. 2 2,169.3
Trade products
d o . . " 1,173.4 1,246.7
Industrial finishes
do
922.6
828.8
Sulfur, native (Frasch) and recovered:
Production
„
thous. lg. t o n s . .
7,304
6,250
3,425
4,227
Stocks (producers'), end ofperiod
—do
.2
396.3
.2
371.4
.2
396.8
.3
279.2
184.4
101.8
82.6
191.9
110.3
81.6
201.8
121.9
79.9
216.9
129.6
87.3
200.6
124.3
76.3
195.7
122.0
73.7
188.0
112.6
75.4
178.1
99.7
78.4
167.9
90.5
77.4
146.8
73.4
73.4
164.6
85.3
79.3
165.1
87.3
77.8
614
4,274
594
4,156
625
4,096
611
4,002
627
3,881
628
3,825
531
3,670
645
3,710
621
3,611
637
3,425
'670
• 3,346
611
3,281
14.6
14.2
14.4
15.8
11.8
12.6
15.6
21.4
14.0
13.5
13.1
14.5
.2
387.1
PLASTICS AND RESIN MATERIALS
Production:
1161.3
169.6
Cellulose plastic materials
mil. lb
Thermosetting resins:
1
593.6
585.6
Alkyd resins..
_
do
Coumarone-indene and petroleum"poiymer" 1354.3
324.9
resins
_
mil. lb-.. 1 316.6
388.0
Polyester resins__
do
919.9
1832.5
Phenolic and other tar acid resins___I_"~do"" 1570.3
595.8
Urea and melamine resins
do
Thermoplastic resins:
Styrene-type plastic materials (polystyrene)
_y. ,
mil. lb_. 11,728.9 2,002.5
1 2,066.8 2,282.0
Vinylresms (resin content basis)
do
1 2,613.4 3,047.4
Polyethylene.do
51.1
50.0
54.5
47.7
51.6
51.8
49.1
43.6
45.0
'47.7
49.0
29.9
33.9
80.2
47.5
28.7
34.5
76.4
44.2
26.1
33.7
71.8
46.9
25.4
35.5
72.9
48.2
28.7
32.1
66.9
40.0
26.6
32.1
76.1
46.3
27.4
31.6
84.3
55.8
28.3
30.3
86.1
60.0
26.5
34.3
82.9
58.4
27.1
36.7
84.8
62.2
'25.0
35.7
23.6
36.5
80.2
52.7
171.9
194.4
241.2
165.4
190.8
237.8
167.8
181.6
256.9
168.9
181.4
256.4
150.4
169.9
254.3
168.2
185. 9
262.3
179.2
197.5
264.7
171.7
206.6
278.8
172.0
203.2
267.6
180.7
218.7
282.2
' Revised.
1 Revised annual total; revisions are not distributed to the monthly data.
^ .Beginning Jan. 1965, data exclude creosote 3in coal-tar solutions (formerly included); these
averaged 927,000gallons per month in 1964.
See note " O " for p. S-21
'52.6
177.4
179.0
' 215. 7 210.7
279.9
260.1
cTData are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
"Corrected.
S-26
SURVEY OF CUBKENT BUSINESS
1964
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
May 1966
1965
Mar.
Annual
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil. kw.-hr__ 1,083,741 1,156,929
96,601
90,336
93,320
96,142 101, 631 103,858
97,081
95,722
95, 299 102,182 105,254
94,962
983,990 1,054,790
806,917 861,342
177,073 193,448
87,839
70,490
17,350
81,852
64,997
16,856
84,745
68,134
16,610
87,761
72, 023
15,738
93,102 95,240
77,178. 79, 571
15,924 15, 670
88,877
73,875
15, 002
86,985
71, 675
15,310
86, 723
71,260
15,463
76,963
16,517
96,468
79,896
16,571
86,865
71, 577
15,288
806,446 855,632
177, 544 199,158
71,185
16,655
67,036
14,816
68, 959
15, 786
71,916
15,845
76,062
17, 040
77,925
17,316
69, 011
19, 866
70,998
15,987
70, 606
16,117
75,699
17,781
77,844
18,624
70,172
16,692
8,484
8,173
311
8,575
8,257
319
8,381
8,126
255
8,298
232
8,617
8,407
211
8,204
8,001
203
8,737
8,497
240
8,576
8,323
252
8, 702
8,438
263
8,786
8,520
266
8,097
7,835
262
75,598
78,238
Electric utilities, total.____
By fuels
_
_
By waterpower
_
do
do
do
Privately and municipally owned util
do
Other producers (publicly owned)
___do____
Industrial establishments, total
By fuels
By waterpower
do
do
do
99, 751
96, 523
3,228
102,139
98,988
3,151
8,762
8,450
312
Sales to ultimate customers, total (EEI)_
do
Commercial and industrial:
Small light and power§
do
Large light and power§_
__do
890,356
'953,441
77,852
76,693
183,539
409,356
'202,128
433,342
15,171
35,485
•• 15,170 15, 517
35,677 36,336
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
__do
_do
do
do
do____
4,721
4,653
262, 010 280,999
8,290
8,783
21,675
20, 651
1,859
1,789
393
429
24, 096 22,882
763
660
1,764
1,771
140
143
365
808
655
,768
149
80, 576
83,922
83,712
80,488
78,551
81,969
84, 755
84,418
17,571 18, 745
36, 641 35,851
19,536
37, 269
19,021
37,183
17,770
36,824
16, 603
36,707 37,043
17, 005
36,836
36,183
357
21,046
631
1,822
170
353
24,100
675
1,797
192
353
24,474
722
1,791
167
367
22, 759
773
1,825
169
381
22,075
816
1,811
158
401
27,589
866
1,923
135
406
27,961
797
1,944
125
357
23, 023
644
1,775
181
408
24,866
863
1,971
120
Revenue from sales to ultimate customers (Edison
Electric Institute)
——
_.___mil. $__ 14,408.5 15,158. 8 1, 232. 4 1,215. 6 1,205.1 1, 243.2 1, 287. 0 1,325. 8 1,332.2 1,284.0 1,242.2 1,288.4 1,326.4 1,324.6
GAS
Manufactured and mixed gas:
Customers, end of period, total 9
Residential
Industrial and commercial
thous..
do
___do
798
745
'52
698
655
42
785
734
51
703
660
42
690
649
41
698
655
42
mil. therms__
_-__do
_do
1,541
976
552
1,370
818
544
553
367
186
300
171
126
168
67
100
349
213
132
Revenue from sales to consumers, total 9 - m i l . $__
Residential
__
_____do__.
Industrial and commercial
do__.
165. 2
117.3
46.9
129.7
86.7
42.4
51.4
36.5
14.9
29.1
19.1
9.7
16.5
9.0
7.4
32.7
22.1
10.4
36, 298
33,350
2,908
37,130
34,101
2,987
33,418
3,020
33,396
2,872
36,290
33,414
2,836
37,130
34,101
2,987
mil. therms _. 114,340
37,699
do
71,293
.do
117,900
38,764
75,434
38,799
17,577
21,222
27,805
8,529
18,181
21,820
3,351
17,216
29,476
9,307
18,815
1,676. 5
884.9
753.6
1,126.9
448.8
640.1
1,803.8
957.8
797.8
Sales to consumers, total 9
Residential
Industrial and commercial
___
Natural gas:
Customers, end of period, total 9
Residential
_
Industrial and commercial. ___
Sales to consumers, total 9
Residential
Industrial and commercial
—thous.
do__.
do
Revenue from sales to consumers, total 9 -.mil. $__ 6,960. 2 7,231.7 2,624. 5
3,772. 3 3,911.6 1,620.1
Residential.._
__do
2,998.1 3,195.9 1,004. 5
Industrial and commercial
do
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production........
mil. b b l . J
Taxable withdrawals
do
Stocks, end of period
do__._
Distilled spirits (total):
Production
mil. tax gal__
Consumption, apparent, for beverage purposes
mil. wine gal__
Taxable withdrawals
mil. tax gal..
Stocks, end of period
___.
do
Imports
mil. proof gal__
Whisky:
Production
mil. tax gal__
Taxable withdrawals
.do
Stocks, end of period
do
Imports
. . . m i l . proof gal._
Rectified spirits and wines, production, total
mil. proof gal. _
Whisky
.
____do
Wines and distilling materials:
Effervescent wines:
Production.
. . . m i l . wine gal__
Taxable withdrawals—___
do
Stocks, end of period
--_____
do____
Imports
_
_
do__._
Still wines:
Production
_
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
_
do
10.05
9.24
12.24
10.42
9.85
12.38
9.66
9.61
11.68
14.01
8.32
24.07
11.95
870. 65
4.58
22.18
9.85
866. 20
3.41
9.08
6.94
841.10
3.93
7.24
4.88
.54
.41
3.47
.10
3.73
14.20
179. 74
1.35
105.90
98.64
108. 21
100.41
10.30
9.84
8.58
11.93
9.22
8.43
12.08
162.94
185. 06
15.93
15.72
14.44
275. 86
133.17
862. 42
50.60
292.99
138. 52
872. 90
58. 04
24.05
10.93
868. 44
5.06
22.63
10.95
870. 39
4.66
22.49
11.30
871. 05
3.96
112. 87
89.44
832.18
40.81
126. 88
90.06
835. 85
51.10
12.27
7.32
837.94
4.31
11.50
6.84
840. 21
4.10
10.05
6.92
840.97
3.43
92.24
65.60
94.00
64.80
7.52
5.12
7.42
5.06
5.82
5.35
2.66
1.19
7.29
6.25
3.10
1.45
.77
.42
3.37
.13
193.28
164. 72
231.24
14.54
232. 26
167. 25
262. 28
14.91
3.12
16.25
193.21
1.41
8. 49
11.58
7.81
7.50
11.28
7.71
7.60
10.83
13.04
15.84
19.11
21.76
10.65
865. 42
4.33
24.02
11.84
865. 73
5.26
26. 62
16.26
865.31
6.31
3.76
5.65
836. 60
3.00
9.36
6.62
836.20
3.82
10.91
7.94
836. 22
4.68
8.10
5.46
6.31
4.38
7.54
5.09
.57
.44
3.56
.12
.66
.51
3.62
.10
.32
.31
3.60
.07
3.25
12.22
170.52
1.27
2.53
13.59
157. 01
1.27
3.42
2.39
1.35
468.58
'4.01
Distilling materials produced at wineries.__do._._
Revised.
^Monthly revisions for 1964 will be shown later; production data for all periods shown here
include Alaska and Hawaii,
3.79
r
11.21
10.21
12.50
8.13
8.03
10.30
7.76
6.69
10.88
7.39
6.66
11.07
20.02
19.65
17.32
17.02
30.86
15.05
865.82
7.31
36.15
10.06
872.90
6.73
19.15
9.40
877.94
3.34
20.59
10.58
881.60
3.83
5.14
11.85
11.12
833.24
5.64
13.16
10.47
832.11
6.53
12.92
6.58
835. 85
5.95
13.28
6.20
840.16
2.94
12.49
7.50
842. 55
3.31
4.49
8.26
5.78
10.96
8.11
10.84
7.82
6.97
4.50
6.40
3.93
.52
.41
3.66
.52
.58
3.54
.59
.73
3.31
.20
.77
.91
3.14
.21
.93
.86
3.10
.22
.76
.40
3.40
.11
.79
.35
3.78
.11
.12
1.48
9.91
146.16
3.92
13.57
137.14
1.01
49.80
15.33
171.61
1.19
112.90
15. 85
266.87
1.37
35.72
16.25
279.14
1.82
9.50
15.05
262.28
2.01
7.37
12.00
254.72
1.51
2.58
12.42
239. 59
3.42
17.60
128. 60
200.11
66.74
29.91
11.33
4.50
1.38
§ Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
9 Includes data not shown separately.
"Corrected.
SURVEY
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
BUSINESS
1965
1965
1964
Mar.
Annual
S-27
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
_
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory) total
American, whole milk
mil. lb 1,442.4
66.5
___do____
.599
___$ per lb__
1,337.1
52.1
.610
141.6
98.9
.587
140.2
132.1
.595
146.4
165.8
.598
135.8
207.9
.599
106.6
219.5
.602
85.9
192.5
.620
74.6
161.1
.627
78.8
124.8
.636
78.2
83.0
.641
90.3
52.1
.646
100 2
33 7
.601
92.5
26.6
.627
103 2
' 25.5
.643
mil. lb 1,726.5
_do____ 1,157.4
1,743.2
1,155.3
153.1
100.5
162.1
110.8
179.3
179.8
129.2 . 128.8
161.3
113. 0
142.5
96.7
127.9
82.1
126.8
77.3
119.4
70.0
130.0
76.1
131.8
80.9
127.7
78.6
157.6
100.3
326.0
283.6
78.0
308.6
271.0
79.3
292.4
252.3
9.4
310.9
271.6
8.0
342.1
299.3
7.0
378.7
333.2
6.3
402.0
354.7
4.2
415.0
364. 3
4.2
386.6
340.6
5.3
351.9
310.5
6.4
335.3
297.2
9.3
308.6
271.0
11.4
301.1
262.9
11.4
' 270.7
'230.4
11.1
294.7
251.1
.434
.450
.444
.441
. 439
.439
.439
.441
.449
.457
.470
.490
.492
277.6
238.3
7.2
.501
.524
507
94.6
1,888.1
6.9
185.3
97.0
1,690.5
8.0
133.1
10.1
149.4
9.4
183.7
5.4
180.8
9.1
159.2
8.5
152.7
5.6
136.0
7.5
123.0
9.0
110.1
10.5
119.5
9.5
117.0
9.2
119.4
9.2
148.9
5.9
134.8
5.7
99.8
7.0*
113.6
7.7
165.9
7.9
199.0
9.1
224.9
8.5
235.6
7.3
228.2
7.5
200.6
7.5
166.4
5.9
134.8
52
103.2
5.4
61.9
66
40.2
62.8
37.3
i 65.3
i 24.7
5.1
1.4
7.0
1.4
6.3
1.7
3.5
2.0
4.4
2.7
6.9
2.4
2.6
2.3
5.5
2.5
3.0
1.8
10.0
2.7
87
2.1
20
2.2
9.7
3.1
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago). __ _ __
$ per lb__
Condensed and evaporated milk:
Production, case goods:
Condensed (sweetened)
mil. lb
Evaporated (unsweetened)
do.
Stocks, manufacturers', case goods, end of period:
Condensed (sweetened) _
_ mil. lb__
Evaporated (unsweetened) _ _
__do
Exports:
Condensed (sweetened)
do __
Evaporated (unsweetened)
__do
Price, manufacturers' average selling:
Evaporated (unsweetened)
$ per case..
Fluid milk:
Production on farms
mil lb
Utilization in mid. dairy products
do
Price, wholesale, U.S. average
$ per 1001b__
Dry milk:
Production:
Dry whole milk
mil. lb
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
Dry whole milk
do
Nonfat dry milk (human food)..,
do....
Exports:
Dry whole milk
_
do____
Nonfat dry milk (human food)...
__do
Price, manufacturers' average selling, nonfat dry
milk (human food)
_$ per lb__
5.99
6.09
6.09
6.09
6.07
6.07
6.07
6.08
6.11
6.13
6.11
6.12
6.14
6.33
6.46
127,000
62,883
4.16
125.061
60,577
4.25
11,155
5,765
4.17
11,305
5,942
4.02
12,206
6,435
3.89
11,742
6,354
3.86
10,856
5,554
4.01
10,046
4,800
4.18
9,404
4, 055
4.41
9,446
3,866
4.55
9,106
3,722
4.62
9, 556
4,070
4.60
9,865
4,362
4.54
9, 254
4, 215
4.55
10,645
5,035
4.54
87.6
2,176.8
84.8
1,999.0
8.1
203.4
8.5
217.3
76
244.6
7.7
224.9
5.6
169.8
4.7
131.2
5.4
100.6
6.2
102.0
7.3
105.2
7.6
130.7
8.4
129.8
73
124.0
68
144.8
7.0
108.8
'5.0
'58.2
8.8
7.7
114! 6 ' 122.7 ' 154.0
7.8
' 154.2
7.6
6.8
' 136.4 ' 109.8
6.0
'74.0
'4.9
'65.4
4.3
'59.2
'5.0
'58.2
5.0
59.6
6.2
53.8
5.9
47.5
13.9
838.6
20.0
438.4
.146
.147
GRAIN AND GRAIN PRODUCTS
2.2
11.1
1.8
51.0
2.7
30.3
1.2
44.4
1.1
53.0
3.1
63.3
1.1
69. 2
1.8
64.6
1.8
21.5
1.2
14.0
1.2
16.9
1.7
6.4
2.0
16.2
.144
.145
.145
.145
.146
.147
.148
.148
.149
.150
.151
.152
.156
142.4
114.8
120.4
127.3
127.5
120.3
124.3
134.8
144.2
132.4
112.0
127.9
161.3
35.1
.632
10,874
4.45
Exports (barley, corn, oats rye, wheat) __ .mil. bu_. 1,385.8 11,385.4
Barley:
Production (crop estimate)
do—_ 2 402.9
Stocks (domestic), end of period
do
309.9
190.1
On farms
do
119.9
Off farms
do
74.4
Exports, including malt§
do
Prices, wholesale (Minneapolis):
1.21
No. 2, malting
'__ __ _ _ $ per bu__
1.13
No. 3, straight
do
Corn:
Production (crop estimate, grain only),.mil. bu__
Grindings, wet process
do
Stocks (domestic), end of period, total mil. bu
On farms
do
Off farms
_
do
Exports, including meal and flour _. _
do __
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu
Weighted avg., 5 markets, all grades
do
Oats:
Production (crop estimate)
Stocks (domestic), end of period, total
On farms
Off farms
._
mil. bu
do
do
do
Exports, including oatmeal. _
do
Price, wholesale, No. 2, white (Chicago)
$ per bu_.
Rice:
Production (crop estimate)
mil. bags 9 _ _
California mills:
Receipts, domestic, rough
mil lb
Shipments from mills, milled rice __ . d o . .
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, Nato, No. 2 (N.O.)
$ per lb__
2 411.9
' 311.5
195.2
' 116.3
i 65.9
204.8
107 0
97.8
2.3
3.7
7.8
3101.8
3 40 7
3
61 1
9.3
5.2
5.0
6.8
8.5
8.3
1.33
1.27
1.31
1.23
1.33
1.23
1.39
1.32
1.39
1.27
1.34
1.23
1.28
1.26
1.27
1.25
1.31
1.28
1.38
1.36.
16.8
17.3
17.1
16.8
18.5
17.3
17.9
17.4
51.6
48.8
31,170
3 604
3 566
43.3
52.9
73.6
66.7
1.33
1.26
1.28
1.21
1.28
1.23
1.19
1.19
1.14
1.14
1.21
1.19
2 3,584
193.6
2 4,171
204.9
17.5
3,956
2,818
1,137
481.6
4,099
3,142
957
i 598.9
2,862
1,923
939
68.1
42.1
46.3
1,934
1,283
650
57.5
1.23
1. 23
1.28
1.25
1.31
1.28
1.33
1.31
1.36
1.31
1.34
1.28
2
473
402
88
2 959
783
680
'103
4.6
124.3
.70
.74
880
710
622
(4)
' 311. 5
195.2
' 116. 3
5.1
4.2
6.3
199. 3
105 4
93 9
4.5
1.34
.1.33
1.37
1.35
1.40
1.38
1.36
1.35
1.32
1.29
15.8
16.0
15.2
18.6
17.0
48.9
51.5
2 899
2,160
740
65.7
1.29
1.27
1.29
1.24
1.25
1.22
4,099
3,142
957
783
680
'103
944
806
139
3 283
3 220
3 63
71
87
.7
2.3
2.9
4.3
5.6
6.9
1.1
.3
.6
.8
.74
.77
.77
.74
.72
.72
.71
.70
.72
.77
.78
.78
.77
79
65
28
59
46
173
37
112
77
133
85
121
137
80
49
126
105
2 73.1
2 76.9
1,523
1,025
1,491
1,033
197
114
158
151
125
134
82
45
76
185
207
189
150
91
98
70
87
72
122
180
207
158
162
143
5, 575
3,665
5,711
4,020
101
438
102
341
62
275
66
5 422
238
220
907
244
1,547
385
1,403
442
482
408
332
360
195
316
133
291
1,670
2,933
.086
1,641
13,049
.083
1,225
540
.083
945
161
.084
718
392
.084
334
322
709
97
.084
.084
.082
1,356
151
.082
1,859
245
.080
1,787
440
.082
337
400
1,641
292
.082
1,527
335
.082
1,350
207
.082
p. 083
374
247
3
1.28
1.24
548
461
.5
Rye:
Production (crop estimate)
mil bu
2 33.3
2 33.3
21 3
Stocks (domestic) end of period
do
r 28 8
17 6
Price, wholesale, No. 2 (Minneapolis) _„$ per bu._
1.28
1.18
1.14
1.16
1.15
r
Revised.
v Preliminary.
i See note " O " for p. S-21. 2 crop estimate for the
year.
3 old crop only; new crop not reported until beginning of new crop year (July for
barley, oats, rye, and wheat; Oct. for corn).
400.7
257 2
143.5
.75
1,170
233
'28.8
24.7
36 0
1.25
1.18
1.22
1.16
1.17
1.15
1.13
1.10
1.17
1.13
6
Beginning June 1965, data include shipments to Gov't. agencies
Less than 50,000 bu.
§ Excludes pearl barley.
9 Bags of 100 lb.
12 9
1.11
4
suit VJbJI
S-28
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
May 1966
UUK1
1965
1965
Mar.
Annual
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Wheat:
Production (crop estimate), total
Spring wheat
-...
Winter wheat
Distribution
mil. bu_.
do—
___do—
do....
11,291
1266
11,025
1,458
U,327
1303
i 1,024
1,438
Stocks (domestic), end of period, total
On farms
Off farms
do___.
do—
do—.
1,449
390
1,060
1,339
408
931
1,146
264
Exports, total, including
Wheat only
do..
do..
819.5
746.2
3 694.0
3 646.3
71.8
69.1
68.8
62.3
65.4
62.6
59.7
56.1
68.2
64.9
58.3
69.4
64.2
67.2
60.6
55.2
51.0
55.0
58.5
56.3
69.5
67.9
90.4
87.7
1.80
1.57
1.69
1.81
1.54
1.67
1.81
1.52
1.65
1.81
1.46
1.61
1.86
1.50
1.64
1.79
1.59
1.70
1.84
1.61
1.76
1.84
1.63
1.72
1.88
1.65
1.76
1.87
1.64
1.75
1.86
1.66
1.75
1.89
1.65
1.77
1.87
1.64
1.74
22,629
89.6
419
51,068
20,128
83.3
373
45,511
22,169 23,307
101.8
91.6
431
408
50, 275 52,838
23,399
102.1
428
52,816
21,296
93.0
388
48,105
21, 543 20,169 19,598
85.5
87.7 r 89.5
368
'357
392
48,642 45, 735 44,294
23,121
95.2
418
52,066
4,709
1,188
2,792
1,195
4,846
1,554
1,403
2,277
4,136
2,250
2,826
1,775
4,314
1,924
5.560
5.303
5.585
5.280
5.573
5.260
5.740
5.360
6.013
5.653
5.938
5.610
5.875
5.577
5.975
5.600
5.988
5.617
5.963 '5.988
5.617
5.617
470
2,334
1,497
1,403
2,314
1,128
710
2,304
1,110
484
26.65
24.64
32.00
27.55
26.38
37.50
28.96
27.62
P36.00
flour.__
_
_
Prices, wholesale:
No, 1, dark northern spring (Minneapolis)
1.83
2.06
$ per bu__
1.58
1.86
No. 2, hd. and dk. hd. winter (Kans. City).do
1.70
1.92
Weighted avg., 6 markets, all grades
do
Wheat flour:
Production:
Flour
thous. sacks (1001b.)-- 265, 621 254, 584
90.9
93.5
Operations, percent of capacity
4,693
4,941
Offal
thous. sh. tons..
Grindings of wheat
_.thous. bu__ 602, 209 575,874
Stocks held by mills, end of period
4,314
5,068
thous. sacks (1001b.)__
31,475 3 20,464
Exports_.
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
5.784
5. 652
$ per 100 l b 5.464
Winter, hard, 95% patent (Kans. City)_-do._._
5.390
304
328
438
2
1,339
408
931
1,708
563
1,146
818
2 133
19, 656 23, 500 18,689
89.5
97.1
80.9
364
433
346
44,331 53,168 42,328
901
257
644
711
955
r
1.84
1.65
1.72
1,155
5.988 5.913
5. 567 v 5. 518
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
Cattle
_____do__Receipts at 26 public markets
.
do
Shipments, feeder, to 8 corn-belt States
do
Prices, wholesale:
Beef steers (Chicago)
$ per 100 l b ~
Steers, stocker and feeder (Kansas City)__do
Calves, vealers (Natl. Stockyards, Ill.)__do
Hogs:
Slaughter (federally inspected) ___thous. animals. _
Receipts at 26 public markets
do
Prices:
Wholesale, average, all grades (Chicago)
$ per 100 lb—
Hog- corn price ratio (bu. of corn equal in value
to 100 lb. live hog)
Sheep and lambs:
Slaughter (federally inspected).._thous. animals—
Receipts at 26 public markets
do
Shipments, feeder, to 8 corn-belt States
do
Prices, wholesale:
Lambs, average (Chicago)
$ per 100 lb—
4,820
25,133
14, 779
7,096
5,076
26,614
13,994
7,230
473
2,226
1,113
411
2,021
911
354
340
2,043
995
359
378
2,219
1,152
328
387
2,238
1,045
428
2,337
1,254
533
478
2,406
1,304
906
492
2,390
1,412
1,261
22.86
19.79
26.21
25.81
22.50
27.17
23.80
21.31
27.50
25.01
22.04
29.50
26.40
22.68
27.00
27.44
23.88
27.50
26.71
23.22
25.50
27.01
22.97
23.50
26.93
22.92
25.00
26.58
22.88
25.00
23.02
27.00
26.41
24.12
29.50
71,667
19,114
63,708
15,386
6,534
1,480
5,802
1,274
4,719
1,199
4,717
1,260
4,430
1,090
4,750
1,166
5,475
1,228
5,421
1,231
5,503
1,357
5,010
1,263
4,719
1,161
4,650
1,091
5,806
U,316
14.89
20.98
16.72
17.26
19.86
22.26
23.09
23.88
22.49
23.19
24.07
26.85
27.26
27.15
24.00
21.72
13.2
18.1
13.8
13.7
16.0
18.1
18.9
20.2
18.7
21.6
23.7
24.8
23.9
23.7
21.4
19.1
12,947
4,436
2,547
11, 710
3,450
2,157
227
133
199
136
918
229
115
294
136
976
278
113
973
334
191
1,106
382
342
1,032
384
392
943
359
187
910
271
161
907
254
107
785
206
80
1,033
4 314
120
21.93
24. 29
25.00
23.25
26.50
26.00
24.75
23.75
23.00
23.50
23.75
25.88
27.88
28.25
26.75
29, 676
28,336
2,595
2,352
2,165
2,288
2,194
2,283
2,459
2,462
2,465
2,386
2,348
2,143
2,500
702
665
1,088
484
3 537
1,012
610
44
87
493
37
81
442
37
93
399
45
400
50
102
'411
56
104
453
55
93
484
50
108
675
44
72
487
42
92
509
35
101
'528
43
94
15, 653
328
57
841
15,995
269
3 45
718
259
8
73
1,235
235
4
39
216
2
62
1,330
182
2
54
1,323
177
2
1,370
186
2
87
1,413
••201
3
71
1,410
211
2
72
1,383
244
6
65
1,397
269
3
61
1,413
262
5
58
1,244
256
2
64
1,367
236
3
50
222
.446
.450
.450
.439
.435
.441
.449
.453
.469
.460
46
10
53
10
50
13
47
12
46
12
47
10
41
11
54
'13
17
1,002
1,035
943
858
1,078
'128
6
23
817
'141
6
21
751
152
4
.30
701
186
4
27
878
••217
4
31
376
459
2,037 2,232
943 * 1,110
513
27.73
26.74
25.75
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in), inspected
slaughter
mil. lb—
Stocks (excluding lard), cold storage, end of
period
mil. l b Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do_
Beef and veal:
Production, inspected slaughter
do_
Stocks, cold storage, end of period
do
Exports
do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (New York).
$ per lb—
Lamb and mutton:
Production, inspected slaughter
mil. lb.
Stocks, cold storage, end of period
do__.
Pork (including lard), production, inspected
slaughter
mil. lb_.
Pork (excluding lard):
Production, inspected slaughter
__
do—
Stocks, cold storage, end of period
do
Exports
__-_do__.
Imports
do
Prices, wholesale:
Hams, smoked, composite
$perlb.
Fresh loins, 8-12 lb. average (New York)...do
Lard:
Production, inspected slaughter
mil. lb_
Stocks, dry and cold storage, end of period—do—
Exports
do—
Price, wholesale, refined (Chicago)
$ per lb..
'1 Revised.
p Preliminary.
Crop estimate for the year.
.433
.418
.446
.462
624
13
576
12
49
11
45
11
45
10
13,399
11, 766
1,067
881
1,179
10,445
284
133
210
9,330
152
3 53
262
7
27
.458
.443
.542
.532
.472
.454
.485
.453
.512
2,153
127
682
.136
1,772
62
3 251
.153
175
143
18
.150
159
147
38
.156
138
107
20
.140
335
5
292
3
19
824
224
4
22
656
176
21
867
135
4
21
795
126
4
23
711
158
2
26
585
276
.622
.542
.575
.702
.572
.675 ' . 6 5 7
p.625
.531
.557
.585
.643
.639
.564
.576
.616
.568
.533
.571
.587
144
146
158
114
144
144
122
122
129
62
66
62
70
69
59
98
82
69
10
21
15
18
19
16
14
29
13
.156
p . 160
.163
.165
.158
.144
.151
' . 171
.161
2
Old crop only; new grain not reported until beginning of new crop year (July for wheat).
3
4
See note " O " for p. S-21.
Beginning March 1966, data are for receipts at 28 markets.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
1965
Annual
S-29
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS
Poultry:
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__
Eggs:
Production on farms
mil. cases©—
Stocks, cold storage, end of period:
Shell
thous. cases©—
Frozen
mil. lb__
Price, wholesale, extras, large (delivered; Chicago)
$ per doz_.
7,546
526
541
645
773
847
877
819
695
522
554
357
207
315
200
'254
'137
'215
"•107
'82
'159
'70
'177
'88
'239
'147
'343
'244
'470
'363
315
200
284
181
249
156
201
'122
92
.137
.145
.150
.145
.150
.155
.155
.150
.145
.135
'391
'280
.140
.140
.155
.155
.165
.150
178.9
179.4
15.8
15.5
16.0
15.0
15.0
14.6
14.1
14.6
14.4
15.0
15.0
13.7
15.6
15.4
321
67
521
423
100
321
95
234
81
126
64
.273
525
84
.294
.341
.384
.391
.410
.411
.375
.412
.423
40.2
.159
37.7
.134
26.0
.118
36.2
.161
48.5
.171
32.4
.171
27.2
.184
25.2
.213
41.9
.239
57.7
.221
46.6
.233
2,549
736
3,143
5,837
2,254
846
2,013
545
3,173
5,657
2,382
529
.425
127
.420
.423
.331
.328
.291
268.4
.234
354.4
.172
25.4
.168
4,470
22,374
3,195
21,680
3,036
5,401
22,823
7,212
21,290
5,742
.451
2,446
525
1,659
1,554
386
1,831
457
42
33
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. lg. tons__
Price, wholesale, Accra (New York)
$ per lb._
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd1—
Boastings (green weight)
do—
Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (New York)
$perlb_.
Confectionery, manufacturers' sales
mil. $..
25.5
.164
2,612
5,330
2,667
5,112
.479
1,395
' 1, 412
.453
123
.458
109
.453
84
.460
94
1,206
278
.455
75
215
230
141
137
152
166
192
210
228
231
973
2,578
3,275
3,200
!,525
3,055
2,823
2,133
1,598
4,408
5,505
1,903
4,153
5,796
1,966
215
196
197
108
1,502
250
145
245
240
83
253
239
65
401
198
317
191
120
355
141
612
316
114
961
150
85
83
39
do____
do—
do
9,706
9,671
2,700
10,151
10,021
2,647
797
780
2,619
775
756
2,490
855
846
2,420
876
2,170
957
950
1,928
1,006
996
1,658
1,023
1,007
1,291
815
1,552
786
777
2,166
874
863
2,647
sh. tons..
4,222
12,359
347
196
71
290
166
121
106
137
321
thous. sh. tons..
do
do
3,506
1,171
84
188
362
156
2
412
137
10
444
71
7
350
85
2
430
108
8
Prices (New York):
Raw, wholesale
$per lb__
Refined1.
Retail (incl. N.E. New Jersey)..$ per 5 lb._
Wholesale (excl. excise tax)
._$ per lb—
.068
.066
.068
.068
.067
.068
.068
.067
.657
.100
.595
.095
.598
.093
.588
.093
.591
.093
.595
.095
.592
.095
.591
.095
.594
.095
.604
.096
133,592
130,358
16,192
15,994
10,463
11,028
6,372
9,173
14,543
9,123
213.0
210.8
224.2
219.9
204.2
240.2
274.6
113.6
115.8
122.3
122.9
106.4
103.2
97.6
236.6
213.7
242.6
270.6
229.4
226.4
138.5
170.0
156.1
149.0
125.7
85.5
170.5
154.3
142.0
145.1
142.9
53.1
51.5
51.5
47.0
.263
.263
.263
45.3
35.8
39.6
34.8
Fish:
Stocks, cold storage, end of period
mil. lb__
Sugar:
Cuban stocks, raw, end of period
thous. Spanish tons..
United States:
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous. sh. tons..
Entries from off-shore, total?1
do
Hawaii and Puerto Rico
do
Deliveries, total9
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
Tea, imports
thous. lb.
333
138
6
3,783
1,055
82
Baking or frying fats (incl. shortening):
Production
_mil. lb_. 2,664.1 2,792. 5
Stocks (producers' and warehouse), end of period
121.1
116.6
mil. lb__
Salad or cooking oils:
Production
d o — 2,846.1 2,773.1
Stocks (producers' and warehouse), end of period
85.9
118.8
mil. lb—
Margarine:
Production
d o — 1,857.4 1,904.4
Stocks (producers' and warehouse), end of period
41.6
48.0
mil. lb—
Price, wholesale (colored; mfr. to wholesaler or
.261
.241
large retailer; delivered)
$ per lb_ _
373
82
.259
1,556
411
1,812
551
.455
104
.445
162
.438
152
.438
145
.440
129
1,829
488
.440
'120
232
230
210
175
'162
162
973
1,000
1,570
2,480
2,990
481
1,831
132
221
294
196
331
203
682
783
673
777
2,738 '2,600 r 2, 527
76
62
1,765
159
38
'260
106
1
313
149
4
.606
.096
'.605
.09.6
.611
' . 098
.615
J-.098
13,724
12,504
10, 447
9,352
14,677
281.6
270.4
255.4
266.2
' 266.3
265.2
105.7
113.1
116.6
114.2
' 118.8
118.4
218.4
213.5
231.3
257.7
254.5
r 238.1
272.1
65.9
62.2
80.3
85.9
98.9
' 87.9
82.0
148.6
164.9
161.6
168.7
175.4
185.5
' 172.7
188.5
48.5
44.5
41.9
47.2
45.3
41.6
44.0
'48.4
59.6
.263
.261
.261
.261
.261
.261
.261
.261
p . 261
40.6
30.4
43.1
39.7
45.5
47.5
45.1
45.3
48.9
36.5
44.6
29.6
47.7
35.4
••47.6
'44.7
44.5
36.5
.068
.069
FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats:A
Tallow, edible:
530.1
43.3
553.2
Production (quantities rendered)
mil. lb—
434.5
37.5
36.3
464.0
Consumption in end products
do—
Stocks (factory and warehouse), end of period
35.0
31.1
41.7
41.7
mil. lb_.
Tallow and grease (except wool), inedible:
350.7
4,565. 7 4,302.5 380.3
Production (quantities rendered)
do
172.5
2,301. 4 2,158. 0 184.0
Consumption in end products
do
Stocks (factory and warehouse), end of period
418.9
°
418.
5
447.8
366.4
mil. lb__
Fish and marine mammal oils:
9.9
190.2
.5
180.2
Production
do_
6.5
6.4
80.9
79.8
Consumption in end products
do
Stocks (factory and warehouse), end of period
139.9
185.3
118.0 116.0
mil. lb—
2
Less than 500 short tons.
' Revised.
*> Preliminary.
* See note " O " for p . S-21.
O Cases of 30 dozen.
cT Bags of 132.276 lb.
34.9
29.8
27.6
23.9
21.5
22.6
26.0
31.1
36.8
'36.6
40.6
351.0
179.6
352.2
181.6
325.1
149.5
343.9
195.0
368.7
187.7
355.8
184.5
364.7
190.1
376.4
179.2
366.7
196.7
• 346.1
190.5
371.7
211.2
371.7
353.5
354.5
320.4
351.3
368.3
391.5
418.5
435.2
• 446. 5
406.9
8.2
7.5
3.0
7/3
.5
5.4
22.3
5.7
126.4
17.8
7.1
.3
'7.7
.5
9.1
7.5
6.8
137.3
185.3
158.8
148.1
166.1
204.4
192.1
177.5
201.4
168.1
9 Includes data not
§ Monthly data reflect cumulative revisions for prior periods,
shown separately; see also note " § " .
A For data on lard, see p . S-28.
« Corrected.
40.1
6.8
40.6
6.4
37.7
7.6
SURVEY OF CUERENT BUSINESS
S-30
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
1965
Mar.
Annual
May 1966
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS/OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products:
Coconut oil:
Production:
Crude.
_
mil. lb_.
Refined
-—
--—-do—
Consumption in end products. _
do—
Stocks, crude and refined (factory and warehouse), end of period
mil. lb_.
Imports
do—
Corn oil:
Production:
Crude
—
do—
Refined
do.—.
Consumption in end products
do—
Stocks, crude and refined (factory and. warehouse) , end of period™
mil. lb_.
Cottonseed cake and meal:
Production.
thous. sh. tons..
Stocks (at oil mills), end of perioddo
Cottonseed oil:
Production:
Crude
mil. lb__
Refined
do
Consumption in end products
_____do
Stocks, crude and refined (factory and warehouse), end of period
mil. lb__
Exports (crude and refined)
do
Price, wholesale (drums; N.Y.)
_$ per lb__
Linseed oil:
Production, crude (raw)
- . m i l . lb__
Consumption in end products...
..do
Stocks, crude and refined (factory and warehouse) , end of period
mil. lb _ _
Price, wholesale (Minneapolis)
$ per lb_.
327.6
506.0
765.4
365.4
488.1
723.5
33.9
46.3
65.0
27.3
40.8
60.3
32.5
47.1
63.7
23.5
42.1
63.2
24.9
25.6
44.5
30.6
41.4
63.2
19.7
35.6
59.6
28.7
42.3
60.8
38.2
39.9
57.1
36.8
38.5
60.3
27.6
47.8
65.6
21.2
'43.7
••59.1
24.7
52.3
70.5
154.0
397.1
154.4
383. 6
166.2
42.6
169.7
47.3
181.3
38.8
156.0
22.7
137.8
0
123.5
7.1
114.9
24.8
106.8
34.4
127.0
18.7
154.4
11.1
131.7
109. 5.
146.3
43.7
176.1
87.2
413.9
393.1
412.2
446.1
412.8
421. 5
38.0
34.8
34.4
36.0
32.2
30.0
36.1
34.3
35.8
38.2
31.8
34.1
36.4
31.1
35.8
37.9
35.3
40.7
34.8
36.6
40.1
39.0
38.5
36.5
37.3
37.6
36.0
35.3
35.4
30.3
30.0
34.3
'31.2
32.2
40.6
34.7
31.7
40.1
26.1
41.7
41.5
38.4
39.6
39.3
38.5
35.4
32.0
28.6
26.1
30.3
'29.6
34.8
2,705.7
126.8
2,755. 5
80.9
294.5
192.7
222.7
220.7
181.9
238.5
126.1
207.6
98.9
168.5
71.9
110.8
191.0
77.7
297.9
91.0
338.4
96.1
332.8
80.9
334.4
94.6
305.4
115. 0
289.2
157.1
1,932.8
1,600.0
1,410.0
1,974.2
1,668.8
1,471.7
213.6
192.8
122.0
164.6
135.5
110.8
135.0
119.6
106.8
93.0
98.9
121.5
72.6
92.1
105.8
50.0
80.3
113.0
132.7
95.3
133.4
212.1
149.0
145.9
236.5
173.1
130.3
230.9
186.4
126.3
232.6
181.4
131.0
' 214.7
' 166. 4
' 125. 4
202.7
202.7
131.7
335.6
49.8
.164
' 366. 3
30.0
.168
396.5
37.7
p. 172
'38.1
'16.8
506.3
603.5
.141
' 300.1
501.3
i .149
568.7
50.2
.170
583.4
34.1
.164
560.0
26.9
.146
492.5
50.3
.138
420.6
41.5
.137
292.5
54.6
.135
236.2
30.6
.135
243. 6
18.1
443.6
377.2
410.1
239.4
39.5
21.4
28.5
20.5
22.3
22.3
31.3
23.4
15.7
21.5
37.2
21.0
48.7
20.4
45.9
18.8
33.5
17.1
40.9
16.3
37.5
17.3
185.5
.134
213.5
.134
214.8
.139
212.3
.139
205.0
.139
198.2
.137
184.6
.134
180.7
.133
184.7
.128
188.2
.128
199.9
.128
213.5
.127
216.9
.128
• 225. 6 226.3
.128 p. 128
956.8
181.7
882.0
194.0
944.1
239.5
856.2
205.3
846.4
163.7
856.5
133.9
697.2
74.2
999.7 1,125.6 1,135.2
97.2
104.3
74.6
1,163.8
105.0
1,042.7 1,144.2
r 113. 7 123.3
448.2
395.0
359.0
415.9
367.1
340.8
448.0
373. 5
406.0
390.9
397.5
403.2
340.2
362.6
408.2
375.8
373.8
329.5
357.6
385.3
474.8
353.2
366.2
510.1
423.2
399.9
519.8
445.2
429.1
533.2
468.6
453.5
' 478. 4
' 416. 5
' 415. 8
526.9
476.6
613.8
146.6
.141
578.4
91.7
.145
573.3
85.1
.129
522.1
78.2
.121
499.0
61.0
.121
423.0
99.3
.132
297.4
89.9
.138
373.0
28.5
.132
401.1
36.6
.137
374.8
168.7
.132
414.8
44.6
.142
' 444.2
42.1
.144
487.5
45.6
p. 137
31,970
15,245
29,525
14,495
5,483
39,285
13,523
4,088
39,348
571
3,524
42,985
525
1,515
2,019
2,190
Soybean cake and meal:
Production
_thous. sh. tons_. 10,635.2 11,179.1
102.6
74.6
Stocks (at oil mills), end of period
do
Soybean oil:
Production:
Crude.-.
mil. lb__ 4,943.8 5,235.5
4,591.8 4,547.3
Refined
do
4,423.6 4,423.3
Consumption in end products
do
Stocks, crude and refined (factory and ware374.8
house), end of period...mil. lb__ 544.2
Exports (crude and refined)
d o — 1,273.2 1,026. 7
.134
.123
Price, wholesale (refined; N.Y.)
$ per lb—
TOBACCO
Leaf:
Production (crop estimate)—
.mil. lb._
Stocks. dealers' and manufacturers' end of period*
mil. lb__
Exports, incl. scrap and stems.
-thous. lb__
Imports, incl. scrap and stems..
__.do
Manufactured:
Production (smoking, chewing, snuff)..
do
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
millions..
Taxable
do.
Cigars (large), taxable
do_
Manufactured tobacco, taxable
thous. lb__
Exports, cigarettes
millions..
• 2 8 1 . 1 ' 300.1
37.9
48.8
.155
.153
2 2,227
2 1,913
5,664
514,514
179,651
5,577
468,075
243,347
' 5,597
43,966
53,208
42,519
38,749
35,737
15,163
5,228
36,116
16,687
36,137
14,210
32,554
16,181
5,321
50, 425
15,382
44, 051
13,061
71,273
14,937
5,577
62,288
11,527
180,082
166,617
15,450
14,213
13,143
15,141
12,112
15,032
14,847
14,956
13,666
11,799
42,643
497,446
8,106
175,808
25,144
45,046
511,463
7,577
160,624
23,052
3,705
47,385
642
15,248
2,333
4,014
43,483
633
13,718
2,094
3,919
40,841
714
13,228
2,795
3,846
47,063
659
14,906
2,109
3,672
39,727
607
12, 636
1,831
4,907
46,647
697
14,553
1,984
4,021
44, 084
658
14, 024
1,948
3,747
41,771
670
14,505
1,920
3,694
4,053
43,446 37,720
696
445
12, 651
9,958
1, 701 2,290
43.1
21.7
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $..
Calf and kip skins
thous. skins..
Cattle hides
_.thous. hides..
Imports:
Value, total 9
—thous. $..
Sheep and lamb skins
____thous. pieces..
Goat and kid skins
do___.
Prices, wholesale (f.o.b. shipping point):
Calfskins, packer, heavy, 9^/15 lb——_-$ per lb_.
Hides, steer, heavy, native, over 53 lb
do—
LEATHER
Production:
Calf and whole kip
thous. skins..
Cattle hide and side kip
thous. hides and kips_.
Goat and kid—____thous. skins..
Sheep and lamb
_
do—.
Exports:
Glove and garment leather. ________thous. sq. ft..
Tipper and lining leather
do___.
Prices, wholesale:
Sole, bends, light, f.o.b. tannery.
$ per lb..
Upper, chrome calf, B and C grades, f.o.b. tannery..
$ per sq. ft_.
'1 Revised.
* Preliminary.
Average of months shown.
2 Crop estimate for the year.
92,693
2,391
11,504
106,253
2,458
13,311
6,037
253
1,214
10,244
226
1,324
11,809
210
1,496
10,023
218
1,219
9,720
186
1,147
8,131
190
928
7,737
190
841
10,513
161
1,339
9,655
253
1,036
12,703
311
1,277
9,645
241
13,782
295
1,236
15,623
330
1,320
81,879
30,455
12,882
80,263
31,850
14,411
11,659
6,322
1,687
9,330
4,288
1,893
7,353
2,799
1,409
1,825
1,430
7,664
3,763
820
5,545
1,999
1,282
6,772
2,607
1,225
2,271
4,968
1,382
5,751
1,732
1,391
5,195
1,231
1,130
6,787
2,841
794
11,052
5,548
1,142
.414
.106
.541
.143
.520
.105
.520
.116
.550
.139
.525
.134
.525
.156
.550
.194
.550
.174
.575
.166
.575
.159
.625
.164
.625
.174
.700
.194
p . 775
p . 174
6,535
22,834
12,874
31,548
6,258
23,428
14,557
30,030
2,033
1,235
2,508
506
2,022
1,248
2,505
532
1,952
1,162
2,646
574
1,984
1,317
2,637
397
1,575
1,071
1,902
1,979
973
2,723
464
1,955
1,066
2,558
468
2,037
1,296
2,469
542
2,068
1,434
2,714
523
2,064
1,523
2,657
500
1,965
1,371
2,550
445
1,927
1,255
2,654
46,496 j 3 69,953
42,582
7,136
6,577
6,804
5,207
4,836
5,627
5,420
7,169
7,023
6,818
6,974
6,346
.750
'.770
.725
1.200
1.244
1.237
.700
.710
.710
1.243
1.252
1.248
.710
.790
.765
.735
.750
7,164
p . 882
1.360
1.300
s Effective Jan. 1965. data are for all leather, except sole and rough; see note " O " for p . S-21.
tRevisions for 2d qtr. 1963-4th qtr. 1964 (mil. lb.): 4,692; 4,791; 5,287; 5,314; 4,961; 5,069; 5,664.
9 Includes data for items not shown separately.
1.238
1.238
1.230
1.247
1.253
1.271
1.280
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
1965
Annual
S-31
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:!
Production, total
__
. . _—-thous. pairs..
Shoes, sandals, and play shoes, except athletic
thous. pairs. .
Slippers
_
do
Athletic...
—...
_______do____
Other footwear
__
do
Exports
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt.
___. 1957-59=100..
Women's oxfords, elk side upper, Goodyear
welt
1957-59=100..
Women's pumps, low-medium quality.-.do
612,789
630,070
516,124
79,267
7,116
10,282
535,213
85,770
6,746
2,341
52,365 49,436
51,145
46,268
57,105
53,859
51, 760 50,270
52,731
51,817
7,223
702
184
44,837
43,084
7,241
587
233
39,782
5,974
353
159
48,184
8,185
549
187
44,358
8,714
571
216
41,795
9,224
503
238
40,969
8,566
544
191
45, 642
629
200
41,557
7,097
580
202
291
247
171
115
191
231
237
285
255
221
186
167
274
1,912
i 2, 533
105.9
111.0
108.0
109.6
106.5
111.0
107.3
113.0
106.5
111. 0
106.5
111.2
106.5
111.3
540
163
109.6
109.6
110.1
110.1
116.5
116.5
116.5
116.5
116.5
116.5
106.5
111.2
106.5
112.8
106.5
112.4
106.5
112.4
109.7
117.3
109.7
116.6
109.7
117.0
109.7
•118.3
109.7
119.3
109.7
119.3
LUMBER AND PRODUCTS
LUMBER—ALL TYPES
National Forest Products Association:,:?
Production, total
mil. bd. ft.
Hardwoods
.do.__
Softwoods
do...
Shipments, total
Hardwoods
Softwoods...
35,408
5,891
29,517
36,158
6,129
30,029
3,270
478
2,792
2,981
470
2,511
2,980
533
2,447
3,111
539
2,572
2,969
518
2,451
3,262
552
2,710
3,349
507
2,842
3,128
539
2,589
2,970
539
2,431
2,927
504
2,423
2,691
476
2,215
2,909
553
2,356
35,587
6,290
29,297
36,680
6,465
30,215
3,107
550
2,557
3,088
528
2,560
3,112
557
2,555
3,229
539
2,690
3,193
515
2,678
3,316
548
2,768
3,208
537
2,671
568
2,595
2,888
550
2,338
2,912
496
2,416
2,860
507
2,353
3,040
675
2,365
do
do
do
6,434
1,536
4,898
5,728
1,151
4,577
6,225
1,312
4,913
6,106
1,250
4,856
5,974
1,224
4,750
5,864
1,224
4,640
5,645
1,226
4,419
5,566
1,229
4,337
5,698
1,196
4, 502
5,676
1,161
4,515
5,733
1,147
4,586
5,728
1,151
4,577
5,618
1,120
4,498
5,526
1,061
4,465
do___
do__.
957
5,240
1962
5,163
84
520
76
394
81
411
70
532
500
85
513
77
449
87
429
67
412
131
444
70
345
77
415
...mil. bd. ft.
.
do.__
8,916
607
9,289
620
802
676
814
782
682
814
673
773
654
719
550
739
518
752
523
620
8,967
8,845
1,075
9,256
9,277
1,079
867
782
1,200
820
806
1,215
742
785
1,172
804
872
1,104
712
788
1,021
788
792
832
823
1,007
772
771
1,043
777
747
1,073
233
1445
illl
1334
33
11
22
32
11
21
35
11
24
28
7
21
34
9
25
40
12
29
82.16
do_.
do..
____do_.
_
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
„
Exports, total sawmill products
Imports, total sawmill products
SOFTWOOD
Douglas fir:
Orders, new
Orders, unfilled, end of period..
Production
Shipments..
Stocks (gross), mill, end of period
___do___.
do
._do___.
Exports, total sawmill products.
____do.__.
Sawed timber
do___.
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$perMbd.ft..
Flooring, C and better, F. G., 1" x 4", R. L.
$perMbd.ft_.
Southern pine:
Orders, new
_mil. bd. ft_.
Orders, unfilled, end of period
.
do___.
758
752
1,079
723
738
732
840
1,063
751
701
1,113
87
6
80
31
10
21
27
11
15
74
514
728
82.64
81.69
81.22
80.01
80.84
83.34
83.46
82.27
82.14
82.25
156. 85 158.19
158.19
158.19
157.10
157.10
155.79
155.79
155.79
156.43
156.44
157.63
158.64
6,864
366
568
341
582
381
618
380
579
374
605
387
615
591
373
572
367
534
349
542
366
564
418
508
420
6,504
6,346
Production
_do___.
6,321
6,779
Shipments
do___.
Stocks (gross), mill and concentration yards, end
1,362
1,087
of period
_,__mil. bd. ft..
Exports, total sawmill products
M bd. ft.. 102,684 1100,581
11,709
Sawed timber
.._
__
_do
90,975
Boards, planks, scantlings, e t c . . . .
—do
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
92.7
1957-59=100..
94.3
Flooring, B and better, F. G., 1" x 4", S. L.
1957-59=100.
95.3
97.1
Western pine:
11,057
Orders, new
mil. bd. ft.. 10,565
463
535
Orders, unfilled, end of period
do
566
573
560
572
519
562
592
543
614
582
548
578
541
552
545
525
504
512
507
506
1,360
12,117
1,348
10,932
1,278
12,380
540
585
1,233
9,126
1,203
8,136
1,132
8,762
1,108
6,212
1,078
1,067
9,466
1,087
7,451
1,079
10,106
1,080
7,885
11,244
92.6
92.3
92.0
92.5
93.4
95.0
96.0
16.2
98.0
98.7
99.8
101.2
101.9
95.6
96.0
96.0
96.3
96.8
97.3
98.2
99.1
100.1
100.8
102.5
102.7
960
524
889
511
906
505
947
532
1,064
590
1,025
526
935
507
995
535
940
627
875
Production.
do___.
Shipments
.___
do—
Stocks (gross), mill, end of period
_-__dO-__.
Price, wholesale, Ponderosa, boards, No. 3 , 1 " x
12", R. L. (6' and over)
_.$ per M bd. ft..
81.14
153.07
6,346
281
-• 83.56 -•83.67
491
774
456
10,579
10,449
1,809
10,875
10,951
1,732
965
916
1,666
848
901
1,613
923
912
1,624
938
921
1,641
917
1,005
1,553
1,068
1,055
1,566
1,124
954
1,736
959
1,746
839
809
1,776
872
916
1, 732
708
769
1,671
65.49
67.42
70.55
70.70
70.33
68.28
66.65
66.34
67.53
67.07
65. 55
63.91
••63.45
31.9
10.1
28.5
31.2
4.0
31.2
11.1
29.0
30.2
3.1
2.8
12.0
2.5
2.4
4.6
2.4
11.8
2.6
2.4
5.0
2.4
11.6
2.5
2.6
4.8
3.1
11.8
2.9
3.2
4.4
3.4
11.9
2.4
3.0
1.9
11.4
2.2
2.9
3.1
2.6
11.4
2.6
2.7
3.0
2.6
11.1
2.3
2.5
3.1
2.9
11.8
2.0
2.1
2.8
2.0
11.1
2.6
2.4
3.1
3.0
12. 0
2.3
2.2
3.1
2.6
13.1
2.1
1.7
3.4
819.6
35.6
818.4
64.3
778. 7
783.3
35.4
63.2
47.7
64.3
63.7
58.5
71.2
54.6
64.9
66.2
56.7
72.2
61.9
61.7
62.6
51.8
69.5
56.2
65.1
70.0
46.7
73.2
62.2
63.5
67.2
42.9
83.3
70.0
68.9
72.5
37.7
71.6
70.2
70.7
71.4
37.0
64.0
69.2
64.6
66.4
34.9
62.0
69.8
63.9
61.4
35.8
64.2
64.3
65.9
65.0
35.4
78.0
80.5
61.4
61.7
35.0
60.7
85.3
57.0
56.0
34.4
86.38
160.46
815
907
1,579
• 65.83 v 68.17
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
.-..mil. bd. ft-.
Orders, unfilled, end of period
do___.
Production
do___.
Shipments
_____do
Stocks (gross), mill, end of period
do
Oak:
Orders, new
do
Orders, unfilled, end of period
do
Production
do
Shipments
_
____do___
~ " '
:), mill, end of period
__do._.
r
1
Revised.
•» Preliminary.
See note " O " for p . S-21.
842.2
824.2
54.5
% Revisions for Jan.-Oct. 1964 are shown in Bu. of the Census report M31A(64)-13.
cfFormerly National Lumber Manufacturers Association.
KVJHJI
S-32
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
<JJb
1
UUJb
J D lJblJM.
1965
Annual
May 1966
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
do—
Pig iron
do___.
r
Imports:
Steel mill products._.
do_.
Scrap
do.
Pig iron
do_.
3,435
7,881
176
2,496
6,170
281
770
230
597
5
200
177
472
1
188
711
1
195
561
2
6,440
299
751
10,383
235
916
1,025
18
28
908
21
68
1,014
17
99
1,192
28
80
1,094
17
67
1,061
22
90,534
55, 214
35,320
90,360
7,638
8,446
5,174
3,272
8,529
6,915
8,300
5,002
3,298
8,248
6,960
8,111
4,890
3,221
8,043
7,027
8,083
52,262
31,831
84,626
7,413
3,220
8,021
7,066
7,569
4,728
2,840
7,582
7,051
32.77
34.70
33.36
35.00
35.41
36.75
35.52
37.50
35.66
38.50
33.88
35.00
84,836
85,184
42,417
87,420
85,801
45,105
4,780
1,966
2,943
5,469
4,622
9,144
10,913
4,120
121,964
125,143
1 7,085
71,677 68, 781
10, 752 12, 290
57,184 53,997
2,494
3,741
4,748
11,566
196
56,443
17,546
'36,423
" 2,474
7,081
11,162
516
52, 577
18,393
32,350
1,834
1,032
1,272
71
85,601
88,173
2,461
62.75
63.00
63.50
204
550
2
254
334
1
218
509
1
274
417
15
114
892
18
101
20
671
24
106
7,608
4,731
2,877
7,515
7,184
7,034
4,434
2,600
7,009
7,213
6,957
4,199
2,758
6,741
7,432
6,566
3,835
2,732
7,502
7,109
4,153
2,956
7,001
7,638
33.84
35.00
32.73
35.00
30.67
31.00
29.30
32.00
29.58
31.50
31.25
33.00
" 32.36
33.50
32.89 33.33
36.00 v 36.50
10,102
11,333
5,106
10,508
12,481
4,505
10,851
11, 699
5,128
10,282
10,366
3,894
9,955
4,093
4,543
6,294
4,131
4,164
2,643
3,123
4,712
1,882
1,898
2,219
14,082
11,682
929
53, 079
16,624
34,750
1,705
15,256
11, 083
950
55,909
15,392
38, 923
1,594
15,929
11,133
1,037
58,931
13,420
43, 710
1,801
15,367
10,897
1,033
62, 675
12,572
48,181
1,922
13,224
9,764
544
66,357
12,486
51,641
2,230
12,929
8,976
778
69,466
11,424
55,594
2,448
10,050
8,213
331
70,718
10,732
57,430
2,556
5,266
122
97
109
74
115
105
125
8,204
7,951
8,030
8,195
8,165
7,849
7,864
7,661
7,762
6,690
6,794
6,310
6,378
5,880
5,930
2,329
2,374
2,300
2,402
2,508
7,780
7,836
2,505
2,416
2,446
2,460
2,450
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
855
14,316
" 8,129
15,713
9,173
974
1,425
814
940
1,404
816
960
1,376
822
834
1,454
925
1,282
771
892
1,302
815
1,322
777
122
1,001
174
1,136
136
109
61
139
100
56
152
96
53
95
105
60
165
81
44
171
81
50
175
-•347
1
158
419
(
159
342
2
776
91
32
Iron and Steel Scrap
Scrap for consumption, total
thous. sh. tons..
Home scrap produced
do
Purchased scrap received (net)
do
Consumption, total
do
Stocks, consumers', end of period
do
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ perlg. ton__
Pittsburgh district
do_—
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. lg. tons.
Shipments from mines
do.—
Imports
do—
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do..
Consumption at iron and steel plants.___do-.
Exports
do..
Stocks, total, end of period
do_.
At mines.
do..
At furnace yards
do..
At U.S. docks
do..
Manganese (inn. content), general imports
do
118,325
122,197
3,069 3,232
9,595
437
275
68, 781 65,170
12, 290 15,120
53,997 47, 562 41,295
2,494 2,488 2,305
34,144
1,890
3,976
11,127
408
154
117
92
76
6,327
6,502
6,910
6,834
7,937
62,75
63.00
63.50
62.75
63.00
63.50
62.75
63.00
63.50
62.75 62.75
63.00 P63.00
63.50 63.50
876
1,273
732
842
1,178
882
1,255
696
'916
% 227
"661
976
1,237
673
176
90
54
172
95
54
174
93
52
174
101
59
-•176
98
56
174
97
55
9,949
124.6
9,296
112.7
8,822
110.5
9,627
116.7
10,577
128.2
171
138
404
160
128
428
157
128
436
175
145
"443
"175
"145
449
161
130
172
134
573
178
139
580
187
145
589
190
148
333
516
827
96
6,237
265
523
833
99
6,200
323
512
777
111
6,061
313
529
698
143
6,602
335
536
675
146
6,734
301
490
684
140
8,282
349
609
838
165
972
592
237
132
534
226
631
2,116
600
964
587
233
134
592
240
302
2,280
656
997
1,013
649
207
147
604
256
382
2,655
751
1,243
1,041
681
208
143
712
239
390
2,737
790
1,263
1,284
818
281
173
887
318
527
3,305
948
1,513
14.3
4.4
5.7
4.5
12.9
4.4
5.8
4.5
12.0
4.9
5.8
11.3
"4.9
"5.6
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons_.
Consumption
do—
Stocks (consumers' and suppliers'), end of period
thous. sh. tons..
Prices:
Composite
$ per lg. tonBasic (furnace)
do—
Foundry, No. 2, Northern
do—
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do—
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh.tons.
Shipments, total
do—
For sale
-do—
62.75
Steel, Crude, Semifinished, and Finished
Steel ingots and steel for castings:
Production
thous. sh. tons. 127, 076 3131, 462 12,347 11, 966 12,012 11, 593 11,551 11,324
145.2
140.0 137.3
145.6
130.5 ' 135. 3 149.7
149.9
Index
.-daily average 1957-59=100—
Steel castings:
Orders, unfilled, for sale, end of period
^357
337
363
362
355
thous. sh. tons_.
152
134
178
164
1,835
181
173
1.'
Shipments, total
do—
1,569
120
131
143
105
1,471
145
137
For sale, total
do—
Steel forgings (for sale):
589
512
544
568
494
510
484
Orders, unfilled, end of p e r i o d — .
do—
2,027
154
152
162
172
192
173
31,734
Shipments, total
do—
1,578
114
114
134
127
135
31,334
151
Closed die (drop, upset, press)
do—
Steel products, net shipments:
Total (all grades)
do—
Semifinished products
rdo—
Structural shapes (heavy), steel piling.—do—
Plates
do—
Rails and accessories
do—_
92,666
4,528
9,764
1,523
8,634
403
606
856
101
7,874
395
569
811
148
7,887
394
577
808
132
379
590
833
101
14,488
1,534 1,266
1,462
13,199
Bars and tool steel, total
_
do.
9,344
827
1,041
986
8,401
Bars: Hot rolled (incl. light shapes)
do
3,150
285
279
262
3,229
Reinforcing
do
1,877
145
203
203
1,467
Cold
finished.
do
8,689
778
1,040
970
8,13"
Pipe and tubing
do
3,484
306
420
369
3,105
Wire and wire products
do
6,659
317
1,026
818
6,083
Tin mill products
do
3,286
34,222 36,733 3,829 3,896
Sheets and strip (incl. electrical), total. __do-__
10,630
960
1,182
1,060
9,948
Sheets: Hot rolled
do.
1,
1,747
1,774
15, 699 16,571
Cold rolled
do.
Steel mill products, inventories, end of period:
15.5
13.
15.1
11.2
12.9
Consumers' (manufacturers only)-.mil. sh. tons.
6.2
7.3
7.4
62.4
68.
Receipts during period
do.-,.
5.8
6.1
6.0
60.5
67.0
Consumption during period.
do___
4.2
4.1
4.2
4.1
4.5
Service centers (warehouses)
do___
Producing mills:
8.1
7.9
7.8
9.1
In process (ingots, semifinished, etc.)
do
7.1
8.4
6.7
8.7
Finished (sheets, plates, bars, pipe, etc.).do
8.7
7.9
.0837 . 0837 .0837
Steel (carbon), finished, composite priced..$ per l b .
..0837
0837
.0837
" Revised.
v Preliminary.
* See note " O " for p. S-21.
2 Less than 500 tons.
3
Revised total; monthly revisions are not available.
^Beginning Jan. 1964, the composite reflects substantial changes in products and weights
used and is not comparable with earlier periods. The new composite price is based on AISI
1,282
814
305
152
734
298
419
3,244
942
1,485
1,211
767
298
138
744
268
521
3,052
893
1,409
315
167
877
323
733
3,406
1,009
1"~
644
291
139
588
248
275
2,733
797
1,178
626
264
137
566
228
360
2,327
662
985
15.8
6.2
5.9
4.2
16.3
5.5
5.0
4.4
17.2
6.0
5.1
4.6
17.0
5.2
5.4
4.6
15.6
4.2
5.6
4.6
84,945
4,229
6,085
8,491
1,395
9,590 10,101
489
469
648
638
881
871
166
163
1,3
10, 249 12,083
137. 5 146.5
8.5
9.1
8.3
8.3
8.2
8.4
"8.1
7.3
7.9
7.8
7.4
7.3
7.0
7.5
7.3
.0839
.0839 .0839
.0838 .0839
.0837 .0837
.0837 .0837 .0837
net shipments of carbon steel and is the average price of all finished carbon steel products
(except rails and wire products) weighted by tonnage. Prices used are base prices at Pittsburgh; the average includes an additional 25% for "extra" charges but does not include freight.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
| 1965
Annual
S-33
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
423
339
3,222
456
345
3,273
538
440
3,347
Apr.
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products
Fabricated structural steel:
Orders, new (net)
Shipments
Backlog, end of period
-thous. sh. tons_
_do_
do-_.
4,500
4,241
2,712
4,868
4,321
3,151
413
365
3,022
439
351
3,071
570
318
3,279
458
363
3,245
337
329
3,268
341
413
3,176
438
383
3,179
327
411
3,177
415
365
3,199
325
413
3,151
Barrels and drums, steel, heavy types (for sale):
Orders, unfilled, end of period
thous__
Shipments
do
Cans (tinplate), shipments (metal consumed),
total for sale and own use
-thous. sh. tons_.
1,154
24,312
1,226
24,132
1,281
2,267
1,372
2,200
1,280
2,057
1,251
2,171
1,264
2,001
1,300
2,126
1,323
2,045
1,273
1,975
1,298
1,920
1,226
1,994
4,737
4 4,928
472
372
421
458
538
497
406
393
333
328
2,019
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons.. 2,552.7
Recovery from scrap (aluminum content) __ do
657.0
Imports (general):
392.4
Metal and alloys, crude
do—
49.7
Plates, sheets, etc
do
208.6
Exports, metal and alloys, crude.
do___
2,754. 5
726.0
230.0
62.0
226.6
62.0
237.0
63.0
227.6
66.0
235.1
57.0
234.9
62.0
218.7
56.0
237.2
62.0
236.5
62.0
245.0
62.0
247.3
59.0
223.5
527.3
65.4
i 207.0
46.2
5.2
27.7
41.7
5.0
13.1
51.1
4.6
18.3
65.6
5.6
16.7
51.4
5.1
19.0
45.6
6.8
15.7
39.6
4.9
17.6
42.8
6.9
13.2
41.6
7.0
14.5
55.3
9.4
18.1
25.2
7.3
19.0
51.9
8.3
12.8
57.7
12.1
17.4
64.8
.2451
81.0
.2450
75.9
. 2450
63.4
.2450
79.4
.2450
83.0
.2450
81.1
.2450
71.0
. 2450
76.8
.2450
75.0
.2457
64.8
.2450
78.3
.2450
71.8
.2450
.2450
8,019.0
5,709. 3
2,655.3
1,409. 0
778.6
528.5
263.5
136.4
726.3
531.1
275.4
122.2
785.1
535.8
270.1
115.0
713.9
517.6
248.0
121.7
599.0
436.9
201.4
96.6
648.4
456.2
200. 7
103.1
636.9
461.1
201.0
117.2
636.2
461.6
191.4
117.5
665.6
465.9
195.4
124.2
684.4
499.1
224.6
125.4
'637.5
= 486.6
219.7
1, 246.8 1,354.7
1,656.4 1,711.8
1,259.9 1,335.7
376.1
396.5
429.4
332.4
122.0
150.1
118.8
31.3
35.4
117.1
150.0
109.5
40.5
35.5
119.1
144.6
116.6
28.0
37.9
116.8
147.8
105.8
143.8
116.1
27.7
34.4
109.4
139.4
113.0
26.4
33.4
107.9
133.1
101.1
32.0
36.6
115.1
143.5
107.4
36.1
40.9
109.0
137.6
106.6
31.0
36.7
109.8
144.0
110.2
37.5
35.3
114.3
29.8
40.7
118.2
127.7
99.8
27.9
37.8
107.1
127.2
101.7
25.6
29.6
123.1
148.6
120.4
28.2
42.3
523.8
137.4
35.5
12.6
65.7
10.8
31.1
9.7
58.4
12.9
29.9
9.0
36.7
9.5
39.0
11.4
55.4
18.3
63.8
16.4
36.3
11.8
<=35.0
«11. 6
'41.1
137.7
45.2
13.1
430.6
316.2
1,859.2
1 422.1
i 325.0
2,042.6
63.5
48.3
178.5
43.2
34.7
164.9
43.6
36.5
171.1
29.3
18.9
187.8
30.7
23.0
124.5
33.3
26.0
178.0
29.0
22.0
183.2
32.2
26.3
178.2
32.5
25.5
165.8
30.5
22.1
176.7
25.7
20.4
189. 6
27.4
18.4
45.7
38.0
*> 218.3
do
do
$perlb__
149.6
110.0
.3196
161.3
112.9
.3502
119.9
74.9
.3360
126.6
79.3
.3360
112.3
76.7
.3545
118.7
79.2
.3560
162.3
118.5
.3560
148.1
111.2
.3560
132.8
93.3
.3560
130.8
90.6
128.6
84.9
.3641
161.3
112.9
.3586
5178.3
114. 5
.3613
Copper-base mill and foundry products, shipments
(quarterly total):
Copper mill (brass mill) products
mil. lb__
Copper wire mill products (copper cont.)__.do
Brass and bronze foundry products
do____
2,787
1,992
1,063
2,974
2,177
1,075
706
513
275
Lead:
Production:
Mine, recoverable lead
thous. sh. tons__
Recovered from scrap (lead cont.)
do
286. 0
541.6
293.0
554.0
26.5
51.5
26.1
46.2
22.0
46.7
22.4
48.1
22.6
40.5
25.5
42.4
25.7
48.0
Imports (general), ore (lead cont.), metal___do
334.2
1,202.1
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons__
98.4
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons. _
38.1
113.4
Consumers'cf
do____
Scrap (lead-base, purchased), all smelters
thous. sh. tons__
71.5
Price, common grade (N.Y.)
$ perlb._
.1360
344.4
1,221.2
29.8
102.2
21.7
99.4
18.7
99.4
25.8
102.6
37.1
86.1
32.3
103.1
106.8
98.9
93.0
86.9
90.2
93.9
25.9
103.2
29.9
103.8
27.8
100.4
27.2
107.1
110.8
31.0
118.5
48.1
.1600
66.1
.1600
65.7
.1600
63.4
.1600
62.5
.1600
()
31,584
23,508
3,334
82,780
58,476
4,326
40,814
23,580
3,155
82,685
57,985
870
4,183
1,990
260
7,905
5,775
376
2,908
2,000
250
7,485
5,440
492
3,207
1,925
240
7,010
5,080
4 4,041
24,343
1.5772
13,064
27,870
1.7817
567
25,250
1.6498
611
24,260
1.8067
24,215
1.9195
Stocks, primary (at reduction plants), end of
period
thous. sh. tons..
Price, primary ingot, 99.5% min
$ per lb_.
Aluminum shipments:
Ingot and mill products (net)
Mill products, total
Plate and sheet (excl. foil)
Castings
mil. lb_.
do
do
do
Copper:
Production:
Mine, recoverable copper
thous. sh. tonsRefinery, primary
do___
From domestic ores
do__From foreign ores
do___
Secondary, recovered as refined.do___
Imports (general):
Refined, unrefined, scrap (copper cont.)__do___
Refined
do.__
Exports:
Refined and scrap
do___
Refined
do___
Consumption, refined (by mills, etc.)
do.__
Stocks, refined, end of period
Fabricators'
Price, bars, electrolytic (N.Y.)
Tin:
Imports (for consumption) :
Ore (tin content)
lg. tons.
Bars, pigs, etc.do._Recovery from scrap, total (tin cont.)__
do
As metal
do___
Consumption, pig, total
do___
Primary
:
do
Exports, incl. reexports (metal)
do_
Stocks, pig (industrial), end of period§
do
Price, pig, Straits (N.Y.), prompt—
$ per lb__
96.9
.2372
7,060.0
4,831.4
2,273.9
H,253.7
Zinc:A
Mine production, recoverable zinc
thous. sh. tons__
574.9
610.1
53.4
49.0
55.1
Imports (general):
48.3
25.9
32.9
429.4
Ores (zinc content)
do_
357.1
18.3
9.4
Metal (slab, blocks)
do_
153.0
118.3
7.2
Consumption (recoverable zinc content):
10.2
10.5
9.7
113.6
Ores
do_
4 105.9
219.2
17.6
17.6
4 222.5
18.9
Scrap, all types
do_
r
2
Revised.
*> Preliminary.
* See note " O " for p . S-21.
Monthly data (1962-64),
revised to the 1962 complete canvass of nonferrous
producers, are available; estimates
3
beginning 1965 reflect
the
revised
benchmark.
Data
for
Sept.
1963-Apr.
1964 are in terms
4
5
of gross weight.
Revised total; monthly revisions are not available.
Beginning Jan.
1966, total includes copper (totaling 10,900 tons end of Jan. 1966) held by noneonsumers, etc.,
716
524
249
799
544
274
.2450
*204.8 v 205.7
P 132.8 P132.5
.3612
.3615
753
596
277
24.7
45.8
24.6
46.3
'24.9
46.8
23.5
44.7
24.2
105.3
25.5
48.4
37.7
111.2
25.1
108.5
34.3
101.9
30.3
103.3
30.0
99.3
99.8
105.3
104.7
101.6
106.8
107.2
109.1
26.3
106.2
24.3
95.5
25.0
92.2
25.7
98.9
25.9
103.2
26.2
101.3
25.8
99.3
63.1
.1600
59.4
.1600
.1600
52.2
.1600
51.1
. 1600
48.1
.1600
49.0
.1600
52.3
.1600
.1600
322
3,073
2,210
310
7,610
5,420
40
2,648
1,790
230
6,755
5,005
219
2,061
1,815
255
7,075
5,135
37
4,015
1,885
265
5,990
3,995
792
2,552
1,990
250
6,205
3,960
19
4,348
1,955
270
280
3,499
1,935
300
6,495
4,435
317
4,070
2,001
4,185
7,735
1,990
345
6,170
3,930
173
23,183
1.8894
142
23,587
1.8412
22,985
1.8696
364
24,350
1.9190
149
25,315
1.8532
131
26,385
1.7676
148
27,870
1.7423
27,180
1.7875
116
27,465
1.7810
52.1
48.3
50.7
51.5
51.3
49.9
49.2
"•48.6
48.5
32.3
3.7
38.9
21.1
36.1
10.7
36.2
2.7
34.8
20.7
42.2
14.0
42.1
17.8
'35.0
22.0
18.9
39.9
.1600
6,355
4,490
290
1.7424
39.5
21.6
8.9
10.4
8.6
10.4
8.8
10.3
9.6
10.4
19.1
18.4
19.2
18.6
18.5
18.6
19.1
18.6
18.9
not previously covered.
« Corrected.
c? Consumers' and secondary smelters' stocks of lead in refinery shapes and in copper-base
scrap.
§ Stocks reflect surplus tin made available to industry by GSA.
A Beginning
Aug. 1964, data reflect sales to the industry of metal released from the Government stockpile.
suit VJhJY
S-34
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1
UJb iUUKJ
1965
Annual
May 1966
ButSINE
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept. •
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PROD.—Con.
Zinc—Continued
Slab zinc:A
Production (primary smelter), from domestic
and foreign ores
__—-thous. sh. tons.. i 954.1
Secondary (redistilled) production
do—
171.6
Consumption, fabricators'
do
1,207.3
Exports
-do—
26.5
Stocks, end of period:
Producers', at smelter (AZI)cf
-do..31.2
Consumers'
do—
107.5
Price, prime Western (East St. Louis) _ $ per lb_. .1357
1,005. 2
73.1
1,343.8
5.9
83.2
6.7
118.7
.5
82.8
6.5
109.8
1.2
86.9
6.8
113.3
.4
82.6
6.5
115.5
.3
85.1
5.4
96.9
.5
84.9
6.4
113.9
.4
84.0
5.3
117.0
.2
87.5
6.0
117.8
.2
84.2
6.0
116.5
89.1
5.2
113.2
89.9
6.0
112.5
79.9
5.7
116.1
.1
30.1
145.4
.1450
22.9
79.7
.1450
20.2
77.6
.1450
25.2
102.4
.1450
23.3
102.3
.1450
26.9
110.6
.1450
29.2
128.2
.1450
27.3
129.3
.1450
30.3
130.8
.1450
27.2
124.5
.1450
30.1
145.4
.1450
32.2
158.1
.1450
29.7
155.9
.1450
9.2
115.3
8.3
.7
8.0
.5
6.4
.7
8.4
.6
11.4
1.0
11.6
1.0
13.1
12.4
11.0
.7
9.0
8.7
585.5
35.7
45.6
45.8
51.6
42.1
48.6
46.3
47.9
43.4
44.6
58.8
41.2
64.8
36.1
68.4
35.9
53.7
32.8
40.2
35.7
'45.1
'35.4
2,244. 5
304.8
206.9
28.9
179.5
25.4
170.0
25.6
199.2
31.4
153.9
19.7
191.5
27.1
226.6
31.7
212.7
26.1
190.0
22.1
196.5
23.9
162.5
18.2
1,810.8
1,227. 2
1,647.2
128.0
89.1
94.0
56.2
82.3
57.3
110.3
77.5
158.8
106.4
186. 5
120.3
227.6
141.8
259. 0
185.5
144.1
105.6
82.9
57.3
'61.1
'44.6
61.1
43.1
1,426.0
1,162.1
2,680.1
1,389.4
1,127.5
2,616.4
92.8
77.1
227.2
87.3
72.5
215.9
97.4
82.3
192.1
107.3
88.7
205.0
116.6
96.0
214.0
140.4
112.2
206.2
174.4
136.1
226.4
169.0
132.5
234.2
118.6
95.3
208.2
111.2
91.8
246.7
'89.5
'72.6
225.3
78.9
65.0
207.4
182.3
74.9
208.6
66.9
46.3
14.4
218.6
322.5
249.0
374.1
192.9
274.6
280.6
114.9
13.7
57.5
152.8
21.6
75.2
16. 0
4.3
7.5
9.4
1.7
4.6
11.3
1.1
5.3
9.7
1.4
5.1
18.3
1.0
6.7
• 191. 3
28.8
'3.2
.1450
.1450
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Cast-iron
mil. sq. ft. radiation..
10.5
113.2
Nonferrous
do—
Oil burners:
Shipments
thous..
568.0
42.6
Stocks, end of period
do
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers)
thous_. 2,170.6
Top burner sections (4-burner equiv) ship
do.__.
342.6
Stoves, domestic heating, shipments, total_-_do___
Gas
do-__
Warm-air furnaces (forced-air and gravity air-flow),
shipments, total
thous.
Gas
___dol.
Water heaters, gas, shipments
__do-
41.5
37.0
MACHINERY AND APPARATUS
Fans, blowers, and unit heaters, qtrly.:
Fans and blowers, new orders.
mil. $_ _
Unit-heater group, new orders
do
Foundry equipment (new), new orders, net
mo. avg. shipments 1957-59=100..
Furnaces (industrial) and ovens, etc., new orders
(domestic), net_.
mil. $__
Electric processing
_
do
Fuel-fired (exc. for hot rolling steel)
do
53.6
19.0
53.5
16.0
55.2
17.6
387. 0
316.9
295.0
339.5
371.8
267.2
198.2
274.0
10.5
1.0
6.0
12.6
2.0
7.2
11.4
1.3
13.8
2.0
7.7
14.2
2.6
7.9
16.3
1.6
6.8
13.7
1.8
6.1
16.1
1.7
9.9
• 205. 6 •231.8
Material handling equipment (industrial):
Orders (new), index, seas, adj ©
1957-59= = 1 0 0 Industrial trucks (electric), shipments:
Hand (motorized)
____number_.
Rider-type
do—_.
Industrial trucks and tractors (internal combustion
engines), shipments_ _
-____.
.number..
152.0
186.3
170. 3
' 191. 2
183.0
211. 0
" 209.7
210.1
6,891
7,129
8,202
9,994
629
808
540
663
557
820
765
848
742
842
558
695
745
899
810
1,015
837
983
883
1,228
722
965
749
776
920
1,087
36,171
41,746
3,445
2,604
3,242
3,625
3,497
3,378
3,729
3,910
4,144
4,052
3,531
3,619
4,159
Machine tools:
Metal cutting tools:
Orders, new (net), total—
_:
mil. $..
Domestic.
.
__do-Shipments, total.-.
do_...
Domestic
do
Estimated backlog, end of period-----.months..
976.50 1,176. 00
808.90 1,054.40
958. 60
791.80
830. 55
636. 75
7.6
6.3
97.80
86.65
90.30
77.75
6.6
96.05
85.70
77.75
68.20
6.6
74.75
67.10
82.45
71.75
6.4
93.65
87.10
83.75
71.15
6.5
95.60
84.75
69.45
60.70
106. 80
95.40
57/55
50.10
7.3
99.85
87.00
80.80
70.90
7.6
99.25
93.00
91.05
75.60
7.6
110.50
100.25
77.95
67.25
7.7
128.50
116.50
109.10
98.15
7.6
126.50
115. 50
79.30
70.20
8.2
135.45
121.10
' 83. 00
' 73. 55
159.15
140. 05
106. 30
95.35
9.3
319.30
297. 75
287.85
259. 80
24.95
23.30
27.65
25.10
9.7
20.15
17.75
21.25
19.40
9.5
24.05
22.55
27.90
24.80
9.0
40.85
39.70
26.00
23.55
9.4
26.70
26.05
20.20
17.75
9.4
24.55
22.95
20. 35
18.85
9.7
25.60
24.00
21.20
18.95
35.20
33.45
24.30
21.90
10.3
27.15
25.05
22.95
19.55
10.4
27.60
23.95
30.30
27.55
29.75
26.10
23.35
22.25
10.0
' 30.50
' 29. 40
" 28. 70
2 37.0
2 38.6
2 77.3
2 83.8
Metal forming tools:
Orders, new (net), total
Domestic. _^
-._Shipments, total
Domestic
Estimated backlog, end of period--
mil. $..
__do—
do-_..
do—
months..
388. 70
353.30
228. 20
200. 85
10.9
Other machinery and equip., qtrly. shipments:
Construction machinery (selected types), total 9
mil. $_. 11,523.7 1,739.8
Tractors, tracklaying, total -.._
do
i 392. 6
439.7
Tractors, wheel (con. off-highway)
do
128.7
151.3
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil. $_. i 352.9
408.2
Tractors, wheel (excl. garden and contractors'
off-highway types)______
_-__
mil. $_. 1679.2
828.1
Farm machines and equipment (selected types),
excl. tractors
_mil. $_.
954. 0 1,057.0
ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipmentsf._thous.. 30,627
30,528
Household electrical appliances:
Ranges (incl. built-ins), sales, total
do
1,965. 0 2,065. 0
Refrigerators and home freezers, output
1957-59=100140.8
147.8
Vacuum cleaners, sales billed
thous_ 4,506. 7 15,106.9
Washers, sales (dom. and export)
do
4,189.6 ' 4,347.1
Driers (gas and electric), sales (domestic and
export)
thous_. 11,826.4 12,098.4
Radio sets, production^_---L-_
do
Television sets (incl. combination), prod. § _ _ _ do
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales
mil. $._
Motors and generators:
New orders, index, qtrly
1947-49=100.
New orders (gross):
Polyphase induction motors, 1-200 hp_ __mil. $__
D.C. motors and generators, 1-200 hp____do
1
• 172. 6
416.9
115.1
31.9
521.7
120.5
51.9
407.7
393.5
105.7
27.6
39.9
95.4
114.9
91.3
106.6
220.1
209.5
161.5
236.9
291.7
295.5
244.4
225.4
8.7
• 26.15
'10.2
25.15
22. 50
30. 00
28.35
10.2
1,849
1,800
1,735
2,015
2,145
2,531
3,512
3,686
3,387
3,085
' 2, 654
2,918
205.5
161.7
144.1
176.3
148. 5
163.4
186. 0
174.0
184.1
198.3
176.8
182.8
179.3
168.4
•504.3
390.0
162.0
397.8
.298.0
160.5
329.6
315.0
159.8
367.9
388.7
125.1
329.2
356.1
87.6
376.6
398.6
145.3
497.7
430.6
160.1
534.4
397.2
147.5
543.5
370.4
159.7
431.4
357.1
170.3
434.5
317.4
176.2
517.0
364. 7
151.6
549.6
397.7
2,044
145.8
91.9
83.3
109.0
127.7
213.3
274.2
279.1.
234.3
238.8
186.7
193.2
180.2
19,176
9,570
24,118
11,028
i 2,306
3 996
1,782
757
1,793
751
3 2,171
3 946
1,757
596
1,764
819
3 2,214
3 1, 230
2,312
1,086
2,074
1,044
3 2,417
3 1,208
1,874
915
1,862
924
•32,260
•31,239
653.0
757.0
64.5
59.4
57.5
63.3
52.3
63.4
70.0
68.9
73.8
178
215
205
183.2
36.3
210.1
44.6
18.9
4.1
17.6
3.7
19.4
3.8
72.4
212
228
19.5
3.2
' Revised.
» Preliminary.
Revised total; monthly revisions are not available.
2
4
For month
shown.
3 Data cover 5 weeks; other months, 4 weeks.
Less than 50
5
tons.
Excludes new orders for motors 1-20 hp.; in Jan. and Feb. 1966, domestic sales of
this class totaled $9,800,000 and $11,000,000, respectively. ASee similar note, p. S-33.
cfProducers' stocks, elsewhere, end of Apr. 1966, 9,900 tons. ©Revised back to 1963 to
• 171. 4 • 192. 6
16.2
4.4
15.5
19.2
3.2
1,790
913
'71.2
217
15.9
4.2
18.1
3.1
18.7
4.7
58.2
4.0
5
10.0
5.0
incorporate new seasonal factors.
9 Includes data not shown.
t Data reflect adjustment to the 1963 Census of Manufactures; revisions back to 1963 are
available.
§ Radio production comprises table, portable battery, auto and clock models; television
sets cover monochrome and color units.
SURVEY OF CURRENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
Annual
S-35
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
1,269
108
1,255
69
1,286
66
56
13.580
Jan.
Feb.
Mar.
Apr.
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
17,184
Production
thous. sh. tons.
1,575
Exports.—
__——
do___
Price, wholesale, chestnut, f.o.b. car at mine
13.895
$ per sh. ton_.
Bituminous:
Production
thous. sh. tons..
Industrial consumption and retail deliveries,
total 9
•—
thous. sh. tons.. 431,116
Electric power utilities
____do— 223,032
Mfg. and mining industries, total
do___. 187, 758
Coke plants (oven and beehive)
____do— 88, 757
Retail deliveries to other consumers
15,444
1851
1,305
42
1,171
1,313
73
1,626
93
45
12.979
14.441
510,000
42,633
12.005
12.005
41,903
43,068
12.005
41,394
21,134
17,887
8,445
35,866
18,323
16,479
8,144
35,417
18,632
16,174
8,430
1,019
528
do.__
19,615
19, 048
2,370
Stocks, industrial and retail dealers', end of period,
total 9
thous. sh. tons.
Electric power utilities
do___
Mfg. and mining industries, total
do—
Oven-coke plants
do—
75,342
52, 661
22,305
10,081
77,393
53,437
23,603
10,506
64,923
44,670
20,070
9,424
1,292
82
88
12.495
12.495
1,266
65,489
71,418
44, 973 47,713 49,857
20,349 20, 763 21,311
9,576 9,749 9,970
66,149
47,482
18,407
7,744
376
353
183
1 50,181
3,040
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ per sh. tonDomestic, large sizes, f.o.b. mine
___do—
4.798
6.895
4.794
4.785
6.960
4.804
6.582
4.806
6. 551
4.799
6.595
4.799
6. 645
thous. sh. tons.
do__.
do—
1,
60,
16,865
1,542
64,924
17,208
182
5, 732
1,448
150
5,569
1,332
136
5,781
1,390
164
5,566
1,407
do__.
do__.
do
do—
___do-__
1,971
1,708
262
1,359
524
2,445
254
1,478
1,424
1,277
147
1,508
74
1,225
1,095
130
1,539
59
1,136
993
143
1,564
20,620
2.92
3,223.3
87
18,761
2.92
3,300.8>
87
1,522
2.92
275.2
1,478
2. 92
262.3
85
4,036.1
4.190.8
366.4
2,786.8
422.5
2,848. 5
441.6
243.8
38.4
438.6
388.1
3.7
452.0
448.7
-2.9
4,032.4
4,193.7
COKE
Production:
Beehive
.
Oven (byproduct)
Petroleum cokef
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
.
Exports
38,136 39,132
20, 066 20,552
16,237 16,423
7,457 7,074
840
564
216
12.985
46, 585 42,090
36,198
19,936
14,910
7,504
442
167
12.985
46,356
37,545
21,051
15,562
8,120
47,969
-
12.985
46,596
35,584 36,135
19,292 20,018
15, 762 15,481
8,119 8,161
do— _.
.—
12.495
43,344
46,228
__do—
Retail dealers
Exports
1,364
129
34,042
41,686
458,969
242,729
196,534
94,620
1,256
250
70,418
49, 244 50,411
19, 768 19,715
8,253
296
1,082
49
13. 580 '13. 580
40,200
47,960
42,851 45,157 •40,564
22,646 24,063 21,263
17,556 17,904 16,354
7,397 '7,538 '7,200
41,021
21,631
17, 521
8,171
2,078
2,625
73,000 75,226
52,017 53,125
20, 691 21,736
9,743
9,107
77,393
53,437
23,603
10,506
1,748
84
3,189
2,947
71,889 '69,055
49,779 47,197
21,833 '21,630
10,137 ' 9,870
1,865
73,526
48,973
24,362
11,318
292
365
353
277
'228
191
5,160
5,560
4,627
3,542
2,854
3,166
3,512
4.786
6.833
4,790
7.017
4.795
7.144
4.794
7.203
4.794
7.228
4. 794
•4.804
4.804
•7.247
149
5,598
1,475
154
5,549
1,489
85
5,208
1,443
72
5,158
1,358
64
4,929
1,412
75
5,102
1,553
94
5,184
1,558
'94
4/895
1,352
108
5, 598
1,118
982
136
1,548
1,177
1,017
160
1,511
63
1,271
1,085
181
1,460
1,484
1,278
206
1,418
73
1,918
1,690
227
1, 414
65
2,341
2,103
239
1,411
77
2,699
2,445
254
1,478
78
2,789
2,548
242
1,550
64
•2,696
2,504
'192
.1, 546
67
2,627
2,442
185
1,354
2.92
272.9
85
1,583
2.92
273.1
87
1,521
2.92
288.7
89
1,784
2.92
286.1
1,844
2.92
270.2
1,375
2.92
281.7
87
1,606
2.92
276.0
1,685
2.92
287.2
1,050
2.92
290.6
90
1,394
2.92
261.3
90
353.2
346.8
340.9
345.5
347.4
329.1
357.4
345.0
369.6
378.3
346.8
236.8
36.7
238.3
36.8
232.4
35.2
237.6
36.6
240.2
36.5
222.5
35.0
244.1
37.9
239.6
38.0
253.6
39.2
250.5
38.9
231.7
36.0
41.4
42.8
-11.3
38.1
41.6
12.2
39.0
32.9
23.9
33.3
13.3
40.7
30.6
13.2
40.8
29.9
10.9
43.2
28.4
4.3
39.1
36.2
12.1
32.0
35.4
-7.6
27.9
49.0
-36.6
42.0
46.9
-16.6
34.7
44.5
-23.1
377.7
341.0
323.0
327.5
332.3
336.5
324.8
345.3
352.6
406.2
394.9
370.0
.2
5.1
340.0
147.0
7.7
.1
5.5
347.0
140.1
9.4
()
5.3
400.9
149.0
12.7
.1
5.1
389.7
132.6
14.1
0
5.6
364.4
126.0
12.1
4,231
4,707
7.247 P7.021
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Okla.-Kansas).
v
Runs to stills*
..number.
_$ per bbl_
mil. bbL
Refinery operating ratio
% of capacity-
All oils, supply, demand, and stocks: t
New supply, total
mil. bbL
Production:
Crude petroleum
do.__
Natural-gas liquids, benzol, etc
do...
Imports:
Crude petroleum
do._.
Refined products
do___
Change in stocks, all oils (decrease,—)—__do._.
Demand, total
do..
Exports:
Crude petroleum
___do_.
Refined products
do..
Domestic demand, total 9
do_.
Gasoline
do..
Kerosene
do..
Distillate fuel oil
Residual fuel oil
Jet fuel
Lubricants
Asphalt
Stocks, end of period, total
Crude petroleum......
Natural-gas liquids..
Refined products
_______
Refined petroleum products: $
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period._
.
1.1
1.4
72.5
66.8
3,958. 5 4.125.9
1,685. 5 21,720. 2
178.4
2 97.6
6.3
334.5
140.9
6.3
0
5.8
317.2
149.6
4.3
.1
6.2
321.2
155.2
4.5
.4
5.7
326.2
156.7
4.9
0
5.7
330.8
154.4
5.9
0
5.2
319.6
142.5
6.0
61.0
54.9
17.6
45.8
39.6
19.7
41.8
38.6
18.2
44.3
37.8
18.6
47.9
36.8
20.0
49.8
37.5
19.6
56.9
45.8
18.2
71.7
46.8
18.6
92.9
65.9
19.4
96.1
65.9
18.6
88.4
64.7
17.6
do..
do_.
do..
750.4
554.6
118.6
776.0
586.4
2 220. 6
()
6.3
371.3
140. 4
11.0
83.9
59.4
17.2
do..
__do_.
do..
45.8
120.2
247. 9
47.0
127.6
260.8
4.3
4.8
25.2
7.7
18.5
4.2
12.3
16.9
4.3
15.7
17.1
4.1
17.2
17.1
4.0
17.8
17.9
4.0
15.5
19.0
14.7
21.9
3.8
9.4
24.0
3.7
5.4
33.1
4.1
3.7
34.8
3.6
3.5
30.5
839.2
230.1
35.7
573. 5
836.3
220.3
35.9
580.2
790.6
239.6
26.3
524.8
802.9
251.4
29.7
521.8
826.7
255.1
35.0
536.7
840.1
253.6
38.7
547.8
853.2
242.1
43.6
567.6
864.1
236.4
46.7
581.0
231.1
46.9
590.4
880.5
231.8
45.9
602.8
873.0
226.7
42.5
603.7
836.3
220.3
35.9
580.2
819.8
221.4
28.9
569.5
796.6
225.4
24.7
546.4
do—_ 1,687.4 21,704.4
2
do
8.0
4.9
do.___
199.5 2 183.1
139.7
.3
224.9
133.4
.4
217.4
137.9
.5
205.6
141.6
.7
192.6
148.5
.3
185.1
150.4
.4
181.8
140.5
.3
180.3
142.4
.3
176.6
142.5
.4
179.2
151.4
.1
183.1
152.5
.2
203.5
133.8
.2
212.2
.113
.113
.113
.113
.113
.113
.113
v . 105
.211
.213
.213
.210
.210
.209
3
Less than 50,000 bbls.
9Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
% Revisions for Jan.-Oct. 1964 will be shown later.
.213
.210
.211
do
__do__-.
______do___.
___do
Prices (excl. aviation) :
Wholesale, ref. (Okla., group 3)
$pergal_.
.102
.113
.110
.113
.113
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)_.
__._$ per gal..
.200
.208
.212
.208
.208
-Revised.
v Preliminary.
1 See note " O " for p. S-21.
2
Beginning Jan. 1965, gasoline excludes special naphthas; aviation gasoline represents
finished grades only (alkylate excluded); commercial jet fuel (formerly included with kerosene)
is included with jet fuel.
*>2.92
.113
. 113
30,545
SURVEY OF CURRENT BUSINESS
S-36
1964
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1965
Mar.
Annual
May 1966
Apr.
May-
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum productsJ—Continued
Aviation gasoline:
Production
m\\. bbl
do
Exports
do
Stocks, end of period
Kerosene:
___ do ___
Production
Stocks, end of period
Price, wholesale, bulk lots (N.Y. Harbor)
$Dereal_.
Distillate fuel oil:
mil. bbl
Production
do _._
Imports
Exports
do
Stocks end of Deriod
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal__
Residual fuel oil:
mil. b b l Production_-.
do __.
Imports
Exports
do
Stocks end of Deriod
$perbbl__
Price, wholesale (Okla., No. 6).
Jet fuel (military grade only):
mil. bbl _
Production
___ do—_
Stocks end of period
Lubricants:
do _
Production
do —
ExDorts
do
Stocks pud of DGriod
Price, wholesale, bright stock (midcontinent,
$ per gal
f o b Tulsa)
Asphalt:
mil. bbl
Production
do
Stocks end of Deriod
Liquefied petroleum gases:
do
Prodn otioTi
dn
'Pransfpr from gasoline Dlants
Stocks (at plants, terminals, underground, and
at rpfinprips^ ptid of Deriod
mil. bbl
Asphalt and tar products, shipments:
A«?Dhalt roofinsr total
thnns. snnarps
do
T?o11 roofing and ca/n shGGt
do
Shincrlp*? all tvD6S
Asphalt siding
Tnsnlatpd sidinsr
Saturatpd fplts
-.
do —
do
thous. sh. tons _
127.8
5.4
9.1
1
48.6
14.2
18.3
4.0
.3
8.8
3.8
.3
9.0
4.3
.4
8.5
4.0
.7
8.2
4.2
.3
8.2
4.1
.3
8.5
4.1
.3
169.5
36.2
194.5
1 24.1
8.4
18.1
6.9
18.7
6.6
7.0
23.4
6.7
25.3
6.6
26.0
6.9
21.0
26.9
.096
.098
.101
.095
.095
.095
.095
.095
.098
.100
.100
.103
.103
.103
742.4
11.8
5.4
155.8
765.4
13.0
58.6
.8
.2
82.8
61.5
65.5
.9
.3
138.5
66.4
1.6
.3
158.4
65.7
66.1
1.1
.5
1.3
.1
1.1
.3
172.0
182.0
177.3
70.1
1.1
.3
155.4
70.1
1.1
.4
130.0
62.8
99.4
58.7
.5
.2
116.6
62.8
155.4
62.2
1.4
.6
84.6
3.7
1.2
.3
8.7
3.9
.4
8.0
3.9
.1
8.3
3.7
.1
8.5
8.1
8.3
27.3
26.3
10.4
24.1
10.3
20.2
3.8
.2
8.4
3 3
.1
9.1
9.8
17.9
p .103
.6
1.0
104.0
.086
.090
.091
.087
.087
.087
.087
.087
.090
.092
.092
.095
.095
.095
266.8
295.8
18.9
40.4
1.50
268.6
344.6
14.9
56.2
1.83
24.7
34.7
1.6
34.4
1.75
22.0
34.1
1.4
34.5
1.75
21.3
24.6
.9
40.1
1.75
20.9
23.6
1.0
45.2
1.75
21.6
22.1
1.3
50.2
1.80
21.1
20.4
1.3
53.8
1.85
19.5
20.0
22.4
27.5
22.8
26.1
24.6
38.5
22.2
37.3
1.0
•1.0
55.1
1.90
58.4
1.95
59.7
1.95
56.2
1.95
26.3
37.8
1.1
53.6
1.90
108.0
9.9
1191. 2
118.7
16.0
19.2
15.8
20.0
16.9
20.0
15.7
20.5
16.8
21.0
16.0
19.8
16.0
17.9
16.5
18.2
16.2
18.6
16.6
18.7
16.8
18.9
15.7
19.2
63.7
18.2
14 1
69.2
16.7
13.3
5.5
1.6
14.0
5.3
1.9
13.7
5.6
1.7
13.4
5.1
1.3
12.9
5.4
1.4
12.8
5.4
.9
13.3
5.1
1.4
5.1
1.6
5.1
1.2
12.8
12.9
5.6
1.1
13.8
5.1
1.2
13.0
5.5
1.4
13.3
14.1
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
114.9
14.2
123.6
16.2
7.4
22.4
8.3
23.3
12.2
23.5
12.1
20.7
14.4
18.5
14.6
16.2
13.5
14.8
12.6
13.2
9.8
13.9
7.3
16.2
6.6
19.5
6.0
22.4
59 2
189.6
56.1
200.2
4.8
20.1
4.5
14.5
4.9
13.0
4.8
12.8
4.9
12.3
4.8
13.1
4.3
14.6
4.3
17.5
4.2
19.6
5.1
22.9
5.4
24.0
4.9
21.1
31 8
32.0
21.4
25.3
31.1
35.3
40.1
43.5
43.8
42.8
39.4
32.0
24.3
20.1
71,075
26 218
44,857
72,696
28,584
44,112
5,504
2,289
3,215
5,216
1,992
3,224
6,070
2,197
3,874
7,215
2,591
4,625
7,634
2,856
4,778
8,546
3,322
5,224
7,766
3,130
4,636
7,279
2,987
4,292
5,599
2,294
3,305
4,580 '4,987
1,982 ' 2,056
2,598 ' 2,932
3,601
1,490
2,111
4,829
2,062
2,767
645
603
973
49
38
91
37
47
68
40
61
75
50
70
89
52
66
95
70
65
109
72
69
93
75
63
82
45
73
47
31
66
30
17
56
36
36
720
680
995
1.0
1.1
62
'44
'21
'80
v 095
1.1
47.6
1.80
PI.60
p. 270
67
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
thous. cords (128 cu. ft.)_
do___
do.__
49,872
49, 711
4,843
50,452
50,740
5,770
4,158
4,293
4,809
4,038
4,268
4,695
4,190
4,365
4,429
3,935
3,989
4,613
4,234
4,110
4,856
4,379
4,351
4,985
4,270
4,085
5,268
4,611
4,664
5,328
4,228
4,383
5,317
4,441
4,072
5,770
4,247
4,574
5,412
4,192
4,293
5,320
thous. sh. tons.
do___
9,493
596
9,914
573
494
831
522
836
515
854
518
720
555
532
840
520
511
842
512
804
573
'848
'486
798
404
thous. sh. tons.
do___
do_-_
do___
32,429
1,457
20, 006
2,685
33,296
1,486
20,514
2,789
2,855
144
1,754
2,764
122
1,694
2,900
132
1,787
242
2,646
110
1,605
242
2,680
113
1,657
218
2,917
134
1,822
238
2,700
120
1,678
220
2,949
130
1,817
258
2,894
119
1,811
232
124
1,606
217
2,918
141
1,808
230
2, 750
124
1,715
213
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulfite
Groundwood
Defibrated or exploded
Soda, semichem., screenings, etc.
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
do..
do_.
do_.
3,596
1,621
3,920
1,473
3,113
121
261
323
128
256
342
125
271
324
125
239
319
125
247
337
122
263
305
121
256
334
126
284
339
119
275
320
113
247
337
121
281
315
118
265
do_.
do_.
do_.
do_
781
228
462
92
730
253
395
82
736
273
381
82
723
268
377
78
735
278
374
83
748
284
381
84
763
281
400
82
766
302
383
81
743
290
375
78
750
311
369
70
739
300
366
73
730
253
395
82
265
'359
75
252
360
79
Exports, all grades, total
Dissolving and special alpha
Allother
do_.
do_.
do..
1,602
581
1,021
21,402
2 535
176
67
109
147
58
90
132
48
85
107
43
64
119
52
109
42
67
110
41
123
49
74
101
67
129
56
73
128
58
71
126
56
70
125
56
70
Imports, all grades, total
Dissolving and special alpha
Allother___
___do_.
do_.
do_.
2,922
272
2,650
3,127
280
2,847
291
26
265
251
25
226
244
23
221
26
263
245
23
222
265
23
242
253
25
228
261
23
237
270
23
247
242
22
220
249
23
303
27
276
Paper and board:
Production (Bu. of the Census):
43,747
3,788
All grades, total, unadjusted—-thous. sh. tons._ 41,748
1,611
1,661
19,020
18,180
Paper
do
1,736
1,780
19,663
20,760
Paperboard
do___
11
13
148
135
Wet-machine board
do___
323
3,797
Construction paper and board
___do.__
2
'Revised.
* Preliminary.
* See note 2 for p. S-35.
See note " O " for p. S-21.
3,720
1,609
1,776
12
324
24
282
PAPER AND PAPER PRODUCTS
3,419
3,575
1,488
1,532
1,599
1,688
13
8
341
324
{Revisions for
3,911 3,751 3,624
3,746
1,677 1,627 1,573
1,544
1,608
1,858 1,789 1,754
1,730
1,788
12
11
11
11
11
324
365
342
340
Jan.-Oct. 1964 will be shown later.
'3,847
rr 1,700
1,845
11
'291
3,630
1,585
1,768
11
Apr.
SURVEY OF CUKKENT BUSINESS
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1 1965
1966
1965
Mar.
Annual
S-37
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
PULP, PAPER, AND PAPER PRODUCTS—Continued[
PAPER AND PAPER PRODUCTS—Con.
Paper and board—Continued
New orders (American Paper and Pulp Assoc.):
All grades, paper and board
thous. sh. tons__ 41,646
Wholesale price indexes:
Printing paper
1957-59=100. _ 101.4
109.4
Book paper, A grade
- -- do 96.5
Paperboard
__
-do
94.2
Building paper and board
do
Selected types of paper (APPA):
Fine paper:
2,234
Orders, new
thous. sh. tons..
98
Orders, unfilled, end of period
.--do
Production
Shipments
•
_
Printing paper:
Orders, new
Orders, unfilled, end of period
44,296
3,936
3,733
3,800
3,631
3,632
3,747
3.664
3,934
3,708
3,556
101.4
110.6
96.4
93.0
101.4
109.9
96.3
92.2
101.4
110.7
96.3
92.3
101.4
110.7
96.3
92.7
101.4
110.7
96.3
92.7
101.4
110.7
96.3
93.5
101.4
110.7
96.3
93.3
101.4
110.7
96.4
93.4
101.4
110.7
96.5
93.8
101.4
111. 5
96.5
93.3
101.4
111.5
96.5
92.7
101.4
' 112.7
96.7
92.7
101.4
113 5
96.7
92.7
2,456
223
213
208
209
200
152
128
136
135
145
161
202
157
197
153
209
156
220
163
203
152
221
151
P209
P155
2,244
2,237
2,407
'2,443
216
223
203
201
201
207
200
206
186
196
204
208
197
198
211
208
206
'220
205
211
208
221
v 189
*203
do _
do
5,800
437
6,195
506
577
485
511
488
512
508
519
522
530
558
510
518
517
543
550
554
476
500
499
506
566
534
*>556
__do
do.__
5,623
5,623
5,990
5,989
522
522
497
497
504
504
503
503
471
471
493
493
507
507
534
534
503
503
502
501
539
539
P497
J>497
do _
do
4,392
190
4,576
203
411
233
388
224
384
226
367
232
357
226
392
235
357
219
396
227
379
199
365
203
397
212
*>375
v 222
do __do
4,352
4,331
4,582
4,550
412
414
389
392
392
380
359
361
357
358
390
382
371
374
395
391
396
393
363
365
402
393
*>370
J>370
do__
do
do._-_
7,301
7,310
178
7,720
7,747
150
650
595
366
622
677
311
648
691
268
634
697
205
651
642
209
663
646
225
637
637
225
686
694
217
693
717
193
648
691
150
675
610
215
654
617
253
738
688
302
do
do
do
2,261
2,273
22
2,180
2,183
19
185
187
25
183
188
20
198
196
21
169
171
19
168
167
20
196
189
27
160
167
20
182
178
23
193
192
24
181
186
19
197
191
25
185
184
27
203
210
20
6,031
6,387
535
544
570
527
477
517
509
591
589
576
526
498
586
585
573
559
544
526
560
619
634
626
580
570
573
586
619
624
509
633
_ • do
do
__
Production
__
Shipments
Coarse paper:
Orders, new
_
Orders, unfilled, end of period
Production
_
Shipments.. __
Newsprint:
Canada:
Production..
Shipments from mills
Stocks at mills, end of periodUnited States:
Production.
_
Shipments from mills
Stocks at mills, end of period
__ _
Consumption by publisherscf
do_ _
Stocks at and in transit to publishers, end of
period
thous. sh. tons
Imports_
_ __
do__
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton
5,954
6,323
554
500
515
581
518
525
574
539
538
627
551
134.23
132.40
132.40
132.40
132.40
132.40
132.40
132.40
132.40
132.40
132.40
132.40
132.40
101.4
113 5
97 0
92.7
*>524
132.40 *132.40
Paperboard (National Paperboard Assoc.):
384
425
417
441
412
412
444
386
i 417
413
437
386
Orders, new (weekly avg.)
thous. sh. tons__
438
453
471
642
692
760
818
818
563
1796
902
793
Orders, unfilled, end of period __
do __
944
855
742
844
848
847
414
405
410
416
441
410
415
421
384
423
359
443
414
446
Production, total (weekly avg.)
do
450
89
93
91
90
94
90
90
94
Percent of activity (based on 6.5-day week)
93
95
95
88
92
78
89
Paper products:
Shipping containers, corrugated and solid fiber,
shipments^
mil. sq. ft. surf, area
' 137,261 ' 48,312 '•12,589 '12,181 '11,871 '12,403 '11,747 '12,523 '13,167 '13,633 '13,375 '12,812 11,525 11,813 12, 385
Folding paper boxes, shipments, index of physical
120.8
134.3
125.7
121.7
133.7
137.5
128.2
137.2
131.1
128.4
volume.._'_ 1947-49=100. _ 125.7
136.2 ' 122. 9 ' 115. 9 ?138.4
453
973
450
94
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
____thous. lg. tons__
Stocks, end of period
___do____
Imports, incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)__$ per lb__
Synthetic rubber:
Production
Consumption.
Stocks, end of period
Exports
481.50
86.85
441.19
.252
•514.71
100.01
445.32
.257
thous. lg. tons__ 1, 764. 94 '1,813.99
do
1,451. 51 '1,540.87
297.13 ' 311. 95
do
do
321. 26 2 281.78
Reclaimed rubber:
Production
Consumption
Stocks, end of period
:
47.16
91.10
42.54
' 45.01
87.34
52.92
.276
' 41.01
93.87
31.72
.283
155. 54 • 153.26 155.61
139.74 130.20 122.20
311.01 307.65 317.81
30.91
35.08
29.27
• 42.16 • 36. 55 • 40. 57 • 43.98 ' 46.14
95.68
97.04
96.20
96.96
96.44
42.22
30.66
28.42
39.90
41.91
.258
.248
.243
.241
r
45.41 ' 44.26
98.36 100.01
43.91
44.57
.241
.243
46.94
' 98.70
28.31
.245
44.37
93.78
44.94
.258
40.27
.258
153. 07
131. 74
317. 04
29.91
30.00
144.86
126.30
315.37
23.87
141.35
108.25
325.26
24.32
148. 59
119.51
323.56
24.87
137. 70
131.44
311.08
21.70
156.52 •157.87
140.48 133.44
304.81 •302.99
25.17
23.79
166.12 168.88
135.82 '137.78
311.95 •320.46
23.32
23.31
' 21.08
'20.03
29.96
• 22.60 22.38
' 20. 80 ' 22.20
30.88
30.39
22.83
'23.43
' 24.03 ' 21.45
28.84
29.06
' 24.66
r
22.75
r
30.16
276. 26
263.19
30.08
• 280.29
'269.54
30.08
26.90
25.33
30.73
' 25.62
' 24.28
29.84
' 22.19 r' 23.12
'21.27
22.78
30.22
29.60
thous__ 158,113
167,854
15, 242
14, 633
13,228
13,460
12,174
12,822
13,921
15,331
14,194
do
do
do
do
150, 488
48,045
100,369
2,075
169, 060
58,280
107,905
2,875
14,272
' 5, 711
14,688
5,049
9,439
200
15, 605
5,336
263
15,408
5,341
9,782
285
10,033
236
14, 227
4,222
9,689
316
12,145
2,215
9,682
248
14,863
4,178
10,441
244
16,073 13,709
5,511
5,557
1.0, 206 8,017
181
310
^do
do
37, 553
1,589
37,059
2 2,381
41,467
322
40, 601
211
39, 515
208
37,207
199
35,036
250
36, 095
173
35,110
191
34,442
259
do
do
do
do
42,437
41,890
11,454
4,016
41,342
41,936 ' 3, 745
11,839 10, 731
2 1,189
115
3,793
3,410
11,225
102
3,079
3,070
11,334
100
3,290
11, 266
82
3,207
3,297
11,196
128
3,251
3,521
11,015
3,455
3,413
11,145
123
3,513
3,589
11,045
174
._do
do
do
p
r
23.06
' 28.93
22.84
21.79
28.93
14,839
15,308
14,605
16,275
13,062
5,386
7,472
205
13,912
4,987
8,729
195
12,222
4,844
7,181
196
15,855
5,527
10,079
249
35,083
183
37,059
156
38,366
140
180
41,441
211
3,243
3,058
11,336
99
3,483
3,021
11,839
108
3,507
4,351
11,216
71
3,558
3,742
11,179
64
3,983
4,480
10,699
87
r
23.32
.244
TIRES AND TUBES
Pneumatic casings:
Production
Shipments, total____
Original equipment
Replacement equipment
Export
Stocks, end of period
Exports (Bu. of Census)
Inner tubes:
Production
Shipments
Stocks, end of period
Exports (Bu. of Census)
1
' Revised.
» Preliminary.
Beginning Jan. 1965, monthly data are 4-week averages
for period ending Saturday nearest the end of the month. Annual data for new orders are
52-week averages; those for unfilled orders aie as of Dec. 31. 2 See note " O " for p . S-21.
77
G* As reported by publishers accounting for about 75 percent of total newsprint consumption.
t Revisions for Jan. 1964-Feb. 1965 will be shown later.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1965
1964
1965
Mar.
Annual
May 1966
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
39,418
31,446
25,117
17,327
16, 982 28,779
714.0
26.1
138.8
645.6
23.7
118.8
28.1
Mar.
Apr.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
—thous. bbl— 366,304
373,563 22,535 29,987 34,416 39,192
39,439
41,242 37,531
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick. _ 7,743.8
Structural tile, except facing
thous. sh. tons__
311.4
Sewer pipe and fittings, vitrified.
do
Facing tile (hollow), glazed and unglazed
1,837.2
mil. brick equivalentFloor and wall tile and accessories, glazed and un353.4
glazed
--mil. sq. ft._
Price index, brick (common), f.o.b. plant or
286.0
N.Y. dock
1957-59=100—
107.1
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Glass containers:
Production
-do
_—do
1,732.2
326.9
282.7
578.4
23.6
123.7
700.0
27.3
147.5
758.3
29.6
165.9
787.8
26.5
185.4
761.3
26.2
171.0
768.2
28.9
175.5
743. 7
27.5
166.3
749.5
29.2
155.6
26.3
27.0
26.8
29.7
31.1
30.6
30.3
28.5
28.3
25.9
24.3
23.6
26.4
24.0
24.8
24.7
23.4
22.1
21.6
107.8
107.8
107.8
107.8
107.8
108.8
109.2
109.2
109.4
109.8
109.9
110.4
110.7
108.4
354,308 81,797
86,153
144, 753 140,559 29,299
180,202 213,749 52,498
32,643
53, 510
—thous. $_ 324,955
Sheet (window) glass, shipments
Plate and other flat glass, shipments
8,089.2
313.3
96,489
39,769
56, 720
51,021
thous. gross.. 189,414
201,327
12,638
16,684
17,672
18,600
18,460
19,333
16,733
18,227 16,206
15,219
16,745
16,352
18,809
184,773
Shipments, domestic, total. __
_
-do
General-use food:
20,829
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous. gross.. 50,721
195,380
19,176
12,813
15.732
17,948
16,894
18,361
17,393
16,638
15,870
15,715
14,715
14,298
17,981
21,548
2,066
1,176
1,398
1,664
2,080
2,830
2,886
1,932
1,489
1,403
1,431 ' 1,537
53, 582
5,453
2,838
3,931
4,636
4,431
4,976
4,929
5,030
4,707
4,193
"•3,964
4,379
___do_.
do_.
do..
17,664
33,252
16,756
20,283
36,135
17,273
1,836
3,661
1,968
1,541
2,761
1,082
2,277
3,355
1,221
2,465
3,915
1,352
2,089
3,852
1,155
1,764
3,357
1,382
1,379
2,332
1,759
1,427
2,530
1,723
2,131
2,694
1,447
1,146 ' 1, 413
2,414 2,216
1,248 ' 1,366
2,020
3,456
1,564
-do.
do
do.
36,764
7,366
1,421
38,381
6,913
1,265
3,236
835
120
2,776
541
98
2,947
524
79
3,275
552
89
2,692
509
86
3,371
564
117
1,371
2,838
1,488
3,193
560
128
3,548
552
106
3,367
514
113
3,200
520
127
3,501 '3,247
512 • • • 4 6 0
94
'95
532
96
25,375
26,802 20,274
24,074
25.733
26,112
26,812
27,314
26,401
27,537
27,518
26,802
30,370
30,801
' 6,246
10,684
5,911
10,516
1,072
2,365
1,630
2,622
9,440
9,316
2,132
do.
do_.
4,562
292
4,462
319
do_.
do_.
972
1,495
7,542
253
Beverage..
Beer bottles
Liquor and wine
..
Medicinal and toilet-.-.
Chemical, household and industrialDairy products
_.Stocks, end of period
...
do__.
28,466
2,071
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
_
Production.
Calcined, production, total
_
___thous. sh. tons.
—do—
do.
Gypsum products sold or used, total:
Uncalcined uses—
Industrial uses____
Building uses:
Plasters:
Base-coat
Allother (incl. Keene's cement)...
Lath
Wallboard
All other..
-
—
—mil. sq. f t —do_
~do_
1,475
2,690
2,365
1,734
2,838
2,505
815
76
1,300
87
1,251
77
1,096
79
828
967
208
210
237
210
266
1,366
8,075
270
306
1,729
51
378
2,149
79
371
2,124
73
173
227
311
2,073
67
2,313
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills f
Cloth woven, total 9
mil. linear yd_ _
Cotton
do
Manmade
fiber
.
-do
12,672
9,136
3,289
13, 037 21,286
2 914
9,262
2 347
3,517
1,026
736
1,050 21,258
2 893
751
276
2 337
823
581
223
1,036 21,258
730
2 883
285
2 351
1,034
733
282
1,027
729
282
21,171
2 827
2 321
278
-do
do
do
1,068
661
1,139
676
442
949
567
356
953
572
356
979
588
367
1,038
621
394
1,027
615
390
«1,094
636
«437
1,108
649
440
1,100
655
427
1,097
654
423
1,139
676
442
432
Orders, unfilled, total, end of period 9 1[_ __do
Cotton
do
Manmade
fiber
do
3,757
2,500
1,161
4,140
3,023
999
4,149
2,919
1,113
4,282
3,067
1,099
4,432
3,153
1,159
4,409
3,121
1,168
4,241
3,025
1,110
4,216
3,019
1,088
4,145
2,949
1,092
4,139
3,020
1,018
4,180
3,046
1,016
4,140
3,023
999
1,022
Stocks, total, end of period 9 cf.Cotton
Manmade fiber ____
COTTON
Cotton (exclusive of linters):
Production:
180
922 3,663 8,920 11,718 312,691 414,481
14,916
GinningsA. —
thous. running bales— 15,149 '14,916 15,149
Crop estimate, equivalent 500-lb. bales
thous. bales- 15,182 '14,956
595
733
742
2 897
2 947
751
753
753
742
Consumption
do
2 914
735
8,940
9,296
Stocks in the United States, total, end of period
22,617
14,290
21,
692
28,401
27,366
26,301
25,056
23,757
20,413
23,757 18,560 17.427 16,443 15,156
thous. bales. _ 21,929
Domestic cotton, total
do
21,817
23,652 18,465 17.339 16,363 15,082 14,223 28,306 27,265 26,202 24,956 23,652 22,516 21, 596 20,323
1,130
698
131
2,505
427
230 14, 620 12,157 7,544 4,915
475
511
620
On farms and in transit
do
1,655
2,505
Public storage and compresses. _
_do____ 18,706
19,619 16,021 15,080 14, 099 13, 056 12, 521 12, 512 14,037 17,457 18,632 19,619 19,741 19,188 18,381
1,409
1,645
1,174 1,071
1,201
.1,528
1,710
1,811
1,784
1,753 1,599 1,472
1,824
Consuming establishments
do
1,456
1,528
100
101
99
105
74
95
90
101
80
67
95
112
105
Foreign cotton, total
do
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
' Revised. 1 Beginning Jan. 1965, excludes finished used in prepared masonry cement
toweling, and blanketing, and billed and held stocks of denims. Effective Aug. 1965, stocks
(2,734 thous. bbls. in 1964); annual totals include revisions not distributed to4 the months.
cover additional manmade fiber fabrics not previously included.
2 Data cover 5 weeks; other months, 4 weeks.
3 Ginnings to Dec. 13.
Ginnings to
If Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
Jan. 15. fi See note " d \ "
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting,
fBeginning 1964, data are not strictly comparable with figures for earlier periods because of
toweling, and blanketing.
revised fabric classifications and the inclusion of manmade fiber drapery fabrics.
ATotal ginnings to end of month indicated, except as noted.
9 Includes data not shown separately.
bUJKV HiX i
May 1966
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
LJN.Jdi©
U±i±l HUNT
Mar.
Annual
S-39
1965
1965
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters)—Continued
Exports.....
thous. bales.. 5,241
118
Imports
do
Prices (farm), American upland—__cents per lb— i 29.6
130.7
Prices, middling 1", avg. 15 markets...
do
Cotton linters:
Consumption
_—
thous. bales.. 1,396
Production
__
d o — 1,572
709
Stocks, end of period
do.—
Production (qtrly.), total 9
mil. lin. ydFilament yarn (100%) fabrics 9 -do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics.._
.__
do
Spun yarn (100%) fabrics (except blanketing) 9
mil. lin. yd_.
Rayon and/or acetate fabrics and blends
do___.
Polyester blends with cotton
_do
Combinations of filament and spun yarn fabrics
mil. lin. yd_.
Exports, piece goods
— t h o u s . sq. yd..
WOOL
Wool consumption, mill (clean basis):
Apparel class._
_
_„_
mil. lb—
Carpet class
.____..__
do___.
Wool imports, clean yield*___
do
Duty-free (carpet class)*.—
_•__
_do
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine_
$ per lb_.
Graded fleece, % blood
do
Australian, 64s, 70s, good t o p m a k i n g _ — d o — .
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59=100Woolen and worsted woven goods, exc. felts:
Production (qtrly.)
— _ m i l . lin. yd_
Suiting, price (wholesale), flannel, men's and
boys', f.o.b. mill
1957-59=100.
407
4
29.2
30.8
2 141
175
815
112
132
800
251
4
29.9
30.8
112
105
768
18.9
14.7
128.0
.493
102.9
18.7
15.2
2 12.3
.494
2 10. 1
18.7
15.1
9.9
.497
8.1
.891
.617
.878
9,238
2,364
20.3
398
2
30.1
30.9
266
3
30. Q
30.7
117
53
28.9
30.0
226
3
29.5
29.7
304
6
29.4
29.7
370
1
29.0
29.6
447
15
27.9
29.5
278
16
26.6
29.5
254
6
26.6
29.5
236
6
27.9
29.5
2 133
71
715
86
53
671
106
44
605
2 138
123
572
119
188
641
110
200
680
190
735
118
193
777
116
179
'811
2 142
168
835
18.8
15.2
10.1
.506
8.2
18.7
15.0
2 12.3
.492
18.8
15.0
8.3
.417
19.0
15.0
2 12.3
.493
29.8
19.0
15.0
10.3
.517
8.2
19.1
15.0
10.4
.522
8.3
18.9
14.7
2 11.8
6.7
18.9
15.1
10.1
.506
8.1
.470
2 9.3
18.9
14.7
10.4
.522
8.2
18.8
14.6
10.5
.525
8.2
19.2
14.7
2 13.0
.518
2 10.0
.622
.878
.622
.878
.627
.885
.632
.632
.637
.900
.637
.903
.642
.910
.642
.916
'.647
'.926
.652
. 652
. 937
18.0
19.1
19.1
19.5
24.2
18.8
18.6
18.7
19.0
20.3
4.5
4.0
3.9
3.9
4.1
5.1
4.0
4.1
4.0
4.1
4.5
.23
37.51
.22
36.16
.20
36.49
.19
37.30
.20
37.49
.21
.21
37.97 3 38.31
.21
38.57
.22
38.62
.23
38.58
.23
38.77
38.78
38.77
38.58
34.9
18.6
17.5
34.9
18.0
17.5
34.9
18.5
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.5
34.9
18.8
17.6
P34.9
P18.8
P18.0
3,018.0
777.5
594.3
3,530.4
825.0
648.0
835.5
203.3
165.4
879.4
207.9
164.2
904.3
210.5
162.0
911.2
203.3
156.4
5 67.6
s 56.3
5 62.9
5 52.2
6 70.9
5 58.0
847. 6
559.1
239.5
996.2
778.6
282.6
238.2
163.2
65.4
245.7
191.9
69.7
251.0
209.7
71.1
261.3
213.8
76.4
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
18.7
Active spindles, last working day, total
mil—
15.3
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total
bil__ 124. 6
.471
Average per working day
do
Consuming 100 percent cotton
do
103.6
Cotton yarn, natural stock, on cones or tubes:
Prices, f.o.b. mill:
20/2, carded, weaving
$ per lb—
.630
.892
36/2, combed, knitting§
-do....
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. yd-- 8,966
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod—
18.2
Inventories, end of period, as compared with
5.2
avg. weekly production--No. weeks' prod—
Ratio of stocks to unfilled orders (at cotton
.30
mills) end of period, seasonally adjusted
Mill margins
.cents per lb— 3 29.49
Prices, wholesale:
36.6
Denim, mill
finished.
cents per yd—
Print cloth, 39 inch, 68 x 72
_do— 4 16.5
17.4
Sheeting, class B, 40-inch, 48 x 44-48 do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
.___
mil. lb__
Filament yarn (rayon and acetate)
do
Staple, incl. tow (rayon)
_do
Noncellulosic, except textile glass:
Yarn and monofilaments*
do
Staple, incl. tow*
_do.
Textile glass
fiber..
do.
Exports:
Yarns and monofilaments
.thous. lb__
Staple, tow, and tops__do_
Imports:
Yarns and monofilaments. _
do.
Staple, tow, and tops..
_
___do.
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb—
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments*
do
Staple, incl. tow*
—.do.
Textile glass
fiber
_„
do.
Prices, manmade fibers, f.o.b. producing plant:
Staple: Rayon (viscose), 1.5 denier
$ per lb—
Polyester, 1.5 denier*
...do
Yarn: Rayon (viscose), 150 denier
do—
Vlanmade fiber and silk broadwoven fabrics:
584
7
28.6
30.7
2,374
34.9
18.8
17.5
2,310
8,282
4,034
7,516
3,058
8,821
3,404
8,903
4,856
7,737
4,173
9,114
4,204
10,029
6,181
1,114 1,313
13,412 12,670
1,198
12,507
1,610
12,537
1,989
13,859
1,421
18,130
810
10,700
1,094
16,247
52.9
71.1
55.3
68.5
55.6
60.3
59.8
55.8
61.6
58.7
61.1
56.7
60.0
53.9
.28
.84
.28
.84
.80
8,189
3,336
116,473
56,411
6
50,763
12,100
7,184
11,041
7,492
7,559
4,686
10,071
4,976
8,081
2,840
9,202
133,695
15,690
130,108
1,032
16,470
1,087
8,892
970
9,781
1,564
9,505
1,023
9,689
32.6
51.3
59.8
55.8
32.1
51.8
32.9
52.4
33.5
55.5
34.5
60.6
40.1
69.6
76.9
57.5
36.8
107.3
96.5
32.2
79.6
51.3
34.1
.28
.98
.78
.28
.85
.80
.28
.84
.78
3,545.4
1,583.1
852.2
283.1
3,926. 2
981.1
416.7
219.6
77.2
960.6
398.4
209.1
74.0
,011.5
408. 3
205.5
76.0
1,260.4
1,534.6
973.0
417.2
221.6
76.7
361.5
374.4
379.1
419. 6
665.6
456.8
643.3
713.5
174.4
151.2
162.0
171.9
152.4
179.7
154. 5
210.7
472. 4
185,263
'519.4
167,083
137.0
20,078
18,797
14,660
131.3
13,494
11,148
11,910
233. 9
122.7
212.3
113. 9
274.7
112.3
271. 6
108.9
2 24.7
2 11.0
31.0
12.5
22.5
8.7
30.2
11.0
22.1
8.7
20.6
7.8
2 27.3
210.8
23.0
10.5
19.5
6.5
22.5
11.7
23.2
8.7
25.5
11.1
1.397
1.286
l.J
1.249
1.192
1.156
1.215
1.138
1.095
1.195
1.130
1.075
1.195
1.145
1.075
1.195
1.155
1. 075
1.218
1.172
.1.100
107.9
107.8
106.9
105.7
106.2
106.7
107.1
255.2
267.3
65.9
95.9
100.2
96.8
1,640.6
855.8
303.9
46.3
73.0
106.8
73.8
37.0
88.6
57.0
33.7
.28
.84
.78
.28
.84
.78
.84
.78
.84
.80
.28
.84
96.8
101.1
101.7
.28
.84
.80
127.3
.84
.28
.84
.80
v . 28
v. 84
P.80
14,953
123.8
15,798
12,912
13,711
16,413
2 27.1
2 10.9
25.9
10.3
22.6
9.4
23.8
12.0
21.1
9.3
21.1
6.8
2 25.6
2 10.1
21.1
7.4
'23.4
'9.0
28.1
9.1
23.2
9.2
24.0
7.0
33.0
10.8
1.265
1.220
1.225
1.275
1.253
1.225
1.275
1.255
1.225
1.279
1.235
1.225
1.280
1.235
1.225
1.280
1.235
1.225
1.291
1.229
1.225
1.325
1.225
1.235
109.0
109.0
109.0
109.0
108.4
109.6
109.6
110.2
102.4
'102. 7
102.7
66.8
101.7
101.7
102.4
38.71
107.3
96.5
32.2
14,839
73.4
^Revised.
» Preliminary.
* Season average. 2 For 5 weeks; other months, 4 weeks.
s Margins reflect equalization payments to domestic users (Aug. 1964-July 1965, 6.5 cents;
beginning Aug. 1965, 5.75 cents per pound).
* For 11 months; price not available for Sept.
1964. s For month shown.
<* See "O," p. S-21. « Corrected.
§Data beginning Aug. 1965 are not strictly comparable with earlier prices.
2,189
28.5
29.5
1.350
1.225
1.275
61.2
102. 4
102.4
102.4
9 Includes data not shown separately.
*New series. Sources: Polyester staple price, U.S. Dept. Labor; wool imports, U.S. Dept.
Agriculture from Bureau of the Census records (such imports exclude animal hairs). Data
are available as follows: Price, back to 1955; noncellulosic yarn and staple—production, to
1951; stocks, to 1953; wool imports, to 1948.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS
1964
1965
Annual
May 1966
1965
Mar.
Apr.
May
June
July
1966
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
15,445
15,015
16,033
18,299
1,731 '1,766
358
274
1,774
241
Apr,
TEXTILE PRODUCTS—Continued
APPAREL
thous. doz. pairs.
189,534
194,753
17,147
15,033
13,905
17,289
16,120
17,105
17,620
18,764
16,620
thous. units.
do__.
20,343
3,956
22,419
4,436
2,103
350
2,059
418
1,889
446
1,995
485
1,181
321
1,858
447
1,897
417
2.059
449
2,021
359
Coats (separate), dress and sport
do...
Trousers (separate), dress and sport
do...
Shirts (woven fabrics), dress and sport
thous. doz.
Work clothing:
Dungarees and waistband overalls
_.do__.
Shirts
do___
10,830
128,378
12,492
139,009
1,095
12,228
1,034
12,405
1,073
11,937
1,099
12,465
10,214
1,062
11,937
1,015
12,476
1,101
12,309
1,138
10,983
1,157
10,461
1,161
11,295
1,059
11,189
26,946
30,321
2,671
2,804
2,573
2,499
1,894
2,542
2.641
2,735
2,519
'2,331
2,386
4.861
3,749
4,867
442
399
324
367*
308
436
331
356
261
410
355
465
322
485
361
409
334
394
339
'435
'341
437
349
25, 509 2,141
274,541 30,228
11,736
1,279
813
27,879
678
1,340
25,067
518
2,354
24,311
903
2,301
19,086
2,437
21,932
904
2,350
2,794
20, 660 21,591
975
1,035
2,637
20,140
1,003
1,788
19, 032
953
1,670
841
1,505
830
1,359
902
1,445
933
1,284
1,001
1,291
915
1,323
655
1,197
561
Hosiery, shipments..
Men's apparel, cuttings*4
Tailored garments:
Suits
Overcoats and topcoats
Women's, misses*, juniors' outerwear, cuttings:!
Coats
.
thous. units.
Dresses
do__.
Suits
do-
Blouses, waists, and shirts
Skirts
thous. doz.
.
do-.
23,708
271,214
12,235
18.493
7,919
9,906
1,305
1,489
905
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
12,815
22,182
14,571
20, 099
17, 017
12, 535
4,694
2,960
4,341
4,050
3,011
5,106
3,298
4,589
4,206
3,081
6,092
3,861
5,572
4,134
3,017
6,290
4,452
5,597
4,627
3,426
15,218
11,658
6,276
1,527
20,383 15,862
13, 695 11, 607
8,885
6,377
2,502
1,850
16, 762
11,824
7,056
1,771
18, 720
12,669
8,506
1,948
20, 383
13, 695
8,885
2,502
Orders, new (net), qtrly. total
mil. $_.
U.S. Government
do
Prime contract
do
Sales (net), receipts or billings, qtrly. t o t a l . - d o
U.S. Government
do
17,970
13,516
16,282
Backlog of orders, end of period 9
do___.
U.S. Government—-.___do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do.
Missiles, space vehicle systems, engines, propulsion units, and parts
___miL $__
Other related operations (conversions, modifications), products, services
.mil. $..
Aircraft (civilian): Shipments©
Airframe weight©
Exports
4,558
5,481
4,602
4,725
4,8
1,418
1,855
1,514
1,568
1,681
1, 592. 0
32,200
i 476.8
137.9
2,834
57.2
159.6
3,174
51.8
124.6
2,574
34.3
119.1
2,472
23.0
130.8
2,562
24.1
145.2
2,866
61.1
148.4
2,682
57.9
.1,057.4
.0,716. 6
9.305.6
9.100.7
1.751.8
1.615.9
124. 5
091.0
957.4
937.9
167.1
153.1
017.7
991.4
861.0
846.9
156.7
144.5
986.0
960.7
832.7
819.3
153.3
141.4
, 058.6
034.3
894.0
880.9
164.5
153.4
10.1
754.0
745.6
126.1
118.2
444.7
433.9
333.0
330.4
111.7
103.5
do___. 1,066.1
thous. lb_. 22,905
mil. $_. 287.2
5,481
1,855
111.2
2,508
17.7
163.6
3,195
47.1
160.6
3,186
49.5
172.7
3,596
31.7
167.5
3,398
47.0
592.0
567.4
452.9
438.5
139.0
129.0
1, 010. 2
967.9
855.6
825.4
154.6
142.5
1, 058.1
1,015. 6
908.5
878.7
149.6
136.9
, 043. 0
, 006. 7
861.3
159.2
145.4
950.1
921.1
798.0
780.4
152.1
140.7
917.6 21,085.5 2 970. 8
889.9
766.3 2 911.6 2 810. 0
748.8
151.3 2173.9 2~l60.~8~
141.1
MOTOR VEHICLES
Factory sales, total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
Domestic
thous_.
do—
do___.
do
do—
do—
9,292.3
8,931. 5
7,751.8
7,554.1
1,540.5
1,377.4
Exports, total
Passenger cars (new and used)
Trucks and buses
do_.
do_.
do_.
329.5 13183.0
176.7 13 H5.4
152.8 13 67.5
24.1
16.2
8.0
16.6
10.1
6.5
13.8
8.2
5.6
11.9
6.6
5.3
10.3
4.9
5.3
8.0
2.2
5.9
13.1
7.7
5.3
20.3
14.0
6.3
21.6
16.6
4.9
25.1
16.5
8.6
18.9
12.0
6.9
18.4
11.1
7.3
22.7
14.7
8.0
Imports (cars, trucks, buses), totals
do_
Passenger cars (new and used)cf
do_
543.2
526.8
58.0
56.9
66.7
65.1
42.4
41.8
52.6
51.4
47.5
46.2
20.1
19.2
49.2
46.7
62.4
57.0
68.0
60.3
60.5
56.3
77.6
73.9
94.4
8,174
5,261
8, 752
5,627
8,649
5,533
8,760
5,716
8,363
5,684
9,062
6,060
83.3
78.9
8,503
5,674
Shipments, truck trailers:
Complete trailers and chassis
number..
Vans.
do
Trailer bodies and chassis (detachable), sold
separately..
number.
Registrations:©
New passenger cars
thous_
Foreigncars
do
New commercial cars (trucks)
do___
51,836
599.7
568.4
103, 756
65,909
9,591
5,659
9,337
5,753
9,390
5,923
9,134
5,544
7,794
14, 653
245
422
642
1,156
1,593
1,146
2,402
2,469
2, 021
8,065.2
484.1
1,361.8
9,313.9
569.4
1, 528. 9
798.7
43.1
126.9
895.9
46.9
142.3
841.4
49.5
130.8
841.5
49.3
135.2
833.6
52.0
136.4
766.7
54.3
129.7
589.5
51.7
122.6
745.8
52.1
133.1
793.9
47.3
122.5
908. 7
57.1
147.7
number.
do
do
69,074
45,360
23,714
77,880
53,376
24,504
6,152
4,348
1,804
6,166
4,040
2,126
5,873
3,976
1,897
6,813
4, 659
2,154
5,784
3,739
2,045
5,034
3,583
1,451
6,345
4,429
1,916
7,112
4,883
2,229
New orders
:
Equipment manufacturers, total
Railroad shops, domestic
do___
do...
d6_._
71,072
44,627
26,445
5,839
5,241
8,555
7,971
584
6,330 ' 8,774
5,586 r 6, 161
744 2,613
Unfilled orders, end of period
Equipment manufacturers, total
Railroad shops, domestic
do~__
do...
do___
32,949
18,972
13,977
45,266
32,873
12.39b
Passenger cars: Shipments
do___
Unfilled orders, end of period
do___
254
201
9,016
2,551
721.6
48.8
129.0
878.8
59.7
143.4
7,725 6,262
5,297 4,550
6,512
1,712
2,428
2,382
12,
566
6,429 ' 7, 661 10,082 ' 8, 460
5,691 ' 5, 606 5,850 ' 5,906 11, 064
4,232 2,554 ' 1, 502
738 2,055
8, 054
6,009
2,045
11, 260
9,245
2,015
46, 004 51, 760
33,644 39,878
12,360 11, 882
54, 721
42,905
11,816
606.6
37.0
109.2
RAILROAD EQUIPMENT
Freight cars (ARCI):
Shipments
E quipment manufacturers, total
Railroad shops, domestic
Freight cars, class 1 (AAR): §
Number owned, end of period
Held for repairs, % of total owned
thous_
• 88,277 7,827 ' 4.753
3,065
• 65, 533 6,025
• 22,744 1,802 ' 1, 688
191
1,495
5.9
4
1,481
5.3
36, 580 35, 225 35, 207 36,744
20,517 19, 589 20,875 23,982
16, 063 15, 636 14, 332 12, 762
26
31
119
90
64
1,495
5.8
1,495
5.7
1,495
5.7
2
'Revised.
* See note " O " for p. S-21.
Preliminary estimate of production.
3
Beginning Jan. 1965, data exclude exports of incomplete (unassembled) vehicles.
^ See note " § . "
t Monthly revisions for 1963-64 are available upon request.
9 Total includes backlog for nonrelated products and services and basic research.
©Data include military-type planes shipped to foreign governments.
22
37,293 40,832 42,373 41,735
25, 832 28,209 30,291 31,140
11,461 12, 623 12, 082 10,595
10
1,491
5.8
1,489
5.8
42, 736 45,266
32,471 32,873
10, 265 12,393
0
7
0
0
0
30
10
14
14
20
20
1,488
5.8
1,487
5.7
1.481
5.3
1,479
5.3
1,480
5.4
1,480
5.0
13
52
1,492
5.7
7,821
6,441
1,380
4,598
2,385
1,488
5.6
4
cfData cover complete units, chassis, and bodies.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars. Also, change m
definition of class I railroads, as stated in 1965 BUSINESS STATISTICS note, is reflected in figures
beginning Dec. 1965, instead of Jan. 1965.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S4©
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7,8
9,10
10-12
Employment and population
Finance
Foreign trade of the United States
Transportation and communications
12-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
25
26
26-30
30, 31
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
32-34
35,36
36, 37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
10,11,16
Aerospace vehicles.
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts. .
3,6,13-15,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
8,10,26
Aluminum
23,33
Apparel
1,3,4, 7,8,10-15,40
Asphalt and tar products
35, 36
Automobiles, etc
1, 3-8,10,11,13-15,19,22,40
Balance of international payments
2
Banking
16,17
Barley
27
Barrels and drums
33
Battery shipments
34
Beef and veal
28
Beverages
4,8,10, 26
Blast furnaces, steel works etc
5,6,13-15
Bonds, outstanding, issued, prices, sales, yields
18-20
Brass and bronze
33
Brick
38
Broker's balances
20
Building and construction materials
8,10,31, 36,38
Building costs
9,10
Building permits
9
Business incorporations (new), failures
7
Business sales and inventories
4, 5
Butter
27
Cans (tinplate)
33
Carloadings
24
Cattle and calves
28
Cement and concrete products
8-10, 38
Cereal and bakery products
8
Chain-store sales, firms with 4 or more and 11 or
more stores
12
Cheese
27
Chemicals
4-6,8,13-15,19,22,25
Cigarettes and cigars
,....,
8,30
Civilian employees, Federal
14
Clay products
8,38
Coal
4,8,13-15,22,24,35
Cocoa
23,29
Coffee
23,29
Coke
24,35
Communications
2,13-15,20,24
Confectionery, sales.
29
Construction:
Contracts
9
Costs..
9,10
Employment hours, earnings, wages
13-16
Fixed investment, structures. .
1
Highways and roads
9,10
Housing starts
9
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
7
Copper
23, 33
Corn
27
%
Cost of living (see Consumer price i n d e x ) . . . . . . . .
7
Cotton, raw and manufactures
7,8,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,28,30, 38
Crude oil and natural gas
4,13-15,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields.
Drug stores, sales
. . . 3,7,27
16
18
. 11,12,17
. 16,17,19
16
26
2,3,18-21
11,12
Earnings, weekly and hourly
14-16
Eating and drinking places
11,12
Eggs and poultry
3,7,29
Electric power
4,8,26
Electrical machinery and equipment
3,
5,6,8,13-15,19,22,34
Employment estimates
12-14
Employment Service activities
16
Expenditures, U.S. Government
18
Explosives
25
Exports (see also individual commodities).... 1,2,21-23
Express operations
23
Failures, industrial and commercial
7
Fans and blowers
34
Farm income, marketings, and prices
2,3,7
Farm wages
16
Fats and oils
8,22,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilizers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4-8,10,11,13-15,19,22, 23,27-30
Foreclosures, real estate. . .
10
Foreign trade (see also individual c o m m o d . ) . . . . . 21-23
Foundry equipment
,
34
Freight carloadings
24
Freight cars (equipment)
4,40
Fruits and vegetables
7,8,22
Fuel oil
35,36
Fuels
4,8,35, 36
Furnaces
34
Furniture
3,4,8,11-15,17
Furs
23
Gas, output, prices, sales, revenues
Gasoline
Glass and products. . . .
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,8,26
1, 35,36
38
25
19
7,8,22,24,27,28
11,12
1
1
8,38
Hardware stores.. *
11
Heating equipment
8,34
Hides and skins
8, 30
Highways and roads
9,10
Hogs
28
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels
14,15,24
Hours of work per week
14
Housefurnishings
1,4,7,8,10-12
Household appliances and radios
4,8,11,34
Housing starts and permits
9
Imports (see also individual commodities)
1,22,23
Income, personal
2, 3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3, 4
Installment credit
12,17,18
Installment sales, department stores
12
Instruments and related products.
3, 5,13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers' and trade
4—6,11,12
Inventory-sales ratios
5
Iron and steel
3, 5,6,8,10,13-15,19,22, 23,32,33
Labor advertising index, disputes, turnover
16
Labor force
12
Lamb and mutton
28
Lard
:..
28
Lead
33
Leather and products
3,8,13-15, 30,31
Life insurance
18,19
Linseed oil
30
Livestock
3, 7,8,24,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,20
Lubricants
35,36
Lumber and products
3,8,10-15,19,31
Machine toools
34
Machinery
3,5,6,8,13-15,19,22,34
Mail order houses, sales
11
Manmade fibers and manufactures..,
».,. 8, 39
Manufacturers' sales (or shipments), inventories,
orders..
4—6
Manufacturing employment, production workers,
payrolls, hours, earnings
13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3,7,8,22,28
Medical and personal care
7
Metals
3-6,8,13-15,19,22,23,32-34
Milk
27
Mining and minerals
2-4,8,13-15,19, 20
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17
Motor carriers
23,24
Motor vehicles
1,3-8,10,11,13-15,19,22,40
Motors and generators
34
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
3,8,19,23,33,34
Noninstallment credit
17,18
Oats
Oil burners
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
34
8,22,29,30
6
13-15
Paint and paint materials
Panama Canal traffic
Paper and products and pulp
8,25
24
3,
5,6,8,13-15,19,23,36,37
Parity ratio
7
Passports issued
24
Payrolls, indexes
14
Personal consumption expenditures
.
1
Personal income
2,3
Personal outlays
,
2
Petroleum and products
4—6,
8,11,13-15,19,22,23,35,36
Pig iron
,
32
Plant and equipment expenditures
2,20
Plastics and resin materials
25
Population
:
12
Pork
28
Postal savings
17
Poultry and eggs
3, 7,29
Prices (see also individual commodities)
7,8
Printing and publishing
4,13-15
Profits, corporate
2,19
Public utilities
2-4,7-9,13-15,18-21
Pullman Company
24
Pulp and pulpwood
36
Purchasing power of the dollar
8
Radiators and convectors
34
Radio and television
4,8,10,11, 34
Railroads
2,13,14,16,18,20,21,24,40
Railways (local) and bus lines
13-15,23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
7
Refrigerators and home freezers
34
Rent (housing)
7
Retail trade
4,5,7,11-15,17,18
Rice
27
Roofing and siding, asphalt
36
Rubber and products (incl. plastics)
4-6,
8,13-15,23,37
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel ingots and steel manufactures
Steel scrap
Stock prices, earnings, sales, etc
Stone, clay, glass products
Stoves and ranges
Sugar.
Sulfur
Sulfuric acid
Superphosphate
2
17
19,20
20,21
1, 7,13-15
28
8,11,12,31
19
30
39
32,33
32
20,21
3-5,8,13-15,19,38
34
23,29
25
25
25
Tea imports
29
Telephone, telegraph, cable, and radiotelegraph
carriers
13-15,24
Television and radio
4,8,10,11,34
Textiles and products
3,5,6,8,13-15,19,22,38-40
Tin
23,33
Tires and inner tubes
8,11,12,37
Tobacco and manufactures
4-8,10,13-15,22,30
Tractors
22, 34
Trade (retail and whoelsale)
4, 5,11,12
Transit lines, local
23
Transportation.
1,2,7,13-15,23,24
Transportation equipment
3-6,13-15,19, 40
Travel
23,24
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
12,16
16-18,20
finance
18
2-4,9,13-15,18-21,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits.
Vessels cleared in foreign trade
Veterans* benefits
Wages and salaries
Washers and driers
Water heaters
Waterway traffic
Wheat and wheat
Wholesale price indexes
Wholesale trade.
Wood pulp
Wool and wool manufactures
Zinc.
,
flour
34
11,12
30
7,8,22
24
16,18
2, 3,14-16
34
34
24
28
8
4,5,7,13-15
36
7,8,23,39
33,34
POSTAGE AND FEES PAID
U, S. GOVERNMENT PRINTING OFFICE
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC
DOCUMENTS
WASHINGTON. DC. 2O4O2
First-Class
Now Available
GROWTH PATTERNS IN
EMPLOYMENT BY COUNTY
1940-1950 AND.19504960
VOLUME 1 NEW ENGLAND
GROWTH PATTERNS
IN EMPLOYMENT
BY COUNTY,
1940-1950 and 1950-1960
These first two in a series of eight volumes deal with employment and
changes* in employment for the counties and States of the New England
and the Mideast regions. The change in employment for each county is
shown with the amount by which it exceeds or falls short of the national
average separated into industrial m i x and regional share components.
The influence of each of 32 industries on these employment changes is
statistically detailed.
Prices:
Volume I New England
Volume 2 Mideast
$0.45
0.65
Orders may be placed with
the Superintendent of Documents,
U.S. Government Printing Office,
Washington, D.C., 20402,
or with any Field Office of the
U.S. Department of Commerce.
@FedFRASER