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11
NOVEMBER 1974 / VOLUME 54 NUMBER
SURVEY OF CURRENT BUSINESS
THE BUSINESS SITUATION
Revised Third Quarter GNP
State and Local Fiscal Position
1
5
National Income and Product Tables
Stockownership in the United States:
Characteristics and Trends
12
16
U.S. Department of Commerce
Frederick B. Dent / Secretary
James L. Pate / Assistant Secretary
for Economic Affairs
Edward D. Failor / Administrator, SESA
Bureau of Economic Analysis
George J&BXI/Director
Morris R. Goldman/Deputy Director
SURVEY OF CURRENT BUSINESS
Editorial Board: Jack J. Bame, Donald A. King,
Martin L. Marimont, Irving Rottenberg, Beatrice
N. Vaccara, Charles A. Waite, Allan H. Young
Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Contributors to This Issue: David L. Levin, Paul
Schniederman, Charles A. Waite, Allan H. Young
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
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the BUSINESS SITUATION
LEVISED estimates of the national
income and product accounts (NIPA's)
confirm that economic activity weakened again in the third quarter, after
performing somewhat better in the
second. Real GNP and gross domestic
product (GDP) both declined at a
seasonally adjusted annual rate of
about 2 percent. GDP is GNP less
product originating in the rest-of-theworld sector, as measured by net
income—mostly from investments—
received from abroad. The preliminary
estimates had put the decline at about
3 percent. The revision is due to a
smaller reduction in the rate of inventory accumulation than estimated
initially.
Inflation worsened in the third quarter, once again reaching double-digit
proportions. After receding from a
seasonally adjusted annual rate of
about 12^ percent in the first quarter
to 9X percent in the second, the
implicit deflator for GNP rose at about
12 percent in the third. According to
the preliminary estimate made a month
earlier, the third-quarter increase had
been 11% percent.
Weakness in real output was more
widely diffused in the third quarter
than earlier in 1974, although the
recovery of real expenditures on motor
vehicles and also on energy accelerated.
Residential
construction
slumped
deeper after a temporary slowing of
the rate of decline in the second quarter. Other real GNP expenditures—
which account for about 85 percent of
the total—declined at a more rapid
rate than earlier in the year, and weakness among them was general.
Inflation also became more diffused.
Early in 1974, the implicit deflators
for food and energy had risen more
strongly than the average of all other
GNP prices. More recently, the rise in
food and energy prices slowed. However, the rise in the average of all other
GNP prices accelerated to an annual
rate of increase of over 12 percent in
the third quarter, up from about 8
percent in the first half of the year.
Margins of error
All these estimates, as well as the
preliminary estimates of corporate
profits discussed below, must be
interpreted to allow for unusually large
margins of error. The unusual uncertainty to which estimates of the
GNP, GDP, and corporate profits
(including tax liability) are subject is
due to special difficulties which are
being encountered in estimating the
inventory and profits components of
the NIPA's.
Because of the substantial extent
that inventories and profits are reported
on a first-in-first-out (FIFO) basis by
business, they include in inflationary
periods a large volume of inventory
profits. These equal the excess of replacement cost over the original acquisition cost of inventories used up in
production.
In estimating inventories and profits
for inclusion in the NIPA's, BEA
eliminates inventory profits through
the inventor}' valuation adjustment
(IVA). The IVA is estimated by a
method which is intended to yield
measures of inventories and profits
that are the same as those produced by
the last-in-first-out (LIFO) method
used by business as long as the physical
volume of inventory is increasing.
Because of gaps in the primary source
data, this estimating method has de-
ficiencies even in periods of relative
price stability. In periods of rapid
inflation, when inventory profits resulting from FIFO soar, these deficiencies
are magnified.
The task of BEA is further complicated by the shift from FIFO to
LIFO currently underway by businesses seeking to reduce profits tax
liability. In these circumstances, estimating the inventory and profit components of the NIPA's is as difficult as
hitting a rapidly moving target in
foggy weather.
BEA inventory surveys
BEA is conducting two surveys to
gather
information necessary
to
strengthen its estimates of inventories
and profits. Only partial results of
these surveys were available for incorporation in the estimates published
here. The main purpose of these surveys
is to strengthen the initial step in BEA's
estimating procedure, which requires
knowledge of the inventory valuation
methods underlying reported inventories and profits. The subsequent step
will not be strengthened basically by
these surveys. This step consists of the
matching of price series with components of the stock of inventories in
order to convert the reported magnitudes to reflect the valuation methods
used in the NIPA's.
One survey is designed to elicit information from corporations that have
announced a switch to LIFO. The
corporation is asked to state the effect
of the switch on its profits as reported
to the Federal Trade Commission for
each quarter of the year. It also is
asked to indicate if and when it began
using the new LIFO basis in its reports
of book inventories to the Census
SURVEY OF CUEKENT BUSINESS
Bureau. These inventory reports are
the main source of BEA's inventory
estimates.
Because, according to Internal Revenue Service rules, a corporation can
switch to LIFO retroactively until it
prepares its annual report, it is not yet
clear how many corporations will switch
in 1974. To date, between 200 and 300
corporations have announced a switch—
in many cases it affects only part of
their inventories. It is expected that
additional corporations will follow in
the coming months.
The other survey, which was initiated
earlier, represents a major effort to
collect several types of information on
inventory accounting practices. This
survey was sent to the several thousand
firms in BEA's Plant and Equipment
Survey panel. The results are intended
primarily to provide the basis for updating and improving several aspects of
BEA's procedures for estimating profits
and business inventories. In addition,
each firm was asked whether it is
planning to switch to LIFO. The replies
received to date to this question have
helped establish the number of firms
which are considering a switch. Information from various accounting firms
has also provided some insight into the
number of firms that are about to
switch.
The reduction in inventory profits
resulting from the shifts to LIFO is
estimated at $3.3 billion in the first
quarter, $4.5 billion in the second, and
$6.6 billion in the third. The revised
corporate IVA is $27.7 billion in the
first quarter, and $33.4 billion in the
second. About one-third of the revisions
is accounted for by the over 200 firms
that have announced a switch. The
remainder represents an allowance for
firms that will switch later in the year.
This allowance is rough and perhaps
conservative. The quarterly estimates
of book profits for 1974 will be revised
as necessary as more information becomes available. Even though the
estimates may be revised upward, it
seems likely that FIFO will remain the
dominant method as of the end of
1974, and that there will be a substantial amount of inventory profits included in the final estimates of book
profits.
The shift to LIFO affects book
profits and the IVA; conceptually, it
does not affect profits from current
production, as measured in the NIPA's.
Statistically, the prior estimates of
these profits needed no revision, be-
Table 1.—Federal Government Receipts and Expenditures
[Billions of dollars]
1974
1973
1971
1972
1973
III
IV
I r
II'
III P
Seasonally adjusted at annual rates
Federal Government receipts
198.5
227.2
258.5
261.8
268.3
278.1
288.6
303.5
89.9
33.4
20.4
54.6
108.2
36.6
20.0
62.5
114.1
43.7
21.2
79.5
116.7
43.8
21.0
80.2
121.6
43.5
21.3
81.8
124.1
45.9
21.5
86.7
129.4
49.2
21. 9
88.1
134.8
56.2
22.5
90.0
Federal Government expenditures
220.3
244.7
264.2
263.4
270.6
281.0
291.6
304.7
Purchases of goods and services
National defense
Other
97.6
71 2
26.5
104.9
74.8
30.1
106.6
74.4
32.2
105.3
73.3
32.0
108.4
75.3
33.1
111.5
75.8
35.7
114.3
76.6
37.7
117.2
78.4
38.8
Transfer payments.
To persons
To foreigners (net)
74 9
72.3
9
6
82.8
80.1
97
95.5
92.9
9
6
96. 5
93. 9
o 7
98.8
96.3
9 5
106.5
104.0
9
5
113.6
110.8
9 7
120.8
118.4
2.4
Grants-in-aid to State and local governments
29.0
37.4
40.5
39.8
41.0
42.9
43.2
43.4
Net interest paid
13.6
13.5
16.3
16.8
17.6
17.9
18.7
19.1
52
.0
6.6
.5
5.3
.0
5.0
.0
4.8
.0
°2
"!o
1.3
-.6
9 7
-l'.5
—21.9
-17.5
-5.6
-1.7
-2.3
— 2. 8
-3.0
-1.1
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals. _.
Contributions for social insurance
Subsidies less current surplus of government enterprises.
Less: Wage accruals less disbursements
_ . _.
Surplus or deficit (— ), national income and product
account...
r
Revised.
p Preliminary.
November 1974
cause as far as BEA was able to determine, the methodology underlying the
initial estimates was consistent with
the inventory valuation methods underlying the initial book profit reports. On
the other hand, the estimates of corporate tax liability needed revision, because corporate taxes are levied on book
profits. The downward revisions affecting the Federal sector amounted to $1.3
billion in the first quarter and $1.7
billion in the second, and are incorporated in the statement of the Federal
sector of the NIPA's which is discussed
below.
In a similar fashion, in measuring
GNP, the switch affects book inventories and the IVA, but not the change
in business inventories (CBI) components of GNP. As anticipated in the
October SURVEY, it has not been
necessary to revise the CBI for the
first and second quarters since, with
very few exceptions, the book inventories reported to the Census Bureau
for those quarters did not reflect the
switch to LIFO. For the third quarter,
the IVA used to obtain the CBI was
reduced somewhat to reflect those firms
that switched their Census inventory
reports to a LIFO basis during the
third quarter. Since many corporations
which had adopted LIFO for reporting
profits had not yet changed the basis of
their inventory reporting, it was necessary for the three quarters of 1974 to
estimate two IVA's—one for the CBI
and one for corporate profits.
Third-quarter profits
The preliminary estimates of pre-tax
book profits increased at an annual
rate of almost $20 billion from the
second quarter, due almost entirely to
inventory profits. Profits from current
production, as measured for inclusion
in the NIPA's, were up about $1
billion. These profits have been essentially flat since the first half of 1973.
Third-quarter manufacturing profits
(excluding inventory profits) were up,
due to substantial increases in profits
of petroleum refiners and primary
metal producers. Other manufacturing
industries showed mostly small declines. Trade profits were down sharply
as a result of declines in retail profits
margins.
SURVEY OF CURRENT BUSINESS
November 1974
Federal sector of NIPA's
quarter
in
third
Despite the large increase in corporate tax liabilities, the Federal fiscal
position as measured in the NIPA's
remained in deficit in the third quarter.
The deficit was $1 billion at a seasonally
adjusted annual rate, following deficits
of $3 billion in the first and second
quarters (table 1).
Receipts rose $15 billion in the third
quarter, almost entirely due to inflation. The large increase in book
profits boosted corporate taxes, and
continued increases in marginal withholding rates raised personal income
tax payments as taxpayers moved into
higher tax brackets. Indirect business
taxes and contributions for social insurance also recorded above-average
gains.
Inflation also had a large impact on
Federal expenditures, accounting for
about two-thirds of the $13 billion
third-quarter increase. Cost-of-living
increases for social security beneficiaries,
and Federal military and civilian retirees, and increased benefits for disabled veterans helped boost transfer
payments. Unemployment benefits also
advanced substantially. Higher prices
for food and petroleum were important
factors in the large increase of national
defense purchases; total purchases—
defense and nondefense—were up only
slightly in real terms. Subsidies (less
the current surplus of government
enterprises) reversed a 6-quarter decline, reflecting increased payments to
farmers for disaster relief as well as
bigger deficits for the Postal System
and the Commodity Credit Corporation.
A retroactive pay raise for Federal
employees also added to third-quarter
expenditures. (This raise was recorded
as "wage accruals less disbursements"
because it reflects work done in the
fourth quarter of 1972.) Small increases
occurred in net interest paid and grantsin-aid to State and local governments.
Budget outlook
The budget outlook is for substantial
moderation in the growth of expenditures, if the President's fiscal 1975
outlay estimate of about $302 billion
for the unified budget is achieved. A
$302 billion unified budget implies
approximately $312 billion on the NIPA
basis. However, since third-quarter
expenditures amounted to about $305
billion (annual rate) average quarterly
increases of only $5 billion are implied
for the remainder of fiscal 1975. That
would be well below the $10 billion
(annual rate) average quarterly increase
recorded over the past four quarters.
Despite the prospective slowdown in
quarterly expenditure increases, the
$33 billion increase in NIPA expenditures from fiscal 1974 to 1975 implied
by the unified budget goal is relatively
large when compared with recent yearover-year increases; NIPA expenditures
increased $22 billion in fiscal 1974,
$23 billion in 1973, $21 billion in 1972,
and $17 billion in 1971.
Quarterly increases in NIPA receipts
are expected to moderate even more
than expenditures. Corporate taxes,
following profit trends, are likely to
decline cyclically, and future shifts
from FIFO to LIFO inventory accounting will depress tax liabilities. A further
reduction would materialize if inflation
is checked and inventory profits decline
accordingly.
Personal tax growth will probably
moderate in calendar 1975, reflecting a
deceleration in the increase of the total
wage bill, and the likely prospect of
heavy tax refunds in the spring. Refunds are currently expected to be
$5-7 billion higher because large increases in wages in 1974 raised tax
payments more than liabilities. Many
taxpayers have moved into withholding
brackets higher than their liability
brackets. Stated in another way, the
impact of inflation on gross income is
reflected in current payments, but its
Table 2.—Projected Quarterly Pattern of Administration Tax Proposals and Tentative October Tax Decisions of House Ways and Means
Committee—NIPA Basis
[Billions of dollars, seasonally adjusted annual rates]
1974
IV
Federal receipts NIPA basis
Personal tax and nontax receipts
1975
I
II
IV
III
.6
Calendar years
1976
-.3
-.5
1975
1976
I
II
III
IV
-2.3
-2.4
-3.1
-3.2
-.3
-2.8
Fiscal years
1975
J
.2
1976
1
-.3
.0
-1.5
-1.5
-1.6
-1.7
-2.2
-2.3
-3.0
-3.1
-1.6
-2.7
-.8
-.8
Withheld
Standard deduction and low income allowance in W and M bill
Additional low income relief proposed by Administration
5% surcharge
. „ . ..
.0
.0
.0
.0
-1.7
-1.7
-3.9
.0
2.2
-1.8
-4.1
.0
2.3
-1.9
-4.2
-.0
2.3
-5.1
-4.3
-.8
.0
-5.2
-4.4
-.8
.0
-5.3
-4.5
.'o
-5.4
-4.6
-.8
.0
-1.8
-4.0
-.0
2.2
-5.3
-4.5
-.8
.0
-.9
-1.9
.0
1.0
-3.4
-4.2
-.4
1.2
Net settlements and declarations
Standard deduction and low income allowance in W and M bill .
5% surcharge
.
10% investment credit
Other W and M action .
.0
.0
.0
.0
.0
.2
.0
.1
.0
.1
2
o
.0
2.3
2.4
.0
-.5
.4
2.3
2 4
~Q
-.5
.4
.1
2.6
2.4
.3
-.5
.4
i.O
.0
.0
i
.1
2.9
2. 4
.6
-.5
.4
!o
.1
.0
2.9
2.4
.6
-.5
.4
2
!o
.1
.2
.0
.1
.0
.1
i 2.6
2.4
.3
-.5
.4
Corporate profits tax accruals
.6
1.0
.6
.5
.4
.0
.0
.0
.1
.6
.0
.0
.0
.0
.0
.0
.6
2.3
-2.1
-.1
2.0
-2.2
-.1
-.3
.2
.9
2.0
-2.3
-.1
-.3
.2
.9
.0
-1.7
-.3
.0
.2
1.8
.0
-1.8
-.3
.0
.2
1.9
.0
-1.8
-.3
.0
2
L9
.0
-1.8
-.3
.0
2
i!o
2.1
-2.2
-.1
-.3
2
.9
.0
-1.8
-.3
.0
2
1.9
.0
.6
.6
.8
.8
-.1
-.1
-.1
£o
-.1
2. 1
—2. 2
i
-!3
2
.9
.0
.0
.6
.0
.6
.0
.8
.0
.8
.0
.0
-.1
.0
-.1
.0
i
-.1
5% surcharge. .
10% investment credit.
Preferred stock
Windfall profits tax offset. . .
Disallowed depletionOther W and M action (including phascout of depletion of oil" and gas)
Indirect business tax and nontax accruals .
Windfall profits tax
Other
!o
2.1
0
.1
!6
.1
Q
.0
.0
.7
.0
!i
2
1.1
-1.1
-.1
-.1
.1
1.0
-2.0
.8
L4
-.1
.3
.3
.0
-.1
.3
.0
.4
-.1
2
1. Based on unadjusted data. The average of the 4 seasonally adjusted quarters is $0.3 billion In F Y 1975 and $-1.4 billion in FY 1976. The difference is mainly in net settlements of personal taxes.
Source: U.S. Department of Commerce, Bureau of Economic Analysis; Treasury Department, Office of Tax Analysis.
SURVEY OF CURRENT BUSINESS
Table 3.—Reconciliation of Changes in
the Implicit Price Deflator for Personal
Consumption Expenditures and
Consumer Price Index, Seasonally Adjusted
CPI Component
1974
1 IMPLICIT PRICE DEFLATOR
FOR PERSONAL CONSUMPTION EXPENDITURES (percent
change at annual rate)... . .
3. Equals: Chain price index for PCE
(percent change at annual
rate)
4. Less: Contribution of difference in
weights of items common to
the implicit price deflator for
PCE and the CPI
Food away from home .
Food at home
Rent _ .
Automobiles, new
Gasoline
Other items - -
Food awav from homo
Food at home
Rent
II
13.7
11.8
11.9
Automobiles new
Gasoline
Other items
Total as percent of CPI or PCE . _
III
-.2
— .5
o
—.5
— .1
—.2
-.2
-. l
.1
.0
.0
.0
2
14 2
12 0
12 4
.3
-.4
.5
1.0
-.2
— ()
.5
.1
— 4
.5
-.3
_ 2
— 9
— 9
.4
.5
.5
1.0
.3
— .1
o
5. Less: Contribution of non-CPI items
used to deflate PCE
2.3
3.9
2 8
Services furnished with outpayment by financial intermediaries
Other items
.8
1.5
1.5
2.4
1.0
18
6. Plus: Contribution of CPI items not
used to deflate PCE.
Homeownership costs _ - .
Automobiles, used
Other items .
7. Equals: CONSUMER PRICE INDEX (percent change at
annual rate)
CPI
I
2. Less: Contribution of shifting weights. — . 5
New cars, domestic Fuel and ice
Gasoline and oil
Other items
Table 4.—Weights of Items Common to
the Implicit Price Deflator for Personal
Consumption Expenditures and the Consumer Price Index
.0
3.8
4.3
1.4
—.9
-.5
1.5
9 2
.1
2.0
2.4
— .1
12.3
11.4
12.9
-
...
-
..
-
PCE*
4.54
17. 89
5.50
2.11
13.10
15.47
3.18
3.05
41.20
5.56
2.65
50.76
75.36
89.65
*Weights for the first quarter of 1974.
decisions reached by the House Ways
and Means Committee in October.
The impact on NIPA receipts of the
administration's tax proposals and the
tentative decisions of the House Wa}^s
and Means Committee in October are
shown in table 2. However, the Committee made additional changes in midNovember and it is unlikely that the
Senate will act before the close of the
current congressional session. This
makes the timing of tax changes shown
in the table highly improbable.
New tax proposals
Receipts would be affected also by
Congressional approval of several tax
changes recently proposed by the
administration. The new tax program
includes: (1) a 5 percent surcharge on
corporate taxes and on taxes paid by
individuals in middle and upper income brackets; (2) an increase in the
present 7 percent investment credit to
10 percent (or from 4 percent to 10
percent for utilities) and (3) endorsement of most of the tentative tax
As shown in the table, the proposed
tax changes have little impact on total
receipts in calendar 1975, because cuts
in personal taxes are largely offset by
increases in corporate and indirect
business taxes. In 1976, total receipts
are reduced $2-3 billion, entirely because of the personal tax cuts.
Despite the expiration of the 5
percent surcharge at the end of 1975,
personal tax payments are reduced
steadily throughout calendar 1975 and
1976: Although the surcharge increases
personal taxes by $2% billion, this is
more than offset by increases in the
standard deduction and the low income allowance. The increases in the
deduction and the allowance reduce
liabilities $!}£ billion, but adjustments
in withholding schedules reduce personal tax payments $4 billion. The $2%
billion difference shows up as larger
final settlements or lower refunds in
1976. In effect, this proposal reduces
overwithholding $2% billion.
Corporate profits tax accruals increase moderately in 1975, because
Table 5.—Reconciliation of Changes in
Compensation Per Man-Hour and Average Hourly Earnings, Private Nonfarm
Economy, Seasonally Adjusted
Table 6.—Stock of Business Inventories,
Final Sales of Business GNP, and the
Stock-Final Sales Ratio
1974
effect on deductions, and hence liabilities, will not be felt until final returns
are filed next year.
Slower growth in wages also will
limit the increase in social insurance
contributions, but an increase in the
social security wage base from $13,200
to $14,100 on January 1, 1975 will add
$1.6 billion (annual rate) in the first
quarter.
November 1974
I
1. COMPENSATION PER MANHOUR, ALL PERSONS (percent
change at annual rate) . . . .
II
III
Billions of 1958 dollars,
seasonally adjusted at
an mi a 1 rates
8.4
10.7
10.8
Stock-final
sales ratio
Stock of
business
inventories 1
Final sales
of business
GNP
1968: I
II
III
IV
184.2
186.4
188.1
190.0
611.3
615.9
624.5
629.6
0.301
.303
.301
.302
2. Less: Contribution of supplements ..
1.2
.1
.1
3. Less: Contribution of employees of
private households and government enterprises, and self-employed and unpaid family
workers .
.4
.5
.3
4. Equals: Wages and salaries per manhour, all employees except
private household and government enterprise (percent
change at annual rate)
6.8
10.1
10.4
5. Less: Contribution of supervisory
and nonproduction workers,
non BLS data, and detailed
weighting, total
1969- 1
11
III.
IV
191.4
193.2
195.5
196.7
635.8
638.4
638.8
638.7
.301
.303
.306
.308
1.2
18
-1.8
2
.4
.4
.5
1970: 1
11..
Ill
IV
2 1
1.4
-.1
2
-1.8
-1.7
197. 1
198.2
199.5
200.6
637.6
636.7
641.0
633.5
.309
.311
.311
.317
1971: I
II
III.
IV
202.2
203.9
204.8
205.9
648.7
652.2
661.8
670.8
.312
.313
.309
.307
1972: I
II..
Ill
IV
206.9
208.6
210.7
212.9
684.1
697.7
706.3
721.5
.302
.299
.298
.295
214.8
216.7
218.7
223. 7
740.0
744.0
746.4
739. 2
.290
.291
.293
.303
226.4
228.4
229.7
730.3
733.2
731. 6
.310
.312
.314
Commodity-producing
dustries
Manufacturing
Distributive industries
Service industries ...
in-
6. Equals: Average hourly earnings,
production and nonsupervisory workers, obtained
from seasonally adjusted industry components (percent
change at annual rate)
7. Less: Contribution of seasonal adjustments by industry
8. Equals: A V E R A G E H O U R L Y
EARNINGS, PRODUCTION AND NONSUPERVISORY WORKERS (per
cent change at annual rate) .
0
.'3
8.3
12.2
.9 — 1.6
.8
5.6
4.8
9.9
11.4
1973: I
II
III
IV
.
1974: I
II
III
1 End of quarter.
SURVEY OF CURRENT BUSINESS
November 1974
additional revenues resulting from the
surcharge and the phase-out of the oil
depletion allowance exceed the cut in
liabilities resulting from the increase
in the investment credit to 10 percent.
In calendar 1976, the net impact of
these factors is negligible.
Indirect business tax accurals increase $% billion in 1975, because of
the windfall profits tax (which will be
recorded as an excise tax in the
NIPA's). There is no revenue impact
in 1976, given the Treasury's assumption that oil industry investment will
be sufficient to offset the tax completely.
Special tables
The table relating the stock of business inventories to final sales of business GNP, first shown in the August
SURVEY extending back to 1947, is
partly repeated and updated here. It
is shown following the tables reconciling
the implicit price deflator for personal
consumption expenditures with the
consumer price index, and compensation per man-hour with average hourly
earnings. The stock-final sales ratio,
which is shown in the last column of
the table, continued to rise in the third
quarter, as final sales declined while the
stock of inventories increased.
revenues. This was in sharp contrast to
1971-72 when much of the strong
growth in own-source revenues was
attributable to structural changes.
Tax changes were particularly important in limiting the growth of personal tax and nontax payments. A
California rebate of 1973 income taxes
in the first half of 1974 accounted for
approximately half of the $0.7 billion
personal tax reduction attributable to
tax structure changes, but this was a
CHART 1
Fiscal Position of State and
Local Governments
Surplus on the NIPA basis declines .
Billion $
151
State and Local Fiscal Position
The fiscal position of State and local
governments, as measured in the national income and product accounts
(NIPA), worsened considerably over
the past year. Expenditures, particularly for construction, grew more rapidly than receipts, which were limited
by tax reductions and a slowdown in
Federal grants.
After achievement of the highest
surplus on record—$19.1 billion—in
the fourth quarter of 1972, when general revenue sharing began, State-local
governments recorded steadily shrinking surpluses in six succeeding quarters
(chart 1). By the third quarter of 1974,
the NIPA surplus amounted to only
$2.1 billion, at an annual rate, about
the same as in the previous quarter.
When receipts and expenditures of
social insurance funds are excluded,
the current fiscal position of these governments is in deficit. (State-local social
insurance funds generally record surpluses, but, unlike their Federal counterparts, the surpluses generally are
not available to finance capital spending projects or deficits of operating
funds; as a result, they are usually
excluded from the overall NIPA measure when assessing the aggregate fiscal
health of these governments.) On this
basis, the State-local sector recorded a
large deficit—$7.7 billion—in the third
quarter of 1974; it was the fifth consecutive quarterly deficit. For calendar
year 1974 as a whole, a deficit of about
$7.5 billion is projected, as compared
to approximate balance in 1973, and a
$4.0 billion surplus in 1972.
Slackened growth in receipts
Slackened growth in receipts contributed significantly to the deteriorating fiscal position. As table 7
indicates, revenue growth in 1974
amounted to only $14.8 billion, as
compared to $16.3 billion in 1973,
$25.0 billion in 1972, and $17.2 billion
in 1971. Own-source revenues (which
include personal taxes and nontaxes,
indirect business taxes, and corporate
profits taxes) and grants received from
the Federal Government both contributed to slower growth in 1974, while
contributions to social insurance funds
grew at a steady pace.
The relative absence of structural
changes—such as the imposition of
new taxes or legislated rate increases
in existing ones—accounted for much
of the slowdown in own-source revenue
growth; in fact, during 1974, the net
effect of law changes reduced tax
10
n
I I
III
II
as SOCIAL INSURANCE FUND
surplus g r o w s . . .
15
10
UlUJM
and ALL OTHER FUNDS swing from
surplus to sizable deficit...
1973
'
1974
Quarterly, Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
November 1974
one-time phenomenon rather than a the ground) and oil royalties. Most of tal items had contributed substantially
permanent change. Other law changes these increases, however, benefited a to earlier growth in spending, rising 5
involved increased exemptions, and small number of States, while the slow- percent in the fourth quarter of 1973,
credits for property taxes paid. Most down in gasoline taxes affected almost and between 8 and 10 percent in each
other personal taxes followed recent all States. The largest category of in- of the first two quarters of 1974. These
trends, but certain types of charges for direct taxes—property taxes—increased purchases were accelerated by the
government services, such as fees at at about the same rate as 1973—about initial flow of revenue-sharing funds
7 to 8 percent. In addition, a number of (those received between December 1972
public hospitals, rose significantly.
Indirect business taxes, on balance, local governments imposed sales taxes and June 1973). According to flow-ofwere little affected by tax changes for for specific projects, especially for rapid funds data published by the Federal
Reserve Board, these monies accumthe second straight year. This was in transit.
contrast to 1971 and 1972 when tax Federal grants-in-aid in 1974 con-ulated through mid-1973 while governchanges added $0.5 billion to increases tinued the slowdown that began in ments set priorities and sought bids
attributable to economic growth and 1973, increasing at rates well below to begin projects, many of which had
inflation. Major legislative changes oc- those prevailing in 1971 and 1972. After been planned for years. However, by
curred in 1973 and 1974, but the net a very sharp advance of $8.4 billion in the fall of 1973, many of these projects
impact on total indirect taxes was 1972, caused largely by the initial dis- moved into the construction stage.
The pickup of construction spending,
negligible. For example, several States tribution of revenue-sharing funds,
removed grocery food sales from the grants rose only $3.1 billion in 1973 and the earlier accumulation of the
general sales tax base, but coupled that and approximately $2.8 billion in 1974. revenue-sharing funds, is evident in
action with higher rates on other items. Grants for highways and urban devel- the liquidity ratios shown in table 8.
In other States, increases in sales taxes opment moderated considerably in The buildup in liquid assets started in
the second quarter of 1972 (even before
were matched by reductions in local 1974.
the first revenue-sharing checks were
property taxes. (With the exception of Expenditures continue rapid pace
issued),
and the decline began in the
these large, State-imposed actions,
In contrast to receipts, State-local
changes in property tax rates do not expenditures continued to expand rap- third quarter of 1973, as funds flowed
appear as structural changes in table 7, idly during 1974. They are expected into construction projects and purbecause there are not sufficient data to to exceed $205 billion for the year, chases of equipment. However, by the
distinguish accurately the effects of a growth rate in excess of 11 percent, as second quarter of 1974, the liquidity
changes in assessment levels as opposed compared to increases of 12 percent in ratios had nearly returned to levels
to rate changes.)
1973 and 11 percent in 1972. It appears, prevailing in 1971.
State-local payroll costs grew steadily
Among the various types of indirect though, that growth slowed in the
this
year, but at rates somewhat
business taxes, gasoline taxes showed second half of this year.
slower
than in the previous 3 years.
little change from the previous year,
The recent slowdown occurred in
Employment
increases were moderate,
reflecting the flattened demand for purchases of structures, which increased
but
average
wages
increased somewhat
gasoline. Fuel shortages generated in- only slightly in the third quarter, and
faster
than
in
recent
years. An accreased revenues in other levies such are likely to remain essentially uncelerated
public
service
employment
as severance taxes (associated with changed in the fourth quarter. Large
program
is
expected
to
generate
some
extraction of mineral resources from purchases of structures and other capiadditional growth in the fourth quarter,
but the effect on calendar 1974 as a
whole will be slight.
Table 7.—State and Local Government Receipts, Change From Previous Year
Purchases other than for structures
[Billions of dollars]
and compensation advanced at about
1972
1974 e
1971
1973
last year's pace. Equipment purchases
grew somewhat faster, particularly beTotal receipts, national income and product accounts basis
17.2
16.3
25.0
14.8
tween the second quarter of 1973 and
Less:
Contributions t o social insurance funds..
_ _ _ _ _ _ _ _ _ _
--..
.9
1.2
1.4
1.3
the second quarter of 1974. Only
Federal grants-in-aid
4.6
8.4
3.1
2.8
partial
data are available, but BEA
Equals: Own-source revenues, total. .
.
.. . _ . .
._
15.2
12.1
10.9
11.8
Due to economic growth and inflation.. ._.
... ... _. ..
10.4
12.2
11.7
11.6
contacts
with local government officials,
Due to tax structure changes
1.4
3.0
.4
-.7
and
with
firms selling equipment (firePersonal taxes and nontaxes, total ._ _
... . - - - - - - - 3.3
6.5
3.0
2.3
Due to economic growth and inflation
2.6
4.2
3.0
2.9
fighting
machinery,
police communicaDue to tax structure changes
.7
12.3
.1
-.7
tions
equipment,
and
the like) indicate
Indirect business tax and nontax accruals, total
8.0
8.1
7.8
7.5
Due to economic growth and inflation
7.6
7.3
7.9
7.5
a
pickup
in
equipment
spending, fiDue to tax structure changes. _ .
_
.1
.5
.5
.0
nanced
in
part
by
revenue-sharing
Corporate profits tax accruals, total- _.
_ _
.3
.9
1.1
.9
Due to economic growth and inflation
.1
.7
.9
.9
funds.
Due to tax structure changes
.2
.2
.2
.0
Transfer payments to persons de1. Includes $0.9 billion shift in withholding patterns.
clined
slightly in 1974, despite large
e Estimated.
November 1974
gains in the Aid to Families with
Dependent Children (AFDC) program.
The decline in other transfers results
largely from the new Federal Supplemental Security Income (SSI) program,
which replaced former adult welfare
programs of Aid to the Blind, Old Age
Assibtance, and Aid to the Permanently and Totally Disabled on January
1, 1974. The new program calls for
direct Federal transfers to persons
instead of State-local transfers financed
by Federal grants, which was the
method of financing the earlier categorical assistance programs. As a result,
State-local transfers were reduced about
$2.3 billion in the first quarter of 1974.
The overall fiscal impact was negligible,
however, because Federal grants also
were cut back.
Outlook for 1975
The fiscal position of State and local
governments is not likely to improve
markedly during 1975. This is probable
despite the prospect for sharply reduced
growth in capital purchases. Continued
high inflation will provide upward
pressure on other expenditures, and, in
the absence of tax increases, or sharply
increased economic activity, own-source
revenue growth will remain sluggish. In
addition, Federal budget stringency will
limit the expansion of grants-in-aid. As
a result, when considered net of social
insurance fund transactions, the sector
will probably remain in sizable deficit
during 1975.
Eecent developments in the Statelocal bond market and prospects for the
use of current and future revenuesharing funds point to a sharp reduction
in the growth of purchases for construction and equipment. As noted earlier,
SUEVEY OF CUEEENT BUSINESS
the reduction probably is underway already. An advance indicator of capital
spending, bond sales, declined in the
third quarter of 1974, after rising in
the first half. Bond market conditions
in the fourth quarter are unclear, but
it is likely that calendar 1974 sales will
not exceed 1973 sales by a wide margin.
ations, especially for payrolls. Inflation
and the increased strength of government employee unions are expected to
accelerate employee demands for sizable
wage increases. Public service jobs will
further increase payrolls, but will be
Federally financed. Inflation will also
result in increased spending for supplies
and services.
Although growth in total outlays
may
moderate somewhat, a major
Table 8.—State and Local Government
acceleration in revenues is unlikely.
Liquidity Ratio
Without the impetus provided by large
Liquidity
increases in tax rates, most major taxes
ratio !
will grow only moderately. Inflation,
0.470
1971: I
of course, will contribute to the growth
II
.463
III
.456
of receipts, particularly in general sales
IV
....
.461
taxes, State personal income taxes, and
1972: I
.473
II..
..
.
.485
charges by public institutions, such as
Ill
.480
IV
.485
hospitals and universities. In addition,
1973- I
489
local sales and income taxes will inII
.481
III
.
.473
crease as local governments seek reveIV
474
nue
sources other than property taxes.
1974: I
.477
II
469
Property taxes are not likely to
expand substantially. The steady ero1. Cash, cUmaiid deposits, time deposits and U.S. securities held by State and local governments other than social
sion
of the property tax base through
insurance funds as a ratio of nonsccial insurance State and
local expenditures.
reductions and exemptions—particuSources: Federal Reserve Board and Bureau of Economic
larly for the elderly and poor—and
Analysis.
pressures from the courts favoring
shifts to other means of financing public
Future revenue-sharing funds are not education, make it unlikely that these
as likely to finance capital projects as taxes will return to the annual inthe initial allotments. According to creases of 10 percent or more that
BEA estimates, about half of the first prevailed in the years 1969 through
revenue-sharing payments were for 1971.
capital purposes (construction and
Federal grants-in-aid to State and
equipment). However, future paA^ments local governments are not likely to
are more likely to be included in the grow rapidly enough to make up for
usual budget process, which should the slackening increase in own-source
result in a more normal, but much revenues. Except for grants to finance
lower, allocation to capital projects.
public service jobs, other grant proLessened growth in capital spending grams are unlikely to increase signiis likely to be at least partially offset ficantly because of Federal budget
by increased spending on current oper- restraint in fiscal 1975 and 1976.
8
SUEVEY OF CUEKENT BUSINESS
November 1974
CHART 2
* Revised data show third quarter GNP up $311/2 billion; real GNP declined about 2 percent (annual rate)
* In October: The jobless rate reached 6 percent; nonfarm payroll employment was unchanged
*
The wholesale price index rose sharply
THE LABOR MARKET
TOTAL PRODUCTION
PRICES
Percent
Million Persons
CIVILIAN LABOR FORCE AND EMPLOYMENT
IMPLICIT PRICE DEFLATOR FOR GNP
(Change From Previous Quarter) * *
8
88
-
84
80
Quarterly (III)
Monthly (Oct.)
Quarterly (III)
Percent
Percent
Billion $
80
CURRENT DOLLAR GNP
(Change From Previous Quarter) *'
Total
60
Totai
CHAIN PRICE INDEX FOR GNP
(Change From Previous Quarter)
UNEMPLOYMENT RATE *
Final Sales
\
/
40
20
Married Men
Monthly (Oct.)
Quarterly (III)
Billion $
Million Persons
1,050
85
Quarterly (III)
BLS
Billions
1967=100
170
180
160
160
CONSTANT DOLLAR (1958) GNP**
950
-
... - 150
850
750
70
650 I
I
I
I
-
•<"
Hours
30
44.0
Dollars
20
42.0
Final Sales
40.0
Average
Weekly Hours
(left scale)
\
*
\.<"*
36.0
-10
1974
BEA
Quarterly (III)
* Seasonally Adjusted
** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
4.25
160 -
4.00
140 -
3.75
120 -^^
3.50
100
X
38.0
1973
180
Average Hourly Earnings
(right scale)
\/
1972
1967=100
4.50
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
CONSTANT DOLLAR (1958) GNP
(Change From Previous Quarter)*
10
100
Monthly (Oct.)
BEA
Percent
Total
140 -
140 120
130
65
Quarterly (III)
-
1972
1973
Monthly (Oct.)
1974
BLS
1972
1973
Monthly (Oct.)
1974
BLS
November 1974
SURVEY OF CURRENT
9
BUSINESS
1
CHART 3
• In October: Personal income advanced $81/2 billion
•
Retail sales continued to decline; sales of domestic-type autos dropped to 6|4 million units
•
Housing starts and permits were little changed
INCOME OF PERSONS
CONSUMPTION AND SAYING
Billion 4
Billion $
1,200
1,000
PERSONAL INCOME**
-^
900
1,000
800
Personal Consumption
Expenditures
(left scale) ^
>^
18
125
14
100
^^
-
700
i i i i i i i i i i i i ii i i i i1 1 ii
V10
_^<7...ttx^
Personal Saving Rate
(right scale)!
i i i 1
i
i
i
l
i
Billion $
50
2
25
300
Billior1$
120
200
100
Monthly (Oct.)
-
-
110
40
20
14
^
10
I
I
I
I
1
1
Quarterly (III)
^v^
r
10
1/^1
Imports 1
(right scale) I
Billio n $
3.2
\
„
2
8
0
6
2,650
l
l
t
1972
i
l
1973
Quarterly (III)
* Seasonally Adjusted
1
I
A/v
I
1974
BEA
** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
0
/
*^
'••*
11111111111
Monthly (Sept.)
Census
Units
PRIVATE HOUSING**
3
.8
i
-
4
2.4
^
f.A.
^
i 11 11 1 1 it 11 t 1 111 i
Trade Sources & BE \
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
2,750
BEA
Shipments
Milli an
1.6
/
1
"\^^
A
7\
Starts
XlA/S
-
1
r
Monthly (Oct.)
3,050
2,850
1
Billit> n $
A//
i i i 1 1 1 1 1 1 i i i i i i i i i i II i
-
1
New Orders
BEA
Dollars
2,950
1
12
1
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 Dollars) ^ ,
1
CAPITAL GOODS MANUFACTURERS*
(NONDEFENSE)
Domestic
(left scale)
8
800
i
14
.Xl
-
i
Quarterly (IV)
Million Units
12
1,000
I
i
Census
NEW CAR SALES**
DISPOSABLE PERSONAL INCOME**
I
/
80
Monthly (Oct.)
Million Units
700
s"
/
o Expected
i111i 11ii*i
1,100
l
90
30
Billion .fr
900
-
100
BEA
l
BEA
Excluding Automotive Group
Manufacturing
W,^1?),
(
i
PLANT AND EQUIPMENT EXPENDITURES * *
\"""
600
-
Nonresidential Structures**
l
i l l
Total ,
^
700
"•i..........^
Quarterly (III)
RETAIL STORE SALES*
Total
(left scale)
l
BEA
60
50
500
i
Billic>n$
WAGES AND SALARIES**
-
-
75
- 6
t
Quarterly (III)
BEA
900
_„.--"
Residential Structures**
/
600
Billion $
_ Producers' Durable Equipment **
^r
—"p
800
Monthly (Oct.)
800
Billior $
PERSONAL CONSUMPTION EXPENDITURES**
AND PERSONAL SAVING RATE*
1,100
900
FIXED INVESTMENT
Per cent
V \/l
1 l \
2
0
1973
FRB
***».
i 1 1 1 1 11 11 ii i 1 11 i 1 1 1 1 ii
1972
1974
Monthly (Sept.)
"X^KA^ "
Permits
1 1111 11 11 11
1972
_ ""****
1973
1111 1111111
1974
Monthly (Oct.)
Census
10
SUBVEY OF CUREENT BUSINESS
•
•
In third quarter: Merchandise trade deficit worsened (balance of payments basis)
Federal Government deficit on NIA basis amounted to about $1 billion
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
Billion $
30
30
20
November 1974
250
NET EXPORTS
CHANGE IN BUSINESS
INVENTORIES**
- (GNP Basis)
-
GOVERNMENT
Billion $
k*
GOVERNMENT PURCHASES OF
GOODS AND SERVICES**
-
20
-
200
r-
State and Local
••i
10
0
.in in ll,
10
Goods and Services
0
^-^~^&\
Merchandise
i i |
\ i i
-10
-10
Quarterly (III)
Billion $
320
10
240
.X
^s
200
160
"
-
-"I
, ii . M i i . , , 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 i 1 1 1 i
Monthly (Sept.)
Defense v
i
TRADE*
Imports
\
250
^-^^^
-
i i i ii11 i11i
( ( (
Monthly (Sept.)
Census
200
i
150
Billion $
Billion $
50
BALANCE OF PAYMENTS*
^x
100
.•••*""""*
^
+r\2l
*f\
*~^
-•
i <, i <, i 1 1 i 1 1 i 1 1 1 1 1 1 1 i 1 1 i i i 1 1
i
-16
i
i
Census & BEA
Billion $
i
-25
i
i
1
1
1
Quarterly (ll)
Total
100
-w—""1
mt
60
8
—-""
"
-8
.
_ —— —
20
•""•
•""""
-"~
i 1 1 1 1 1 1 1 1 1 1 i i i 1 1 1 i <i i i
1972
1973
1974
Monthly (Sept.)
Census & BEA
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
-1A
i
l
t
BEA
—
J
M
~
\
i
BBBB
•
_
Quarterly (III)
BEA
4
DEFENSE PRODUCTS MANUFACTURERS •*
-
-
<?*S- *%
0
—
l
Billion $
^^
Wholesale
i
FEDERAL BUDGET POSITION**
(NIA Basis)
^_
2
~\ ""'
A
i
1972
i
i
y
—
i i i
1973
Quarterly (III)
I
I
I
1
0
1974
~
1
"
s
s
\ **
Shipments
~
11111 11 111i , , 1 1 1 1 , 1 , 1 1 i 11iiiii11i
1972
BEA
_
\ l\
> . /: r\ .*. i
\; AA^/ \UX--^-^^xU/aLUAL
--< ^T^f -Vr' T -' \- /
1-tt
* > ^w?
Net Liquidity
Balance
New Orders
\
"•
••»
.
a
::
-:
•
3
Official Reserve
Transactions Balance
Retail
•*""""
—
BALANCE OF PAYMENTS *
—
~
-50
Billion $
TRADE *
(Book Value, End of Month)
BEA
Receipts
l
BEA
16
180
_
25
0
\
Current Account and
Long-Terrr Capital
-8
Monthly (Sept.)
140
Current Account
\
0
Durables
A ......
20
8
—
l
^^
.—•—•""'
Nondurables
60
-
r^~~*~~*'
—-
,~—
-
i
Quarterly (III)
16
Total
i
l
-
180
140
l
Expenditures
j,^'''1^
^
\
-'•^>^i'\
^"^^^^
„•* ***** ./ ^^
Billion $
—
i
300
ff
Census & BEA
MANUFACTURING *
(Book Value, End of Month)
t
FEDERAL BUDGET **
(NIA Basis)
/
/
•** / v
(
2
i
Quarterly (III)
A
^^s^f^ \
Exports
•*»».... .•••"*""
4
l
50
BEA
<N'"*' -
*r
^*^
i no
350
H-
6
^s
Federal Total
\\
\
i V.
-
8
_
150
Billion $
MERCHANDISE
MANUFACTURING AND TRADE
INVENTORIES*
- (Book Value, End of Month)
A
Quarterly (III)
BEA
Billion $
280
.r
^^^^^^
1973
1974
Monthly (Sept.)
Census
11
SURVEY OF CURRENT BUSINESS
November 1974
«>
Industrial production declined 0.6 percent in October
4>
In third quarter: Corporate profits (before t ax including IVA) increased about $1 billion
I
>
Productivity dec! ned 3 per cent and unit labor cost increased 14i percent
PROFITS AND COSTS
MONEY, CREDIT, AND SECURITIES MARKETS
INDUSTRIAL PRODUCTION
1967 = 100
Billion $
720
160
Nondiirable
Manufc ctures x^
Total
380
BANK CREDIT A ND MONEY SUPPLY*
INDUSTRIAL PFtODUCTION*
140
Bill on $
Billion
$
150
/~~
CORPORATE PR OFITS AND IVA, BEFORE TAXES**
640
340
125
Bank Credit
(left scale)
.,
Total
-—'•••"
120
560
Durable
Manufactures
100
-
i i 1 1 i i 1 1 .ii
80
480
400
Monthly (Oct.)
300
Money Supply
(right scale)
-•
260
»•**
i 1 1 1 t 1 1 1 i i i i i 1 1 i i 1 1 1 1 1 i i 1 1 i i i i 1 1 i 220
FRB
Monthly (Oct.)
\/
V
,w _
\
100
80
Total Reserves*
(right scale)
4
w1 1 1 1 1 1 1 1 1 1 1
1 11 1 1 1 1 11M
Monthly (Oct.)
0
\
-4
40
125 ~
35
100
1 111 i ii ii ii
i i 1 1ii 111 11
i ii i 1 1 111 1i
90-Day
Commercial Paper
/\
\ r\
Corporate Aaa (Moody's) // V.-K
4
l
1
I
i
i
i
i
Quarterly (II)
I
i
44
Monthly (Sept.)
* Seasonally Adjusted **Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
E
—
B
E =
=
(ill
Jitf
Mmmm
=
=
SB
~
= =
..
1 '
-8
BLS
16
8
VA,
v-
60
1
1972
Census
BEA
UNIT LABOR COSTS PRIVATE ECONOMY
(Change From Previous Quarter) **
80
i i i t 1 1 i i i .i
i
24
Standards and Poor's 500
1973 1974
I
Perc ent
100
Shipments
i
Quarterly (III)
STOCK PRICES
28
T;;
\.,.
-r r i
Monthly (Oct.)
*
36
1972
50
Profits After T ax
Quarterly (III)
120
i .111 1 1 ii ii
25
0
1941 -43=10
140
New Orders
20
75 _
8 _| Output
i i 1 1 i i i i 1 1 i i i t i , i i i i ii
BEA
DURABLE GOO DS MANUFACTURE!*s
,
Compensation
/' \
l^^f^
\ 3-Month
Treasury Bills
^
0
Billic> n $
52
BEA
COMPENSATION AND REAL OUTPUT PER MAN-HOUR
PRIVATE ECONOMY
16 - (Change From Previous Quarter) **
-
8
75
1
Perc ent
24
12
80
1
Cash Flow Aft(»r
Dividends
FRB
INTEREST RATES AND BOND YIELD
All Manufacturers
30
/
Monthly (Oct.)
MANUFACTURE RS' CAPACITY UTI LIZATION
RATE*
85
1
Billioi1$
150
^/*~~**
_jf^^j
Perc ent
16
90
i
^ * —"""^* - ^ / M . Free Reserves
FRB
Perc ent
95
i
CORPORATE CA SH FLOW AND PRO FITS**
Autos
Steel
i
50
BANK RESERVES
140
120
\
Nonfinancial
Corporations
i
i i
..—••* ••***"
Quarterly (III)
Billic n $
45
160
INDUSTRIAL PIEDUCTION*
75 ~~
FRB
Bill on $
1967 = 100
!•
100
t
1
1 1
1 1
1
1 1
1973
Monthly (Oct.)
t
1 1
I
i
1
1
,
1974
i
1
!
,
0
1 .Illlill
-8
1972
1973
Quarterly (III)
1974
BLS
SURVEY OF CURRENT BUSINESS
12
November 1974
NATIONAL INCOME AND PRODUCT TABLES
1973
1972
1973
II
III
1974
I
IV
1973
II
III
1972
1973
II
III
Seasonally adjusted at annual rates
1974
IV
I
II
III
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
1, 158. 0 1, 294. 9 1, 277. 9 1, 308. 9 1,344.0 1, 358. 8 1, 383. 8 1,415.4
-
Personal consumption expenditures. . .
Durable goods
Nondurable goods - - Services
--
---
-
Gross private domestic investment
Fixed investment
- --
_-
.- -
Nonresidential
Structures
.
...
Producers' durable equipment
Residential structures
Nonfarm _ . .
Farm
-
Change in business inventories
Nonfarm
Farm
-
._ .. ...
-
839.2
837.4
840.8
845 7
830 5
827 1
822 7
805.2
799.0
816.3
823.9
840.6
869.1
901.3
527.3
552.1
553.7
555 4
546 3
539 7
542 7
547 2
118.4
299.7
310 9
130.3
338.0
336.9
132.1
332.7
334.2
132.4
343.8
340.1
124.3
352.1
347.4
123.9
364.4
352.4
129.5
375.8
363 8
136.1
389.0
376.2
104.9
220.2
202.2
113.6
228.6
209 9
115 7
228.3
209 7
114 3
230.0
211 2
107 2
227 4
211 7
105 2
223 9
210 6
106 8
223 6
212 2
107 8
295 g
°13 7
179.3
209.4
205.1
209.0
224.5
210.5
211.8
205.8
125.0
138.1
136.3
135.8
145.8
133 3
130 3
12*> 7
170.8
194.0
194.4
197.1
195.5
193.6
198.3
197.1
118.0
127.3
128.4
127.7
125.8
122 7
122 2
117 7
116 8
41.1
75 7
54.0
53.4
.6
136.8
47.0
89 8
57.2
56.7
.5
135.6
46.2
89.4
58.7
58.4
.4
139.0
47.9
91.1
58.1
57.6
.5
141.9
49.3
92.6
53.6
53.0
.6
145.2
51.3
93.9
48.4
47.8
.7
149.4
52.2
97.2
48.8
48.0
.8
150.9
51. 0
99. 9
46.2
45.4
.8
83.7
23.8
59.8
34.3
33.9
.4
94.4
25.4
69 0
32.9
32.6
.3
94.3
25.1
69 2
34.1
33.9
.2
95.1
25.6
69 5
32.6
32.4
.3
96.0
26.0
70 0
29.8
29.5
.4
96
26
69
26
26
96
26
69
25
25
94
25
68
23
93
8.5
78
.7
15.4
11.4
4.0
10.7
7.7
3.0
11.8
7.4
4.4
28.9
24.0
4.9
16.9
13.1
3.8
13.5
10.4
3.1
8.7
6.6
2.1
7.0
6.4
.7
10.8
8.9
1.8
7.8
6.3
1.5
8.0
6.2
1.9
20.0
17.9
2.1
10.6
8 7
1.8
-
--
Government purchases of goods and services
Federal
National defense
Other
State and local
3
7
7
4
0
4
5
6
9
7
3
4
8 2
6 4
18
1
4
7
6
i
4
5 0
39
1i
3.9
.5
6.7
9.3
11.3
-1.5
-4.0
-3.0
4.6
3.5
5.8
7.9
11 5
8 2
7 0
72.4
78.4
100.4
96.4
95.4
94.9
103.7
96.9
113.6
104.3
131.2
119.9
138.5
140.0
142.6
146.6
55.7
58.7
66.6
62.0
65.9
62.4
66.9
61.1
68.9
61.0
73 3
61.8
73 4
65. 1
70 5
63 5
255.7
276.4
273.3
276.9
286.4
296.3
304.4
312.3
143.1
144.4
143.9
143.7
145.7
146.0
145.8
145 9
104 9
74 8
30.1
150.8
106.6
74 4
32.2
169.8
106.2
74 0
32.2
167.1
105.3
73.3
32.0
171.6
108.4
75 3
33.1
177.9
111.5
75.8
35.7
184.8
114.3
76 6
37.7
190.1
117.2
78.4
38.8
195.1
61.0
57.3
57.7
56.2
56.4
56.3
56 3
56 5
82.1
87.0
86.2
87.5
cq 3
89.7
89. 5
89 4
-6.0
Net exports of goods and services Exports
Imports
792.5
729.0
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
Change in business inventories
--_ .
Goods output
Final sales
..
Change in business inventories
Durable goods
Final sales
- .. .
Change in business inventories
- -.
Nondurable goods
Final sales
Change in business inventories. _ ..
Services
.
.
- -
Structures
-. .
1, 158. 0 1, 294. 9 1, 277. 9 1, 308. 9 1, 344. 0 1,358.8 1,383.8 1,415.4
792.5
839.2
837.4
840.8
845.7
830.5
827.1
822.7
1 149 5 1 279 6 1 267 2 1 297.0 1,315.1 1,341.9 1 370.3 1, 406. 7
8.5
16.9
13.5
8.7
10.7
11.8
28.9
15.4
785.4
7.0
828.4
10.8
829.6
7.8
832.7
8.0
825.7
20.0
819.9
10.6
818.9
8.2
817.7
5.0
543 8
622 7
611.6
629.9
653.6
651.9
664.9
681.7
425.5
459.1
457.6
458.8
465.1
449.1
448.9
446.0
535.2
8.5
607.3
15.4
600.9
10.7
618.0
11.8
624.7
28.9
635.0
16.9
651.3
13.5
673.0
8.7
418.5
7.0
448.3
10.8
449.8
7.8
450.8
8.0
445.1
20.0
438.5
10.6
440.8
8.2
441.0
5.0
221 4
214.3
7 1
250.3
240.9
9 4
248.9
241.2
7 7
252.8
243.9
9.0
255.4
240.6
14.8
251.0
242.3
8.7
246.6
248.5
—1.8
265. 5
259. 8
5.7
185.8
180.1
5.7
206.0
198.5
7.5
206.7
200. 5
6.2
206.3
199.0
7.2
206.3
194.9
11.5
200.2
194.3
5.8
195.4
196.6
200.2
196.6
3.6
322.4
321.0
1.4
372.4
366.5
6.0
362.7
359.7
3.0
377.1
374.2
2.9
398.2
384. 1
14.1
401.0
392.8
8.2
418.2
402.9
15.4
416.2
413.2
3.0
239.7
238.4
1.3
253.1
249. 9
3.3
250.8
249.3
1.6
252.6
251.7
.8
258.7
250.2
8.5
248.9
244.2
4.7
253.6
244.2
9.4
245.8
244.4
1.4
488.1
534.4
528.3
540.2
553.2
569.7
579.2
596.9
291.4
304.5
303.5
306.9
307.8
310.7
308.3
310.4
126.1
137.8
138.0
138.8
137.2
137.1
139.7
136. 7
75.6
75.5
76.3
75.1
72.8
70.7
69.8
68.4
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Gross domestic product _
Business
N onf arm
Farm
Households and institutions
General government- _ . . .
Federal.
_ _.
State and local
Rest of the world
Addendum : Gross private product
1,158.0 1 294.9 1 277.9 1 308.9 1 344.0 1 358.8 1,383.8 1,415.4
792.5
839.2
837.4
840.8
845.7
830.5
827.1
822.7
1 151.5 1 286.5 1 269.9 1 300.6 1 335.2 1 344.0 1,374.1 1,405.2
787.7
833.9
832.4
835.7
840.7
823.5
824.1
819.8
977.9 1, 096. 8 1, 082. 4 1, 109. 2 1, 138. 8 1, 143. 1 1, 168. 8 1, 195. 7
942. 6 1, 040. 3 1, 029. 0 1, 049. 0 1, 074. 5 1, 082. 6 1,117.8 1, 144. 4
51.3
35.3
53.4
60.2
64.4
56.5
60.5
51.1
709.4
683.4
26.0
753.1
725.8
27.4
751.8
724.3
27.5
754.4
728.6
25.8
759.2
731.0
28.2
740.9
713.9
27.0
741.4
712.7
28.7
736.6
708.0
28.6
37 2
41 3
40 7
42 0
43 0
44 6
136.4
50.7
85 7
148.5
52.8
95 7
146.8
52. 1
94 7
149.4
52.4
97 1
153.4
54.3
99 1
156 3
54.8
101 5
6.5
8.4
8.0
8 3
8 9
14 7
48 0
17 6
18.5
18.5
18.8
18.7
19. 1
18.8
18.9
158.8
55.0
103 9
161 6
55 3
106 3
60.7
21.8
38 9
62.3
21.3
41 0
62.1
21.3
40.8
62.4
21.1
41.3
62.9
21.1
41.7
63.5
21.1
42.3
63.9
21.1
42.8
64.2
21.0
43.2
9.7
10 2
4.7
5.2
5.0
5.1
5.0
7.0
3.0
2.9
775.3
778.4
782.8
767.0
763.2
758.5
46 5
1,021.6 1,146.5 1,131.1 1,159.5 1,190.7 1,202.5 1,225.0 1,253.8
731.7
776.9
HISTORICAL STATISTICS
THE national income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department District Office or the Superintendent of Documents; see addresses inside front
cover). Each July SURVEY contains preliminary data for the latest 2 years and fully revised data for the preceding 2. The July 1974 issue has
data for 1970-73. Prior July issues have fully revised data as follows: 1969-70, July 1973; 1968-69, July 1972; 1967-68, July 1971; 1966-67,
July 1970; 1965-66, July 1969; 1964-65, July 1968.
SUEVEY OF CURRENT BUSINESS
November 1974
1973
1972
1973
II
III
13
1973
1974
I
IV
II
III**
1972
1973
Seasonally adjusted at annual rates
110.8
110.5
111.5
113.9
115.8
118.6
120.7
Equals: Net national product .. 1,055.1 1,184.1 1,167.4 1,197.4 1,230.1 1,243.0 1,265.2 1,294.7
Less: Indirect business tax and
nontax liability
Business 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: Government transfer
payments to persons..
Interest paid by government (net) and by
consumers
Dividends . . .
Business transfer payments
Equals: Personal income
110.0
119.2
118.6
120.4
121.3
122.6
125.9
129.5
4.6
-3.8
4.9
-5.0
4.8
-6.5
4.9
-4.9
5.0
-2.6
5.1
-6.3
5.2
.3
5.3
1.2
23
.6
.7
.3
-. 1
-2.7
-3.7
-2.4
946.5 1, 065. 6 1,051.2 1, 077. 3 1,106.3 1,118.8 1, 130. 2 1,156.4
105.1
105.0
105.2
106.4
107.7
105.6
106.7
73.0
91.2
90.2
92.1
93.9
99.1
100.8
103.0
-. 1
-.3
.0
II*
III**
.0
.0
-.6
-1.5
98.6
113.0
111.3
114.1
117.1
123.1
130.6
138.7
33.0
27.3
38.3
29.6
37.7
29.1
39.3
29.8
40.4
30.7
40.8
31.6
41.9
32.5
42.7
33.2
4.6
4.9
4.8
4.9
5.0
5.1
5.2
5.3
946 5 1 065 6 1 051 2 1 077 3 1 106 3 1 118 8 1 130 21 156 4
Compensation of employees
Wages and salaries
Private
Military
Government civilian
Supplements to wages and
salaries..
Employer contributions for
social insurance
Other labor income .
Proprietors' income..
Business and professional
Farm
Rental income of persons
92.2
.0
I*
Table 6.—'National Income by Type of Income (1.10)
National income
1,158.0 1, 294. 9 1, 277. 9 1,308.9 1,344.0 1,358.8 1,383.8 1,415.4
102.9
IV
Billions of dollars
Table 4.—'Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption
allowances _.
._
III
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
II
1974
_.
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits after tax ..
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
707.1
786 0
776 7
793 3
814 8
828 8
626.8
691 6
683.6
698 2
717 0
727 6
744 6 761 5
491.4
20.5
114.8
545 1
20.6
126 0
538 7
20.3
124 5
550 8
20 2
127 2
565 8
21 0
130 2
573 8
21 0
132 8
588 3 602 5
20 9 20 8
135 4 138 2
80.3
94.4
93. 1
95 1
97 7
101 2
103 7 106 7
38.6
41.7
48.4
46.0
47.8
45.4
48 8
46.3
50 1
47.6
52 3
48 9
75.9
96.1
92.8
99 3
103 2
98 4
89 9
92 1
54.9
21.0
57.6
38.5
57.1
35.6
57.7
41 5
58.4
44 9
59.3
39 1
60.7
29 1
62.3
29 8
25.9
26.1
25.7
26.2
26.4
26.4
26.3
26 6
92.2
105 1
105.0
105 2
106 4
107 7
105 6 106 7
99.2
122. 7
124.9
122. 7
122.7
135 4
139 0 158 4
41.5
57.7
27.3
30.3
49.8
72.9
29 6
43.3
50.9
74.0
29. 1
44.9
49.9
72.9
29 8
43.1
49.5
73.2
30 7
42.5
52.2
83 2
31 6
51.6
848 3 868 2
53 2
50 5
55.9
83 1
32 5
50.5
54 5
52 3
63.5
94 9
33 2
61.7
-7.0 -17.6 -20.0 -17.5 -16.3 -27. 7 -33.4 -51.7
45.6
52.3
51.1
53.2
55.5
57.5
60 1
62 8
944.9 1,055.0 1,039.2 1,068.0 1,099.3 1,112.5 1,134.6 1,168.2
Table 7.—National Income by Industry Division (1.11)
Table 5.—'Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product l
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports
Exports.
Imports
Addenda:
New cars, domestic 2
New cars, foreign
43.9
49.9
50.8
50.3
47.0
33.5
38.6
48.3
39.7
43.4
44.8
45.4
38.0
35.8
38.0
43.6
7.0
7.7
7.9
8.0
6.7
6.3
6.7
7.7
-.4
1.1
.8
-.8
4.0
-5.6
-2.9
-.3
-2.7
3.0
5.7
-2.7
3.8
6.5
-3.0
3.6
6.6
-2.8
3.8
6.6
-2.2
4.2
6.4
-3.5
4.1
7.6
-3.6
4.2
7.7
-3.2
5.0
8.2
38.1
8.6
43.1
10.0
44.6
9.8
43.2
9.7
40.3
10.2
28.1
10.2
34.9
8.3
41.6
11.3
Billions of 1958 dollars
Gross auto product L. .
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports
Exports
Imports
Addenda:
New cars, domestic 2..
New cars, foreign
39.1
44.2
45.2
43.6
41.6
29.2
32.6
38.9
35.3
38.3
39.7
39.4
33.4
31.3
32.1
35.2
6.3
6.8
7.1
7.0
6.0
5.6
5.7
6.3
-.4
1.1
.7
-.7
3.8
-5.1
-2.7
-.3
-2.4
2.7
5.1
-2.4
3.4
5.7
-2.7
3.1
5.8
-2.4
3.4
5.8
-2.0
3.7
5.7
-3.1
3.6
6.6
-3.0
3. 6
6.6
-2.6
4.1
6.7
34.8
8.0
39.3
9.2
40.8
9.0
38.9
8.8
36.7
9.3
25.4
9.3
30.7
7.4
34.9
0.6
1. The gross auto product total includes government purchases.
2. Differs from the gross auto product total by the markup on both used cars and foreign
cars.
'Corporate profits before tax, tax liability, profits after tax, undistributed profits, and the
AH industries, total
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods ...
Transportation
Communication
Electric, gas, and sanitary services _ _
Wholesale and retail trade
946.5 1, 065. 6 1,051.2 1,077.3 1,106.3 1,118.8 1,130.2 1,156.4
31.2
59.4
50.6
66.5
47.3
65.1
53.7
68.0
57.8
69.3
52.5
70.6
42.7
72.1
253.4
99.2
154.2
287.2
108.9
178.3
285.3
108.1
177.2
288.8
109.2
179.5
295.8
112.4
183.4
296.8
118.6
178.2
304.2
123.1
181.1
36.6
19.4
40.4
21.1
40.1
20.6
40. 1
21.7
41.5
21.7
42.2
21.9
43.6
22.2
17.6
142.3
19.1
155.9
18.6
155. 1
19.6
156.8
19.7
160.6
18.5
161.3
19.1
167.0
117.8
134.6
115.9
133.0
119.1
136.1
122.3
139.2
123.9
143.6
125.8
148.4
164.1
8.4
162.1
8.0
165.2
8.3
169.5
8.9
172.7
14.7
175.5
9.7
Finance, insurance, and real estate..
. .. 108.8
Services
120.7
Government and government
150.7
enterprises
6.5
Rest of the world
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
92.2
105.1
105.0
105.2
106.4
107.7
Financial institutions
Federal Reserve Banks
Other financial institutions..
17.6
3.4
14.3
19.6
4.5
15.1
19.4
4.3
15.0
19.8
4.8
15.0
20.4
5.1
15.3
20.8
5.3
15.5
20.7
5.7
15.0
Nonfinancial corporations
M anufacturing
Nondurable goods
Durable goods
Transportation, communication, and public utilities
All other industries
74.5
40.8
19.0
21.8
85.5
47. €
21.5
26.1
85.6
48.4
21.5
26.9
85.4
47.1
21.4
25.7
86.0
46.4
22.1
24.3
87.0
46.2
26.9
19.3
84.9 86.2
46.8 .
29.7 .
17.1 .
9.2
24.6
9.2
8.8
28.4
9.5
9.2
30.3
7.1
33.7
8.0 .
30.1 -
All industries, total
105.6 106.7
20.5
6.0
14.6
inventory valuation adjustment have been revised to reflect the shifting by many corporations during 1974 to the last-in, first-out method of inventory accounting. For a further explanation of this revision, which affects tables 6, ',), 13, 14, and 15, soe pp. 1 and 2.
""Third quarter corporate profits (and related components and totals) are preliminary
and subject to revision next month.
SURVEY OF CURRENT BUSINESS
14
1973
1972
1973
II
November 1974
1974
IV
III
I*
II*
1973
III**
1972
1973
Seasonally adjusted at annual rates
1
Income originating in corporate business
Compensation of employees
Wages and salaries
S up piemen ts
Net interest
66.3
71.2
70.8
61.7
66.5
66.1
2.8
2.7
71.6
73.1
74.1
75.7
77.6
67.2
67.6
68.3
69.8
71.9
2.9
3.0
3.1
3.2
3.2
Corporate profits and inventory
valuation adjustment
86.9 97.8 98.0 97.9 98.3 94.5 97.7 99.0
Profits before tax
94.0 115.4 118.0 115.4 114.7 122.2 131.0 150.7
Profits tax liability
41.5 49.8 50.9 49.9 49.5 52.2 55.9 63.5
Profits after tax
52.4 65.6 67.1 65.5 65.2 70.0 75.1 87.2
Dividends
24.2 25.9 25.2 26.2 27.9 29.9 35.2 36.1
Undistributed profits
28 2 39.6 41.9 39.3 37.3 40.1 39.9 51.1
Inventory valuation adjustment... -7.0 -17.6 -20.0 -17.5 -16.3 —27. 7 -33.4 -51.7
Cash flow gross of dividends
118.7 136.8 137.9 137.2 138.2 144.1 150.9 164.7
Cash flow, net of dividends
94.5 110.8 112.7 110.9 110.3 114.2 115.6 128.6
Gross product originating in
financial institutions
Gross product originating
non financial corporations
in
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Income originating in nonfinancial
corporations..
Compensation of employees
Wages and salaries
Supplements
Net interest
Personal income
944.9 1,055.0 1, 039. 2 1, 068. 0 1, 099. 3 1,112.5 1, 134. 6 1, 168. 2
Wage and salary disbursements
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
683.8
698.2
717.0
727.6
745.2
763.0
251.9
196.6
165.1
128.2
146.6
248.5
194.4
163.8
126.6
145.0
254.6
198.3
166.5
129.7
147.4
262.6
204.6
170.4
132.8
151.3
264.0
204.8
172.9
136.9
153.8
270.0
210.1
177.4
140.9
156.9
276.0
215.8
181.6
144.9
160.5
Other labor income
41.7
46.0
45.4
46.3
47.6
48.9
50.5
52.3
75.9
54.9
21.0
96.1
57.6
38.5
92.8
57.1
35.6
99.3
57.7
41.5
103.2
58.4
44.9
98.4
59.3
39.1
89.9
60.7
29.1
92.1
62.3
29.8
Rental income of persons
Dividends
Personal interest income
25.9
27.3
78.6
26.1
29.6
90.6
25.7
29.1
88.8
26.2
29.8
92.5
26.4
30.7
95.9
26.4
31.6
98.2
26.3
32.5
102.0
26.6
33.2
105.5
103.2
117.8
116.1
119.0
122.1
128.2
135.8
144.0
49.6
60.4
59.9
61.0
62.3
63.6
68.7
72.5
5.5
12.7
35.4
4.2
13.9
39.3
4.1
13.5
38.7
4.2
14.2
39.6
4.4
14.5
40.9
5.4
15.0
44.1
6.3
15.2
45.7
7.3
16.6
47.7
Less: Personal contributions for social insurance
34.5
42.8
42.5
43.3
43.8
46.8
47.6
48.5
142.4
151.3
147.2
154.2
159.9
161.9
168.2
175.1
802.5
903.7
892.1
913.9
939.4
950.6
966.5
993.1
850.1
866.2
894.9
927.6
823.9
24.0
840.6
24.4
869.1
24.8
901.3
25.3
36.1
36.7
37.6
38.3
38.7
63.6
68.1
67.8
68.5
69.8
70.7
72.3
74.0
58.9
63.4
63.1
64.1
64.4
65.1
66.5
68.5
Less: Personal tax and nontax
payments
491.8 552.8 547.8 557.5 570.8 573.4 589.1 603.1
Equals: Disposable personal
income
404.8 454.1 449.0 458.5 471.2 477.6 489.5 501.5
352.6 392.6 388.2 396.6 407.6 411.9 422.0 432.2
52.2 61.5 60.8 61.9 63.7 65.7 67.4 69.3
17.7
20.5
20.1
20.9
21.6
22.1
22.6
23.1
73.8 77.0 78.5
101. 5 110.4 130.1
42.3 45.8 53.3
59.2 64.5 76.9
27.3 32.5 33.2
31.8 32.0 43.7
-27.7 -33.4 -51.7
129. 9 136.8 150. 9
102.6 104. 3 117.7
Less : Personal outlays
Personal consumption expenditures
Interest paid by consumers..
Personal transfer payments
to foreigners
749.9
829.4
822.5
840.7
729.0
19.8
805.2
22.9
799.0
22.5
816.3
23.4
1.1
1.3
1.0
.9
2.2
1.2
1.0
.9
52.6
74.4
69.6
73.2
89.3
84.4
71.5
65.5
Addenda:
Disposable personal income:
Total, billions of 1958 dollars. 580.5
Per capita, current dollars... 3,843
2,779
Per capita, 1958 dollars
6.6
Personal saving rate,3 percent .
619.6
4,295
2,945
8.2
618.2
4,244
2,941
7.8
621.8
4,339
2,952
8.0
622.9
4,452
2,952
9.5
610.3
4,497
2,887
8.9
603.5
4,565
2,850
7.4
602.9
4,681
2,842
6.6
Equals : Personal saving
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
consumption
479.0 516.4 516.1 518.7 520.6 509.7 507.9 506.6
Automobiles and parts
Dollars
Furniture and household
Other
1.282 1.325 1.315 1.330 1.354 1.391 1.433 1.472
.133
.132
.131
.132
.134
.139
.142
.146
.123
845
.037
.123
879
.040
.122
870
.039
.124
.884
.040
.124
.905
.041
.128
937
.043
.131
964
.045
.135
.990
.046
.145
.070
.151
.079
.152
.081
.151
.078
.150
.077
.145
.083
.152
.090
. 155
.105
.075
.073
.071
.072
.073
.062
.061
.050
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
4. On February 18, 1974, the U.S. Government granted to India $2,015 million (quarterly
rate) in rupees under provisions of the Agricultural Trade Development and Adjustment
Act. Tentatively, this transaction is being treated as capital grants paid to foreigners in the
national income and product accounts but as current unilateral transfers in the balance
of payments accounts. Accordingly, this transaction is excluded from Federal Government
transfers to foreigners and related totals shown in tables 12, 13, and 15, and is included in
the first quarter of 1974 as —$8.1 billion (annual rate) in capital grants received by the U.S.
shown in tables 12 and 15.
*Sce footnote on page 13.
**See footnote on page 13.
691.7
225.4
175.8
151.0
115.3
135.0
Proprietors' income
Business and professional _
Farm
Personal
Corporate profits and inventory valuation adjustment
Profits tax liability
Profits after tax plus inventory valuation adjustment...
626.8
614.3 684.3 678.6 690.0 704.9 709.3 727.9 745.6
36.5
Billions of 1958 dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
III
39.1
33.8
3 ?:S
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
II
Transfer payments
Old-age survivors, disability, and health insurance benefits
State unemployment insurance benefits
Veterans benefits
Other
Corporate profits and inventory
valuation adjustment
69.3 78.2 78.6 78.1 77.9
Profits before tax
76.3 95.8 98.6 95.6 94.3
Profits tax liability
33.4 40.7 42.0 40.5 39.9
Profits after tax
43.0 55.0 56.6 55.0 54.4
Dividends
25.5
22.2 23.7 23.0 2
Undistributed profits
20.8 31.3 33.6
28.9
Inventory valuation adjustment. .. -7.0 -17.6 -20.0 -17., -16.3
Cash flow, gross of dividends
106.6 123.1 124.3 123.5 124.2
Cash flow, net of dividends
84.4 99.4 101.3 99.5 98.7
Gross product originating in
non financial corporations
I
Table 10.—-Personal Income and its Disposition (2.1)
(1.14)
520.1 583.1 577.8 587.8 601.9 605.1 621.1 635.3
430.7 482. 5 477.0 487.1 500.6 507.5 520.2 533.1
374.7 416.6 412.0 420.8 432.4 437.2 448.0 458.8
56.0 65.9 65.1 66.3 68.1 70.3 72.2 74.3
2.5
IV
Billions of dollars
648.1 720.8 714.7 726.7 742.5 747.5 766.6 784.7
Gross corporate product
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
III
Seasonally adjusted at annual rates
Billions of dollars
Table 9.—Gross Corporate Product
II
1974
Other
Services
Other
.
729.0
118.4
53.1
4.1
805.2
130.3
57.5
4.4
799.0
132.1
59.2
4.7
816.3
132.4
59.3
4.2
823.9
124.3
51.2
4.0
840.6
123.9
48.0
4.0
869.1
129.5
50.6
4.1
901.3
136.1
56.2
3.5
48.7
16 6
299 7
143 7
63 0
25 0
67 9
310 9
107 9
43.3
21.8
137.9
55.0
17.8
338.0
165.1
70.2
28.3
74.4
336.9
116.4
47.3
23.4
149.9
54.9
18.0
332.7
160.9
70.1
28.0
73.6
334.2
115.6
46.6
23.1
148.8
55.5
17.6
343.8
169.1
70.6
28.7
75.4
340.1
117.0
48.3
23.6
151.2
55.4
17.7
352.1
174.5
70.9
29.8
77.0
347.4
119.7
48.7
24.1
155.0
57.5
18.3
364.4
180.1
72.8
31.5
80.0
352.4
122.2
49.2
25.0
156.0
59.5
19.4
375.8
183.5
74.4
36.8
81.1
363.8
124.9
51.7
25.6
161.6
60.4
19.4
389.0
191.3
75.7
37.9
83.9
376.2
127. 7
54.6
26.5
167.5
Table 12.—-Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and services..
Capital grants received4 by the
United States (net)
Payments to foreigners
Imports of goods and services..
Transfers to foreigners
Personal
Government
Net foreign investment
73.1
72.4
100.4
100.4
95.4
95.4
103.7
103.7
113.6
113.6
123.2
131.2
138.5
138.5
142.6
142.6
7
73.1
78.4
38
1i
2 7
-9.1
.0
100.4
96.4
3.9
1.3
2.6
.1
.0
95.4
94.9
4.2
1.0
3.3
-3.7
.0
103.7
96.9
3. 6
.9
2.7
3.1
.0
113.6
104.3
4.7
2.2
2.5
4.7
-8.1
123.2
119.9
3.7
1.2
2.5
-.4
.0
138.5
140.0
3.7
1.0
2.7
-5.2
.0
142.6
146.6
3.3
.9
-7.4
SURVEY OF CURRENT BUSINESS
November 1974
1973
1972
1973
II
III
15
1973
1974
IV
I*
II*
1972
III**
1973
II
Table 13.—'Federal Government Receipts and Expenditures
(3.1, 3.2)
108.2 114.1 110.3 116,7 121.6 124.1 129.4 134.8
36.6 43.7 44.7 43.8 43.5 45.9 49.2 56.2
21.4
78.6
21.0
80.2
21.3
81.8
21.5
86.7
21.9
88.1
22.5
90.0
Federal Government expenditures
244.7 264.2 262.4 263.4 270.6 281.0 291.6 304.7
Purchases of goods and services
National defense Other. .
104.9 106.6 106.2 105.3 108.4 111.5 114.3 117.2
74.8 74.4 74.0 73.3 75.3 75.8 76 6 78.4
30.1 32.2 32.2 32.0 33.1 35.7 37.7 38.8
Transfer payments
To persons _
To foreigners (net)*
...
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises _ .
Subsidies
Current surplus.
Less: Wage accruals less disbursements.. .........
II
III
Table 16.—-Implicit Price Deflators for Gross National Product (8.1)
Federal Government receipts _ _ . . ... 227.2 258.5 255.0 261.8 268.3 278.1 288.6 303.5
21.2
79.5
I
Index numbers, 1958 = 100
Billions of dollars
20.0
62.5
IV
Seasonally adjusted
Seasonally adjusted at annual rates
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals.
Contributions for social insurance
III
1974
Gross national product
146.12 154. 31 152. 61 155. 67 158. 93 163. 61 167. 31 172. 04
Personal consumption expenditures
138.2 145.9 144.3 147.0 150.8 155.8 160.2 164.7
Durable goods
Nondurable goods
Services
112.9 114.7 114.2 115.9 116.0 117.8 121.3 126.3
136.1 147.9 145.7 149.5 154.8 162.7 168.0 172.3
153.8 160.5 159.4 161.0 164.1 167.3 171.4 176.1
... ... ..
Gross private domestic investment.
144.8 152.4 151.4 154. 3 155.4 157.8 162.3 167.5
Fixed investment
Nonresidential
139.6
Structures...
172.6
Producers' durable equipment... 126.5
Residential structures
"^ -457. 4
Nonfarm
157.5
Farm
151.7
144.9
185.4
130.0
174.0
174.0
168.0
143.9
184.1
129.2
172.1
172.1
164.9
146.1
187.1
131.1
178.1
178.1
171.2
147.9
189.7
132.3
179. 7
179.8
171.8
150.7
192.2
134.8
183.8
183.9
175.4
154.9
196.2
139.2
190.0
190.2
181.5
160.4
200.6
145. 5
195.9
196.1
187.5
82.8
80.1
2.7
95.5
92.9
2.6
94.7
91.5
3.3
96.5
93.9
2.7
98.8 106.5 113.6 120.8
96.3 104.0 110.8 118.4
2.5
2.5
2.4
2.7
37.4
40.5
40.1
39.8
41.0
42.9
43 2
43.4
Change in business inventories
13.5
16.3
15.9
16.8
17.6
17.9
18 7
19.1
5.0
4.8
5.4
4.5
3.8
3.7
--.9 -1.3 -1.1
2.2
1.8
-.4
1.3
15
.2
2.7
2.5
-.1
Net exports of goods and services
Exports
Imports
...
. . .
130. 0 150.6 144.8 155.0 164.8 179.0 188.7 202.3
133.7 155.6 152.2 158.7 170.9 194.0 214.9 230.8
Government purchases of goods and
services
...
Federal
State and local __
178.6 191.5 189.9 192.6 196.5 202.9 208.8 214.1
171.9 185.9 184.0 187.3 192.1 198.0 203.0 207.4
183.7 195.1 193.9 196.0 199.3 206.0 212.4 218.3
5.3
6.6
4.2
5.6
-1.0 -1.1
.5
.0
-. 1
.0
.0
Surplus or deficit (— ), national
income and product accounts.... -17.5 -5.6 -7.4 -1.7 -2.3
.0
-2.8
-.6 -1.5
-3.0 —1.1
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
State and local government receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance. __
Federal grants-in-aid
State and local government expenditures
Transfer payments to persons.
Net interest paid
Subsidies less current suiplus of government enterprises ...
Current surplus .
177.2 193.5 192.0 194.6 197.3 200.6 205.3 210.9
34.2
5.0
37.2
6.1
36.9
6.2
37.4
6.1
38.8
6.7
40. 3
^• ^
90.0
10.6
37.4
98.0
11.7
40.5
97.2
11.6
40.1
99.4 100.0 101.2 104.0
11.9 12.1 12.4 12.7
39.8 41.0 42.9 43.2
13. 0
43. 4
38.2
6.0
37.8
6.3
-4.4 -4.7 -4.7 -4.8 -4.9 -4.9 -5.0
.1
.1
.1
.1
.1
.1
.1
5.0
4.8
4.9
4.4
4.8
4.9
5.1
-.2
.0
-.1
.0
.0
.0
.0
12.3
9.2
10.4
8.4
4.6
3.2
2.0
2 i
8.4
9.1
9.0
9.2
9.4
9.6
9.7
o Q
-•8 -4.7 -6.4 —7.7
77
Addenda:
4.0
.1
1.3
Table 15.— Sources and Uses of Gross Savins (5.1)
.^
Corporate inventory valuation adjustment. ..
....
Corporate capital
consumption
allowances
mm
Noncorporate capital consumption
allowances
Wage accruals less disbursements
Government surplus or deficit (— ),
national income and product
accounts
.
Federal
State and local
Capital grants received by the United
States (net)*..
Gross investment
178.5 210.9 204.9 210.3 229.4 224.1 207.3 19o. 3
„_ _
52.6 74.4 69.6 73.2 89.3 84.4 71.5 60. 5
30.3 43.3 44.9 43.1 42.5 51.6 50.5 61.7
-7.0 -17.6 -20.0 -17.5 -16.3 -27. 7
33 4
Services
Structures
167.5 175.5 174.1 176.0 179.7 183.4 187.9 192. 3
166.8 182.4 180.8 184.8 188.4 193.9 200.0 206.0
66.3
71.2
70.8
71.6
73. 1
74.1
75.7
36.6
-.3
39.6
.0
39.7 39.8
-. 1 .0
40.9
.0
41.7
.0
42.8
.0
-5.1
3.5
3.0
6.7
2.3
.4 -1.0
.0
.0
.0
.0 -8.1
146. 12 154.31 152.61 155. 67 158. 93 163.61 167.31 172. 04
146. 18 154. 27 152. 57 155. 63 158.81 163. 20 166.75 171.41
Gross domestic product
Business
Nonfarm
Farm
-
137 8 145 6 144.0 147.0 150.0 154. 3 157.7
137.9 143.3 142. 1 144.0 147.0 151.6 156.8
135.7 206. 1 194.3 233.0 228.5 224.1 177.8
_ _ _ _ _ _
9
11. 7
Households and institutions
Percent
.0
170.2 209.4 201.4 212.1 229.1 210.1 206.6 198. 4
Gross national product:
Current dollars
Constant dollars
Implicit price deflator. .
251. 5
263.0
245. 9
139.61 147.56 145. 90 148. 96 152. 10 156.77 160.51 165. 31
Addendum: Gross private product
43.2
.0
1.0
162. 3
161.6
179.1
990 7
_ _ 224.6 238. 5 236.3 239.3 244.0 246.2 248.5
232. 6 248.3 244. 6 248.0 257. 3 259. 1 260.7
220. 2 233.4 232.0 234.8 237. 3 239. 8 242.5
General government
Federal
btaie ana local
Kest ol the world
Table 19.— Change from Preceding Period for
Selected Aggregates (7.7)
-17.5 -5.6 -7.4 -1.7 -2.3 -2.8 -3.0
12.3
4.6
2.0
9.2 10.4
8.4
3. 2
.7
Table 18. — Implicit Price Deflators for Gross National Product by
Sector (8.4)
51 7
Gross private domestic investment.. 179.3 209.4 205.1 209.0 224.5 210.5 211.8 20o.8
7 4
Net foreign investment
.1 -3.7
-9.1
3.1
4.7 -.4 -5.2
•
1 2
Statistical discrepancy
-5.0 -6.5 -4.9 -2.6 -6.3
.3
*See footnote on page 13
**See footnote on pasc
1J
page 13.
127.8 135. 6 133.7 137.3 140.6 145.2 148.1 152.9
119.1 121.5 120.4 122.6 123.8 125.4 126.2 132.6
134.5 147.1 144.6 149.3 153.9 161.1 165.0 169.3
Gross national product
Surplus or deficit (— ), national
income and product accounts
Personal saving
Goods output
Durable goods
112.4 112.9 112.3 115.2 113.0 114.7 118.7 124.0
150.8 169.8 167.1 171.6 177.9 184.8 190.1
18.6 20.1 19.9 20.3 20.8 19.1 19.8 20 4
-.3 -.8 — . 7 -.9 -1.2 -1.5 -1.6 -1.6
Q
Gross private saving.
" '
... . 146.3 154.5 152.8 155.8 159.3 163.7 167.3 172.0
164.9 184.4 181.7 186.2 192.7 197.4 203.3
Less: Wage accruals less disbursements
Surplus or deficit (— ) all other
State and local funds
146.12 154. 31 152. 61 155.67 158. 93 163. 61 167. 31 172. 04
Gross national product
Final sales
Percent at annual rate
9.5
7.6
4.5
11.2
2.3 -7.0 -1.6 -2.1
11.8
9.4
8.6 12.3
9.8 12.7
8.5 11.6
9.8
6.2
3.4
3.9
11.8
5.9
5.6
6.0
9.6
2.2
7.3
7.1
10.1
1.6
8.3
Implicit price deflator
9.8
6 2
3.3
11.7 9.8
5 9 2.6
5.5 7.0
10.0
1.6
8.3
2.7
11.1
2.4 —7.9
8.4 11.5
Gross private product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
9.8
6.7
2.9
3.2
12.2 10.0
6.2 2.1
5.7 7.7
5. 9i 7.5
10.4
1.6
8.7
8.4
9.8
4.0
7.7
11.2
2.3 -7.8 -2.0 -2.4
9.9 12. 5
8.7 12.9
8.6 12.6 10.6 13.8
Gross domestic product:
Current dollars
..
- --
8.1
9.4
9.3
.3 -2.1
9.0 11.7
By MARSHALL E. BLUME, JEAN CROCKETT, AND IRWIN FRIEND
Stockownership in the United States:
Characteristics and Trends
Part 1: Introduction and Summary
Summary o f main results
Stockownership
Page
16
17
T
18
Importance of institutions
Importance of upper income
groups
Part 3: Distribution of Dividends and
Stockholdings
Among
Broad
r o u p s a l t h
The dividend gap
*v , .
TT .. A . .
rt,
Unlisted domestic stock
All
domestic
stock
AH domestic SLOCK
Part 4: Trends in Concentration of
Stockownership Since Late 1950's___
Trends in institutional stockownership
Trends in individuals' stockownershil
'
-"""-:------":AT
.New data on distribution of stockownership
"
"""•
Part 5: Distribution and Performance
of Stockholdings by Types of In,
,, %,
i: ,
vestors and by Types ofe Stock
Employment status
Types of stock held......
k
j
^
¥
j
i
J
_
.
'"
__
19
XXELATIVELY little is known about
The purpose of this article is to fill
m
the patterns of Stockownership or
some of these deficiencies, mainly
on the basis of data on individual
c},&Ilges in these patterns over time,
o u g h stockholdings a r e a highly dividend receipts and t h e income,
19
, ,
,
, , i
1,1
occupation,
location, and broad age
F
fe
important component of£ total wealth,
.
'
. '.
n
21
• n
*
• j- • i i
,
grouping of the recipients, as reported
23
especially
for
individuals
at
upper
,
f
,
.-^
j
i
i
Z6
F
J
FF
m two \^^Q stratified random samples
™com.e levels' Even the available of individual income tax returns (forms
24 historical series on the total market 1940) for 1960 and 1971. Although
value of
24
25
27
^
29
29
30
31
Appendix to Part 5: The 1960 and 1971
Samples of Individual Income Tax
Forms 1040
stock owned bv U S indi
' '
- the information from the 1960 special
viduals (and by individuals and nonin- sample was analyzed in earlier papers,
dividuals combined) are subject to a this article represents the first use of
substantial margin of error. More the 1971 data.1
r™
-./^^
i,
i
i
deficient still is the information on the
The 1971 results are based on a special
random sample of 17,056 returns,
value and characteristics of individual
stratified so as to oversample greatly
lssues and
J
stock portfolios held by
.
£ &
.
.
,,
. n
the upper income groups. Ine actual
n
various income and other sociodemo^
i i i
i T
i
, .
I
T
returns were sampled b y t h e Internal
graphic groups and on the investment Reyenue Service ( I R g ) > For each re _
experience of these groups. Such infor- tum in the
}
the data on the
m a t i o n i s val
School of the University of Pennsylvaniaon which this article is based was
Thc res earch
The first stage
37
T
hnanced by a grant f r o m the Rational Science
Foundation and was greatly assisted by the
The second stage"~~~~"
&
r n u . . 1
The third stage
16
39
40
cooperation
of the
L
Analysis (BEA).
i n
18
« able f^ analy«es of a
wide range of economic issues, including
Appendix to Part 3: Estimation of
problems associated with the inequality
Aggregate Value and Distribution of
:
,
.
m
Dividends and Stockholdings
33
™le distribution of income and
wealth, the magnitude and timing of
33
asset
domestic
effects on consumption and savstock
' . _ _ 34 ing, and the riskiness and performance
Market value of all domestic
of stock investments held by different
stock
34
groups.
Appendix to Part 4: Estimation of
and Stockrp,
,,
XT
,Distribution
, ,.
. of Dividends
.. . .
NOTE.-—The
authors
are „
Professors
of.
holdings of TIndividuals by Family
,
.
. . T^ ,
T,.
TT71 .
TT,™™ f a i 4. ^ v
o- finance and members of the Rodney L. White
Income for Selected Years
3o Centcr for Finan j } R k
h t th Wh
"er^T
»
Part 1: Introduction and Summary
36
^
j u
Bureau
of
Economic
amount of individual dividend receipts,
the names of the payer corporations,
and the income and other sociodemo,
. .
, n
graphic characteristics ot the taxpayers
(but not their names) were transmitted
to the
Census Bureau. The authors
Provided to Census the information on
the dividend
y ield > market rates of
return, industrv, size, and risk charac^ . .'
" „ '
tenstics for each of the payer corporations
listed
in the , sample returns;
^
,
. i•
Census then prepared tapes matching
. cor orate
. „
.
. ,
-,
e
^
P
information with the
L J
' c ™ ck ett and I. Friend, "Characteristics of stock
Ownership," Proceedings of the Business and Economic
statistics Section of the American Statistical Association, 1963,
and I. Friend and J. de Cani, "Stock Market Experience of
™ flerent IIwcstor G™.ps'" ^oceedingsof the Business and
«a«cm,i966.
Economic Statistics Section of the American Statist
November 1974
SURVEY OF CURRENT BUSINESS
data on the individual returns. These of outstanding stock in the United
tapes, which were designed to preserve States.
the anonymity of individual returns,
Some information—specifically, estiwere used by BEA to carry out the mates of the distribution of dividend
tabulations necessary for this study. income and market value of all stock
Only IRS had access to the actual by income class—will be presented for
returns.
1958, 1964, 1969, and 1970, as well as
for
1960 and 1971. However, the
The 1960 and 1971 special samples
market
value estimates for the first 4
are unique in that, by permitting the
years
are
not as reliable as for the
matching of characteristics of individual
last
2.
stockholders with those of the stockissuing corporations, they make it possible to estimate the market value of Summary of main result
stock owned by different sociodemoThe main results and implications of
graphic groups. Although IRS publishes the analysis are:
annually the distribution of dividends
1. The concentration of dividend inby income class of recipient, it is not come and market value of stock among
possible to estimate satisfactorily the upper income groups continued to
distribution of market value directly decline from 1958 to 1969, but not
from these data, since price-dividend from 1969 to 1971. The share in stockratios may vary substantially by income ownership of the wealthiest 1 percent
class. Using dividend receipts from in- of the population changed very little
dividual payer corporations and appli- over the entire period, in contrast to
cable price-dividend ratios, the 1960 an appreciable decline from 1958 to
and 1971 special samples provide the 1969 in the share of the other upper
basis for estimating average price- income groups. Other data suggest that
dividend ratios for stock held by dif- the 1958-71 period was characterized
ferent groups of individuals. While the by stability, or a slight decline, in the
market value of stock held by these concentration of total family income
groups can be estimated directly from and net worth, although these estithe sample data, somewhat more reli- mates—especially those for net worth—
able estimates of the distribution of are subject to substantial error.
market value by income class are
2. Although data on the distribution
obtained by applying the estimated
of income and net worth after 1971
price-dividend ratio for each income
class to the aggregate IRS figure for are not available, the sharp drop in
dividend receipts by that class. The stock prices since then, relative to
distributions of market value by other prices of other assets, implies a sigsociodemographic characteristics esti- nificant decline in the concentration of
mated from the sample data are made net worth, inasmuch as stock constito conform to the distribution by in- tutes a major part of the assets of the
come class obtained in this way. (A upper, but not of the lower, income
detailed description of the procedures groups. However, no similar effect 011
followed, including the adjustments the distribution of total income between
made for nondividend-paying stock, is the two groups would be expected,
provided in the appendix to part 5.) since dividends, unlike stock prices,
have not been depressed.
From the 1960 and 1971 data, it is
3. Although the distributions of
possible not only to obtain fairly reliable
both total income and dividend income
estimates of the distribution among
became considerably less concentrated
sociodemographic groups of the market from the 1920's to the end of World
value of all stock held by individuals War II, only the latter continued to
but also to determine other character- show a significant trend toward less
istics of the stock held by these groups. concentration in the following years,
The data can further be used to analyze and even that trend seems to have
portfolio performance and risk charac- abated substantially in recent years.
teristics and to improve the accuracy
4. Despite the fairly substantial
of estimates of the total market value movement in the postwar period, and
562-873 O - 74 - 3
17
probably earlier, toward a more egalitarian distribution of stockownership,
the 1971 distribution among different
income classes remained quite concentrated. Thus, the 1 percent of U.S.
families (including single individuals)
with the largest personal income accounted for 47 percent of dividend
income received and 51 percent of the
market value of stock owned by all
families, while the 10 percent of families
with the largest income accounted
for 71 percent of dividend income and
74 percent of market value. (Foreign
as well as domestic stock and beneficial
ownership of stock held by fiduciaries
and agents are reflected in these
figures.) The 1 percent and 10 percent
groups in 1960 owned 50 percent and
79 percent, respectively, of the market
value of families' shareholdings. The
1971 and 1960 figures, each of which
is based on a single year's income,
probably understate the concentration
of stockownership that would be indicated for upper income groups if families
were classified by their normal lifetime
income or their average income over
a period of years.
5. As of mid-1971, U.S. individuals
owned an estimated $780 billion in
stock. (This is moderately higher than
the corresponding Securities and Exchange Commission (SEC) and Federal Reserve Board (FRB) estimates
and may be compared with $335 billion
for mid-1960.) Of the $780 billion,
$460 billion was held in domestic New
York Stock Exchange (NYSE) and
other listed issues, $50 billion in mutual
fund stock, $35 billion in unlisted bank
and insurance company stock, and
$190 billion in direct holdings of other
traded and privately held unlisted
stock.
6. The two employment status
groups with the largest stockownership
in 1971 were the managerial and the
retired. The relative share of stock
owned by families headed by retired
persons was appreciably higher than
in 1960.
7. In 1971, a surprisingly high proportion of the portfolios held by individuals was dominated by a very
small number of issues; thus, the portfolios were not well diversified. This
18
finding applies to all income groups.
Since there is ample evidence that
investors are risk-averse, the lack of
effective diversification strongly suggests that two of the basic assumptions
typically made in capital asset pricing
theory cannot both be valid: namely,
that investors measure risk by the volatility of the rate of return on the
entire portfolio, and that investors
hold homogeneous expectations about
rates of return and risk. The lack of
effective diversification also has important social implications since, in a
major downturn in the stock market,
a high proportion of investors will
do very much worse than the market.
Thus, since early last year, when the
market value of NYSE stock as a
whole dropped nearly 40 percent from
its high point, millions of investors—
including many with moderate means—
must have experienced catastrophic
losses.
8. The lower income groups tended
to hold somewhat less risky stock than
did the upper income groups. Although
the latter owned substantially more
stock on the average, as high a proportion of their portfolios were as
poorly diversified as those of the lower
income groups. Mutual funds were a
much more, and NYSE stock a
somewhat more, important part of
lower income portfolios. Among the
NYSE stock, the lower income groups
were relatively more likely to hold
telephone and electric and gas utility
stock than the upper income groups,
but the differences for telephone stock
were smaller in 1971 than they had
been in 1960. Electric and gas utility
stock constituted a much smaller
proportion of holdings of all income
groups in 1971 than in 1960.
9. Among employment
status
groups, managers tended to hold the
riskier stock and retired and other not
gainfully employed persons the less
risky stock.
10. Investors in the upper income
groups tended to hold stock with higher
price-dividend ratios than other investors did. This tendency is consistent
with the greater tax advantages to
high-income individuals of stock with
low dividend payout, that is, a high
SURVEY OF CURRENT BUSINESS
November 1974
earnings retention ratio. The same to 1971 (and still remained much higher
tendency was observed in 1960, but than in the earlier period), the perbecame more pronounced by 1971. centage of stock owned by individual
11. The rates of return realized on investors declined appreciably. This
average in 1970-72 on stock held by the decline reflects both the rapid rise in
lower income groups in 1971 were not assets of financial institutions and the
significantly different from those increased proportion of these assets
realized by the middle and upper in- channeled into stock investment. Many
come groups in these periods. This individual holdings of all sizes have
result is quite similar to that found for been replaced by a much smaller numthe years immediately preceding and ber of large institutional holdings, and
following 1960.
a large number of new and generally
12. There were no noteworthy dif- rather small stockholders have acquired
ferences in 1971 investment perfor- shares through the reduction in holdings
mance among occupational or regional of more substantial individual investors.
groups holding a substantial amount of As a result, since institutions have not
stock. This article provides the first played an active role in corporate
comprehensive data on this subject.
affairs, and small individual investors
13. While the total market value of have tended to be less active than large
stock owned by U.S. families and the investors, managerial control of U.S.
number of individuals owning stock corporations may have been enhanced
increased greatly from the late 1950's over this period.
Part 2: Earlier Studies of Trends in Stockownership
Earlier studies have provided historical insights into a number of different facets of stockownership, though
much of the information provided by
these studies was based on fairly
tenuous data. There are reasonably
useful, but rough, long-term estimates
of the: (1) total market value of stock
outstanding in the United States,
(2) aggregate amounts owned by the
two major groups of investors—financial institutions and families or households, (3) number of individuals owning stock, and (4) amounts of dividends
and of total income received by groups
of families classified by total income.2
Historically, the market value of
stock has increased considerably more
than that of total net worth either of
the economy as a whole or of the household sector.3 For many years, stock has
2. There are no long-term series available on the number
of families owning stock.
3. R. W. Goldsmith, R. E. Lipsey, and M. Mendelson,
Studies in the National Balance Sheet of the United States,
National Bureau of Economic Research, 1963, provides
historical estimates of the value and composition of assets
and liabilities of households and financial institutions. More
recent, though less comprehensive, estimates can be found
in the Securities and Exchange Commission (SEC) Statistical
Bulletins and the Federal Reserve Board (FRB) Flow of
Funds publications.
been by far the largest of the financial
assets held by families and has constituted one of the two major components
of household net worth.
Importance of institutions
Excluding personal trusts, most of
which are administered by commercial
banks, stockholdings and stock trading
by financial institutions became important only after World War II. In 1940,
such holdings accounted for less than
5 percent of the market value of all
outstanding stock in the United States;
even by 1950 this percentage was less
than 8, in contrast with over 24 percent
currently. Stock held in personal trust
funds experienced little change in relative importance over the past halfcentury, accounting for about 10 percent of all outstanding stock owned by
noncorporate entities. A relatively small
number of institutions now hold close to
35 percent of all outstanding stock; the
remainder is owned by somewhat under
32 million individual stockholders.4
4. New York Stock Exchange (NYSE) 1973 Fact Book.
The NYSE shareownership series started in 1059.
November 1974
Despite the marked decline in the
share of the market value of all stock
owned by individuals, the number of
such stockholders has increased greatly
since the turn of the century. Earlier
studies have indicated that the number
of individual stockholders in the first
three decades of this century may have
risen from about 1 million to 10 million.5
In the next two decades, the number
actually declined, but the decline was
reversed in the 1950's. By the end of
the decade, the number had increased
to about 12.5 million, and by early 1972
a peak of 32.5 million was recorded.
Information on the number of stockholders, or the ratio of that number to
the total population, obviously provides
a completely inadequate picture of the
diffusion of ownership among different
sectors of the population. It does not
even provide an altogether satisfactory
picture of the growth in the number
of basic consumer units (families or
households) owning stock, since several
members of the same basic unit may
hold stock in their own names and the
number doing so may vary over time
as a result of changes in tax laws.
The two major sources of information
on historical trends in the distribution
of stockownership among different
groups are the dividends reported by
income class on income tax returns
(forms 1040) and the asset data on
estate tax returns.6 Of the two, the
estate tax data are less useful information sources because they cover a
considerably smaller range of incomes,
and, more importantly, because they
require a number of questionable assumptions to estimate the assets of
wealthy survivors from those reported
for wealthy decedents (see part 4).
5. See E. B. Cox, Trends in the Distribution of Stock Ownership, University of Pennsylvania Press, 1960, for a summary
of these studies.
6. The income tax data have been analyzed in S. Kuznets,
Shares of the Upper Income Groups in Income and Savings,
National Bureau of Economic Research, 1953, and Cox,
Trends. The estate tax data have been analyzed in R. Lampman, The Share of Top Wealth-holders in National Wealth,
National Bureau of Economic Research, 1962.
SURVEY OF CURRENT BUSINESS
Importance of upper income groups
The analyses of trends in the distribution of dividend income based on
income tax data point to a substantial
decrease in the proportion of dividend
income received by the highest income
classes over the 1919-57 period. On
the other hand, over this period, estimates derived from estate tax data
point to a moderate increase in the
concentration of the market value of
stockholdings in the top wealth group.
The discrepancy seems too large to
be explained wholly by differences that
may exist between the concentration
of dividend income by income class and
the concentration of value of stock by
wealth group as a result either of
differential movements in price-dividend ratios of stock held by upper and
lower income families or of differential
movements in the relation of income
to wealth for these two groups. As noted
previously, the findings from the income
tax data seem more reliable and appear
to suggest some decrease in the proportion of stock held by the upper
income and probably also the upper
wealth families. Those findings also
seem more plausible in light of the
fairly broad range of evidence that the
19
concentration of total income in the
upper income groups diminished during
most of this period.7
Data on the distribution of dividend
income, based on income tax returns,
and on the distribution of the market
value of stock, based on estate tax
returns, are available for a number of
years after the late 1950's. These will
be discussed in part 4 of this article
in conjunction with the data for 1971.
Probably the most comprehensive
and reliable data previously available
on the distribution of stockownership
by income class and by other sociodemographic characteristics are contained in the 1960 study, which is the
precursor of the present analysis.8
The 1960 and 1971 studies make possible the first reliable estimates of the
market value and of the ownership
trends of stock held by different groups
of families over this period. In addition
to giving information on the distribution of stockownership, the two studies
also make possible improved estimates
of the market value of outstanding
stock in the United States and provide
new information in the risk, rate of
return, and other characteristics of
the stock held by different groups.9
Part 3: Distribution of Dividends and Stockholdings
Among Broad Groups
A basic input in estimating the aggregate value and distribution by income class of the shareholdings of
individuals is the information on dividends reported on Individual Income
Tax Forms 1040. Such information,
based on a very large sample of returns,
is developed each year by the Internal
Revenue Service (IRS) and published
in Statistics of Income: Individual Income Tax Returns. However, the Statistics of Income (SOI) data omit two
components of dividends allocable to
individuals: (1) dividends retained by
estates and trusts on individuals' behalf
as beneficiaries, and (2) dividends received by individuals, but not reported
on individual tax returns, either because recipients were not legally re-
quired to report them or because recipients illegally underreported them.
The dividend gap
The aggregate magnitudes of the
two omitted components were estimated by the following procedure. The
first aggregate was derived from total
dividend receipts of estates and trusts
as reported on fiduciary income tax
returns, after allowance for distribu7. Kuznets, Shares, and D. B. Radner and J. C. Hinrichs,
"Size Distribution of Income in 1964,1970, and 1971," SURVEY
OF CURRENT BUSINESS, October 1974.
8. The earlier results are presented in Crockett and Friend,
"Characteristics," and Friend and de Cani, "Stock Market
Experience."
9. The 1960 figure on the market value of outstanding
stock was used as a new benchmark by the SEC.
20
tions of fiduciary income to individuals
and other categories of beneficiaries.
The income tax data, which are available for 1970, were updated by using
the market value of stock held by bankadministered trusts and estates in 1971
(see appendix to part 3). The second
aggregate was derived by comparing
domestic corporations' total cash distributions to stockholders, as reported
on corporation income tax returns,
with total dividend receipts as reported
on forms 1040, after allowance for
dividend receipts of other stockownership groups and a number of reconciliation items (see table I). 10
Total cash distributions of domestic
corporations exceed the receipts of
domestic individuals by the dividends
paid to domestic corporations, nonprofit institutions, and foreigners and
by the dividends paid to fiduciaries,
but retained by them or used to pay
taxes or defray expenses. Such dividends therefore had to be subtracted
in arriving at the cash distributions
paid to individuals.11 On the other hand,
cash distributions paid by foreign corporations to domestic individuals had
to be added. These adjustments produce a figure of $20.5 billion for 1971
cash distributions by domestic and
foreign corporations to domestic individuals (see table 1).
Some portion of this total is not
reportable as dividend income on
individual income tax returns: (1) distributions of small business corporations
electing to be taxed as partnerships,
(2) distributions taxable as capital
gains, and (3) nontaxable distributions.
For comparability with dividends ac10. A detailed explanation of the sources and procedures
utilized in deriving the items in this table is given in the
appendix to part 3. A comparable table for 1960 appears in
Crockett and Friend, "Characteristics."
11. For some ownership groups, dividend receipts had to
be inferred from the market value data provided by Government sources. This required that market value be multiplied
by a ratio of dividend-paying stock to total stock appropriate
to the types of stock held, to obtain the value of dividendpaying stock only. This figure then must be multiplied by a
dividend yield (dividend-price ratio) appropriate to the
portfolio held, to obtain dividends. For estates, trusts,
nonprofit institutions, and foreigners, the proportion of stock
paying dividends and the dividend yield utilized are those
characteristic of listed stock and large unlisted issues traded
over the counter (OTC). For simplicity, the two steps described were combined, and market value was multiplied by
the ratio of dividends to total market value for the broad
class of stock appropriate to the portfolio of a particular
ownership group.
SUEVEY OF CURRENT BUSINESS
November 1974
Table 1.—Estimation of Dividend Receipts by Individuals Not Reported on Individual
Income Tax Returns, 1971
[Millions of dollars]
1. Distributions (other than own stock) of domestic corporations.
2. Less: Domestic dividends (other than those paid by Federal Reserve Banks) received by domestic corporations..
3. Plus: Distributions (other than own stock) by foreign corporations to domestic individuals, fiduciaries and tax-
exempt institutions
Less: Domestic dividends paid to foreigners
Equals: Distributions (other than own stock) by domestic and foreign corporations to domestic individuals, fiduciaries and tax-exempt institutions J
Less: Dividends received
Dividends received
Dividends received
Dividends retained
by
by
by
by
corporate pension funds
State and local government retirement funds
other tax-exempt institutions (including those distributed through fiduciaries)..
estates and trusts or utilized to pay taxes or administrative costs
10. Equals: Distributions (other than own stock) by domestic and foreign corporations to domestic individuals 2
11. Less: Distributions of small business corporations taxed as partnerships.
Nontaxable distributions
12.
Distributions taxable as capital gains
13.
32,580
5,460
110
840
26,390
2,460
330
1,440
1,660
20,500
1,290
560
880
14. Equals: Dividends reportable on individual income tax returns.
17,770
Less: Dividends reported on individual income tax returns.
Equals: Dividend gap
16,790
980
1. Includes a small amount of nondividend cash distributions paid to domestic corporations and foreigners.
2. Includes a small amount of nondividend cash distributions paid to other ownership groups.
Source: See appendix to part 3.
tually reported on forms 1040 in 1971,
these distributions had to be subtracted; this procedure yields a figure
of $17.8 billion for dividends reportable
on individual income tax returns. Compared with the $16.8 billion reported in
1971, there is a dividend gap of about
$1 billion.
This dividend gap is presumed to
consist of three components: (1) the
small amount of illegal underreporting
of dividends revealed by audit checks,
(2) dividends received by nonfilers—
either those with gross income so low
that they were not legally required to
file or those who escaped audit checks,
and (3) dividends below the exclusion,
which the recipients neglected to indicate on their tax forms and which were
not found on audit.12
Since different procedures should be
used in distributing the three components by income class, rough estimates
of their relative magnitudes were made.
An estimate of illegal underreporting
at 2 percent of reported dividends gives
a figure of $340 million. This percentage is considerably less than the 5
percent figure assumed in the 1960
study. The 5 percent figure, based on
1959 IRS estimates published by Holland, was derived by checking corporate
12. In 1971, there was no requirement that dividends be
listed on schedule B if total dividend receipts fell below $100.
While such dividends should have been indicated on the first
page of the return (and thus caught by the SOI sample,
though not by the 1971 special sample), it is probable that
some filers may have neglected to do so since no tax liability
was involved.
information reports against stockholders' income tax returns.13 No current estimates on this basis have been
published, but unpublished IRS studies
show a substantial reduction in underreporting since 1959. This reduction is
partially attributable to increased enforcement effort by the IRS and partially to the policy of making available
to the individual stockholder a statement of the dividends ascribed to him
in corporate information reports to
IRS. A lower limit to current underreporting is probably represented by
the iy2 percent implied by the IRS
1963 Taxpayer Compliance Measurement Program data, which do not
attempt to match individual reports
with corporate information reports.
The dividends attributable to nonfilers are estimated at $430 million, or
two-thirds of the remaining gap. This
figure is considerably above the 1960
estimate, in part because the gross
income requirement for filing was subsequently raised from $600 to $1,700
($2,300 on joint returns and higher for
retired persons). In addition, New York
Stock Exchange (NYSE) figures indicate a very large increase (of almost
1 million from 1965 to 1970) in the
number of minors owning stock,14
a high proportion of whom are likely
13. D. M. Holland, Dividends Under the Income Tax,
Princeton University Press, 1962, p. 90.
November 1974
to have gross income below the current
requirement for filing.15
The remaining $210 million of the
dividend gap is attributed to the
omission of dividend receipts from tax
returns in cases where receipts were
within the legal exclusion. Although
about 4% million filers in 1971 listed
dividends totaling less than the exclusion to which they were entitled,
the NYSE stockholder census indicates
that there were 12}£ million holders
with portfolios under $5,000 at the
beginning of 1970.16 Receipts of a large
proportion of these stockholders would
be expected to fall below the $100
exclusion, so that the total number of
individuals receiving dividends in this
amount may substantially exceed the
4}£ million filers who reported dividends
below the exclusion. The average dividend received in such cases would, of
course, be very small.
Unlisted domestic stock
The information in table 1, augmented by data drawn from Government or industry sources and from the
1971 special sample of individual income tax returns described in the
appendix to part 5, can be used to
generate estimates of the aggregate
market value of unlisted domestic stock
and of its distribution among ownership
groups. Such stock is a very substantial
component of the total financial wealth
of households, but existing estimates of
its total value are subject to wide
margins of error. While the Investment
Company Institute (ICI) provides reliable figures on the market value and
business and institutional holdings of
mutual funds, and the Securities and
Exchange Commission (SEC) estimates
the market value of unlisted stock of
banks and insurance companies, no
similarly reliable estimates are available
for other unlisted stock. This residual
group is largely nonfinancial; and a
significant proportion is not traded over
15. Furthermore, the 2 percent estimate used for illegal
underreporting in 1971 may not fully correct for nonfilers who
were legally required to file. If so, a small but undetermined
amount of dividends received by such nonfilers, who are assumed to fall predominantly in the adjusted gross income
(A GI) class under $5,000, may be included here.
16. NYSE, Sharcownership, 1970, p. 9.
SURVEY OF CURRENT BUSINESS
the counter (OTC), in which case, price
quotations are unavailable.17
Two basic approaches that have
customarily been used to estimate the
value of the residual group of unlisted
stock are followed here. A third procedure, depending in part on the 1971
special sample of individual income tax
returns, is also presented.
The first approach is based on aggregate cash distributions on all categories of stock, which can be determined
with a high degree of accuracy from
corporate income tax data. From this,
dividends on listed stock, mutual funds,
and unlisted stock of banks and insurance companies, which can be estimated with varying degrees of accurac}^
from industry and Government sources,
are removed.18 Next, nondividend distributions are removed, leaving dividends on other unlisted stock as a
residual. (These computations are
shown in the appendix to part 3.) An
estimate of the aggregate value of
dividend-paying stock in the residual
category is obtained from aggregate
dividends by dividing by an appropriate
dividend yield, based on a large market
value-weighted sample of stock in the
category under consideration.
This method, however, provides no
firm basis for estimating the value of
nondividend-paying stock. Evidence
indicates that a far higher proportion
of unlisted than of listed stock pays no
dividends. It is possible to estimate
this proportion on a sample basis for
the category of stock under consideration; and the aggregate previously
obtained for dividend-paying stock
can then be correspondingly augmented.
However, little confidence can be
placed in such an estimate because
samples are necessarily drawn from an
17. Unlisted stock not traded OTC (that is, stock in which
transactions involving a dealer or broker-dealer do not occur)
either is closely held for control purposes, as in a family
corporation, or has a strictly local market, as in the case of
a smalltown bank or retail enterprise. When the return on
such stock is taxed as partnership income, the market value
is excluded from the total. This is consistent with national
income accounts procedure, which excludes such return from
dividend income.
18. Where the sources supply market value rather than
dividend data, it is necessary to estimate both the average
dividend yield and the proportion of stock paying dividends
on a sample basis. Dividend figures are highly accurate for
NYSE stock and for mutual funds, less so for other listed
stock and unlisted stock of banks and insurance companies.
21
incomplete listing that consists only
of issues for which price quotations
are available, and because the large
sample that is available from the
Rodney L. White Center files almost
certainly overrepresents large firms to a
very substantial, but unknown, degree.19
Since it is clear, from classifying this
sample by market value of stock, that
the proportion of nondividend-paying
stock increases sharply as firm size
decreases, the overrepresentation of
large firms is a considerable disadvantage.
The second approach deals directly
with market values, but on a sample
basis. Data on number of shares outstanding are collected for individual
firms for which price quotations can
be found. The NYSE, in connection
with its most recent census, Shareownership, 1970, contacted 7,450 unlisted firms (other than mutual funds)
early in 1970 and determined their market value to be $366 billion. Such a
sample aggregate, since it is not exhaustive, necessarily understates the
universe total. At a minimum, the
NYSE figure must be adjusted upward to account for unlisted stock
(other than mutual funds) not traded
OTC. From the adjusted figure, it is
then necessary to eliminate the market
value of unlisted stock of banks and
insurance companies to arrive at the
aggregate that is being measured.
Apart from the mutual fund component, any estimate of the market
value of unlisted stock not traded OTC
is subject to a wide margin of error.
The procedure in this study follows that
of Tri in basing the estimate on 1965
estate tax data, which distinguish
privately held stock20 from the holdings
of traded stock reported in the 97,000
Federal estate tax returns filed in that
19. Similar sampling limitations apply to the estimate of
average dividend yield utilized in obtaining the aggregate
value of dividend-paying stock, but the consequences are
less serious since the sample of dividend-paying stock probably covers a large fraction of total market value for the
universe sampled. No such presumption can be made for the
sample of nondividend-paying stock.
20. Stock that was not identified by executors as traded
was considered to be privately held if no price quotations
were readily available.
22
year.21 Such stock amounted to
percent of other stockholdings, as
reported in these returns.
In the 1971 special sample of individual income tax returns, a basis
exists for approximating, for that year,
the aggregate holdings that correspond
to the category of traded stock recognized in the breakdown of stockholdings from the 1965 estate tax
returns.22 An estimate is then derived
for individuals' ownership of privately
held stock in 1971 by taking 15%
percent of traded holdings. This procedure assumes that the relationship
of privately held to traded stock for
all individuals in 1971 is similar to
that for the decedents represented in
the 1965 estate tax returns. To obtain
the figure for total market value of
privately held stock, a small allowance
must be made for holdings of other
ownership groups (which may be expected to constitute a rather small
proportion of such stock), and the
stock of small corporations electing
to be taxed as partnerships must be
deducted. (This last category of stock
is apparently included in the privately
held category in the estate tax data,
although it is excluded here.)
Both approaches to estimating unlisted stock, other than that of mutual
funds and banks and insurance companies, can be seen to involve questionable steps. The first approach en21. Statistics of Income, 1965; Fiduciary, Gift, and Estate Tax
Returns, table 1. L. M. Tri, "The Market Value of Corporate
Stock in the U.S.," SEC Office of Policy Research, June 1971,
pp. 20-21.
22. Sample holdings that can be identified as listed stock,
mutual funds, unlisted stock of banks or insurance companies, or other unlisted stock traded OTC are presumed to
fall in this category, as is stock held in agency or custodial
accounts or in street name—that is, stock held as nominee by
a bank or brokerage house, for the interest of the beneficial
owner. In all but the last case, the dividend data can be
converted to market values with some confidence on a
company-by-company basis. While the conversion is less
precise for stock held in agency or custodial accounts or in
street name, the overall figure for market value of individuals'
holdings of the group of stock in question is a reliable one.
(See part 5 for further details of the conversion procedures.)
Individuals' beneficial ownership of stock through fiduciaries is excluded here, in part because such stock will not
necessarily appear as part of the beneficial owner's estate
and in part because a significant proportion of the stock in
nonbank-administered trusts may be privately held. The
total obtained for individuals' holdings of traded stock probably falls short of the figure that would correspond precisely
to the traded stock category as utilized in analysis of the
estate tax returns—to the extent that traded stock held in
trusts does appear in the estates of beneficial owners and to
the extent that stock of unidentified paying corporations is
in fact traded.
SUEVEY OF CUERENT BUSINESS
counters particular problems in the
estimation of the nondividend-paying
component and the second in the estimation of the privately held component. In addition, inaccuracies are
certain to be introduced in any process
that converts dividends to market
value, or vice versa, on the basis of
sample estimates of the ratio of one
to the other for a particular class of
stock.
The third procedure depends, as
does the first, on an estimate of the
total dividends paid on stock of the
requisite type, but it uses the 1971
special sample of income tax returns
in determining these dividends. The
dividends received by individuals on
direct holdings of unlisted stock other
than mutual funds are immediately
available from the sample. This is
a fairly reliable figure, but it must
be augmented by estimates of the
dividends from unlisted stock held
by individuals in agency and custodial
accounts and in street name and by
fiduciaries and other ownership groups.23
Total dividend receipts for stock
held in agency and custodial accounts
and in street name are obtained from
the 1971 special sample; for fiduciaries
and other ownership groups, dividend
receipts have already been estimated
for the purposes of table 1. (See appendix to part 3 for details.) If plausible assumptions are made as to the
proportion of dividend income derived
from unlisted stock, an estimate can
be obtained of dividends on all unlisted stock not held directly by individuals. The assumptions as to portfolio composition for the various groups
must meet one constraint: the total
dividends allocated to listed stock
(including individuals' direct holdings
as determined from the 1971 special
sample) must be consistent with the
highly accurate external figure for
total market value of listed stock,
23. There is room for some difference of opinion as to how
much, if any, of the dividends for which the paying corporation could not be identified represent listed stock incorrectly
specified by the filer. In view of the care taken to identify
corporate payers, at least as to listing status, the proportion
cannot be large. The 10 percent assumed here is probably
an upper limit. There is also an element of arbitrariness in
determining how much of the dividend receipts attributed
to banks represents dividends on bank stock and how much
represents return on stock held in bank-administered trusts
that has been distributed to the individual as beneficiary.
November 1974
taking into account the average dividend yield and the proportion of
stock paying dividends that characterize listed stock.24
To this estimate of the dividends
on unlisted stock not held directly by
individuals, the sample-based estimate
of dividends on individuals' direct
holdings of unlisted stock other than
mutual funds must be added. After
subtracting the small amount of mutual
fund dividends received by groups
other than individuals and the aggregate dividends on unlisted stock of
banks and insurance companies, an
estimate is obtained—alternative to
that developed by the first approach—
of dividends on the category of stock
for which the market value is being
determined. The market value of
dividend-paying stock is then derived
by multiplying dividends by the
estimated dividend yield.
As with any approach based on
dividend information, the problem remains of obtaining a satisfactory estimate of the value of nondividendpaying stock. However, the 1971 special
sample provides some assistance here
also. To derive a figure for nondividendpaying stock from the estimated aggregate of dividend-paying stock, it is
necessary to estimate the overall ratio
of nondividend-paying to dividendpaying issues for the class of stock
under consideration. However, it is
not feasible to obtain a large random
sample from the relevant universe on
which to base such an overall ratio.
The available sample is believed to be
strongly biased in favor of large firms,
but it should provide a relatively
unbiased estimate of the required
ratio within each size class. If appropriate weights were available (ideally,
the population aggregate of dividendpaying stock within each size class),
24. Since domestic corporations are known to invest heavily
in unlisted as well as listed subsidiaries, the assumption is
made that the proportion of intercorporate dividend receipts
coming from unlisted stock is as high as for individuals'
direct holdings, that is, 27 percent. The portfolios for estates
and trusts and for agency and custodial accounts are assumed
to be similar to those held directly by individuals, but a
little more conservative than those held directly by individuals, so that a somewhat smaller proportion of dividend
receipts is assigned to unlisted stock. For nonprofit institutions, individuals' holdings in street name, and foreigners,
a very small proportion of dividend receipts is assumed to
come from unlisted stock.
November 1974
a weighted average of the ratios for
individual size classes would provide a
suitable estimate of the overall ratio.
The 1971 special sample data on the
relative importance of each size class in
individuals' holdings of dividend-paying stock within the relevant category
is used to indicate population weights.25
This use of sample information on
individual holdings of dividend-paying
stock to approximate
population
weights is equivalent to assuming that,
for each dollar of dividend-paying
stock held in a given size class, an
amount of nondividend-paying stock is
held equal to the ratio of nondividendpaying to dividend-paying stock for
that size class. When this weighting
scheme is used for averaging over size
classes, the average ratio obtained is
termed "sample-weighted ratio."
As a check on the sample-weighted
ratio
of
nondividend-paying
to
dividend-paying stock, a random
sample of 130 unlisted stock (not
stratified by size) was drawn from the
Bank and Quotation Record, a listing
subject to somewhat less size bias than
the large sample available from the
Rodney L. White Center files. The
small random sample provided an estimate almost identical to the sampleweighted ratio just described.
The estimates obtained by these three
approaches are in fairly close agreement. The first approach yields a
dividend figure of $5.2 billion and,
utilizing sample-weighted averages for
the dividend yield and for the proportion of nondividend-paying stock,
implies a market value of $318 billion.
The second approach yields a figure of
$358 billion. This figure is derived by
taking the $366 billion figure obtained
by the NYSE in early 1970 for 7,450
unlisted firms that were traded OTC,26
adding $33 billion for privately held
stock, other than that of corporations
electing to be taxed as partnerships,
and subtracting $41 billion of unlisted
stock of banks and insurance corn25. Even on this basis, some bias probably still exists
toward overrepresentation of large firms, leading to an underestimate of nondividend-paying stock.
26. In view of the unavailability of a broadly based price
index for unlisted stock other than mutual funds, no adjustment is attempted to reflect the general price rise that
occurred in the first half of 1971, after a very slight decline
during 1970.
SURVEY OF CURRENT BUSINESS
23
Table 2.—Market Value of All Domestic Issues, by Market Type and Ownership Group,
June 30, 1960 and 1971
[Billions of dollars]
All holders
Type of stock
1960
Unlisted
Mutual funds
Banks and insurance companies
Other
All domestic stock
Direct
holdings 1
1971
326
Listed
NYSE, domestic and foreign issues.
Other, domestic and foreign issues..
Less: Listed foreign issues
Individuals, 1971
160
16
36
108
731
54
25
59
41
358
486
760
458
1,218
51
33
189
Beneficial
ownership 2
Nonprofit
institutions,
19713
Domestic
corporations,
1971
Foreigners,
1971
317
144
135
138
26
273
43
18
121
3
590
187
153
259
29
1. Includes some stock held in street name. The 1971 special sample did not always permit the segregation of such stock.
2. Stock held by fiduciaries, in agency and custodial accounts and in street name, for the beneficial interest of individuals.
3. Includes pension funds and other nonprofit organizations. See text for complete coverage of item.
Sources: See text and appendix to part 3.
panies. The third approach yields a
dividend estimate of $5.7 billion and,
utilizing the same dividend yield and
proportion of nondividend-paying stock
as in the first approach, a maiket value
of $350 billion—intermediate between
the first two estimates, but close to the
second. Thus the second and third
approaches tend to confirm each other,
and this provides some support for the
assumptions as to portfolio composition
that are utilized in the third approach.
Total holdings of individuals (direct
holdings plus beneficial ownership of
stock held by fiduciaries or in agency
or custodial accounts or in street name)
are derived from the 1971 special sample of income tax returns, after adjustment to exclude holdings of foreign
stock (see table 2). Those of foreigners
and nonprofit institutions (corporate
pension funds, State and local government retirement funds, foundations,
and educational endowments) are derived from Government sources and
All domestic stock
adjusted as shown in the appendix to
Market value figures for domestic part 3. The stockholdings of fiduciaries
listed issues, mutual funds, and unlisted have been allocated between individuals
stock of banks and insurance companies, and charitable organizations in the
as obtained from industry and Govern- same proportion as the distributions by
ment sources are combined with the fiduciaries shown in that appendix.
second estimate for other unlisted stock While total receipts of domestic divito obtain total market value of domes- dends by domestic corporations are
tic issues (table 2).27 The second esti- known from corporate income tax data,
mate, the largest of the three, is chosen the market value of the corresponding
partly because it utilizes a direct domestic stockholdings is not known,
attempt to measure market value, and so it is computed as a residual (see
rather than an indirect approach via table 2).
Individuals' direct holdings of listed
dividends, and thus avoids the difficult
problem of evaluating nondividend- stock can also be obtained from the
paying stock by inference, and partly 1971 special sample. Information on
because its conceptual shortcomings lie other holdings of listed stock depends
in the direction of understatement on the assumptions mentioned earlier
rather than overstatement. This under- as to portfolio composition. Specifi*
statement arises because the NYSE cally, the assumptions are that, (1) for
sample cannot have completely exhaus- estates and trusts and agency and
ted the universe of unlisted traded stock custodial accounts, 25 percent of the
other than mutual funds and because market value (and hence a smaller persome price rise almost certainly occur- centage of the dividends) is assignable
to unlisted stock, and (2) for nonprofit
red between early 1970 and mid-1971.
institutions, foreigners, and the stock
27. A detailed explanation of the sources and procedures
of individuals held in street name, 10
used in deriving table 2 appears in the appendix to part 3.
24
SURVEY OF CUKRENT BUSINESS
November 1974
percent of market value (and hence a given the data on total stockholdings. stock, somewhat over 50 percent of
smaller percentage of dividends) is The holding of corporations are again unlisted stock other than that of mutual
determined as a residual.30
assignable to unlisted stock.
funds and banks and insurance comThe total market value for domestic panies, and about 60 percent of all
Corporate holdings of listed stock
are again determined as a residual. issues was $1,220 billion in mid-1971 unlisted stock. Total stock of indiviWhen this value is compared with the (table 2). This is 2% times the corres- duals, including beneficial ownership
amount of intercorporate dividends ponding estimate for 1960. (The total of stock held by fiduciaries and in
previously assumed to arise from listed includes intercorporate holdings—finan- agency and custodial accounts and
domestic issues (that is, 27 percent of cial and nonfinancial—unlike the SEC street name, amounted to about 60
the $5.5 billion aggregate obtained from figures that are discussed in part 4.) percent of listed stock and 70 percent
corporate income tax returns), the The value for listed stock increased at of unlisted stock. Nonprofit institutions
resulting ratio of dividends to market a slightly lower rate, unlisted nonfinan- accounted for 18 percent of listed stock
value 2s is that characteristic of listed cial stock at a somewhat more rapid and, under the assumptions here, for
stock as a whole. This tends to con- rate, and mutual funds, of course, at a very little unlisted stock. Intercorfirm the reasonableness of the assump- much more rapid rate, than the total.31 porate holdings accounted for 18 perIn view of the substantial trend during cent of listed stock and over one-fourth
tions as to portfolio composition.
Since the stock of mutual funds and the intervening years toward the listing of unlisted stock. The latter result
unlisted stock of banks and insurance of bank holding company stock, it is depends to some extent on the assumpcompanies is to a very large extent perhaps not surprising that the market tion that corporations are considheld directly by individuals, and since value of unlisted stock of banks and erably more likely than individuals to
there are good external estimates of insurance companies increased very hold substantial amounts of nondividend-paying stock in small unlisted
the total market value of such stock, little.
In 1971, individuals' direct holdings firms other than mutual funds and
individuals' direct holdings are obtained
by adjusting total market value for the accounted for over 40 percent of listed banks and insurance companies.
holdings of fiduciaries and other ownership groups. The market value of individuals' direct holdings of other unlisted stock is then obtained by removing, from the sample-derived dividends
on all direct holdings, the dividends
already accounted for by the estimated
The most widely publicized structural more often than not on the same side
direct holdings of listed stock, stock of
developments
in the securities markets of the market. The result is said to be
mutual funds, and unlisted stock of
banks and insurance companies. The over the past two decades have been the much greater price volatility in the
residual dividends are then converted very substantial growth in the relative stock in which institutions trade than
importance of financial institutions in would exist in a market dominated by
to a market value figure.29
32
The value of unlisted holdings of the ownership of corporate stock and individual investors. Price volatility,
fiduciaries, nonprofit institutions, and the even more rapid rise in their except to the extent it can be offset
foreigners is already determined by the stock-trading activity. These develop- through diversification, increases the
portfolio composition assumptions, ments, associated with a corresponding risk of stock investment and hence
decline in the relative importance of the cost of equity capital. Moreover,
individual investors, have been cited it has been claimed that, to the extent
28. This ratio is the product of the proportion of stock
as having seriously adverse effects on institutions divert funds that would
paying dividends and the dividend yield.
29. The ratio of dividends to total market value used is
market liquidity and, indirectly, on otherwise have been invested in small
somewhat higher than the sample-weighted ratio for nonthe ability of most corporations to and risky issues, they tend to depress
financial firms traded OTC. This is done in the belief that
individuals probably would not be inclined to hold the very
raise equity capital. Thus, it has been the prices of such issues and, as a
high proportion of nondividend-paying stock that characargued that institutions tend to buy result, penalize new ventures.
terizes the small unlisted firms (market value under $15
million) for which there is dividend information.
and sell large blocks of stock and to
30. In comparing this residual market value with interconcentrate their activity on a rela- Trends in institutional stockownercorporate dividends previously assigned to unlisted domestic
issues, the ratio of dividends to market value is found to be
tively small number of large issues. ship
somewhat lower than the sample-weighted ratio. This is a
Pension funds accounted for the largAlso, it has been asserted that, since
consequence of the decision to use a somewhat higher ratio
in converting dividends on individuals' direct holdings to a
they are subject to the same influences, est growth in institutional stockownermarket value figure, since the dividends on individuals'
have access to the same information,
direct holdings and corporate holdings combined bear a
32. There is no convincing evidence that institutional
relationship to the combined market value that is very close
and closely follow each other's assesstrading is in fact associated with greater price volatility.
to the sample-weighted ratio. If the holdings of each group
ments
and
actions,
institutions
are
The Securities and Exchange Commission (SEC) Instituwere made to conform precisely to the overall ratio for the
Part 4: Trends in Concentration of Stockownership
Since Late 1950's
residual category of unlisted stock, the effect would be to
i ncrcase the total holdings of individuals by about $20 billion
and to decrease the holdings of domestic corporations
correspondingly.
31. Since 1971, the growth rate of mutual funds has no
longer exceeded that of the market as a whole.
tional Investor Study (1971) provides some contrary but
generally inconclusive evidence. However, institutions have
become much more important in the stock market since the
period covered by that study.
November 1974
ship. Mutual funds, which were a
not-too-close second for the period as a
whole, were of diminishing relative
importance in recent years. Until this
study, there had been no systematic
examination of the types of individuals
who accounted for the decline in the
individuals' share of stockownership
and trading. It has frequently been
asserted, however, that it is the small
investor who has left the market as a
result of a loss of market liquidity
and unfavorable investment experience.
Before presenting the new data on
trends since the 1950's in the distribution of stockownership among different family income classes, it is useful
to review the available information on
the changing relative importance of
aggregate institutional and family
stockholdings.
In 1950, stockholdings of financial
institutions, other than stock in bankadministered personal trusts, were
about 7.6 percent of the market value
of all noninvestment company stock
outstanding in the United States owned
by domestic individuals, institutions,
and foreigners.33 This figure increased
to 16.5 percent in 1960, 19.8 percent in
1969, 22.5 percent in 1971, and 24.0
percent in 1973. The share of the trusts
remained relatively constant at 10 percent of all such stock during this period.
The share of domestic individuals, inclusive of trusts, declined from 89.1
percent in 1950 to 72.3 percent in 1973.
Institutions' relative importance in
stockownership is greater for publicly
traded corporations and especially so
for corporations traded on the New
York Stock Exchange (NYSE).
The changes in the proportion of the
market value of stock held by institutions reflect the magnitude of their net
purchases of stock compared with the
size of net corporate stock issues and,
presumably to a lesser extent, the price
performance of the stock they held
33. Intercorporate holdings, other than investment company holdings of noninvestment company stock, are excluded
from the total; foreign issues outstanding in the United
States are included. The source of the estimated holdings of
institutions, which includes nonprofit organizations, is the
S KG Statistical Bulletin. Estimates of the total market value
of outstanding stock were also obtained from the SEC for
1950 and 1960, and from the procedures outlined in this article for 1971. Rough approximations were obtained for 1969
and 1973 by extrapolating the 1971 figure on the basis of the
trends shown by the corresponding SEC series. All figures
are yearend.
SURVEY OF CURRENT BUSINESS
compared with the performance of the
market as a whole.34 For 1950-73,
institutional net stock purchases of
$153 billion substantially exceeded net
corporate stock issues of $77 billion.
(Net stock issues are defined as sales of
stock issues less stock repurchases by
U.S. corporations other than mutual
funds.) Net stock issues moderately
exceeded institutional net purchases
until the late 1950's; since then, institutional net purchases have greatly exceeded net stock issues. This excess of
institutional net purchases over corporate net sales of stock in recent years,
averaging more than $7 billion annually
since 1965, represented almost exclusively net stock sales by domestic
individuals.
Trends in individuals' stockownership
Some insights into the characteristics
of the individuals who sold these substantial amounts of stock to institutions
can be obtained from data available
before this study. Thus, it is known that
odd-lot balances (purchases less sales)
on the NYSE and American Stock
Exchange (AMEX), which are relatively more important for small than
for large investors, turned negative in
the late 1950's. The rate of odd-lot
net sales, which amounted to $5.0
billion for 1950-73, increased over the
period and reached a level of about $2.0
billion annually after 1970.35 Moreover,
since 1971, these odd-lot sales balances
have been in excess of net purchases of
mutual fund shares, which are generally
bought by small investors, and since
1972, more mutual fund shares have
been sold than purchased. The rate of
odd-lot net sales over the past two
decades was only a small fraction of the
total net sales by domestic individuals
34. A number of studies document that the investment
performance of institutional investors (that is, rate of return
for a given risk) has not differed significantly from that of
the market as a whole and that the risk characteristics of
stock held by individuals and institutions differ markedly
only in the much higher proportion of non-NYSE stock
owned by individuals. Therefore, the only noteworthy impact of differences in price performance on the relative
importance of institutional holdings of stock would reflect
differences in the price trends of NYSE and other stock.
There is evidence to suggest that NYSE stock did not fare
as well as other stock for much of the 1960's (SEC Institutional Investor Study}, but the reverse was probably true in
subsequent years.
35. SEC Statistical Bulletins for monthly 1973 data; NYSE
1973 Fact Book and A M E X 1973 Data Book for annual data
for other years.
25
to financial institutions. There is thus
some reason to believe that, over this
period, larger individual investors were
also selling stock on balance, that is, the
dollar value of their sales was greater
than their purchases.
This belief is further supported by
the extremely rapid rate of increase in
the number of stockholders after early
1959. This rate of increase was very
much larger than the rate of growth
in the value of all stock owned by individuals that is attributable to net
purchases of stock rather than to
changes in stock prices.36 Thus the
average stockholder owned a smaller
proportion of all stock at the end of
the period than at the beginning.
These results seem to suggest an increase in the diffusion of stockownership among small investors.
However, none of this information
provides very much insight into the
extent of changes in the distribution
of stockownership among different
groups of families since the 1950's
and, in particular, among the more and
less affluent sectors of the population.
Before the availability of the data
provided in this article, there were two
sources of data for investigating such
changes.
The first consists of Smith's and
Franklin's estimates, based on estate
tax returns, of the share of corporate
stock (and other major components of
net worth) held by the richest 0.5
percent and 1.0 percent of the population in 1953, 1958, 1962, 1965, and
1969.37 The second consists of the more
comprehensive data on the income
distribution of dividends by adjusted
gross income (AGI) class available
annually (currently through 1971) from
the Internal Revenue Service (IRS)
publication Statistics of Income—Individual Income Tax Returns.™
36. See part 2 of this article for historical and recent data
on number of stockholders; R. W. Goldsmith, A Study of
Savings in the United States, Princeton University Press,
1955, for historical data on net stock purchases by individuals;
and the SEC Statistical Bulletins for recent data on net stock
purchases.
37. J. D. Smith and S. D. Franklin, "The Concentration
of Personal Wealth, 1922-69," American Economic Review,
May 1974.
38. Both the estate tax and income tax data reflect ownership in the shares of investment companies, including mutual
funds, as well as those of other corporations.
26
SUEVEY OF CURRENT BUSINESS
Smith's and Franklin's estimates
point to a substantial decline in the
share of the richest 0.5 percent and 1.0
percent of U.S. individuals in corporate
shareownership over the 1953-69 period.
This decline is associated with relatively
little change in the share of such individuals in total net worth. There is
some evidence of a decline of the share
of these upper wealth groups in total
net worth from 1965 to 1969; but given
the margin of error associated with estimates based on estate tax data, little
confidence can be placed on this
evidence since it could be changed by
a small revision in either the 1965 or
1969 figures. For corporate stock, the
estate tax estimates indicate a decline
in the share of the richest 1 percent of
individuals, from 86.3 percent of the
market value of all stock in 1953 to
74.4 percent in 1958, 62.0 percent in
1962, 61.2 percent in 1965, and 50.8
percent in 1969.
There are, however, a number of
potentially serious inadequacies in the
estimates derived from estate tax data.
These include (1) possibly substantial
biases involved in the assumption that
the assets and liabilities of decedents
are representative of the assets and
liabilities of living individuals in the
top wealth groups, (2) deficiencies in
the mortality rates used to characterize
specific groups in the population,39 (3)
systematic understatement in the estate
tax estimates of the values of certain
assets held by the top wealth groups
(including closely held stock and large
blocks of publicly traded issues) even
after the reported values are adjusted
on the basis of sample audits, and (4)
the treatment of individuals rather than
families or households as the basic
consumer units. Moreover, Smith's and
Franklin's estimates of the ratio of the
holdings of the upper income groups
to the total market value of stock
owned by all individuals appear to include the shares and certificates of
savings and loan associations as part
of stockholdings, and they use earlier
estimates of total market value, which
39. These deficiencies and other problems of estate tax
data, including the need to adjust for lifetime transfers, have
been discussed most recently in J. D. Smith, The Concentration of Personal Wealth in America, Pennsylvania State
University, 1973.
November 1974
Table 3.—Percentage Distribution of Families,1 Dividend Income, and Value
of Stock by Family Income Level, 1958-71
Family income 2
1958
1960
1964
1969
1970
1971
Number of families
tinder $5 000
$5 000-$9 999
$10 000-$14 999
$15 000-$24 999
$25 000-49 999
$5o'oOO-$99 999
$100 000 and over
- - -
-- -
Total
-
-
-
-
--
-----
- - -
48.75
37.9
8.5
3.5
1.1
.2
.05
43.9
39.4
10.6
4.6
1.2
.25
.05
37.2
38.6
16.0
6.0
1.7
.4
.1
26.9
32.7
21.8
15.2
2.3
.7
.2
23.9
31.9
23.1
15.9
4.3
.7
.2
22.0
31.4
23.5
17.3
4.8
.8
.2
100.0
100.0
100.0
100.0
100.0
100.0
Aggregate dividend income
Under $5,000
$5 000-$9 999
$10 000-$14 999
$15 000-$24 999
$25 000-$49 999
$5o'oOO-$99 999
$100 000 and over
- . - . .- - - - - -
.
- --
Total
-
4.6
10.5
12.9
17.4
20.7
15.5
18.4
5.0
10.7
11.7
18.2
21.8
13.5
19.1
4.0
10.6
11.0
15.1
20.5
17.2
21.6
3.0
9.9
9.4
14.6
20.2
19.8
23.1
100.0
100.0
100.0
100.0
2.9
8.6
9.4
14.1
19.7
20.1
25.2
100.0
2.8
8.2
9.3
13.8
18.9
20.0
26.9
100.0
Aggregate market value of stock
Under $5,000
$ 5 000-$9,999
$10 000-$14,999. .
$15 000-$24 999
$25'oOO-$49,999
$50 000-$99,999$100 000 and over
Total
- - - - - - - -- - ... -
4.4
10.2
12.6
17.2
20.6
15.8
19.2
4.8
10.3
11.2
17.6
21.9
14.0
20.2
3.9
10.3
10.7
15.0
20.4
17.4
22.3
2.6
8.6
9.0
13.7
19.2
20.7
26.2
2.5
7.4
8.4
13.2
18.8
21 2
2S.5
2.4
7.0
8.9
12.8
17.8
20.9
30.2
100.0
100.0
100.0
100.0
100.0
100.0
1. Definition of families includes unattached individuals.
2. Family personal income before income taxes.
Sources: BEA estimates on income distribution by family income class, IRS data on distribution of dividends by AGI,
and results from two special samples of IRS returns for 1960 and 1971. See appendix to part 4 for details.
are less reliable than the revised figures
presented in this article.
The second published source of data
for analyzing changes in the distribution of stockownership by different
income groups—the Statistics of Income (SOI) data on the income distribution of dividends—is subject to fewer
deficiencies than the estate tax data.
It also has the great advantage that
both the total of dividends reported
by all individual taxpayers (on forms
1040) and the specific amounts reported
on each return are subject to check
against external sources. These checks
include the total of dividends reported
paid by U.S. corporations on corporate
tax returns, adjusted in the manner
described in part 3 of this article, and
the IRS audits of man}^ individual
returns, also mentioned in part 3. The
check results provide a reasonable degree of confidence in these data as an
indication of the AGI distribution of
dividends received by individuals who
are required to file tax returns, where
AGI is defined as in the tax laws.
Even the income tax data, however,
have three significant deficiencies for
the purposes of this study. First, AGI
per return is not a satisfactory economic measure of income for a household
unit. It does not conform very closely
to the concept of income used in the
national income accounts or to the
family unit used for distributional
analysis in those accounts. The tax
measure of income is deficient perhaps
most notably because wealthy families
have a tax incentive to distribute
dividend income among different members of the family, each of whom would
file a separate return, and because
certain forms of income are fully or
partially tax-exempt and therefore not
properly reflected in AGI. Second,
families or individuals with AGI below
specified limits do not have to submit
income tax returns. Third, the distribution of dividend income by income
class may differ appreciably from the
distribution of the market value of
stock owned, since in view of the tax
structure, high income families might
be expected to hold stock with a relatively low dividend payout, a high
growth rate of earnings, and, hence, a
high price-dividend ratio.
SURVEY OF CUERENT BUSINESS
November 1974
Table 4.—Trends in the Distribution of Stockownership by Selected Total
Percentiles, 1958-71
Percentage of total income
received by highest
1%
5%
10%
50%
Percentage of dividend income
received by highest
1%
5%
Percentage of stock value owned
by highest
50%
10%
Income
1%
5%
10%
50%
1958
I960. .
1964
7.5
7.2
8.0
19.9
19.4
20.0
29.4
29.0
30.0
76.7
76.8
77.6
50.6
48.4
48.5
72.8
69.8
69.3
82.6
78.3
75.9
95.2
93.5
93.1
51.7
50.5
49.1
73.7
71.3
70.5
83.2
79.5
77.1
95.5
94.0
93.3
1969 .
1970
1971
n.a.
7.6
7.5
n.a.
19.2
19.1
n.a.
29.2
28.9
n.a.
77.1
76.7
45.9
46.9
46.9
63.9
64.8
63.8
72.1
72.1
71.6
91.3
91.1
90.5
50.4
51.5
51.1
66.6
68.0
67.1
74.5
75.4
75.1
92.5
92.4
92.0
N.a. Not available.
NOTE.—The percentages 1, 5, 10, and 50 refer to the specified percentage of families with highest total income.
Source: See appendix to part 4 for details.
Despite these deficiencies, the income
tax data might be expected to provide
a reasonably good indication of the
trend in the income distribution of
dividend receipts, from which the trend
in market value can be estimated, in
periods when there were only small
changes in the relevant tax laws.
Thus, in 1958-69, when there were no
major changes in the definition of AGI
or in the minimum income classes
required to submit tax returns, there
is again evidence of a reduction in
concentration of dividend income by
total income class.40 The Lorenz curves
for these years, with the cumulative
percentage of returns on one axis and
the cumulative percentage of dividends
on the other, indicate a continued shift
in dividend income (in percentage
terms) away from the upper income
groups. A further small movement in
the same direction occurred in 1970,
but in view of the very substantial
upward revision in the minimum income
classes required to submit tax returns,
not too much reliance can be placed on
this finding. No further change in the
income distribution of dividends occurred in 1971.
Thus, the income tax, like the estate
tax, data point to some tendency toward a further reduction in the concentration of stockownership among
the upper income groups after 1958.
However, the reduction implied by the
income tax data on dividends seems
less than that indicated by the estate
tax data on market value of stock held,
unless the differential changes in pricedividend ratios for the upper and lower
income groups are much larger than seems
plausible. According to the income tax
data, the 1 percent of returns with
highest income received 52 percent of
all dividends reported on tax returns in
27
1958, 49 percent in 1960, 43 percent in
1969, and 42 percent in 1971. This
trend implies a much smaller decline in
the concentration of stockownership
than the estate tax estimates mentioned
earlier.
New data on distribution of stock"
ownership
More satisfactory estimates of the
recent trends in the distribution of
stockownership by income class can be
obtained by extrapolating the BEA
estimates of the distribution of dividend
income by family income class. These
estimates can be extrapolated from the
one year for which they are available to
other years on the basis of the IRS
data on dividend income by AGI
class. The resulting time series can then
be converted to a series on the distribution of market value on the basis of
CHART 6
Trends in the Distribution of Stockownership
Lorenz Curves, 1958-71
100
90
80
1958
1960
—
1969
1971
70
60
o
50
40
30
20
.
10
40. In 1966, dividend income on form 1040A had to be
reported separately for the first time and, hence, could be
included in the SOI data. A special tabulation for that
year, however, indicates that the amount of dividends
involved was negligible, and the estimated income distribution of dividends in 1966 (as measured by a Lorenz curve)
was quite close to that in 1965.
10
20
U.S. Department of Commerce, Bureau of Economic Analysis
30
40
50
60
Number of Families (Percent)
70
80
90
100
28
appropriate price-dividend ratios derived from the two special samples of
individual tax returns for 1960 and
1971 discussed in the appendix to part 5.
The BEA estimates used for this
purpose consist of the distribution of
families and income by family income
class for 1958, 1960, 1964, 1970, and
1971 and the distribution of dividend
income by family income class for
1964.41 The SOI data used are those on
the distribution by AGI class of the
number of income tax returns, AGI,
and dividends for 1958-71. The methodology followed in combining these
different sources utilized the SOI data
on changes in the distribution of returns
and dividends by AGI class in 1958,
1960, 1969, and 1971, relative to a 1964
base, to estimate the corresponding
changes in the BEA distribution of
dividends by family income class.
Appropriate price-dividend ratios were
then applied to obtain estimates of the
distribution of the market value of
stock held by different family income
classes (see appendix to part 4 for
details). The distribution of dividend
income by BEA family income class,
which was obtained as an intermediate
step, shows a smaller shift in Lorenz
curves from 1968 to 1971 and in the
concentration of dividend income
among the top income recipients than
the income tax data described previously.42
41. The 1964, 1970, and 1971 figures on the income distribution of family income were obtained from Radner and Hinrichs, "Size Distribution," the 1958 and 1960 figures were
derived from the SURVEY OF CURRENT BUSINESS, April 1964,
and the 1964 figures on the distribution of dividends were
obtained from Size Distribution of Family Personal Income:
Methodology and Estimates for 1964, BEA Staff Paper No. 21,
June 1973. The 1964 estimates are the most reliable; the 1958
and 1960 estimates used a somewhat less satisfactory methodology than those for 1964, 1970, and 1971, and figures for the
last 2 years do not incorporate as much information as those
for 1964. The main conceptual differences between the preand post-1964 income estimates are the inclusion of income
(including dividends) retained by fiduciaries and private
pension and annuity benefits in the more recent, but not in
the earlier, series, while the reverse change occurred for
benefits received from health and welfare funds and employer
contributions to pension funds. The conceptual differences
will affect somewhat the comparability of the measures of
total, but not dividend, income presented in this article,
since the 1964 procedures for dividend income have been
applied to the other years.
42. The BEA family income estimates differ from AGI
reported on tax returns (1) by using a family (or unrelated
individual) instead of the tax return as the basic economic
unit, (2) by covering money income that does not have to be
reported or is underreported on tax returns, and (3) by including nonmoney income and (4) by excluding all capital
gains and personal contributions for social security.
SURVEY OF CURRENT BUSINESS
The results of this analysis show a
continued downward movement in the
share of dividends received and stock
held by upper income groups for the
period 1958-69, with little change for
1969-71 (see tables 3 and 4 and chart 6).
The share in stockownership of the
richest 1 percent of the population
changed very little over the entire
period, in contrast to an appreciable
decline from 1958 to 1969 in the share
of the other upper income groups. The
absence of any clear decline in the
concentration of total family income
(see table 4) may reflect the fact
that the 1958 and 1960 income distributions tend to overstate somewhat
the share of the bottom quintile in
total income as compared with the
1964,
1970, and
1971 income
distributions.43
Thus, for this period, there does not
seem to be any support for the belief
that small individual investors have
been switching out of stocks to a greater
extent than large individual investors.
On the other hand, it is true that the
substantial rate of decline in the concentration of stockownership among
upper income groups, which characterized the period preceding 1958,
seems to have slowed. To some extent,
the slowing in the historical trend
toward a more equal distribution in the
direct ownership of stock among different income groups might be considered to reflect the rise in indirect
ownership by the lower and middle
income groups as a result of their
growing beneficial ownership of stock
through financial institutions that do
not issue their own stock. However,
such beneficial ownership largely reflects the growing importance of corporate pension funds, where, as a
result of contractual obligations, the
corporations are more likely than the
employee beneficiaries to gain (or lose)
by the composition of the funds' portfolios. As a result, there is little reason
for families to take into account their
indirect interest in stock held by such
funds in determining the proportion of
their own assets to invest directly in
stock. While families may well treat
equity in a pension fund as a partial
43. Radner and Hinrichs, "Size Distribution."
November 1974
substitute for other forms of saving as
a whole, any effect of an increase in a
family's pension equity on a single form
of saving, such as investment in stock,
is likely to be Mnall.
A question that naturally arises is,
How do these trends in the income distribution of stockownership compare
with trends in the income distribution
itself? Though the estimates on the
distribution of total income by income
class are subject to a considerable
margin of error, they probably are
sufficiently accurate to depict significant changes over time. The estimates
show very little change in the concentration of total income by income
class in the entire period after World
War II. There is some evidence of a
decline in the share of total incomes
received by the top income brackets
(the highest five or so percentiles) ,44
However, the decline in concentration
of income among the top five percentiles after the war was rather small,
and the Census Bureau's Current
Population surveys suggest that the
share of the top percentile in total
money income may have been rising
since 1967.45
It would appear, therefore, that given
the margin of error in these estimates,
the most impressive finding is the
relative constancy of income shares by
different income groups. This contrasts
to the substantial movement toward a
more egalitarian distribution of income
from the 1920's to the postwar period—
a movement that would be even more
pronounced on an after-tax basis.46
Thus, while the distribution of both
total and dividend income became much
less concentrated from the 1920's to the
end of World War II, only dividend
income continued to show a significant
trend toward less concentration in the
44. E. C. Budd, "Postwar Changes in the Distribution of
Income in the U.S.," American Economic Review, May 1970,
and Radner and Hinrichs, "Size Distribution."
45. The more comprehensive BEA series are not available
for the years between 1964 and 1970.
46. Kuznets, Shares. See also U.S. Income and Output,
U.S. Department of Commerce, 1958, which presents estimates by S. F. Goldsmith for 1929 and 1956.
November 1974
following years, and even that trend
seemed to have been muted considerably in recent years.
Another question that can be raised
is, How do the trends in the income
distribution of stockownership compare
with those in total wealth or net worth
(that is, the market value of assets less
liabilities)? While the data available for
answering this question are rather weak,
they again point to a decline in the
share of wealth owned by the top
income groups (highest 1 percent) from
the 1920's to 1945, with no definite
trend thereafter.47
The finding that a clear trend toward
a more egalitarian distribution of individual income and stockownership persisted after 1945, unlike the behavior of
net worth or income, may reflect the
fact that the ownership of corporate
stock was (and to a lesser degree still
is) much more concentrated among
upper income groups than is true of
wealth generally. Thus, the observed
trend is consistent with a greater diversification of asset structure by both
upper and lower income groups. It may
also reflect (1) the increased use by
wealthy investors of other forms of
SUEVEY OF CURRENT BUSINESS
investment (such as municipal bonds
and real estate holdings) to minimize
taxes, in view of the marked rise in tax
rates from the prewar period, (2) the
publicity given to the high stockmarket
returns realized over the postwar period
until recent years, and (3) the extensive
efforts made by the Wall Street community to attract small investors into
the market.
Finally, the reduction in concentration of stockownership among upper
income groups that has taken place over
the past half-century does not necessarily imply any reduction in the
concentration of corporate control.
What has occurred is that many individual holdings of all sizes have been
replaced by a small number of very
large institutional holdings, and an
extremely large number of new and
generally rather small stockholders have
acquired shares through the reduction
in holdings of a comparatively small
number of much more substantial
individual investors.48 Both developments would appear to facilitate managerial control of U.S. corporations, at
least until institutions play a more
active role in corporate affairs.
Part 5: Distribution and Performance of Stockholdings
by Types of Investors and by Types of Stock
Besides providing an estimate of the
market value of stock held by individuals and permitting an analysis
of the trends in the concentration of
holdings the 1971 special sample of
Individual Income Tax Forms 1040 collected for this study can be used to
gain insight into the distribution and
performance of stockholdings by types
of investors and by types of stock.49
47. Smith and Franklin, "Concentration"; J. B. Lansing
and J. Sonquist, "A Cohort Analysis of Changes in the
Distribution of Wealth," Six Papers on the Size Distribution
of Wealth and Income, National Bureau of Economic Research, 1969; and Lampman, Share.
48. This is reflected both in the much more rapid increase
in the number of individual stockholders than the growth
in the value of outstanding stock attributable to new issues,
and in the substantial reduction in the proportion of the
market value of stock held by the upper income groups.
49. The appendix to part 5 describes the 1971 special sample
in detail.
Employment status
The 1971 special sample of individual
income tax forms reveals that employed
29
persons, including (for this article)
the self-employed, accounted for 60.3
percent of the forms 1040 filed in 1971,
but only 49.0 percent of the market
value of stock held by individuals
(see table 5). As a group, therefore,
employed persons accounted for a
smaller percentage of stock held than
of forms filed. Within this group,
however, a more detailed breakdown
shows that managers were responsible
for only 10.2 percent of the forms filed,
but accounted for 19.0 percent of the
stock held by individuals.
In 1971, retired persons filed only
16.5 percent of the foims, but owned
19.3 percent of individual stockholdings.
Like the retired, the other two
broadly defined employment status
groups, not gainfully employed and
unknown, owned larger percentages of
stock than the percentages of forms
filed. The not gainfully employed undoubtedly included some unemployed,
some housewives, some wealthy individuals who had no need to work,
and some minors who filed forms
separately from those of the economic
head of the household. The unknown
category represents forms for which the
occupation box was left blank. These
filers could have had any employment
status, but data to be presented later
suggest that most of these forms were
filed by retired and not gainfully
employed persons.
A more detailed analysis of the
occupational data suggests that the
larger percentage of stock held by
managers relative to the percentage of
forms filed, and the correspondingly
Table 5.—Distribution of Individuals' Stockholdings by Employment Status, 1960 and 1971
Employment status
Employed
Managers
Professional
Clerical
Sales
Farmers
Other
Percentage of
forms, 1971
Percentage of market value
Total
Change
1960-71
49.0
55.2
-6.2
16.5
4.5
18 7
19.3
6.5
25.2
13.6
6.1
25.1
5.7
.4
.1
100 0
100.0
100.0
.0
60 3
19.0
10.9
14
10 2
14.4
4 6
7 0
2 1
22.0
Retired
Not gainfully employed
Unknown
1960
1971
3.9
1.4
12.4
NOTE.—Employment categories were defined by the Bureau of the Census. Self-employed persons are included in the,
employed category.
Sources: 1971 special sample and Crockett and Friend, "Characteristics."
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30
November 1974
Table 6.—Percentage Distribution of Market Value of Individuals' Stockholdings in Various AGI Classes by Market Type of Issuing
Firm, 1971
N YSE by market value of outstanding
shares (millions of dollars)
AGI class
500 or
more
Under $5,000
$5 000-$9 999
$10 000-$14 999
$15 000-$24 999
$25 000-$49 999
$50 000-$99,999
$100,000-$199,999
$200 000-$499 999
$500 000 and over
-- - --
100 to
499
Under
100
Unidentified stocks
AMEX
OTC
Total
Banks and
insurance
companies
Miscellaneous
Agency,
custodial,
and street
name
Mutual
funds
Trusts
and
estates
Total
30.5
24.9
32.0
7.6
4.6
9.5
3.9
3.7
2.0
42.0
33.2
43.5
0.8
3.1
1.4
2.0
6.5
3.3
7.9
1.3
4.6
24.1
12.8
16.0
2.5
4.5
7.4
15.2
23.5
9.6
5.4
15.2
14.2
100.0
100.0
100.0
29.9
28.3
24.0
24.1
26.0
10.9
9.1
10.9
8.0
6.4
6.2
12.1
2.2
2.7
2.5
1.6
2.1
2.7
41.2
41.9
34.5
32.1
34.3
25.7
2.0
2.2
2.6
3.2
2.3
3.1
5.4
6.1
4.9
8.0
7.3
7.4
4.7
4.1
6.2
4.0
2.8
2.8
18.9
17.2
23.5
26.8
21.3
20.3
4.9
6.1
7.2
7.5
4.5
12.9
11.2
5.0
3.0
1.7
0.5
0.0
11.7
17.5
17.9
16.6
26.9
27.7
100.0
100.0
100.0
100.0
100.0
100.0
Source: See text.
smaller holdings of other employed
persons, stem not from any greater
predilection of managers, as managers,
to hold stock, but rather from the fact
that managers have higher incomes than
other employed persons. If managers
were to have a greater predilection for
stock, one would expect that at any
level of income, the ratio of the proportion of stock owned to the proportion of forms filed would be larger for
managers than for other employed
persons. However, an examination of
such ratios for each of several income
classes50 reveals no such tendency.
Thus, for any class of employed persons, the percentage of market value
held by filers in any adjusted gross
income (AGI) class of less than $50,000
is smaller than the percentage of forms
filed, and greater for those in any AGI
class of $50,000 or over.51
For each of the three remaining
categories—retired, not gainfully employed, and unknown—filers in any
AGI class in excess of $25,000 accounted
for more stock than their numbers
would have implied, while the reverse
occurred for those in lower AGI
classes. Since individuals in the first
two categories would be receiving little,
if any, wage income, it might be expected that more of their AGI would
come from dividend income than for
employed persons. Therefore, the levels
of AGI at which the percentage of stock
held exceeded the percentage of forms
filed would be expected to be lower for
these two groups than for the employed
groups. A comparison of the percentage
of stock owned with the percentage
of forms filed in the unknown category
reveals a pattern more like that of the
retired and not gainfully employed than
of the employed. This fact suggests
that most of the filers in the unknown
category were not employed.
Compared with the 1960 results, the
share of the market value of individual
holdings attributable to the employed
filers fell by 6.2 percentage points.52
Over the same period, the retired increased their share 5.7 percentage
points. Since the proportion of retired
in the population of persons over 21
increased by only 1.0 percentage point,
this abolute increase in stockownership
also represents a relative increase.
Because the breakdown of the employed
in 1960 appears to be based upon
slightly different definitions, a satisfactory comparison with the new results
is not possible.53
50. This analysis is based upon the income classes given in
table 6.
51. As the previous part pointed out, there are distinct
limitations of the use of AGI as a measure of economic earnings. Nonetheless, for lack of a better measure, this part uses
AGI as a surrogate for such earnings.
52. Crockett and Friend, "Characteristics."
53. That the changes in the not gainfully employed an
unknown categories—two categories that were presumably
defined identically in 1960 and 1971—were small suggests that
the identified breakdowns in both years were consistently
denned.
Types of stock held
To analyze the kinds of stock held
by AGI class, the total value of each
issue held by filers within each AGI
class was estimated. Each issue was
then classified into one of several
broadly defined stock categories, and
the total market value within each
category was calculated. Table 6 lists
these categories and the market values
expressed as a percentage of the total
stock held within each AGI class.
With the exception of the unidentified
stock, the descriptions are self-explanatory. The unidentified banks and
insurance companies consist of the
companies whose names are clearly
those of a bank or an insurance
company, but for which additional
financial data are unavailable. For the
most part, the stock in the unidentified
miscellaneous category represents closely
held over-the-counter (OTC) stock
with limited markets or OTC stock
with a small number of shares outstanding.
The proportion of stock invested in
New York Stock Exchange (NYSE)
issues and held in an individual's own
name tends to decrease as income increases. The rank order correlation is
— 0.67, which is significant at the 10
percent level. Within the NYSE, this
negative relationship is apparent for
issues larger than $500 million and
smaller than $100 million. For the
middle-sized issues, $100 to $500 million, the relationship is positive but not
significant (rank order correlation of
0.23). OTC, agency and street name,
and estates and trusts are strongly
positively related to AGI, with rank
order correlations of 0.73, 0.60, and 0.88,
respectively. (Street name stock is
stock held as nominee by a brokerage
house for the interest of the beneficial
owner.) If not a statistical aberration,
the large percentage of assets in agency
and street name for those with AGI
in excess of $500,000 may stem from the
desirability for individuals with extremely large portfolios to delegate the
custodial function. For the unidentified
stock, the relationships between the
November 1974
SURVEY OF CURRENT BUSINESS
percentage of stock held and AGI class
are very weak.54
A percentage distribution for each
AGI class by industry group instead of
by broad market type was also prepared. An analysis of this distribution
reveals a remarkable similarity in the
percentages of each industry held
across AGI classes. The only major
differences across AGI classes occurred
in the telephone and communication
industry and in the utilities. Both of
these industries tended to be a much
more important part of the portfolios
of lower income filers than of upper
income filers.
For filers in AGI classes of less than
$25,000, the percentages in utilities
ranged from 4.7 to 6.5; for incomes of
$200,000 and above, the percentages
were less than 1.0. While the 1960
study found a similar pattern by AGI,
it may be noted that the percentages of
individual portfolios held in utility
stock at all levels of AGI were larger
in 1960 than in 1971.
For filers with incomes of less than
$25,000, the percentages invested in
the telephone and communication industry ranged from 5.0 to 10.5; for
incomes of $200,000 and above, the
percentages ranged from 0.6 to 3.6.
In 1960, the comparative importance
of holdings in this industry in portfolios of persons in the lower, relative
to the upper, AGI classes was even
more pronounced than in 1971.
Diversification
teristics
and return
56. In theory, such a portfolio should include all assets
held by an individual, including human wealth. In practice,
the risk of a portfolio of common stock is typically evaluated
in isolation from other assets because of data limitations.
The empirical work based on the 1971 special sample can
only, and therefore will only, evaluate the characteristics of
the common stock portion of an individual's assets.
57. P. A. Samuelson, "General Proof That Diversification
Pays," Journal of Financial and Quantitative Analysis,
March 1967.
58. The Federal Reserve Board's Survey of Financial
Characteristics of Consumers in 1962 would seem to be an
ideal survey to analyze diversification. The Rodney L. White
Center is currently analyzing this file to provide confirmation
of the results derived from the 1971 special sample.
results are so strong that it is doubtful
that the inclusion of issues with no
dividends would substantially alter the
qualitative nature of the conclusions.
One theoretically appealing index of
diversification would be a function of
the potential reduction in the variability
of the returns on a portfolio through
further diversification, holding expected
return constant. Since the data needed
to construct such an index are unavailable, other less satisfactory measures
must be used. One measure of diversification that has been used in other
other studies is the number of issues in a
portfolio. The underlying assumption
is that the greater the number of issues,
the greater the potential for diversification. On average, this statistic ranges
from 3.2 for filers with AGI of less
than $5,000 to 18.7 for filers with AGI of
$500,000 and over (table 7). It is not
until an AGI of $100,000 is reached
that the average number of items per
form exceeds 10.0.
In 1963, the Internal Revenue Service (IRS) collected information on the
number of payer corporations per
return by AGI class.59 Because of
changes in the levels of income and
definition of AGI, it is difficult to
compare the 1971 results with those for
1963. Nonetheless, it does not appear
that there have been marked changes
in the number of issues held per port59. SOI, 1963: Individual Income Tax Returns.
charac-
To measure the diversification and
return characteristics of the portfolios
of individuals, several statistics for
each portfolio were calculated. Table 7
presents averages of these statistics by
AGI class and in total. Before examining these averages, however, it may be
useful to review some of the fundamental tenets of portfolio theory.
Under several alternative assumptions, it can be shown 55 that an in54. The large percentage for unidentified banks and insurance companies for the lowest AGI class may result from the
misreporting, as dividends, of interest from privately owned
banks and thrift institutions and "dividends" from participating policies of stock companies. As explained in the
appendix to part 5, there was substantial evidence of such
misreported dividends from mutual companies in the 1971
special sample of individual tax forms.
55. H. Markowitz, Portfolio Selection: Efficient Diversification of Investments, John Wiley and Sons, 1958.
vestor, whether he be risk-averse or
not, can evaluate a portfolio in terms
of the prospective expected return and
standard deviation of the return, where
return includes all dividends and capital gains or losses.56 Further, a riskaverse investor would always want to
minimize the standard deviation of the
return for any given level of expected
return. In this theoretical framework,
the risk of a portfolio might be equated
with the standard deviation of returns.
As long as returns on individual securities are not perfectly positively correlated, diversification will always pay.57
The 1971 special sample does not
provide an ideal basis for estimating the
extend to which individuals have diversified their portfolios of common stock
because the sample contains information only on dividend-paying items.
Yet an analysis of just these items does
give a great deal of insight into the
amount of diversification in individual
portfolios of common stock.58 The
31
Table 7.—Measures of Risk, Diversification, and Realized Returns by AGI Class, 1971
Realized returns (percent)
No. of
items per
portfolio
AGI class
Diversification
measure
1/70-12/70
Under $5,000 ..
._
$5,000-$9,999.
. . . . . .
$10,000-$14,999
$15,000-$24,999
$25,000-$49,999
$50 000-$99 999
$100,000-$199,999.
$200,000-$499,999. .
$500,000 and over.. ...
Total .
.
.
..
All items
NYSE only
7/71-6/72
7/71-6/72
3.2
3.8
4.0
4.3
6.7
9.2
13.2
16.8
18.7
0.59
.55
.47
.48
.47
.52
.56
.55
.64
2
3
4
4
0
0
2
-3
2
5
-1
5
6
5
6
7
9
3
10
8
9
11
11
12
12
12
10
4.5
.52
1
5
11
NOTE.—The measures are weighted averages of the measures for the individual portfolios. The weight given to a specific
portfolio is proportional to the product of the market value of the sample portfolio and the appropriate blowup factor given in
the appendix to part 5.
Source: See text.
32
folio at comparable levels of AGI.
Below an AGI of $50,000, the number of
dividend-paying issues held per portfolio was less than 10 in 1963; above
this AGI, the number was greater than
10. If an AGI of $50,000 in 1963 is
roughly comparable to an AGI of
$100,000 in 1971, the 1963 and 1971
results are strikingly similar.
With any reasonable estimate of the
number of nondividend-paying items,
the portfolios in 1971 or 1963 would
not be considered highly diversified,
even at the higher levels of AGI. 60
At the lower levels of AGI, diversification is extremely limited.
To achieve the full potential of
diversification within a fixed number of
issues, not too much of one's assets
should be concentrated in any one or
two securities. A better measure than
number of items held of the extend to
which the value of a portfolio is concentrated in a few issues can be constructed by summing the squares of
the proportions invested in each
security. Thus, a portfolio of two securities with 90 percent in one and 10
percent in the other would have a
diversification measure of 0.82, the sum
of the squares of 0.9 and 0.1, while an
equally weighted portfolio of two securities would have a diversification
measure of 0.5. In general, this diversification measure will be between 1.0
and the reciprocal of the number of
items in the portfolio. The lower the
diversification measure, the more
diversfied the portfolio.
The average values of these measures,
given in table 7 by AGI class, range
from 0.47 to 0.64. This range is roughly
consistent with the level of diversification achieved in an equally weighted
portfolio of two securities. Thus, at least
on average, individuals tend to concentrate their holdings in a limited number
of issues, probably taking on considerably more risk than necessary.
The inherent danger in reporting only
an average of some statistic is that there
is always a tendency to attribute to
each component the average value and
60. The empirical evidence in Lawrence Fisher and James
II. Lorie, "Some Studies of Variability of Returns on Investment in Common Stocks," Journal of Business, April 1970,
shows that equally weighted portfolios of 128 securities are
considerably better diversified than equally weighted portfolios of only 8 or 16 securities.
SURVEY OF CURRENT BUSINESS
not to recognize that the values for the
components can vary quite widely.
Consider, for instance, an average
diversification measure of 0.46 for two
portfolios, each of which contains 10
securities. This figure of 0.46 could be
obtained from two poorly diversified
portfolios in which 48 percent is invested in each of two securities and
the remaining 4 percent spread equally
over the remaining eight. The same
average could be obtained from one
well-diversified portfolio with 10 percent invested in each security and a
virtually undiversified portfolio with 90
percent in one security and the remainder spread equally over the other
nine securities.
For an examination of the dispersion in the diversification measures,
the data underlying table 7 were further analyzed. This analysis shows
that there is much variability in the
extent of diversification of individual
portfolios. It is estimated that 13 percent of filers reporting dividends and
holding 24 percent of stock had a diversification measure of 0.23 or less, while
more than 40 percent of filers holding
22 percent of stock had a diversification
measure of 0.88 or larger.61
One reason why a person might hold
an undiversified portfolio is to be able
to realize the potential returns from
superior security analysis. (In this
connection, it might be noted that there
is no evidence that any substantial
group of investors, except for exchange specialists and, to some extent,
corporate insiders, has outperformed
the market consistently over long
periods of time.) A second reason is
that an individual may have a large
holding in a particular security in order
to maintain effective control over the
company. A third reason is that, over
time, the one or two securities with the
highest returns will tend to dominate
a portfolio if, because of tax considerations or other reasons, no adjustments
are made. A fourth reason is that some
investors do not understand the principles of diversification; therefore, the
standard deviation of returns on a
61. To determine whether trusts, custodial, or agency
accounts might have biased the average values for the diversification measures, the measures were recalculated excluding
any form with this kind of item. The averages were not substantially changed and, in some cases, even increased.
November 1974
portfolio is not the appropriate measure
of risk in explaining their behavior.
The explanation for such poorly diversified portfolios must await further
research.
Though these two measures of diversification suggest that some investors
may be assuming greater risks than
necessary through improper diversification, the measures are deficient in
that they do not distinguish among
stock with different degrees of nondiversifiable risk. A preliminary analysis using the so-called beta coefficient—
a standard measure of nondiversifiable
risk—shows that filers with larger
AGI tended to hold stock with greater
nondiversifiable risk.62 This analysis
also shows that managers tended to
hold the riskiest, and retired and not
gainfully employed the least risky,
portfolios.
The final characteristic to be measured in this part is the rate of return,
including dividends and capital gains,
that individuals realized on their stock
portfolios. Returns have been calculated for NYSE issues for 1970 and
for July 1971 through June 1972.
Returns were also calculated for all
items in the latter period.63 Since the
composition of individuals' portfolios
is estimated from the dividends received over all of 1971, the estimated
composition would be expected to be
closest to the actual composition on
June 30, 1971—the midpoint of the
year. Thus, the returns from July 1971
through June 1972 can be interpreted as
those that would have been realized on
the portfolios attributed to individuals
in mid-1971 if there were no changes in
these portfolios over the subsequent
year. The rates of return for 1970 are
more suspect, since they are based upon
the composition of the portfolio as estimated from dividends in 1971, even
though the 1970 composition would be
expected to be somewhat different.
However, the turnover rate of the
aggregate of stock held by individuals
is not great, so that these returns
62. Marshall E. Blume, ''On the Assessment of Risk,"
Journal of Finance, April 1971, contains a summary of the
rationale underlying this measure and the procedures for
calculating it.
63. Any item for which the return was unknown was
assigned a default value, as explained in the appendix to
part 5.
November 1974
probably approximate quite closely the
returns realized by individuals in 1970.
In 1970, individuals on average
gained 1 percent on their NYSE
dividend-paying investments. From
the files of the Rodney L. White
Center, it was determined that the
value-weighted return on all dividendpaying stock was 0.7 percent; thus,
individuals fared as well as the market.64
On average, filers with AGI less than
$25,000 realized somewhat greater returns than those with higher AGI.
From July 1971 through June 1972,
individuals on average realized 5 per-
SUEVEY OF CURRENT BUSINESS
33
cent on their NYSE stock and 11
Items 4 and 6-8: Market value data
percent on all items. The larger returns were derived from SEC Statistical
on all items resulted from the sub- Bulletin, May 30, 1973, p. 520. Yearend
stantially better performance of OTC values were adjusted to midyear on
issues in this period. From the Center's the basis of the NYSE index of stock
files, it was found that the value- prices; they were then multiplied by
weighted return on all NYSE dividend- the ratio of dividends to market value
paying stock was 8.8 percent.65 Indi- utilized for item 3. For item 8, this
estimate of dividend receipts was augviduals thus fared somewhat worse
mented by 8 percent of the dividend
that the market, at least on their NYSE
receipts of estates and trusts, to allow
stock.66 In contrast to the 1970 results, for dividends retained by fiduciaries on
individuals with higher AGI averaged behalf of charitable organizations as
marginally higher returns than those beneficiaries. The estimate was further
with lower AGI.
augmented by $150 million, estimated
to be received by church and hospital
endowments not covered by the SEC
figure for foundations. The dividend
receipts of corporate pension funds and
of State and local government retirement funds, as derived from SEC
market value figures, were increased by
the United States: Developments in $150 million and $50 million, respec1972," SURVEY OF CURRENT BUSINESS, tively, to account for stockholdings of
August 1973, p. 18. Dividends on the union pension funds, corporate profit$7 billion of foreign portfolio stock sharing funds, and understatement of
held by domestic ownership groups municipal retirement funds due to
were estimated by multiplying market incomplete coverage.
Item 9: Market value of stockvalue by the ratio of aggregate dividends to aggregate market value for holdings of bank-administered trusts
NYSE, American Stock Exchange and estates were obtained from Trust
(AMEX), and large OTC issues com- Assets of Insured Commercial Banksbined as of mid-1971. The resulting 1971, Board of Governors of the Federal
figure was slightly increased to allow Reserve System, Federal Deposit Infor cash distributions other than divi- surance Corporation, Office of the
dends, and $90 million was allocated Comptroller of the Currency. Divito holding and investment companies dends were derived by multiplying
on the basis of SOI information on market value by the ratio utilized for
the foreign dividends received by such item 3. This dividend estimate was
companies. The remainder was assigned then expanded to cover dividend reto individuals, fiduciaries, and tax- ceipts of all estates and trusts by
exempt institutions.
multiplying by the ratio of the 1970
Appendix to Part 3: Estimation of Aggregate Value and Distribution
of Dividends and Stockholdings
The dividend gap (table 1)
Items 1, 2, and 11: These items were
obtained from SOI, Preliminary 1971:
Corporation Income Tax Returns, pp.
4 and 18. Item 2 was adjusted to exclude dividends paid by Federal Reserve banks, which did not enter into
item 1. Item 11 was slightly reduced
on the basis of later information.
Item 3: Market value figure was
derived from R. B. Scholl, "The
International Investiment Position of
64. The NYSE Composite Index in 1970 fell 2.5 percent
before adjustment for dividends. After a 3.1 percent adjustment for dividends, the Center's files and the NYSE index
give virtually the same results.
65. In the same period, the NYSE Composite Index
implies a return of 7.7 percent before adjustment for dividends and 10.8 percent after adjustment. It is not known
what the actual reasons are for the difference of 2.0 percent
between the Center's estimate and the NYSE's estimate.
There are, however, several conceptual differences between
the two indexes. First, the Center's return includes preferred
stock, and NYSE-preferred stock returned only 1.5 percent
in this period. Second, in determining market weights, the
Center uses as the number of shares the number authorized
to be issued and issued, less Treasury shares; the NYSE bases
its index on the number of shares authorized to be listed and
listed. The most significant difference from this source is the
weights given to foreign companies traded on the NYSE.
Third, the Center's returns include only dividend-paying
stock. Although nondividend-paying stock performed better
in this period, adjusting for them would change the Center's
return by only 0.1 percent. Since the returns in table 7 were
calculated from the Center's files, the Center's return of 8.8
percent is the most reliable benchmark for comparison.
66. That individuals performed less well in this period
means that nonindividuals, primarily some groups of institutions, must have performed better. While mutual funds did
not perform better than the market, there is some evidence
that banks performed considerably better. (William G.
Burns and Richard H. Klemm, "Performance of Bank
Managers of Trust Funds," Rodney L. White Center for
Financial Research, University of Pennsylvania Press,
August 1973.)
Table A.—Estimation of Dividend Income of Fiduciaries Distributed to Individuals, to
Charitable Organizations, and Not Distributed, 1971
Percentage allocation of
gross income less business
deductions and distributions to other fiduciaries
Estimated allocations of dividend receipts
(billions of dollars)
1965
1971
Taxable
fiduciaries
Distributions to individuals. .
Distributions to charitable organizations
Retained income_.
Administrative costs
Taxes paid
__
Total uses
Source: See text.
Nontaxable
fiduciaries
Taxable
fiduciaries
Nontaxable
fiduciaries
All
fiduciaries
29.2
.8
52.2
4.2
13.6
73.3
12.4
3.8
10.4
0.53
.01
.95
.08
.25
1.99
.34
.10
.28
2.52
.35
1.05
.36
.25
100.0
100.0
1.82
2.71
4.53
SUEVEY OF CUEEENT BUSINESS
34
SOI figure for dividend receipts for all was adjusted upward by $50 million
estates and trusts (SOI, 1970: Fidu- for estimated underreporting and for
ciary Income Tax Returns, p. 14) to nontaxable distributions to ownership
receipts of bank-administered trusts groups other than individuals. To the
and estates estimated, in the manner extent that liquidating dividends are
described previously, from the 1970 successfully excluded from item 1, but
stockholdings reported to bank regula- are included in nontaxable distributions
tory agencies by these fiduciaries. (The reported on individual income tax
ratio of 1.5 thus obtained is somewhat returns, this figure may represent an
below the ratio implied by 1962 SOI overadjustment. Item 15 was adjusted
data, which segregate bank-admin- to delete $88.5 million (based on
istered from other trusts and estates findings from the 1971 sample) for the
(SOI, 1962: Fiduciary, Gift, and Estate misreporting, as dividends, of income
received from such sources as credit
Tax Returns, pp. 16, 22, and 26).)
The proportion of fiduciaries' divi- unions, mutual savings and loan assocr
dend receipts not distributed to benefi- ations, mutual life insurance companies,
ciaries was estimated from the 1965 and mutual savings banks.
breakdown of the uses of fiduciary
Item 13: Net realized capital gains
income from all sources (SOI, 1965: of mutual funds were obtained from
Fiduciary, Gift, and Estate Tax Returns, Mutual Fund Fact Book, 1971, p. 54.
p. 25). In table A, the percentage This item was adjusted by adding an
allocation, among uses, of gross income estimated $100 million for capital
less business deductions and distri- gains distributions of closed-end funds
butions to other fiduciaries is developed and of mutual funds not members of
from the SOI data and applied to the ICI. Item 13 substantially exceeds the
1971 dividend total. (It is assumed that $662 million reported on forms 1040
no business expense is incurred in the as distributions taxable as capital gains
generation of dividend income and that (SOI, 1971: Individual Income Tax Readministrative costs represent the same turns, p. 62), but the $662 million figure
proportion of net income for dividend excludes capital gains distributions to
receipts as for all income.) Distributions ownership groups other than indito charitable organizations are included viduals.
as part of item 8 in table 1. Distributions to individuals, augmented by a Dividends on unlisted domestic stock
proportional share of undistributed
Aggregate dividends on unlisted dodividend income and reconverted to a mestic stock other than that of mutual
market value figure, provide a control funds and banks and insurance comtotal of $138 billion for individuals' panies were derived from total cash
beneficial ownership of stock through distributions of domestic corporations,
fiduciaries in the analysis of the 1971 as shown in table B.
sample.
Market value of all domestic stock
Items 12 and 15: These items were
The 1960 data, which were obtained
derived from SOI, 1971: Individual
Income Tax Returns, p. 62. Item 12 from Crockett and Friend, "CharacterTable B.—Estimation of Dividends on Unlisted Nonfinancial Stock, 1971
[Millions of dollars]
1.
2.
3.
4.
5.
6.
7.
8.
9.
Distributions (other than own stock) of domestic corporations
Less: Distributions that are nontaxable or taxable as capital gains
Dividends taxable as partnership income
Cash dividends on domestic N YSE issues
Cash dividends on other listed domestic issues
Equals: Dividends on unlisted domestic stock (excluding small corporations taxable as partnerships)
Less: Mutual fund dividends
Dividends on stock of unlisted banks and insurance companies
Equals: Dividends on unlisted domestic nonfinancial stock (excluding small corporations taxable as partnerships).
32, 580
1,440
1,290
21,250
1,080
7,520
1,460
880
5,180
Sources: For items 1, 2, and 3, see table 1, items 1, 11, 12. and 13. Item 4: Total cash dividends equal $21.616 million,
NYSE 1973 Fad Book, p. 79. Dividends on foreign issues were estimated at $366 million (based on a market value of $12.4
billion for listed foreign stock, NYSE 1972 Fact Book, p. 34). Item 5: This was derived by dividing the $37 billion market value
of domestic AMEX issues, plus an estimated $5 billio'i for stock listed on regional exchanges, by a ratio of dividends to market
value characteristic of AMEX issues. Item 7: Mutual Fund Fact Book, 1«<72, p. 54. The published figure was increased by 10
percent for dividends of nonmembers oi TCI. Item 8: SEC estimates of traded unlisted stock of banks and insurance companies
were adjusted to midyear, increased by $2 billion to allow for privately held issues, and multiplied by a sample-weighted ratio
of dividends to total market value for identified OTC financial firms (6.0214).
November 1974
istics," p. 163, were adjusted to remove
foreign stock.
NYSE listed stock was calculated
by summing data for individual firms.
Foreign stock listed on NYSE ($12.4
billion) was obtained from the NYSE
1972 Fact Book. Total stock and foreign stock listed on AMEX ($49 billion
and $12.3 billion, respectively) were
obtained from the exchange. Domestic
stock listed on regional exchanges was
estimated at $5 billion. Stock of
mutual funds was obtained by increasing the figure given in the Mutual Fund
Fact Book, 1972, by 10 percent to allow
for nonmembers of the ICI. Unlisted
stock of banks and insurance companies
was based on SEC figures, increased
by $2 billion to allow for privately held
issues.
The estimate of unlisted stock other
than that of mutual funds and banks
and insurance companies was based on
the NYSE figure of $366 billion for unlisted traded stock other than that of
investment companies in early 1970.
This figure was adjusted by subtracting
the estimate for unlisted stock of banks
and insurance companies and adding an
estimate for stock of closely held companies derived by the following method.
Based on 1965 estate tax data, individuals' holdings of such stock were
taken to be 15.5 percent of their holdings of traded stock, as determined from
the 1971 special sample. This figure,
$75 billion, was increased by 25 percent
to allow for holdings of other ownership
groups, giving a total of $94 billion.
However, much of this presumably
represents the stock of small corporations taxed as partnerships, virtually
all of which must fall in the present
category. Based on dividends of $1.3
billion for such stock, an assumed dividend yield of 3.5 percent (relatively
high to reflect low prices due to lack of
marketability), and the average ratio
of total to dividend-paying market
value for nonfinancial firms traded
OTC, the value of such corporations
was estimated at about $61 billion, and
this amount was subtracted from the
$94 billion total.
Individuals' direct holdings of listed
stock were based on the market value
of identified NYSE and AMEX holdings in the 1971 special sample, with
November 1974
minor adjustments to incorporate a
small fraction of the unidentified stock
included in the sample and to remove
estimated holdings of listed foreign
stock. Individuals' direct holdings of
mutual funds and unlisted stock of
banks and insurance companies were
obtained by removing, from the total
outstanding market value in these
categories, the relatively small holdings
(13 percent and 20 percent, respectively) of other groups, including fiduciaries. Other direct holdings of unlisted stock by individuals were determined from the residual remaining
after dividends already accounted for
by the assigned amounts of listed stock,
mutual funds, and unlisted stock of
banks and insurance companies had
been removed from total sample dividends for all direct holdings. The
ratio of dividends to total market
value used in converting this residual
to a market value figure was the sampleweighted ratio for medium-sized nonfinancial firms traded OTC (market
value, $15 million to $100 million).
The figure for medium-sized, rather
than total, OTC firms was chosen because it seems unrealistic to assume
that individuals would be inclined
to hold nondividend-paying stock of
small corporations (market value under
$15 million) in the proportions in which
such stock is represented in the sample
of firms in this size class.
Twenty-five percent of the stock held
by fiduciaries or in agency accounts
and 10 percent of stock held in street
name was assumed to be unlisted. These
proportions are consistent with the
sample estimate of total dividends on
beneficial holdings of individuals, when
sample-weighed ratios of dividends to
total market value for listed and unlisted stock, respectively, are applied.
Ten percent of the stock held in the
portfolios of nonprofit institutions or
foreigners was assumed to be unlisted.
Again, this is roughly consistent with
the dividends assigned previously to
nonprofit institutions and foreigners,
given ratios of dividends to total
market value appropriate to the two
classes of stock. The figure of $135
billion for holdings of listed stock by
SUEVEY OF CURRENT BUSINESS
nonprofit institutions is reasonably
consistent with an estimate by the
NYSE of $124 billion of NYSE issues
held by such institutions at the end of
1971 (NYSE press release, March 12,
1973).
Intercorporate holdings of listed and
of unlisted stock were determined as
residuals. As a rough check of reasonableness, the ratios of dividends to
market value implicit in these estimates
may be examined. If, as assumed
earlier, unlisted stock accounts for
about 27 percent of the $5.504 billion
35
of domestic dividends received, the
implicit ratios are 0.029 for listed and
0.012 for unlisted stock, equal to the
sample-weighted ratio in the case of
listed stock and somewhat lower than
the sample-weighted ratio (0.016) that
characterizes traded unlisted stock of
firms other than mutual funds and
banks and insurance companies. The
latter finding results from the previous
decision to apply a ratio somewhat
higher than 0.016 in converting individuals' dividends on direct holdings
of such stock to a market value figure.
Appendix to Part 4: Estimation of Distribution of Dividends and
Stockholdings of Individuals by Family Income for Selected Years
The basic source of recent information on the distribution of dividend
income by family income class is BEA
Staff Paper No. 21, which presents
such estimates for 1964. To derive
comparable distributions for other
years, average dividend receipts per
family by income class were determined
from the 1964 BEA estimates and adjusted to other years by the change in
average dividends per return for
roughly equivalent AGI classes, as obtained from SOI individual income tax
data for those years. The adjusted
average receipts were then combined
with BEA esimates on number of families by income class for those years to
yield aggregate dividends by family
income class.
The first step in integrating BEA
estimates on family income with the
IRS data on AGI was to determine the
approximate range of AGI corresponding to each of several fairly broad
family income classes. The upper limit
of the AGI range was established by
(1) subtracting, from the upper limit of
the family income class, an amount
based on the average proportion of
income due to transfer payments and
to imputed income and (2) adding an
amount based on the average proportion represented by personal contributions for social insurance, within that
class, as determined from the 1964 BEA
study. In addition, the average dividend
exclusion claimed in 1964 and the aver-
age adjustment required to convert
gross income to AGI for the most
nearly corresponding AGI class were
removed and the average net capital
gain was added.
The equivalences thus established are
very rough. It is not certain that the
relative importance of transfers, imputed income, and other reconciliation
items for 1964 are equally applicable
for other years. More importantly,
multiple returns may be filed by members of the same consumer unit; therefore, a return with relatively low AGI
may relate to a member of a high
income family. Thus, at low incomes,
the returns in the equivalent AGI
range, while reflecting the dividend
receipts of consumer units in the
corresponding family income class, will
be somewhat distorted by the presence
of other returns representing individuals from higher family income
classes.
In particular, the number of returns
in the AGI range corresponding to
family income of $2,000 to $5,999 far
exceeds the number of consumer units
in that family income class. The same
is true for family income under $2,000
(roughly corresponding to AGI under
$600) if allowance is made for the fact
that a substantial fraction of consumer
units in this range may well be nonfilers.
On the other hand, for families with
incomes of $15,000-$49,999, and especially $15,000-$19,999, the number
36
of consumer units somewhat exceeds
the number of returns in the corresponding AGI range. For family incomes of $6,000-$14,999, results are
variable from year to year, but the
general tendency is for the number of
returns in the corresponding AGI range
to exceed slightly the number of consumer units.
The second step was to estimate average dividends per consumer unit by
family income class for years other than
1964. This was done by adjusting the
1964 value based on BEA estimates by
the sometimes considerable change,
from 1964 to the desired year, in average
dividends per return for the corresponding AGI range. To the extent that this
movement fails to reproduce movements in average dividends per consumer unit, errors will be introduced.
Since underreporting of dividend income declined somewhat over the
1958-71 period and since this underreporting was somewhat more prevalent
among the lower income families, the
estimated concentration of dividend income among the upper income groups
in the years after 1964 may be slightly
understated relative to the earlier years.
Finally, the average dividend thus
obtained was multiplied by the number
of consumer units in the appropriate
income class in the given year, as
determined in Radner and Hinrichs,
"Size Distribution." The distribution
of consumer units by family income
class is not directly available for 196569; thus, the 1969 distribution was
obtained by interpolation, utilizing the
1964, 1970, and 1971 distributions.
A check of the results thus obtained is
available for 1960 and 1971. The summation over income classes of dividends
derived as mentioned was compared
with the total dividend receipts of individuals obtained by augmenting SOIreported dividends by estimates of (1)
illegal underreporting and (2) dividends
received by nonfilers and by filers who
fail to report dividends totaling less
than the legal dividend exclusion. The
two alternative estimates are very
close for 1960 and within 4 percent for
1971,
with the approach based on
SOI aggregates yielding the higher
figure.
The third step was to use the BEA
SURVEY OF CURRENT BUSINESS
November 1974
distribution of dividend receipts to by the corresponding estimate from
construct distributions of market values one of these regressions gives the
of holdings. Since the ratio of market distribution of market value up to a
value to dividends tends to increase multiplicative constant. Expressing the
with income, as demonstrated for 1960 resulting values as percentage distribuby Crockett and Friend, "Character- tions gives the required distributions
istics," and for 1971 by the results of market value.
presented in part 5 of this article, the
A final step was necessary to interdistribution of market value should be polate these distributions of dividend
somewhat more concentrated than that income and market value of stock by
of dividend receipts. To make this income class in order to obtain the
adjustment, the logarithms of the percentage of each accounted for by
ratios of total market value to dividends specified percentiles of families with
by AGI class were regressed upon the highest total income. For 1964, there is
logarithm of (100—_p), where p is the no significant problem of interpolation,
average of the two percentiles from since the BEA dividend distribution
the distribution of all filers correspond- shows information for 22 income classes
ing, respectively, to the lower bound and since both linear and curvilinear
and upper bound of an AGI class. interpolations give almost identical
Such a regression was fitted using the results. However, this is not true for the
1960 data (Crockett and Friend, "Char- other years for which data, on dividend
acteristics") and the results from the income and market value, are available
1971 special sample given in table G only for seven broader total income
of this appendix to part 5.
groups. For these years, the method of
Using the same definition of p, but interpolation used assumed that the
calculated from the BEA distribution distribution of families and dividends
of income, the regressions were used among the several narrower income
to estimate price-dividend ratios ap- classes corresponding to each of the
plicable to each of the BEA income seven broader income groups was identigroups. The 1960 regression was used cal to that in 1964. While the results of
in 1958, 1960, and 1964; the 1971 curvilinear and linear interpolations
regression, in 1969, 1970, and 1971. applied to the narrower income classes
These estimated price-dividend ratios are fairly close, the curvilinear interwere interpreted as those applicable polation seemed preferable and was
to the BEA classes up to a multiplica- used. Curvilinear interpolation of data
tive constant varying from year to for the broader income groups gives
year. Multiplying the BEA dividends similar results.
Appendix to Part 5: The 1960 and 1971 Samples of Individual
Income Tax Forms 1040
This appendix presents detailed
descriptions of the sampling procedures
followed in selecting the 1971 special
sample of individual Income Tax Forms
1040 and the adjustments made to the
sample in deriving the various estimates
presented in the text.67 To preserve
confidentiality, the IRS was the only
group that had access to the actual
forms.
The appendix is organized in three
stages, according to the three stages in
67. Crockett and Friend, "Characteristics," contains a
similar description for the 1960 sample.
which the sample was selected and
processed. The first stage describes the
sampling design and analyzes the extent
and magnitude of potential biases in
the special sample relative to the population of forms 1040 filed in 1971. The
second stage presents the procedures
that the Census Bureau followed in
preparing a tape for subsequent processing at BEA and indicates the steps
taken to preserve complete confidentiality of the original returns. The
third stage discusses the adjustments
made to the sample and then derives
estimates of the dividends received and
SUEVEY OF CURRENT BUSINESS
November 1974
37
Table C.—The SOI Sample and the 1971 Special Sample by Sample Strata
Number of forms
Description
Stratum
Min.
number
expected
in 1971
special
sample
Actual
number
in 1971
special
sample
Actual
number
in 1971
special
sample
w. sch.
B, part 1
Population
SOI
sample
Total
74,841,993
269,421
16, 912
17,056
6,444
Nonbusiness total
65, 759, 059
133, 605
10, 978
10,893
3,951
43, 027, 789
12, 935, 622
5, 795, 885
3, 660, 142
273, 848
52, 042
13, 731
21, 529
19, 475
17, 164
21, 724
21, 952
18, 030
13,731
2,153
1,948
1,716
2,172
2,195
451
343
2,095
1,896
1,672
2,114
2,139
582
395
129
180
319
823
1,654
494
352
9, 082, 725
135, 607
5,929
6,136
2,470
Final
blowup
factors
Absolute size of largest income item11
12
13
14
15
16
17
Under $10 000
$10 000-$14 999
$15 000-$ 19 999
$20000-$49 999$50,000-$99,999 . _
$100 000-$199 999
$200 000 and over
.
Business, total
--
Absolute size of
largest income item—
Under $10,000
.
_.
. -
-
.-.
and
business receipts—
Under $20,000
--
20, 538
6,823
3,467
1,731
128
89
35
3, 996, 188
14, 117
706
707
66
5,652
Under $50,000
$20,000-$49,999__.
} 2,364,823
16, 636
832
833
141
2,838
$15 000-$19 999
Under $15 000
Under $100,000
$50,000-$99,999
| 1,217,378 18, 345
917
919
222
1,324
24
$20 000-$29 999
Under $20 000
Under $250,000
$100,000-$249,99~9
|
880, 725
17,480
874
876
316
1,005
25
$30,000-$49,999.
Under $30,000
Under $500,000
$250,000-$499,999
|
403, 630
18, 035
902
903
504
447
26
$50 000-$99 999
Under $50 000
Under $750,000
$500,000-$749,999
|
168, 565
16, 919
846
847
550
199
27
$100,000-$199,999 . .
Under $100 000
Under $1,000,000.
$750,000-$999 999
|
34, 608
17, 267
432
502
343
69
28
$200,000 and over.
Under $200 000
Any amount
$1 000,000 and over
|
16, 808
16, 808
420
549
328
31
209
5
27
23
8
21
22
$10 000-$ 14 999,
Under $10,000.
23
30
__ .
.
.
...
.
.
- . .
_
Tax preference:
Size of minimum tax $17,000 and over
209
Sources: Population and SOI sample figures were obtained from 801, 1971: Individual Income Tax Returns, p. 310. Actual number in 1971 special sample figures were calculated by
dividing blowup factors into population. Final blowup factors were supplied by IRS.
the value of stock owned by individual
investors by AGI classes.
To be sure that, at the lower income
levels, there would be sufficient numbers of forms with dividends for later
The first stage
statistical analysis, the 1971 special
In the first stage, IRS designated a sample was selected in such a way as to
subsample of the 1971 SOI sample for reduce the magnitude of the overfurther processing. The SOI sample sampling of upper income forms in the
itself is a sample of forms 1040 stratified SOI sample. To this end, the IRS
by: (1) the presence or absence of busi- selected a subsample of the forms in
ness receipts and (2) the absolute size each of the SOI strata according to a
of the largest income item and, if a procedure that should have yielded a
business return, (3) the value of re- predetermined minimum number of
ceipts. In addition, one small stratum randomly selected forms from each
includes all forms with a tax in excess stratum. This predetermined minimum
of $17,000 on tax preference items ex- number varied from stratum to straclusive of those in sample strata where tum. 68
all forms were sampled. Within either
A comparison of these minimum
the business or nonbusiness groups, the numbers with the actual numbers subsampling rates increased with the ab- sampled from the SOI sample shows
solute size of the largest income item that the actual numbers by sample
or, where appropriate, receipts. Table strata are in excess of the minimum
C presents the criteria for the strata,
the number of forms for each stratum
68. Specifically, the procedure would have been expected
each of the strata 11-15 to yield a minimum of 1 out of 10
in the population, and the number offor the
SOI forms, for strata 21-26 a minimum of 1 out of 20,
drawn in the SOI sample.
and for the remaining strata a minimum of 1 out of 40.
numbers, as they should be, except for
nonbusiness forms with AGI under
$100,000 (table C). IRS personnel
could provide no plausible explanation
of why the numbers subsampled for
these nonbusiness forms were less than
the predetermined minimum under the
sampling design.69 If it can be assumed
that there was nothing unique about
the forms that presumably should have
been in the subsample, but were not,
the ratios of the population number
of forms to the actual number sampled
in each stratum provide the appropriate blowup factors for subsequently
estimating the market value and other
characteristics of stock held by individuals (see table C).
As the forms were selected from the
SOI sample, IRS personnel photocopied
69. Due to a clerical error at the IRS, an undetermined
but, according to the IRS, small number of forms with
attachments to schedule B's was not included. While the
effect should be minor in any case, the subsequent adjustments should minimize the potential impact of this error.
SUEVEY OF CURRENT BUSINESS
38
all those with completed schedule B,
part 1, for later processing by the
Census Bureau. This photocopying was
done in such a way as to exclude the
names, addresses, and social security
numbers of the filers. Table C shows
the number of forms with schedule B's,
part 1, in the 1971 special sample.
Schedule B, part 1, contains a list
of the sources and corresponding
amounts of any dividend income or
capital gain distributions. The sum of
these amounts less capital gain distributions is entered on the front of form
1040 in box 13a. After deducting the
exclusion, which may range up to $200
for a joint return, the dividends in AGI
are entered in box 13c. Any single or
joint filing with dividends and other
distributions in excess of $100 should
contain a completed schedule B, part 1,
even if there is ultimately no dividend
income in AGI. Undoubtedly, some
filings contain a completed schedule B,
part 1, even though dividends and other
distributions were less that $100. Likewise, some filings probably do not
contain a completed schedule B, part 1
(even though required), particularly if,
after the exclusion, there were no dividends in AGI.
Thus, the photocopied forms can be
viewed as a sample of forms with completed schedule B's, part 1—henceforth referred to simply as schedule B.
If schedule B's were properly completed,
and only when required, the population implicit in the 1971 special sample
would include all filings with dividends
in AGI plus all filings with dividends
and distributions in excess of $100,
but with dividend income below the
allowable exclusion. If, as is probably
the case, some schedule B's were completed even though not required and
some not completed even though required, this clear interpretation becomes
blurred. Although implicit in this discussion, it should be pointed out explicitly that the photocopied forms do
not include all dividends received by
individuals; therefore, in estimating the
market value of stock held by individuals, a series of adjustments for these
omitted dividends were necessary.
Before describing the work done b;y
the Bureau of the Census, the extent
and magnitude of any biases in this
subsample of the SOI sample will be
assessed by comparing the blown-up
figures for numbers of forms in the 1971
special sample and the average dividends reported per form with blown-up
figures from the SOI sample (see table
D). Unfortunately, figures tabulated
from the SOI sample are not exactly
comparable with the 1971 special sample of forms with schedule B's. Nonetheless, there are both published and
unpublished figures from the SOI sample that can be used as rough checks.
Consider first the number of forms.
The SOI sample for individual income
tax forms in 1971 provides an estimate
of the number of forms that included
the receipt of dividends on the front
of form 1040 in box 13a. Since not all of
these forms would have a schedule B,
these numbers should be larger than
the pupulation number of forms im-
Table D.—Comparison of Blown-Up Number of Forms and Dividends Per Form from
SOI Sample and the 1971 Special Sample by AGI
Dividends per form
Number of forms
SOI sample
Size of AGI
Under $5,000
$5,000-$9,999
$10,000-$14 999
$15,000-$24,999
$25,000-$49,999
$50,000-$99,999.
$100,000-$199 999
$200,000-8499,999
$500,000 and over
Total
..
-.
.
With
dividends
and other
dist.
With
dividends
in AGI
2, 340, 424
2, 623, 800
2, 838, 590
3, 118, 856
1, 333, 920
334, 327
66, 003
14, 272
2,983
1, 535, 734
1, 529, 975
1, 428, 073
1, 688, 032
967, 150
290, 744
62, 139
13, 858
2,916
1, 595, 845
1,649,438
1, 629, 254
2, 118, 620
1,054,527
306, 189
59, 762
13, 266
2,680
12, 673, 175
7,518,621
8, 429, 581
Sources: SOI, 1971: Individual Income lax Returns and the 1971 special sample.
1971
special
sample
SOI sample
With
dividends
in AGI
717
967
1,013
1,634
3,426
8,691
26, 870
82, 143
323, 667
1971
special
sample
730
1,267
1,022
1,292
2,848
7,881
24, 888
79, 345
362, 995
November 1974
plicit in the 1971 special sample that
was subsequently processed by the
Bureau of the Census. The SOI sample
also provides population estimates of
forms with dividends in AGI. Every
form in this category should have had a
schedule B attached. Since some filers
may have attached unnecessarily a
schedule B or were required to attach
one even though no taxable dividend
income resulted, the number of forms
implicit in the 1971 special sample of
forms with schedule B's would be
expected to exceed the number with
dividends in AGI. Only if a substantial
number of filers reported dividends
in AGI on the front of form 1040 and
failed to complete a schedule B would
this last expectation be in error.
Thus, the estimates of the number of
forms with schedule B's from the 1971
special sample should fall between the
SOI estimates of the number of forms
reporting dividends in box 13a and the
number of forms with dividends in
AGI. Table D shows that for forms
with AGI of less than $100,000, the
estimates of the number of forms from
the 1971 special sample do fall between
the appropriate SOI estimates. For
forms with AGI in excess of $100,000
or above, the estimates from the 1971
special sample are marginally below
the expected range.
Next consider dividends per form.
Again tabulations based upon the
SOI sample do not contain figures
exactly comparable with those from the
1971 special sample with schedule B's,
but perhaps conceptually the closest
number available from the SOI sample
is dividends in AGI per form. This
number differs from the corresponding
number for the 1971 special sample
in two principal respects. First, dividends in AGI are after deduction of
capital gains and nontaxable distributions and after provision for the
dividend exclusion, which could range
up to $200 per filing. Second, the 1971
special sample undoubtedly includes
some forms with schedule B's, but no
dividends in AGI. The first effect
should result in some tendency for the
dividends per form from the 1971
special sample to exceed the SOI
estimate. The second effect should
November 1974
cause the reverse; but, on balance,
particularly for the larger AGI classes
or sampling codes, the first effect is
probably more important than the
second.
An examination of table D discloses
that the dividends per form as estimated from the 1971 special sample
tend to be marginally less than those
estimated from the SOI sample for
AGI between $15,000 and $199,999.
Most of the understatement in these
middle-income categories can be traced
to the nonbusiness forms, though there
is some evidence of a slight understatement in the business forms. IRS
personnel were unable to provide any
adequate explanation of these phenomena. For most of the analyses in
this article, the adjustments in stage 3
will provide appropriate corrections.
The only analysis that might be affected
is that of diversification presented in
part 5, but external figures presented
in part 5 suggest that this bias is not
serious.
The second stage
Next, IRS forwarded the photocopies to the Bureau of the Census for
coding. As pointed out above, names of
filers, addresses, and social security
numbers were deleted from these photocopies. The Bureau prepared a file that
included socioeconomic and sociodemographic characteristics, the names of all
sources of dividends and other distributions listed on schedule B, and the
associated dollar amounts. From the
resulting file, the Bureau prepared a
list of these dividend sources and sent
it to the authors. Personnel at the
Rodney L. White Center copied onto
this list an identification number for
each stock that was contained in the
ISL tapes. The ISL tapes are a standard
source of security prices and cover all
NYSE and AMEX stock, roughly 400
mutual funds, and more than 3,000
OTC issues. In addition, a small number
of issues not listed on the ISL tapes,
principally small OTC companies, were
assigned unique identification numbers.
For each of these identified issues,
the Center's data files and standard
financial publications were used to
develop stock characteristics. If the
value of an important characteristic
SURVEY OF CURRENT BUSINESS
39
Table E.—Default Values for Identified Securities by Types
Size of issue 1
(millions of
dollars)
Type of securities
NYSE -common
Ratio of
divid. &
dist. to
price
(6/71)
Ratio of
total
stock
Return
to stock
from
with divid. 7/71 to 6/72
or dist.2
(percent)
(6/71)
500 and over
100-499
Under 100
3 05
3.14
3.66
1 0172
1 1315
1 3404
4.54
1 2076
1 5
100 and over
15-99
Under 15 .
3 24
3.39
3.42
1 1693
1 9936
2 9099
24 6
53
6 7
AMEX-preferred
6 26
1 2502
11 2
Mutual funds
3 03
1 0049
11 1
2.68
2 80
3.03
1. 0505
1 2189
2 7138
14 3
16 7
19 0
2.83
1 0000
13 3
2.40
3.04
3.33
4.25
1. 1418
1 6397
2. 8975
6. 7595
18.0
12 4
5.9
7.9
NYSE-preferred
-
AMEX-common
OTC-financial-common
..
..
..
... . 50 and over.. . _ _
10-49
Under 10
OT C-financial-preferred
. . ... - . -.. 100 and over.
15-99
5-14 .
Under 5
OTC-industrial-common. -
10 2
5 4
80
1. Any issue for which the size of issue was unknown was classified in the smallest category of its type.
2. The ratios for banks and bank holding companies irrespective of other characteristics were 1.0025 and 1.0116, respectively.
Source: See text.
for an identified stock was missing,
what is technically known as a default
value was assigned. These default
values, listed in table E, were usually
based upon available data for similar
kinds of assets.70
70. For any category of stock in table E, generally less than
1 percent and never more than 2.5 percent of the blown-up
dividends used default values in ascertaining the associated
market values. These market values are the basic input for
estimating the distribution of market value of stock held
by AGI class.
A dividend or distribution source
was not assigned a unique identification
number if the ISL tapes did not cover
the company or if the name of the source
was incomplete, like "First National
Bank." These sources were classified as
accurately as possible into one of
several generic categories by using the
names of the sources as guides. Table F
lists these categories, the percentage of
sample dividends falling in each, and
Table F.—Default Values, Names, and Importance of Generic Categories
Ratio of
Return
Percentage
Ratio of total stock
from
to
stock
of sample
divid. &
with divid. 7/71 to 6/72
dist. to
dividends
(percent)
or
dist.
in category price (6/71)
(6/71)
Generic category
Agency or custodial accounts
.. .
Agency, custodial, or trust accounts
.
Banks
_- ._ .
- ._ ..
Bank holding companies
- -
4.34
1.10
3.54
.25
(i)
0)
0)
0)
1. 0025
1. 0116
10.4
10.4
25.3
18.1
Brokerage houses . . . . .
Insurance companies (stock)
Investment clubs
Holding companies
2.24
.69
.03
11
(i)
2.61
3.10
2.87
0)
1.0000
1. 0916
1. 0558
10.4
10.4
10.4
19.2
.47
.08
.06
1.13
3.03
5.00
3.14
3.00
1.0049
1.0000
1. 0520
1.0000
11.1
10.4
9.0
10.4
.02
18.27
.75
17.14
6.76
(2)
4.54
2.71
1.0000
(2)
1.2047
1. 6667
-.1
9.0
40.4
16.4
...
Mutual funds
. . ..
NYSE (oil companies)
NYSE (unidentified)
Professional partnerships
Real estate and mortgage trusts
Trusts and estates
... . ..
Miscellaneous (preferred)
Miscellaneous (unidentified) 3
Deleted items:
Credit unions
Insurance companies (mutual)
Other nonstock items
_ . . __
. ._ .
...
- - - - - - - - - - -
_.
.
3.04
3.88
.00
01
.43
1. The ratio of dividends and other distributions to price, and the ratio of total stock to stock with dividends or
distributions, was calculated separately for each of the AGI classes shown in table D. The first ratio was calculated as the
ratio of the total dividends and distributions received by filers in a given AGI class on all dividend-paying items other than
those received through agency, custodial, and street name accounts to the market value of these items. The second ratio was
calculated as the ratio of the market value of all items other than those received through agency, custodial, and street
name accounts to the previously derived value of dividend-paying items.
2. The ratios were calculated as in the previous footnote, except that they were based only on identified NYSE issues.
3. The ratios were derived from the total holdings of industrial OTC stock with no control for AGI.
Source: See text.
40
SUEVEY OF CURRENT BUSINESS
November 1974
Table G.—Dividends, Other Distributions, and Market Value of Stockholdings of Individual
Investors by AGI
them in box 13a of form 1040. This
sum was distributed according to the
Divisame distribution by AGI as returns
dends
and
DiviMarket
Dividends to
that did report dividends, but failed to
other
dends,
value,
market value
Size of AGI
distri1971
(ratio)
1971
exhaust the exclusion. This distribution
butions,
1971
was taken to be proportional to the
difference in each AGI class between
(millions of dollars)
1971
1960
the SOI estimates of the number claiming dividend exclusion 74 and the numUnder $5 000
1,973
1,827
65, 731
.028
0.035
2,132
1,932
$5 000-S9 999
64, 656
.030
.034
ber of returns with dividends in AGI.
$10 000-$14,999 .
. .. ..
1,922
2,068
70, 554
.034
.027
About
60 percent of such returns fall in
$15 000-$24,999
3,160
2,924
112,776
.035
.026
3,718
3,515
$25,000-$49,999
- - - ..
143, 956
.024
.036
the
AGI
range $15,000-$24,999, with
$50 000-$99 999
2,812
2,926
126,084
.022
.033
90
percent
under $25,000.
1,861
1,807
$100,000-$199,999.
.. -85,118
.021
.031
1,340
$200 000-$499 999
1,303
59, 302
.022 }
.031
5.
To
allow
for dividends retained by
1,102
$500 000 and over
1,143
52, 606
.021
estates
and
trusts
for their beneficial
20,322
Total
19,144
780, 783
.034
.025
owners, each dividend from a trust was
Source: SOI, 1971: Individual Income Tax Returns, 1971 special sample, and Crockett and Friend, "Characteristics."
increased by 57 percent. This adjustment moves the market value of these
the default values of selected character- B's. It also has the desirable property of kinds of assets implicit in the 1971
istics used in the subsequent processing. making the 1971 special sample less special sample to $130 billion, which is
Because of the diversity of these sensitive to any sampling bias that in rough conformity with the external
categories, the miscellaneous (uniden- may be associated with the level of estimate developed in part 3.
tified) stock are most likely to be closely AGI.
6. All but $7.5 million of dividends
held or small publicly traded industrial
2. From the estimates prepared in reported as received from publicly
corporations. Some items, such as part 3, the dividends that should have traded brokerage firms were reclassified
interest payments, should not have been reported on schedule B's, but were as dividends received on stock held in
been reported as dividend income. not, are estimated at roughly $336 street name accounts.
These items were deleted in some of the million. This sum was distributed over
With these adjustments, the 1971
calculations presented in the text.
reported dividends and other distribu- special sample implies that individuals
tions in such a way that the noncom- received $20.3 billion in dividends and
The third stage
pliance ratio for each income class other distributions. Table G shows the
The Census Bureau merged the stock would be a multiple of that for persons breakdown by AGI class. After subcharacteristic file with the tax form with AGI of $50,000 or over. For AGI tracting the SOI estimates of capital
information and forwarded the result- less than $10,000, the multiple was 4.0, gain and nontaxable distributions,75 the
ing file to BEA for final processing. To for AGI of $10,000-$14,999, 5.5; for dividends received by individuals, inestimate the dividend and market value AGI of $15,000-$24,999, 4.5; and for cluding retentions by estates and trusts,
of all stock held by individuals by size AGI of $25,000-$49,999, 3.5. These are estimated at $19.1 billion (see
of AGI, the following calculations were relative ratios of noncompliance were table G). The dividends and other
performed:
derived from an IRS study in 1959 73 distributions, together with the stock
1. The population estimates of the by equating the fractile ranges of AGI characteristics and the default values
dividends and other distributions for in 1959 with those in 1971.
in tables E and F, imply a market value
filers with dividends and the distribu3. From the estimates prepared in of individual stockholdings of $780
tions reported on schedule B's as de- part 3, it is determined that $433 million billion.
rived from the 1971 special sample represent dividends received by persons
Finally, table G gives the dividend
were made to conform to the cor- not required to file. These dividends yield rates that were used in analyzing
responding SOI estimates for all filers were allocated to the lowest AGI class. the change in the concentration of
for each of the AGI classes given in
4. From the estimates prepared in holdings over time in part 4. For
table G. The specific adjustment was part 3, it is determined that $217 mil- comparison, table G also presents
to multiply every dividend and dis- lion of dividends were received by filers dividend yield rates for 1960 that were
tribution on all forms within a specific who had dividend income less than the calculated conceptually in the same way
income class by the ratio of the SOI allowable exclusion and failed to report as those for 1971.
aggregate estimate for that class 71 to
72. The 1971 special sample estimate excludes items that
the 1971 special sample aggregate es- should not have been reported on schedule B. A similar ad74. This fails to allow for the probable increase, as income
72
timate. This adjustment accounts for justment, however, was not made to the SOI estimate. This rises, in the average dividend of those falling short of the
exclusion. However, the distribution of dividends received
of adjustment will result in an approximately 0.5 perthe dividends reported on the front of lack
by this group cannot be determined from available data
cent overstatement of dividends and other distributions. To
the forms 1040 but not on schedule offset this overstatement, no adjustment was made for the without an arbitrary assumption as to the average exclusion
71. SOI, 1971: Individual Income Tax Returns, p. 62, col. 2.
underreporting of capital gain and nontaxable distributions,
which is roughly of the same magnitude.
73. Holland, Dividends.
by income class on joint returns for those with dividends
in AGI.
75. SOI, 1971: Individual Income Tax Returns, p. 62.
U.S. GOVERNMENT PRINTING OFFICE : 1974 O - 562-873
CURRENT BUSINESS STATISTICS
I.HE STATISTICS here update series published in the 1973 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $5.15) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1969 through 1972 (1962-72 for major quarterly
series), annually, 1947-72; for selected series, monthly or quarterly, 1947-72 (where available). Series added or significantly revised after the 1973
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1972 issued too late for
inclusion in the 1973 volume appear in the monthly SURVEY beginning with the August 1973 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1973 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1971
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
1972
1971
1973
III
Annual total
1972
IV
I
II
1974
1973
III
IV
I
II
III
IV
I
|
II
III'
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
1,383.8 '1,415.4
1,054.9
1,158.0
1,294.9
1,061.3
1,083.2
1,115.0
1,143.0
1,169.3
1,204.7
1,248.9
1,277.9
1,308.9
1,344.0
1,358.8
667.1
729.0
805.2
672.1
683.8
701.5
720.6
736.8
757.2
781.7
799.0
816.3
823.9
840.6
869.1
' 901. 3
Durable goods total 9 do Automobiles and parts
do
Furniture and household equipment. ..do
103.9
46.6
42.3
118.4
53.1
48.7
130.3
57.5
55.0
105.6
48.2
42.1
107.4
48.1
43.9
112.1
49.4
47.1
116.2
51.5
47.9
121.2
55.3
49.3
124.3
56.4
50.7
132.4
60.4
54.3
132.1
59.2
54.9
132.4
59.3
55.5
124.3
51.2
55.4
123.9
48.0
57.5
129.5
50.6
59.5
' 136. 1
' 56. 2
'60.4
Nondurable goods, total 9
Clothing and shoes
Food and beverages
.
Gasoline and oil
do
do
do
do
278.4
57.3
135. 9
23.5
299.7
63.0
143.7
25.0
338.0
70.2
165.1
28.3
279.5
57.6
136.9
23.6
283.4
58.5
137.6
24.3
288.4
60.0
139.3
24.6
297.4
62.5
142.4
24.5
302.0
63.7
144.7
25.1
310.9
66.0
148.5
25.8
323.3
69.1
155.9
26.8
332.7
70.1
160.9
28.0
343.8
70.6
169.1
28.7
352.1
70.9
174.5
29.8
364.4
72.8
180.1
31.5
375.8
74.4
183.5
36.8
r 389. 0
'75.7
' 191.3
'37.9
Services total 9
Household operation...
Housing
Transportation
do
do
do
do
284.8
39.4
99.1
20.4
310.9
43.3
107.9
21.8
336.9
47.3
116.4
23.4
287.0
39.6
100.0
20.7
293.0
40.5
102.6
21.1
301.0
41.2
105.1
21.5
307.0
42.6
106.9
21.6
313.6
43.9
108.9
21.9
322.0
45.5
110.7
22.3
325.9
45.6
113.1
22.8
334.2
46.6
115.6
23.1
340.1
48.3
117.0
23.6
347.4
48.7
119.7
24.1
352.4
49.2
122.2
25.0
363.8
51.7
124.9
25.6
' 376. 2
'54.6
' 127. 7
'26.5
do
153.7
179.3
209.4
153.5
160.8
169.4
175.5
182.1
190.2
199.0
205.1
209.0
224.5
210.5
211.8
' 205. 8
155.4
107.8
38.4
69.4
47.6
47.0
5.4
4.4
164.5
112.7
40.7
72.0
51.8
51.2
5.0
4.1
167.6
114.7
41.0
73.7
52.9
52.3
8.0
7.0
171.9
117.5
40.6
76.8
54.5
53.9
10.2
9.6
179.2
122.5
42.2
80.3
56.7
56.2
11.0
10.4
189.0
130.5
44.6
85.9
58.5
58.0
10.0
6.5
194.4
135.6
46.2
89.4
58.7
58.4
10.7
7.7
197.1
139.0
47.9
91.1
58.1
57.6
11.8
7.4
195.5
141.9
49.3
92.6
53.6
53.0
28.9
24.0
193.6
145.2
51.3
93.9
48.4
47.8
16.9
13.1
198.3
149.4
52.2
97.2
48.8
48.0
13.5
10.4
r 197 1
Gross national product totalf
- -. bil. $
Personal consumption expenditures, total.. do
Gross private domestic investment total
Fixed investment
Nonresidential
Structures
..
Producers' durable equipment
Residential structures
..
Nonfarm _ _. ..
Change in business inventories
Nonfarm
.
Net exports of goods and services
Exports
Imports
..
. .-
-
do
do .
do
do
do
do
do
do _.
do
- do
do
Govt. purchases of goods and services, total, do
Federal
do
National defense
.
do ..
State and local
do
By major type of product:!
Final sales, total
Goods total
Durable goods
_ _ _.
Nondurable goods .
Services
Structures
147.4
104.6
37.9
66.6
42.8
42.3
6.3
4.9
170.8
116.8
41.1
75.7
54.0
53.4
8.5
7.8
194.0
136.8
47.0
89.8
57.2
56.7
15.4
11.4
149.7
104.8
38.5
66.3
44.9
44.2
3.8
2.4
-.2
65.4
65.6
-6.0
72.4
78.4
3.9
100.4
96.4
.1
68.2
68.1
-3.4
62.0
65.4
-7.1
69.1
76.1
-6.9
68.8
75.7
-4.8
73.3
78.1
-5.3
78.5
83.8
-.8
88.8
89.5
.5
95.4
94.9
6.7
103.7
96.9
9.3
113.6
104.3
11.3
131.2
119.9
-1.5
138.5
140.0
' -4.0
' 142. 6
' 146. 6
234.2
97.6
71.2
136.6
255.7
104.9
74.8
150.8
276.4
106.6
74.4
169 8
235.7
97.9
70.0
137 8
242.1
100.5
72.1
141.6
251.1
105. 6
75.9
145.5
253.8
105.9
75.9
147.9
255.1
102.7
72.6
152.4
262.6
105.2
74.7
157.4
269.0
106.4
75.0
162.6
273.3
106.2
74.0
167.1
276.9
105.3
73.3
171.6
286.4
108.4
75.3
177.9
296.3
111.5
75.8
184.8
304.4
114.3
76.6
190.1
' 312. 3
' 117. 2
'78.4
' 195. 1
1,149.5 1,279.6
535. 2
607.3
214.3
240.9
321.0
366.5
488.1 534.4
126.1
137.8
1,057.5
495.7
193.3
302.4
448.5
113.3
1,077.8
501.8
197.0
304.7
459.3
116.8
1,110.0
514.3
204.6
309.7
472.1
123.6
1,135.1 1,159.1
529.4
541.0
210.6
218.3
318.9
322.7
481.5
492.4
124.1
125.6
1,193.7
556.2
223.6
332.6
506.5
130.9
1,238.9 1,267.2 1,297.0 1,315.1
624.7
618.0
585.8
600.9
240.6
241.2
243.9
237.8
384.1
374.2
347.9
359.7
553.2
540.2
516.0
528.3
137.2
138.8
137.1
138.0
1,341.9
635.0
242.3
392.8
569.7
137.1
5.4
.3
5.1
5.0
2.7
2.2
8.0
5.8
2.2
10.2
6.8
3.4
11.0
13.2
-2.2
10.0
6.1
3.9
10.7
7.7
3.0
11.8
9.0
2.9
28.9
14.8
14.1
16.9
8.7
8.2
13.5
-1.8
15.4
'8.7
'5.7
'3.0
' 822. 7
r 150 9
T
51. 0
r 99 9
'46 2
'45.4
'8.7
' 6.6
1,370.3 '1,406.7
651.3
' 673. 0
248.5 ' 259. 8
402.9 ' 413. 2
579.2 ' 596. 9
139.7
' 136. 7
do
do
do
do
. do
do
1,048.6
491.6
191.8
299.8
446.0
111.0
do
do
do
6.3
2.4
4.0
8.5
7.1
1.4
15.4
9.4
6.0
3.8
.7
3.1
746.3
792.5
839.2
747.2
759.1
770.9
786.6
798.1
814.^
832.8
837.4
840.8
845.7
830.5
827.1
496.4
527.3
552.1
497.7
504.1
512.8
523.2
531.2
542.2
552.9
553.7
555. 4
546.3
539.7
542.7
' 547. 2
92 5
211 3
192 6
104 9
220 2
202 2
113 6
228 6
209 9
93 8
211 4
192 5
96 3
212 6
195 2
99 8
214 4
198 6
103 0
219 8
200* 4
106 8
221 3
203 0
110 1
225 4
206 6
117 ^
228 7
207 1
115 7
228 3
209 7
114 3
230 0
211 2
107 2
227 4
211.7
105 2
223.9
210.6
106.8
223.6
212.2
' 107. 8
' 225. 8
' 213. 7
111.1
125.0
138.1
109.9
114.8
119.4
123.2
126.6
130.9
134.4
136.3
135.8
145.8
133.3
130.3
' 122. 7
' 117. 7
'94.1
23.6
'5.0
Change in business inventories..
Durable goods
.. __
Nondurable goods
GNP in constant (1958) dollarst
Gross national product, totalf
bil.$..
Personal consumption expenditures, total.. do
Durable goods
Nondurable goods
Services
do
do .
do
Gross private domestic investment, total.. .do
Fixed investment
Nonresidential
Residential structures
Change in business inventories
Net exports of goods and services
do
do
do
do
do
Govt. purchases of goods and services, total -do
Federal
do .
State and local
do
105 8
76 7
29 1
53
— 5
118 0
83 7
34 3
7 0
—3 0
127
94
32
10
3
4
9
8
46
106
76
30
3
5
2
3
4
— 1
110
78
31
4
2
6
6
6
—2 4
139.3
143.1
144.4
139.7
142.6
61 0
61 3
60 9
57 3
62 4
78.4
82.1
87.0
78.4
80.2
r
Revised.
» Preliminary.
jRevised series. Estimates of national income and product
and personal income have been revised back to 1971 (see p. 11 fl. of the July 1974 SURVEY);
115
81
33
4
2
3
8
2
—4 9
143.8
62 9
80.9
116
82
34
6
6
4
2
6
—3 6
143.8
62 5
81.3
118 1
83 8
34 3
85
—1 4
141.8
59 5
82.4
122 0
87 2
34 8
8.8
—1 9
143.0
59.2
83.8
127 1
92 2
35 0
7.3
1.4
144.1
58.9
85.2
128 4
94 3
34.1
7.8
3.5
143.9
57.7
86.2
127 7
95.1
32.6
122.7
96.3
26.4
10.6
122.2
96.5
25.7
8.0
125.8
96.0
29.8
20.0
5.8
7.9
11.5
8.2
'7.0
143.7
56.2
87.5
145.7
56.4
89.3
146.0
56.3
89.7
145.8
56.3
89.5
' 145. 9
'56.5
'89.4
8.2
revisions prior to May 1973 for personal income appear on pp. 22-23 of the July 1974 SURVEY.
9 Includes data not shown separately.
s-1
562-873 O - 74 - S-1
SURVEY OF CURKENT BUSINESS
8-2
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1971
1972
1973
1971
IV
Annual total
November 1974
1972
I
II
1973
III
IV
I
II
1974
III
IV
I
II
III
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
Implicit price deflators:!
Gross national product
Index, 1958=100
Personal consumption expenditures
do
Gross private domestic investment:
Fixed investment
do. .
Nonresidential
_ _.
do
Residential structures
do
Govt. purchases of goods and services
do
National Income totalt
141.35
134.4
146. 12
138.2
154. 31
145.9
142. 70
135.6
144. 62
136.8
145. 31
137.7
146. 50
138.7
147. 96
139.7
149. 95
141.4
152. 61
144.3
155. 67
147.0
158. 93
150.8
163. 61
155.8
167.31 '172.04
160.2 ' 164. 7
139.3
136.3
147.4
168.1
144.8
139.6
157.4
178.6
152.4
144.9
174.0
191.5
140.9
137.1
150.4
169.8
142.8
138.5
153.2
174.6
143.8
139.3
154.6
176.5
145.6
140.2
158.9
179.9
146.9
140.5
162.8
183.6
148.7
141.7
167.1
186.7
151.4
143.9
172.1
189.9
154.3
146.1
178.1
192.6
155.4
147.9
179.7
196.5
157.8
150.7
183.8
202.9
162.3 ' 167. 5
154.9 ' 160. 4
190.0 ' 195. 9
208.8
214.1
bil $
857. 7
946.5
1,065.6
881.6
912.3
932.5
954.3
987.0
1,027.6
1,051.2
1,077.3 1,106.3
1,118.8
1,130.2 pi, 156.4
do
643.1
707.1
786.0
659.7
683.8
699.0
712.6
732.9
759.1
776.7
793.3
814.8
828.8
848.3 ' 868. 2
do
do_
do
do
do
573.6
449.5
19.4
104.7
69.5
626.8
491.4
20.5
114.8
80.3
691.6
545.1
20.6
126.0
94.4
587.8
461.0
19.6
107.3
71.9
606.6
475.1
20.9
110.6
77.1
619.7
486.7
20.1
113.0
79.3
631.2
495.3
19.9
116.0
81.4
649.6
508.7
21.2
119.7
83.4
667.6
525.0
20.8
121.9
91.5
683.6
538.7
20.3
124.5
93.1
698.2
550.8
20.2
127.2
95.1
717.0
565.8
21.0
130. 2
97.7
727.6
573.8
21.0
132.8
101.2
744.6 '761.5
588.3 ' 602. 5
20.9
20.8
135.4 r 138. 2
103.7
106.7
do
do
do.
do
69.2
52.0
17.2
25.2
75.9
54.9
21.0
25.9
96.1
57.6
38.5
26.1
71.0
52.8
18.2
25.4
72.9
53.7
19.2
25.5
74.6
54.3
20.3
24.4
75.8
55.5
20.3
26.8
80.1
56.1
24.0
26.7
89.1
57.0
32.1
26.3
92.8
57.1
35.6
25.7
99.3
57.7
41.5
26.2
103.2
58.4
44.9
26.4
98.4
59.3
39.1
26.4
89.9
60.7
29.1
26.3
'92.1
'62.3
'29.8
26.6
adjustbil. $
78.7
92.2
105.1
82.4
86.5
89.5
92.9
99.8
103.9
105.0
105.2
106.4
107.7
105.6
P 106. 7
17.1
69.4
37.7
18.4
19.3
17.4
72.1
39.6
18.1
21.5
17.8
75.1
40.8
19.4
21.4
18.3
81.5
45.1
20.0
25.1
18.7
85.2
48.6
20.9
27.6
19.4
85.6
48.4
21.5
26.9
19.8
85.4
47.1
21.4
25.7
20.4
86.0
46.4
22.1
24.3
20.8
87.0
46.2
26.9
19.3
20.7
84.9
46.8
29.7
17.1
^20.5
P86.2
9.2
30.3
7.1
33.7
8.0
30.1
Compensation of employees total
Wages and salaries total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' Income, total 9
Business and professional 9
Farm
Rental income of persons
--
Corporate profits and inventory valuation
ment total
By broad industry groups:
Financial institutions
-Nonflnancial corporations total
Manufacturing, total
Nondurable goods industries
Durable goods industries
15.6
63.1
32.3
17.8
14.5
17.6
74.5
40.8
19.0
21.8
19.6
85.5
47.6
21.5
26.1
16.6
65.8
33.3
17.6
15.8
8.3
22.5
9.2
24.6
9.2
28.7
7.6
24.9
8.5
23.2
8.9
23.6
9.5
24.8
9.9
26.6
9.4
27.2
8.8
28.4
9.5
28.8
do
do
.do
do
do
83.6
37.5
46.1
25.0
21.1
99 2
41.' 5
57.7
27.3
30.3
122.7
49.8
72.9
29.6
43.3
86.7
36.9
49.7
25.1
24.7
92.3
38.9
53.4
26.4
27.1
96.0
40.3
55.7
27.1
28.6
100.2
41.8
58.4
27.8
30.6
108.2
45.2
63.1
28.2
34.9
120.4
48.9
71.5
28.7
42.8
124.9
50.9
74.0
29.1
44.9
122.7
49.9
72.9
29.8
43.1
do
do
-4.9
41.6
-7.0
45.6
-17.6
52.3
-4.2
43.0
-5.8
43.6
-6.5
44.9
-7.3
46.2
-8.4
47.5
-16.5
49.2
-20.0
51.1
-17.5
53.2
-16.3 '-27.7 ' -33. 4
55.5
60.1
57.5
bil $
do
do
do
do
864.0
117.6
746.4
685.9
60.5
944.9
142.4
802.5
749.9
52.6
1,055.0
151.3
903.7
829.4
74.4
885.8
124.0
761.8
703.2
58.6
913.3
138.6
774.7
721.4
53.3
930.9
140.9
790.0
741.1
49.0
950.3
143.1
807.2
757. 9
49.3
985.0 1,013.6 1,039.2
147.2
147.0
144.1
892.1
838.1
869.5
822.5
779.2
804.2
69.6
58.9
65.3
1,068.0
154.2
913.9
840.7
73.2
1,099.3 1,112.5
159.9
161.9
939.4
950.6
850.1
866.2
89.3
84.4
bil. $
do
do
do
81.21
29.99
14.15
15.84
88.44
31.35
15.64
15.72
99.74
38.01
19.25
18.76
22.79
8.44
4.12
4.32
19.38
6.61
3.29
3.32
22.01
7.63
3.71
3.92
21.86
7.74
3.86
3.87
25.20
9.38
4.77
4.61
21.60
7.80
3.92
3.88
24.73
9.16
4.65
4.51
25.04
9.62
4.84
4.78
28.48
11.43
5.84
5.59
24.10
9.49
4.74
4.75
28.16
11.27
5.59
5.69
i 28. 02
11.41
5.78
5.64
i 31. 90
13.52
6.85
6.66
do
do
do
-do
do
do
Transportation, communication, and public
utilities
bil $
All other industries
do
Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
122.7 ' 135. 4 ' 139. 0 P 158. 4
49.5 '52.2 '55.9 *>63.5
73.2 '83.2 '83.1 P94.9
32.5
30.7
33.2
31.6
42.5 '51.6 '50.5 P61.7
-51.7
62.8
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
Less; Personal tax and nontax payments
Equals" Disposable personal income
Less' Personal outlays®
Equals' Personal saving§
1,134.6 '1,168.2
168.2
175.1
966.5 ' 993. 1
894.9 ' 927. 6
71.5 '65.5
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries 1
Nondurable goods industries 1
Nonmanufacturing. _
Mining.
Railroad
Air transportation.
Other transportation
.
..
Public utilities .
Electric
Gas and other
Communication
Commercial and other.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries ^
Nondurable goods industries 5
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
...
.
...
51.22
57.09
61.73
14.35
12.77
14.38
14.12
15.83
13.69
15.57
15.42
17.05
14.61
16.89
16.61
18.38
do
do
do
do
2.16
1.67
1.88
1.38
2.42
1.80
2.46
1.46
2.74
1.96
2.41
1.66
.59
.45
.56
.37
.58
.48
.50
.32
.61
.48
.73
.39
.59
.38
.61
.35
.63
.47
.63
.40
.63
.46
.52
.32
.71
.46
.72
.43
.69
.48
.57
.44
.71
.56
.60
.47
.68
.50
.47
.34
.78
.64
.61
.49
.77
.60
.49
.70
.84
.68
.52
.70
do
do
do
do
do
15.30
12.86
2.44
10.77
18.05
17.00
14.48
2.52
11.89
20.07
18.71
15.94
2.76
12.85
21.40
4.29
3.60
.69
2.84
5.26
3.63
3.19
.44
2.72
4.55
4.24
3.61
.62
2.95
4.98
4.39
3.67
.72
2.84
4.97
4.74
4.01
.73
3.39
5.57
3.95
3.45
.50
2.87
4.94
4.59
3.91
.68
3.27
6.40
4.82
4.04
.77
3.19
5.24
5.36
4.54
.82
3.53
5.83
4.38
3.85
.52
3.19
5.05
5.30
4.56
.75
3.60
5.46
5.34
4.49
.86
5.88
4.95
.93
28.70
2 9.76
do
do
do
do
83.18
30.35
14.61
15.74
86.79
30.09
15.06
15.02
87.12
30.37
14.77
15.60
87.67
30.98
15.67
15.31
91.94
33.64
16.86
16.78
96.19
35.51
17.88
17.63
97.76
36.58
18.64
17.94
100.90
38.81
19.73
19.08
103.74
40.61
20.48
20.13
107. 27
42.96
21.43
21.53
do
52.82
56.70
56.76
56.70
58.30
60.68
61.18
62.09
63.12
64.31
66.08
66.80
68.44
do
do
do
do
2.30
1.64
2.26
1.33
2.42
2.10
1.96
1.48
2.38
1.88
2.89
1.53
2.40
1.50
2.67
1.41
2.46
1.71
2.33
1.42
2.69
2.11
2 21
L63
2.77
1.75
2.72
1.62
2.82
1.95
2.49
1.79
2.76
2.05
2.20
1.73
2.80
2.10
2.13
1.63
3.07
2.42
2.21
1.84
3.12
2.56
2.08
2.58
3.28
2.63
1.96
2.68
15.74
16.92
Public utilities
do
13.01
14.27
Electric
do
2 74
2.65
Gas and other
do
11.71
10'
.
44
Communication
do
20.10
19.10
Commercial and other
do
••Revised.
P Preliminary.
1 Estimates (corrected for systematic biases) for JulySept, and Oct.-Dec. 1974 based on expected capital expenditure5? of business. Expected
expenditures for the year 1974 appear on p. 21 of the September 1974 SURVEY.
2 Includes
communication.
f See corresponding note on p. S-l.
9 Includes inventory valuation
111.40 1113.00 i 116.16
47.72
45.32
46.21
24.03
22.50
23.60
23.70
22. 82
22.61
21.70
20.70
20.97
19.80
20.12
18.08
18.38
18.58
17.01
17.53
16.60
18.32
18.10
17.76
16.72
17.12
15.55
15.40
16.00
14.32
14.62
14.67
3.38
2.94
2.87
3.00
3.08
2.52
2.98
2.58
2.86
2.27
2.38
13.94
13.24
13.83
12.34
13.12
12.70
12.63
11.59
11.56
2
'
35.
75
36.
18
21.63
21.69
21.55
21.35
21.36
20.21
21.53
19.88
20.16
0 Personal ou lays coniprise pe r sonal c Dnsumpt on expe iditure.s, interest
adju stment.
paid 3by constimers, an d personal transfe r payme nts to for eigners.
§1 ersonal saving is excess o f disposa Die inconle over p ersonal o utlays. nts appear in the
If!)ata for : ndividugi durabl e and no idurable goods it dustries compone
Mar , June, S ept., anc1 Dec. iss ues of th e SURVE Y.
November 1974
SURVEY OF CURRENT BUSINESS
1971
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1971
1973
S-3
1972
1973
1974
j
Annual total
III
I
IV
II
III
IV
I
II
III
IV
I'-
ll P
in>
24,632
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd"
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $-- 65, 449
42, 754
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales con1,912
tracts
mil. $..
Receipts of income on U.S. investments
9,830
abroad
- - .mil. $_ .
10,955
Other services
do
Imports of goods and servicesU
do
Merchandise, adjusted, excl. military
do
Direct defence expenditures^!
do
Payments of income of foreign investments in the
U.S
mil. $..
O ther services
do
Balance on goods and services total
Merchandise adjusted excl military
do
do
Unilateral transactions (excl. military grants), net
mil. $.Balance on current account
do
Long-term capital, net:
U S Government
do
Private
do
Balance on current account and long-term capital
mil. $..
Nonliquid short-term private capital flows, net
mil. $-.
Allocation of special drawing rights (SDR) do
Errors and omissions net
do__ .
Net liquidity balance
do
Liquid private capital flows, net
do _
Official reserve transactions balance
_.do_- .
Changes in liabilities to foreign official agencies:
Liquid
mil. $
Other readily marketable
do
Nonliquid
do.. _
Changes in U.S. official reserve assets, net _ do
Gross liquidity balance, excluding SDR
do
72,418
48, 768
100,975
70, 277
17, 045
11, 519
15, 496
9,563
17, 265
11, 655
17, 212
11, 534
18, 323
12, 357
19, 618
13, 222
22,193
15, 230
23,847
16, 679
25,922
18, 152
29,012
20, 216
33, 138
22, 299
35, 077
24, 089
1,154
2,354
489
419
326
281
252
295
342
446
520
1,046
673
655
10, 419
12, 077
13, 984
14, 359
2,271
2,766
2,735
2,779
2,411
2,873
2,435
2,962
2,679
3,035
2,894
3,207
3,194
3,427
3,308
3,414
3,502
3,748
3,980
3,770
6,119
4,047
6,272
4,061
-65, 619 -78,427 -96,584 -17,028 -16,356 -19,028 -18,934 -19,517 -20,948 -22,378 -23,731 -24,263 -26,211 -30,210 -35,199
-45, 476 -55,754 -69,806 -11,912 -11,116 -13,482 -13,329 -13,953 -14,990 -16,184 -17,042 -17,574 -19,006 -22,373 -25,720 -27," 228
-4,819 - 4,759 -4, 555 -1,203 -1,236 — 1 222 — 1 242 — 1, 109 — 1 185 — 1 175 — 1 209 — 1 067 — 1 104 — 1 166 — 1 291
-4,809 - 5,893 -8, 694 -1,263 -1,308 -1, 391 -1,417 -1, 467 -1,618 -1,747 -2, 100 -2, 245 -2,602 -3,043 -4, 492
-10,515 -12,023 -13,530 -2, 650 -2, 696 -2, 933 -2, 946 -2, 988 -3, 155 -3, 272 -3,380 -3, 377 -3, 499 -3, 628 -3,696
-170 -6,009
4,391
-860 -1, 763 -1, 722 -1, 194 -1,330
1, 659
-185
116
17
2,801
-122
2,928
- 2, 722 -6,986
471
578 1,210
-393 -1,553 -1,827 -1,795 -1,596 -1,768
-954
-363
-74 -1,631 -2, 596
-3, 647 -3, 797 -3, 876
515
-3,817 -9, 807
-990
-954
-981
-896
-958
-1,841 -2, 753 -2, 676 -2, 152 -2, 226
-969
-952
-599
-2,362 -1,330 -1, 538
127 -1,998
-4,381
-98
-10,559 -11,235
-896
-544
201
-309
-836
-105
398
-370
-386
-544
726
-3, 549 -2, 184 -3, 898 -2,383 -2, 908 -2, 044
-822
-516
-2,347 -1,541 -4, 276
710
717
179
179
- 9, 776 -1,790 -2,624 -5,111 -1,664
-423
178
816
301
-420
178
177
-442 -1,294
-761
-946
-371
319
94
-315
-998
-1,161
4,452 10, 725 5,772
8,816
1,078
2,217
4,665
1,772
9,734
27, 615
1,202
1,118
-173
221
27
-17
34
117
-551
399
-43
-2
-475
-9
280
366
-167
78
341
189
209
220
1,194
429
-231
-187
-55
-111
32
2,348
-23, 779 -15,813 '-9, 538 -9, 934 -4, 754 -4, 104 -2, 368 -5, 208 -4, 131 '-8,467
1972
Sept.
Annual
Oct.
1,343
388
466 -1,150
1,893
1,786 -2, 740
-631
-364
925
1,209
1,979
r
1,657 '-865 '-987 '-6,254 -4,810
' £85 ' 3, 526 ' 2, 049 '1,725
4,480
1,942
2,661
1,062 -4, 529
-330
-730 -1, 488 -2, 145
4,262
-573
1,291
11
182
259
-354
-277
43
-452
167
-2
443
-147
-1
-13
17
-15
-358 -1,003
-210
'-850 ' 1, 136 '-1,358 '-3,602 '-7,391 -4, 520
1973
1973
-398
-862
1,529 -1,406
97 -1,253 -3, 963 -5, 468
-999 -1,663 -1,457
177
COS
-870 -4,093
-21,965 -13,856 r— 7, 594 -9, 303 -4, 185 -3, 327 -2,346 -4, 445 -3, 736 '-6.614 '-1,773
1,474
180
2,125 '-3.581 r 2, 060
-277
3,502 '2, 290 -2, 434 -1, 749
—7, 788
-872 -4, 722 -1,611 -10,195
287
-29,753 -10,354 -5, 304 -11,737 -5, 934 -3, 147
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
-897 -1, 164 -2, 951 -1,856
762
1,637
-23 -1,978
-1,056
-940
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. v
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:t
Total personal income
bil. $..
944.9 1,055.0 1,080.4 1,090.8 1,100.0 1,107.1 1,107.0 1,113.4 1,117.1 1,125.2
1,135.2
1,143.5 '1,159.5 '1,167.2 '1,178.0 1, 186. 4
Wage and salary disbursements, total
do
626.8
Commodity-producing industries, total-do
225.4
Manufacturing
... .
do ... 175.8
Distributive industries
do .
151 0
691.7
251.9
196.6
165 1
704.5
257.4
200.4
168 2
711.0
260.0
202.9
169 1
717.9
263.1
205.2
171.1
722.2
264.5
205.8
170 9
722.5
262.1
204.1
172.0
728.3
264.6
204.9
172.8
732.1
265.3
205.5
173 9
727.1
267.4
207.8
175 3
745.3
270.0
210.1
177.8
753.2
272.6
212.5
179.1
759.7
273.3
214.0
180.8
761.6 ' 767. 7 773.4
276.5 ' 278. 3 279.9
219. 5
217.8
215. 5
180.7 ' 183. 1 184.0
Service industries
Government
..
Other labor income
Proprietors' income:
Business and professional
Farm
115 3
135.0
41 7
128 2
146 6
46 0
130 7
148.2
46 7
131 5
150.4
47 1
132 3
151.4
47 6
134 7
152. 1
48 0
135.3
153.0
48 5
137.0
153.8
48 9
138.2
154.6
49 4
139 1
155.3
49 9
141.1
156.3
50.5
142.6
158.9
51.1
143.5
162.1
51.7
144.9 ' 146. 4
159.5 ' 159. 9
52. 9
52.3
146.8
162. 8
53. 5
54.9
21 0
57.6
38 5
57.8
44 3
58.3
44 9
58.5
44 9
58.4
44 9
58.7
42 1
59.4
39 1
59.9
36 1
60.2
32 6
60.8
29.1
61.2
25.7
' 62. 5
'30.7
62.7
30.0
25.9
27 3
78 6
103 2
26 1
29 6
90 6
117 8
26 4
31 6
98 3
128 4
26 4
31 9
99 0
129 5
25 5
32 1
100 4
134 6
26.7
32.5
102.0
135.8
26.7
33.0
103.5
137.0
26.6
33.1
104.4
142.5
47.6
47.0
34.5
46.7
47.2
43.5
43.7
43.8
42.8
43.8
46.8
916.5 1 008 0 1 027 6 1 037.0 1 046 1 1 052.9 1, 055. 5 1 064.9 1 071.6 1, 083. 1 1,096.6
47.9
1,106.8
48.5
1,121.7
.
do _
.do.. .
do
do
do
Rental income of persons
do .
Dividends
do
Personal interest income
do_Transfer payments
do
Less personal contributions for social insurance
bil. $..
Total nonagricultural income
.do.- _
26
30
93
120
4
0
7
4
26
30
94
121
4
2
8
7
26
30
96
122
4
4
0
1
26.4
31 6
97.0
122 6
26
31
97
126
4
4
5
7
62.5
61.9
' 28. 1 '30.6
26.6
26.6
33.4
33.2
105.3 ' 106. 9
143.6 ' 146. 0
26.7
33.5
107. 9
147.6
48.9
48.6
48.4
1,126.8 '1,137.4 1,146.3
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments total*
mil $
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
.
Dairy products. . ..
Meat animals
Poultry and eggs
-
do
do
do _..
do
do
do ...
Indexes of cash receipts from marketings and CCC
loans, unadjusted:*
All commodities .
1967 = 100. .
Crops
do
Livestock and products
.do
64 954
91 197
7 937
11 538
10 891
8 622
9 304
6 563
6 197
5 553
5 552
5,398
7,277
7,225
60, 993
25 340
35 653
7,135
23 977
4 189
88, 590
42 346
46 244
8,071
30 768
6 899
7,975
3 887
4*088
688
2 666
*693
11, 496
6 784
4 712
'729
3 237
709
10, 874
6 670
4 204
719
2 822
628
8,613
4,981
3 632
779
2 246
558
9,262
5,017
4,244
760
2,867
582
6,550
2 848
3,702
768
2 375
525
6,187
2,353
3,834
864
2,405
533
5,548
1,812
3, 736
850
2,368
478
5, 545
1,801
3,744
866
2 362
475
5,382
2,336
3,047
785
1,787
429
7,253
3,928
3,324
743
2,061
476
7,190
3,543
3,647
720
2,370
515
143
137
147
208
230
191
224
253
202
323
442
233
306
434
208
242
324
180
260
327
210
184
185
183
174
153
190
156
118
185
156
117
185
151
152
151
204
256
164
202
231
180
Indexes of volume of farm marketings, unadjusted:*
All commodities
1967=100
114
169
113
116
167
Crops
do
130
242
225
131
119
Livestock and products
do
102
115
123
109
106
r
Revised.
v Preliminary.
f See corresponding note on p. S-l.
t Series revised
beginning 1971; monthly data prior to May 1973 appear in the Farm Income Situation, July
1974, available from the U.S. Dept. of Agr., Economic Research Service.
<? More complete
details appear in the quarterly reviews in the Mar., June, Sept., and Dec. issues of the SUR-
7,946
' 7, S86 11,800
7,700
'4,383
4,100
' 3, 503
700
'701
2, 700
' 2, 244
600
' 525
222
290
170
331
503
201
166
116
112
114
93
89
92
83
133
89
134
209
123
111
125
52
76
52
67
164
86
178
134
111
112
107
107
117
105
108
109
95
101
VEY.
1 Annual data in the 1973 BUSINESS STATISTICS should read as follows (mil. dol.):
1956 total imports of goods and services, -19,627; 1953-59 direct defense expenditures, -2,615;
—2,642; —2,901; —2,949; —3,216; —3,435; —3,107.
9 Includes data for items not shown
separately.
SUKVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973 »
Annual
November 1974
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^
Federal Reserve Board Index of Quantity Output
Not seasonally adjusted:
Total index d"
- - -- 1967=100..
By market groupings:
Products total
do
Final products
do
Consumer goods
do
Automotive products
do
Home goods and clothing
do
Equipment
do
Intermediate products
Materials
By industry groupings:
Manufacturing
Durable manufactures.
Nondurable manufactures
Mining and utilities
Seasonally adjusted:
Total index
By market groupings:
Products total
Final products
Consumer goods
115.2
125.6
131.0
130.4
127.9
122.7
122.2
124.9
126.2
125. 4
126.5
129.7
r 122. 3
' 125. 8
113.8
111.9
123.6
127.7
117.7
95.5
123.4
121.3
131.7
136.6
129.1
106.7
130.6
128.6
141.8
136.6
139.1
110.3
129.1
127.2
139.2
146.6
137.5
110.3
125.4
123.4
132.8
140.2
130.6
110.2
118.8
116.8
122.8
102.6
122.3
108.4
118.9
118.1
125.2
108.2
123.5
108.2
121.7
120.6
127.9
111.2
129.3
110.3
123.1
121.6
129.0
113.2
130. 3
111.3
122.0
119.9
127.2
118.4
126.6
109.8
123.2
121.2
127.7
119.8
125.1
112.0
127.9
126.1
134.3
126.1
131.5
114.6
r 121.8
r 125. 2
r 123. 3
r
do
do ..
121.1
117.4
131.0
129.3
137.6
131.8
136.2
132.5
132.8
132.0
126.0
129.0
122.0
127.5
125.7
130.1
128.4
131.3
129.9
130.9
130.8
131.9
134.2 r 128.2
132.7 ' 123. 0
do
do
do
114.0
108.4
122.1
125.1
122.0
129.7
130.2
125.9
136.4
130.2
126.3
135.9
128.0
125.0
132.4
122.1
119.8
125.4
121.5
118.5
125.9
124.7
121.2
129.7
126.0
122.8
130.7
125.8
122.5
130.7
127.0
123.9
131.3
121.0 r 124. 8 'r 129. 4 128.0
129.7
117.5 r 118. 4
125.0
126.3
123.6
'
126. 4 ' 134. 0 ' 135. 8 134.3
134.8
-do
124.1
129.0
137.1
131.2
127.3
126.8
126.9
126.1
125.1
122.7
123.8
127.5
do
115.2
125.6
126.8
127.0
127.5
126.5
125.5
124.7
124.7
124.9
125.7
125.8 ' 125. 5
r 125. 2
' 125. 6 124.9
125.3
123.6
133.5
124.0
122.6
131.3
123.0
121.3
129.2
122.4
120.6
128.3
122.6
121.0
128.5
122.7
120.7
128.5
123.8 ' 124. 1 ' 124. 0
122.4 ' 122. 5 r 122. 8
129.6 ' 130. 3 ' 130. 0
r 123. 3
r 122. 0
r 129. 5
' 123. 3
123.0
'122.3
122.5
' 128. 5 128.3
120.1
r 126. 9
r
129. 9
127.3
126.5
134.2
132.7
126.1
115.8
' 133. 5
126. 9 ' 130. 0
130.3
129.6
••98.9
116.0 r 126. 8 r 130. 7
r
110. 6 ' 110. 0 '115.8
r 131. 9
128.1
' 129. 8
' 128. 8
132. 9 r 138.2
"95.1
121. 4
r 132. 4
r
r 134. 3 ' 134. 7 128.2
113.8
111.9
123.6
123.4
121.3
131.7
124.3
122 .4
132.3
124.3
122.7
132.6
125.7
127.7
112.7
156.5
138.9
136.6
125.4
158.2
138.2
129.8
118.4
151.8
137.2
131.4
122.5
148.4
138.5
133.7
124.8
150.9
134.6
120.6
106.2
147.8
128.2
108.0
90.0
142.6
126.4
106.6
86.4
145.5
128.5
108.0
86.3
149.8
130.8
113.8
97.7
144.7
132.8
116.1
100.3
146.5
133.5 r 131. 6 '•131.2 ' 128. 6
117.3 r 113.5 '115.4 ' 112. 3
101.5
103.1
99.6
99.6
151.3 r 136. 9 ' 138. 9 ' 136. 6
127.1
119. 1
108'. 4
139.6
124.5
124.6
132.6
140.1
144.6
149.8
142.8
149.4
153.3
140.9
143.4
153.9
141.1
140.5
152.7
138.7
134.3
150.1
139.6
138.4
153.5
137.5
131.9
153.3
140.1
135.8
154.5
140.6
135.2
158. 2
142.4
137.7
157.4
142.7 ' 141.8 ' 139. 9 ' 137. 9
130.5
141.2 ' 139. 3 r 134. 5
156.4
157.2 r 155. 3 r 157. 1
131.8
Nondurable consumer goods
do
Clothing
do
Consumer staples
do
Consumer foods and tobacco. . .do
Nonfood staples
do ..
122.8
109.7
126.2
117.5
135.3
129.0
116.2
132.4
122.1
143.2
130.1
118.0
133.2
122.2
144.8
130.8
116.8
134.5
123.3
146.2
131.5
117.3
135.2
126.5
144.3
130.2
120.3
132.8
125.0
141.1
129.5
116.3
133.0
126.9
139.4
129.1
114.5
133.0
125.9
140.4
128.7
112.0
133.1
125.7
140.7
127.6
106.2
133.2
123.9
143.1
128.5
107.0
134. 2
124.7
144.3
129.0 r 129. 4 ' 128. 9 128.5
108.6 r 106.4
108.9
134.3 ' 134. 9 134. 8 ' 134. 5
125.5
' 124. 9 ' 125. 0
124.7
144.7 r 145. 1 ' 144. 3
144.4
128.7
135.0
124.5
145.7
Equipment
do
Business equipment
do
Industrial equipment 9.
do .
Building and mining equipment.do
Manufacturing equipment. __ do. ..
95.5
106.1
102.5
104.8
92.7
106.7
122.6
120.1
120.4
113.0
108.5
125.8
124.1
123.7
117.3
108.9
126.2
124.5
124.7
117.3
110.1
127.8
125.6
126.0
118.2
110.1
126.9
124.9
126.0
118.5
109.8
126.8
125.3
128.5
119.3
109.9
127.3
126.6
130.3
120.6
110.1
127.6
126.8
131.2
121.1
110.1
127.9
127.6
133.5
122.1
112.2
130.3
129.6
135.0
124.1
r
113.0
112.0
130.2 ' 131.3
129.0 ' 130. 3
137.4 ' 136. 2
121.9 r 124. 9
'113.7
' 131. 7
' 131.0
' 138. 5
' 124. 2
113.9
132.0
131.4
140.9
123.6
110.3
118.4
96.8
125. 5
135.0
109.7
127.7
138.2
109.6
128.1
140.1
109.8
130.3
141.3
111.4
129.2
139.3
111.1
128.5
139.8
109.5
128.2
139.8
109.3
128.7
140.8
109.4
128.2
140.4
106.7
130.9
141.5
110.2
131.5
142.7
110.4
r 127. 6 ' 132. 5
134.0 ' 143. 2
111.4 ' 109. 3 ' 112. 6
132.9
144.0
112.9
77.9
81.7
Durable consumer goods. .
Automotive products
Autos
Auto parts and allied goods
-do
do
do
do .
do
do
do. ..
Home goods 9
do
Appliances, TV, home audio. ..do
Carpeting and furniture
do
Commercial transit, farm eq9
Commercial equipment
Transit equipment..
do
do ..
.do
f
'111.6
' 128. 8
' 129. 6
' 136. 5
r 123. 1
r 132. 5
r 143. 5
80.4
79.8
80.0
80.9
81.9
81.4
80.9
81.0
80.6
82.2
do
do
do
121.1
120.8
121.3
131.0
133.8
128.7
131.0
134.9
128.1
130.6
134.3
127.5
131.1
133.7
129.0
129.1
131.1
127.4
129.2
133.0
126. 3
129.1
131.3
127.4
128.1
129.6
127.5
129.4
130.8
128.2
129.2
130.8
128.0
do
do
do
do
do
do
do
117.4
113.5
113.8
99.3
122.5
129.2
120.9
129.3
130.0
127.6
119.3
129.2
139.9
124.2
131.3
132.3
129.9
122.1
130.3
141.9
128.3
131.1
132.2
128.2
122.7
130.1
141.4
126.9
131.5
133.0
128.4
125.8
130.7
142.4
124.9
130.6
132.7
121.0
125.4
129.2
140.1
123.1
129.7
129.8
113.0
123. 9
131.1
143.4
121.5
128.3
127.3
109.3
122.6
131.1
141.7
122.5
128.8
127.2
110.6
121.6
131.9
143.1
122.6
128.7
127.3
112.5
120.1
131.9
143.9
123.2
129.1
128.0 r 128. 4 '
128.8
128.3 ' 127. 6 r 125. 8 r 128. 0 '
114.7
'
117.2 ' 117.4 '
114.1
122.5
122.1 r 120. 6 ' 123. 5 '
130.9
r
131.
1 r 130. 2
'
131.3
143.3
143.6 rr 142. 4 '
143.6
124.7
'
128.
0
123. 6 '
126.3
do
do
do.
do
do
do
do .
114.0
108.4
113.9
113.1
107.1
123.6
114.8
125. 1
122.0
128.7
127.0
121.7
136.5
130.5
126.3
123.3
129.5
127.8
122.7
136.5
131.5
126.4
123.6
130.6
128.7
123.6
141.1
132.4
127.4
124.3
131.0
128.9
124.2
140.1
133.1
126.4
123.1
130.5
130.7
127.7
141.3
130.0
125.3
121.0
130.4
129.5
125.5
137.0
131.4
124.5
119.4
127.6
125.0
119.4
135.3
130.6
124.6
120.4
128.2
125.3
119.6
135.5
131.6
124.8
120.7
127.5
124.0
116.4
141.0
131.3
125.7
122.1
128.1
124.6
118.0
136.0
131.9
125.6
122.1
128.4
124.7
118.5
135.0
132.5
125.2 r 125. 1
121.6 ' 121.7
126.9 r 127. 2
123.2 r 123. 2
119.9 ' 120. 1
128.3 r' 128. 1
131.5
131.1
do
do
do
do
103.5
107.5
105.7
109.6
117.3
125.8
125.0
126.8
118.9
130.0
130.0
129.8
119.0
129. 6
130.0
128.6
119.9
130.4
130.3
130.5
118.6
130.9
130.2
131.6
115.2
128.6
129.4
127.7
113.8
127.2
128.1
126.2
114.8
128.4
129.8
126.8
115.5
128.2
130.7
125.3
117.5
129.7
131.9
127.4
117.7
130.4
130. 7
129.0
117.3
129.9
131.1
128.4
do
do
"do""
do
99.0
123.1
75.8
120.2
109.1
138.1
81.2
138.3
107.3
133.9
81.7
141.5
108.8
136.4
82.3
141.0
109.8
137.8
82.9
142.6
103.0
124. 6
82.2
142.7
95.7
112.7
79.3
143.0
93.9
109.2
79.3
142.8
95.0
110.2
80.3
142.8
97.8
116.4
80.0
143.8
100.6
119.6
82.4
146.1
'99.4
116.9
82.6
147.5
'98.7 r 99.9 ' 100. 8 103.3
117.3 ' 117. 8 ' 118. 5
123.1
80.9 ' 82. 6 '83.8
84.3
146.7 ' 146. 7 ' 144. 6 142.1
Lumber, clay, and glass
do
Lumber and products..
.~~do"~~
Clay, glass, and stone products
do
120.0
122.4
118.6
129.1
127.9
129.8
128.8
128.9
128.8
129.7
127.4
131.2
129.3
127.3
130.4
127.8
126.3
128.7
129.7
126.1
131.8
127.4
127.1
127.6
128.1
126.1
129.3
128.9
126.8
130.3
128.0
126.8
128.7
126.4
125.6
126.9
125.5 r 123. 4 '121.6
121.5
121.6
120.5
127.7 ' 124. 6 122.3
Furniture and miscellaneous
do
122.7
Furniture and fixtures ..Il'IIdo"!"
113.5
Miscellaneous manufactures
1 " do. 1 1 . 131.1
135.1
126.1
143.2
138.2
130.4
145.3
136.1
128.8
142.9
136.3
127.9
144.3
135.3
124.9
144.5
133.4
124.2
141.8
135.2
125.4
144.2
136.8
126.8
145.8
136.8
128.8
144.1
138.9
129.7
147.3
138.5
131.1
145.3
139.7
131.6
147.1
129.7
115.0
127.3
113.2
83.7
130.7
117.5
130.2
115.4
86.4
130.4
116.8
130.2
114.9
83.1
131.3
116.7
129.4
115.3
82.9
131.2
118.8
130.9
118.5
82.9
131.4
116.2
128.4
116.4
77.6
131.5
115.3
127.6
113.6
83.7
131.0
112.4
125.0
110.0
83.0
130.4
109.3
123.4
105. 8
79.5
130.9
109.8
124.0
105.0
83.9
Defense and space equipment.
Intermediate products
Construction products
Misc. intermediate products
Materials
Durable goods materials 9
Consumer durable parts
Equipment parts
Nondurable goods materials 9
Textile, paper and chem. materials.,
Fuel and power, industrial
By industry groupings:
Manufacturing, total
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals.
Fabricated metal products
Machinery and allied goods 9
Machinery
Nonelectrical machinery
Electrical machinery.
Transportation equipment.
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
Nondurable manufactures
Textiles, apparel, and leather...
Textile mill products
Apparel products.
Leather products.. .
do .
do
do""
do
do
do "
122.1
108.1
117.4
105.7
88.9
Paper and printing... .
d0
116.1
122.2
122.2
122.1
121.7
121.9
121.2
121.2
121.3
122.5
121.3
Paper and products
""""do
128.2
135.4
136.2
136.7
138.7
137.6
134.8
135.3
135.4
140.2
135.1
Printing and publishing
'..'... do....
107.9
113.2
112.1
112.3
110.4
111.9
113.6
110.8
110.7
111.7
111.9
' Revised.
p Preliminary.
^Monthly revisicms for 1972 are avai able upo n request.
91ncludes (iata for i terns no' shown separatel y-
82.6
'83.8
'83.1
' 127. 1
128. 9
128.2 '127.0 ' 128. 4
129.6
'
127.
5
126.3
T
128.
6
128.4
r 127. 8
r
r
130. 7
108.5
125. 1
102.1
81.6
122.3
136.7
112.7
r
' 127. 8
r
129. 2
129. 5
117.4
124. 9
129. 4
141. 7
126. 9
128.2
129.5
115.4
124.2
126.6
138.7
126.8
125. 4
122. 2
128. 1
124. 7
119. 1
133.9
' 131. 9
124.5
121.5
126.8
125.3
121.0
128.6
118.5
131. 2
136. 7
125. 2
118.7
130.5
136.9
123.4
'
'
'
'
'
'
'
136. 4 '
122. 9
'
'117.7
r 130. 1
r
' 138. 4
130.5
r 145. 5
83.8
125.0
124.8
' 138. 2
129.9
145.6
120.1
132.3
130. 8 ' 130. 0 ' 130. 0 128.8
' 106. 8 ' 106. 2 104.8
r 124. 2
121.7
102. 7
101.5
80.0
••75.7 '73.4
r 108. 1
r 125. 3
r 122. 4
136.1
' 113. 4
' 120. 9 ' 121.8
135.0
r 132. 2
' 113. 4 ' 112.8
119.6
113.0
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973 v
Sept.
Annual
S-5
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct. »
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted— Continued
By Industry groupings— Continued
Manufacturing, total— Continued
Nondurable manufactures— C ontinued
Chemicals, petroleum, and rubber 1967=100.
Chemicals and products
do
Petroleum products
do
Rubber and plastics products
do
Foods and tobacco
Foods
Tobacco products
-
Mining and utilities
Mining
Metal mining
Stone and earth minerals
Coal oil and gas
Coal
Oil and gas extraction
Crude oil
137.8
139.6
120.6
145.5
149.3
150.2
127.4
163.8
150.9
153.0
126.0
163.6
151.1
152.7
130.4
161.9
151.6
153.0
129.5
164.5
151.6
154.5
125.5
162.3
151.5
154.9
120.5
164.3
151.2
155.3
116.9
163.5
151.2
155.5
117.3
164.2
153.5
156. 2
126.9
165.5
153.0
156.2
126.1
163.7
'153.8
156.9
126.2
164.5
117.6
118.6
103.7
121.9
122.7
110.7
122.2
123.2
109.1
121.7
122.4
113.7
124.7
125.4
115.8
123.0
124.5
104.2
125.4
126.3
113.3
126.2
127.2
112.1
125.3
126.5
110.4
124.3
125.9
104.6
126.5
127.8
109.4
125.3
127.1
102.9
do
do
do
do
do
do
do
do
124.1
108.8
120.9
98.1
109.2
104.2
110.0
107.3
129.0
110.3
130.8
109.5
108.3
104.4
108.9
104.4
131.3
111.8
136.6
109.5
109.6
109.8
109.7
103.9
131.5
111.9
138.3
109.2
109.7
103.0
110.8
104.2
130.6
111.3
135.2
111.7
108.8
104.1
109.6
103.7
126.9
110.4
135.2
113.1
107.5
110.4
107.0
102.9
125.4
109.9
135.2
111. 9
107.0
108.7
106.8
102.4
126.9
111.7
132.2
111.6
109.6
112.7
109.1
104.2
127.3
112.2
132.9
110.7
110.2
114.7
109.5
101.3
127.8
111.3
127.4
110.7
109. 8
110.3
109. 7
100.6
128.0
111.0
128.1
111.0
109.2
112.4
108.8
100.2
128.1
110.2
121.1
106.4
109.7
118.3
108.4
99.8
do
do
do
143.4
149.4
123.4
152.6
161.1
124.2
155.8
165.1
156.2
165.3
154.6
163.4
147.6
155.6
144.9
153.0
146.1
154.6
146.5
155.0
148.7
158.3
149.2
159.0
150.6
160.3
..do
do
do
-
.
Utilities
Electric
Gas
'
'
'
'
153. 9
155. 8
127. 9
167. 2
' 153. 8 '
" 155. 9 '
' 126. 9 '
' 168. 1
153. 3
156. 1
123. 5
166.7
152.7
155.9
124.9
124.8 ' 124. 6 ' 124. 6
126.6 ' 126. 2 ' 126. 0
101.5
104.2
124.0
125.3
' 128. 9 ' 128. 3
" 110.
2
' 120. 3
108.8
' 109. 4
115.6
' 108. 4
' 100. 4
' 108. 0
' 110. 0
109.9
107.4
'99.4
' 108. 6
" 100. 6
128.9
128.4
' 109. 6 108.9
126.0
105.0
' 108. 5 107.8
112.4
113.6
' 107. 9 106. 9
99.6
152. 4 ' 153. 8 153.1
162.7
164.3
153.0
BUSINESS SALES §
Mfs and trade sales (unadj ) total c?1©
Mfg and trade sales (seas adj ) totald"©
mil $
do
1,490,922 1,724,898 ' 145,269 ' 154,181 153,920 ' 153,271 142,834 147,402 161,592 * 162,976 ' 168,319 169,056 162, 075 ' 171,197 171,017
1,490,922 1,724,898
145,679 149,789 152,335 150,711 154,064 156,098
159,239 160,675 162,924 163,052 168, 824 '171,644 171, 151
72,146
59,248
32,898
74,581
40,879
33,702
76,178
41,055
35,123
74,617
39,465
35,152
76,389
39,994
36, 395
76,978
40,073
36,905
78,197
40,635
37,562
79,050
41,232
37,818
81,117
42,538
38,579
81,166
42,785
38,381
84,019 ' 85,760
44,122 ' 44,825
39,897 ' 40,935
86, 106
45, 170
40, 936
1448,379 i 503, 317
149, 659 170, 275
298, 720 333, 042
42,529
14,267
28,262
42, 970
14, 331
28, 639
42,976
14,090
28,886
42,116
13,270
28,846
42, 932
13, 525
29, 407
43,134
13,327
29,807
43,872
13,660
30,212
44,283
13,941
30,342
44,894
14,289
30,605
44,593
14,049
30,544
46,356 ' 47,056
14,963 ' 15,381
31,393 ' 31,675
46, 069
14, 318
31, 751
1 298,345 1 364,803
138, 458 ' 168,074
159, 887 ' 196,729
31,004
14, 170
16, 834
32,238
14, 578
17, 660
33,181
15, 040
18, 141
33,978
15, 287
18, 691
34,743
15,857
18, 886
35,986 37,17o
16, 055 <16, 634
19, 931 <20, 536
37,342
16, 997
20, 345
36,913
16, 921
19, 992
37,293
17, 045
20, 248
38, 449 ' 38,828
17,434 ' 17,502
21,015 ' 21,326
38, 976
17, 741
21, 235
Manufacturing, total cf
Durable goods industriesd"
Nondurable goods industries
* 744,198 i 856, 778
do
do.. - 401,318 464,686
342, 880 392, 092
do
Retail trade total
Durable goods stores
Nondurable goods stores
do
do
do
Merchant wholesalers total O
Durable goods establishments
Nondurable goods establishments
do
do
do
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj ) total t©
mil $
Mfg. and trade inventories , book value , end of year
or month (seas, adj.) .total f©
mil. $..
195,264 ' 220,513 ' 211,021 ' 215,882 ' 220,801 ' 220,513 ' 224,330 ' 228,898 ' 233,701 ' 236,441 ' 239,958 242,872 246, 103 ' 248,533 253, 665
213,549 215,714 218,881 222,733 225,817 228,865 231,668 233,716 237,754 242,468 247, 440 '251,831 256, 311
116,114 117,224 118,435 120,870 122,570 124,831 126,500 128,438 130, 936 133,541 136,731 ' 139,727 142, 389
76,249 76, 951 77,645 79,441 80, 541 81,925 83,014 84,108 85,715 87,366 89,286 '91,004 92, 524
39,865 40, 273 40,790 41,429 42, 029 42,906 43,486 44,330 45, 221 46,175 47,445 ' 48,723 49, 865
197,087
222,733
Manufacturing, total
Durable goods industries
Nondurable goods industries
do
do
do
107,719
70, 218
37, 501
120, 870
79, 441
41, 429
Retail trade totalf
Durable goods stores
Nondurable goods stores
do
do
do
56, 551
26,034
30, 517
63, 561
28, 778
34, 783
60, 847
27, 507
33, 340
61,681
27, 926
33, 755
62,937
28, 662
34, 275
63,561
28,778
34,783
64, 261
28, 852
35, 409
64, 394
28, 789
35, 605
64, 743
28, 578
36, 165
64,855
28,495
36, 360
65, 615
28, 499
37, 116
66, 580
28, 893
37, 687
67, 538
29, 030
38, 508
68, 400
29, 768
38, 632
69, 628
30, 291
39, 337
Merchant wholesalers, total O
Durable goods establishments _
Nondurable goods establishments
do
do
do
32, 817
19, 484
13, 333
38, 302
21,892
16, 410
36,588
20, 975
15,613
36,809
21,105
15, 704
37,509
21,512
15, 997
38,302
21, 892
16,410
38,986
22, 152
16, 834
39,640
22, 468
17, 172
40,425
23, 007
17, 418
40,423
23, 267
17,156
41,203
23, 899
17, 304
42,347
24, 494
17, 853
43, 171 ' 43,704
24, 754 ' 25,306
18,417 ' 18,398
44, 294
25, 991
18, 303
BUSINESS INVENTORY-SALES RATIOS
'1.53
"1.45
1.47
1.44
1.44
1.48
1.47
1.47
1.45
1.45
1.46
1.49
1.47
1.47
1.50
do
do
do
do
do
1.69
2.03
.58
.91
.54
1.58
1.91
.56
.87
.48
1.61
1.94
.58
.89
.48
1.57
1.88
.56
.86
.46
1.56
1.89
.57
.87
.46
1.62
2.01
.62
.91
.48
1.60
2.01
.62
.91
.48
1.62
2.04
.64
.92
.49
1.62
2.04
.65
.92
.48
1.62
2.04
.65
.91
.47
1.61
2.02
.65
.90
.46
1.64
2.04
.67
.91
.47
1.63
2.02
.67
.89
.46
1.63
'2.03
'.68
'.89
'.46
1.65
2.05
.68
.90
.48
do
do
do
do
1.29
.48
.20
.61
1.20
.46
.19
.55
1.21
.47
.19
.55
1.19
.46
.19
.54
1.16
.45
.18
.53
1.18
.45
.19
.54
1.15
.45
.18
.52
1.16
.45
.18
.52
1.16
.45
.18
.52
1.17
.46
.18
.53
1.17
.47
.18
.52
1.20
.48
.19
.53
1.19
.48
.19
.52
'1.19
.48
.19
'.52
1.22
.49
.19
.54
do
do
do
1.45
1.96
1.19
1.42
1.91
1.18
1.43
1.93
1.18
1.44
1.95
1.18
1.46
2.03
1.19
1.51
2.17
1.21
1.50
2.13
1.20
1.49
2.16
1.19
1.48
2.09
1.20
1.46
2.04
1.20
1.46
1.99
1.21
1.49
2.06
1.23
1.46
1.94
1.23
'1.45
'1.94
'1.22
1.51
2.12
1.24
••1.24
Merchant wholesalers, total O
do
'1.60
Durable goods establishments
do
'.94
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted total
mil $
25, 108
Seasonally adj . , total
do . . .
'1.16
'1.47
'.90
1.18
1.48
.93
1.14
1.45
.89
1.13
1.43
.88
1.13
1.43
.88
1.12
1.40
.89
1.10
1.40
.86
'1.09
-1.38
'.85
1.08
1.37
.84
1.12
1.41
.87
1.14
1.44
.88
1.12
1.42
.88
'1.13
1.45
.86
1.14
1.47
.86
31, 623
2,684
2,722
2,841
2,815
2,979
2,920
3,174
2,884
2,938
3,119
3,243
3,344
3,526
3,302
3,494
3,441
3,616
3,495
3,818
3,718
3,239
3,655
3,268
3,609
3,674
3,721
856,778
74,499
76,404
75,505
70,639
71,248
78,072
81,391
80,823
82,391
86, 527
77,487 ' 83,347
89, 129
Manufacturing and trade total cf©
Manufacturing totaled
Durable goods industriesd"
Materials and supplies
Work in process
Finished goods
Nondurable goods Industries
Materials and supplies
Work in process
Finished goods
Retail trade, total t
Durable goods stores
Nondurable goods stores
Shipments (not seas, adj.), totald"-
ratio
..do
744,198
40,163 41,608 40,474
401,318 464,686
2,314
2,136
22, 344
24, 936
2,189
6,345
6,383
57, 941
6,155
72, 027
3,057
3,054
28, 109
35, 260
2,986
.
2,428
2.355
2.320
21. 392
26. 539
2
' Revised.
v Preliminary.
i Based on data not seasonally adjusted.
Advance
estimate; total mfrs. shipments'for Sept. 1974 do not reflect revisions for selected components.
cf See corresponding note on p. S-6.
§The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown below on
pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12.
Durable goods industries, total 9 d"
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills ..
Nonferrous metals
do
do_._
do
do
do
37,115 37,088 40,828 42,829 42,699 44,000 46, 661 39,682 ' 42,282 ' 46,389 2 47,421
2,415
2,205 ' 2, 470 8, 251 2 8, 462
2,263
1,809
2,229
1,839
2,150
1,993
8,475
7,483 ' 8, 039 8,303
8,052
7,757
6, 072
6,504
7,061
7,555
5, 729
3,871 ' 5, 448
4, 079
3, 641
3,888
2,840
3,700
3,133
3,246
3,219
2,653 ' 6, 854 7,707
3,040
3,052
2,384
2,847
2,848
2,453
t See note marked "t" on p. S-12; revisions for inventory-sales ratios for retail trade, total,
durable, and nondurable appear on p. 7 of the March 1974 SURVEY.
9 Includes data for
items not shown separately.
J See note marked "cf1" on p. S-4.
© Revisions for this item for periods prior to Aug. 1973 are available upon request.
O See
c
note marked "t" on p. S-ll.
Corrected.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
| 1973
Annual
November 1974
Sept.
Oct.
Nov.
1974
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
5, 448
6, 854
5, 416
8, 080
5, 236
1, 366
5,729
7,707
5,986
10, 199
6,904
1,436
11,099
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (not seas, adj.)— Continued
Durable goods Industries— Continued
Fabricated metal products
Machinery, except electrical
Electrical machine^
Transportation equipment cf ..
Motor vehicles and parts...
Instruments and related products
mil $
do
do._
do
do.
do
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do._.
do
do
.__do
do
Shipments (seas adj ) total cf
By industry group:
Durable goods industries total 9 cf
Stone clay and glass products
Primary metals .
Blast furnaces steel mills
Nonferrous metals
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment cf.
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
47, 098
61, 024
55, 950
99, 951
66, 762
13, 393
53, 707
73, 380
63, 497
113,317
77, 278
14, 334
4,655
6,468
5,654
9,352
6,227
1,299
4,811
6,237
5,642
10,481
7,314
1,302
4,668
6,174
5,571
10,029
6,928
1,258
4,527
6,384
5,438
7,823
4,866
1,218
4,325
6,223
5,060
8, 249
5,611
1,134
4,739
7,020
5,662
8,855
5,762
1,240
4,921
7,551
5,777
8,941
5,638
1,316
4,948
7,172
5,552
9,195
5,891
1,244
5,233
7,186
5,731
9,591
6,229
1,316
5,440
8,011
6,024
10, 040
6,485
1,419
4,937
6,598
5,081
8,032
5, 169
1,242
'
'
'
'
'
'
342, 880
114, 496
5,863
26, 726
392, 092
134, 947
6,201
30, 531
34,336
11,982
516
2,631
34, 796
12,187
534
2,758
35,031
12,337
532
2,675
33,524
11,980
539
2,537
34,160
12,010
549
2,556
37,244
12,653
509
2,785
38,562
12,939
530
2,932
38,124
12,171
531
2,806
38,391
12,281
588
2,884
39, 866
12, 527
601
3,085
37,805
12,358
597
2,432
41,065 42, 628
13,469 14, 263
'624
564
r
2, 859 2,942
28, 278
57, 437
29, 932
19, 185
32, 417
67, 034
35, 815
20, 488
2,815
5,769
3,121
1,743
2,863
5,643
3,135
1,809
2,850
5,610
3,425
1,729
2,719
5,463
3,694
1,584
2,901
5,685
3,742
1,696
3,125
6,452
4,173
1,842
3,217
6,729
4,374
1,919
3,258
7,094
4,499
1,985
3,291
6,987
4,725
1,967
3,476
7,158
4,983
2,082
72,146
74,581
76,178
74,617
76,389
76,978
78,197
79,050
81,117
81, 166
84, 019
40, 635
2,154
7,059
3,420
2,686
41,232
2,191
7,047
3,208
2,831
42,538
2,175
7,421
3,466
2,854
42, 785
2,205
7,665
3,600
2,975
44,122 44,825 45, 071 46, 815
2,347 2
2,239 '2,311
8,136 ' 8, 474 ' 8, 415 9,017
4,439
4,100 'r 4, 420
2, 891
2,859
2, 991
do
3,252 f 3, 562
6,580 ' 7, 026
5,068 rr 5, 104
2, 028
1,876
3,569
7,435
5,159
2,101
85,760
86, 106
do
do
do
do
do
39,248
2,046
6,266
3,149
2,284
40,879
2,178
6,730
3,459
2,369
41,055
2,162
6,792
3,367
2,495
39,465
2,048
6,687
3,181
2,586
39,994
2,125
6,766
3,220
2,580
40,073
2,159
6,884
3,163
2,776
do
do
do
do
do
do
4,345
6,243
5,288
9,783
6,692
1,192
4,648
6,353
5,372
10,121
6,932
1,245
4,714
6,614
5,382
9,783
6,668
1,232
4,730
6,630
5.387
8,418
5,490
1,226
4,780
6,649
5,529
8, 654
5,555
1,265
4,823
6,712
5,621
8,262
5,167
1,281
4,836
6,969
5,629
8,177
5,042
1,315
4,879
6,884
5,727
8, 699
5,465
1,270
5,213
7,010
5,948
8,857
5,691
1,320
5,072
7,279
5,683
8,976
5,666
1,332
do
do
do
do
do
do
do
do
32, 898
11,348
498
2,499
2,739
5,575
3,100
1,706
33,702
11,739
536
2,532
2,807
5,687
3,170
1,748
35, 123
12, 180
528
2,637
2,898
5,895
3,456
1,794
35,152
12,089
552
2,642
2,891
6,140
3,663
1,754
36,395
12,762
582
2,793
3,009
6,127
3,746
1,830
36,905
12,693
535
2,816
3,067
6,315
4,077
1,819
37,562
12,730
544
2,759
3,091
6,435
4,404
1,826
37,818
12,451
549
2,851
3,235
6,490
4,531
1,879
38,579
12,449
582
2,956
3,310
6,529
4,792
1,907
38, 381
12, 186
557
2,902
3,322
6,731
4,875
1,946
39,897
12,869
584
2,824
3,453
7,163
5,108
2,033
r 40,935
' 13,578
'603
' 2, 801
' 3, 521
' 7, 235
'5,112
' 2, 028
40, 936
13, 472
545
2,796
3,476
7,233
5,141
2, 057
7,459
15, 999
11, 026
8,273
6, 577
36, 772
By market category:
Home goods and apparel
do
Consumer staples
do -._
Equipment and defense prod., excl. auto cf do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
_
do
Caoltal goods industriescf
do
Nondefense cf
. _.. . _.
do ..
Defensecf
do
T
5, 358
5,283
7,234 rr 7, 326
5, 554
5,572
10,045 10,112
r
7, 141
7,037
1,327 '1,361
5,349
7,447
5, 628
10, 324 ~l6~713~
7,058
1,319
1
71, 555
i 146,257
i 97, 809
1 79, 835
1 63, 500
t 285,242
i 80, 572
i 166,933
i 111,622
i 91,945
i 72, 361
i 333,345
6,683
13,929
9,519
7,898
5,928
28, 189
6,878
14,479
9,534
8,306
6,112
29,272
7,178
14,915
9,849
7,980
6,301
29, 955
6,961
14,746
9,898
6,724
6,314
29,974
7,083
15,267
10,009
6,792
6,192
31,046
7,152
15,167
10,116
6,424
6,376
31,743
7,433
15,218
10,335
6,327
6,329
32,555
7,476
15,034
10,433
6,744
6,436
32,927
7,875
15,157
10,496
6,990
6,631
33,968
7,521
14, 896
10, 919
6,941
6,538
34, 351
7,121
15,628
10,533
8,342
6,492
35,903
r 7, 327
' 16,105
' 10,601
' 8, 406
' 6, 591
' 36,730
131,354
1116,222
i 98,326
i 17, 896
i 36, 451
1131,725
U12.913
i 18,812
3,042
11,118
9,583
1,535
3,152
11,408
9,783
1,625
3,260
11,479
9,938
1,541
3,143
11,470
9.965
1,505
3,132
11,718
10,166
1,552
3,236
11,869
10,259
1,610
3,335
12, 019
10,407
1,612
3,284
12,143
10,557
1,586
3,503
12,200
10,606
1,594
3,281
12,629
11, 033
1,596
3,192
12,106
10,675
1,431
' 3, 200 ' 3, 287 2 3, 273
'12,205 '12,648 U3.059
' 10,708 '11,010 211,386
' 1, 497 '1,638 21,673
do
do
do
107, 415
69, 803
37, 612
120, 312
78, 835
41,477
115,045 116,496
75, 707 76,399
39, 338 40,097
117,842 120,312 122,837
77, 154 78, 835 80,460
40, 688 41,477 42,377
125,398 127,125 129,464 132,092
82,181 83,515 84,911 86,563
43,217 43,610 44,553 45,529
do
107, 719
120, 870
116,114
117,224
118,435 120,870 122,570
124,831
126,500 128,438 130,936 133,541 136, 731 '139,727 142, 389
do
do
do
do
do
70, 218
2,463
9,658
5,268
3,354
79, 441
2,813
9,356
4,672
3,449
76, 249
2,702
9,323
4,791
3,358
76,951
2,720
9,222
4,677
3, 375
77, 645
2,737
9,226
4,617
3,402
79, 441
2,813
9,356
4,672
3,449
80,541
2,863
9,467
4,691
3,500
81,925
2,861
9,523
4,632
3,595
83,014
2,952
9,562
4,546
3,670
84,108
3,027
9,723
4,542
3,795
85,715
3,100
9,947
4,574
3,952
87,366
3,210
10, 195
4,709
4,012
89,286
3,317
10,550
4,855
4,133
' 91,004
' 3, 458
' 10,703
' 4, 908
4,178
do
do
do
do
Instruments and related products.. do
7,832
14, 386
10, 381
16, 150
4,589
2,717
8,997
16, 703
12, 559
18, 233
5,646
3,268
8,519
15, 952
11, 834
17, 690
5,436
3,031
8, 513
16,164
12,102
17,766
5,391
3,083
8,792
16, 365
12,302
17, 763
5,391
3,170
8,997
16,703
12,559
18,233
5,646
3,268
9,023
17,021
12,749
18,339
5,713
3,413
9,264
17,405
13,016
18,460
5,616
3,581
9,384
17,693
13,133
18,671
5,689
3,627
9,583
18,102
13,341
18,490
5,583
3,702
9,736
18,528
13,496
18,782
5,623
3,803
9,878
18, 937
13, 662
19,113
5,833
3,918
10,138
19,271
13,889
19,349
5,870
4,057
' 10,409 10, 656
' 19,774 20, 252
' 14,189 14, 269
' 19,541 19, 618
5,746
' 5, 674
4,021
4,111
By stage of fabrication:
Materials and supplies 9
do
Primary metals
do. .
Machinery (elec. and nonelec.)_..do
Transportation equipment
do
20, 010
3, 283 6,516
3,022
24, 423
3,586
8,359
3,888
22, 621
3,355
7,769
3,667
23,064
3,376
7,932
3,624
23, 444
3,494
8,076
3,594
24,423
3,586
8,359
3,888
24,923
3,665
8,523
3,886
25,494
3,772
8,742
3,842
26,335
3,915
9,006
3,936
26,913
4,140
9,283
3,830
27,739
4,350
9,586
3,826
28,471
4,482
9,809
4,059
29,439
4,696
10,123
4,168
' 30.416
'4,900
' 10.376
' 4, 363
Work in process 9 . .
..
do
Primary metals
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
32, 074
3,485
11,250
11,774
36, 078
3,450
13, 407
12, 761
34, 742
3,496
12,675
12, 439
35,082
3, 455
12,983
12,576
35, 519
3,405
13, 203
12, 589
36,078
3,450
13,407
12,761
36,285
3,478
13,621
12,818
36,942
3,434
13,985
13,001
37,264
3,430
14,135
13,076
37,721
3,471
14,419
13,042
38,335
3,490
14,718
13,340
38,870
3,564
14, 930
13,498
39,341
3,646
15,111
13,579
' 39,913 40, 437
3,684
' 3, 614
' 15,516 15, 439
' 13,580 13, 964
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
18, 134
2,890
7,001
1,354
18, 940
2,320
7,496
1,584
18, 886
2,472
7,342
1,584
18,805
2,391
7,351
1,566
18, 682
2,327
7,388
1,580
18,940
2,320
7,496
1,584
19,333
2,324
7,626
1,635
19,489
2,317
7,694
1,617
19,415
2,217
7,685
1,659
19,474
2,112
7,741
1,618
19,641
2,107
7,720
1,616
20,025
2,149
7,860
1,556
20,506
2,208
7,926
1,602
' 20,675
' 2, 189
' 8, 071
' 1, 598
21,499
2,378
8,360
1,642
41, 429 39, 865 40,273 40, 790
37, 501
Nondurable goods industries, total 9 ..do
10, 584 1 0, 027 10,172 10,432
9,421
Food and kindred products
do
2,446
2,460
2,425
2,369
2,398
Tobacco products
do
4, 521
4,589
4,407
4,044
4,436
Textile mill products
_..Ido.I_.
3,170
3,267
3,089
2,875
3,070
Paper and allied products.
. do
7,208
7,185
7,268
7,018
7,175
Chemicals and allied products
do
2,548
2,626
2,474
2,300
2,391
Petroleum and coal products
do
2,574
2,627
2,578
2,383
2,551
Rubber and plastics products
do
By stage of fabrication:
15,704
15,613
15.818 15,395
13, 865
Materials and supplies .
do
6,442
6,347
6,597
6,320
Work in process
do ..
5,968
19,014 18,150 18,313 18,644
Finished goods
_
do
17, 668
' Revised.
i Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments for Sept. 1974 do not reflect revisions for selected components.
cf As a result of
corrections in the aircraft, missiles, and parts industry data for this component have been
revised by the Bureau of the Census back to 1968. Revised data prior to May 1973 appear in
41,429
10,584
2,460
4,589
3,267
7,268
2,626
2,627
42,029
10,638
2,569
4,707
3,325
7,263
2,731
2,702
42,906
10,791
2,589
4,675
3,403
7,563
2,868
2,742
43,486
11,035
2,588
4,733
3,484
7,655
3,002
2,742
44,330
11,164
2,561
4,769
3,656
7,836
3,312
2,759
45, 221
11,057
2,555
4,789
3,778
8,140
3,555
2,875
46, 175
11, 094
2,577
4,863
3,843
8,462
3,711
2, 941
47,445
11,428
2,606
5,006
3,987
8,789
3,676
3,C20
' 48,723
' 11,738
' 2, 709
' 5, 074
' 4, 189
'9,011
' 3, 820
' 3, 039
49, 865
11,894
2, 732
5,167
4,341
9, 459
3,883
3,150
Inventories, end of year or month:
Book value (unadjusted) total
Durable goods industries, total .. _
Nondurable goods industries, total
Book value (seasonally adjusted) total
By industry group:
Durable goods industries, total 9
Stone clay and glass products
Primary metals
Blast furnaces steel mills
Nonferrous metals
Fabricated metal products
Machinery, except electrical
Electrical machinery.
Transportation equipment. __
133,794 136, 178 -•139,223 141, 035
87,556 89,067 ' 90,900 91, 836
46, 238 47,111 ' 48,323 49, 199
92, 524
3,574
10, 973
5,098
4,236
30, 588
4,911
10 792
4,012
15,818 16,335 16,751 17,062 17,535 18,046 18, 506 19,111 ' 19,623 20, 219
7,503 ' 7, 681 7,734
7,307
6, 732
6,922
7,056
6,568
6,754
6,597
19,014 19,126 19,401 19, 692 19,873 20,119 20, 362 20,831 ' 21,419 21,912
two Census Bureau publications, "Change Sheets" to Mfrs'. Shipments, Inventories, and
Orders: 1967-73 (Series: M3-1.5), issued June and July 1974.
9 Includes data for items not
shown separately.
SURVEY OF CURRENT BUSINESS
November 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
S-7
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS-Continued
Inventories, end of year or month— Continued
Book value (seasonally adjusted)— Continued
By market category:
Home goods and apparel
mil. $
Consumer staples
do
Equip, and defense prod., excl. auto
do
Automotive equipment
do
Construction materials and supplies _ do
Other materials and supplies
..do. _.
Supplementary series:
Household durables
. . . do
Capital goods industries.. .
do Nondefense
.
do
Defense
do
Now orders net (not seas adj ) total cf
Durable goods industries, totaled
Nondurable goods industries total
do
do
do
New orders net (seas adj ) total cT
By industry group:
Durable goods industries, total 9 d1
Primary metals
Blast furnaces steel mills
Nonferrous metals
do
Fabricated metal products
Electrical machinery
Transportation equipmentcT 1
Aircraft missiles and partsd
2
11, 852
14, 373
27, 251
6,081
8,931
39, 231
13, 231
16, 024
31, 140
7,305
10, 220
42, 950
12, 929
15,417
29,820
7,084
9,760
41, 104
13,146
15,638
30,302
7,021
9,764
41,353
13,065
15, 808
30, 582
7,038
10, 019
41, 923
13,231
16,024
31,140
7,305
10,220
42,950
13, 405
16, 131
31,572
7,399
10,287
43,776
13,503
16,456
32,238
7,307
10,441
44,886
13,695
16,753
32,721
7,378
10,669
45,284
13, 578
16, 923
33, 142
7,287
11, 055
46, 453
13, 675
16, 973
33, 728
7,392
11, 354
47, 814
13,910
17,147
34,237
7,676
11,685
48,886
14, 260
17, 602
34, 801
7,739
12, 055
50, 274
••14,628
'18,098
'35,717
' 7, 549
' 12, 453
'51,282
14, 803
18, 520
36, 145
7,683
12, 772
52, 466
5,562
30, 771
25, 684
5,087
6,263
35, 103
29, 488
5,615
6,065
33, 691
28, 163
5,528
6,210
34,200
28,669
6,531
6,112
34, 541
29, 033
5,508
6,263
35,103
29,488
5,615
6,352
35,553
29,874
5,679
6,537
36,205
30,368
5,837
6,682
36,752
30,786
5,966
6,629
37, 263
31, 285
5,978
6,721
38, 010
31, 891
6,119
6,827
38,567
32,366
6,201
6,967 ' 7, 217
39, 154 ' 40, 189
32, 851 '33,758
6,303 ' 6, 431
7,367
40, 604
34, 232
6,372
755, 061
411,291
343, 770
886, 029
493, 171
392, 858
76, 207
41, 932
34, 275
78, 661
43, 829
34,832
78, 052
42, 980
35, 072
72, 686
39, 105
33,581
74, 948
40, 566
34,382
81, 480
44, 158
37,322
83, 377
44, 736
38,641
83, 152
44, 904
38, 248
84, 865
46, 504
38, 361
88,834
49, 061
39,773
81,628 '87,306 91, 035
43, 928 '46,332 '47,622 146,022
37,700 '40,974 42, 440
78, 601
76, 292
78, 139
79, 127
79, 547
82, 059
85, 264
85,176
87, 517 '90,393
42, 267
6,624
2,863
2,729
41, 974
6,930
3,037
2,764
44, 124
7,510
3,303
2,994
46, 730
9,002
4,653
3,142
46, 848
9,293
4,922
3,115
47, 709 '49,463 '46, 591 1 45, 727
8,724 ' 10, 010 ' 8, 611 i 8, 524
4,655 ' 5, 777 4,393
2,780 ' 2, 918 2,849
6,119 ' 5, 784 6,105
8,612 ' 8, 232 8,196
5,133
5, 615 ' 5, 547
10, 729 '11,766 '10,623 1 10, 458
1,758 ' 3, 509 2,778
755,061
2886,029
74, 024
77, 025
do
__do
do
do
411, 291
60, 143
29, 813
21, 670
493, 171
78, 642
39, 913
27, 436
41, 154
6,325
3,068
2,338
43, 304
6,868
3,309
2,516
43, 475
6,730
3,109
2,582
41, 027
6,597
3,014
2,557
41,515
5,956
2,037
2,899
do
48, 075
63, 779
57, 171
102, 268
22, 506
57, 881
80, 432
67, 473
118,572
24, 499
4,982
6,922
5,537
9,873
1,958
6,135
7,174
5,816
10, 635
2,423
4,997
7,313
5,788
10, 733
2,053
5,237
7,308
5,399
8,699
1,788
5,144
7,087
6,269
9,345
2,242
5,410
7,427
6,180
8,822
2,317
5,165
8,018
5,751
7,998
1,881
5,557
7,734
6,204
8,758
1,795
5,694
8,087
6,548
9,095
2,064
5,923
8,021
5,920
9,329
1,896
343, 770
89, 291
254, 479
392, 858
99, 484
293, 374
32, 870
8,260
24, 610
33,721
8,465
25,256
35, 126
8,687
26,439
35,265
8,601
26,664
36,624
9,033
27,591
36,860
8,902
27,958
37,573
8,908
28,665
37, 935
9,263
28, 672
38, 534
9,362
29, 172
38,328
9,219
29,109
39, 808 '40,930 40, 819
9,447 ' 9, 592 9,531
30, 361 '31,338 31, 288
2
80, 983
2 166, 960
^ 121,984
22 93, 479
76, 200
2346,423
6,732
13, 926
10, 002
8,105
6,458
28, 801
6,948
14, 488
10, 470
8,307
6,630
30, 182
7,274
14,911
11,413
8,018
6,558
30,427
6,858
14, 749
10, 702
6,887
6,897
30, 199
7,135
15,283
11, 286
6,882
6,539
31,014
7,062
15,159
11,078
6,429
6,779
32,620
7,488
15,215
10, 974
6,394
6,577
32,899
7,539
15, 027
11, 530
6,969
6,998
33, 996
7,928
15, 147
11,926
7,221
7,087
35, 955
7,480
14,902
11,863
7,299
7,054
36,578
7,120
15, 620
12,126
8,297
7,077
37, 277
2
3,055
11, 727
10, 389
1,338
3,220
12, 755
10, 928
1,827
3,358
13, 284
11,160
2,124
3,015
12, 393
10, 943
1,450
3,168
13, 186
11, 003
2,183
3,153
13, 479
11,415
2,064
3,375
12, 762
11, 300
1,462
3,336
13, 452
11,925
1,527
3,574
13, 883
11,804
2, 079
3,247
13, 763
12,011
1,752
3,184 ' 3, 133 ' 3, 128 i 3, 266
14, 177 ' 15, 034 '13,510 1 12, 679
12, 800 ' 11, 805'11,832 1 11, 350
1,377 ' 3, 229 ' 1, 678 i 1,329
113, 452
108, 715
4,737
106,596 108,861 111,401 113,452 117,149 120,559 122,546 124,875 127,350 129,656 133,800 '137,762 138, 672
101,994 104,221 106,722 108,715 112,191 115,522 117,429 119,632 122,137 124, 536 128, 786 '132,837 '134,069 1 132, 674
4,736
4,640
4,602
5,213
5,120
5,014 ' 4, 925
5,117
4,958
4,679
5,037
4,737
5,243
84, 948
114,694
108,144 110,586 113,015 114,694 116,445 118,599
80, 914
7,964
5,008
1,861
109, 862
14, 844
9,884
2,787
103,450 105,874 108,297 109,862
14, 857 14, 996 14, 934 14, 844
10, 459 10, 309 10,051
9,884
2,730
2,582
2,816
2,787
10, 926
14, 917
15, 748
25, 035
16, 938
4,034
15, 122
22,002
19, 718
30, 355
18, 397
4,832
13, 842
19, 798
18, 857
28, 612
17, 882
4,694
14, 329
20, 621
19,300
29, 126
18, 337
4,712
14,614
21,321
19,706
30, 076
18, 456
4,718
2,432
43, 293
10, 270
28, 953
2,881
55, 295
14, 165
42, 353
2,806
51, 786
12, 805
40, 747
2,885
52, 724
13, 323
41, 654
1,933
49, 093
30, 023
19, 070
2,254
61, 580
40, 840
20, 740
2,213
57, 505
37, 492
20, 013
316, 601
329,546
23, 158
26,241
do
- -do
do
Nondurable goods industries total
Industries without unfilled ordersl
do
do
By market category:
2 71,896
Home goods and apparel
do
' 146,254
Consumer staples
do
2 101,209
Equip, and defense prod., excl. auto, d1 .-do
2 80,395
Automotive equipment
do
2 64,323
Construction materials and" supplies
do
2290,984
Other materials and supplies
do
Supplementary series:
Household durables
do _. 2 31, 645
2 121,352
Capital goods Industries d1
do
1
2101,842
Nondefensed
do
219,510
Defensed1
do
Unfilled orders, end of year or month (unadjusted),
total c?.. .mil. $
Durable goods industries, total d"
do
Nondur. goods ind. with unfilled orders©— .do
Unfilled orders, end of year or month (seasonally
adjusted) totald 1
mil $
By industry group:
Durable goods industries, total 9 d1
do
Primary metals
_ do
Blast furnaces, steel mills
do
Nonferrou^ metals
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipmentd 1 1
do
Aircraft, missiles, and partsd
do
Nondur. goods Ind. with unfilled orders®. .do
By market category:
Home goods, apparel, consumer staples
do
Equip, and defense prod incl auto d1
do
Construction materials and supplies
do.
Other materials and supplies
do
Supplementary series:
Household durables
do
1
Capital goods industriesd
.
do
1
Non defense
d"
.
do
Defensed 1
do
84, 197
80, 228
3,969
36, 761
2
144,072
2123,723
2
20, 349
119,955 122,961 127,114
87, 366
' 7, 250 7,292
'16,101 16, 014
' 13, 066 12, 078
' 8, 507 8,198
' 6, 960 7,135
'38,509 36, 649
131,129 134,623 '139,256 140, 519
'134,305 '135,828 i 134, 737
' 19, 438 '19,636 i 19, 144
'12,535 12, 489
3,532
' 3, 541
117,817 122,016 126, 082
14, 106 15, 688 17,316
9,302
10,624
8,114
3 725
3,586
3,298
129,667
17, 904
11,178
3,515
17, 560
26, 137
22, 218
31, 730
18, 603
18,411
26,882
22,453
32, 082
18,349
19, 244
28, 261
22, 497
32, 764
18, 220
5,098
5,047
2,961
59, 663
15, 726
44, 611
3,004
61,328
16, 182
46, 600
2,970
62,630
16,699
48,830
2,958 ' 2, 878
64, 179 '66,747
17, 282 17, 650
50, 204 '51,981
2,249
65, 406
43, 728
21, 678
2,300
66, 716
45, 094
21, 622
2,371
68, 402
46, 295
22, 107
2,337
69, 535
47, 274
22, 261
2,328
71,607
49, 399
22, 208
' 2, 261
74, 439
50, 498
23, 941
' 2, 100 i 2, 094
75, 302 74, 916
51, 323 51, 280
23, 979 23, 636
28,270
26,578
30, 948
29, 406
30, 297
28, 012
26, 012
25, 877
29, 168
28, 036
24, 992
26, 139
23, 895
26, 143
111,384
14, 033
8,701
3,106
113,584 114,927
13, 773 13,645
8,401
8,019
3,136
3,058
15,122
22, 002
19,718
30, 355
18, 397
4,832
15,486
22,438
20,459
31, 047
18, 626
5,061
16,073
23,156
21,018
31, 607
18, 941
5,01&
16,401
24,207
21,140
31, 430
18, 848
5,028
17, 079
25, 057
21, 617
31, 490
18, 555
5,144
2,978
54, 327
13,581
42,129
2,881
55, 295
14, 165
42, 353
2,949
56, 663
14,512
42,321
2,852
57, 631
14,917
43,199
2,906
58, 342
15,164
43,543
2,281
58, 854
38, 639
20, 215
2,379
60, 659
39, 862
20, 797
2,254
61, 580
40, 840
20, 740
2,289
63, 048
41, 676
21, 372
2,208
64, 661
42, 834
21,827
26, 931
26, 809
24, 268
26, 718
23, 145
24, 627
28,617
26,209
25,338
27,142
'19,669 20, 426
' 29, 169 29, 915
'22,489 21, 993
'34,421 ' 34,721 i 34.464
'19,875 20, 503
4,956 ' 4, 951 4,833
2,726
67, 722
18, 208
51, 863
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
_ _ . number
Seasonally adjusted!
do
INDUSTRIAL AND COMMERCIAL
FAILURESG
Failures, total
number
Commercial service
do
Construction
do
Manufacturing and mining
_ do
Retail trade.. .
do
Wholesale trade
do
Liabilities (current), total
thous $
Commercial service...
do
9,566
9,345
1,252
1,182
1,375
1,419
1,676
1,463
4,341
4,398
965
940
2,000,244 2,298,606
231, 813 244, 958
193, 530 309, 075
766, 991 797, 490
558, 270 672, 831
249, 640 274, 252
717
772
971
739
925
795
789
797
802
693
105
102
123
109
143
90
86
99
99
97
121
139
161
152
107
114
126
153
169
140
130
117
112
116
149
135
131
112
147
119
334
301
331
412
361
397
365
333
301
386
60
73
106
83
74
70
81
67
89
73
89, 473 185, 660 218, 673 245, 618 337, 284 213, 133 204, 587 209, 758 375, 693 215, 504
21,054 30, 201 22,378 29, 759 69, 548 20, 508 19, 652 65, 332 18, 349 14, 169
44, 024 34, 791 16, 444 24, 807 47, 237 47, 085 36, 391 20, 134 28, 437 42, 814
54, 935 60, 400 44, 707 65, 696 88, 618 96, 031 60, 849 39, 928 67, 789 45, 826
46, 552 41,487 115 026 113 393 106 240 27, 687 65, 383 38, 726 233, 803 87, 269
22, 908 18, 781 20, 118 11, 963 25, 641 21, 822 22, 312 45, 638 27,315 25, 426
Manufacturing and mining.
do
Retail trade. _
do
Wholesale trade
do
Failure annual rate (seasonally adjusted)
No. per 10.000 concerns
236.4
*38.3
38.6
34.7
37.0
' Revised.
v Preliminary.
i Advance estimate; totals for mfrs. new and unfilled orders
5
not renect
2
J ?.
revisions for selected components.
Based on unadjusted data.
(f bee corresponding note on p. S-6.
9 Includes data for items not shown separately,
eincludes textile mill products, leather and products, paper and allied products, and
printing and publishing industries, unfilled orders for other nondurable goods are zero.
839
709
782
140
94
103
164
117
142
141
119
124
325
318
328
69
61
85
153,403 232, 681 217, 014
20, 950 12, 060 IS, 787
30, 412 17, 826 29, 914
27,312 78, 931 75, 331
47, 816 09, 839 75, 481
26, 913 14, 025 17, 501
45.2
33.4
37.7
35.7
37.0
35.5
37.5
40.8
39.7
34.1
IF For these industries (food and kindred products, tobacco manufactures, apparel and other
textile products, petroleum and coal products, chemicals and allied products, and rubber
and plastics products) sales are considered equal to new orders.
O Compiled by Dun &
Bradstreet, Inc. (failures data for 48 States and Dist. of Col.).
t Revised back to Mar.
1971 to reflect new seas, factors; revisions prior to Feb. 1973 will be shown later.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
November 1974
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops9
do
Commercial vegetables
.do
Cotton
do
Feed grains and hay
- .
do
Food grains
.
do
Fruit
.
do
Tobacco
.
do
Livestock and products 9
do
Dairy products
do
Meat animals
do
Poultry and eggs
do
Prices paid:
All commodities and services
_ do
Family living items
do
Production items
do __
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100
Parity ratio §
do
CONSUMER PRICES
(U.S. Department of Labor Indexes')
Not Seasonally Adjusted
All items
1967=100..
Special group indexes:
All items less shelter
do
All items less food
do
All items less medical care
-do
Commodities
.
. ..do
Nondurables
do
Nondurables less food
do
Durables
do
Commodities less food
do
Services
do _
Services less rent
do
Food 9
do
Meats, poultry, and
fish
do
Dairy products
.
do
Fruits and vegetables
do
Housing
do
Shelter 9 .
.
.
do
Rent
do
Homeownership
do
Fuel and utilities 9
.
.. do _
Fuel oil and coal
do
Gas and electricity
do
Household furnishings and operation . do __
Apparel and upkeep . _
do
Transportation.
do
Private.. ..
do
New cars
- -do
Used cars
.
.
do
Public
do
Health and recreation 9
do
Medical care
do. _
Personal care . . .
do
Reading and recreation
do
Seasonally Adjusted!
Food
do
Food at home
do
Fuels and utilities
do
Fuel oil and coal
do
Apparel and upkeep
do
Transportation
do
Private
. . . .
do
New cars
do
Commodities
.. ._ do
Commodities less food
do
320
260
328
245
183
192
273
685
371
366
494
137
438
370
379
274
283
378
332
718
496
428
666
232
485
411
342
323
325
537
349
731
548
467
726
280
468
408
323
322
331
506
377
728
521
493
671
252
461
410
338
335
330
518
339
738
506
511
637
242
470
441
343
403
351
570
324
768
495
519
606
250
504
470
352
429
376
620
339
762
534
523
680
255
513
497
407
439
400
649
332
764
527
524
668
252
492
489
357
452
391
596
339
764
495
525
615
228
466
463
369
494
351
486
334
765
469
521
577
205
445
455
429
412
365
440
347
765
437
503
534
178
419
450
414
407
369
446
396
765
393
464
471
166
444
461
410
388
406
493
350
749
429
445
548
180
461
483
371
381
468
481
377
854
443
450
567
193
451
477
370
375
467
490
370
893
427
466
513
218
470
516
392
436
490
545
391
903
430
484
508
221
371
401
350
430
444
420
447
456
441
447
458
439
452
470
439
458
472
448
469
480
461
475
492
463
480
500
466
489
504
479
492
513
477
495
514
482
501
518
489
518
527
512
••528
'535
522
530
537
525
432
74
496
88
513
95
514
91
519
89
525
90
538
94
545
94
549
90
562
83
564
79
568
74
573
77
590
78
••599
75
603
78
125.3
133.1
135.5
136.6
137.6
138.5
139.7
141.5
143.1
144.0
145.6
147.1
148.3
150.2
151.9
153.2
122.9
125.8
124.9
120.9
121.7
119.8
118.9
119.4
133.3
135.9
123.5
128.0
117.1
125.0
129.2
134.5
119.2
140.1
120.1
118.5
120.5
121.0
122.3
119.9
117.5
111.0
110.5
143 4
126. 1
132.5
119 8
122 8
131.1
130.7
132.9
129.9
132.8
124.8
121.9
123.5
139.1
141.8
141.4
160.4
127.9
142.5
135.0
140.7
124.2
146.7
126.9
136.0
126.4
124.9
126.8
123.8
121.5
111.1
117.6
144.8
130 2
137 7
125 2
125 9
133.6
131.8
135.4
132.8
136.5
125.5
122.6
124.3
140.6
143.4
148.3
180.2
130.3
137.3
136.6
142.9
125.4
149.2
126.8
133 6
126.5
126.1
128.3
123.9
121.6
109.1
120.3
145 5
131. 1
138.3
126 3
126 8
134.5
133.1
136.4
133.5
137.4
127.0
123.2
125.4
142.2
145.2
148.4
170.7
137.3
138.8
138.1
144.7
125.9
151.5
128.6
141.1
127.4
126.7
129.6
125.0
122.9
111.9
118.5
145.2
132.1
140.6
127.3
127.2
135.6
134.0
137.5
134.7
138.9
128.5
123.3
126.3
143.0
146.1
150.0
167.4
141.2
143.7
139.4
145.6
126.3
152.6
132.1
155.6
129.8
127.5
130.5
125.8
123.8
112.2
116.1
144.6
132.6
140.9
128.1
127.5
136.5
134.8
138.4
135.7
140.3
130.0
123.2
127.1
143.8
146.9
151.3
165.8
144.9
145.3
140.6
146.4
126.9
153.6
135.9
172.8
131.0
128.0
130.5
126.7
124.6
112.0
112.6
146.5
133.0
141.4
129.2
127 6
137.8
135.6
139.7
137.0
142.1
131.3
123.3
127.9
144.8
148.0
153.7
169.2
146.3
149.7
142.2
147.4
127.3
154.8
140.8
194.6
134.3
129.0
128.8
128.1
126.2
112.9
107.0
146 0
133.7
142.2
129.8
128 3
139.8
136.8
141.5
139.3
145.2
133.5
123.4
129.2
145.8
149.1
157.6
174.2
149.3
155.9
143.4
148.3
128.0
155.8
143.5
202.0
137.3
130.1
130.4
129.3
127.5
112.7
103.0
146.2
134.5
143.4
130.8
128 9
141.5
138.4
143.1
141.0
147.2
136.1
124.3
131.1
147.0
150.4
159.1
171.6
151.5
162.5
144.9
149.4
128.4
157.2
144.9
201.5
140.0
132.6
132.2
132.0
130.4
112.8
102.2
146.6
135.4
144.8
131.8
129.5
142 4
139.7
144.0
141.9
147.8
137.7
126 1
132 8
147.9
151 4
158. 6
164 4
153.7
163 0
146. 0
150.2
128.8
158 2
146 9
206 5
141 9
134.0
133 6
134.4
133 1
113.3
110 7
146 3
136 3
145.6
133 1
130 4
144 2
141 5
145.6
143.7
149 3
139.5
128 5
134 9
149.4
153 1
159 7
158.6
154.6
177 7
147.6
151.3
129.3
159.4
148.6
211 0
143 9
137.0
135. 0
137.6
136 6
114.6
121.9
146 3
137 7
147.2
134 9
132 0
145 7
143 3
147 1
145 2
150 4
141 0
131 2
136 8
150 9
154 7
160 3
155 1
153 8
183 1
149 2
152 8
129.8
161 2
149 4
214 2
144 5
139 2
135 7
140 7
139 8
116 4
133 6
148 6
139 4
149 4
136 5
133 5
146.8
144.7
148.2
146.1
150.9
141.8
133.0
138.1
152.5
156.6
160.5
154.6
151.6
178.7
150.9
154.4
130.3
163.2
150.9
218.5
146.2
141.4
135.3
142.6
141.9
118.0
140.2
148.6
141.0
151.4
137.8
134 6
148.6
146.5
150.0
148.0
153.0
143.7
134.8
140.0
154. 2
158.4
162.8
162.1
150.7
168.2
152.8
156.1
130.9
165.4
152.6
220 9
148 5
143.9
138.1
143. 4
142.8
118.1
144.7
148 7
142.6
153.7
139.3
135 2
150.4
148.1
151.8
149.9
154.8
145.3
136.5
141.6
155.9
160.3
165.0
166.3
151.1
162.9
154.9
158.1
131.4
167.9
154.0
222.7
150.2
146.6
139.9
144.3
143.8
118.4
148.8
148 8
144.0
155.2
141.2
137 0
151.6
149.5
153.1
151.1
155.8
146.1
138.5
142. 9
157.3
161. 9
166.1
163.7
151.7
162.4
156.7
159.9
132.2
170.1
155.2
225. 5
151.5
149.0
141.1
145.1
144.6
123.7
152.3
148.8
145.2
156.3
143.0
137.8
148.0
148.8
127.3
134 1
128.0
124 9
122.6
112 6
132.7
124 4
149.1
149.7
129.2
141 8
128.6
125 0
122.8
111.8
133.5
125 0
151.2
151.6
132.2
156 2
129.1
125 8
123.7
111 6
134.7
125 9
151.9
152. 4
136.0
173 3
129.5
126 6
124.5
111 0
135.7
126 7
154.5
155.2
140.7
193 6
129.8
127 8
126 2
111 2
137 6
128 3
157.9
159.3
142.9
200 4
131.2
129 7
128.0
111 4
139 7
129 7
158.8
160.0
144.2
199 3
132.5
132 5
131.1
112 0
141.1
131 5
158.1
158.9
146.3
205 3
133.6
134 5
133 2
112 8
141 9
132 9
159.5
160.2
148.3
210 8
134.5
137 2
136.2
114 4
143.6
134 6
160 0
160.4
149 7
214 8
135.6
140 0
139.0
116 8
144.9
136 4
159.4
159.0
151.2
220 5
136.5
142 0
141.2
119.0
145.7
138 2
161.7
161.7
152. 9
221 8
139.6
143 3
142.7
119 7
147.9
140 3
164.7
165.0
154.6
223 6
139.6
145 5
145.0
122 2
149.8
141 7
166.9
167.7
156.0
236.6
140.0
145 1
144.5
123.6
151.1
142.5
204 3
197 7
208 9
141 8
213 3
209 4
215 9
146 6
232 0
231 9
232 0
149 5
233 0
226 8
237 2
151 4
230 8
220 1
238 4
152 7
221 6
215 1
226 2
155 0
224 4
219 7
227 5
155.7
236 9
250 0
228 2
161 7
240 8
266 9
224 2
167 4
230 5
255 2
214 7
167.2
231.5
276.9
204.4
170.0
186 4
138 5
133 6
135.5
126 7
201 3
142 0
137 4
139.9
128 3
205 6
144 6
140 1
143.2
129 3
200 6
149 1
141 0
143.8
130 9
192 7
152 8
142 1
144.7
132 4
186 5
157 6
143 8
146.0
135 9
178.5
160.9
144.0
145.4
138.7
194,5
166.3
148.1
149.9
141.5
203 5
174.0
150 6
152.1
145.2
196.8
173.8
152.1
153.2
148.0
200.3
176.5
155.0
155.8
151.9
WHOLESALE PRICESd"
(U.S. Department of Labor Indexet)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities
.
1967=100- i1 120. 0 i 173 8
192.1
192.0
194 9
9 Foodstuffs
do
115.0 i 175 2
191 5
197 7
208 0
13 Raw industrials
do
i 123. 0
192.4
188.1
1 173 1 186 3
All commodities
do
119. 1
139.2
138.7
139 7
134 7
By stage of processing:
Crude materials for further processing
do
127.6 r 173 9
182.7
185.7
197 1
Intermediate materials, supplies, etc . do
118.7
135.4
134.3
131 6
133 7
Finished goods©....
" "do"""
117. 2
132 0
127 9
131 2
131 2
Consumer finished goods _ _
. d o
116.6
133.8
133.0
133.2
129.2
Producer finished goods
do
119.5
123 5
125.7
125.1
124 2
By durability of product:
Durable goods
do
121. 1
131 1
127 9
129 7
128 9
Nondurable goods
do
117.6
145 4
145 5
139 9
147 8
Total manufactures
do
117.9
132 8
132 0
129 2
131 8
Durable manufactures
do
121. 1
130.1
129.0
127.4
128.3
Nondurable manufactures
~.~.do"..~.
114.7
135.0
135.5
131.0
135.3
Computed by BEA.
9 Includes data for items not shown separately.
§ Ratio of
prices received, to prices paid (parity index).
c?For actual wholesale prices of individual
commodities see respective commodities.
G Goods to users, incl. raw foods and fuels.
159.8
150.0
158.0
156 4
153 5
132 7
143 4
147 3
139 8
134 8
136 5
177.8
160.1
174.1
168.0
175.6
160 8
148 6
155 5
160 1
159 7
159 3
165.2
151.5
162.5
156.4
161.8
135 1
149 3
138 6
143 6
146 0
140 9
158.6
148.4
156.7
151.7
154.8
145.6
141.1
131.6
137.9
133.8
135.0
171.8
154.5
168.2
168.8
161.1
150.9
153.1
149.4
138.6
143.4
146.8
{Effective June 1974 Survey, indexes have been restated to reflect new seasonal factors;
data for periods prior to April 1973 on the new basis will be shown later.
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-9
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
COMMODITY PRICES—Continued
WHOLESALE PRICEScf— Continued
(U.S. Department of Labor Indexes} — Continued
All commodities— Continued
Farm prod., processed foods and feeds .1967 =100..
122.4
159.1
173.5
166.8
164.4
168.0
177.8
180.6
176.2
169.6
167.4
161.7
172.7
183.4
179.1
184.4
Farm products 9 _
do
Fruits and vegetables, fresh and dried-do
O rains
do
Live poultry
do.. .
Livestock
do
125.0
127.6
102.9
104.0
142.5
176.3
168.1
183.6
179.5
190.4
200.4
149.0
231.5
226.5
207.4
188.4
162.1
229.0
189.2
185.5
184.0
168.2
220.8
154.4
180.0
187.2
171.6
248.7
144.5
171.0
202.6
184.5
270.8
143.2
197.3
205.6
214.5
278.1
179.8
195.1
197.0
210.6
263.0
166.1
181.1
186.2
226.9
213.0
146.0
169.0
180.8
236.8
210.4
146.9
159.1
168.6
204.4
224.3
132.8
137.8
180 8
186.9
247 l
148 1
173 6
189.2
162.6
277.7
149.8
184.6
182.7
163.2
259.3
173.4
168.6
187.5
166. 2
291.2
157.0
164. 9
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and fish
__
do
do
do
do
do
do
120.8
118.0
114.7
118.6
119.7
130.0
148.1
121.7
134.4
131.1
129.6
167.5
156.3
121.6
147.7
137.2
130.0
187.3
153.1
123.0
150.5
139.6
135.0
170.2
151.9
123.8
156.2
139.9
136.3
165.0
155.7
124.4
160.1
142.3
137.8
164.9
162.1
125.6
166.3
145.1
139.3
177.8
164.7
126.0
169.5
147.6
140.7
179.7
163.0
129.3
172.3
151.2
141.2
165.5
159.1
132.3
167.1
154.1
142.8
157.6
158.9
134.5
167.1
146.9
145.2
153.4
157.4
138.4
166.0
142.9
148.3
141.8
167.6
143.6
168.9
141 7
157.7
167.2
179.7
146.2
169.3
142.4
162.7
169.7
176.8
147.8
169.7
144 8
165.6
165.5
182.4
152. 6
176.2
146.4
170.0
163.0
do
117.9
125.9
127.4
128.5
130.1
132.2
135.3
138.2
142.4
146.6
150.5
153.6
157 8
161.6
162.9
164.8
Chemicals and allied products 9
do
Agrlc. chemicals and chem. prod. _ _ _do
Chemicals, industrial
do
Drugs and Pharmaceuticals
do
Fats and oils, Inedible
do
Prepared paint
, do
104.2
91.7
101.2
103.0
115.8
118.0
110.0
96.6
103.4
104.3
228.3
122.2
111.5
95.9
104.3
104.7
279.5
121.2
112.7
95.9
105.3
104.7
273.0
126.0
113.5
104.9
105.4
104.9
241.8
128. 1
115.6
106.1
105. 9
105.1
286.0
128.6
118.2
112.3
108.1
105.3
298.0
130.1
120.2
113.1
110.2
105.7
335.7
130.1
127.3
118.1
122.0
106.2
372.4
132.5
132.3
118.2
130.9
107.6
385.4
135.4
137.0
118.3
138.2
109.1
359.3
136.0
142.8
120.2
146.9
111.3
361.3
146.5
148.4
131.0
155.5
112.7
347.3
149.7
158.5
142.0
167.8
115.3
380.2
152.3
161.7
145.3
174 4
117.0
325. 3
154 8
168.5
170.4
181.9
119. 1
328.3
157.6
Fuels and related prod., and power 9!f---do
Coal .
do
Electric power If
do
Gas fuels IT
do
Petroleum products, refined H
..do
118.6
193.8
121.5
114.1
108.9
134.3
218.1
129.3
126.7
128.7
137.4
222.6
130.9
132.2
131.2
139.3
224.1
132.1
133.4
134.0
144.1
239. 0
133.5
133.1
140.3
151.5
240.7
135.9
137.6
151.7
162.5
249.3
137.5
137.1
166.4
177.4
252.9
142.2
146.4
187.8
189.0
259.3
148.9
148.6
206.3
197.9
303.7
153.4
149.0
215.8
204.3
307.7
159 7
150.0
224.4
210.5
321.5
164.7
151.4
232.2
221.7
344.0
167.6
187.4
239.4
226.0
357.7
170.6
189.9
243.9
225.0
371 8
173 8
166 6
243.0
228.5
394. 3
178.3
167. 2
244.3
Furniture and household durables 9
do
Appliances, household
do
Furniture, household _
. d o
Home electronic equipment
do - -
111.4
107.6
117.3
92.7
115.2
108.5
123.0
91.9
116.0
109.0
124.4
91.5
116.6
109.1
125.2
91.5
117.2
109.5
126. 6
91.5
117.5
109.8
127.1
91.1
119.0
111.3
128.9
91.3
120.2
111.6
129.8
91.4
121.3
112.5
130.3
92.2
122.9
113.2
132.8
92.2
124.5
114.0
134.9
92.5
126.1
115.4
135.5
93.1
128.2
116.7
136.7
93.6
129.8
118.3
137.9
93.6
132 8
120 9
139.9
94 1
135.5
125. 1
142.8
94.1
Hides, skins, and leather products 9
Footwear
Hides and skins
__ .
Leather
Lumber and wood products
Lumber
131.3
124.5
213.7
140.3
144.3
159.4
143.1
130.5
253.9
160.1
177.2
205.2
143.8
130.3
257.3
162.8
181.9
216.9
143.8
131.0
256.3
160.7
180.3
214.5
143.0
131.9
239.8
160.4
184.7
211.1
141.9
132.5
227.3
156.1
186.1
214.8
142.6
134.0
220.9
155.7
183.7
213.3
143.4
134.9
222.0
155. 1
184.1
212.6
143.4
135.9
201.7
156.7
191.3
221.4
145.4
138.1
211.2
158.4
200.2
230.9
146.3
138.7
218.6
159.3
198.0
227.3
146.0
139.5
207.2
156.6
192.2
220.2
146.6
139.8
215.5
155.3
188.6
214 2
146.2
140.7
204.3
154.4
183.7
206.7
148.1
144 1
194.9
155 3
180.4
199 6
145.2
144.3
161.2
151. 5
169. 4
183.6
Machinery and equipment 9
do
Agricultural machinery and equip - do
Construction machinery and equip
do
Electrical machinery and equip
do
Metalworking machinery and equip ..do __
117.9
122.3
125.7
110.4
120.2
121.7
125.9
130.7
112.4
125.5
122.6
125.6
131.4
112.8
126.6
123.1
127.5
132.5
113.0
127.5
123.8
128.9
132.7
113.3
128.0
124.6
129.4
134.1
114.0
128.9
126.0
130.9
135.6
115.1
131.2
127.0
131.2
137.0
115.7
132.1
129.0
132.6
138.6
116.9
134.3
130.8
133.4
140.1
118.5
136.6
134.1
137.8
145.1
120.6
140.9
137.2
141.1
148.9
123.4
144.6
140.3
143. 9
151.4
126.3
149.3
144.3
147.9
161.3
128.5
152.7
146.8
152 0
163.4
130.4
156.1
150. 0
155. 0
167.0
132. 4
159. 9
Metals and metal products 9 ..
Heating equipment
Iron and steel
Nonferrous metals
.
123.5
118.2
128.4
116.9
132.8
120.4
136.2
135.0
134.4
120.7
136.5
138.5
135.9
120.8
138.6
140.7
138.5
121.1
141.6
144.9
141.8
121.6
142.4
155.6
145.0
122.9
144.7
161.1
148.0
123.7
148.9
165.0
154.7
124.4
157.7
176.3
161.2
127.5
164.9
186.5
168.7
130.0
169.1
200.4
174.0
132.7
177.9
200.5
180.3
137.1
190 4
198.4
185.6
140.0
195.7
200.4
187.1
141.4
198 1
197.0
186.9
145.0
199. 0
190.8
126.1
130.2
129.9
130.9
131.5
132.6
138.7
142.1
144.2
146.7
150.7
152.3
156.4
157.6
159.8
162.2
124.6
133.6
122.4
125.8
122 3
114.0
115.1
124.6
134.1
122.0
127.6
124.7
114.8
116.3
124.8
134.5
123.3
128.7
125.2
116.5
116.3
127.2
139.8
127.9
131.8
126.8
117.7
118.0
128.3
142.3
130.0
132.9
127 7
119.8
121.2
130.8
144.7
129.6
137.2
132.6
123.8
128.8
131.5
145.3
132.7
144.4
140 1
129.4
129.6
132.7
147.7
133.3
146.6
141.9
133.7
129.9
134.2
149.9
137.6
147.5
143.0
135.6
131.0
135.2
155.2
138.8
153.3
149.9
139.5
136.9
137.3
156.4
142 9
162.9
160 3
143.4
138.2
139.2
157.1
145 7
164.2
162 1
145.6
140.3
141.2
159.5
144.6
166.0
165. 4
147.5
141.3
Industrial commodities
...
do
do
do
do
do
do
do
do._
do
do
Nonmetallic mineral products 9
do
Clay prod., structural, excl. refractories
do
Concrete products
_ do
Gypsum products
do
Pulp, paper, and allied products
do
Paper
do
Rubber and plastics products
do
Tires and tubes
do
117.3
125.6
114.7
113.4
116 3
109.3
109.2
123.3
131.7
120 9
122.1
121 4
112.4
111.4
123.9
132.5
122.0
124.4
121 7
112.8
110.4
Textile products and apparel 9
do
Apparel
do
Cotton products..
do
Manmade fiber textile products ... _ d o _ _ _
Textile housefurnishings
.do
Wool products.
do
113.6
114.8
121.8
108.0
109.2
99.4
123.8
119.0
143.6
121.8
113.3
128.2
126.8
119.5
153.1
126.7
112.3
133 7
128.5
121.5
155.5
127.7
115.2
130.2
130.0
121.9
161.2
128.6
119. 1
128.9
131.4
122.2
165.2
129.7
126.4
128.7
133.8
123.7
171.5
130.7
133.0
128.6
135.2
124.6
173.0
132. 8
133. 5
129.7
136.1
125.2
173.7
133.6
135.2
127.9
137.5
127.0
175.1
135.2
136.7
121.1
139.1
128.0
174.9
138.1
143.6
121.1
141.7
129.7
181.8
140.7
145.6
119.6
142.1
130.5
184.7
140.3
147.1
119.2
142.3
132.4
180.9
138.9
147.4
117 7
142.1
133.0
179.3
137.7
148.5
116 5
140.5
133.1
173.4
135. 1
149. 2
112.3
Transportation equipment 9. ..Dec. 1968=100Motor vehicles and equip
1967= 100. .
113.7
118.0
115.1
119.2
114.5
118.3
115.9
120.0
116.1
120.1
117.3
121.4
118.6
122.9
118.9
123.1
119.1
123.2
119.4
123.3
121.4
124.9
122.8
126.1
125.1
128.5
126.7
130.1
127.7
130.6
134.2
138.1
do
do
«c 198. 7
133. 7
cc 189. 1
134. 7
« 189. 7
« 136. 1
« 190. 8
c
139. 1
'203.1
« 142. 4
« 202. 8 ' 197. 4 <191.7 <• 183. 9
' 144. 6 «• 148. 7 ' 152. 5 c 157. 0
oC 174. 5
160 6
« 190. 5
« 166. 0
202.9
173 7
198.4
173 8
204.0
177.0
do
do
do
do
do
do
133.1
154.4
119.5
116.9
121.1
124.7
133.8
155.9
120.4
117.2
122.7
125.4
134.9
156.0
121.8
117.1
124.9
125.8
136.0
157.4
123.0
117.5
126.6
126.6
139.6
162.1
125.5
119.1
130.2
128.0
142.5
166.0
128.1
119.7
133.9
128.9
143.5
163.8
130.9
120.7
137.8
130.6
145.0
163.6
133 4
121.8
141.2
132.3
145.9
162.6
135.7
123.6
144.2
135.8
145 1
156.5
138 5
125.0
147.4
138.7
141.0
162.2
141.0
126.8
150.4
141.6
151 8
167.4
142 8
127.6
153.0
145.5
153.0
166.9
144.5
129.6
154.0
148.6
156. 9
173.5
147.0
133.6
156. 0
152.2
do
do
do
do
132.1
128 7
201 6
156.0
132.5
129 5
193 6
155.3
133.6
130.6
191.3
154.2
135.6
132.0
190.6
157.0
138.7
133 8
203 2
162.1
140.6
134.9
202.6
163.4
143.2
137 5
193.5
161.9
145.7
140 4
186 6
159.7
148.9
145.2
178.7
158.6
151.2
148.1
164.3
156.8
155.9
151.5
177.1
165.4
161.5
155.0
189.0
179.0
162. 7
157. 1
183^8
176.4
165.9
159. 2
192. 7
185. 0
$0716
.738
$0721
.732
$0.718
.727
$0.705
.722
$0 682
.716
$0.669
.707
$0.661
.699
$0655
.694
$0. 645
.687
$0.642
.680
$0. 618
.674
$0. 597
.666
$0. 598
.658
$0. 588
.653
Seasonally Adjusted
By stage of processing:
Crude materials for further processing
Intermediate materials supplies etc
Finished goods:
Consumer finished goods
Food
Finished goods exc foods
Durable
.
Nondurable
Producerfinishedgoods ..
By durability of product:
Total manufactures
Durable manufactures
Farm products
Processed foods and feeds
r
T
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices. ..
Consumer prices
_
d*See corresponding note on p. S-8.
1967=$!. 00
do
$0. 840
.799
$0 744
.752
9 Includes data for items not shown separately.
^Beginning June 1974 SURVEY, data reflect changes in prices that lag current index as follows:
electric power, one month (i.e., July index reflects June prices); gas fuels, except LPG, two
562-873 O - 74 - S-2
months (July index reflects May prices); refined petroleum
products (gasoline, distillates,
c
residual), one month (July index reflects June prices).
Corrected.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated In footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
1972
Annual
November 1974
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE }
New construction (unadjusted), total
Private total 9
Residential (including farm)
New housing units
_
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Higliways and streets
12, 486
12,280
11, 786
10, 689
9,452
9,347
10, 005
11, 454
12, 087
12,364
do
do
-do
93, 893
54, 288
44, 879
102, 894
57, 623
47,841
9,357
5,287
4,418
9,287
5,017
4,149
8,920
4,700
3,850
8,244
4,246
3,465
7,130
3,595
2,949
6,764
3,273
2,670
7,312
3,530
2,839
8,032
3,983
3,083
8,573
4,312
3,315
8 852
4,499
3,524
24, 036
4,676
13, 462
27,584
6,243
15, 453
2 473
2,576
2,500
604
2,388
2,151
617
635
508
2,170
2,314
2,440
2 535
2,592
2 545
1,394
1,278
1,181
1,167
674
1,441
1,246
648
1,395
1,336
1,384
1,407
1,397
580
586
8 457
4 108
3,267
645
3,967
347
385
390
354
271
281
359
364
382
382
32, 562
3,129
2,993
2,866
2,445
2,332
2,583
2,693
3,122
3,514
3,512
r
do
do_.
do .
do
do
11,500
12, 994
1,085
1,129
1,149
1,065
1,007
1,155
1,128
1,304
1,447
1,309
93
70
107
897
77
71
98
79
71
104
" 1,r293
97
r
1,298
1,088
r 1, 144
r
1,260
r
875
534
941
605
1,087
10, 429
72
57
97
734
58
58
99
641
73
54
93
700
1,171
1,057
97
52
96
926
137.3
136.4
135.7
133.2
132.9
136.6
135.9
138.3
140.5
138.6
104.1
103.3
102.3
100.1
98.0
99.1
99.4
99.3
100.2
100.1
58.0
48.2
56 3
46.2
54.5
44.2
52.4
42.1
49.7
39.8
49.0
38.9
49.1
39.1
49.4
39.3
49.6
'39.7
49.2
39.5
48 5
38 9
27.9
28.4
28.9
29.1
28.7
30.7
6.8
7.9
29.5
29.9
30.5
7.1
7.3
30.5
6.7
15.8
16.1
15.9
15.8
16.6
16.7
16.3
16.4
16.4
29 0
7 2
»-16.0
64
48
92
1,170
10, 559
380
3 573
r
6.8
15. 5
114
53
98
68
68
100
705
7.5
6.9
7.6
8.0
r
3,690
3 572
r
1 299
138 0
662
1,357
386
r
52
95
r
2 522
2 524
r
666
" 1,361
3,302
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities total 9
bil $
Industrial
do
Commercial
_
do
Public utilities:
Telephone and telegraph
..do
Buildings (excluding military) 9 ._
Housing and redevelopment
Industrial
Military facilities
Highways and streets
569
12, 147
30, 184
do
Public total 9
552
12,403 " 12,284
••8 830 rr g 712
* 4 480
4 368
" 3, 581 r 3, 483
do
New construction (seasonally adjusted at annual
rates) total
bil. $
Private total 9
r
135, 456
Nonresidential buildings, except farm and public utilities total 9
mil. $
Industrial
do
Commercial
-do_ __
Public utilities:
Telephone and telegraph
do
Public total 9
e
mil. $_. 124, 077
97
53
96
53
105
132. 7
133.0
95 7
93 7
47 1
37 5
44 8
35 3
28 4
r
1. 6
" 15.1
28 4
98 1
r
7.7
14.9
4.1
4.3
4.4
4.0
4.4
4.1
4.3
4.4
4.4
4.1
4.5
4 3
do
33.2
33.2
33.4
33.1
34.8
37.5
36.4
39.0
40.3
38.5
" 40 0
r 37 0
do
do
do
do
.do
12.6
13.5
13.2
13.1
13.1
14.8
14.6
15.5
16.8
15.4
" 15.8
" r1.2
r 14 5
r 6
7
10
11 8
12
8 359
.8
.6
1.0
1.4
.6
1.1
1.0
.7
1.1
.7
.7
1.1
.7
.7
1.3
1.1
.8
1.4
.8
.9
1.4
1.1
.8
1.5
1.0
.8
1.2
.9
.7
1.2
39 4
12
.7
11.1
10.6
11.0
11.2
12.0
12.5
11.0
12.2
12.3
11.5
11
••12.5
8,001
8,983
7,905
6,133
5,954
6,610
7,911
8 929
10, 158
8,480
9 295
8 416
182
191
194
161
155
187
181
167
188
166
177
170
187
2, 312
5, 689
2,055
6,928
2,140
5,765
1,855
4,277
2,135
3,819
2,212
4,398
2,481
5,430
2,336
6,593
3,082
7,076
2,968
5,512
3,242
6,053
3 311
5 105
3 273
5 086
r 2, 691
3, 566
1,743
2,758
3,673
2,552
2,655
3,299
1,951
2,210
2,341
1,581
2,307
2,231
1,415
2,260
2,678
1,672
2,752
3,374
1,785
2,842
3,924
2,163
3,120
3,862
3,176
2,989
3,546
1,945
3,698
3,350
2,247
2 110
3 060
3 246
3 320
2*503
2 536
7,646
6 505
6 432
7 059
114 0
r Qg 0
111. 1
r
79 8
60 7
96 7
r 72 7
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. DodgeDivision, McGraw-Hill):
Valuation total
mil. $
Index (mo. data seas, adj.)
Public ownership
.
_
Private ownership
By type of building:
Nonresidential _
Residential _
_ . __
Non-building construction
Ne v construction planning
(Engineering News-Record) O
1967=100
91 062
r
100 040
r
*165
181
24, 009
67, 016
" 26,709
" 73,171
do
do
do
27, 055
45, 020
18, 986
r
r
31,160
46,110
r 22 772
..do
68, 001
86 743
7,416
8,518
10, 669
10,618
10,692
7,321
9,472
8,698
7,609
2 378.5
1,732.7
2, 356.6
1 309.2
2 057 5
1,501.7
2, 045. 3
1 132 0
148.9
104.1
148.4
84.5
149.5
101.5
147.1
86.0
134.6
92.3
133.3
70.5
90.6
69.1
90.4
46.8
86.2
63.9
84.5
43.3
109.6
78.7
109.4
57.6
127.2
92.6
124.8
76.9
160.9
114.6
159.5
102.2
149.9
106.4
149.0
96.3
1,844
1,674
1,675
1,403
1,464
793
1,922
1,056
1,499
1,630
1,471
1,282
1,325
1,410
mil. $
_do ___
r
r
r
r
HOUSING STARTS AND PERMITS t
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures
thous
do .
do__
do
Seasonally adjusted at annual rates:
Total privately owned
do
One-family structures
, . _ . do
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total.
thous..
One-family structures
.
do ..
Manufacturers' shipments of mobile homes:
Unadjusted
do
Seasonally adjusted at annual rates
do
990
2,230
1,033
1,820
575.9
566.9
882
957
938
1,361
1,656
1,379
676
674
43.8
45.0
39.0
807
479
458
490
767
1,285
641
27.9
456
637
716
28.8
30.0
469
449
962
761
36.9
475
996
1, 296
r
149.5
101. 9
147.6
99.3
127 2
r
126.6
90 7
931
1,596
1,014
1,338
1,120
1,106
1,017
632
34.7
727
671
42.1
41.1
435
451
674
39.4
441
r
81. 8 r " 77.5
958
380
r
r
r
98 7
98 2
70 3
1, 132
r
837
1,124
900
618
"823
"577
802
541
34.2
30.1
1,r 134
812
370
787
316
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1967=100
139
152
156
156
157
159
161
••164
••166
'168
••171
"173
American Appraisal Co., The:
Average, 30 cities
Atlanta .
New York
San Francisco _
St. Louis
1913=100
do
do
do
do
1,369
1,563
1,436
1,285
1,286
1,515
1,749
1,590
1,469
1,434
1,647
1,757
1,659
1,518
1,461
1,547
1,756
1,659
1,517
1,461
1,542
1,732
1,653
1,508
1,457
1,544
1,773
1,651
1,504
1,461
1,543
1,770
1,649
1,503
1,461
1,657
1,800
1,660
1,515
1,477
1,586
1,835
1,707
1,540
1,501
1,590
1,838
1,710
1,540
1,516
1,599
1,824
1,686
1,536
1,514
1,606
1,828
1,695
1,534
1,531
Boeckh Indexes:
Average, 20 cities:
157.8
145 4
154 0
157 8
Apartment^ hotels office buildings
1967—100
157.7
144.8
154.4
157.7
Commercial and factory buildings
do
164.4
Residences
do
145.8
159.2
163.9
r
Revised.
*» Preliminary.
1 Computed from cumulative valuation total.
% Data for new construction have been revised back to 1958: those for housing starts and,
permits, back to 1959. The revised data are available from the Bureau of the Census, Washingon, D.C. 20233.
158 9
159.3
165.7
162.5
163.0
167.4
165 8
167.7
168.6
••174
170.2
174.3
175.0
••175
178
175 3
179 6
177.1
O Data for Nov. 1973 and Jan., May, and Aug. 1974 are for 5 weeks; other months, 4 weeks.
9 Includes data for items not shown separately.
c
Corrected.
SUEVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1973
1972
S-ll
Annual
Sept.
1974
Nov.
Oct.
Jan.
Dec.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct,
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
Engineering News-Record:
Building
1967 = 100.Construction
do
Federal Highway Adm.— Highway construction:
Composite (avg for year or qtr ) . . _.1967=100._
171.0
180.6
171.0
182.9
174.2
182.6
174.2
182.6
177.5
185.6
155.2
163.0
168.4
176.5
170.2
179.6
138 2
152 4
155 1
189 7
194 1
191 1
186 9
206 3
186 0
179.1
187.0
160.4
183.5
163.0
172.9
161.5
184.0
191.6
198.5
205.3
200.7
206.8
190.0
' 190. 0
176.3
175 0
193 9
219 4
193 1
194 6
235 4
192 2
187 0
259.4
213 7
206.4
301.0
185.2
185.7
230.6
168.8
166.1
158.5
172.8
177.2
132.6
162.2
175.6
147.3
201.6
195.0
189.4
203.0
208.6
229.7
203.7
200.2
257.4
188.6
177.8
258.4
5.2
56
3.3
46
8.9
124
11.5
163
144
171.2
180.0
171.0
180.1
171.4
180.5
170.8
180.6
187.4
167.8
182.2
189.5
183.6
193.2
201.4
'183.3
r
194. 5
1
184. 5
i 195. 5
209 7
CONSTRUCTION MATERIALS
Output Index:
Composite unadjusted 9
Seasonally adjusted
1947-49=100
do _-
Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted
.
do
do _ _
do
255.6
REAL ESTATE^
Mortgage applications for new home construction:
FHA net applications
thous. units.
Seasonally adjusted annual rates
do
Requests for VA appraisals
do Seasonally adjusted annual rates
do
Home mortgages Insured or guaranteed byFed Hous Adm : Face amount
mil. $
Vet Adm : Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $_
7.9
91
83 2
7. C
209 2
161 9
10.6
137
142
134
2.1
30
7.3
124
8 067 06 4 473 30
8 419 86 7 467 53
266 34
561.04
358. 37
647. 95
357. 15
720. 58
224. 72
470. 36
315.12
648. 20
259. 96
517. 37
252. 99
533. 48
303.86
416. 26
334. 10
716. 12
305. 50
906. 77
366. 47
634. 10
335. 88
834. 91
340. 28
704. 78
94
3.6
51
10.7
12.3
4.8
62
12.6
8.3
89
9.3
71
14.3
14.9
150
15.8
157
185
8.8
106
7.5
83
8.2
94
11.1
«15. 1
16.8
13.5
16 3
180
184
167
7 979
15 147
14, 298
14, 799
14, 866
15, 147
15, 188
14, 904
14, 995
16,020
16, 803
17, 642
18, 582
19, 653
20, 772
51 369
49,464
3,174
2,786
2,379
2,529
2,346
2,697
3,648
4,490
4,917
4,251
3,816
3,593
2,643
8 548
26 594
16 227
8,432
28 248
12, 784
571
532
448
425
389
1 836
1,547
1,459
659
782
1,967
1, 056
2,421
1,276
2,818
1,238
2,515
1,022
603
2,387
826
542
2,338
713
1 647
707
566
1,298
793
714
1,338
625
861
1,365
456
number
132 335
135 820
10 014
11,431
11,017
10, 668
11, 705
10, 419
11,412
12, 027
12, 389
11,358
mil. $
2 304
2 639
222
200
211
242
263
236
278
235
273
297
256
264
254
84.1
125.9
New mortgage loans of all savings and loan associations, estimated total .
-.
mil. $_.
By purpose of loan:
Home construction
_ do ..
Home purchase
do
All other purposes
, do _
Foreclosures
4.2
71
225 2
Fire losses (on bldgs , contents, etc )
767
766
127
187
392 74
712 42
423
573
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index
Television (network)
Spot TV. .
Magazines
Newspapers .
advertising
Index,
1957-59-100
do
do
do
do
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $
Apparel and accessories
do
Automotive incl accessories
do
Building materials
do
Drugs and toiletries _
do
Foods, soft drinks, confectionery
do
Beer, wine, liquors
Household equip supplies furnishings
Industrial materials
Soaps, cleansers, etc
Smoking materials
All other
do
do
do
do
do
do
Newspaper advertising expenditures (64 cities) : ©
Total
mil $
Automotive
do
Classified
do
Financial
do
General
do
Retail
do
219
262
341
186
153
233
291
372
188
154
230
305
343
190
146
232
296
350
189
158
238
303
379
197
149
256
317
455
193
163
138
138
144
133
137
134
140
143
120
133
138
145
151
114
145
138
160
147
113
128
141
159
147
118
138
141
153
144
118
152
140
150
147
121
143
1, 210. 6
44 2
102 1
21 0
145 0
113 6
1 309 2
46 1
118 9
25 5
140 5
95 7
117.1
6 2
79
2 7
11.2
68
141.7
5 9
13 5
2 8
13.2
8 7
140.1
115.7
80.1
2 3
5 3
98.0
112.1
125.9
127.1
110.5
85.7
86
11 1
81 0
72 9
29 4
20.5
94 6
486 2
86 9
77 3
36 6
18 6
110 1
552 9
6 4
67
4 2
10 7
9 4
4 4
11.0
9 2
14.8
53
3 2
9 2
54 1
11 1
59 9
11 2
61 3
12 0
47 6
3 786 1
99 8
1 024 2
138 9
479 2
2 044 1
316 9
88
88.6
9 5
41.6
168.3
3 496 5
98 0
881 2
114 5
478.0
1 924 8
1.7
5.1
12 5
1.7
12.8
9.7
3.5
2.1
2.2
331
7
85
12
46
179
6
9
7
7
1
2
349 1
86
80 7
10 3
45.8
203 8
3.6
7 3
10
12.3
7 9
.9
322
5
68
9
36
203
3
0
1
6
3
3
4.9
10.9
8.4
11.5
12.5
7.1
8.0
14.1
13.0
4 1
8.2
37
2 2
2 1
15
9 7
39 7
5.1
6.8
9.6
8.4
34
6 5
88
10.9
3.6
1.4
8.6
7.0
3.6
1.2
6.5
3.9
2.4
1.2
4.6
3.6
2.9
1.3
10 2
43.6
10 9
47 5
11.5
50.9
10.9
54.3
11 5
44 5
10.8
33.5
10.7
34.9
12.2
57.9
277.5
7 6
74.9
80
37.6
149.4
336 7
11 0
89 8
10 4
45.9
179 6
314.9
10.3
84.3
12.0
43.4
164.9
337.3
9.3
87.4
9.5
46.5
184.6
338.8
8 9
93.4
12.1
46.2
178.2
281.1
7 6
83.9
11.6
30.4
147.7
296.8
7.7
88.1
6.4
29.5
165.0
319.5
38 554 * 39,408
17 851 ' 18,029
20, 703 r 21,377
38, 204
17, 622
20, 582
9
8.5
282
8
75
13
36
149
1.4
2.2
1.3
9
0
7
1
8
3
2.0
2.6
1.1
2.2
8.1
2.6
7.0
7.5
2.7
2.0
7.6
1.4
9.9
6.6
2.8
4.0
9.7
3.1
6.5
9 8
3.4
6.8
2.8
2.2
3.9
51
1.1
10.2
5.7
11.7
6.4
7.9
7.9
3.1
1.5
9.8
83.6
9.4
44.8
171.9
WHOLESALE TRADEf
Merchant wholesalers sales (unadj ) total mil $
Durable goods establishments
do
Nondurable goods establishments
do
Merchant wholesalers inventories, book value,
end of year or month (unadi ) total
mil $
Durable goods establishments
do
Nondnrahlo ponds
flst.nhlishrnAnf<!
r
r\r\
298 345 r 364 803 r 29 854 r 34 056 r 33 863 r 39 808 r 3^ 663 r 39 662 r 37 499 r 37 953
138 458 168 '(374 13 783 15 515 15 020 13 944 14 744 14 157 16 696 17 799
159, 887 196, 729 16, 071 18, 541 18, 843 18 864 18 919 18 505 20 796 20, 154
32 931
19 277
13 fi<U
r 38 558 r 35 898 r 36 8°7 r 38 008 r 38 558 r 39 673
9
1 648 20 823 9Q 937 91 '318 91 648 21 839
Tfi'oin
1=; nne;
ic; Son
1« fion
J
2
Revised.
Index as of Nov. 1, 1974: Building, 183.4; construction, 195.0.
Beginning
Jan. 1974 data reflect new reference base, 1967=100. Comparable data for Jan. 1973 are as follows (1967=100): Combined index, 133; network television, 130; spot TV, 156; magazines, 116;
newspapers, 128.
9 Includes data for items not shown separately.
§Data include
guaranteed direct loans sold.
HHome mortgage rates (conventional 1st mortgages) are
under money and interest rates on p. S-18.
ifi am
17 8<U
r
r
38 895
18 224
20, 671
T
36 9?0
17, 491
19, 429
40 136 r 41 038 r 40 678 r 41 048 r 41 929
92 996 93 134 93 563 24*188 94 711
1 7' Jun 17 ani 1 7* 1 1 n IK 8fin 17 911
49 711 r 49 785 43 444
25 135 r 95 992 25 796
1 1 S7fi r 1 7 493 1 7. fi48
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
tSeries revised back to Jan. 1964 to reflect kind of business classifications of establishments
selected for a new sample in terms of the 1967 Census of Business; revisions
for earlier periods
c
are available from the Bureau of the Census, Wash., D.C. 20233.
Corrected
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1972
November 1974
1973
| 1973
Annual
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores:
Estimated sales (unadj ), total
mil. $.. 448, 379
503, 317
40, 916
43, 721
44, 552
49, 824
37, 923
36, 668
42,709
44,200
47,033
45,609
46,034 '48,444 '43,684 146,825
149, 659
88, 612
81, 621
7,091
170, 275
100, 661
92, 768
7,895
13,718
7,843
7,188
656
15, 171
8,982
8,258
724
14, 104
8,083
7,342
741
13, 409
6,378
5,619
759
11, 477
6,470
5,917
553
11, 293
6,391
5,867
524
13,603
7,798
7,158
640
14,445
8,272
7,556
716
15,457
8,787
8,030
757
15,150
8,649
7,902
747
15,477 '15.614 '13,753 114,497
8,980 ' 8, 969 '7,566 i 7, 934
8,214 ' 8, 221 6,894
766
672
'748
Furniture and appliance group 9
do
Furniture, homefurnishings stores — do
Household appliance, TV, radio
do
21,316
12, 660
7,029
24, 030
14, 290
7,904
1,972
1,142
678
2,049
1,238
660
2,159
1,293
699
2,552
1,370
935
1,928
1,123
654
1,803
1,076
588
2,077
1,267
642
2,034
1,251
626
2,175
1,362
649
2,122
1,314
648
2,178
1,333
691
'2,244
'1, 367
'699
' 2, 110
1,254
666
Lumber, building, hardware group
Lumber, bldg. materials dealersd*
Hardware stores
do
do
do
20,064
15, 973
4,091
22, 766
18, 049
4,717
1,937
1,536
401
2,068
1,645
423
1,912
1,497
415
1,771
1,283
488
1,453
1,150
303
1,496
1,178
318
1,781
1,410
371
2,008
1,589
419
2,210
1,720
490
2,193
1,699
494
2,266
1,796
470
r 2, 209
' 1,765
'444
2,208
1,614
414
Nondurable goods stores 9
- do
Apparel group
do
Men's and boys' wear stores -- -- do
Women's apparel, accessory stores. _ .do
Shoe stores
- - - do
298, 720
21, 993
5,198
8,386
3,774
333,042
24, 062
5,609
9,119
4,229
27, 198
1,974
412
747
401
28, 550
2,030
448
783
365
30, 448
2,214
523
842
361
36, 415
3,386
896
1,243
476
26, 446
1,700
409
636
292
25, 375
1,518
344
689
253
29,106
1,848
399
703
323
29,755
2,130
465
781
397
31,576
2,044
481
784
331
30,459
1,978
461
749
322
30,557 r 32, 830 '29,931 132,328
1,879 r 2, 125 '2,031 i 2,214
415
427
'466
747
'796
790
301
'358
353
14, 523
33, 891
95, 020
88, 340
31, 044
15, 474
37, 925
105, 731
98, 392
34, 432
1,226
3,339
8,859
8,242
2,837
1,300
3,341
8,929
8,302
2,981
1,286
3,204
9,207
8,596
2,996
1,741
3,272
9,932
9,214
2,908
1,267
2,995
9,145
8,528
2,793
1,255
2,854
8,750
8,142
2,692
1,329
3,238
9,734
9,072
3,088
1,363
3,288
9,348
8,670
3,181
1,393
3,606
10,217
9,510
3,408
1,364
3,702
9,942
9,227
3,537
1,364 r 1,429
3,734 r 3, 942
10,085 '11,014
9,359 ' 10, 250
3,695 ' 3, 738
74, 903
83, 301
6,594
7,172
8,543
11,618
5,511
5,315
6,735
7,166
7,439
7,070
6,893
r 7, 625
'7,035
i 7, 747
68, 936
46, 560
4,722
7,498
9,215
77, 036
52, 292
5,384
8,212
9,602
6,072
4,142
414
630
759
6,555
4,396
556
665
784
7,886
5,297
714
790
823
11,063
7,734
574
1,326
1,160
5,037
3,369
341
519
740
4,817
3,167
381
517
697
6,174
4,132
479
637
775
6,615
4,476
476
711
778
6,870
4,677
450
727
837
6,563
4,490
390
689
831
6,376
4,281
439
664
893
'7,059
r 4, 749
'494
'759
'919
' 6, 456
' 4, 392
474
661
814
i 7, 128
14,799
42, 529
42, 970
42, 976
42, 116
42, 932
43, 134
43,872
44,283
44,894
44,593
46,356 '47,056 '46,069 145,876
13, 327
7,236
6,548
688
13,660
7,403
6,721
682
13,941
7,644
6,964
680
14,289
7,854
7,157
697
14,049
7,830
7,145
685
14,963 '15,381 '14,318 113,636
8,563 ' 9, 043
8,167
7,845 r 8, 355
7,461
718
'688
706
-.
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire, battery, accessory dealers
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do
do _ _
do
do
do
do__ _
do
do_ __
do
General merchandise group with nonstores 9
.-mil. $.General merchandise group without nonstores 9 $
- .mil. $
Department stores ._
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores .
do
Estimated sales (seas adj ) total
do
'1,351 i 1,412
' 3, 522 i 3, 598
' 9, 847 '10 425
'9,126 19,647
'3,414 13,609
14,267
8,457
7,771
686
14, 331
8,482
7,769
713
14,090
8,183
7,492
691
13, 270
7,400
6,681
719
13, 525
7,474
6,786
688
2,063
1,214
686
2,005
1,195
661
2,046
1,204
672
1,975
1,165
668
2,058
1,211
672
2,032
1,231
679
2,191
1,316
703
2,163
1,290
699
2,215
1,342
687
2,137
1,302
647
2,237
1,346
716
r 2, 212
r 1,325
r691
2,192
1,331
678
1,836
1,428
408
1,867
1,460
407
1,890
1,484
406
1,835
1,450
385
1,858
1,447
411
1,961
1,518
443
2,028
1,572
456
2,012
1,591
421
2,040
1,606
434
1,996
1,572
424
2,028
1,598
430
r 1,924
r 1,509
r415
1,930
1,501
429
do
do
do
do
do
28,262
2,042
462
764
371
28,639
2,019
462
751
371
28,886
2,006
463
761
339
28,846
2,051
480
776
346
29, 407
2,053
456
785
357
29, 807
2,074
476
781
354
30,212
2,149
501
800
361
30,342
2,010
482
742
337
30,605
2,075
482
794
333
30,544
2,069
458
793
338
Drug and proprietary stores
do
Food group
Grocery stores
Gasoline service stations
do
do
do
1,278
3,261
8,992
8,376
2,880
1,332
3,308
9,194
8,568
2,951
1,322
3,331
9,135
8,511
2,966
1,297
3,387
9,264
8,603
2,902
1,323
3,331
9,551
8,874
2,952
1,370
3,326
9,634
8,957
3,059
1,376
3,318
9,594
8,912
3,154
1,408
3,429
9,689
9,003
3,236
1,389
3,402
9,795
9,109
3,312
1,402
3,441
9,782
9,082
3,421
Durable goods stores 9
Passenger car, other auto, dealers
Furniture and appliance group 9
Household appliance TV radio
do
do
do
do
Lumber, building, hardware group
do
Lumber, bldg. materials dealersd" — do
Nondurable goods stores 9
Apparel group
.Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
General merchandise
group with nonstores 9
mil $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mall order houses (dept. store mdse.)-do
Variety stores
do
Liquor stores
do
Estimated Inventories, end of year or month: I
Book value (unadjusted), total t
mil. $..
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group, .do
Nondurable goods stores 9...
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil $
Department stores
do
Book value (seas, adj ), total t
do
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group.. _do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil $
Department stores
...do.. .
31,393 '31,675 '31,751 132,240
2,148 r 2, 129
2,157
484
r507
493
840
>-810
831
350
'332
329
1,421 r 1,408
3,473 r 3, 498
10,090 '10,261
9,387 '9,553
3,453 r 3, 480
1,437
3,470
10,370
9,637
3,491
6,989
6,995
7,213
7,002
7,234
7,237
7,543
7,438
7,558
7,454
7,541
' 7, 527
7,578
6,486
4,406
468
689
807
6,461
4,357
482
696
811
6,661
4,485
473
726
793
6,464
4,445
403
690
839
6,666
4,456
470
738
820
6,677
4,486
485
707
824
6,992
4,701
498
753
829
6,863
4,663
494
716
842
7,004
4,763
487
733
832
6,905
4,663
492
728
831
6,986
4,710
513
740
864
r 6, 959
r 4, 740
••492
'746
'887
7,001
4,743
515
744
884
54, 918
25, 268
11,826
4,336
3,647
61, 643
27, 899
13, 847
4,690
4,024
60,148
26,308
12,198
4,662
3,963
62,559
26, 991
12, 657
4,800
3,990
64,951
28, 099
13, 490
4,900
3,969
61,643
27, 899
13, 847
4,690
4,024
61, 820
28, 217
14, 150
4,658
4,142
63, 364
28, 994
14, 640
4,687
4,290
65, 538
29, 631
14, 738
4,810
4,434
66,299
29,887
14,723
4,918
4,503
66, 818
29, 986
14, 666
4,978
4,491
67, 156
30, 197
14, 752
5,001
4,550
67,214
29,436
14,063
5,052
4,419
66, 525
27, 950
12, 439
5,131
4,417
69, 186
28, 977
13, 388
5,210
4,384
29, 650
4,614
5,858
33, 744
5,012
6,697
33, 840
5,271
6,308
35, 568
5,512
6,526
36, 852
5,678
6,749
33, 744
5,012
6,697
33, 603
4,771
6,588
34, 370
4,892
6,674
35, 907
5,172
6,998
36,412
5,142
6,937
36, 832
5,130
7,031
36, 959
5,041
6,999
37,778
5,094
7,180
38, 575
5,330
7,088
40, 209
5,602
7,206
12,115
7,265
14, 548
8,379
14,932
8,708
16,073
9,368
16,447
9,476
14,548
8,379
14, 869
8,677
15, 278
8,812
16, 123
9,395
16,631
9,753
16,988
9,921
17, 215
9,938
17,643
10,018
18, 135
10, 349
18,993
10,924
56, 551
26, 034
12, 306
4,407
3,756
63, 561
28, 778
14, 433
4,765
4,144
60,847
27, 507
13, 336
4,643
4,036
61,681
27, 926
13, 627
4,723
4,047
62,937
28, 662
14, 302
4,727
4,041
63,561
28, 778
14, 433
4,765
4,144
64, 261
28, 852
14, 470
4,831
4,218
64, 394
28, 789
14, 297
4,787
4,288
64, 743
28, 578
13, 805
4,823
4,341
64,855
28,495
13,595
4,851
4,361
65, 615
28. 499
13, 435
4,919
4,338
66, 580
28, 893
13, 551
4,988
4,471
67,538
29,030
13,552
5,086
4,397
68, 400
29, 768
14, 134
5,161
4,494
69, 628
30, 291
14, 633
5,189
4,467
30,517
4,826
5,789
34, 783
5,244
6,618
33, 340
5,008
6,379
33, 755
5,099
6,389
34, 275
5,170
6,478
34, 783
5,244
6,618
35, 409
5,187
6,705
35, 605
5,118
6,805
36, 165
5,199
7,016
36,360
5,132
6,927
37, 116
5,227
7,043
37, 687
5,219
7,031
38,508
5,238
7,230
38, 632
5,236
7,197
39, 337
5,325
7,289
12, 930
7.754
15, 532
8.943
14, 590
8.614
14, 937
8,708
14, 925
8.567
15,532
8.943
16,103
9.288
16, 121
9.370
16, 313
9,480
16,654
9,768
17, 116
9,973
17,610
10, 234
17,982
10,309
18, 079
10, 392
18,275
10, 525
r
Revised.
> Advance estimate.
9 Includes data not shown separately.
d" Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.
5 Except department stores mall order.
J Series revised beginning Jan. 1972 to reflect
i 2, 189
benchmark data from the 1972 Annual Retail Trade Report and new seas, factors; revision
for Jan.-Dec. 1972 appear on p. 7 of the Mar. 1974 SURVEY.
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1974
1973
1973 P
Annual
8-13
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Firms with 11 or more stores:
Estimated sales (unadj ) total 9
rail.
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
$
do
do
do
do
do
do
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores §
mil $
"Dept. stores, excl. mall order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
Estimated sales (seas ad! ) total 9
Apparel group 9
Aden's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
137, 650
154, 546
12,447
13,181
14,653
18,305
11,656
11, 245
13, 414
13,648
14, 393
13,715
13, 546
14, 896
13,506
6,055
782
2,194
1,694
6,246
2,887
1,902
6,569
749
2,393
1,908
5,857
3,193
2,085
555
54
192
185
465
279
174
545
63
193
157
493
265
169
591
77
213
156
494
265
176
912
119
336
224
751
254
235
413
47
146
123
469
231
190
366
40
133
106
461
220
162
486
55
179
138
514
258
180
589
68
206
178
522
259
179
519
64
196
141
529
277
190
517
65
194
139
523
273
183
451
46
174
119
515
287
197
••561
'57
210
'155
••549
'324
-•213
539
51
196
162
508
277
203
58, 113
65, 569
5,158
5,634
6,749
9,335
4,264
4,135
5,312
5,672
5,882
5,579
5,434 ' 6, 051
5,551
5,599
4,171
583
5,329
4,009
556
5,192 ' 5, 772
3,837 ' 4, 259
531
'603
5,267
3,913
530
55, 100
41, 053
5,933
62, 471
46, 380
6,627
4,907
3,670
509
5,313
3,900
542
6,422
4,678
652
9,068
6,823
1,086
4,035
2,993
409
3,878
2,813
411
5,030
3,686
512
5,401
3,988
574
49, 206
2,094
55, 165
2,210
4,547
176
4,665
204
4,933
193
5,196
202
4,835
142
4,652
137
5,242
170
4,880
197
5,355
203
5,096
203
5,139 ' 5, 683
198
' 192
5,024
178
do
13, 024
13,332
13,332
13,222
13,716
13,762
14, 036
14,008
14, 091
13,984
14, 263 '14,374
14,531
do
do
do
do
do
556
60
198
165
499
282
538
63
182
162
511
280
530
65
190
145
503
289
535
61
187
154
500
257
655
66
211
164
519
256
652
64
198
156
534
259
549
68
202
151
543
255
543
66
197
151
553
261
524
62
196
143
522
257
540
62
206
146
540
250
do
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores §
mil $
Dept stores excl mail order sales
do
Variety stores
do
Grocery stores
Tire battery accessory dealers
do
do
All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted)
_
mil. $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts _
do
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts.
_ _
Installment accounts
do
do
do
do
do
537
60
206
141
536
257
'561
'67
212
'146
'539
'292
556
60
203
147
549
276
5,471
5,573
5,674
5,511
6,678
5,726
5,935
5,925
6,021
5,867
5,955 ' 5, 969
6,006
5,234
3,875
561
5,309
3,939
566
5,405
3,998
600
5,265
3,942
545
5,391
3,969
688
5,425
3,996
570
5,668
4,170
600
5,635
4,185
576
5,749
4,260
597
5,594
4,120
585
5,692 ' 5, 684
4,207 ' 4, 204
597
'600
5,731
4,226
596
4,712
190
4,870
204
4,743
181
4,829
172
6,073
183
5,057
188
5,065
180
5,041
187
5,071
187
5,111
181
5,249
189
' 5, 257
'178
5,461
190
25, 068
8,115
16, 953
10, 090
14, 978
27, 031
8,513
18, 518
10, 445
16, 586
24, 748
8,587
16, 161
10, 046
14, 702
25, 261
8,663
16, 598
10, 259
15, 002
25, 743
8,437
17, 306
10, 337
15, 406
27, 031
8,513
18, 518
10, 445
16, 586
25, 994
8,138
17, 856
10,012
15,982
25,709
8,073
17, 636
9,958
15, 751
25,637
8,212
17,425
10,147
15,490
26, 179
8,430
17, 749
10, 628
15, 551
26, 775
8,794
17, 981
11,012
15, 763
26, 730
8,881
17, 849
10, 943
15, 787
26,596
8, 91?
17,679
10,766
15,830
'26,920
' 9, 013
'17,907
'10,800
'16,120
27, 016
8,889
18, 127
10, 746
16, 270
23, 518
7,940
15, 578
9,671
13, 847
25, 368
8,344
17, 024
9,991
15, 377
24, 929
8,338
16, 591
9,987
14, 942
25, 330
8,386
16, 944
10, 089
15, 241
25, 440
8,336
17, 104
10, 183
15, 257
25, 368
8,344
17, 024
9,991
15, 377
25, 534
8,351
17, 183
10, 223
15,311
26, 015
8,417
17, 698
10, 405
15, 610
26,071
8,535
17,536
10,468
15,603
26, 529
8,658
17, 871
10, 779
15, 750
26, 832
8,842
17, 990
10, 784
16, 048
26,819
8,721
18, 098
10, 720
16, 099
27,223
8,878
18,345
10,894
16,329
'27,484
' 8, 893
'18,591
'10,944
'18,540
27, 260
8,646
18, 614
10, 718
16, 542
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, Incl. armed forces overseas t
mil.. i 208. 84 i 210. 40
210.68
210.83
210.97
211.09
211.21
211.33
211. 43
211. 65
211. 66
211.78
211. 91
212.06
212. 22
212. 38
91, 298
89 006
84 841
3 436
81, 406
4 165
92, 046
89 757
85 994
3 525
82,469
3 763
92, 168
89 884
85 828
3 419
82, 409
4 056
91, 983
89 701
85 643
3 202
82, 441
4 058
91,354
89 096
84 088
3 197
80, 891
5 Q08
91,692
89 434
84* 294
3*283
81,011
5 140
91, 884
89 633
84 878
3,334
8f, 544
4,755
91 ,'736
89 493
85 192
3,437
81,756
4,301
92, 158
89 929
85 785
3,604
82, 181
4,144
94, 758
92 546
87, 167
3,895
83, 272
5,380
95, 496
93 276
88 015
4, 024
83, 991
5 260
94, 679
92, 459
87, 575
3,851
83, 724
4,885
93, 661
91,444
86, 242
3,563
82, 679
5,202
94, 105
91,891
86, 847
3,536
83,312
5,044
89 373
85 133
3,376
81,757
89 749
85 649
3,455
82,194
89903
85 649
3,561
82,088
90033
85 669
3,643
82,026
90543
85 811
3,794
82,017
90, 556
85,803
3,852
81,951
90, 496
85, 863
3,699
82, 164
90, 313
85, 775
3,511
82, 264
90, 679
85, 971
3,457
82, 514
90, 919
86, 165
3,293
82, 872
91, 167
86, 312
3,405
82,907
91, 061
86, 187
3,443
82, 744
91,850
86, 538
3,511
83,027
92,024
86,511
3,476
83, 035
LABOR FORCE d"
Labor force, persons 16 years of age and over__thous_.
Civilian labor force-. .
do
Employed, total
do
Agriculture
.
do
Nonagricultural industries
do
Unemployed
do
Seasonally Adjusted
Civilian labor force
...
do
Employed, total
do
Agriculture
do
Nonagricultural Industries
do
Unemployed
..
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years. . .
White...
Negro and other races.
Married men, wife present
88, 991
86 642
81 702
3 472
78, 230
4 840
91,040
88 714
84 409
3 452
80, 957
4 304
1,158
812
4 240
768
4,100
756
4 254
820
4,364
740
4,732
768
4,753
830
4,633
815
4,538
857
4,708
877
4,754
939
4,855
928
4,874
949
5,312
1,000
5,513
1,018
56
4 0
5.4
16 2
4 9
3.2
4.8
14.5
4 7
3.0
4.8
14.3
46
3.0
4.4
14.0
47
3.0
4.7
14.5
4.8
3.0
5.0
14.4
5.2
3.4
5.2
15.6
5.2
3.5
5.1
15.3
6.1
3.4
5.0
15.0
5.0
3.6
4.9
13.8
5.2
3.4
5.1
15.8
5.2
3.5
5.1
15.6
5.3
3.5
5.2
16.2
5.4
3.8
5.2
15.3
5.8
3.9
5.7
16.7
6.0
4.3
5.6
16.9
6 0
10 0
2.8
4 3
8.9
2.3
4 2
9.2
2.1
41
8.4
2.1
4 2
8.9
2.1
4 4
8.6
2.2
4.7
9.4
2.3
4.7
9.2
2.4
4.6
9.4
2.4
4.5
8.7
2.5
4.7
9.5
2.2
4.8
8.8
2.6
4.8
9.4
2.6
4.8
9.2
2.6
5.3
9.8
2.8
5.4
10.9
2.9
2.8
5.4
3.1
5.2
3.2
6.0
3.2
6.1
2.8
6.1
2.8
6.4
3.2
5.7
3.1
6.2
3.3
6.1
3.1
6.5
3.5
6.8
3.3
7.3
Occupation: White-collar workers
3.4
2.9
2.9
2.6
Blue-collar workers
6.5
5.3
5.1
5.1
Industry of last job (n on agricultural):
Private wage and salary workers
4.5
6.7
4.8
4.7
Construction
._
10.3
8.8
9.6
9.0
Manufacturing.. .
6.6
4.2
3.9
4.3
Durable goods.
6.4
3.9
4.0
3.7
r
Revised.
p Preliminary.
1 As of July 1.
9 Includes data not shown separately.
§ Except department stores mail order.
t Revisions back to 1970 appear in P-25, No. 521, "Population Estimates and Projections"
(May 1974), Bureau of the Census.
4.8
9.1
4.3
3.6
6.0
6.1
5.5
5.2
5.4
5.4
6.1
5.3
5.4
5.0
5.3
12.2
12.4
11.1
9.6
10.2
10.6
8.4
10.3
7.9
8.2
9.1
5.8
6.2
5.4
4.7
5.2
5.2
5.1
5.0
5.3
4.3
5.1
5.1
5.9
4.8
4.5
4.8
4.4
5.0
5.0
5.0
5.1
3.9
d" Beginning in the Feb. 1974 SURVEY, data reflect new seasonal factors; comparable
monthly data back to 1967 appear in EMPLOYMENT AND EARNINGS (Feb. 1974), USDL,
BLS. Seasonally adjusted data through 1966 as shown in the 1973 BUSINESS STATISTICS are
comparable.
SUEVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Sept.
Annual
November 1974
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation., .thous..
Private sector (excl. government)
do
75,792
61,594
76,117
62 413
77, 225
62, 909
77, 897
63, 693
76, 913
63, 368
77, 154
77, 689
63 660
77,980
61 843
76,804
62,761
42,910
24,231
76,941
62,834
77, 136
42,636
76,813
62,819
42,915
24,317
42, 913
77, 101
62, 985
43, 024
24, 225
665
3,636
3,757
3,725
77, 203 77,409
63,028 63, 132
43, 167 43, 278
24, 106 24,063
670
'672
' 3, 575 ' 3, 537
77, 439
63, 129
43, 359
3,659
77, 047
62, 938
43, 025
24, 116
669
20 006
19,904
11,683
11,644
19 851
19,921
11,733
19,770
11,688
72, 764
59 475
75, 567
61 910
76,238
77,322
77,391
62 819
63 059
63 281
63 290
61 633
Total employees, nonagricultural payrollst-.do
Private sector (excl. government)
. d o ..
Nonmanufacturing industries
do
Goods-producing _. ..
_ _ do
Mining
do
Contract construction.
do
72, 764
59 475
40, 541
23 061
607
3 521
75, 567
75,961
62305
42,423
76,363
62,617
42,601
62 841
76,679
76,626
62,739
42,649
76, 526
62, 642
Manufacturing
do
Durable goods - do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products . do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
..do ._
Electrical equipment and supplies, .do
Transportation equipment. . . do
Instruments and related products. .do
Miscellaneous manufacturing
do
18 933
10 884
188
612
493
660
1 235
1 371
1 864
1,833
1 747
456
425
Nondurable goods
do ..
Food and kindred products
do
Tobacco manufactures.
. do
Textile mill products
do
Apparel and other textile products, .do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products . do
Petroleum and coal products
do
Rubber and plastics products, nee. do
Leather and leather products
do
76,914
75,613
76,706
63,672
63 556
Seasonally Adjusted t
Service-producing. .
..
do
Trans., comm., electric, gas, etc
..do
Wholesale and retail trade
do
Wholesale trade
. . ._ ._ do
Retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
do
Federal
do
State and local
do
61,910
42,090
42,746
24 450
644
3 711
24 468
646
3 732
20 095
11 859
186
637
528
701
1,357
1 473
2 121
20090
1 857
512
439
1,827
514
440
8,214
1 735
72
1 027
1,340
725
1,098
1,043
190
687
297
8,236
52,014
52 229
24 215
633
3 700
24 349
639
3 694
19 820
11 633
193
632
522
693
1,315
1,453
19 882
11 708
190
631
525
696
1,339
1,456
20 016
11 802
191
634
528
701
1,353
1 466
1,996
1 856
495
437
2,010
1 850
503
435
1,858
507
439
8 049
1 751
72
991
1, 335
697
1,080
1 002
190
627
304
8,186
1 736
74
1 024
1,340
718
1,098
1 030
187
683
297
8,174
1 719
70
1 025
1,337
719
1,097
1 038
190
683
296
49 704
4 495
15 683
3 918
11 765
51 475
4,611
16 288
4 079
12 209
61 746
12
13
2
10
12
13
2
11
866
657
627
031
12 995
13 656
2 613
11 043
13 044
13,746
2,626
11,120
13
13
2
11
51, 276
14 575
52,063
52,286
14,866
52,483
14841
52,044
3,927
309
290
650
640
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous . . 49, 223
Manufacturing
,. do
13 838
24 093
625
3 648
2,042
4,053
2,073
4,629
16 388
4 111
12 277
4,078
2,086
2,039
2,048
1 749
75
1 028
1,333
725
1,102
1 043
190
694
297
4,671
4,654
4,137
16 520
4 163
12 357
16,465
12,328
4,088
4,095
122
838
638
200
14 886
11 859
190
645
527
707
1,354
1,470
2,128
24, 296
654
11,774
656
655
192
645
527
704
1,343
1,466
2,133
2,051
1,753
516
444
191
647
523
702
1,331
1,454
2,123
8,231
1,753
75
1,030
1,321
724
1,105
1,042
192
693
296
8,232
8,221
1,755
76
1,025
1,309
729
1,109
1,045
192
690
291
8,207
1,754
76
1,029
1,315
729
1,106
1,046
193
693
291
52,158
4,644
16,398
52, 230
52,496
4,691
52,573
4,676
16,487
4,192
4,190
2,057
4,152
12 246
4,101
13 128
13 887
4,684
16,417
2,043
1,706
521
442
16,472
193
648
522
703
1,316
1,449
2,134
2,033
1,681
521
444
1,764
77
1,019
1,294
730
1,105
1,048
190
686
294
24,239
659
63,000
43, 058
24, 268
664
3, 662
3,599
3,534
19, 942
11, 746
189
650
524
701
1,322
1,458
2,139
19, 961
19,913
11,761
19, 861
191
640
522
691
1,328
1,462
2,161
193
636
514
694
1,324
1,470
2,149
194
1,764
524
445
1,778
531
443
8,188
1,750
77
1,016
1,296
728
1,105
1,046
191
684
295
8,196
1,747
76
1,013
1,300
731
1,107
1,050
193
685
294
8,178
1, 725
76
1,011
1,290
727
1,109
1,057
193
696
294
52,702
4,668
16,549
4,202
12,347
52, 868
52, 876
4, 053
16, 602
4, 215
12, 387
4,140
13, 365
193
654
523
697
1,320
1,456
2,136
2,031
1,756
523
444
2,030
4,664
11,783
2,036
13,215
13,994
2,670
11,324
13,240
14,043
2,675
11,368
13,248
14,107
16, 594
4,211
12, 383
4,145
13, 329
14, 136
11,426
11, 438
11, 432
19, 854
11,705 '11,705
••629
'194
'620
510
' 684
'516
692
r
1,333 '1,342
1,459 ' 1,455
' 2, 172 ' 2, 181
2,038 '1,988
'1,994
1,773 r 1,756 '1,763
529
441
8,152
1,713
77
1,001
1,288
726
1,108
1,057
193
696
293
'529
437
'528
'434
' 8, 156 ' 8, 149
' 1, 728 ' 1,735
r 71
'69
' 1,004
'996
23,951
674
3,507
197
609
504
680
1,349
1,444
2,190
1,994
1,768
525
428
'725
1,108
1,061
193
'700
290
'726
' 1, 109
192
'695
'287
8, 082
1,719
71
976
1,260
713
1,105
1,066
192
693
287
52, 931 '53,097
4,648 ' 4, 654
16, 665 '16,689
4, 205 ' 4, 220
12, 460 ' 12, 469
4,133 ' 4, 144
13, 376 ' 13, 435
14, 109 '14,175
2,693
2,691
'53,346
53,488
'1,276 '1,271
'1,069
' 4, 637
'16,748
4, 659
16, 784
'12,517
4,253
12,531
'13,531
'14,277
'2,704
11,418 '11,482 '11,573
14,310
2,705
11,605
' 4, 231
11 233
4,184
12 233
4,109
13 136
13 884
2,651
11 233
52,485
14799
50, 823
14 513
50,772
14,422
50,985
14405
51, 530
14 454
51, 969
14, 486
52, 668
14, 724
52, 299 '52,586 '52,594
14, 436 '14,658 '14,752
52, 482
14, 533
51,915
18,347
51,781
51,948
18,156
51,855
51 917
18 086
504
3 000
14 582
8 578
96
561
430
559
1 055
1,117
1 446
1,397
1 242
328
347
52, 039
52, 003
18, 040
507
14 590
14, 598
94
555
430
563
1,058
1,118
1,444
1,391
1,247
328
349
93
546
430
554
1,063
1,123
1,457
1,393
1,260
333
347
51, 937 '52,011 '52,097
17, 933 '17,927 '17,886
'509
'510
508
2,879 ' 2, 924 ' 2, 894
14, 546 '14,494 '14,482
8,569 ' 8,515 ' 8, 516
'95
95
'96
'536
542
527
'423
423
418
554
'547
556
],055 '1,066 '1,075
1,128 ' 1,121 r 1,116
1,444 ' 1,461 ' 1,463
1,348 '1,357
1,395
1,254 ' 1,237 '1,249
'331
331
'329
343
346
'339
52,070
17,771
507
5,977 ' 5, 979 ' 5, 966
' 1,174 ' 1,181
59
'56
'878
'870
' 1,100 ' 1,096
'560
'559
'666
'665
620
'625
122
121
'552
'547
248
'246
5,901
1,166
58
852
1,084
545
662
621
122
545
246
'34,211
34, 299
2,654
12,280
4,124
12,297
4,127
4,130
2,681
2,698
14,116
2,684
' 4, 153
4,159
13, 576
Seasonally Adjusted |
Production or nonsupervisory workers on private
nonagricultural payrolls!
.._ . thous
Goods-producing ...
.
do
Mining
do
Contract construction
.
do
Manufacturing
do
Durable goods
do
Ordnance and accessories
. . do
Lumber and wood products
...do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries _
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies- ..do
Transportation equipment
. do
Instruments and related products
do
Miscellaneous manufacturing
do
51, 692
18 155
483
3 063
14 609
8 599
96
544
434
554
1,082
1,123
1,398
1,386
1,332
311
339
51,856
18,257
7 919
94
527
408
527
984
1,049
1 236
1,238
1 248
276
331
18 062
476
3 Oil
14 575
8 548
99
544
431
554
1 058
1,121
1 381
1,378
1 334
306
342
488
3 049
14 720
8 674
97
546
434
562
1,093
1,131
1,411
1,412
1,331
314
343
18 322
491
3 057
14 774
8712
93
548
434
561
1,096
1,137
1,441
1,417
1,324
318
343
6 919
1,180
59
871
1,165
537
657
581
117
489
261
6 027
1,172
61
900
1,163
557
662
600
118
538
254
6 010
1,157
57
899
1,160
558
661
606
120
538
254
6 046
1,171
59
902
1,161
563
662
610
120
543
255
49 223
17 205
51,276
96
557
430
565
1,067
1,117
1,435
1,407
1,180
324
346
6,058
6,039
6 004
1,190
64
890
1,120
563
661
607
120
537
252
6,013
1,189
63
888
1,123
565
663
609
123
538
252
5,999
1,196
63
899
1,131
565
668
607
120
542
248
6,027
1,196
63
904
1,137
565
666
611
123
545
248
33, 624
4, 028
14, 528
3, 494
33,792
4,033
14,599
3,502
11,097
33,776
33, 947
33, 963
3,174
14, 687
3,519
11, 168
3,186
14, 691
3,162
33,831
4,006
14,654
3,509
11,145
18, 157
501
2 974
14 682
8 624
96
555
434
565
1,079
1,127
1,448
1,417
1,233
321
349
6 062
1,184
62
903
1,155
562
664
608
120
549
255
6,059
Service-producing ..
do
33, 215 33,437 33,599 33,722
32 018
4,002
4,019
3,967 3,972
Transportation, comm., elec., gas, etc
do...
3,883
14, 451 14,527 14,596 14, 657
Wholesale and retail trade
do...
13, 923
3,432
3,456
3,483
3,411
Wholesale trade
do
3 278
Retail trade
do
11,040 11,095 11,140 11,174
10 645
3,162
3,165
3,147
3,171
3,072
Finance, insurance, and real estate
..do
Services
do
11, 650 11,776 11,819 11,892
11. 140
' Revised.
* Preliminary.
JRevised seasonally adjusted payroll employment, hours, earnings, etc. (back to Jan. 1968)
were not incorporated in the 1973 edition of BUSINESS STATISTICS; seasonally adjusted
data for 1947-67 shown therein are comparable with the current data. NOTE: Next month,
with the presentation of preliminary Nov. 1974 data, the establishment (payroll) series will
reflect the usual periodic adjustments of these data to new benchmarks and the introduction
of new seasonal factors. Data for 1968 forward are subject to revision.
33, 568
Nondurable goods, _
do
Food and kindred products. _
do
Tobacco m anufactures
do
Textile mill products
do
Apparel and other textile products.. .do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products -.
do
Petroleum and coal products
do
Rubber and plastics products, nec_..do
Leather and leather products . . do
2 QQ8
-10* COC
1,191
62
904
1,144
560
666
609
122
547
254
3,988
14, 517
3,468
11,049
3,169
18,092
18 079
500
3 063
14 516
8 489
96
557
430
565
1,053
1,111
1,444
1,396
1,164
325
348
495
3,081
14 771
8,712
96
555
434
568
1,094
1,134
1,447
1,423
1,298
320
343
' 4^0
11,034
503
3,090
14,563
8,524
1,204
64
893
1,118
565
662
611
120
538
252
4,016
14,599
3,506
11,093
3,178
3,181
2,995
8,577
4,008
2,935
8,599
1,167
62
886
1,116
562
668
614
123
550
251
3,993
3,520
11,171
3,185
1,160
64
876
1,112
562
666
617
122
548
250
34, 004 ' 34, 084
3,985 ' 3, 985
14, 741 ' 14, 758
3,513 ' 3, 523
11, 228 '11,235
3,173 ' 3, 181
12, 105 12,160
' 3, 963
'14,816
' 3, 527
'11,289
' 3, 187
513
2, 865
14, 393
8,492
97
516
410
544
1,078
1,105
1,467
1,356
1,259
327
333
3,986
14,851
3,553
11,298
3,186
' 12, 245 12,276
11,894 11,906 11, 986 11,983 11,990 12,066 12, 094
NOTE FOR WORK STOPPAGES (S-P. 16). Revisions for Jan.-Aug. 1973 (in order and
units as shown): Jan., 382; 543; 151; 216; Feb., 349; 560; 151; 229; Mar., 461; 703; 144; 190; Apr.,
465; 728; 162; 206; May, 636; 837; 184; 257; June, 530; 864; 308; 395; July, 509; 860; 208; 324; Aug.,
498; 864; 158; 308.
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
S-15
1974
1973
1973
Annual
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrollsrtU Seasonally adjusted
hours..
Not seasonally adjusted . . do
Mining
do_.
Contract construction
do
Manufacturing: Not seasonally ad justed
do
Seasonally adjusted
do
Overtime hours
do
37
42
37
40
2
5
0
6
07 i
49 4
07
n
37.2
37 3
42 9
36 7
41 0
40.8
38
37.0
37 0
42 5
36 9
40 7
40 6
37
37.1
37.0
42.8
38.5
40.8
40.6
38
37.0
37.2
43.3
37.2
41.2
40.7
3.7
36.7
36.4
42.6
36.2
40.0
40.3
3.4
37.0
36.6
43.4
37.7
40.1
40.5
3.5
36.8
36.6
42.9
37.1
40.3
40.4
3.6
36.6
36.3
42.5
36.2
39.1
39.3
2.9
36.8
36.6
43.2
36.9
40.3
40.3
3.4
36.7
37.0
43.2
37.1
40.4
40.1
3.4
36.7
37.1
42.9
37.1
40.0
40.2
3.4
36.6
37.1
'42.8
36.6
40.1
40.1
••3.4
'36.7
'36.8
'42.7
'36.6
40.3
40.1
3.2
36.6
36.6
43.0
37.4
40.1
40.0
3.0
40.7
3.5
41.7
39.7
39.4
41.4
41.6
40.8
42.2
39.8
40.4
40.1
39.0
40.8
'3.6
'41.4
'39.8
'38.9
41.3
'41.6
40.9
42.6
39.6
40.4
40.3
'38.6
'40.7
'3.3
41.6
39.3
'38.6
'41.2
'42.0
'41.0
'42.8
'39.9
'39.8
'40.1
'38.6
40.7
3.2
41.3
38.4
38.0
41.1
42.5
41.0
42.5
40.1
40.4
39.8
38.4
35
0 o
_ do
do
do
do
do
do
do
do
.do
do
do
do
do
41 3
36
4.1 ^
41 4
41 3
39
41.4
4.0
41.3
3.9
40.8
3.5
41.1
3.6
40.9
3.7
39.8
2.9
40.9
3.6
4fl PL
40 7
39 7
42.2
42 7
41 5
43 0
40.4
41 1
40 9
39.1
40 3
39 4
41.9
42 7
41 5
42 6
40.0
41 5
40 8
38.6
40.3
39.4
42.1
43.4
41.6
42.3
40.2
41.1
40.9
38.9
40.9
39.6
42.2
42.4
41.5
42.9
40.1
41.0
41.0
38.8
40.4
39.8
41.6
41.8
41.0
42.3
39.6
40.0
40.6
38.3
40.6
39.7
41.9
41.4
41.2
42.5
40.2
40.6
40.8
39.0
40,3
39.5
41.7
41.5
41.3
42.4
39.9
40.3
40.5
38.9
40.1
38.8
41.2
41.2
39.6
40.7
39.0
38.9
39.4
37.6
40.1
39.4
41.6
41.6
41.1
42.3
40.0
40.5
40.3
38.9
40.8
3.4
41.9
40.1
39.4
41.4
41.6
40.9
42.4
40.1
39.7
40.3
38.9
Nondurable goods
do
Overtime hours
do
Food and kindred products . . .
do
Tobacco manufactures §-.
do
Textile mill products
do
Apparel and other textile products
..do
39.7
3.3
40.4
37.4
41.3
36.0
40
38
40
35
39
3
40
37
40
35
8
4
6
9
9
9
39 7
33
40 6
39 2
40 5
35 8
39.7
3.5
40.8
40.7
40.6
35.7
39.8
3.4
40.9
38.9
40.8
35.9
39.6
3.4
40.8
39.5
40.6
35.2
39.6
3.3
40.8
38.8
40.7
35.6
39.5
3.3
40.4
37.7
40.4
35.5
38.7
2.8
39.8
38.8
39.2
34.5
39.4
3.2
40.6
38.8
40.2
35.6
39.3
3.2
40.5
36.8
40.2
34.7
39.3
3.2
40.4
36.9
40.2
35.3
'39.2
3.1
'40.4
37.5
'39.5
35.3
39.2
'3.0
'40.4
'37.8
39.1
35.5
39.0
2.7
40.3
37.8
38.1
35.7
do
do
do . .
do
do
do ...
42.8
37.9
41.8
42.2
41.2
38.3
42 7
37 9
41 9
42.2
41 0
37' 9
42 8
38 0
42 0
42.5
41 0
38 4
42 6
37 9
41 9
42.2
40 8
38 0
42.7
37.9
42.0
43.0
41.2
38.0
42.8
37.8
41.9
42.7
41.0
37.5
42.8
37.7
41.8
42.5
40.6
37.2
42.5
37.7
42.0
42.6
40.9
37.8
42.6
37.6
41.8
42.8
40.8
38.1
41.7
37.1
41.8
42.5
39.3
37.3
42.3
37.8
41.8
42.2
40.3
37.6
42.4
37.6
41.8
42.5
40.6
37.6
42.2
37.4
41.8
42.2
40.4
36.9
'42.1
'37.9
41.8
'41.7
40.6
'37.2
41.8
'37.6
'41.6
'42.4
'40.6
'37.1
41.6
37.6
41.4
41.6
40.9
36.8
do
do.
do
do
do
do
40.4
36.1
39.8
33.6
37.2
34.1
40 6
34 7
39 5
33 2
37 i
34 1
40 6
34 6
39 5
33 2
37 2
34.1
40 8
34 5
39 3
33 0
36 9
34 0
40.7
34.6
39.4
33.1
37.0
34.0
40.4
34.5
39.1
32.9
37.2
34.0
40.8
34.3
39.1
32.8
36.9
34.0
40.4
34.4
38.9
33.0
37.0
34.1
40.3
34.3
38.9
32.9
36.9
34.0
40.9
34.5
38.9
33.1
36.9
34.0
40.8
34.3
39.1
32.9
36.9
34.1
40.5
34.2
39.0
32.8
36.8
34.2
40.7
34.1
39.0
32.7
36.7
34.0
'40.7
34.0
38.7
32.5
'36.7
'34.0
'40.6
'34.0
'38.8
'32.6
36.9
34.1
40.4
34.0
38.5
32.5
36.5
34.0
142.46
116 37
1 34
6 78
39 68
9.47
28 68
7.59
21.83
27 09
147. 29
119 87
1 38
7 06
41 62
9.74
29 46
7.82
22.81
27 41
148.03
120.54
1 41
7 09
41.75
9.76
29 61
7.90
23.03
27 49
148.53
120 86
1 41
7 11
41 95
9.90
29 58
7 85
23 05
27 67
149.24
121 74
1 43
7 46
42 16
9.84
29 77
7.88
23.19
27 50
149.11
121.09
1 45
7.25
42.14
9.74
29.36
7.94
23.20
28.02
148.36
120.40
1 45
6 84
41.69
9.94
29 37
7.88
23.22
27 95
149.25
121.23
1 48
7.36
41.61
9.86
29.55
7.94
23.43
28.02
149.07
120.67
1 46
7 19
41.38
9.80
29 51
7.92
23.41
28 41
148. 33
120. 16
1.46
6.89
40.79
9.93
29.75
7.92
23.42
28.17
149. 88
121. 29
1.49
7.03
41.54
9.90
29.75
7.95
23.64
28.59
149.52
121.11
1.49
6.94
41. 51
9.80
29.68
7.92
23.77
28.41
106.6
98 1
97 5
105 5
96 8
94 9
99 5
112 5
104.4
110.4
109.0
110 9
120.1
116.8
110.8
103.3
100 9
109.7
102.2
102.9
101.1
116.1
107.2
113.3
112.4
113.7
122.7
122.1
111.4
103.7
103.7
110.2
102.6
103.5
101.2
116.8
107.2
113.8
113.1
114.1
123.7
123.3
111.7
104.0
103 8
110.3
103.0
104 0
101.4
117.0
109.0
113.7
113.4
113.9
122.8
123.4
112.5
105.3
105 1
115.3
103.6
104.6
102.0
117.5
108.3
114.6
114. 5
114.6
123.4
124.1
111.8
104.9
107.2
112.3
103.5
104.6
102.0
116.6
107.1
112.8
113.2
112.6
124.0
124.2
111.0
102.5
106.8
105.5
101.8
102.1
101.4
116.8
109.3
112.6
114.0
112.1
122.7
124.3
111.8
103.6
109.2
114.2
101.5
101.6
101.4
117.5
108.3
113.5
113.7
113.4
123.5
125.5
111.2
102.5
107.3
111.4
100.8
100.8
100.8
117.2
107.6
113.3
113.8
113.1
123.3
125.1
110.6
100.2
107.2
106.4
98.9
99.2
98.4
117.8
108.9
114.2
113.9
114.3
123.5
125.2
111.7
102.5
109.6
108.3
101.2
101.8
99.4
118.1
108.7
114.1
114.8
113.8
123.6
126.3
111.5
102.0
109.6
106.7
100.9
101.7
99.7
118.0
107.5
113.8
114.6
113.5
123.3
127.0
3.65
4.38
3.89
4.70
3.99
4.78
3.99
4.76
4.00
4.86
3.81
3.65
4.05
3.88
4.07
3.88
4.32
4.12
4.13
3.93
4.39
4.17
4.14
3.95
4.39
4.19
4.16
3.97
4.42
4.21
3.67
3.34
4.27
5.14
4.32
4.63
3.91
5.14
3.93
3.31
3.65
3.34
4.28
5.23
4.35
4.65
3.93
5.16
3.95
3.33
Durable goods
_. . _ .
Overtime hours
Ordnance and accessories©
Lumber and wood products
.
Furniture and
fixtures
Stone, clay, and glass products
Primary metal Industries . .
Fabricated metal products _
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment _
Instruments and related products.
Miscellaneous manufacturing ind
Paper and allied products
Printing and publishing
....
Chemicals and allied products.
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Trans., comm., elec., gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate. .
Services
41 0
40 5
41.9
41 6
41.2
42.0
40.6
41.8
40.5
39.3
on Q
42.1
49 4
41 fi
42 6
40.4
41 Q
40 7
39.0
39 6
q 4
4
3
8
8
4 r\
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate J..bll. man-hours..
Total private sector
do _ .
Mlning
do
Contract construction
do
Manufacturing .
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate.
do
Services
do .
Government
do
Indexes of man-hours (aggregate weekly) :fl[
Private nonagric. payrolls, total..
1967=100..
Goods-producing
do.
Mining
do
Contract construction
..
do
Manufacturing
do ..
Durable goods
do
Nondurable goods
do
Service-producing
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate
do
Services
do . •
149.08 '149.16 '149.82 150. 14
120.76 '120.64 ' 120. 94 120.68
1.49 '1.49 ' 1 49 1.51
6.82 '6.80 '6.73
6.82
41.36 ' 41. 26 ' 41. 21 40.97
9.84 '9.85 '9.79
9.79
29.72 ' 29. 56 '29.76
29.69
7.89 '7.91
7.97
7.89
23.75 ' 23. 99
23.65
24.00
28.53 ' 28. 88
c 28. 32
29.47
111.1
101.4
109.0
104.7
100.5
101.3
99.4
117.8
107.8
113.9
114.4
113.7
122.5
126.4
110.9
101.1
109.0
104.9
100.2
100.7
'99.4
117.8
107.8
113.3
113.8
113.1
122.8
126.9
' 111. 2
'100.8
109.0
' 103. 8
' 100. 0
' 100.8
98.9
' 118. 5
' 107. 0
' 114. 1
' 114. 2
'114.0
' 123. 7
' 128. 2
110.9
100.4
110.4
105.0
99.3
100.5
97.4
118.2
107. 1
113.9
114.2
113.7
122.3
128.2
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker: If
Not seasonally adjusted:
Private nonagric. payrolls
dollars. .
Mining
....
.
do
Contract construction©
do
Manufacturing
do
Excluding overtime
do
Durable goods
.
do
Excluding overtime
do
Ordnance and accessories©
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products . do ...
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical ..
-do...
Electrical equipment and supplies. do
Transportation equipment
do ..
Instruments and related products. .do...
Miscellaneous manufacturing ind.-.do
3.68
3.58
3.31
3.33
3.26
3.06
4.26
3.91
4.18
5.16
4.66
5.03
4.30
3.99
4.24
4.61
4.55
4.27
•3.91
3.67
3.86
5.10
5.07
4.73
3.93
3.72
3.88
3.31
3.27
3.11
' Revised.
*> Preliminary.
J See note "t", p. S-14.
* Corrected.
§ Revised beginning June 1971 to correct errors of estimation; revisions appear
of p. S-14, Oct. 1973 SURVEY.
If Production and nonsupervisory workers.
at bottom
4.21
4.24
4.20
5.22
'5.28
5.19
6.71 '6.89
6.67
4.41 '4.44
4.38
4.21
4.21
4.24
4.33
4.25
4.21
4.24
4.25
4.20
4.02
4.05
4.07
4.11
4.15
4.04
4.67
4.71
4.65
4.50
4.48
4.47
4.50
4.60
4.47
4.49
4.51
4.46
4.28
4.31
4.29
4.35
4.41
4.29
4.78 '4.81
4.76
3.91 '3.95
3.90
3.74
3.68
3.73
3.76
3.81
3.68
3.49
3.53
3.50
3.41
3.42
3.47
3.39
3.36
3.36
4.55 '4.59
4.53
4.30
4.39
4.45
4.33
4.29
4.27
5.64
'5.72
5.60
5.30
5.25
5.24
5.53
5.23
5.38
4.58 '4.64
4.43
4.52
4.56
4.39
4.40
4.39
4.38
4.88
4.94
4.88
4.75
4.78
4.84
4.73
4.75
4.73
4.15
4.14
3.99
4.13
3.99
4.06
3.98
3.97
3.98
5.43
5.41
5.47
5.27
5.25
5.23
5.36
5.32
5.28
4.18
4.21
4.12
4.05
4.06
4.06
4.10
4.04
4.04
3.50 '3.53
3.50
3.43
3.42
3.43
3.48
3.41
3.36
©Previously published data (Mar. 1971-May 1974) are being corrected; the
scheduled for release in Dec. 1974.
4.01
4.92
4.02
4.99
4.04
4.99
4.06
4.99
4.07
5.09
4.14
5.12
4.34
4.32
'5.36
5.36
'6.94
6.96
'4.52
4.55
4.33
4.38
4.85
4.81
'4.60
4.60
'4.89
4.91
'3.97
3.94
3.60
'3.58
'4.64
4.65
5.84
'5.77
'4.74
4.79
'5.04
5.07
'4.23
4.29
5.63
5.70
'4.25
4.25
3.57
3.56
revised data are
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Sept.
Annual
November 1974
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS— Con.
Average hourly earnings per worker H— Con.
Not seasonally adjusted— Continued
Private nonagric. payrolls— Continued
Manufacturing— Continued
3.47
3.33
3.60
3.43
2.73
2.61
3.94
4.48
4.20
4.95
3.60
2.71
3.69
3.53
3.83
3.77
2.94
2.78
4.19
4.68
4.47
5.22
3.80
2.81
3.75
3.58
3.85
3.68
3.02
2.84
4.26
4.76
4.53
5.29
3.86
2.84
3.76
3.60
3.89
3.73
3.03
2.85
4.27
4.75
4.54
5.26
3.86
2.85
3.78
3.62
3.91
3.81
3.06
2.86
4.30
4.76
4.58
5.29
3.90
2.87
3.80
3.64
3.97
3.87
3.07
2.83
4.31
4.79
4.60
5.27
3.91
2.87
3.83
3.68
4.00
3.92
3.06
2.85
4.33
4.79
4.64
5.40
3.92
2.90
3.83
3.69
4.02
3.89
3.06
2.86
4.31
4.82
4.64
5.42
3.93
2.92
3.85
3.70
4.05
4.01
3.07
2.87
4.33
4.85
4.65
5.42
3.93
2.94
3.87
3.74
4.08
4.14
3.05
2.89
4.37
4.85
4.70
5.55
3.87
2.95
3.91
3.77
4.12
4.30
3.11
2.95
4.40
4.91
4.72
5.47
3.93
3.01
3.02
3.88
2.70
3.20
4.12
2.87
3.26
4.19
2.92
3.27
4.18
2.93
3.29
4.22
2.94
3.28
4.27
2.94
3.35
4.29
2.99
3.36
4.31
2.99
3.38
4.33
3.01
3.38
4.37
3.01
3.44
4.41
3.08
3.65
4.38
3.89
4.70
3.96
4.78
3.98
4.76
3.99
4.83
4.02
4.90
4.02
4.97
4.04
4.96
4.07
4.98
4.08
5.07
4.14
5.13
3.81
4.07
4.13
4.16
4.16
4.18
4.20
4.20
4.24
4.25
4.33
3.02
3.20
3.26
3.27
3.29
3.31
3.33
3.34
3.37
3.37
3.43
137.9
110.1
136.7
146.5
110.1
146.4
149.0
109.9
149.5
149.6
109.6
148.4
150.3
109.1
150.2
151.3
109.2
152.1
151.7
108.4
154.2
152.5
107.6
154.8
153.5
107.2
156.1
154.5
107.3
158.0
156.1
107.3
159.8
do
135.4
143.3
145.4
146.5
147.0
147.9
148.5
149.3
150.1
151.4
153.3
Wholesale and retail trade
do
135.0
143.2
145.7
146.2
146.9
147.9
148.8
149.1
150.4
151.0
153.5
Services©
do
6.642
9.146
1.84
4.923
7.07
9.59
2.00
5.427
7.22
9.72
7.22
9.76
1.98
7.25
9.80
7.27
9.84
7.29
9.89
2 17
7.31
9.89
7.31
9.90
7.31
9.91
2 21
135. 78
108. 36
144. 32
108. 43
147.31
108.72
147. 26
107. 80
148. 03
107. 53
148.74
107.39
147. 53
105. 40
149.48
105.51
149. 78
104. 60
120. 79
96.40
126. 55
95.08
128. 86
95.10
128. 82
94.30
129. 42
94.01
129.96
93.83
129. 03
92.18
130.53
92.13
135. 78
186. 15
144. 32
199. 28
148.83
205.54
147. 63
204. 20
148. 00
208. 49
149.17
214.02
146. 33
211.08
154.69
167. 27
137. 76
165. 65
179. 28
146. 12
169. 33
183. 06
150.00
168. 50
181.75
149. 27
169. 73
183. 43
150. 82
173.45
187.71
152.38
106. 66
154. 42
90.72
111. 04
162. 74
95.28
113.12
165.51
96.94
112. 16
164. 27
96.10
112. 85
166. 27
96.43
101
122
120
123
4.4
3.3
4.2
2.2
1.1
4.8
3.9
4.6
2.7
.9
6.7
4.7
5.7
3.9
.7
4.7
3.7
4.4
2.4
.7
Nondurable goods
dollars
Excluding overtime
- .- do _
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
_ .. do .
Apparel and other textile prod
do
Paper and allied products
- do
Printing and publishing
do
Chemicals and allied products
do ..
Petroleum and coal products
do
Rubber and plastics products, nee. do
Leather and leather products
do _
Transportation comm elec gas©
do
Wholesale and retail trade .
do
Wholesale trade
do
Retail trade
. do
Finance, insurance, and real estate©. . -do
Services©
do
Seasonally adjusted: t
Private nonagricultural payrolls
Mining
._
-
do
do
Manufacturing
do -.
Transportation comm elec gas©
do
Wholesale and retail trade
- do
Finance, insurance, and real estate© _. .do
Services©
do
Indexes of avg. hourly earnings, seas, adj.: ® tt
Private nonfarm economy:
Current dollars
1967=100-.
1967 dollarsA
do .
Mining
do
Manufacturing
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E NR): cT
Common labor
$ per hr
Skilled labor
. do ...
Farm, without board or rm., 1st of mo
do
Avg. weekly earnings per worker, ^private nonfarm::
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Spendable earnings (worker with 3 dependents) :
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted :t
Private nonfarm total
dollars
Mining
..
do Contract construction©
_ .do
Manufacturing
,
do
Durable goods
-- - do
Nondurable goods
do ..
Transportation, comm., elec., gas©
do__Wholesale and retail trade. _
.do...
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate®... do...
3.97
3.81
4.16
4.31
3.24
2.98
4.47
4.94
4.78
5.56
3.99
3.00
5.35
3.48
4.46
3.11
3.80
3.72
4.03
3.87
4.19
4.40
3.25
3.00
4.52
4.96
4.87
5.66
4.07
2.99
5.42
3.49
4.48
3.12
3.79
3.71
'4.05
3.88
'4.19
'4.17
3.26
3.05
'4.58
'5.00
4.89
5.72
4.10
3.03
5.43
'3.51
'4.53
'3.13
'3.81
'3.72
'4.09
3.92
4.22
'4.15
3.27
' 3.09
'4.62
'5.04
'4.95
5.81
'4.12
'3.07
'5.56
'3.56
'4.59
3.17
'3.87
'3.81
4.11
3.96
4.26
4.16
3.25
3.10
4.65
5.06
4.98
5.81
4.16
3.07
5.56
3.58
4.60
3.19
3.87
3.82
4.20
5.22
6.75
4.38
5.37
3.48
3.81
3.74
4.22
5.27
6.78
4.42
5.41
3.50
3.79
3.73
4.25
'5.32
'6.93
'4.48
5.42
'3.53
'3.83
'3.75
4.29
'5.37
'6.88
'4.52
'5.52
'3.56
'3.89
'3.78
4.33
5.35
6.88
4.57
5.55
3.58
3.89
3.81
158.5
107.9
162.6
163.3
155.4
165.9
155.4
148.7
162.9
159. 3
107.6
164.0
163.9
156.7
167.0
156.4
148.1
162.3
160.6
' 107. 1
' 165. 7
167.6
' 158. 1
' 167. 3
' 157. 8
' 149. 7
' 163. 0
162.1
106.7
167.4
166.7
159.7
170.7
159.0
152.1
164.6
163.3
106.6
167.1
166.7
161.7
170.9
160.0
151.8
165.6
7.31
9.91
7.41
10.05
'7.56
10.25
2.25
7.73
10.39
'7.80
10.40
'7.85
10.50
2.22
149. 33
103. 69
152. 35
104. 68
154.14
104. 90
154. 87
104.61
155. 55
103.68
157.44
103.65
158. 48
103. 45
130. 77
91.33
130. 42
90.56
132. 75
91.21
134. 13
91.28
134. 69
90.98
135. 22 136. 67
90.13 ' 89. 97
137. 48
89.74
147.86
213.07
148. 60
211.58
147. 74
216.33
151. 52
220. 67
168.40
181.04
150.14
168. 82
181. 93
150. 14
170.87
184. 05
151.31
166.18
178. 20
148. 61
174. 50
188. 14
153. 66
113.82
168.67
97.61
113.57
166.88
96.58
113. 90
166.80
96.88
114.92
168. 00
97.52
115. 26
169.12
98.43
116. 96
171. 55
100. 10
155. 40
226. 28
252. 13
176. 95
191. 12
156. 82
217. 75
120. 06
174. 39
102. 94
139. 84
127. 22
156. 19
224. 98
254. 98
176. 40
188. 67
158. 78
222. 76
122. 15
175. 62
105. 14
139. 47
128. 37
157. 30 ' 158.98
' 227.04 ' 229.41
' 260.44 ' 262.33
' 178.04 ' 182.16
191.23 ' 197.21
' 159.98 ' 161.15
' 222.09 ' 226.85
' 122.50 ' 121.40
' 176.22 ' 178.09
' 105.17 ' 103.34
' 140.21 ' 142.42
' 128.34 ' 129.92
158.84
232. 62
265. 87
182.46
197. 88
160. 29
225. 18
121. 00
177. 10
103. 04
141. 64
129. 50
120
114
111
108
111
116
115
116
119
'115
103
p95
6.2
4.3
4.9
3.0
.8
3.8
3.0
4.1
2.2
1.0
2.6
2.0
3.9
1.6
1.5
4.2
3.2
4.9
2.2
1.7
3.6
2.7
4.0
1.9
1.2
4.0
3.0
4.3
2.3
1.1
4.4
3.3
4.2
2.4
.9
5.1
3.9
4.4
2.6
.8
5.4
4.3
4.2
2.5
.7
4.8
3.7
4.9
2.5
1.3
'5.4
'4.2
'6.1
4.0
1.1
P 4.9
P 3.9
p 5.6
*3.2
v 1.3
5.0
3.9
4.6
2.8
.8
4.8
3.8
4.6
2.8
.9
4.2
3.5
4.4
2.5
1.1
4.5
3.6
5.1
2.6
1.5
4.3
3.4
4.8
2.5
1.3
4.4
3.4
4.8
2.6
1.2
4.8
3.6
4.5
2.6
1.0
4.9
3.9
4.8
2.7
1.0
4.1
3.1
4.5
2.5
.9
4.5
3.5
4.4
2.5
1.0
'4.1
'3.2
4.8
2.7
1.2
v
v
p
v
v
5.500
HELP-WANTED ADVERTISING
Seasonally adjusted index t
- .1967=100.
LABOR TURNOVER*
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees.
New hires
do
Separation rate total
do
Quit
do
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires
do
Separation rate total
do
Quit
do
Layoff
do
WORK STOPPAGES
Industrial disputes:
Number of stoppages:
5,353 "1541
350
5,010
'523
Beginning in month or year
number'i 883 '885
'671
In effect during month
.
do
Workers involved in stoppages:
230
2,251 'i 269 '194
1,714
Beginning in month or year
thous..
'297
'351
In effect during month
do
'1368
2,484
3,026
2,954
27, 948
27, 066
Man-days idle during month or vear
do. ' Revised.
» Preliminary.
1 Revisions for Jan.-Aug. 1973 appear at bottom of p. S-14.
© See note © for p. S-15.
t See corresponding note, p. S-14.
If Production and nonsupervisory workers.
(DThe indexes exclude effects of changes in the proportion of workers in high-wage and
low-wage industries, and the manufacturing index also excludes effects of fluctuations in
overtime premiums.
4.0
3.0
4.4
2.0
1.4
730
350
'640
440
540
740
1,130
650
800
1,070
1,060 « 1,050
a 474
87
364
151
163
211
225
132
102
391
'91
195
769
°790
284
237
331
'182
134
516
244
638
2,918
7,881
2,770
3,542
1,973
1,142
5,926
1,305
6,267 ° 7, 345
2,135
§ For line-haul roads only.
AEarnings in 1967 dollars reflect changes in purchasing
power since 1967 by dividing by Consumer Price Index. Effective May 1974 SURVEY, data
reflect new seasonal factors (revisions available back to 1969).
t Revised Mar. and July
19721 (1967 = 100), 93 and 104.
« Omits effects of two energy-related stoppages.
cf Wages as of Nov. 1, 1974: Common, $7.89; skilled, $10.55.
'209
'475
310
480
350
560
480
710
550
840
SURVEY OF CUERENT BUSINESS
November 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
S-17
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment Insurance programs:
Insured unemployment, all programs, average
2,186
weekly § 9
thous
State programs:
Initial claims
do ___ 13, 580
1,848
Insured unemployment, avg weekly ...do
Percent of covered employment: A
3.5
Unadjusted
Seasonally adjusted
1,467
Beneficiaries, average weekly
thous..
Benefits paid §
mil. $.. 4,471.0
Federal employees, Insured unemployment,
average weekly...
..thous..
Veterans' program (UCX):
Initial claims
do
Insured unemployment, avg weekly
do.. .
Beneficiaries, average weekly _. _ __ _ _ d o ..
Benefits paid
mil. $
Railroad program:
Applications __
_
thous..
Insured unemployment, avg weekly
do
Benefits paid
. mil. $.
» 1, 783
1,440
1,451
1,667
2,092
2,740
2 824
2 751
2 565
2 278
2 161
•P 2 290
P 2 153
p 2 081
P 12,820
* 1, 632
747
1,299
978
1,299
1,159
1,503
1,619
1,922
2,114
2,561
1,436
2,630
1 215
2,502
1 170
2,217
1 084
l', 934
1 078 r 1 594
1,834 •P 1, 989
P! 221
p 1, 874
P! 222
p 1, 783
i>2.7
2.1
2.6
1,102
248.3
2.1
2.6
2.4
2.7
3.1
2.8
1,070
280.7
1,138
289.4
1,363
335.9
4.1
3.1
2,062
570.8
4.2
3.3
2,230
553.3
4.0
34
2,266
593.9
3.5
33
2,022
552.7
33
1 732
486 4
2 9
33
1 573
383 4
p3 1
P3 3
1 695
459 1
P2 9
p3 2
P! 617
?444 9
p 2. 7
p3 4
P! 549
p 411.0
P 1, 371
* 4,007.6
3.0
r
r
36
*>38
42
44
47
47
47
43
40
36
33
34
P40
P 39
p38
523
106
103
361.8
*>360
p62
p60
p 209. 4
26
53
52
28
64
50
20.2
17.5
26
65
65
18 3
28
61
60
17 7
28
59
58
29
59
59
p 32
14.3
26
66
65
p 3°
p 67
14.6
33
67
67
P 36
14.2
30
60
63
13.5
27
51
48
15 9
67
17 8
p 90 5
p 64
p 18 7
105
20
51.5
93
12
30 6
6
10
1.6
4
9
1.9
4
10
1.9
4
9
1.6
8
14
2.7
3
12
2.4
2
10
2.2
3
10
2
7
1.6
6
6
11
7
9
2 0
12
12
14
7
9
1.5
13, 174 15, 686
44, 846 r 45 56i
14, 884 15, 189
29, 962 '30 372
16, 167
46, 479
16, 022
30, 457
p66
61
T 19 3
p65
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) . . _ _ _ _ d o .
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period...
mil. $
Farm mortgage loans:
Federal land banks
. _
do
Loans to cooperatives
do.
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted-.
Total (233 SMSA's)O
bil. $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do .
6 other leading SMSA's f
do
226 other SMSA's .
do
Federal Reserve banks, condition, end of period:
Assets, total?
mil $
6,898
34, 721
12, 172
22, 549
8,892
41, 073
13, 062
28, Oil
8,170
37, 641
10, 198
27, 443
8,237
41, 602
13, 046
28, 556
8,493
42, 945
14, 141
28, 804
8,892
41,073
13, 062
28,011
9,101
45, 491
15,419
30, 072
9,364
47, 164
17, 346
29, 818
10, 166
44, 690
15, 028
29, 662
10, 692
44, 677
14, 991
29, 686
11,727
46, 171
15, 438
30, 733
18, 293
21, 840
21,346
21,454
21, 505
21, 840
22, 606
22, 919
23, 171
23, 641
24, 041
24,606
25, 364
25,754
26, 161
9,107
2,298
6,889
11, 071
2,577
8,193
10,592
2,738
8,016
10,781
2,711
7,961
10, 926
2,662
7,917
11,071
2,577
8,193
11,245
3,123
8,138
11,402
3,211
8,306
11, 467
3,143
8,561
11,878
2,891
8,872
12, 142
2,694
9,205
12,400 < 12,684
2,733
3,008
9,672
9,473
12,941
3,026
'9,788
13, 185
3,092
9,884
17,918.7
8, 025. 3
9,893.3
4, 195. 7
5,697.6
18,394.4
8, 137. 2
10,257.2
4,418.0
5,839.1
19,049.5
8, 437. 9
10,611.6
4, 519. 8
6,091.7
18,641.3
8, 097. 7
10,543.6
4, 462. 8
6,080.8
18,817.7
8, 081. 0
10,736.8
4, 517. 1
6,219.6
19,813.7
8, 896. 2
10,917.5
4, 582. 1
6,335.4
97, 675
106, 464 101,944 107, 422
103,656 106,464 <= 104,665 104,409 105,463 109,282
Reserve bank credit outstanding, total 9 - do
Discounts and advances ._
do
U.S. Government securities
_ _ do
77, 291
1,981
69, 906
Gold certificate account
do
10,303
do
97, 675
Deposits, total
Member-bank reserve balances ...
do
.do
28, 667
25, 647
31, 486
27, 060
30,919
28, 240
34, 886
31,787
31, 145
28, 108
31,486
27,060
32,134
28,241
Federal Reserve notes in circulation
do
59, 914
65, 470
61, 628
62, 120
63, 292
65, 470
31, 353
31, 134
i 219
1
1, 049
i -830
1
35, 068
1
34,1 806
262
1
1,298
1
34,019 34, 912 34, 727
33,782 34, 712 34, 523
204
237
200
1,861
1,467
1,399
-1,069 -1,477 -1,141 -1,111
Liabilities, total 9
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil $
Required
_
do
Excess
._
do
Borrowings from Federal Reserve banks., do
Free reserves...
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted cf
mil. $
1
1
84, 680
1,258
78, 516
81,123
1,558
76, 165
85, 454
2, 198
78, 491
11, 460
10, 303
11,460
20,166.9 '20,062.3 '20,564.7 '20,458.2
8, 914. 4 8, 637. 9 8, 970. 1 9, 065. 7
11,252.5 '11,424.3 '11,594.6 '11,392.5
4, 718. 0 4, 747. 6 4, 820. 8 4, 768. 0
6,534.6 '6,676.7 '6,773.8 '6,624.5
83, 217
1,915
77, 129
84, 680
1,258
78,516
83,422
961
78, 240
83,439
720
78, 237
11, 460
11,460
11,460
11,460
20,900.6 '21,479.4 22,017.5
9, 140. 4 9, 240. 8 9, 970. 8
11,760.2 '12,238.7 12,046.7
4, 862. 1 '5,173.0 5, 092. 1
6, 868. 1 '7,065.7 6,954.7
111,075 110,906
110,269 111,915 '111.208 pllO, 625
85,194
1,820
79, 483
86,360
1,747
80, 007
90, 254
3,298
81,395
88,034
3,589
78, 103
91,070 '89,930
2, 920
4,320
81,131 81,035
87, 030
1,120
79, 351
11,460
11, 460
11,460
11,460
11,460
89,423
3,210
80, 484
11,460
11,460
11,460
105,463 109,282 111,075
110,906
110,269 111,915 '111,208 "110, 625
31,227
27,989
32,250
29,838
32,822
28,795
35,241
31,012
34,151
30,086
32,697
27,376
34, 576 ' 33,616
30, 247 '29,266
31,909
29, 888
63, 497
63, 662
64, 121
64, 971
65, 802
66, 475
67, 131
67, 706
67, 775
68,520
35, 068
34, 806
262
1,298
1,069
36,655
36,419
236
1,044
-790
35,242
35,053
189
1,186
-980
34,966
34,790
176
1,352
-1,144
35,929 36,519
35,771 36,325
158
194
1,714
2,580
-1,509 -2, 284
36,390
36,259
131
3,000
-2,739
37,338 73,029 ' 37,076 p36, 935
37,161 36, 851 ' 36,885 p36, 757
'191
p 178
178
177
3,351 ' 3, 287 p 1,794
3,308
-2,982 -3,008 '-2,957 p- 1,498
99, 621 100, 178 112,531
99,349
98, 204
101,440 102,020
106, 464 101, 944 107, 422
103,656 106,464 « 104,665 104,409
106, 219
112,531
98,403
101,649 100, 293 101,460
101,052
Demand, total 9In di viduals, partnerships , and corp
Btate and local governments
..
U.S. Government..
_
Domestic commercial banks
do
do
do
do
do _
169, 768
121,308
7,221
6,469
22, 412
184, 565 156,014 162,134 156, 083 184,565 158,015 155,789
128, 207 110,371 112,876 112,459 128,207 109,056 109,235
7,352
7,352
6,317
6,173
6,238
6,014
7,159
7,164
5,512
7,164
5,690
3,480
3,241
2,138
25, 286 21, 246 24, 607 22,406 25, 286 22, 815 22, 787
163,148 166,949 161,068 164, 141
113,210 114,478 112,819 114,623
6,064
6,409
7,167
6,042
3,714
5,501
7,347
3,591
24,732 22, 445 25,044 23, 426
161,787 153, 287 160, 987
115,110 111,840 115,075
6,164
5,586
6,273
3,195
1,732
1,831
23, 117 21,251 22, 460
159, 896
115,026
6,106
1, 155
23, 832
Time, total 9
Individuals, partnerships, and corp.:
Savings..
Other time
..
do
160, 661
189, 645 189,784 188,702 186,481 189,645 193,137 192,851 197,889 203, 690 209,559 211,533
216,294 219, 453 221,496
219, 870
do
do
58, 572
72, 334
57, 615 57, 079 57, 220
115,729 118, 853 119,328
57, 408
118,126
292,695 297,083 298, 543 299, 709
125,609 126,151 126, 695 128, 787
7,340
8,794
7,679
9,219
31,420 31,881 31,808 32, 318
58,317 58, 908 59, 428 59, 758
88, 048 88, 325 87, 597 88, 015
296, 813
128, 525
7,411
31,408
59, 965
85, 741
81,921
19, 766
18, 542
fi9 155
82, 107
20, 522
18, 348
fil. 585
Loans (adjusted), totald*
Commercial and industrial
For purchasing or carrying securities
To nonbankfinancialinstitutions
Real estate loans
Other loans.. _.
do
do
do
do_ .
do
do
226,042
91,442
12,535
20,524
45, 992
72 , 063
Investments, total
U.S. Government securities, total
Notes and bonds___ .
_
Other securities
do
do
do
do
85, 146
29, 133
22, 552
56. 013
57, 087
95,405
97, 578
56, 172
96,585
56, 128
95,438
56, 278
94, 014
562-873 O - 74 - S-3
56, 802
98,902
57, 144 58,485 57, 830 57, 844 58, 115
99, 038 102,519 106. 216 111,056 112, 245
270,659 259,755 259,297 260,217 270,659 264,503 267,013 278,044 284,231 283, 945
110, 778 108,299 106,829 107,632 110,778 109,442 110,475 118,495 121,345 120, 888
9,439
9, 301
9,182
9,439
8,129
9,508
8,202
9,185
8,426
7,935
28, 075 26,312 25, 608 25,321 28, 075 26,325 26, 272 28,175
29,741 29,724
55,181 53, 179 53, 877 54, 548 55, 181 55, 627 55, 659 56,147
56,797 57,512
89, 208 79, 243 80,315 80, 233 89, 208 83, 076 83, 661 86, 125
87,059 85,400
86,982
25, 460
19, 932
fil 522
80, 235
22, 523
19,202
57 719
82, 292
23, 1«5
19, 256
5Q OQ7
82, 850
24,257
19,823
5» 5Q2
' Revised.
p Preliminary.
1 Average for Dec.
§ Insured unemployment (all program's) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are excluded from State benefits paid data.
AInsured
unemployment as % of average covered employment in a 12-month period.
9 Includes
data not shown separately.
cTFor demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in
57, 087
95,405
96,753
86,982
25, 460
19,932
fil 599
87, 086
25, 691
19, 832
fil 2Q5
86, 884
25, 357
20, 492
fil 597
87,230
25,339
20, 174
fi1 fiQI
85, 017
22, 960
20, 270
fi9 A57
83,752
21,850
19,730
A1 QH9
83, 625
20, 872
19, 123
A9 7^
83, 287
20,915
18, 868
fi9 379
82, 898
21,130
18, 802
fil 7fi8
process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
some cities and counties not designated as SMSA's.
H Includes Boston, c Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Corrected.
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Sept.
Annual
November 1974
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FINANCE—Continued
BANKING— Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.rf
Total loans and investmentsO
bll $
L/oansO
do
U.S Government securities
do
Other securities
do
' 657. 5 ' 666. 9
' 468. 2 ' 476. 3
'56.4 '57.1
' 133. 9 r 133. 5
' 673. 4 ' 4 677. 5 ' 686. 6 ' 5 692. 0
' 481. 4 ' 484. 5 ' 494. 3 '5500.2
'57.2 '56.4 '55.8 '55.3
' 134. 8 '4136.6 ' 136. 5 ' 136. 5
630.3
447.3
52.8
130.2
6.82
6.67
6.07
8.30
8.06
8.65
10.08
9.90
10.51
9.91
9.68
10.28
11.15
11.08
11. 65
12.40
12.38
13.17
6.74
6.07
6.02
6.80
8.29
8.34
8.30
8.26
10.02
9.96
10.08
10 04
9.98
9.80
9.93
9.78
11.09
10.88
10.82
11.19
12.36
11.85
11.95
12.15
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum
New York City
do
7 other northeast centers
do
8 north central centers
7 southeast centers
8 southwest centers
630.3 ' 638. 9 ' 647. 4
447.3 ' 452. 9 ' 458. 3
52.8 '54.5 -•56.4
130.2 '131.5 ' 132. 7
656.4
377.8
61.9
116.7
do
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent--
620 2
439.1
56.4
124.7
624.2
441.1
55.1
128.0
628.4
445.5
55.0
127.9
' 687. 0
' 498. 2
'52.2
' 136. 6
687.1
499.5
49.7
137.9
8.00
4.60
7.50
7.50
7.60
7.60
7.50
7.50
7.50
7.50
8.00
8.00
8.00
8.00
8.00
8.00
6.00
i 7.16
7.42
8.05
8.18
8.34
8.42
8.52
8.58
8.58
8.68
8.68
8.77
8.92
9.02
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent-Existing home purchase (U.S. avg.)
do _
17.45
17.38
i 33 7. 95
i 8. 01
8.17
8.26
8.31
8.50
8.39
8.58
8.49
8.61
8.52
8.64
8.62
8.70
8.64
8.63
8.67
8.60
8.74
8.67
8.85
8.84
8.96
9.00
9.09
9.13
'9.19
'9.33
p9. 17
P9.51
Open market rates, New York City:
B ankers' acceptances (prime , 90 days) . . do
Commercial paper (prime, 4-6 months)__do
Finance Co. paper pieced directly , 3-6 mo.do
Stock Exchange call loans, going rate
do
24.47
24.69
24.52
26.16
'8.08
28.15
»7.40
2
8.25
10.19
10.23
8.90
10.04
9.07
8.92
7.84
10.02
8.73
8.94
7.94
10.00
8.94
9.08
8.16
10.00
8.72
8.66
7.92
9.95
7.83
7.83
7.40
9.39
8.43
8.42
7.76
9.08
9.61
9.79
8.43
10.23
10.68
10.62
8.94
11.48
10.79
10.96
9.00
11.78
11.88
11.72
9.00
12.22
12.08
11.65
9.31
12.25
11.06
11.23
9.41
12.25
9.34
9.36
9.03
11.80
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent . . 2 4. 071
26.85
3-6 year issues.
.. . .. _ do
a 7. 041
26.92
8.478
7.16
7.155
6.81
7.866
6.96
7.364
6.80
7.755
6.94
7.060
6.77
7.986
7.33
8.229
7.99
8.430
8.24
8.145
8.14
7.752
8.39
8.744
8.64
8.363
8.38
7.244
7.98
Federal intermediate credit bank loans
do
1
CONSUMER CREDIT
(Short- and Intermediate-term)
mil $
157, 564
180 846 173 035 174, 840 176, 969 180,486 178, 686 177, 522 177, 572 179 495 181 680 183, 425 184. 805 187 369 187 906
do
127, 332
147, 437 142, 093 143, 610 145,400 147,437 146,575 145, 927 145, 768 147, 047 148, 852 150, 615 152, 142 154, 472 155, 139
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
do
do
do
do
44, 129
40, 080
6,201
36, 922
By type of holder:
Financial institutions, total
Commercial banks
Finance companies
do
do
do
111,382
59, 783
32, 088
Credit unions
Miscellaneous lenders
do
do
16, 913
2,598
19 609
2 958
19, 207
2 922
19, 339
2,976
19,517
2,988
19, 609
2,958
19,429
2,872
19, 430
2,983
19, 550
3,012
19, 704
3 049
20 053
3 150
20, 501
3,129
20, 825
3,143
21 402
3 275
21, 792
3 293
do
do
15, 950
261
18 132
299
16 053
297
16, 303
300
16 847
302
18, 132
299
17, 705
296
17, 120
293
16, 969
292
17 059
293
17 177
294
17,211
296
17, 311
297
17 550
299
17 678
298
do
do
do
do
30, 232
12, 256
10, 857
1 399
33 049
13 241
11 753
1 488
30, 942 31, 230
13, 088 13, 145
11, 608 11,654
1 480 1,491
31, 569
13, 161
11, 669
1,492
33, 049
13, 241
11,753
1,488
32, 111
13,117
11, 652
1,465
31, 595
13, 159
11,663
1,496
31, 804
13, 188
11,686
1,502
32, 448
13, 315
11,806
1 509
32, 828
13, 331
11, 806
1,525
32, 810
13,311
11,802
1,509
32, 663
13, 192
11, 694
1,498
32, 897
13 202
11 680
1 522
32, 767
13, 131
11,641
1,490
do
do
do
do
9,002
7,055
1,947
8,974
9 829
7,783
2 046
9 979
8,335
6,229
2,106
9,519
8,590
6,554
2,036
9,495
8,785
6,761
2,024
9,623
9,829
7,783
2,046
9,979
8,875
6,894
1,981
10, 119
8,018
6,136
1,882
10,418
7,939
6,097
1,842
10, 677
8,434
6,556
1,878
10 699
8,947
6,948
1,999
10, 550
9,106
7,002
2,104
10, 393
9,140
6,936
2,204
10, 331
9,265
6,983
2 282
10 430
9,153
6,876
2,277
10, 483
Total outstanding end of year or month
Installment credit, total
Retail outlets, total
Automobile dealers
Noninstallment credit, total
Single-payment loans, total
Commercial banks
Other financial institutions
Charge accounts, total
Retail outlets.
Credit cards
Service credit
Installment credit extended and repaid:
Unadjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
Repaid, total
51,130
47 530
7 352
41 425
60, 557
44 019
7,120
40 397
51,092
44, 632
7,235
40, 651
51,371
45 592
7,321
41, 116
50,617
47 303
7,303
41, 352
50, 386
46, 781
7,343
41, 417
50, 310
46, 536
7,430
41, 492
50, 606
47 017
7,573
41, 851
51,076
47 588
7,786
42 402
51, 641
48 099
7,930
42, 945
52, 082
48, 592
8,068
43, 400
52, 772
49 322
8 214
44 164
52, 848
49 664
8, 252
44 375
129 305 126 040 127, 307 128, 553 129, 305 128, 870 128, 807 128, 799 129, 988 131 675 133, 404 134, 831 136 922 137 461
69 495 67 918 68, 627 69 161 69, 495 69, 429 69, 246 69, 232 69 944 70 721 71 615 72, 384 73 302
37 243 35 993 36, 365 36, 887 37, 243 37, 140 37, 148 37, 005 37 291 37 751 38, 159 38, 479 38 943 38 991
do
do
do
do
142
40
55
47
951
194
599
111
165 083
46,453
66 859
51*771
12 624
3 476
6 217
3 931
14 454
4,196
5 894
4 364
14
3
5
4
098
693
980
425
14, 117
2,872
6,826
4,419
12 375
2,934
5 471
3 970
11 227
2,945
4 525
3 757
13, 246
3,546
5,479
4,221
14, 856
3,944
6 141
4 771
15, 605
4,200
6,319
5,086
14, 641
4,027
5,888
4 726
15, 486
4,200
6,232
5,054
15 209
4,137
6 145
4 927
13, 294
3,569
5,647
4,070
do
126 914
34 729
49, 872
42, 313
144 978
11 1341
r-i
13 237
3 447
5^698
4,092
3 1 7fi
5,020
3 874
12, 080
3 113
4,888
4,079
11 875
4,703
3 487
12 937
3 661
5,281
3 995
12 308
59 409
46 117
5,047
3 652
13, 405
3 622
5,724
4,059
13 577
3 648
5^660
4 269
13,800
3 730
5,748
4,322
12, 878
3 462
5,377
4,039
13, 959
3 759
5,739
4,461
12 879
3 447
5,415
4 017
12, 627
3 493
5, 305
3, 829
13, 691
3 939
5,537
4,215
14, 149
3,912
5,911
4,326
14, 275
3 819
5 978
4,478
12, 677
3,315
5, 254
4,108
13,714
3,492
5,662
4,560
13, 541
3 389
5,647
4,505
13, 823
3,484
5,933
4,406
14, 179
3 545
6 034
4,600
14, 669
3,769
6,156
4,744
14, 387
3,731
6,043
4,613
14, 635
3,812
6,164
4,659
14, 394
3,887
5,993
4,514
14, 089
3,835
5, 935
4,319
Other consumer goods paper
All other
do
do
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
3
Repaid, total
do
12, 332 12, 449 12, 549
Automobile paper
do
3,427
3,406
3,471
Other consumer goods paper _ .
do
5,072
5,149
5,154
All other
.
do
3,854
3,873
3,924
r
Revised.
v Preliminary.
1
Average for year.
2 Daily average.
s Beginning Jan. 1973, data reflect changes in
sample and weighting.
* Beginning June 30, 1974, data revised to include one large mutual
savings bank that merged with a nonmember commercial bank. Total loans and investments
were increased by about $600 million of which $500 million were in loans and $100 million in
other securities."
s Beginning Aug. 28, 1974, loans sold outright to banks' affiliates reflect
51, 130
47, 530
7,352
41,425
12, 267 12, 797 12, 870 13, 206 13 026 13, 407 13, 301 13, 310 12, 882 13,412
3,604
3,563
3,498
3,601 3,577
3,338 3,433 3,394
3,443
3,544
5,700
5,610
5,483
5,444
5,001 5,193
5,340
5,596
5,607
5,615
4,108
4,171
4,045
3,928
4,137
3,995
4,136
4,066
4,109
4,199
a new definition of the group of affiliates included, and a somewhat different group of reporting
banks; total loans were $500 million less than they would have been on the old basis. O Adjusted to exclude interbank loans.
§ For bond yields, see p. S-21.
tBeginning Jan. 19o9,
monthly data have been revised to reflect new seasonal factors and adjustment to benchmarks for the latest call date (June 30,1973). Revisions are in the Nov. 1973 Federal Reserve
Bulletin.
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1974
1973
1973
Sept.
Annual
S-19
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
20, 226
21, 030
16, 818
22, 905
29, 657
22, 273
19, 243
23, 981
31, 174
24, 123
20, 938
24, 411
23, 620
25, 408
Sept.
Oct.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
mil. $
do
208, 649
231, 876
232,225
246,526
25, 007
20, 736
17, 637
23,092
20, 209
22, 099
21,987
19, 686
23, 476
23, 671
-195
195
-773
968
Budget surplus or deficit (— )
Budget financing total
Borrowing from the public
Reduction in cash balances
do
do
do
do
2,302
-23,227 -14,301 4,271 -5, 455 -1,891
1,891 -2,302
5,455
i 23, 227 i 14,301 -4, 271
2,202
564
3,128
1,395
i 19, 442 i 19, 275
-311 -5,430
4,060
i 3, 785 -4, 974 -4, 835
Gross amount of debt outstanding
Held by the public
do
do
437, 329
323, 770
Budget receipts by source and outlays by agency:
Receipts (net) total
mil $
Individual income taxes (net)
do
Social insurance taxes and
(net)
Other
7,052 -3,472 -1,787
-804 -6,086
7,384 -4, 739
1,787
3,472
804
6,086 -7, 384
4,739 -7, 052
2,283
1,644
-162
8 -3, 877
4,309 -2, 502
-496
1,828
966
4, 731 -3, 175
1,777 -4, 882
468,426 472, 073 473,139 474, 973 480, 660 478,957 481, 443 485, 649 483, 090 485, 834 486, 256 487,239 493, 622
343,045 342, 333 343, 727 345, 930 349, 058 348, 285 348, 123 352, 432 349, 931 349, 939 346, 062 347,706 349, 980
23, 620
10, 485
828
208, 649 232,225
i 94, 737 1103,246
i 32, 166 i 36, 153
25, 007
11, 707
5,247
17, 637
9,230
1,053
20, 209
10, 106
652
21,987
9,134
6,096
23,476
14, 327
1,562
20, 226
8,601
819
16, 818
3,219
5,549
29, 657
14,764
5,463
19, 243
5,641
1,100
contributions
mil $ i 53, 914 i 64,542
i 27, 832 i 28, 286
do
5,409
2,644
4,712
2,641
6,724
2,827
4,149
2,608
5,232
2,356
8,400
2,406
5,721
2,330
6,896
2,534
10, 036
2,466
5,455
2,612
5,781
2,867
9,544
2,763
231, 876 246,526
i 10, 943 110,028
i 75, 150 i 73, 297
20, 736
249
6,032
23,092
799
6,523
22, 099
1,161
6,647
19, 686
137
6,123
23, 671
1,209
6,690
21, 030
547
6,285
22, 905
682
6,662
22, 273
534
6,703
23, 981
792
7,170
24, 123
540
7,115
24,411
384
6,313
25, 408
346
7,062
i 71, 779 i 82,042
i 22, 124 i 30, 959
3,422
13,311
i 10, 710 i 11,968
7,396
2,552
246
968
7,415
3,763
249
1,056
7,463
2,566
246
1,191
7,383
' 2,370
221
1,141
7,996
4,061
251
1,202
7,862
2,522
231
1,086
8,164
2,640
252
1,191
8,416
4,171
293
1,163
8,665
2,663
278
1,177
8,856
2,545
423
1,018
8,688
4,267
216
1,256
8,808
2,552
247
1,234
Outlays total 9
do
Agriculture Department
do
Defense Department military
do
Health, Education, and Welfare Department
mil. $..
Treasury Department
do
National Aeronautics and Space Adm
do
Veterans Administration
do
Receipts and expenditures (national Income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $..
31, 174 ' 20, 938
14, 029 10, 806
1,485
9,077
227.2
258.5
261.8
268.3
' 278. 1
' 288. 6
"303.5
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
108.2
36.6
20.0
62.5
114.1
43.7
21.2
79.5
116.7
43.8
21.0
80.2
121.6
43.5
21.3
81 8
124.1
r 45 9
21.5
86 7
129.4
'49 2
21.9
88.1
p 134.8
p56. 2
P22.5
'90.0
Federal Government expenditures, total.. .do
244.7
264.2
263.4
270.6
281.0
291.6
'304.7
Personal tax and nontax receipts..
do
Purchases of goods and services
National defense
do
do
104.9
74.8
106.6
74.4
105.3
73.3
108.4
75.3
111.5
75.8
114.3
76.6
' 117. 2
'78.4
Transfer payments
Grants-in-aid to State and local govts
do
do
82.8
37.4
13.5
95.5
40.5
16.3
96.5
39.8
16.8
98.8
41 0
17 6
106.5
42 9
17 9
113.6
43 2
18.7
' 120. 8
'43.4
' 19.1
6.6
5.3
5.0
4.8
2.2
1.3
'2.7
.5
.0
.0
o
o
-.6
—1.5
do
-17.5
-5.6
-1.7
-2.3
' —2 8
' -3.0
P -1.1
bll. $..
do
do
do
do
239.73
11.37
112.98
76.95
71.27
Subsidies less current surplus of government
Less: Wage accruals less disbursements.. .do
Surplus or deficit ( — )
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life Insurance cos
Government securities
Corporate securities
Mortgage loans total
Nonfarm
251. 59
11.40
119. 71
79.52
73.62
251.06
11.46
118. 02
80.19
74.26
252.07
11.38
117. 73
81.18
75.19
253. 53
11.46
119. 08
81.49
75.53
254. 74
11.54
119.72
81.74
75.79
255. 85
11.77
119. 94
81.97
75.99
256. 58
11.59
120. 47
82.47
76.44
257. 52
11.61
120. 64
82.75
76.68
258. 40
11.62
120. 53
83.23
77.12
259. 19
11.68
120. 40
83.70
77.51
258. 95
11.72
119. 14
84.12
77.90
258. 67
11.72
117. 74
84.51
78.26
7.76
'7.64
' 19. 60 19.77
1.83
'1.44
' 11. 82 11.69
7.84
19.93
1.81
11.81
7.77
20.08
2.25
11.69
7.82
20.24
1.90
11.54
7.82
20.38
1.82
11.72
7.83
20.54
1.81
12.00
7.78
20.83
1.50
11.93
7.84
21.07
1.53
12.08
7.88
21.32
1.51
12.32
7.92
21.58
1.52
12.39
8.00
21.89
1.48
12.60
8.06
22.20
1.59
12.86
20,326
14, 614
5,165
547
20,293
14, 177
5,578
538
26,822
15, 114
11,100
608
17, 799
12, 623
4,650
526
18, 679
13, 447
4,638
594
22, 245
15, 520
6,093
632
20,840
16, 033
4,217
590
21, 824
16, 120
5,057
647
21, 207
15, 206
5,461
540
20, 914 249,491
14, 982 15, 146
5,444 233,829
488
516
21, 579
14, 519
6,542
519
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)... mil. $.. 10, 410 11,567 10,410 11, 567
-1,715 -1,538
Net release from earmark§
do
18 -1, 685
Exports
thous. $._ 63,053 145,965 4,973 23, 586
Imports... .
do
357, 689 356, 150 36, 162 33, 770
11, 567
18
15, 970
30, 411
11, 567
36
37, 234
23, 236
11, 667
24
20, 223
19, 767
11, 567
5
9,191
58, 959
11,567
2
7,185
41, 412
11, 567
11
19,331
23,264
11, 567
5
6,793
32,381
11, 567
7
7,467
33, 978
11, 567
50
29, 211
24, 247
11, 567
47
68, 424
32, 816
11, 567
25
25, 853
36,500
97.2
6.3
88.8
6.7
91.2
6.1
88.8
6.1
84.3
6.3
93.3
6.3
85.3
6.1
86.1
5.9
87.4
5.3
86.6
5.0
89.1
1,093
32, 156
3.137
1,114
13, 527
3.637
2,424
20, 459
5.359
10, 422
67,433
5.326
2,886
58, 521
5.036
13, 165
39, 103
5.432
14,403
47, 343
4.896
5,831
69,085
4.415
8,714
30,481
4.431
1,570
31, 260
4.049
4.830
4,345
3, 125
3,370
4,936
4,967
5,874
4,459
3,490
3, 645
4,096
3,540
Real estate
Policy loans and premium notes
Cash
Other assets
do
do
do
do
Life Insurance Agency Management Association:
Insurance written (new paid-for Insurance):
Value, estimated total
mil $
Ordinary (incl. mass-marketed ord.) do
Group
do
Industrial.
.....
do
' 252. 07
11.38
117. 73
81.80
75.19
7.30
18.00
1.98
11.15
7.77
20.08
2.25
11.69
208,730
145,479
55, 857
7,394
232,016
162, 119
63,000
6,897
250. 45
'11.41
119. 36
' 79. 19
' 73. 32
17,250
12,407
4,261
582
MONETARY STATISTICS
Production:
South Africa
Canada
mil $
do
1, 109. 8
77.2
1,073.6
75.0
88.2
5.7
97.5
7.0
Silver:
Exports
thous. $__ 31, 592 27,637 3,277 1,871 1,593
Imports
_
do
59,357 268, 639 30,764 22,200 66, 379
2.860
Price at New York
dol. per fine oz
2.675
2.886
1.685
2.558
Production:
United States
thous. fine oz... 39, 727 43, 566 3,003 5,314 3,803
' Revised.
p Preliminary.
1 Data shown in 1972 and 1973 annual columns are for
fiscal years ending June 30 of the respective years; they include revisions not distributed to
months.
2inciU(ies $28,500 mil. SGLI.
9 Includes data for items not shown sepa-
rately. § Or increase in earmarked golde (-).
H Valued at $38 per fine ounce from Jan.
1972-Sept. 1973, at $42.22 thereafter.
Corrected.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
November 1974
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FINANCE—Continued
MONETARY STATISTICS— Continued
bil. $.,
66.5
72.5
68.2
69.0
70.3
72.5
69.9
70.5
71.2
72.2
73.2
73.8
74.4
Money supply and related data (avg. of daily fig.) :®
Unadjusted for seasonal variation:
Total money supply
bil. $_.
Currency outside banks
do
Demand deposits
do
Time deposits adjusted^
- . -do
U S Government demand deposits^
do
248.9
54.6
190.9
293.4
7.2
263.8
59.3
204.4
345.3
7.1
264.0
60.1
203.8
359.3
5.3
266.1
60.4
205.7
360.3
6.0
270.9
61.5
209.5
359.0
4.3
279.1
62.7
216.4
362.2
6.3
277.8
61.6
216.2
369.4
8.1
270.2
61.9
208.3
374.3
6.6
272.5
62.7
209.8
379.1
6.4
278.2
63.5
214.7
387.1
6.0
273.1
64.2
208.9
393.9
7.6
277.6
64.9
212.7
397.9
6.1
279.2
65.4
213.8
402.0
5.4
277.2
65.8
211.4
408.3
3.9
r
265.5
60.2
205.3
358.0
266.6
60.5
206.1
359.1
269.2
61.0
208.2
360.1
271.4
61.7
209.7
363.5
270.6
61.9
208.7
370.1
273.1
62.7
210.4
374.7
275.2
63.3
211.9
377.5
276.7
63.9
212.8
387.1
277.8
64.4
213.4
394.4
279.6
64.8
214.8
399.9
280.0
64.9
215.1
404.3
280.6
65.6
215.1
406.1
' 280. 7 p 281.9
'66.0 p 66.6
'214.8 p 215.3
' 408. 3 P 411.3
107.4
266.4
72.4
111.6
57.5
109.5
265.3
74.7
116.4
58.8
113.2
274.9
77.1
118.6
61.2
110.2
269.8
75.8
115.0
60.6
111.5
270.3
77.3
116.2
62.2
118.2
'118.0
292.5
294.2
' 79. 3 80.3
120.8
119.9
64.7
63.6
115.4
274.6
80.2
119.7
65.0
117.1
275.3
81.0
122.3
'65.4
' 116. 9
279.9
79.8
' 120. 0
'64.4
119.8
282.1
'82.8
123.5
67.0
' 123. 4
286.4
'86.3
' 132. 0
'68.8
125.1
310.5
83.7
127.5
66.9
'1,626
' 3, 526
Currency in circulation (end of period)
Adjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjusted^
do
do
do
do
Turnover of demand deposits except interbank
and
U.S. Govt., annual rates, seas, adjusted1.
Total (233 SMSA's)0. .ratio of debits to deposits..
New York SMS A
do
Total 232 SMSA's (except N Y )
do
6 other leading SMSA'scf
do
226 other SMSA's
do
74.9
74.9
' 279. 2
p 65.9
213. 3
'410.2
v 5. 4
P 281. 4
p 66.6
P 214.9
P 413. 4
P 3.6
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products
do
Lumber and wood products (except furniture)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
2
13,144
2
1,2 064
13, 492
903
239
16, 250
1,012
186
1,427
5,670
443
370
1,441
2
364
2 1,419
452
1,722
621
2,103
6,151
1,060
687
1,022
7,759
1,266
1,343
1,695
1,967
407
290
411
232,715
2
315
2
438
2
490
3,391
165
537
514
3,428
403
673
869
1,569
2,207
564
3,481
2,999
4,936
3,883
1,200
974
780
3,639
5,944
933
4,122
7,054
191
467
1,693
16,110
17, 734
4,125
mil. $. . 95,408
100,592
8,091
8,924
12,553
6,635
* 3, 392
3,686
3,312
89,435
21, 669
' 7, 662
' 3, 374
7,542
1,366
••391
119
7,883
2,358
'669
355
11,247
2,257
'664
'627
5,866
2,469
'565
'206
2,908
280
152
2,104
318
268
•• 2, 457
361
398
Petroleum and coal products
do
fitone clay and glass products
do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery and transport equip )
mil $
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc )
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) all industries
do
48,234
3,723
831
11,612
996
199
1,012
941
4,499
36, 467
3,021
659
2
297
570
573
861
2 1, 305
2 1, 064
1,271
894
1,505
932
231
801
2, 181
289
479
2,063
409
684
2,454
2 5, 219
4,501
4,891
2
2
2
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes total
Corporate
.
.
Common stock
Preferred stock
By type of issuer:
Corporate, total 9,
Manufacturing
Extractive (mining)
Public utility
do
82, 337
do. .. 26, 291
do
' 9, 548
do
' 3, 340
3,102
' 3, 166 '3,068
3,447
' 2, 265 ' 2, 943 r 2, 440
' 142
'446
415
356
65
'113
2,565
478
181
mil. $
do
do
do
39, 574
6,593
1,932
11,316
32, 823
4,875
1,073
10, 270
1,915
348
59
585
3,398
522
57
949
3,563
476
34
1,080
3,238
504
157
888
3,392
896
139
1,441
2,687
389
181
829
3,144
577
59
1,300
2,952
1,122
139
1,131
3,166
875
70
912
Transportation
Communication
Financial and real estate
do
do
do
1,230
4,832
10, 055
1,541
4,906
8,436
142
243
350
114
678
926
245
796
814
232
377
807
127
146
523
6
397
871
76
330
748
6
284
144
44
657
278
21
353
'528
59
417
826
Noncorporate, total 9 ..
U.S. Government
State and municipal .
do
do
do
54,610
17,080
23, 070
67, 184
19, 057
22, 760
6,176
2,432
1,630
5,525
485
2,232
8,990
4,521
2,224
3,397
148
1,966
do.
do
22, 941
25, 222
22, 953
24, 667
1,630
2,750
2,232
2,501
2,224
1,785
2,183
2,507
2,288
1,860
1,970
2,117
2,091
1,786
2,322
2,155
2,177
2,797
1,942
3,804
1,381
2,059
1,056
1,497
6,382
5,251
1,131
6,343
5,323
1,020
6,462
5,423
1,039
6,381
5,361
1,020
6,345
5,260
1,085
5,996
4,925
1,071
4,672
454
1,700
445
1,666
420
1,604
395
1,420
395
1,360
402
' 1,391
427
1,382
State and municipal issues (Bond Buyer) :
Long-term
Short-term
' 2, 968
'464
142
1,147
3,224
1,001
84
600
2,266
2,242
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month, 1
total
mil. $_.
6,774
7,093
6,954
9, 045 i 6, 382
1
5,912
5,671
At brokers
do
5,949
8, 180 i 5, 251
1,181
At banks
..
do
1,003
i 1,131
1,005
i
865
1
Other security credit at banks
do
1 528
Free credit balances at brokers:
464'
Margin accounts
do
U14
419
379
1454
1
1,685
Cash accounts
.
do
1,713
1.957 i 1. 700 * 1. 632
r
2
Kevised.
p Preliminary.
1 End of year.
Beginning fourth quarter 1973, because of changes in method of consolidation (to minimize the effect of foreign operations of
multinational enterprises), data are not comparable with those for earlier periods. The effect
of the change can be assessed by comparing the data as originally published
for the fourth
quarter 1973 (June 1974 Survey) with the revised data shown here. 3 Prior to fourth quarter
1973, for petroleum refining only; data are not comparable with those for earlier periods.
©Effective February 1974 SURVEY, data revised to reflect: Annual review of seasonal
factors; regular benchmark adjustment; effect of changes in check collection procedures
(Regulation J); and adjustments to include new figures from internationally oriented bank-
' 6, 527 r 6, 567
' 5, 519 ' 5, 558
1,009
1,008
425
1,583
415
1,440
ing
institutions. Monthly revisions back to 1971 are in the Feb. 1974 Federal Reserve Bulletin.
4
Beginning Jan. 1974, does not include noncorporate bonds and notes formerly included.
<IAt all commercial banks.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
V Includes data not shown separately.
c Corrected.
SUKVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-21
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds
Prices:
Standard A Poor's Corporation:
High prade corporate:
Composited 1
dol per $100 bond
Domestic municipal (15 bonds)
do
65.9
84.4
63.6
85.4
61.2
86.2
62.1
86.9
62.1
85.6
62.9
86.1
62.3
85.2
62.0
85.3
61.3
83.5
60.0
80.2
59.7
77.3
59.5
73.2
58.5
71.9
57.6
71.6
56.2
71.0
55.6
72.6
68.71
62.80
61.81
63.13
62.71
62.37
60.66
60.83
58.70
57.01
56.81
57.11
65.97
54.95
55.13
55. 69
Sales:
Total, excl. U.S. Government bonds (SEC):
A l l registered exchanges:
Market value
mil. $.. 9, 515. 67 8, 297. 99 622. 73
Face value
do
10,077.35 9, 420. 76 699.17
741. 95
823. 72
628. 28
708. 70
529. 31
666.43
594. 86
673. 60
509. 02
602. 90
610.31
727. 18
554. 59
662.32
562.00
682. 12
501. 82
610. 61
471. 31
632. 60
411. 65
548. 26
U.S. Treasury bonds, taxablel
New York Stock Exchange:
Market value.,
Face value
do
do
8, 717. 24 7, 865. 38
do _ 9, 168. 52 8,736.82
597. 88
632. 78
691. 10
759. 22
597. 92
672. 62
497. 33
621. 38
567. 26
635. 50
468. 34
561. 97
580. 93
688. 09
532. 65
632. 56
536. 18
645. 94
485. 02
584. 12
450. 30
597. 55
398. 24
526. 09
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil $ 5, 444. 12 4,424.67
355. 69
399. 62
344. 40
349. 19
366. 42
287. 93
301. 99
313. 10
336. 83
296. 22
350. 49
307. 80
316. 34
416. 54
Yields:
Domestic corporate (Moody's)
By rating:
Aaa__
Aa .
A
..
.
Baa
percent
7.63
7.79
8.06
7.96
8.02
8.05
8.15
8.17
8.27
8.51
8.68
8.85
9.10
9.36
9.67
9.80
do
do
do
do
7.21
7.48
7.66
8.15
7.44
7.65
7.83
8.24
7.63
7.86
8.11
8.63
7.60
7.84
7.98
8.41
7.67
7.90
8.07
8.42
7.68
7.92
8.11
8.48
7.83
7.97
8.22
8.58
7.85
7.97
8.26
8.59
8.01
8.08
8.34
8.65
8.25
8.28
8.61
8.88
8.37
8.42
8.85
9.10
8.47
8.55
9.05
9.34
8.72
8.76
9.35
9.55
9.00
9.05
9.61
9.77
9.24
9.35
9.90
10.12
9 27
9^40
10.10
10.41
do
do
do
7.35
7.74
7.98
7.60
7.83
8.12
7.89
8.09
8.37
7.76
8.04
8.24
7.81
8.11
8.28
7.84
8.17
8.28
7.97
8.27
8.34
8.01
8.33
8.27
8.12
8.44
8.34
8.39
8.68
8.51
8.55
8.86
8.73
8.69
9.08
8.89
8.95
9.35
9.08
9.16
9.70
9.30
9.44
10.11
9.46
9.53
10.31
9.64
do
.do
6.25
6.27
5.22
5.18
5.00
6.11
5.17
5.05
5.15
6.17
5.18
5.12
5.20
5.20
5.26
5.19
5.57
5.36
5.91
5.67
6.08
5.96
6.33
6.08
6.70
6.54
6.91
6.58
6.68
6.65
6.65
6.46
do
6.63
6.30
6.42
6.26
6.31
6.35
6.56
6.54
6.81
7.04
7.07
7.03
7.18
7. 33
7.30
7 2'-)
8.92
9.61
4.87
3.73
7.32
10.99
9.58
10.46
5.01
4.03
7.53
12.13
9.62
10.58
5.03
4.06
7.54
11.88
9.73
10.75
5.03
4.09
7.55
11.88
10.16
11.22
5.03
4.09
7.55
11.90
10.19
11.23
5.04
4.19
7.66
12.91
10.34
11.44
5.08
4.19
7.82
12.91
10.37
11.49
5.09
4.04
7.83
13.10
10.41
11.52
5.12
4.08
8.13
13.18
10.43
11.68
4.56
4.08
8.13
13.18
10.41
11.64
4.57
4.09
8.13
13.22
10.51
11.80
4.57
4.11
8.13
13.22
10.72
12.05
4.82
4.34
8.13
13.22
10.93
12.15
4.82
4.40
8.13
13.22
10.93
12.15
4.82
4.40
8.13
13.22
11.01
12.27
4.83
4.47
8.13
13.50
290.65
362. 44
80.20
91.00
285. 44
356. 26
71.21
79.72
287. 99
357. 90
72.38
77.35
288. 50
361. 44
68.21
80.73
258. 72
320. 11
60. 95
83.86
263. 71
323. 48
60.87
95. 43
259. 96
318. 98
63.23
89.14
259. 70
316. 22
63.72
91. 77
253. 37
310. 44
61.31
86.16
243. 14
300. 31
50.33
80.69
235. 56
293. 23
47.49
73.58
232. 79
291. 23
43.43
74.71
214. 84
267. 87
44.90
74.85
196. 82
243. 55
39.93
68.49
173. 29
210. 45
39. 01
62.50
200. 62
243. 12
42. 91
76.17
3.07
2.65
6.07
4.10
3.35
2.92
3.36
2.94
7.04
5.06
3.05
3.45
3.34
2.96
6.95
5.25
2.75
3.20
3.37
2.97
7.37
5.07
2.70
3.28
3.93
3.51
8.25
4.88
3.02
3.38
3.86
3.47
8.28
4.39
2.91
3.70
3.98
3.59
8.03
4.70
3.20
3.80
3.99
3.63
7. 99
4.40
3.10
3.93
4.11
3.71
8.35
4.74
3.30
4.21
4.29
3.89
9.06
5.06
3.39
4.40
4.42
3.97
9.62
5.56
3.76
5.13
4.51
4.05
10.52
5.50
4.31
5.44
4.99
4.50
10.74
5.80
4.45
6.42
5.55
4.99
12.07
6.42
5.01
7.33
6.31
5.77
12.36
7.04
5.47
7.35
5.49
5. 05
11.26
5.87
4. 39
5.63
Earnlngs per share (Indust., qtrly. at ann. rate;
pub. utll. and RR., for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do
Railroads
. . . .
do
20.28
7.73
6.71
26.01
7.55
7.60
23.77
7.60
7.11
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..
6.89
7.23
7. 38
7.18
7.40
7.76
7.60
7.47
7.56
7.83
8.11
8.25
8.40
8.61
8.93
8.78
319. 36
950. 71
112.83
241. 44
286. 73
923. 88
103. 39
180. 55
277. 54
909. 98
99.96
166. 82
295. 03
967. 62
101. 67
182. 75
272.02
878 .98
93.18
175 .93
259. 84
824. 08
87.42
177. 96
273. 50
857. 24
93. 16
191. 05
266. 86
831.34
93. 16
186. 15
277. 49
874. 00
92. 79
193. 83
264. 53
847. 79
85.48
181. 13
251.83
829. 84
76.03
167. 57
251. 00
831. 43
71.81
169. 77
236. 19
783. 00
68.47
158. 36
223. 13
729. 30
66.23
151. 68
By group:
Industrials.
Public utilities...
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable©
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials...
._
_
do
Public utilities
do
Railroads
do
N.Y. banks
___
do
Property and casualty Insurance cos .. do
Price per share, end of mo. , composite
Industrials
Public utilities
Railroads
. .
do
do
do
do
Yields, composite
Industrials
..
Public utilities
_.
Railroads
.
N.Y. banks
.
Property and casualty Insurance cos
percent
do
do
do
do
do._
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation:^
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43 = 10..
r
24. 81
'"7.15
"7.89
29. 18
7.55
7.60
T 31 23
7.22
P9.34
199. 29 202. 89
651. 28 . 638. 62
60.80
66. 58
134. 60 143. 43
109. 20
107. 43
105. 61
109.84
102 .03
94.78
96.11
93.45
97.44
92.46
89.67
89.79
82.82
76.03
68.12
69. 44
_ do
do...
do
. do
do
121. 79
119.39
113. 90
56.89
44.11
120. 44
118.57
107. 13
53. 47
37.76
118. 52
116. 60
105. 16
52.31
35.49
123. 42
122. 30
106. 58
53.22
38.24
114.64
115.48
96.97
48.30
39.74
106. 16
107. 44
86.57
45.73
41.48
107. 18
108. 06
87.63
48.60
44.37
104. 13
104.31
86.85
48.13
41.85
108. 98
109. 22
92. 24
47. 90
42.80
103. 66
104. 19
87.73
44.03
40.26
101.17
100. 69
87.34
39.35
37.04
101. 62
100. 10
90.07
37.46
37.31
93.54
93.64
80.34
35.37
35.63
85.51
86.99
70.14
34.00
35.06
76. 54
76.03
63.51
30. 93
31.55
77.57
77.49
62.79
33.80
33.70
do
_do.
57.37
105. 81
64.60
104.35
71.08
107. 24
73.43
113. 30
69.63
107.01
65.33
101. 09
65. 38
108. 04
62.93
107. 14
67.63
110.38
63.93
103. 39
59.92
93.23
56. 70
86.06
49.12
72.43
46.27
65.97
42.00
58. 99
44. 15
65. 48
Property-liability insurance (16 stocks)_,do
132. 58
118.93 115. 33 119. 88 117.72
Revised.
v Preliminary.
cf Number of issues represents number currently used; th 3 change n number does lot
affect continuity of the series.
If Prices are derh ed from average y ields on basis of an
111.89
114.65
106. 34
103. 67
96.25
85.91
82.88
70.28
64.31
60.47
66. 22
Industrial, total (425 stocks) 9 ..
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks) .
Outside New York City (16 stocks)
r
assum ed 3 perc ent 20-ye ar bond,
O Fc r bonds iue or ca liable in .0 years c r more.
9 In eludes dixta not silown sep arately.
SUEVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
| 1973
Annual
November 1974
1973
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
51.39
55 77
36 85
35. 28
64 80
50.01
54 02
52.15
56 80
49.21
47.35
June
July
Aug.
Sept.
Oct.
47.14
43.27
39.86
35.69
36.62
27.50
26.72
FINANCE—Continued
SECURITY MARKETS-Continued
Stocks— Continued
Prices— Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50Industrial
do
Transportation
do
Utility
.
. d o
Finance
do
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
__ _ bil. $.
Number of shares listed
millions
60.29
65.73
50.17
38.48
78.35
57.42
63.08
37.74
37.69
204, 026
56.71
59.26
54.59
50.39
53.95
35.87
32.59
58.72
70. 12
62.25
35.82
36.79
72.23
39.03
37.47
177,878
5,723
12, 623
408
18,726
17, 501
560
14, 072
524
14,411
9,657
524
359
12, 649
450
9,340
587
10, 090
392
159 700
4 496
146,451
10 395
309
15 644
457
14 528
435
11 860
407
12 038
401
7 953
10 580
359
7 695
266
8,439
4 337
4,138
4,053
329
423
400
385
363
257
310
871. 54
19, 159
721.01
807. 24
20, 548
808. 69
20, 607
709. 54
20, 694
721.01
719. 81
718. 89
701. 18
21, 163
6299
20, 967
65 29
74 98
60 15
36.31
34.73
67.85
55 !">
34. 69
33.47
62.49
20, 967
21,056
36.26
35.27
62 81
21,110
38.39
35. 22
64 47
52 53
33.62
30.25
52.85
52.63
33.76
29.20
48 35
31.01
44. 19
29.41
44 23
40.11
••8,895 «• 8, 874
336
'367
8,971
362
7,471
264
7,477
7,597
311
254
275
245
274
280
669. 91
21, 224
645.56
21,337
628. 48
582. 96
21, 440
545. 45
21, 471
343
51.20
21,397
291
39. 29
25. 86
24. 94
36.42
39. 81
27.26
26.76
39. 28
290
280
377
472. 62
21, 550
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totalcf
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
_ ...
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
.
Pakistan
Malaysia
Indonesia
Philippines
Japan
-.
_.
Europe:
France
East Germany _
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Bra/il
Chile
Colombia
Mexico .
Venezuela
Exports of U.S. merchandise, totalcf
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
mil. $.. 49,758.5 71, 338. 8 6,021.2 6,784.9 7,136.1 6,965.1 6, 873. 6 7, 340. 1 8, 547. 3 8, 418. 0 8, 488. 1 8, 384. 4 7, 695. 7 7,998.9 7, 672. 8 8,994.1
do
do
49,199.0 70, 823. 2 5,964.6 6,750.7 7,099.6 6,921.1 6,831.6 7, 298. 2 8,519.6 8, 381. 4 8, 427. 0 8, 327. 5 7, 655. 9 7,929.7 7, 611. 7 8,926.2
6,419.8 6,585.4 6,878.8 6,948.9 7,111.0 7, 605. 5 7, 673. 9 8, 234. 0 7, 629. 7 8, 356. 7 8, 307. 2 8,370.0 8, 236. 2 8,664.5
do
do
do
do
269.0
309.1
199.2
284.9
208.2
239.7 247.5
286.6 342.3 313.2
217.4
247.2
295.9
1,576. 1 2, 306. 9
11,297.2 18, 425. 4 1,692.6 1,714.0 1,915.1 1,820.0 1, 813. 7 2, 039. 2 2, 345. 5 2, 204. 6 2, 063. 4 2, 024. 3 2, 080. 7 2,027. 9 2,131.4
301.0
205.5
227.5
142.4
198.4
183.3
183.1
233.6 226.4
135.2
186.1
248.5
212.6
1,034.4 1, 743. 9
16, 180. 5 23, 157. 1 1,772.4 2,061.3 2, 237. 3 2, 307. 4 2, 210. 5 2, 452. 5 2, 774. 0 2, 630. 4 2, 672. 4 2, 625. 4 2, 266. 8 2,266.1 2, 074. 6
do
do
do
12,418.8 15, 075. 1 1,190.9 1,516.4 1,343.0 1,377.7 1, 396. 8 1,405.9 1, 666. 7 1,705.9 1,789.1 1, 732. 4 1, 477. 9
658.0
624.5
676.0 640.7
541.0
525. 9
670.0
474.6
3,564. 1 5, 027. 3 449.2 509.2
507.1
666.2
617.9
698.5 749.9
552.8
488.7 482.9
611.0
539.6
3,707. 1 4, 901. 3 447.5
512.7
do
do
76.1
602.5
225.4
746.4
33.4
66.9
6.0
77.5
13.7
71.3
15.5
67.0
40.7
61.9
32.0
80.0
45.4
92.1
43.3
100.6
35.8
85.5
28.6
109.9
32.1
98.4
25.8
109.0
15.0
107.6
do
do
do
do
856.5
350.1
183.0
128.0
1, 449. 1
524.9
238.9
161.6
106.7
82.1
19.0
15.2
116.5
61.8
23.7
19.7
217.4
47.5
28.8
17.1
183.8
34.5
31.6
20.3
133.0
20.6
30.4
23.4
151.1
16.2
25.3
24.9
198.1
34.1
59.3
29.6
187.5
40.8
50.8
26.7
174.0
39.6
20.7
30.7
164.0
51.1
39.0
31.4
146.8
107. 5
24.2
35.9
243.8
102.6
34.4
40.5
187.9
74.1
24.8
39.0
do
do
do
307.6
365.5
4, 962. 9
442.1
495.5
8,311.8
41.5
41.3
704.1
42.8
44.7
757.4
42.5
55.5
794.8
54.0
55.1
771.9
43.7
47.0
796.3
33.2
51.2
964.6
44.3
69.6
939.1
43.6
58.7
944.7
33.8
69.4
887.8
41.7
77.0
765.1
34.5
81.7
771.7
49.5
54.0
850.0
48.3
64.1
892.5
do
do
do
1,608. 9
17.5
2,807. 5
2, 263. 1
28.0
3, 755. 9
167.2
.3
298.5
200.8
.5
355.3
198.4
5.3
379.6
217.4
2.7
389.1
211.9
5.2
367.7
225.1
.3
428.6
293.3
.4
484.0
234.9
3.6
448.6
257.2
3.6
407.7
245.6
.6
442.6
214.8
.4
363.5
217.4
.8
364.6
260.9
.3
329.3
do
do
do
1,434.2
542.2
2, 658. 2
2,118.8
1, 189. 8
3, 563. 5
152.8
77.1
289.0
169.8
76.8
346.4
213.3
64.4
377.4
190.6
77.0
340.2
196.9
55.7
345. 6
224.5
55.8
327.5
285.1
53.8
410.7
247.7
38.8
343.8
278.3
56.7
434.6
207.8
55.7
375.8
230.6
39.7
341.8
205.6
27.2
369.2
154.4
32.2
335.4
do
12,415.2 15, 072. 8 1,190.7 1,516.3 1,342.9 1,377.7 1, 396. 5 1,405.8 1,666.6 1, 704. 0 1, 788. 3 1,731.8 1, 477. 8 1,537.2 1, 658. 7
do
do
do
do
do
do
do
do
do
do
do
By commodity groups and principal commodities:
Food and live animals9
mil. $
Meats and preparations (incl. poultry). . do
Grains and cereal preparations
do
Beverages and tobacco -
do
8,921.4
451.3
1,916.0
248.5
436.6
2,937.4
1,032.5
974.4
59.1
231.0
38.6
41.1
318.1
99.2
933.7
53.4
210.5
50.6
40.4
277.9
101.3
896.2
31.0
234.8
29.4
43.6
281.1
91.2
927.1
31.5
214.6
20.4
40.2
320.8
97.1
48,958.9 70,246.0 5,942.1 6,669.4 7,044.9
48,399.3 69,730.4 5,885.5 6,635.2 7,008.3
9, 406. 9 17,662.5 1, 448. 7 1,733.7 2, 082. 0
39,573.1 52,548.3 4, 487. 8 4, 934. 4 4, 955. 9
6,881.5
6,837.4
1,975.6
4, 910. 5
6, 729. 5
6, 750. 4
1, 839. 2
4, 953. 2
6, 466. 8
396.1
1,242.7
185.9
317.3
1, 982. 2
923.7
809.2
53.5
183.2
14.8
44.2
271.7
82.0
912.7 1, 129. 5 1,175.9 1,265.0 1, 285. 1 1, 222. 3
35.1
50.6
42.9
35.0
43.1
40.7
290.5 316.3
175.2
246.8
285.1
245.4
26.6
28.5
40.9
42.0
21.8
38.1
65.9
49.9
56.4
59.7
51.3
49.5
322.2 365.4 428.9
429.9 395.6
398.7
100.2
135.8
144.5
125.0
140.6
176.6
7, 248. 7
7, 206. 9
1,918.5
5, 330. 3
8, 433. 8
8, 406. 2
2, 106. 3
6, 327. 5
8, 292. 4
8, 255. 9
2, 014. 1
6, 278. 4
8, 357. 0
8, 295. 9
1,795.3
6,561.6
8, 268. 5
8,211.5
1, 704. 9
6, 563. 6
1,242.8 1, 205. 4
60.9
50.9
286.9
262.5
17.4
40.9
59.4
62.2
425.2
389.2
134.2
146.2
7, 593. 5 7,870.8
7, 553. 6 7,801.6
1,631.9 1,452.3
5, 961. 7 6,418.4
7, 568. 5
7, 507. 3
1, 379. 9
6, 188. 6
5,660.6 11,930.2 1,191.6 1,216.7 1,383.9 1,290.8 1,198.1 1,156.8 1, 257. 3 1,181.8 1, 083. 4 1, 074. 6 1,081.5 1,020.7 1,000.1 1,170.6
31.3
26.5
30.2
26.5
32.6
444.2
32.7
44.7
35.6
35.0
28.7
43.9
30.8
41.7
251.9
738.4
776.0 816.1
743.1
805.7
879.1
935.6
820.3 917.0 877.5
3,501.1 8, 495. 1 921.1 847.3 989.7
908.3
1 , 008. 1
93.0
110.6
128.7
Crude materials, inedible, exc. fuels 9
do
5,030.4 8, 380. 2 506.3 747.5 897.0
929.0
Cotton, raw, excl. linters and waste
do
47.5
50.2
56.6
503.3
50.1
278.0 419.8
Soybeans exc. canned or prepared
do
1,508.1 2, 757. 4
106.0
Metal ores, concentrates, and scrap
do
90.7
79.7
507.9 1, 080. 8
T
Revised.
d"Dat a may not equal the sum of the geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the component items; these
revisions will be shown later in biennial editions of BUSINESS STATISTICS. Also, beginning
1,537.4 1, 658. 9
682.3 634.3
673.2
675.6
94.3
90.8
87.2
79.1
94.9
111.3
106.9
90.0
97.6
83.7
124.1
768.4
777.8 647.3 787.3
851.5
854.0 992.6 1,113.8 1, 080. 4 1,013.8 912.2
34.2
69.7
163.3
124.9
112.7
141.3
123.3
145. 1
201.0
128.9
401.0
171.3
171.4
151.3
275.1 221. 9
334.9
298.0 378.7
404.9
121.2
116.3
108.0
144.4
151.1
162.6
99.4
109.0
97.0
79.5
1973, the totals reflect relatively small amounts of trade with unidentified countries, not shown
separately.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-23
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
309.3
227.5
67.8
305.7
216.4
78.4
338.7
252. 8
75.8
332.2
257.6
60.1
449.4
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise — Continued
By commodity groups and principal commodities — C ontinued
Mineral fuels, lubricants, etc. 9
mil. $
Coal and related products
do
Petroleum and products
do
Animal and vegetable oils, fats, waxes,
1, 552. 5
1, 019. 1
444.5
1,670.5
1,052.0
518.0
121.6
65.7
48.0
177.1
119.6
49.9
156.2
105.3
43.1
175.0
105.7
59.6
144.2
67.5
59.2
178.6
116.4
46.4
161.6
90.0
60.5
222.7
145.3
65.5
281.0
194.7
72.8
do
508.0
684.0
66.0
59.1
61.4
77.6
73.7
96.5
100.9
124.2
131.7
138.2
164.3
110.6
86.9
112.2
do
4,132.8
5,749.4
505.6
552.9
566.6
544.7
604.6
650.2
734.8
774.7
711.9
775.9
798.5
812.0
729.1
728.7
do
do
do
do
4,904.1
778.8
825.9
566.8
7,161.6
1, 224. 7
1, 300. 8
950.3
648.8
120.1
106.8
95.8
709.2
127.0
127.4
103.8
731.3
141.0
130.4
109.7
705.4
134.5
155.5
99.0
756.3
140.1
155.2
100.0
795.5
145.0
155.4
98.1
934.3
167.2
186.1
114.2
952.0
171.2
193.1
135.0
1,036.3
165.4
239.9
141.3
983.3
161.0
233.2
114.2
936.1
139.6
258.1
97.9
999.1
152.4
237.5
101.5
885.2 1, 017. 9
144.3
196.7
88.5
Machinery and transport equipment, total
mil. $-- 21, 532. 7
27,869.2
2,324.5
2,555.6
2,567.8
Chemicals
.
Manufactured goods 9 .
Textiles
Iron and steel .
Nonferrous base metals
.
Machinery, total 9
Agricultural
Metalworking.. _.
Construction, excav. and mining
Electrical.. ___
Transport equipment, total
Motor vehicles and parts
2.645.9 2,515.5 2,734.3 3, 376. 3 3, 185. 7
3,268.6 3, 267. 2 2, 809. 9 3, 019. 6 3, 139. 5 3, 768. 3
do
do..
do
do
do
do
do
13,236.1
749.6
410.0
1,598.9
3, 697. 8
8, 296. 6
4,799.4
Miscellaneous manufactured articles
do
3,189.6
Commodities not classified
do
1,559.5
1,842.0
147.7
162.3
178.6
do
do
5, 582. 8
69,475.7
5,307.4
5,643.8
6,402.9
5,996.3
6,845.4
6,684.3
do
do
do
do
1,595.3
15,116.9
1,145.5
15,743.9
2, 350. 5
7,774.5
1,553.6
9, 680. 5
232.8
, 502. 6
116.5
, 402. 9
244.9
142.2
124.0
395.9
563.7
145.5
124.3
, 656. 9 1, 566. 2 1, 254. 1 1, 476. 3 1,425.9 1, 768. 9 2, 026. 2
165.1
96.7
139.0
149.9
109.8
200.9
134.3
, 804. 8 1,960.8 1, 629. 2 1, 728. 0 1,705.3 2, 098. 5 2, 227. 4
623.6
558.9
769.0
741.0
625.2
2,343.7 2, 418. 1 2, 787. 2 2, 790. 3 2, 549. 0
113.0
106.8
93.1
138.0
108.4
2,190.8 2, 109. 8 2, 084. 6 2, 168. 0 1, 844. 6
do
do...
do
14,933.1
3,537.0
3,459.8
7, 452. 4
4, 987. 5
4,340.8
, 329. 3
357.9
343.1
, 648. 3 1, 546. 3 1,221.2 1, 414. 0 1, 396 .6 1, 783. 9 1, 796. 0
435.7
468.0
680.0
872.5
807.2
487.8
577.1
416.3
522.1
470.7
752.2
839.4
601.0
407.6
2,094.4 1, 862. 3 1, 824. 6 1, 741. 5 1, 845. 7
804.3
828.9
786.1
849.3
726.3
728.5
670.2
685.2
708.6
740.4
do
do
16.9
324.7
25.9
373.9
2.5
33.6
3.7
31.9
1.6
34.4
.6
23.5
1.2
19.3
2.6
32.2
.5
43.1
3.8
35.9
15.0
42.3
12.2
76.2
do
do
do
do
do
do
do
819.9
426.6
40.2
301.2
277.8
490.9
9,064.1
1,087.4
434.9
38.8
417.1
442.2
662.9
9, 644. 8
80.3
42.2
3.8
39.5
48.7
71.3
753.4
114.5
41.6
3.1
41.8
44.5
42.3
823.6
146.0
33.5
3.9
41.9
28.9
69.7
895.7
112.1
36.2
3.8
33.5
25.3
50.9
702.5
109.2
43.2
5.4
44.4
33.1
35.0
836.5
64.6
47.9
6.2
38.3
48.8
57.4
763.0
86.1
41.6
3.6
57.9
112.8
66.1
808.2
75.6
39.1
5.3
54.7
159.5
86.8
951.3
72.4
48.8
5.4
60.3
161.9
94.7
1,039.0
71.9
49.8
4.5
53.2
110.5
88.7
984.9
Europe:
France
do
East Germany
do
West Germany
do
Italy
do
Union of Soviet Socialist Republics. .. do
United Kingdom .
do
1,368.6
10.3
4,250.3
1,756.7
95.4
2,987.1
1,715.3
10.5
5,318.2
1, 988. 0
213.7
3, 642. 1
121.3
1.0
341.8
141.2
19.1
259.1
131.9
.9
530.4
155.2
22.8
317.9
157.9
1.0
514.0
189.1
26.6
372.1
144.5
.6
382. 9
165.2
28.9
274.1
135.4
1.0
498.8
190.8
25.4
245.0
128.7
.4
433.1
235.1
42.7
258.2
164.2
1.3
521.5
248.4
30.8
368.4
189.8
.9
617.2
235.5
33.3
338.4
190.6
1.2
594.6
224.0
30.8
350.7
203.7
2.7
588.6
195.3
24.7
371.0
14,926.7
7,442.9
, 327. 4
, 647. 5
, 546. 2
, 220. 0
, 414. 0
, 396 .6
, 782. 8 1, 794. 9
2,094.3
5,772.5
201.4
941.6
82.9
283.9
1,632.2
1, 297. 5
7, 600. 1
274.1
1, 183. 0
101.9
406.9
2, 287. 0
1,624.8
570.6
21.2
89.9
3.8
29.4
164.2
147.2
700.8
26.4
108.9
12.1
35.7
207.9
159.1
710.0
27.7
113.0
25.6
43.3
218.8
128.3
736.2
34.7
126.2
12.8
47.1
209.0
164.4
921.5
33.8
148.5
25.0
43.8
226.0
273.5
853.8
26.2
124.3
20.7
45.2
251.4
248.4
, 243. 5
28.5
140.4
31.2
52.1
297.0
458.9
1,137.0
29.3
101.6
40.1
51.6
281.3
364.0
mil $
6,512.8
do.." 49,069.9
8, 450. 0
0, 671. 2
644.5
, 641. 8
715.6
, 657. 7
839.3
, 947. 9
772.0
, 005. 3
813.4
, 836. 2
806.9
, 885 .4
910.1
992.4
, 830. 7 7, 460. 7
616.4
6.3
102.2
143.8
79.9
708.6
3.2
124.8
200.1
39.2
816.4
14.1
122.9
185.0
107.6
742.4
32.7
123.8
156.8
86.9
780.8
36.5
165.3
167.9
45.9
743.4
25.7
153.0
133.0
105.0
910.4
38.1
194.2
159.3
124.7
823.4
29.8
184.0
127.1
134.3
17,129.7 1, 433. 6 1,631.9 1,554.6 1,572.6 1, 640. 4 1, 626 .3 2, 009. 0 1, 929. 0 2,009.6 1, 953. 9 1, 903. 7 2, 066. 6 1, 956. 4
987.1
75.5
77.4
85.6
114.1
129.4
84.6
76.0
86.5
120.3
114.3
117. 5
124.7
109.9
488.9
44.2
57.5
41.5
32.7
60.0
43.5
53.9
42.0
50.5
50.6
53.1
52.9
48.7
2 094 6
181.0
181.5
168.9
188.4
193.9
260.9
252.8
238.3
265.0
191.7
288. 1
256.9
256.5
5,032.3
429.9
489.5
466.1
4oO. 9
521.5
590.8
594.3
575.6
488.9
593.1
669.4
569.1
625.7
597.7
10,738.3
890.9
875.1 1,107.9 1, 367. 3 1, 256. 7 1,259.0 1,313.3
924.2 1,013.2 1,071.3
953.1 1, 183. 1 1, 495. 9
906.2
5, 988. 7
468.9
544.7
572.0
546.3
674.7
489.7
666.8
620.7
671.3
544.1
627.3
552.0
684.9
3, 950. 7
336.9
346.1
382.9
500.6
468.1
373.3
477.9
474.1
371.3
378.5
473.3
417.1
461.6
439.9
150.2
184.1
174.2
197.8
207.8
218.5
226.7
222.0
233.1
224.6
216.0
VALUE OF IMPORTS
General imports, total d"
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America.
Southern North America
South America
.
. ..
By leading countries:
Africa:
Egypt
Republic of South Africa ...
Asia; Australia and Oceania:
Australia, including New Guinea
India.
Pakistan _ .
Malaysia
Indonesia
.. _
Philippines
Japan...
North and South America:
Canada. ....
do
Latin American Republics, total 9
do...
Argentina
do
Brazil
do
Chile
do
Colombia
do
Mexico
_ _
do
Venezuela
do
By commodity groups and principal commodiAgricultural products, total
.
Nonagricultural products, total
Food and live animals 9
Cocoa or cacao beans
Coffee
Meats and preparations. .. ..
Sugar
do..
do
do
do
do
6, 370. 1 8,014.5
150.9
212.0
1 182 1 1, 565. 9
1,222.8 1, 668. 0
831.6
917.7
Beverages and tobacco
do
, 220. 8
35.3
131.8
45.7
53.8
341.7
370.6
8,899.2 8,556.5 9, 003. 1 9, 166. 4 8, 441. 1 9, 186. 0
8,406.6 8,612.5 9, 035. 6 9, 501. 8 8, 519. 5 8, 635. 1
12.1
68.9
6.9
62.1
61.7
97.7
51.3
50.8
4.7
5.8
71.3
73.1
188.9
164.7
152.3
127.2
, 185. 9 1, 174. 7
73.3
60.2
7.0
86.9
138.6
81.9
, 142. 2
7.2
44.2
226.4
1.1
557.8
227.1
23.3
363.6
187.1
.7
448.7
206.7
20.0
348.0
, 861. 4
, 824. 1 1,741.0
, 845. 7
, 062. 1
27.1
94.0
25.0
58.7
259.9
331.2
, 089. 4 1, 126. 5
24.7
31.0
100.4
149.1
20.3
18.9
41.7
33.8
272.3
303.8
367.0
369. 3
, 075. 9
31.1
156.0
24.9
36.1
265.2
361.7
916.9
7,982.3
858.4
, 698. 2
917.4
863.6
, 085. 6 8, 302. 8
752.6
, 688. 5
822.6
42.1
148.8
109.7
154.8
772.4
35.8
124.0
102.0
159.4
774.6
20.1
120.7
81.4
233.1
766.4
16.3
92.6
100.7
261.7
127.8
126.5
112.7
111.6
113.4
496.7
156.0
93.9
16.5
47.8
504.1
211.1
2.0
502.2
219.4
33.4
355.8
650.1
8.3
66.2
88.7
213.2
657. 8
1, 009. 4
1,220.9
91.0
128.1
131.1
117.0
100.3
86.2
104.1
113.1
116.5
do
3, 859. 8
do
1,021.6
do
509.9
"do"""
195.8
do
196.2
5,013.8
1, 290. 7
676.9
235.6
344.5
390.0
99.9
51.8
15.9
39.1
493.1
148.8
70.1
17.4
42.6
486.8
134.8
79.4
17.4
38.3
392.1
114. -6
58.8
14.1
26.3
413.6
102.5
79.1
19.0
35.2
387.9
85.3
78.5
18.5
41.7
488.0
132.4
84.0
23.7
53.4
478.6
115.8
93.5
23.8
44.7
556. 9
158.0
96.9
18.2
59.0
561.6
185.9
94.5
21.3
46.0
532.8
172.3
89.0
17.8
57.9
536.3
161. 5
107.8
24.0
42.1
Mineral fuels, lubricants, etc
Petroleum and products
do
4,799.0
do"~~ 4, 299. 6
8,173.5
7, 548. 5
701.2
648.5
797.7
740.9
911.4
860.6
1,064 2
962.5
, 304. 9
, 210. 7
, 577 .0
,491.0
, 819. 6
, 739. 2
, 292. 1
,211.2
2,285.5
2,199.8
, 086. 3
, 003. 5
, 407. 4
, 327. 0
, 498. 7
, 399. 9
Animal and vegetable oils and fats
Chemicals
do
do
258.6
2,463.0
21.4
190.5
26.3
209.4
39.3
220.7
39.6
223.9
23.6
200.7
24.5
226.3
35.3
262.3
40.3
310.4
42.2
333.8
26.6
330.5
70.3
350.8
44.3
380.5
54.2
386.8
79.6
427.5
1,251.3
281.7
109.0
294.9
127.5
S-22.
1,093.9
257.3
97.4
231.3
115.3
, 094. 8
212.0
123.9
241.4
126.0
, 081 .4
218.0
117.3
241.7
121.7
,312.8
245.9
119.5
375.0
132.2
, 290. 7
282.6
123.2
304.4
126.2
1 494 5
347.4
121.0
344.3
148.6
514.2
410.2
121.5
329.3
144.3
529.4
419.9
116.6
351.7
140.7
,711.0
561.0
127 A
355.3
141.3
575.9
485.3
124.0
360.3
138.0
, 886. 5
Crude materials, inedible, exc. fuels 9
Metal ores
Paper base stocks
Textile
fibers
Rubber
r
5,974.2 6, 649. 6 6, 692 .3 7,823.2 8, 370. 8
6,291.3 6, 467. 2 7,392.4 7,845.2 8, 141. 2
179.6
2, 014. 6
Manufactured goods 9 . do
11 421 6 13 244 1 970.8 1,140.4
Iron and steel
do
2, 927. 6 3, 008. 6
220.9
258.9
Newsprint
""" "do
1,053.9 1, 184. 8
83.6
93.1
Nonferrous metals
do
1, 933. 0 2, 449. 4
188.4
209.5
Textiles
""do"" 1 *9fi fi 1, 568. 1
116.5
132.0
Revised.
9 Includes data not shown separately.
<? Se e corresp<mding n ote on p
, 115. 6 >, 268. 3
026.7
November 1974
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
1974
1973
1973
1972
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS— Continued
General imports — Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $__ 17, 420. 1 21,076.1
Machinery, total 9
__ do
7, 786. 9 9, 909. 2
Metal working
do
140 4
187 9
Electrical
__
do
3, 376. 7 4 471 1
1,511.8
759 4
14 5
358 1
1,953.6 2,065.2 1,520.2 1,943.9 1,770.2 1,984.3 2, 120. 1 2, 303. 8 2, 153. 6 2, 131. 2 1, 993. 4 2, Oil. 7
882.5
710 7
912.4
994.9 1, 032. 5 1,021.3 1, 077. 1 1,048.6 1, 023. 7
765 1
934 9 1 003 1
25.6
22.8
30.0
26.3
20 5
19 2
22 0
23.0
19 6
19 6
17 7
15 6
509.4
490.9
484.7
322.7
419. 1
444.5
477.6
482.8
340 2
403.6
446 5
466 3
2, 126. 5
do
do
9,633 2 11 060 4
7, 946. 1 9 216 1
748 2 1 009 0 1 05° 2
602 8
884 8
867 2
732 5 1 061 6 1 005 1 1 071 9 1 125 2 1,271.3 1 132.4 1, 054. 2
849.8
922. 0
927.7
611.4
882 6
897. 9
929.5 1, 086. 9
944. 8
734. 6
988.0
789.9
Miscellaneous manufactured articles
do
6, 910. 6
8,217.4
668.7
785.2
779.0
624.9
642.3
640.2
735.6
723.1
770.2
800.4
885.5
935.5
837.6
906.8
Commodities not classified
do
1,598.0
1,794.0
145.6
160.5
144.1
156.0
144.6
155.1
170.8
179.0
173.2
183.0
194. 5
187.6
200.9
215.5
117.6
134.3
158.0
137.5
165.4
227.5
141.6
162.5
230.2
147.1
176 6
259.8
149.2
183 7
274.1
155.3
172 5
267.9
158.7
166.6
264.3
162.7
173.5
282.2
166.3
198.0
329.2
167.3
193.3
323.3
166.9
194.7
324.8
172.1
186.8
321.5
173.0
170.9
295.8
182.8
167.1
305.5
184.2
159.6
294.0
126.1
163.8
206.6
149.6
171.8
257 1
152.3
154.9
235.9
159.6
178.2
284.4
165.0
183.6
302 9
172. 7
149.3
257.8
181.7
163.3
296.8
192.5
155.2
298.7
202.8
172.2
349. 1
215.6
173.3
373.6
218.5
181.7
397.1
223.6
170.8
381.8
228.9
175.5
401.8
235.5
173.7
409.1
237.7
158.5
376. 7
tons
mil $
230 176
25 520
274 257
39,642
21,751
3,356
24 645
3,802
24 756
4,280
22 762
4,042
19, 991
3,858
21, 762
4,139
20, 523
4,683
22, 862
4, 752
23, 701
4,708
24 725
4,574
thous sh tons
mil $
350 845
33 617
441 694
42, 742
37 5g3
3,340
41 291
3,871
49 324
4,230
33 412
3,720
32 265
4.294
9
30 03 i
4,978
36 854
5, 578
39 004
5, 889
38, 652
5,765
Transport equipment
Automobiles and parts
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
_
_.1967 = 100
Quantity
do
Value
. _
do
General imports:
Unit value..
__
do
Quantity...
.
. _
do
Value
do
Shipping Weight and Value
Water borne trade:
Exports (incl. reexports):
Shipping weight
Value
.
General imports:
Shipping weight
Value...
thous sh
8 770
4,296
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil.
Passenger-load factor §
percent.
Ton-miles (revenue), total^
mil.
152 41 161 96
52.1
53.0
20, 746 22,242
13. 15
48.5
1,843
mil. $.
do
do
do
"do~~.
do...
11 163
9 271
938
271
10 579
222
12,419
10 274
1 075
303
11,835
227
3,431
2 859
282
65
3 089
171
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
bil.
mil.
do...
118 14
2 667
686
126. 32
2,922
687
9.86
256
63
Operating revenues©
Operating expenses©
Net income after taxes©..
mil. $.
do
do...
8 652
8,158
196
9 694
9,201
178
2 597
2,375
95
International operations:A
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
_._
bil.
.mil.
do
34 27
1 738
615
35.64
1,916
522
3.29
180
39
mil. $.
_do...
do
2 512
2 420
26
2,725
2,634
49
834
714
75
mil.
3 5 271
s 5, 345
94
7,584
94
8,705
94
2, 151
94
2,433
258
236
51
171
189
46
128
149
142
163 4
162 6
0perating revenues 9 O
Passenger revenues
Freight and express revenues
Mail revenues
Operating expenses©
Net income after taxesO
Operating revenues©
Operating expenses©
Net income after taxes©
12 88
47.8
1,848
11 99
55.5
1,736
13 13
56 9
1,826
12.99
55.0
1,766
11.69
55.6
1,636
3,091
2 494
291
105
3,015
14
10.13
277
67
9.77
257
58
10.58
231
74
2.22
175
47
2.55
157
51
13.70
57.5
1,882
13.57 p 15. 12 p 15.55 p 16.73 P 12. 68
55.0 p 58.6 P57.1 P61.6 p51. 2
1,910 * 2, 034 P 2,047 p 2,195 P 1,766
3,781
3 089
321
71
3 443
180
3,274
2 651
281
71
3,224
—4
10.26
222
56
9.45
221
53
2 457
2,353
35
2.75
187
39
13.78
57.4
1,921
11.16
254
60
11.08
243
57
10.67 v 12. 00 P 12. 07 p 13.18
267
P237
p 252
p 256
58
P52
P 54
p 56
2 610
2,496
45
2.73
154
35
2.24
158
35
634
662
—21
2 62
190
39
P9.86
P237
P52
2 983
2,650
178
2.62
174
38
2.90
187
41
664
728
—49
•p 3. 12
p 176
P 40
P3.48
P166
P37
p 3.55
p 172
p 38
P2.82
P 174
P35
436
437
443
798
793
2
Local Transit Lines
Passengers carried (revenue)
Motor Carriers
Carriers of property, large, class I:*
Number of reporting carriers
Operating revenues, total
mil. $..
Net income, after extraordinary and prior period
charges and credits
.mil. $..
Tonnage hauled (revenue), common and contract
carrier service
mil. tons..
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.)cf
average same period, 1967=100.
Common carriers of general freight, seas. adj.
1067 = 100Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total, excl. Amtrake 9 mil. $..
Freight
do __.
Passenger, excl. Amtrak
do....
0perating expenses ©
do
Tax accruals and rents
do....
Net railway operating income
do
Net income (after taxes) ©_.
do
1 OR
,4
' 410
462
448
483
457
174 6
3 633
13 440 14 796
o 070
12 598 13 794
259
257
66
2 898
10 580 119 571
572
366
2 030
163
859
830
183
1558
U83
534
492
484
448
94
2,294
94
2,413
67
47
89
50
43
45
132
167 7
r
2
Revised.
p Preliminary.
i Before extraordinary and prior period items.
Comparison with year-ago data may be affected by the change in reporting actual tonnage
carried
3
instead of billed tonnage, per the ICC Uniform System of Accounts (1/1/74).
Annual
total; monthly data not revised.
9 Includes data not shown separately.
<[ Applies to
passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of available
seat-miles in revenue service reflects proportion of seating capacity actually sold and utilized.
©Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
447
170 1
3 913
3,634
68
2 990
641
282
i 203
' 142
138
'168 4 j 167 2
2 lg« 4
3 939
3 656
74
3 099
671
168
i 97
2 159 i 2 157 Q
2 153 5
2
154. 8 2 149 8 2 153 2
4,292
3,994
72
3 256
750
286
i 252
service.
A Effective July 1973, carrier group referred to as "International"; no change in
comparability of data.
*New series.
Source: ICC (no comparable data prior to 1972).
d" Indexes are comparable for the identical quarter of each year (and from year to year); see 2 .
©Natl. Railroad Pass. Corp. (Amtrak), not included in AAR data above, operations for
1972 and 1973 (mil. dol.): Operating revenues, 163; 202; operating expenses, 286; 328; net income,
—148; —159 (ICC).
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
Annual
S-25
1974
1973
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
208.8
370.3
144
5,660
127
4,898
'465
1,862
196
1 288
154
^568
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads— Continued
Traffic:
Ton-miles of freight (net), revenue and nonrevenue.
bil
Revenue ton-miles, qtrly. (AAR).
do
Revenue per ton-mile
cents
Passengers (revenue) carried 1 mile .
mil
800.8
776.7
1 616
8,560
878.4
846.8
1.620
9,298
211.2
2442 5
214.0
22 1 632
5, 065
211.4
226.5
Travel
Hotels and motor-hotels:
Average sale per occupied room
dollars
Rooms occupied
%of total
Restaurant sales index same mo. 1951 *» 100
Foreign travel:
U.S. citizens- Arrivals
thous
Departures
do
Aliens: Arrivals
.
do
Departures
do
19.64
63
123
20.42
64
130
20.71
66
135
21.09
73
132
21.04
63
123
20.36
46
129
20.35
56
107
21.86
63
124
21.54
66
153
22.48
68
138
22.87
69
165
22.30
70
153
i 9 068
i g 312
6 193
4 310
9 211
8,758
5,750
4,905
761
741
512
470
751
653
495
425
630
573
416
381
594
609
473
414
620
584
475
387
601
587
399
310
720
679
469
366
767
721
461
373
706
737
433
401
724
862
476
426
Passports issued
National parks, visits
do
do
2 728
64 087
2,729
55, 406
162
6,616
148
4, 159
132
2,256
108
1,493
168
1,307
185
1,449
245
1,992
287
2,851
298
4,146
280
6,779
mil $
do
do
do
do
mil
23 082
11 264
8 985
14 868
4 034
117 5
26 030
12, 430
10 371
16, 536
4 710
123 3
6 663
3,120
2 621
4,186
1 195
121 9
6 807
3,250
2 714
4,390
1 223
123 3
mil $
do
do
431 8
349 8
65 1
454 8
373 0
53 7
114 5
95.3
11 7
115 8
93 9
14 3
116 2
92.8
15 6
340.3
331.2
3
6.4
341.2
332.4
do
do
do
226 0
163 7
49 4
261 6
182 9
64 7
66.0
45 8
17.0
70.6
49 4
17.2
72.6
49 7
19.2
324.3
316.7
36.3
325.2
3 16.5
_.
22 27
67
139
21.79
73
136
261
9,832
194
10,381
41 3
31 7
370
341.2
332.1
3
6.4
342.0
333.7
35.6
3 7.1
323
5
3
16 6
35 7
325.5
317.6
3
6. 5
COMMUNICATION (QTRLY.)
Telephone carriers (66 carriers):
Operating revenues 9
Station revenues
Tolls, message
Operating expenses (excluding taxes).
Net operating income (after taxes)
Phones in service, end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
International:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
3 6.1
3
3
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AhOs)}
Chlorine gas (100% Ch)t
'
do
Hydrochloric acid (100% HCDJ
do
Phosphorus, elementalt
do
Sodium carbonate (soda ash) synthetic (58^ "
Na 2 O).J
' thous. sh. tons..
Sodium hydroxide (100% NaOH)J
do
Sodium silicate, anhydrous?
do
Sodium sulfate, anhydrousj
do
Sodium trypolyphosphate (100% NaePaOio)!
do
Titanium dioxide (composite and pure)J do
Sulfur, native (Frascti) and recovered:
Production cf
thous Ig tons
Stocks (producers') end of periodcT
do
r
1 256
9 873
2 302
556
4 310
i 9 5gg
*661
1 327
1 137
10 303
2 388
525
3 838
79
835
188
37
261
108
88 Q
208
44
331
96
882
204
45
328
86
894
191
44
300
92
878
205
47
271
90
815
193
42
265
90
877
192
47
283
102
880
190
38
335
106
897
202
38
332
88
866
205
45
255
r 203
44
305
109
893
211
43
295
10 679
727
1 422
868
62
108
913
64
138
913
67
113
924
60
105
903
67
101
831
60
99
906
61
117
903
68
123
918
71
135
888
63
106
918
67
109
915
61
113
1 033
718
914
772
70
61
71
65
71
67
71
68
69
65
69
63
76
71
73
72
69
74
79
71
78
66
83
68
i 9 240
3 796
i 10 021
3 927
829
3 820
893
3 903
864
3 876
8*3
3 927
805
3 897
773
3 799
885
3 809
855
3 868
879
3 764
893
3 707
r 941
3 769
1 027
3 992
15 466
6 952
1 983
7 439
i 1 972
6 493
31 723
1 333
569
198
587
151
536
2,527
1 361
561
212
6?6
164
552
2,605
1 299
573
152
631
170
537
2,663
1 323
613
156
644
167
559
2,748
1 158
657
201
687
153
532
2,607
1 191
573
214
677
147
530
2,478
1,476
675
154
747
189
586
2,628
1 442
671
184
736
193
577
2,688
1,374
651
178
709
221
611
2,857
1 319
604
169
654
195
579
2,669
1 240
589
160
639
181
588
2,723
5 578
332
5 909
20 128
1 044
14 895
1 579
431
340
415
1 639
92
1 115
192
471
304
592
1,764
69
1 362
120
449
322
577
1 678
100
1 233
130
481
332
492
1 698
87
1 221
122
419
308
568
1 896
126
1 334
184
463
298
567
1 774
75
1 308
120
459
285
675
1 314
48
1 030
100
473
238
740
1 731
54
1 414
80
474
205
587
1,237
62
985
87
453
260
394
1,877
70
1 520
93
443
341
333
1,781
102
1 285
135
338
299
5,899
69
16
23
385
5
24
29
669
16
27
23
601
3
107
904
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrousj
thous sh tons
15 193
Ammonium nitrate, original solution J
do
6*881
Ammonium sulfatei
do
1 858
Nitric acid (100% HNO 3 )J
do
7 981
Nitrogen solutions (100% N)£ .
"" do
1,593
Phosphoric acid (100% P2O6)}:
do
6 531
Sulfuric acid (100% H 2 SO 4 )i
.
do
31, 184
Superphosphate and other phosphatic fertilizers
(100% P 2 O 6 ):
Production
_ thous. sh. tons
5 482
Stocks, end of period
do
433
Potash, deliveries (K 2 O)
.
do
4 913
Exports, total 9 -do
19 61?
Nitrogenous materials
do
1,123
Phosphate materials
do
14 953
Potash materials
do
1 353
Imports:
Ammonium nitrate
do
378
Ammonium sulfate
. .
do
264
Potassium chloride
do
4,855
Sodium nitrate...
do .
111
r
Revised.
* Preliminary.
1
Annual total; revisions not distributed to the monthly or
months ending in month shown.
3 por m0 nth shown.
9 Includes data not shown separately.
quarterly data,
3
For six
398
1 641
71
1 248
117
23
18
20
27
16
60
48
21
13
31
8
17
44
20
28
13
20
23
26
25
519
466
351
410
752
816
610
795
489
626
0
21
10
19
20
12
3
3
13
10
J Monthly revisions back to 1971 are available upon request.
d"In the footnote of the 1973 BUSINESS STATISTICS a distinction is made between "gross
weight" and "sulfur content." However, because the difference is so minute, the Bureau of
Mines no longer makes this distinction.
SURVEY OF CUREENT BUSINESS
S-26
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
November 1974
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Industrial Gases J
Production:
Acetylene
mil cu. ft
8,278
651
11, 456
Carbon dioxide, liquid, gas, and solid
thous. sh. tons..
1,568
135
1,610
65, 355
Hydrogen (high and low purity)
mil. cu. ft.. 58, 890
5,337
193, 540 228,099 19,425
Nitrogen (high and low purity)
do
Oxygen (high and low purity)
do
351,733 392,231 33,060
Organic Chemicals d"
Production:
32.2
Acetylsallcylic acid (aspirin)
mil Ib
!35.0
2.4
i 114. 1 i 110. 6
Creosote oil ©
mil. gal
8.4
i 222. 0 i 219. 1
Ethyl acetate (85%)
mil Ib
18.5
i 5,651. 8 16,173.6
Formaldehyde (37% HCHO)
do
603.2
353.0
Glycerin, refined, all grades .
do
359.1
27.6
i 974. 6 11,072.0
Methanol, synthetic
mil. gal
90.8
i 933. 0 11,026.9
85.2
Phthallc anhydride
mil Ib
ALCOHOL*
Ethyl alcohol and spirits:
Production
mil tax gal
692.0
621.3
59.9
Used for denaturation
do
453.0 ' 470. 6
38.0
Taxable withdrawals
do
72.9
82.5
6.8
Stocks, end of period
do
100.9
76.9
81.1
Denatured alcohol:
253.4
Production
mil. wine gal-245.9
20.3
246.6
253.6
Consumption (withdrawals)
do
20.3
2.1
Stocks end of period
do
2.5
2.8
652
669
146
5,805
19,950
34,582
134
5,468
19,243
34,127
3.0
8.8
15.6
543.8
29.9
83.9
81.3
2.8
8.5
13.1
516.7
30.2
95.3
82.3
2.6
10.2
15.1
534.7
30.3
88.1
96.6
62.7
41.8
7.0
82.2
62.2
44.4
6.9
84.9
22.5
22.7
2.5
602
615
'571
594
626
631
628
638
646
125
109
5,631
5,719
19,682 20, 043
33,861 32, 684
103
5,699
18,126
30,062
121
5,956
20, 238
33, 382
123
5,882
19, 148
32, 718
135
6,004
20,071
33,144
2.6
8.5
16.4
515.7
30.8
78.6
86.5
2.5
8.9
16.4
510.3
28.8
78.5
78.2
3.1
10.7
15.9
538.3
30.8
83.2
85.1
3.2
11.3
15.4
576.7
32.2
101.9
87.5
2.8
9.9
12.0
533.7
31.2
89.7
87.7
2.8
10.2
12.3
539.7
25.4
82.6
89.7
56.4
36.2
5.6
100.9
49.9
35.4
6.3
79.7
49.9
38.4
5.6
95.4
45.3
37.4
6.9
87.8
55.5
41.8
6.5
85.9
52.8
44.4
6.0
90.7
40.8
34.9
6.4
82.2
45.3
37.4
5.8
81.1
52.4
38.6
6.1
86.2
23.8
23.6
2.8
19.5
19.7
2.5
22.6
23.0
2.8
20.8
20.7
2.9
21.5
21.1
3.2
22.7
23.5
2.4
24.6
24.6
2.4
19.5
19.6
2.4
20.3
20.2
2.4
21.0
20.8
2.6
165.7
784.6
188.4
362.8
374.9
143.0
710.4
184.6
370.9
367.9
146.2
742.5
194.7
388.3
377.2
143.4
719.2
176.6
390.5
377.5
153.6
692.4
178.0
382.1
374.1
145.9
730.8
194.3
441.6
402.1
159.5
723.3
187.6
430.1
400.4
143.5
727.5
165.8
453.1
401.4
140.3
713.3
191.0
459. 9
395.3
127.7
741.0
184.6
427.5
405.1
' 125. 9
748.7
201.6
' 445. 4
401. 5
538.8
559.1
274.3
137.6
136.7
240.0
114.6
125.4
243.8
115.0
128.8
246.3
121.3
125.0
279.5
139.1
140.4
315.9
163.8
152.1
342.3
180.3
162.0
349.5
185.0
164.5
' 345. 5 ' 363. 8 344.6
176.0
' 189. 7 r 192. 9
' 155. 8 ' 170. 9 168.6
129
'127
129
5,960 ' 6, 233 5,849
19,550 ' 19,819 20, 183
31,467 '31,810 31, 160
2.6
2.4
11.2
11.3
12.1
13.6
502.3 ' 463. 3
27.8
23.7
98. 0 -76.7
82.9
87.2
2.6
11.8
13.7
478.5
26.1
78.7
89.1
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
_
Polypropylene
Polystyrene and copolymers
Poly vinyl chloride and copolymers. _
mil Ib
.do
do
do
do
1,440.5
7,656. 2
1,730.9
4,890. 2
4,322. 0
11,912.3
18,451.1
12,152.5
i1 4,896.3
4, 423.4
2, 108. 7
2, 083. 7
551.2
3, 009. 2
1, 659. 3
1, 349. 8
3,152. 0
1,673.9
1,478.1
272.6
140.3
132.2
161.3
686.1
186.1
395.8
365.9
127.4
722.5
203.1
449.4
412.4
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. Ib..
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
.do
Industrial
finishes
do
489.2
527.9
197.8
91.8
106.0
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and Industrial), total
mil. kw.-hr__ 1,853,390 1,947,079 164, 242 159, 194 149, 394 161,772 160, 720 149, 413 156, 519 145,697 161, 170 156,404 183, 343 182, 358
Electric utilities total
By fuels
By waterpower
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
do
do
__do
1,747,323 1,848,539 156, 304 153, 888 140, 785 153, 276 152, 226 141, 723 148,046 137, 586 153, 076 148, 119 175, 057 174, 021
1,474,589 1,576,770 139, 101 135, 620 121, 734 127, 047 127, 917 115,556 120, 656 110,048 124, 968 121, 680 149, 408 150, 615
272, 734 271, 768 17, 203 18, 268 19, 051 26, 229 24, 309 26, 167 27, 390 27, 538 28, 108 26, 439 25, 650 23, 406
do
1,435,599 1,522,995 131, 044 128, 530 115,947 124, 023 126, 442 113, 947 119, 281 115,248 123, 181 118,911 131, 375 143, 351
301,724 325, 543 25, 260 25, 358 24, 838 29, 253 25, 784 27, 776 28, 765 22, 338 29, 895 29,208 43, 682 30, 670
do
do
do
106,067
102, 678
3,389
98, 540
94, 978
3,562
7,938
7,694
244
5,305
5,064
242
8,608
8,322
286
8,496
8,186
310
8,494
8,173
321
7,690
7,394
296
8,473
8,154
319
8,111
7,792
319
8,094
7,764
330
8,285
7,985
300
8,286
8,008
277
8,338
8,073
264
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 1,577,714 1,703,203 154, 877 145, 715 138, 889 137, 882 143, 201 137, 340 136, 116 134, 088 133, 383 140, 785 148, 165 154, 740
Commercial and industrial:
Small light and power§
do... 361, 859 396, 903 37, 452 34, 146 32, 180 30, 822 31,271 30, 295 30, 049 29, 819 30, 534 33, 373 35, 819 36, 998
Large light and power§
do
639, 467 687, 235 59, 514 60, 779 58, 910 56, 482 55, 695 55, 022 55, 786 56, 502 57, 297 58, 292 58,004 60, 152
_do
do
4,440
611,423
4,186
554, 171
328
52, 308
339
45, 285
346
42, 308
371
45, 198
375
50, 794
367
46, 797
356
45, 080
345
42, 568
334
40, 333
339
43, 958
344
49, 042
336
52, 161
do
do
12, 193
43, 190
5,142
12,836
42, 340
5,532
1,047
3,735
495
1,119
3,567
480
1,177
3,494
474
1,219
3,325
464
1,234
3,377
456
1,139
3,277
444
1,119
3,245
482
1,067
3,306
481
1,015
3,367
503
985
3,416
422
997
3,542
417
1,051
3,606
436
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 27, 921. 1 31, 662. 9 2, 944. 0 2, 758. 7 2, 644. 7 2,679.3 2, 829. 6 2, 817. 6 2, 870. 4 2,919.1 3,011.6 3, 264. 9 3, 523. 4
3,712.9
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
GAS
Total utility gas, Quarterly
(American Gas Association):
Customers, end of period, total
Residential
Commercial ...
Industrial
Other
Sales to customers, total
Residential
Commercial
Industrial
Other
thous..
do
do
do
do
tril. Btu
do
do
do
do
43,370 ' 44, 205 '43,436
39, 776 ••40,555 '39,914
3,330 ' 3, 388 ' 3, 268
216
'201
••215
49
'54
'48
'17,082 '16,484 ' 3, 216
' 5, 144 ' 4, 994
'465
' 2, 279 r 2, 283
'281
' 8, 777 '8,373 ' 2, 238
'232
883
'835
12, 488 '12,990 ' 2, 136
6,105 ' 6, 248
'731
'267
2,066 ' 2, 174
3,854
' 4, 198 ' 1, 055
'83
'371
463
' Revised.
» Reported annual total; revisions are not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
cfData are reported on the basis of 100 percent content of the
Revenue from sales to customers, total
Residential
Commercial
.
Industrial
Other
mil. $..
do
do
do
do
'44,205
'40,555
' 3, 388
'215
'48
44, 467
40,760
3,412
209
86
44, 014
40, 418
3,343
211
42
' 3, 925
' 1, 172
'550
' 2, 026
'176
5,136
2,137
939
1,905
155
3,818
1,035
491
2,169
122
3,443
5,035
' 3, 245
1,524
2,671
' 1, 540
547
'541
963
1,278
1,229
' 1, 091
93
171
'73
specified material unless otherwise indicated.
\ Monthly revisions back to 1971 are available upon request.
0In the 1973 BUSINESS STATISTICS the unit reads "millions of
gallons"; it should read "thousands of gallons."
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-27
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
14.71
13 76
14.31
15 04
13 86
14 47
15.73
14 73
14 33
14.61
13 89
14 04
Sept.
Oct.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
_
mil. bbl__
Taxable withdrawals
do
Stocks end of period
do_
Distilled spirits (total):
Production
mil. tax gal
Consumption, apparent, for beverage purposes
mil. wine gaL_
Taxable withdrawals
mil. tax gal-Stocks, end of period
.
- __do
Imports
_ - .
mil. proof gal-Whisky:
Production
mil. tax gal-Taxable withdrawals
do _
Stocks, end of period
. _ _ _ __do
Imports
mil. proof gal. .
141.34
131. 81
12.44
148. 60
138. 45
12.76
183. 79
12.12
11.50
13.58
12.38
11.54
13.52
10.90
10.72
12.93
10.65
10.08
12.76
12.19
10.97
13.17
10.98
9.87
13.56
13.05
11.82
13.92
13.09
11 74
14 32
183. 22
13.20
16.09
15.72
15.42
16.02
13.83
14.90
14.62
16 92
15 85
10.05
8 42
i 393.42 i 404 .36
210. 04
200.44
939. 70
971.71
107. 28
100. 16
29.49
17.03
954. 16
8.20
36.10
23.96
930. 87
11.36
41.07
21.14
940. 43
13.69
47.13
15.90
939. 70
11.20
29.36
17.76
937. 26
7.32
27.86
15.34
935. 98
7.67
34.67
19.66
931. 30
9.93
34.48
17.43
929.00
10.24
33.77
19 61
925. 96
8.09
34 10
18 50
924 01
9.33
32.16
16.63
915. 98
9.11
17 06
909 90
7 09
9.32
108. 38
133.63
893.00
92.30
6.95
11.05
912. 87
7.08
6.77
16.68
888. 11
9.75
7.93
14.32
895. 00
11.98
7.54
9.59
893. 00
9.66
8.63
10.82
889. 61
6.27
8.16
9.43
888. 16
6.42
8.32
13.06
883. 30
8 54
8.82
9.51
10.87
11 67
880. 99 878. 43
6 69
8 81
8.00
10 94
875 74
7 77
2.90
10 18
867. 28
7.84
3.11
10 45
862 42
5 74
7 88
120. 30 ' 114.92
62.60 '53.35
9.47
4.43
12.41
6.52
10.31
4.66
8.51
3.46
10.26
4.10
8.46
3.71
10.58
5.32
9.75
4.44
9.09
3.71
9.62
4 46
9.52
4.20
9 27
4 04
20.50
18.97
8 48
2 02
1.99
1.56
10.29
.10
2.36
2.81
9.76
.20
2.35
2.67
9.33
.27
1.56
2.25
8.48
.24
1.86
1.26
8.89
.13
1.46
1.01
9.24
.10
1.82
1.34
9.68
.14
1.00
.95
9.63
12
1.58
1.34
9.80
12
\32
1 53
9 47
18
1.33
.90
9.85
.12
2.35
1 41
10 68
19
437 54
273 12
422. 37
53 15
89.49
20.00
275. 43
3.97
146. 64
26.66
386. 66
4.35
86.32
24.64
437. 96
4.90
23.69
22.59
422. 37
4.17
12.98
24.88
406. 51
3.93
8.63
19.72
388.76
2.07
13 84
26.39
370. 21
3 66
5.41
22.44
350. 83
4.78
7 08
23 16
330. 02
4 37
10 88
23' 90
306 55
4 41
8 61
19. 62
293. 39
4.67
261. 10
378. 68
136. 45
138. 23
35.69
18.78
3.94
4.80
2.20
4.96
7.80
4 85
4.81
__mil. lb._
do
$ per Ib
1,101.9
107.5
.696
* 918. 6
46 4
2 689
51.1
94.3
63.4
67.5
.807
60.3
54.3
.770
69.5
46.4
.744
80.6
51.5
.708
69.0
50.2
653
77 4
58 7
698
88.1
80 0
699
99 3
97 7
621
91 8
118 5
618
78 4
130 6
621
mil. Ib
_ do.
* 2,604.6
1,644.3
2 685 4
*1 672 5
187.4
113.3
202.7
122.2
205.4
123.5
233.7
141.0
240.1
153.1
232.2
153.6
270 7
181 0
269 1
177.6
276 7
185 4
276 2
184 3
250 8
164 9
230 5
143 5
331.4
371.0
382.3
356.0
Stocks, cold storage, end of period.
_ do
357 8
269.4
301.1
310.5
290.0
American, whole milk
do
290 3
179.4 3232 0
28.9
29.2
13.0
Imports
do
Price, wholesale, American, single daisies (Chi.944
.714
cago)
$ per lb_.
.898
.971
.843
Condensed and evaporated milk:
80.2
80.2
« 1,183. 3 1 102 2
72.4
Production, case goods d*
. ..
mil. Ib
Stocks, manufacturers', case goods, end of month
89.4
75.2
74.7
95.6
or yeard"
mil. lb..
69.2
Exports:
14.4
.1
Condensed (sweetened)
.do .
(8)
1.0
(8)
3.8
1.9
40.5
2.5
Evaporated (unsweetened)
do
41.4
Fluid milk:
8,939
« 119,904 115, 620
8,888
Production on farms.
do
8,609
4,086
* 60, 931 57, 563
3,973
3,870
Utilization in mfd. dairy products
do
8.32
« 6. 07
7.87
8.66
Price, wholesale, U.S. average?
$ per lOOlb..
7.14
Dry milk:
Production:
4.9
«75.2
5.3
4 5
Dry whole milk
mil Ib
78 0
AA fl
1 223 5 4 Q1 ft G
54 4
49 5
Stocks, manufacturers', end of period":
7.6
3.4
Dry whole milk
do
7.3
7.0
54
78.1
37.9
84.7
Nonfat dry milk (human food)
do
63 5
74 5
Exports:
1.5
5.9
38.3
Dry whole milk
do
4 3
49 7
5
.2
164.1
.7
Nonfat dry milk (human food)
do
10 4
Price, manufacturers' average selling, nonfat dry
518
331
500
milk (human food)
$ per Ib
522
464
GRAIN AND GRAIN PRODUCTS
237 0
Exports (barley corn oats rye wheat)
mil bu si 789 3 3 2 896 2
267 6
251 5
Barley:
a 423 5 o 424 5
Production (crop estimate)
do
423 7
Stocks (domestic) end of period
do
361 8
321 6
On farms,.
'
do
246.2
286.1
208.5
Off farms
_.
do
115.6
137.6
113.1
Exports, including malt§
do
60.6
11.9
93
94 6
58
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu
1.23
2.62
2.52
2 02
2 60
No. 3, straight
do
1.23
2.60
o go
2 49
2 00
Corn:
e 5 573 0 5 643
Production (crop estimate grain only) mil bu
7 709
Stocks (domestic) end of period total
do
4 831
4 469
On farms
do
3,689
M05
3 353
Off fnrms_
do
1,141
7304
1 116
Exports, including meal and
flour
do
886.2 1 312 3 112.4
112 5
92 3
Prices, wholesale:
No. 3. yellow (Chicago)
$ per bu
2.39
1.30
2.34
2.53
2 19
Weighted avg., selected markets, all grades
do
1.26
2.40
2.12
2.39
2.35
Oats:
Production (crop estimate)
mil bu
e 664
« 692
Stocks (domestic), end of period, total
do
776
634
805
On farms
do
556
606
473
Off farms
do
220
161
199
Exports, including oatmeal
do
25.2
5.2
54 3
56
91
Price, wholesale, No. 2, white (Chicago)
$ per bu_.
8.85
•1.17
' Revised.
» Preliminary.
1 Includes Hawaii; no monthly data available for Hawaii.
2 Average for Jan>, Feb., Apr.-July,
Oct.-Dec.
3
Annual
total
reflects revisions not
4
distributed 8to the months.
Revised monthly data back to 1971 are available
upon
7
request.
Less than 50 thousand pounds. fl Crop estimate for the year.
Previous
year's crop; new crop not reported until beginning of new crop year (July for barley and
357.8
290.3
29.9
364.2
297.6
37.1
391.7
327.0
54.7
438 0
362 6
56 6
489 9
412.9
18 9
530 0
452 5
17 4
570 3
487 2
12 6
569 0
491 1
17 6
552 9
479 5
15 3
1.020
1.050
1.040
1.060
1.050
Rectified spirits and wines, production, total
mil. proof gal_.
Whisky
--. -. .- _ ..do
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
do
Stocks, end of period _ . .
do
Imports
do, _.
Still wines:
Production
.
.
do. __
Taxable withdrawals.
_ .
do
Stocks, end of period
do
Imports
- .
do
Distilling materials produced at wineries.. .do
116. 56
130. 10
924. 41
87.69
21.13
20.36
8.09
1.98
301. 16
269.58
350. 88
45.07
r
16
22
280
4
16
83
08
88
59
4 10
26 54
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
.
c
73 3
j22 7
65 4
r
JQ5 7
CQA
AQQ
m
l
19°. 4
4^3 0
514 7
442 8
.965
r ^Q 0
r
•ICO
.979
.892
.888
.898
.945
88.3
81.6
77.7
92 4
90 6
100 0
102 6
101 0
00 Q
(• e
69.2
54.5
67.5
62 9
76.7
110 0
127 4
156 5
167 6
(5)
3.4
(a)
3.2
.1
3.9
4.0
1
24
3
62
2
34
1
2 2
9,024
4,219
8.80
9,278
4,719
8.89
8,711
4,540
8.92
9 933
5 299
8.94
10091
5 566
8.85
10 791
6 071
8.25
10 505
6 040
7.65
10 069
5 595
7.57
9 588
5' 132
7.65
9 1 Ofi
4 A on
5.7
68 2
57
58 4
ec o
61
6.5
75.3
10.9
95.0
9.7
121.2
8.4
129.0
6.5
117.1
4.4
97 4
2.9
64 7
5.4
74.5
5.9
58 6
7.5
63 7
8.2
58.8
10.0
87.0
11.0
141.9
13.0
183.4
14.3
190.1
12.6
184.9
10.8
166.6
2.4
.4
20
.5
2 6
5
4.1
.4
5.1
.3
4.6
.7
4.1
.4
3.7
.3
5.1
.3
531
540
678
.623
.670
.621
.574
.571
.572
4 4
.3
574
217 8
202 0
181 7
198.4
184.4
201.0
188.7
188.2
164.6
148 7
5.8
8.3
2.7
3.0
320 7
194.4
126.3
2.5
2.85
2.77
2.77
2 76
3.09
3.03
3.63
3.50
3.88
3 80
1
36
(5)
'7H9.3
755.4
1
1^ ^
Q A
-8.00
321 6
208.5
113.1
7.5
82
60
215 8
122.0
93.8
3.9
2.51
2.51
2.71
2 69
3.17
2 95
3.45
3.41
108 1
99.7
2,858
2,008
850
128.0
117.1
124.3
1,442
1,061
381
116.5
97.7
66.4
481
7287
7
195
58.2
2.92
3.10
3.01
2.69
2.73
2.96
3.16
3.67
3.67
3.02
2.95
2.64
2.61
2.80
3.27
3.53
3.46
4 469*
3 353
1 116
112 7
2.67
2.58
634
473
161
4 8
2.58
.3
.8
435
287
148
.5
r 7 ft°. Q
2.5
3.37
3.27
9.0
!°325
4.33
4.02
3.75
3.69
10 649
7151
3.8
9 133
»8.21
o 4 621
7
••7254
••7104
8.0
83 0
706
1.9
1.6
677
522
155
.3
1.33
1.52
e
oats; Oct.
for
corn).
*
Average
for
July-Sept., and Dec.
Average for April, May, and
Dec. 10 November 1 estimate for 1974 crop.
^Condensed milk included with evaporated
to avoid disclosing operations of individual firms. § Excludes pearl
barley.
c
9 Scattered monthly revisions for 1972 will be shown later.
Corrected.
November 1974
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1972
Annual
1974
1973
1973
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Rice:
Production (crop estimate)
mil. bags 9-Callfornla mills:
Receipts domestic rough
mil Ib
Shipments from mills milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
mil Ib
185.4
5115
192.8
85
102
29
45
1,774
1,266
2,151
1,591
18
48
274
112
241
115
251
252
236
150
175
148
113
73
135
87
172
149
164
111
184
137
86
109
8
144
194
109
114
88
92
99
70
80
83
42
18
7,472
5,133
do
(cleaned
1,967
mil Ib
4,447
do
(South$ per lb. . .098
6,021
4,226
1,294
346
2, 263
516
809
545
340
366
326
476
327
406
174
331
133
281
73
237
115
345
109
286
561
273
1,517
502
1,816
3,583
951
215
1,922
253
1,925
402
1,816
405
1,565
368
1,386
265
1,187
287
993
404
824
233
570
312
361
305
455
174
978
329
.180
.185
.213
.295
.300
.300
.300
.300
.300
.300
.250
.250
.230
.200
129.2
54.0
1.07
i 26.4
21.5
1.82
36.9
2.92
2.70
2.46
21.5
2.69
3.42
3.43
17 9
3.13
2.38
2.12
2 11.0
2.66
3.10
3.04
20.8
3.11
mil. bu._
do
do
do
i 1, 545
1360
i 1, 185
1,695
i 1, 711
U42
» 1, 270
2,176
Stocks (domestic), end of period, total
On farms
O ff farms
do
do
do
1,399
510
889
936
368
568
Exports, total including
wheat only
do
do
Southern States mills (Ark., La., Tenn., Tex.):
Shipments from mills milled rice
Stocks, domestic, rough and cleaned
basis) end of period
Exports
Price, wholesale, No. 2, medium grain
west Louisiana)
Rye:
Stocks (domestic) end of period
do
Price, wholesale, No. 2 (Minneapolis)..$ per bu_.
Wheat:
Production (crop estimate), total
Spring wheat
\Vlnterwheat
Distribution
flour
Prices, wholesale:
No. 1 , dark northern spring (Minneapolis)
$ per bu__
No. 2, hd. and dk. hd. winter (Kans. City). do
Weighted avg., selected markets, all grades
$per bu__
3 817. 0 31,403.5
3 778. 5 3 1, 372. 1
.185
519.6
3.22
5 1, 781
5390
5 1, 391
T
'693
r
1,457
614
'843
522
386
••304
484
936
368
568
551
184
366
2249
2
91
2158
1,546
664
882
135.3
131.6
123.2
122.1
121.9
120.5
91.6
89.5
85.2
83.1
75.2
72.8
66.0
63.9
57.6
55.7
57.2
55.0
58.9
56.9
84.6 i
82.8 f
93.5
91.6
87.6
86.0
1.86
1.86
3.43
3.58
4.84
5.09
4.50
4.72
4.50
4.78
4.98
5.23
5.47
5.70
5.88
5.78
5.50
5.25
4.45
4.19
4.29
3.67
5.02
4.30
6.42
4.46
5.06
4.36
5.14
4.47
5.64
4.92
1.87
3.64
5.34
4.87
4.91
5.38
5.96
6.27
5.93
4.75
4.59
5.14
5.48
5.21
5.62
5.88
249, 265
4,303
555, 269
21, 589
373
48, 111
21, 982
385
49, 258
20*657
359
46, 272
20, 972
356
46, 912
21, 993
383
48, 882
20, 141
350
45, 015
20, 760
364
46,063
18,486
326
41,365
18, 925
332
42, 217
18,610
329
41,634
18, 735 ' 20, 269
'368
337
42, 246 ' 45, 647
20, 761
375
46,851
5,505
13,456
4,174
1,607
483
612
5 505
912
914
1,015
5 297
904
832
957
3,748
858
784
797
3,885
699
8.734
8.454
10.600
10. 463
9.913
9.863
10. 225
10. 113
11. 525
11. 075
12. 975
12. 913
13. 313
13. 150
12.700
12.488
10.188
9.738
9.838
9.188
10.963
9.688
12. 013
10. 725
11. 513
10. 150
11.425
10. 325
2,421
32,267
1,808
30, 521
128
2,362
168
2,866
170
2,687
156
2,519
181
2,793
155
2,303
180
2,621
172
2,643
167
2,793
137
2,621
164
2,821
202
2,876
212
2,787
35.49
38.89
46.88
43.52
49.13
57.19
45.05
49.73
56.40
41.33
49.84
53.40
39.56
47.63
57.50
38.63
44.42
56.50
47.28
48.70
58.50
45.72
45.30
60.50
41.98
43.65
59.00
40.81
42.49
58.50
39.49
37.24
51.00
36.62
33.16
45.00
42.81
34.44
41.80
46.14
33.26
36.00
40.64
29.80
36.00
78, 759
72,264
6,348
6,613
6,534
5,859
6,804
5,584
6,568
6,867
7,077
5,894
5,722
6,363
6,523
26.58
40.10
42.96
41.28
39.89
38.37
39.27
38.39
34.35
29.95
25.43
26.51
34.23
35.58
34.41
37.91
21.3
20.4
18.8
16.0
15.5
12.7
10.7
9.1
11.9
10.7
10.2
10.8
Wheat flour:
Production:
250, 441
Flour
thous sacks (100 lb )
4,303
Offal.
.
_
thous. sh. tons
557, 801
Grindings of wheat
thous bu
Stocks held by mills, end of period
4,746
thous. sacks (100 lb.)._
Exports
do
16, 549
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 lb.. 6.378
Winter, hard, 95% patent (Kans. City) .-do
5.867
12.600
11.363
LIVESTOCK
Cattle and calves:
Slaughter (federally Inspected):
Calves
thous animals
Cattle
do
Prices, wholesale:
Beef steers (Omaha)
SperlOOlb..
Steers, stocker and feeder (Kansas City)__do
Calves, vealers (Natl. Stockyards, Ill.)__do
Hogs:
Slaughter (federally inspected). __thous. animals..
Prices:
Wholesale, average, all grades (Sioux City)
SperlOOlb..
Hog-corn price ratio- (bu. of corn equal in value
to 100 lb. live hog) .
Sheep and lambs:
Slaughter (federally lnspected)__thous. animals..
Price, wholesale, lambs, average (Omaha)
$perl001b_.
22.3
18.6
14.3
13.1
39.21
29.80
36.00
9,905
9,234
789
915
747
612
749
612
772
782
670
581
713
777
842
30.13
36.69
33.38
31.75
34.75
37.50
38.38
40.38
37.50
39.75
47.25
46.25
41.25
38.88
36.12
35,632
33, 523
2,550
3,141
3,006
2,812
3,157
2,576
3,029
3,086
3,227
2,889
2,940
3,056
2,992
670
614
2,012
830
759
1,972
525
53
159
643
72
207
770
62
184
830
70
156
864
58
171
864
51
137
960
60
168
1,006
56
142
1,016
51
126
917
54
124
802
68
102
'723
64
141
693
58
130
20, 524
380
54
1,461
19,500
459
81
1,471
1,516
252
5
123
1,850
324
8
161
1,740
403
10
139
1,651
459
9
118
1,823
476
9
128
1,483
460
8
93
1,731
499
7
117
1,727
485
5
99
1,822
479
4
89
1,717
457
3
94
1,805
417
3
71
1,817
'389
2
118
1,725
359
3
98
376
.577
«.696
.713
.671
.648
.670
.767
.770
.688
.670
.666
.637
.730
.755
.686
.663
515
16
488
15
40
13
47
16
39
15
33
15
40
12
34
12
43
14
42
14
35
17
28
16
34
16
37
15
42
14
15
1,226
1,243
994
13, 537
14, 594
Revised.
Crop estimate for the year. 3 2 Pre vious yeai•'s crop; n ew crop ilot repor ted
until July (beginning of new crop year).
Annu al total re lects revi sions not distribu ted
1,126
1,293
1,060
35.88
MEATS
Total meats:
Production (carcass weight, leaf lard in), Inspected
slaughter t
mil. lb._
Stocks (excluding lard), cold storage, end of
period
.
__ _
mil. lb
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production inspected slaughter!
do
Stocks, cold storage, end of period
do
Exports
.. __ __
_ do. _
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (East Coast)
$ per lb.
Lamb and mutton:
Production, inspected slaughter
Stocks, cold storage, end of period __
_
Pork (Including lard),
slaughter J
inspected
mil lb
T
l
production,
mil. lb._
do.
to th 3 month s.
9 Ba ?s of 100 Ibs.
726
1,226
1,202
1,144
1,100
1,370
1,317
6
N ov. 1 est: mate of 1974 crop,
for Jan.-Jtily and Sept.-De c.
J Scatterec1 monthly revisio ns back to 1971 a re availa ble upon request.
1,255
*A^perage
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-29
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS— Continued
Pork (excluding lard):
Production, inspected slaughter. . . . mil. Ib
Stocks, cold storage, end of period.
__do
Exports
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$ per lb_ Fresh loins, 8-14 Ib. average (New York)__do
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb_.
Stocks, cold storage (frozen), end of period, total
mil. Ib..
Turkeys
do
Price, in Georgia producing area, live broilers
$perlb_.
Eggs:
Production on farms
mil. cases©..
Stocks , cold storage, end of period:
Shell _
thous casesO
Frozen
_
_
mil. Ib
Price, wholesale, large (delivered; Chicago)!
$ per doz..
12, 551
214
105
395
882
196
6
30
1,094
224
14
37
1,074
277
8
36
992
286
5
30
1,143
303
5
34
940
307
3
36
1,101
351
4
40
1,166
405
6
32
1,200
412
6
30
992
354
9
23
958
291
8
25
1,044
'254
13
19
1,073
249
15
28
266
.810
.818
.839
.866
.784
.957
.765
.818
.815
.859
.752
.720
.834
.706
8.476
.692
.579
.851
.684
.834
.634
.816
.728
.810
10, 883
10,649
905
1,105
990
847
933
766
806
832
944
920
1,002
1,023
898
324
208
431
281
380
226
382
216
405
227
451
266
523
334
620
430
718
••529
742
556
.626
.645
11,879
286
169
398
1
460
351
577
451
466
321
431
281
424
268
392
243
.134
.241
.330
.215
.185
.180
.200
.230
.210
.195
.195
.175
.195
.195
.200
.215
193.2
184.9
14.8
15.4
15.1
15.8
15.7
14.3
16.0
15.5
15.8
15.1
15.2
15.0
14.4
14.9
41
68
34
43
86
53
72
54
67
49
34
43
23
38
42
36
59
39
66
44
86
50
89
55
95
60
65
64
••66
'66
64
65
.380
.610
.700
.646
.678
.728
.750
.695
.621
.542
.445
.446
.505
.575
.646
.632
Cocoa (cacao) beans:
Imports (Incl. shells)
thous. Ig. tons..
Price, wholesale, Accra (New York)
$ per Ib..
282.2
.322
248.0
.636
5.4
.758
2.8
.805
11.1
.770
27.6
.651
28.9
.648
21.1
.738
31.7
.830
21.9
1.085
28.0
1.168
23.7
1.015
12.8
1.070
10.4
1.070
4.8
1.018
1.193
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd"-Roastings (green weight)
.
do
3,663
20,075
4,146
19, 415
4,582
4,275
Imports, total
do
From Brazil
..
do
Price, wholesale, Santos, No. 4 (N.Y.)~$ per lb._
Confectionery, manufacturers' sales
mil. $..
20, 757
6,152
2.544
1,976
21, 799
4,606
.676
2,141
1,399
348
.725
233
1,624
489
.723
227
1,624
420
.730
234
1,652
282
.720
180
2,182
459
.720
211
2,022
272
.710
220
2,457
364
.750
241
2,264
567
.755
200
1,868
166
.765
193
1,529
29
.740
180
1,499
77
.720
172
1,152
83
.630
••251
821
43
.600
316
mil. lb-.
415
459
364
411
453
459
451
435
427
414
424
410
410
'420
M18
Sugar (United States):
Deliveries and supply (raw basis):}
Production and receipts:
Production
thous. sh. tons..
Entries from off-shore, total 9
.
do
Hawaii and Puerto Rico
do
4,896
6,700
1,262
4,931
6,551
1,217
135
587
138
663
597
127
1,019
581
81
915
356
86
563
663
38
386
474
32
293
432
47
148
534
30
209
665
103
139
727
105
65
569
161
72
725
182
604
154
11,628
11,415
2,710
11, 538
11, 482
2,583
1,026
1,022
979
942
938
1,251
890
888
1,902
919
918
2,608
959
957
2,488
867
864
2,509
924
921
2,493
901
899
2,174
1,040
1,038
2,034
990
988
1,949
1,060
1,058
1,613
1,135
1,132
'1,200
"1,008
778
3,946
196
299
439
349
587
3,969
6,086
4,168
9,932
1,407
1,334
3,123
5,299
5,154
1,246
76
5,200
3 1, 566
29
393
285
1
220
24
0
550
82
6
461
52
(«)
244
0
(4)
500
94
0
554
140
(<)
509
161
()
512
180
0
505
114
(«)
600
199
0
593
207
()
437
53
()
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
Deliveries, total 9
.
For domestic consumption
Stocks, raw and ref. , end of period . .
Exports, raw and refined
Imports:
Raw sugar, total9
From the Philippines
Refined sugar, total
sh. tons
-thous. sh. tons..
do
. do
Prices (New York):
Raw, wholesale
Refined-.
Retail (Incl. N.E . New Jersey)
Wholesale (excl. excise tax).
Tea, imports
do
do
do
4,146
5 153
4,153
3,873
' 5, 108
4, 628
4,940
5,103
r
4
4
.640
4
$ per Ib
.091
.103
.109
.112
.111
.112
.122
.155
.195
.195
.228
.270
.275
.315
.335
.370
$ per 5 lb. .
$perlb._
.704
.123
.775
.133
.803
.137
.821
.141
.840
.150
.860
.128
.868
.143
.896
.161
1.024
.200
1.159
.200
1.253
.248
1.426
.285
1.642
.319
1.753
.338
1.901
.395
.408
thous. lb.. 151,495
173, 314
12, 527
16, 878
16, 506
11,997
11, 675
14, 974
16, 583
17, 177
18, 122
17, 489
21, 788
16, 432
13, 954
3,967.9
114. 6
302.0
95.2
389.8
97.6
347.4
111.5
335.2
114.6
330.0
104.7
290.1
118.3
305.6
146.0
280.9
156.9
269.2
130.6
259.8
133.5
288.8
122.8
' 278. 6
' 123. 1
275.2
107.5
3, 927. 8
74.1
288.3
63.8
327.8
62.2
348.8
66.3
329.9
74.1
381.0
76.5
343.8
79.5
372.1
101.1
337.3
88.6
348.1
107.5
338.6
114.6
349.7
88.7
' 325. 8
'83.5
294.4
78.0
2, 357. 0
61.2
185.7
58.4
224.1
60.2
217.9
59.3
214.8
61.2
248.1
55.3
205.7
63.0
213.4
74.4
194.8
75.2
202.9
80.3
174.4
77.8
192.0
70.8
' 163. 2
'69.0
182.2
71.7
.340
.367
.373
.381
.381
.415
.429
.455
.455
.462
.462
.470
.567
.574
43.3
51.3
40.4
44.0
50.9
52.8
37.0
51.5
33.7
46.9
54.3
37.2
46.1
51.9
33.9
49.6
50.2
32.5
45.7
47.9
32.5
47.0
55.5
36.8
'46.1
51.9
36.6
46.8
58.2
32.4
416.5
234.6
407.7
343.5
202.3
407.9
410.2
226.0
363.2
383.6
206.5
430.1
402.0
199.3
456.3
'377.3
214.3
' 478. 1
FATS. OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production!
mil lb
4, 062. 0
Stocks, end of period©
do__
127.3
Salad or cooking oils:
Production
do
3, 904. 8
Stocks, end of period©
_ do
85.6
Margarine:
Production
.__
do
2,361.2
Stocks, end of period©
do
69.3
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
Sperlb..
.313
Animal and fish fats:
Tallow, edible:
Production (quantities rendered) t
mil. lb
544.8
51.5
48.5
474.6
35.3
Consumption in end products}
do
633.6
49.9
41.2
57.6
627.8
Stocks, end of period 1
Ido
37.6
45.3
25.7
40.4
18.7
Tallow and grease (except wool), inedible:
Production (quantities rendered)}
do
5, 830. 2 5, 237. 1
386.2
487.6
487.6
Consumption in end productst
do
3, 330. 1 3, 032. 2
282.8
272.9
224.0
Stocks, end of period 1
"do
346.1
370.1
328.4
389.1
355.6
2
'Revised.
^Preliminary.
1 Average for Jan.- Sept., and Nov.
Averag e for Ap r.June and Aug.-Dec.
3 Reflects revisions not av ailable bjT months
<Les>s than 500
sh. tons.
« Effective June 1974, specification chan ged from less than carlot, 1 0-14 Ibs. to
carlot, 14-17 Ibs.; prices are not comparable with th()se for ear lier periocis.
0 Cases of 30
dozen.
<? Bags of 132.276 lb.
§ Monthly data reflect c umulativf j revisioiis for pr ior
.628
361.6
206.4
447.9
period s.
9 [ncludes data not shown s eparatel y. see als o note " §".
© Produce rs' and
wareh ouse stoc ks.
fBegin ning Jun e 1974 SURVEY,
1 Factory and wa rehouse stocks,
prices are for c artoned, white, sh ell eggs o volum e buyers , deliver*id to stoi e door, <Chicago
metro politan a rea, and are not c omparat le with 1 hose sho wn prev iously. C omparal)le data
JM onthly re visions b ack to 19 72 will be shown 1ater.
backt o 1969 are availabl e.
464.0
269.1
355.6
398.3
224.5
389.8
392.8
222.2
392.9
SURVEY OF CUREENT BUSINESS
S-30
1972 | 1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
November 1974
1973
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products:
Coconut oil:
Production refinedj
Consumption in end products j
Stocks refined end of period 1[§t
Imports
593.0
824.9
229. 1
677.0
602.3
896.8
21.1
716.9
46.6
74.8
28.8
29.8
51.4
83.6
26.5
46.7
35.2
67.2
21.5
64.8
43.2
63.4
21.1
74.6
42.7
70.1
28 1
24.3
30 2
60.7
23 9
25 3
48.9
62.7
28 7
45.0
39.6
62.7
25 7
48.2
32.4
53.8
22.8
35.3
32.9
51.9
23 6
26.5
39 4
49 0
28 7
93.2
507.2
464.5
463.7
76.8
529.2
529.5
523.1
44.9
43.8
42.6
43.6
56.7
45.2
50.7
51.8
54.4
42.4
45.0
45.1
43.4
43.1
48.5
42.6
44.9
45.1
51.0
51.5
42.2
41.8
42.8
38.0
51 5
45.4
39.9
39.9
60.7
46.6
34.2
34.2
73. 1
46.8
40.3
40.2
82.6
43.8
36.6
35.7
94.0
40.5
35.2
31.0
88 0
1,355.2
1,133.5
712.0
187.4
475.4
.169
1,541.5
1, 330. 2
891.4
157.9
545.0
».157
56.2
66.6
54.2
114.3
43.2
120.6
89.0
73.1
124.5
22.6
.250
169.8
117.2
77.6
161.6
24.9
.220
149.0
123.3
87.0
157.9
38.2
.300
176.9
134.9
84.3
202.4
28.8
.320
150 2
118.2
73.4
177.9
79.0
.365
160.4
125.5
77.1
198.8
52.3
.345
144.1
129.3
75.8
198. 9
56.3
.380
140.0
117.4
74.6
190.4
94.2
.400
105.9
90.2
57.6
175.1
63.2
.395
90 1
83.2
71.9
135.2
49.5
.420
16, 993. 1 16, 223. 5
245.6
180.5
948.7
141.8
1,424.9
195.7
1,638.5
206.3
1,651.3
245.6
1,699.6
211.5
1,606.9
243.4
1,728.8
325. 9
7, 540. 2
6, 766. 5
7,041.9
690.5
874.3
3
.206
439.8
526. 4
547.8
515.5
45.2
676.8
605.3
648.3
531.6
12.9
.309
764.9
624.7
649.2
699.9
31.7
.219
769.8
619.7
606.1
690. 5
108.6
.302
797.7
660.3
668.6
623.3
122.2
.287
751.5
589.5
588.6
642.4
120.2
.374
809.0
609.0
634.1
626.0
98.3
.304
mil. Ib
do
. do
do
Corn oil:
Production* Crude
Refined _ . _
Consumption in end products!
Stocks crude and ref., end of period^! .
do
do
do
do
Cottonseed oil:
Production* Crude
.-do_.
Refined
do
Consumption in end productst
do .
Stocks crude and ref end of period U
do
Exports (crude and refined)
do
Price wholesale (N Y )
$ per Ib
Soybean cake and meal:
Production
thous sh tons
Stocks fat oil mills) end of period
do
Soybean oil:
Production* Crude
mil Ib
ReflnedJ
do
Consumption in end products^
do
Stocks crude and ref. end of period !f__do_
Exports (crude and refined)
do
Price wholesale (reflned; N Y )
$ per Ib
8, 083. 7
26,756.8
7,054.4
896.5
1,148.7
.131
2
1,590.8 1 ,636.4 1,576.3
480.3
318.1
391.9
750.8
569.8
572.8
726.3
146.0
.278
777.8
575.8
576.3
765.1
96.9
.312
756.7
537.4
558.7
708.6
215. 0
.309
r
34. 2
48.6
24.8
24.7
42 5
56.5
25 1
55.0
r
44.0
'37.1
••32.5
r
74. 3
43.1
44.7
38.7
68 0
r
68 0
63.5
49.0
109. 9
24.2
.415
T
78. 0
••88.5
'54.
2
T
121.4
34.3
.490
.485
1,655.5 ^1,
603.3 1, 242. 1
447.2 r 504. 2
482.9
788.3
553.3
587.2
702.7
239.8
.396
r
r
T
r
759. 0
573. 5
547. 7
111. 2
84.1
.496
596. 3
505.4
515.7
790.3
83.2
.397
.428
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers', end of period
mil Ib
Exports incl scrap and stems
thous Ib
Imports Incl scrap and stems
do
4,409
4 700
606, 176 2 612,980
240 509 268 585
4,196
54, 680
21, 565
70, 213
26, 113
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports cigarettes
49,007
551,016
6,896
34, 602
4,857
46, 122
442
3,644
5,005
58, 502
576
3,814
millions
do
do
do
1
1, 749
1
6
1, 743
58, 225
588, 019
5,553
41, 543
81,897
23,216
4,409
56, 617
25, 434
53,510
10, 532
7,897
52, 420
479
4,194
3,832
39, 985
339
2,960
4,833
53, 261
418
2,889
57, 684
20, 421
3,762
62, 774
34,506
45, 156
23, 860
47,572
19, 463
4,129
39, 990
29, 623
4,380
46, 092
452
3,791
5,777
52, 760
403
5,044
5,513
46, 158
379
3,761
4,913
43, 780
399
4,205
5,420
50, 894
464
4,468
3,700
47, 633
42, 384
4,215
39, 115
21, 805
52, 704
23, 013
4,407
48, 910
380
3,730
5,563
48, 003
405
3,637
1, 963
LEATHER AND PRODUCTS
E
HIDES AND SKINS
xports:
Value, total 9 .
thous. $
Calf and kip skins
thous skins
Cattle hides
thous. hides
Imports:
Value total 9
Sheep and lamb skins
Goat and kid skins
292, 023 376, 999
1,886
2,064
17, 589 16, 867
25, 638
139
1,229
30, 958
138
1,463
29, 359
154
1,412
27, 892
151
1,391
29, 025
144
1,423
31, 212
169
1,500
31, 751
337
1,462
31, 642
184
1,567
31,910
231
1,554
22, 521
189
1,123
29, 965
114
1,615
26, 699
101
1,529
24, 551
126
1,423
3,900
791
57
6,800
1,468
40
6,500
1,308
16
8 500
1,839
12
11 000
2 375
74
6 500
1 232
11
7 700
1,728
91
7 000
1,449
72
.610
.241
.610
.263
.850
.263
850
.233
850
.258
.750
.253
.600
.245
65,200
16, 852
3,355
83,900
12, 835
1,600
4,600
540
55
4,400
684
27
5,200
562
84
3,800
494
16
4,600
765
65
$ per Ib
do
563
.296
622
343
.610
.355
.610
.363
.610
.328
.610
.282
.610
.293
LEATHER
Production:
Calf and whole kip
thous. skins
Cattle hide and side kip
thous hides and kips
Goat and kid
thous. skins
Sheep and lamb
do
1 603
20 084
1,262
17 768
103
1,429
105
1,566
122
1 437
110
1,374
129
1,445
136
1,398
147
1,437
1,433
1 494
1 400
1 122
1 405
14, 504
991
1,134
1,104
1,046
i, us
1,122
1,060
1,227
1,286
1,252
1,161
1,240
l!7 556 2 120 104
9,919
10, 184
6 459
9,563
9,984
10 163
10, 407
11,917
16 191
14, 674
12, 800
11 699
14 108
« 184. 5
187.0
179.8
179.8
179.8
179.8
165.4
165.4
165.4
158.2
158.2
158 2
156. 8
thous $
thous pieces
do
Prices, wholesale, f.o.b. shipping point:
Calfskins packer heavy 9H/16 Ib
Hides steer, heavy, native, over 53 Ib
Exports:
Upper and lining leather
thous sq ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100
Upper, chrome calf, B and C grades
index, 1967=100
3 522
20, 191
a
< 157. 5
106 7
7
179.8
.550
.173
148.1
119.5
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
-index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100
Women's pumps, low-medium quality. ..do
526 500
488, 326
39, 187
45, 206
38 573
33, 966
38, 380
39, 869
42, 015
36, 965
41,048
36, 832
26, 679
34, 641
417 604
98 272
8,726
2,053
377, 719
98, 244
10, 130
2,233
29, 252
8,886
867
182
33, 590
10,411
927
278
28345
9,107
914
207
27, 310
5,756
737
163
31, 116
6,359
780
152
32, 127
6,965
629
148
33, 447
7,731
686
151
28,635
7,499
686
145
31, 672
8,507
692
177
28, 743
7,319
605
165
23, 530
5,513
522
114
25, 728
8,163
606
143
2, 253
3,599
320
406
370
312
246
321
412
299
290
401
349
273
314
128.6
140.7
140.1
142.6
146.1
146.1
147.4
147.4
152.1
153.9
153.9
155.2
155.2
156.0
160.0
160.0
125.7
6 127. 0
134.2
« 122.1
135.5
121.1
135.5
121.1
135.5
121.1
135.5
121.1
136.8
123.8
136.8
123.8
138.0
123.8
140.5
126.7
143.0
126.7
143.0
126.7
143.0
126.7
144.3
126.7
150.5
132.3
150.5
132.3
1
T
Revised.
1 Crop estimate for the year.
» Annual total reflects revisions not distributed to the monthly data.
»Average for Jan.-June and Oct.-Dec.
* Average for Jan.July and Oct.-Dec.
« Jan .-Aug. average.
7
8
• Average for Jan.-July and Sept.-Dec.
Jan.-Apr. average.
Apr.-Dec. average.
» November 1 estimate of 1974 crop.
9 Includes data for items not shown separately.
H Factory and warehouse stocks.
§ Effective Oct. 1974 SURVEY, data are restated to exclude stocks of crude coconut oil and
are not comparable with those shown for earlier periods,
t Monthly revisions back to 1972 will be shown later.
SURVEY OF CURRENT BUSINESS
November 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
S-31
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Mar.
Apr.
May
June
July
Aug.
2,945
518
2,427
3,191
3,457
570
2,887
3,302
561
2 741
3,006
560
2,446
2,895
548
2,347
3,024
601
2,423
Feb.
Sept.
Oct.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production, total
.. _. _. _. mil. bd. ft-Hardwoods
do
Softwoods
do _
Shipments, total
Hardwoods
Softwoods
__.
-
i 38,254
6,813
31, 441
i 39,390
do
7,231
_ do. ..
do .-- 32, 159
. .
...
3,250
631
2,618
3,453
682
2,771
3,057
571
2,486
2,199
468
2,272
1
37,629
6,680
30, 949
3,096
578
2,518
3,312
3,008
593
2,415
2,623
535
2,088
2,850
529
3,219
2,321
521
2,698
3,377
552
2,825
3 310
2,151
537
2,773
2,949
527
2,422
2,736
502
2,234
2,888
546
2,342
4,413
4,413
480
3,933
4,499
443
4,056
4,596
435
4,161
4,568
448
4,120
4,648
466
4,182
4,627
490
4 137
4,683
522
4,161
4,904
568
4,336
5,042
625
4 417
511
2,741
2,647
496
534
2,657
480
3,933
3,967
301
3,666
4,108
355
3,753
4,157
1,390
9,428
1,959
9,537
204
1,453
192
764
141
780
129
640
163
634
145
547
186
700
188
721
206
815
135
765
115
653
143
541
100
569
9,242
617
8,936
679
712
670
678
632
742
616
663
679
631
701
626
692
790
727
737
688
692
598
659
581
531
553
604
465
502
389
691
635
759
755
775
776
761
782
581
_ do.
do
628
2,683
2,710
3,571
4,152
Stocks (gross) , mill, end of period, total
do
Hardwoods
do
Softwoods
_. _ _ . _ do. .
Exports, total sawmill products
Imports, total sawmill products
1 37,890
6,579
31,311
334
3,824
SOFTWOODS
Douglas flr:
Orders, new
Orders, unfilled, end of period
...mil. bd. ft... do. _.
Production.
Shipments.. _ .
Stocks (gross), mill, end of period
do
do
do
8,983
9,191
735
9,074
8,874
935
719
664
852
765
716
901
757
758
900
635
600
935
644
609
970
1,030
1,029
666
676
998
693
692
1,008
578
559
1,026
1,017
1,018
1,063
Exports, total sawmill products
Sawed timber
_
Boards, planks, scantlings, etc
do
do.
do
405
111
294
637
176
462
68
24
44
63
13
50
37
11
26
42
14
28
60
19
41
46
12
34
76
12
63
73
22
51
182
15
167
113
13
100
41
9
32
49
26
24
31
5
26
144. 27
181.86
190. 27
176. 11
170. 43
170. 26
159. 25
163.06
181.51
186 .18
179. 03
167.63
162. 47
152. 62
146. 22
i 8, 255
i 7, 428
617
472
571
627
718
607
605
573
542
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$per M bd. ft..
Southern pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments..
mil. bd. ft
do
435
1
1
do
do- .
___
Stocks (gross), mill and concentration yards, end
of period . .
.
mil. bd. ft
Exports, total sawmill products
M bd ft
Prices, wholesale, (Indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., I" x 4", S. L.tf
1967=100..
Western pine:
Orders, new
Orders, unfilled, end of period
mil bd ft
do
8, 053
8, 241
564
576
405
497
412
441
i 7, 578
i 7, 458
644
617
684
661
618
588
405
423
557
508
599
553
507
540
573
543
670
685
487
681
660
462
441
671
630
619
594
397
589
557
567
552
1,028
1,148
1,046
1,069
1,099
1,148
1,194
1,224
1,209
1,230
1 271
1,296
1 308
94 346
11, 037
8,826
6 365
5 973
7 077
5 675
6 155
10 575
7 390
5 686
4 948
1 323
6
OAR
7 6io
154.7
198.2
217.6
217.7
218.8
215.6
210.6
207.4
207.7
212.8
207.8
195.4
192.4
180.7
174.9
160.6
140.8
186.2
211.0
211.0
214.3
214.3
215.4
215.4
220.8
231.8
231.8
232.9
236.2
236.2
236.2
236.2
10 756
10, 456
872
919
748
699
748
803
842
878
754
785
555
556
592
584
568
556
657
716
688
859
654
557
542
697
679
566
526
493
Production
Shipments
do
do
10 395
10 563
10, 564
10, 455
930
907
943
927
803
764
734
711
651
647
755
744
841
870
938
912
912
956
776
769
840
761
794
737
763
712
Stocks (gross) , mill, end of period
do
1 214
1,323
1,245
1,261
1,300
1,323
1,327
1 338
1,309
1,335
1 291
1,298
1 377
1 434
1 485
130. 91
179. 62
155. 33
154. 98
155. 90
168. 99
193. 90
190 23
204.37
234 .99
231. 32
200.60
174 35
138 40
121. 26
268 2
11.6
178 3
14.9
15.7
5.5
4.8
13.7
5.1
9 3
14.4
9 9
9 4
2 8
7.1
2.5
244 8
261.1
66
188 0
184.6
8 2
15.4
15.0
18.6
16.4
8.2
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)..
$ per M bd ft
135. 85
543
406
64 456
623
578
100. 46
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
mil bd ft
do
Production
Shipments
Stocks (gross) , mill, end of period
do
do
do
4.5
6.1
5.5
5.1
15.4
13.4
13.6
10 8
8 2
7.7
5.1
3.9
88
10 5
3.4
2.6
96
8.5
2.2
9.2
2.5
16 2
14 3
10 1
13 0
95
12 6
13.6
11 2
15 0
13.0
96
16 7
12.8
88
20 8
84
20 7
9 3
19 6
8 2
89
18 9
72
19.4
8.9
2.6
7.7
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap
do
Pig iron..
_. _ _ _
do
Imports:
Steel mill products
Scrap
Pig iron.. .
_.
_
do
do
do
281
i 4 052
11 256
15
1,025
15
3
374
757
1
388
600
1
473
675
2
456
859
3
448
884
2
503
703
13
633
698
31
627
826
18
633
922
3
647
572
6
488
819
3
346
562
6
17, 681
15 150
1,075
1, 235
1,313
1,092
827
24
13
830
20
10
892
22
15
971
15
22
1 142
1 292
1,293
1 729
1 279
20
31
241
327
673
606
4,785
4,052
8 703
6,782
4 588
4,344
8 522
7,200
4 743
4,370
8 821
7 491
r
4, 532
r
3, 893
r
8 382
r
7 565
j>4, 446
"3, 639
p8 041
*>7,619
102. 20
101. 50
115.40
117. 50
127 .63
117.50
94.22
85.00
107. 67
105. 50
124. 48
122. 50
111. 84
111. 00
111.39
116. 00
2 873
7,383
373
653
33
24
21
55
391
459
20
41
57 801
44 711
103
589
1
7 092
4,570
3,357
8,288
7,460
4,948
3,909
8 938
7 321
4,732
3 78^
8,542
7,266
4,473
3,515
8 219
6,990
4 724
3 544
8 516
6 730
55.95
57.40
56.28
58.50
65.89
64.50
77.53
80.50
80.48
77.00
79.60
82.00
18
60
18
13
18
8
20
45
26
45
Iron and Steel Scrap
Production
.
Receipts, net
Consumption
Stocks, end of period
thous. sh. tons
.
do
do
do
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton..
Pittsburgh district
...
do
T
i 51, 184
41,670
93371
8,169
1
1
34.65
38.00
1
1
1
J
Revised.
»Preliminary.
Annual data; monthly revisions are not available.
9 Totals include data for types of lumber not shown separately.
cf Through March
4
3
7
6
112. 37
119.00
1971 data are for flooring, B and better, F.Q., 1" x 4", S.L., beginning April 1971, they are
for flooring, C and better, F.G., 1" x 4", S.L.
November 1974
SURVEY OF CURRENT BUSINESS
S-32
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous Ig tons
Shipments from mines
do
Imports
.
do
i 75, 434 1i 87, 669 8,496
90, 863 10, 342
78, 287
35, 761 43,331 4,233
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
8,197
9,631
5,577
6,321
7,876
4,705
5,977
6,448
3,080
5,528
2,979
3,199
5,075
2,445
1,780
5,789
2,532
2,010
6,099
5,931
2,766
8,800
9,672
4,536
8,036
10, 619
5,057
8,654
10,474
5,590
7,286
8,337
4,579
4,230
112, 303
119, 937
2,095
132, 905
137, 073
2,747
14, 194
11,077
400
14, 240
11,672
310
12, 151
11,491
215
10, 968
11,848
121
5,096
11, 676
94
4,427
10, 479
36
5,151
11, 267
38
7,943
10, 991
152
14, 326
11,338
229
14, 418
11, 130
242
14, 723
11,221
388
13, 141
10, 687
168
12, 157
10, 340
21
do
do
do
do
167,352
i 14, 679
50, 061
2,612
59, 447
10, 418
45, 990
3,039
60, 291
14,383
43, 641
2,267
61,587
12, 949
46, 209
2,429
60,691
11,394
46, 869
2,428
59,447
10, 418
45, 990
3,039
54, 889
12, 727
39, 241
2,921
50,915
15,368
33, 189
2,358
47, 132
18, 525
27, 073
1,534
44, 229
18, 791
24, 047
1,391
46, 410
17,919
27, 035
1,456
47, 530
15, 331
30, 349
1,850
50,036
13,820
33,965
2,251
51,479
12, 669
36, 417
2,393
38,264
2,940
do
949
916
61
127
41
51
56
41
81
27
57
76
61
50
94
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons^ i 88, 942
Consumption
do
i 89, 140
Stocks, end of period
do
1,660
100, 837
100,300
1,203
8,087
7,941
1,285
8,688
8,466
1,241
8,402
8,114
1,207
8,609
8,184
1,203
8,563
8,624
1,162
7,804
7,806
1,079
8,386
8,467
993
8,233
8,299
977
8,387
8,435
950
8,185
8,166
'936
8,337
v 8, 351
^968
7,872
7,713
71. 38
75.24
76.89
76.89
75.89
75.89
75.89
77.44
82.81
96.00
96.00
133. 80
133. 80
149. 88
149. 88
150. 63
1,140
15, 328
8,301
1,666
17,099
9,148
1,547
1,367
752
1,'570
876
1,592
1,446
754
1,666
1,228
683
1,748
1,379
751
1, 750
1,239
705
1,752
1,388
807
1,711
1,419
829
1,639
1,439
816
1,695
1,346
758
' 1, 691
' 1, 194
'681
1,707
1,260
724
96
961
579
147
1,031
617
140
80
48
139
95
57
130
84
50
147
71
42
142
84
51
144
75
47
147
81
50
147
75
46
144
84
53
159
76
46
167
66
43
175
81
53
12,229
117.0
12,876
119.2
12,586
120.4
12,722
117.7
12,726
117.8
11. 598
118.8
12, 758
118.1
12, 442
119.0
12, 752
118.0
12,185
116.5
12, 155
112.5
11, 837 ' 11,849
109.6 ' 113. 3
12, 617
116.8
729
147
124
796
174
147
899
180
139
929
174
137
996
174
142
1,057
167
136
1,135
191
157
1,216
187
149
1,240
190
157
1,308
179
149
' 1, 384
'113
1,452
169
139
8,905
9,892
9,445
8,670
9,779
8,714
10, 303
9,698
10,047
9,298
8,843
9,084
8,601
493
584
801
126
475
671
879
145
510
618
851
148
507
582
867
130
504
630
908
153
470
552
841
153
513
703
1,034
166
492
646
961
157
532
664
968
167
517
608
933
144
463
604
873
138
430
606
953
115
432
560
882
132
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (mn content) general imports
Pig Iron and Iron Products
Price, basic furnace If
3
$ per sh. ton
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
Steel, Raw and Semi finished
Steel (raw):
Production
thous. sh. tons.. 133, 241 i 150,799
Index.
daily average 1967 — 100
104.5
118.5
Steel castings:
Orders, unfilled, for sale, end of period
929
thous. sh. tons.
317
Shipments, total
do
1,596
1,896
For sale total
do
1,569
1,308
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. i 91, 805 1111,430
By product:
Semifinished products
do
4,917
i 5, 749
5,656
Structural shapes (heavy), steel piling do
7,081
Plates
do
7,553
9,678
Rails and accessories
do
1,601
1,689
Bars and tool steel, total
Bars: Hot rolled (incl light" shapes)
Reinforcing
Cold
finished
do
do
do
do
i 15,518
9,299
4,454
1,675
i 18, 170
110,763
i 5, 135
i 2, 161
1,470
864
422
175
1,649
939
496
205
1,545
902
447
187
1,412
806
444
153
1,592
945
447
189
1,454
842
428
174
1,703
999
483
211
1,677
969
490
208
1,694
993
475
215
1,582
926
454
191
1,490
886
415
180
1,507
899
416
183
1,484
881
412
182
Pipe and tubing
Wire and wire products
Tin mill products
do
do
do
7,609
2,952
6,135
9,133
3,245
7,316
729
266
565
864
292
609
822
252
578
795
209
543
802
276
733
770
253
671
908
297
636
843
295
668
910
296
720
817
272
640
755
223
687
814
266
608
792
251
561
Sheets and strip (incl. electrical), total
Sheets: Hot rolled
Cold rolled
do
do
do
i 39, 862
14, 036
16, 123
49, 370
16, 886
20, 377
3,871
1,290
1,606
4,307
1,489
1,730
4,120
1,440
1,683
3,625
1,300
1,459
4,182
1,503
1,697
3,550
1,278
1,416
4,343
1,525
1,764
3,959
1,344
1,629
4,096
1,458
1,609
3,786
1,320
1,515
3,612
1,259
1,492
3,785
1,325
1,567
3,506
1,196
1,444
do
do
do
do
118,598
9,299
5,055
18,217
22, 705
11,405
6,459
23, 217
6,580
2,917
1,651
5,611
5,961
2,953
1 628
5,361
6,145
3,059
1,709
4,681
6,206
3,333
1,685
4,502
2 1, 795
21,074
2488
21,538
2 1, 933
2 1, 066
2508
2 1, 692
.
2,730
15,396
6,616
125, 894
3,228
6,351
7,811
i 30, 254
775
1,507
1,903
7,087
841
1,609
1 852
7,802
903
1,741
2,230
8,323
876
1,704
2,175
8,562
2269
2503
2735
2 2, 442
2250
2520
2650
2 2, 465
Steel mill products, inventories, end of period:
Consumers' (manufacturers only)__mil. sh. tons^
Receipts during period
do
Consumption during period
do
8.8
68.0
69.2
11.2
83.6
81.2
10.7
7.1
6.4
10.7
7.4
7.4
11.0
7.2
6.9
11.2
6.2
6.0
11.7
7.3
6.8
11.9
6.4
6.2
11.9
7.1
7.1
11.8
6.5
6.6
11.6
6.9
7.1
11.8
7.0
6.8
12.2
6.5
6.1
'12.4
'6.7
6.5
12.6
7.1
6.9
do
'6.4
'6.6
'6.2
'5.8
'6.1
'6.6
'6.2
'5.9
'5.9
'6.1
'5.9
'5.9
5.6
Producing mills:
In process (ingots semifinished etc )
do
Finished (sheets, plates, bars, pipe, etc.) -do
11.3
10.2
9.7
7.4
9.9
7.5
9.5
7.3
9.3
7.0
9.7
7.4
9.4
7.2
9.2
7.0
8.6
6.2
8.3
5.9
8.2
5.4
8.2
5.1
8.5
4.9
8.2
4.8
8.2
4.8
By market (quarterly shipments):
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive
Rail transportation
do
Machinery, industrial equip tools
do
Containers, packaging, ship, materials ...do
Other
. _
do
Service centers (warehouses)f
' Revised.
*> Preliminary.
i Annual data; nlonthly o r quarter y revisi<>ns are i10t
available.
» For month shown.
s Average for 11 months
^Effective May 1973 SURVEY, prices are in terms of dollars per short ton.
fRevised series. Beginning in the Nov. 1974 SURVEY, steel mill inventories at service centers
2
2
2
2
1, 800
1,036
2
464
1,664
2268
2
486
2604
2, 280
reflect (beginni ng 1973) ilew sam] )le panel for the C ensus "VWholesale Trade R eport" a nd (beginnin g 1961), i evised u nit price s for converting \ralue of Tnerchanl wholesa lers' iron _, steel,
1 ATO
etc., inventories to tonnage equivalent. Revised end-of-month data for July 1972-Au?. 1
(mil. sh. tons): 1972-5.5; 5.8; 5.5; 5.3; 5.8; 6.4; 1973—6.1; 5.7; 6.0; 6.5; 6.3; 6.1; 6.3; 6.5. Earlier
revisions are to be published later.
SURVEY OF CURRENT BUSINESS
November 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
Annual
S-33
1973
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
July
June
Aug.
Sept.
Oct.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons.
Recovery from scrap (aluminum content). .do. ._
Imports (general):
Metal and alloys, crude APlates, sheets, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc
4,122
1, 045
4,530
1,060
372
82
388
92
379
86
399
79
404
84
376
79
419
85
410
98
422
97
405
110
416
85
411
90
do
do
646.4
80.9
507.6
57.3
33.0
3.8
46.0
3.6
35.1
3.5
36.5
3.0
30.5
3.6
34.7
3.7
48.6
3.4
41.1
3.2
44.1
4.0
38.2
3.3
36.6
3.2
51.0
3.9
41.5
3.3
do
do
108.3
154.0
229.6
215.1
29.8
18.7
31.2
20.5
47.0
20.8
22.8
20.4
22.0
20.9
20.9
16.0
30.4
20.0
22.8
24.0
17.7
26.4
13.6
19.7
15.0
16.5
14.4
18.6
12.3
14.7
.2645
.2533
.2500
.2540
.2625
.2725
.2900
.2900
.2924
.3150
.3150
.3340
.3350
.3594
.3870
1,209.6 1,194.1 1,295.2 1, 199. 0 1,304.8 1,330.8
907.2
986.7
905.6
895.5 996.5 968.9
482.9
537.3
489.0
480.3 540.9
518.5
164.6
167.9
140.7
160.8
149.0
160.6
1,226.1
980.0
525.0
165.9
1
Price, primary Ingot, 99.5% minimum.. .$ per lb._
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mlll products, total
Sheet and plate
Castings
mil. lb_. 11,877.6 *>14, 438
do
9,246.2 plO, 902
do
4,767.9 *5, 741
do
2,026
1,858.6
Inventories, total (Ingot, mill prod., and scrap),
end of period
mil Ib
4,366
4,861
Copper:
Production:
Mine, recoverable copper
thous. sh. tons.. 1, 664. 8 i 1,717.9
Refinery, primary
do
1,873.2 11,868.5
From domestic ores do
1,680.4 U,698.3
170.2
From foreign ores... .... _ _. _
do
192.8
444.0
' 385.0
Secondary, recovered as refined, qtrly...do
Imports (general) :
Refined, unrefined, scrap (copper cont.)_.do
Refined A.
do
Exports:
Refined and scrap A
do
Refined
do
Imports (general), ore (lead cont.), metal.. .do
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and In process
(lead content), ABMS
thous. sh. tons..
Refiners' (primary), refined and antimonlal
(lead content)
thous. sh. tons..
Consumers' (lead content)d"
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons
Price, common grade, delivered
$ per Ib
4,423
4,375
4,366
4,276
4,250
4,182
4,233
4,291
4,329
4,415
140.9
135.1
121.3
13.8
107.0
154.3
154.1
141.4
12.7
141.8
150.8
141.6
9.2
141.9
143.7
129.8
13.9
121.0
134.6
147.1
132.4
14.7
130.6
138.3
121.4
16.9
145.2
145.0
130.1
14.9
129.0
142.7
149.5
129.2
20.3
°44. 0
151.0
150.9
130.3
20.6
»50.0
141.6
147.5
130.2
17.3
"46.0
'99.1
99.7
82.0
17.7
"34.0
102.2
75.6
59.5
16.1
25.5
10.2
42.3
17.1
57.4
30.3
36.7
21.7
42.7
23.8
47.1
25.5
65.9
33.8
44.3
19.9
54.6
26.2
54.7
22.9
42.0
20.5
43.8
30.9
60.3
35.2
267.7
182.7
342.0
189.4
28.5
16.2
26.0
15.9
24.7
13.6
21.7
11.9
20.4
8.2
28.4
13.1
22.6
9.5
24.6
10.0
40.7
19.8
27.8
12.4
22.6
6.9
26.9
7.0
18.7
6.9
2,230
271
114
2,411
157
108
516
153
90
213
159
93
a 204
••173
f 112
« 215
162
122
"155
200
157
.5124
.5949
.6008
.6858
.8146
.8624
.8660
.8660
.8366
3,016
2,647
767
3,317
3,031
782
740
705
178
618.9 i 603. 0
636.9
i 616. 6
51.3
47.3
53.6
51.4
48.7
51.5
53.1
48.2
57.6
50.3
53.2
54.8
58.4
54.9
52.8
50.9
53.8
53.7
55.3
46.4
55.2
47.0
59.2
49.2
50.0
344.6
1,485. 3
280.5
1,541.2
13.3
122.2
11.9
136.3
20.5
128.4
19.6
117.3
19.4
130.9
18.1
121.7
23.1
125.3
24.9
121.8
15.3
136.0
15.0
119.4
15.0
109.3
16.5
136.7
15.4
168.0
157.6
147.2
154.3
156.7
157.5
160.9
165.6
168.9
180.6
176.0
182.4
193.5
180.3
64.5
118. 5
26.1
124.1
27.7
119.3
23.5
108.4
21.8
121.1
27.1
117.5
21.7
113.4
21.8
120.2
24.7
133.8
21.6
138.8
20.3
139.6
18.0
146.9
17.6
162.9
19.9
169.9
21.1
i 66.3
.1503
78.6
.1628
70.7
.1650
71.5
.1650
72.2
.1650
78.6
.1772
90.8
.1898
86.2
.1900
91.8
.1953
86.8
.2149
84.0
.2150
88.8
.2290
90.3
.2450
111.4
.2450
.2450
190
3,193
1,285
160
5,820
4,580
496
2,615
1,795
175
6,255
5,145
41
1,430
1,570
145
5,950
4,535
1,019
3,732
1,410
135
5,785
4,485
449
2,637
1,600
165
6,650
5,025
55
1,797
1,550
160
5,900
4,625
508
3,309
1,485
150
6,160
4,995
509
2,435
1,723
160
6,430
4,870
596
2,791
1,612
145
6,285
5,115
1,128
2,752
1,603
160
5,965
4,660
533
3,752
916
165
4,615
3,730
0
4,040
903
5,083
94
9,645
2. 4023
278
8,860
2. 4591
484
9,345
2. 6244
1,375
9, 964
3.0099
1,195
8,935
2. 9814
423
8,690
3. 5154
1,012
9,820
3. 8943
2,955
9,910
4.4077
1,234
10, 660
4. 5688
227
9, 825
4. 6281
256
9, 160
4. 2661
426
10,825
4. 2299
1
607
157
108
.6008
.6016
.6875
.6858
834
731
209
.6858
a
.7843
831
759
183
864
745
190
r
.2450
5,345
4,330
478.8
42.7
43.3
41.0
38.7
42.6
39.3
41.9
40.3
40.7
42.4
Ml. 2
41.1
do
do
254.9
522.6
199.1
588.7
9.8
40.7
15.7
51.5
11.8
48.2
13.7
47.3
15.4
66.2
24.3
49.4
19.8
52.1
18.7
36.8
20.4
39.0
15.2
30.9
12.8
38.1
23.4
39.9
do
do
i 118.3
i 307.4
i 129. 7
i 298. 3
12.7
25.2
12.7
26.4
14.3
26.0
13.2
25.4
12.1
25.8
12.3
25.2
13.1
27.0
14.0
27.2
14.3
26.0
12.9
26.2
12.9
25.6
13.0
27.0
49.6
5.7
105.5
4.5
44.7
5.7
118.0
3.1
43.1
5.7
109.3
3.6
45.7
6.3
116.8
1.9
40.9
6.7
112.9
4.5
45.4
6.1
120.3
1.2
43.4
4.9
115.8
.8
43.9
5.3
105.0
1.0
39.4
5.3
108.6
1.1
Slab zinc: §
Production (primary smelter), from domestic
51.1
48.6
50.7
541.3
and foreign ores
thous. sh. tons.. i 633. 2
5.9
5.9
6.2
87.5
i 73.7
Secondary (redistilled) production __ do .
135.2
118.0
121.9
1,418.3 1, 503. 9
Consumption, fabricators..
do
1.2
1.3
3.3
14.6
Exports
do
4.3
Stocks, end of period:
31.6
29.7
32.3
i 20.3
Producers', at smelter (ZI)O-do .. »21.2
106.7
101.8
» 126. 1 i 114. 3 117.8
Consumers'
.
do
.2037
.2035
.2031
.2066
.1775
Price, Prime Western
Sperlb..
r
Revised.
v Preliminary.
i Annual data; mo nthly revisions are ilot avail able,
A Effective Jan. 1974 includes items not covered for earliei• periods: Alumimim— pip<3S,
tubes, blanks, etc.; copper—imports of alloyed refirled, and (exports of ores, co ncentrat 3S,
blister, etc.
§ All data (except annual production figures) re fleet GS^L remelte d zinc aiid
zinc purchased for direct shipment.
.6637
609
145
87
478.3
thous. sh. tons..
Consumption (recoverable zinc content):
Ores
Scrap, all types
4,504
425.6
199.9
Tin:
Imports (for consumption) :
4,480
Ore (tin content)
.
Ig. tons
4,216
52, 451 45, 845
Metal, un wrought, unalloyed
do
Recovery from scrap, total (tin cont.)
do.... i 20, 180 i 20, 477
A s metal. _ _ _ _ _ _
do
i ? 199 i 2, 012
Consumption, total...
do
i 69, 201 i 74, 640
Primary
. _ _ __
.
do
i 53, 501 i 58, 142
3,407
Exports, incl. reexports (metal) f
do
1,134
9,964
Stocks, pig (industrial), end of period
do ... 11,571
2. 2748
1. 7747
Price, pig, Straits (N.Y.), prompt
$ per lb.
Zinc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content)
Metal (slab, blocks)...
1,197.2 1, 069. 8
855.9
910.0
494.8 456.6
150.3 ' 126. 9 144.0
423.6
189.8
Consumption, refined (by mills, etc.), qtrly..do
Stocks, refined, end of period
do
Fabricators'
... .
do
Price, electrolytic (wlrebars), dom., delivered
$ per Ib..
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb..
Copper wire mill products (copper cont.) do
Brass and bronze foundry products .
do
Lead:
Production:
Mine, recoverable lead
thous. sh. tons..
Recovered from scrap (lead cont.)
do
1,185.4 1,336.5
880.1 969.3
462.6
506.8
155.3
181.8
.3900
230
4. 1592
3. 6533
21.5
42.6
.2
22.3
20.3
19.6
19.1
18.1
17.6
18.8
25.1
22.9
29.3
29.8
148.8
159.6
134.1
123.1 117.7
104.9
109. 9
111.5
122.9
.3762 "."§926" ""."3933"
.3640
.3482
.3478 .3495
.3117
.3264
.3190
.2736
c f l n eludes secondary smelters' lead sto(jks in refi nery sha pes and i n copper -base scr ap.
t Eff ective wi th the A ug. 1974 SURVEY data re-<rised to omit exp orts of iwrought tin and
tin allo ysj
O Pi oducers' stocks el se where, end of 0 ct. 1974, 2,200 sho rt tons.
0
For month J>hown.
SURVEY OF CURRENT BUSINESS
S-34
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1974
1973
| 1973
Annual
November 1974
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
214.5
142.1
158.6
151.6
148.1
Oct.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
mo. avg. shipments 1967=100
Heating, combustion, atmosphere equipment, new
orders (domestic) net qtrly 9
mil $
Electric processing heating equip
do
Fuel-fired processing heating equip
do
Material handling equipment (industrial) :
Orders (new) index seas adj 1f
1967 — 100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (Internal combustion
engines), shipments
number
75.4
110.3
84.0
79 3
12.8
41 3
128 6
19 9
75 8
33.8
4.1
23.2
133.3
131.1
126.3
do
do
do
do
do
Tractors used in construction:
Tracklaying total
units
mil $
Wheel (contractors' off-highway)
units
mil $
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units
mil $
Tractors wheel (excl garden and contractors' offhighway types)
units
mil $
148.9
136.0
212.3
32.3
6.8
15.5
49.9
6.1
34.0
34 8
6.6
17 6
128 4
190 3
205.7
214 0
219 0
225.0
196.5
197.0
191.8
208.4
194.2
183.0
214.0
202.2
15, 482
16, 902
21, 387
21, 917
1,890
1,876
1,775
1,745
1,682
1,919
1,669
2,288
1,635
1,763
1,536
1,554
2,032
2,316
1,946
2,031
1,974
2,395
2,064
2,316
1,582
1,944
1,705
1,953
1,987
2,067
40, 698
62, 014
4,484
4,652
4,325
4,903
4,490
4,017
5,604
4,594
5,122
4,640
4,001
4,722
4,357
Industrial supplies, machinery and equipment:
166.7
163.7
116.3
149.7
164.6
156.6
New orders index, seas, adjusted
1967-69—100
Industrial suppliers distribution:
142.9
120.3
146.8
139.6
149.9
144.2
Sales index, seas, adjusted!
1967=100
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $-- 1, 008. 95 1,825.45 168.70 184.05 160.80 179. 25
Domestic
do
877 25 1, 550. 40 138.80 165. 35 138. 45 122. 55
95.75
86.35 124.50
98.45
Shipments, total
do
714. 45 1, 073. 75
79.45
75.90 112.35
85.65
Domestic
do
627. 15 935. 05
1,453.7
1,238.9
1,399.0
1,324.5
Order backlog, end of period
do
702.0 1, 453. 7
Metal forming type tools:
Orders, new (net), total
...
Domestic
Shipments, total Domestic .
.
Order backlog, end of period
116.2
35.0
4.9
20.8
787. 20
717. 20
427. 25
388. 05
620.6
61.55
53.50
36.40
32.40
567,1
21 225 i 24 872
546 0 i 690 6
i 5 056 2 5 845
i igg 5 2228 6
2 i 419
2
55 5
63 616
951 9
403. 05
368. 20
304. 25
267. 20
260.5
IQfi Q88
1 141 0
50.00
45.60
44.80
39.35
620.6
56.95
49.65
41.25
38.20
615.4
171.0
172.0
178.5
179.3
181.7 c 187. 8
190.4
187.5
148.9
149.5
159.6
164.4
163.5
179.8
177.4
169.55
144.95
84.10
72.50
1,539.2
174.05
149.25
95.85
86.30
1,617.4
41.80
39.85
38.60
34.85
623.9
45.75
38.05
37.95
33.05
631.7
254.25 243. 75
215.55 218. 10
129.30 123.00
111.05 108. 15
1,742.4 1,863.2
66.80
56.80
47.60
40.80
650.9
5,606
166 2
1, 133
2
45.2
5,782
187.1
'21,347
r2
56. 9
12 678
225 1
12, 580
215.3
••512,236
'5242.6
212 072 46 304
1 322 8 304 9
60, 691
348.8
558, 740
5408.4
J
A.R 019
1 ofll 7
71.40
64.45
38.80
32.45
599.7
171.3
149.9
5 719
m
7
2
41.70
36.95
42.80
39.05
649.8
168.5
233. 80 198.65 190.80 '130.10 144. 10
205.85 168. 60 163.30 '112.60 118. 20
119.90 125. 75 105.00 ' 89. 35 151. 35
104.50 111. 15 88.00 ' 75. 45 127. 55
1, 977. 1 2, 050. 0 2,135.8 '2,176.6 2, 169. 4
45.55
37.85
61.45
56.65
636.6
55.35
45.95
52.70
44.75
652.5
56.60
48.90
47.10
42.40
646.1
49.60
44.45
45.10
40.30
642.9
32.55
25.20
40.25
35.10
638. 4
6,378 31,662 3 i 454
210 5 3 61.0 3 56 8
2 1, 654
269.6
3
185.2
P127.10
P98. 60
P129. 20
P108. 90
P2, 167. 3
44.55
35. 40
63.74
57. 80
623.7
1. 979
71 1
3
5
13, 258
5 276. 2
565.6 3 16,123 3 14 636 3 22,066
s 482. 5 '3116.6 3 114. 1 3 176. 7
ELECTRICAL EQUIPMENT
4 830
4 741
4 208
4,629
3,607
Batteries (auto, replacement) shipments
thous
Motors and generators:
New orders, index, qtrly
1967—100
40 99fl
43 468
4 526
99 3
129.6
127 2
Radio sets, production, total market c?
thous
Television sets (incl. combination models), production, total market d"
thous-.
20,086
50, 198 *6,303
3,870
3,952 « 3, 860
3,141
2,976
13, 507
17, 367
1,535
1,453 * 1, 494
1,024
1,327
31, 094
4 508
3 199
2 771
3 232
6 315
1 576
5 107
3 925
8 337
35,049
5,346
3 702
i 2, 976
3 430
1 6, 774
2,415
5 504
4,256
i 9 124
i) netc
2 661
3 163
1 720
2 481
3 080
Household major appliances (electrical), factory shipments (domestic and export)* 9
thous..
Air conditioners (room).
do
Dishwashers
..
do
Disposers (food waste)
do
Ranges
do
Refrigerators
do
Freezers*
do
Washers
do
Dryers (incl. gas)
do
Vacuum cleaners
do
1
« 1, 778
2,920
3,143
3,244
2,987
3 754
« 3, 427
2,435
3,321 « 4, 268
3,276
4,003 * 5, 128
4,020
« 1, 655
1, 258
1,188
* 1, 588
975
1,201 4 1, 474
1,263
2,546
134.8
297.7
206.0
231.1
542.8
304.1
474.7
350.8
830.4
2,556
140.4
302.3
207.3
232.9
524.5
339.1
454.9
352.8
3,070
4,524
179.3
134.9
3,070
2,690
204.0
128 6
325 5 ' 384. 9
••
277.
4
248 3
294 i
331.3
596.2
576 5
213.7
183 8
509 5
580.0
470.6
419 2
929.5
857 9
2,625
299.8
325.4
244 .4
264.3
470.8
216.6
420.8
362.1
871.8
2,346
348.5
279.1
233.8
231.2
423.7
199.1
316.9
288.7
624.5
2,585
497.6
253.5
209.8
242.3
441.2
188. 5
407.3
319.3
674.1
2,676
494.7
242.8
200.7
234.6
450. 3
195.7
400.8
295.8
799.5
3,175
651.9
310.2
264.8
271.6
552.9
268.8
454.6
307.8
940.3
3,160
671.6
303.2
214.3
271.9
541. 6
263.7
462.9
315.6
786.0
3,218
655.7
297.2
227.9
269.5
556.1
283.9
479.0
319.2
667.5
2,954
503.6
294.3
223.1
274.5
542.7
270.9
440.2
306.7
673.3
2,739
293.7
245.0
208.0
251.8
612.1
312.0
465.5
310.0
588.2
149 5
232 1
228 3
1 CO K
194. 4.
183 4
228 7
114 4
169 7
209 4
•JOf* A
201 5
oqc o
116 5
148 9
214 7
130 9
181 5
237 8
130 1
158 8
264 2
119 5
181 9
227 9
125 3
194.5
239 7
140.3
111.4
115 0
134.8 ' 160. 4 193.7
222 6 ' 222 4 159.9
2,479
126.2
294.4
234.9
251.1
534.1
227.6
474.6
327.9
741.6
GAS EQUIPMENT (RESIDENTIAL)
Furnaces gravity and forced-air shipments thous
Ranges, total, sales
'
"do
Water heaters (storage) automatic sales
do
O-TQ n
162 9
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production t
thous sh tons
Exports
do
Price, wholesale, chestnut, f.o.b. car at mine
Spersh. ton..
Bituminous:
Production J
thous. sh. tons..
7 106
780
i 6 725
717
525
37
r gOS
575
47
513
48
495
39
440
12
510
40
540
80
565
105
485
43
425
48
595
59
'495
37
^620
97
18. 228
20.044
20. 703
20. 703
21 .070
21. 621
21.621
22.785
22. 785
26.031
26. 031
26. 031
29. 951
31. 421
34. 116
35. 464
595,386 591,736 48,338 54,380 49,826
,
, ^
" Preliminary.
i Annual data; monthly or quarterly4 revisions not avail.
2
excludesr ~figures
for ruDDer-tirea
rubber-tired dozers.
dozers.
*3 Jbor
For month shown.
Data cover 5 weeks;
C v~es> lor
other periods, 4 weeks.
5 Beginning 1st qtr. 1974, tractor shovel-loader class excludes
shipments of tractor
snovei-ioaaer/Dacknoes (front engine mount); of this type, data for the
,ctor shovel-loader/backhoes
tractor chassis only are now included in the wheel tractor class (1st qtr. 1974 data, 4,239 units
valued at $34.0 mil.).
c Corrected.
tEffective June 1973 SURVEY, index revised back to 1970.
iRevised monthly data for Jan. 1971-Apr. 1973 are as follows (1967=100): 1971—91.6;
48,666 53, 470 49,010 51,455 53, 820 57, 135 47,635 47, 855 50,285 '52,460 "60, 660
97.3; 94.9; 88.6; 92.4; 99.2; 121.9; 101.6; 108.7; 90.4; 103.7; 110.4; 1972-111.1; 113.8; 112.7; 113.0;
116.6; 127.2; 131.0; 150.7; 136.2; 130.0; 154.5; 151.0; 1973—159.4; 164.0; 176.2; 185.9.
cfEffective Jan. 1973, data reflect total market as follows: Sets produced in the United States,
imports by U.S. manufacturers for sale under their brand name and, beginning 1973, sets imported directly for resale.
*New series. Source: Association of Home Appliance Manufacturers.
9 Includes data not shown separately.
I Monthly revisions back to 1972 will be shown later.
SUltVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1974
1973
| 1973
Annual
S-35
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons.. 516, 776 r 556, 013
348, 612 386, 879
Electric power utilities do
159, 253 -•160,818
Mfg. and mining industries, total _. . d o
Coke plants (oven and beehive)
do
87, 272 r 93, 625
Retail deliveries to other consumers. _ .. do
do
46, 703
31, 962
13, 798
7,736
50, 130
33, 886
15, 228
8,048
50,415
34,468
14,637
7,977
45, 122
30, 020
14,002
7,307
46,402
31,010
14, 549
7,664
44, 065
29, 290
14, 245
7,770
45, 712
31, 200
14, 084
7,904
44,631
31, 728
12, 507
7,682
48, 547
35, 550
12, 610
7,770
48, 753
35, 525
12, 679
7,689
44, 506
30, 810
12, 927
7,507
672
804
932
1,009
1,310
1,100
840
520
420
390
380
540
760
99, 022 r106,211 104, 397 104,095
85, 512 88, 886 90 200 89, 734
13, 220 r 17,050 13,917 13, 991
6,575
7,171
6,875
7 097
99,022
85, 512
13, 220
6,875
96,005
83, 366
12, 339
6,269
93, 970
80, 910
12, 670
6,090
97, 445 103,997 107, 668 108, 765 '106,491 105, 810 109, 205
83, 250 89,900 92, 320 94, 460 90, 380 88, 800 91, 560
13, 765 13,687 14, 928 13, 915 ^15,701 16, 560 17, 125
7,395
6,720
6,506
7,115
6,662
6 255
7,508
290
290
275
280
370
290
300
390
430
410
420
390
410
450
520
55, 960
52 870
3 424
6 882
6 214
4,889
2,813
4,627
3 179
4,944
6 032
6,369
5,307
5,088
4,893
11.816
11. 659
12. 040
12 129
13 010
13 103
(5)
(«)
654
59, 853
23 953
2
784
63 496
26 458
67
5 153
2 067
68
5 358
2 215
66
5 218
2 099
82
5 426
2 175
67
5,422
2 053
65
4 974
1 844
70
5 25°
1 994
70
5 242
2 009
68
5 369
2 146
66
5,218
2 091
61
5,251
2 172
63
5,219
66
5, 056
2,941
2,590
351
1,563
1,232
1,184
1 113
71
1 995
1,395
1,501
1 375
126
2 027
211
1 435
1 339
96
1 957
109
1 313
1 236
76
2 017
88
1 184
1 113
71
1 995
101
1,125
1 053
72
1 928
70
1 139
1 070
69
1 811
57
1 163
1 100
63
1 653
149
1 183
1 130
53
1 551
130
1 238
1 193
46
1 491
135
1,243
1,205
37
1 380
179
1,146
1 116
30
1 314
134
1,197
1,167
31
1,321
1 293
28
109
44
number-- 211,306
$ per bbl
3.45
__ mil. bbl
4, 280. 9
% of capacity
88
9,892
4
3. 87
4, 537. 3
91
854
4.12
376.8
92
790
4 12
395.5
94
1,087
763
901
936
947
957
1,238
1,008
371 2
91
376.6
89
« 373. 2
fl
84
326.5
81
368 7
82
371 6
85
400.4
89
398.8
91
414.1
91
5, 839. 0
6, 262. 0
616.7
542 0
534 2
519 1
495 8
452 1
493 8
499 8
530 7
507.6
525.1
3,455 4
648.3
3, 353. 4
645.1
272 3
53.1
284 3
55 3
274 3
54 0
280 3
54 5
276 1
53 6
256 4
49 5
277 4
54 7
268 6
52 1
276 0
53 6
263 3
51.7
271.4
52.6
856. 8
878 5
1, 234. 2
1 029.4
108.7
82 5
119 5
82 8
108 5
97 4
94 3
90 0
77 5
88 5
66 3
79 9
81 4
80 3
104 5
74 7
127 7
73 4
121.4
71 2
130.6
70 5
Exports
do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ per sh. ton
Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
Oven (byproduct)
Petroleum cokej
Stocks, end of period:
Oven-coke plants, total.
At furnace plants
At merchant plants . .
Petroleum coke
Exports...
46, 427
32, 263
13, 348
7,887
8,200
8,748
Stocks, industrial and retail dealers', end of period,
total..
thous. sh. tons.. 115, 372
Electric power utilities
do
98 450
Mfg. and mining industries, total
do 16,632
Oven-coke plants
__
do
9,032
Retail dealers
45, 471
32, 735
12, 052
7,603
10. 378
11. 367
thous sh tons
do
do
._ ..
do
do
do
do
do
3
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills G
Refinery operating ratio _
All oils, supply, demand, and stocks:
New supply, totaltft
Production:
Crude petroleumt
Natural-gas plant liquids} .
Imports:
Crude and unfinished oils
Refined products}
Change in stocks, all oils (decrease,—).
Demand, total©
. .
Exports:
Crude petroleum
Refined productst Domestic product demand, total 9 ®
Gasoline}
Kerosene .
mil. bbl
do
do .
do
do
do. ..
-85.0
49.3
18.7
21 8
—14 2
—14 9
—33.2
—27 9
5 9
29 5
47 4
30.2
27.2
do
6 071 7
6 381 7
505 9
536 8
559 1
547 3
541 8
492 1
503 4
484 9
495 0
492 4
513 2
do
do
do
do
do
81
5,990
2 350
85
2
2
3
7
9
7
83.5
6, 297. 5
2 452 0
78 9
7
498
198
5
5
9
4
2
7
3
5 4
486 4
171 7
7 9
6
497
192
5
m
7
477
195
3
7
487
210
2
(i)
7
485
209
3
7
505
217
3
Distillate fuel oil...
Residual fuel oil}
Jet fuel
_
do
do
do
Lubricants
Asphalt
Liquefied gases}..
do
do
do
Stocks, end of period, total
__
Crude petroleum
Unfinished oils, natural gasoline, etc.
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports}
Stocks, end of period . _ _
.
822
(5)
do
do
do
do
1 066 1 1 124 3
925 6 1 019 9
382 5
383 4
.
do
do
do
Prices (exrl. aviation):
Wholesale, regular*
Index, 2/73=100..
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
Aviation gasoline:
Production
mil. bbl
Exports*
do
Stocks, end of period
do
Kerosene:
Production
do
Stocks, end of period
do
Price, wholesale (light distillate)*
Index, 1967= 100. .
2
i
6
7
5
o
6
529
208
5
9
9
6
6
o
6
553
206
9
1
0
0
2
2
9
3
1
4
5
535
181
9
o
1
4
7
5
3
6
0
9
2
4
3
4
2
8
3
1
9
90 4
79 0
33 0
105 3
93 6
30 4
114 2
90 2
32 2
118 4
94 1
27 8
107 4
84 3
24 1
97 5
78 0
29 6
85 4
72 9
28 2
76 1
69 8
32 6
71 6
73 6
28 6
71 4
75 4
31 9
4 6
21 1
38 7
57
20 9
46 0
50
15 1
50 8
4 9
9 3
49 5
5 2
6 9
54 8
4 4
7 6
44 2
4 9
9 3
43 2
4 7
12 1
39 0
5 2
16 9
35 9
4 1
18 1
37 1
50
20 1
36 1
023 2
250 0
111 7
661 6
008 3
242 5
107 0
658 8
975 1
233 0
105 9
636 1
947 2
240 7
103 2
603 2
953 1
244 7
115 2
593 3
982
256
117
608
62 8
163 8
519 8
59 0
182 6
528 6
959 0
246 4
100 8
611 7
1 008 3
242 5
107.0
658 8
015
241
109
665
6
3
4
0
037 4
' 246 3
110 3
680 9
2 401 9
17
213 4
200 2
m
213 9
207 1
193 2
211 4 '
190 4
2
213 4
184 2
i
221 3
168 2
/i\
223 0
186 5
2
223 6
190 5
i
226 8
197 7
m
221 9
201 4
218 2
220.5
0)
212 2
m
222 2
196.6
2 320 0
7
217 1
6
4
9
3
030 0 1 060 2 1 087 4
268 8
269 5
268 7
127 8
125 6
125 3
663 6
693 2
635 3
109.9
110.9
112.9
118.5
126.1
136.7
147.0
161.4
172.1
177. 3
188.5
245
275
277
286
303
328
361
381
396
417
435
436
437
17 0
2
4 3
16.4
2
39
14
0)
35
17
m
36
(i\
18
1i
(i)
39
10
39
1 1
(i)
30
(i)
38
10
(i)
32
15
0)
(i\
4 0
32
1.4
(i)
3.1
16
m
33
80 1
19 1
80 1
21 0
5 9
22 1
7 0
23 5
6 6
21 2
7 i
21 0
59
17 5
56
15 6
4 7
15 0
36
14 9
39
16 6
4 0
17 3
37
17 2
A T I "
v/vAin^aiaujc uaia lui earner periods are avauaoie.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
1 I
1,131
o
1
3
1
4
79 8
80 0
31 9
128.0
130.0
135.6
139.9
' Revised.
i Less than 50 thousand barrels.
' Reflects revisions not available by
months.
s Average for Jan.-May.
< Average for Jan.-Oct.
« Series discontinued.
6
540
194
7
1,210 . 1,200
196.1
430
197.4
196.2
409
254.7
250.2
256.8
233.2
198.7
241.7
217.6
209.4
184.8
145.9
154.3
d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
{ Monthly revisions for 1972 will be shown later.
© Beginning March 1974 SURVEY, data are restated to account for processing gain and
crude losses not previously included; comparable data for earlier periods will be shown later.
©Effective with Jan. 1974 data, series known as " Gross input to crude oil distillation units ;
see note 6 for this page.
*See similar note, p. S-36.
SURVEY OF CURRENT BUSINESS
S-36
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
Annual
November 1974
1974
1973
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
June
July
75
7
;
6 5
83.9
8.4
83 5
6.9
(2)
(2)
Apr.
Aug.
Sept.
Oct.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil. bbl
Imports
-do
Exports _
-_
_do_-_
Stocks end of period
do
Price, wholesale (middle distillate)*
Index, 1967-100
Residual fuel oil:
Production
mil. bbl
Imports
do
Exports
_
do
Stocks end of period
do
Price, wholesale*
Index, 1967= 100. _.
Jet fuel:
Production
Stocks end of period
mil. bbl
do
Lubricants:
Production
Exports
Stocks end of period
do
do
do
Asphalt:
Production
Stocks end of period
mil. bbl
do
963.6 1, 030. 2
66.4
138.8
1.2
3.2
154.3
196.5
84 4
8.9
.8
190.2
90.3
13.5
.7
203.0
87 7
14 8
.1
200 2
97.3
13.5
.3
196.5
89.3
13.9
.1
181.2
67 2
82
.1
149 2
69 0
8.3
.2
128.9
125 6
141.8
160.7
86 6
6.6
.1
182.5
139.7
145 6
147.7
157 3
171.7
194 8
234 1
251 8
257 9
269.2
279.7
288.9
294.8
298 8
297.9
292.5
637.4
12.1
55.2
354.6
666.7
9.2
53.5
190.4
26 3
55. 2
.7
55 1
183.5
30 5
48.2
.6
55.0
201.6
31 8
58 2
2
52 0
206.0
35.9
55.6
.3
53.5
281.4
33 2
53.7
.3
46 5
319.4
28 8
53.8
.3
45 0
417.2
28 3
51.9
.3
47.2
505.9
29 5
47 6
.5
51 3
522.0
30.8
42.0
.4
54.4
561.8
30 8
46.5
.4
57.9
497.6
32 7
44.4
.2
59.8
476.2
533.8
449.4
519.5
310.0
25.5
313.7
28.5
25.4
25 1
27.1
25.6
25.6
28 5
25.7
28.5
24.8
29 7
21.9
29.6
25.8
30.0
26.0
31 7
26.9
32.3
24.3
32.2
24.9
31.7
65.3
15.0
13.3
68.7
12.8
12 2
55
1.0
11 8
6 2
3
11 6
60
9
12 1
6.0
1.1
12.2
5.9
1.0
12 0
5.2
.7
12.3
6.1
1.0
12.7
6 0
1.2
13 0
6.1
1.2
12.7
6.1
1.0
14.0
6.0
1.3
13.8
166.3
21 6
167.9
15 0
18 1
14 9
17 8
12 5
14 0
12 1
11.4
15 0
88
18 0
8.7
20 1
11.5
23.2
13.1
25 4
14.7
25.8
16.1
24 5
17.6
22 7
675.1
444 7
130.4
85.7
583.9
447 0
136.8
98 6
47.1
36 0
11.1
111 3
49.7
38 0
11.7
111 3
47.2
37 3
9.9
104 2
48.8
38 3
10.5
98 6
47.7
37 6
10.1
90 1
44.5
35 0
9.4
88 5
50.5
40 0
10.6
92.9
48.1
37 5
10.6
99 4
48.6
38.1
10.5
109.4
47.2
36 2
11.0
116.6
47.9
36 6
11.3
124.4
(2)
Liquefied gases (incl. ethane and ethylene) :
Production, total
„
At gas processing plants (L P O )
At refineries (L.R.G.)
Stocks (at plants and refineries)
mil. bbl
do
do
do
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks end of period
thous cords (128 cu ft )
do
do
70, 273
71, 538
5,165
71,772
71, 453
5,092
6,746
4,890
5 956
6 505
6 185
5 184
6 081
6 024
6,217
thous sh tons
do
11 703
626
12 223
516
977
433
1 097
1 057
WOODPULP
Production:
Total all grades
thous sh tons
Dissolving and special alpha
do
Sulfate
do
Sulflte
do
46 767
1,656
31 826
2 173
48, 238
1,672
32,460
2,293
3,849
113
4 185
2 619
2 764
do
do
do
4 639
2 502
3 971
4,678
3 130
4,003
350
253
329
do
do
do
do
848
323
393
86
725
296
348
81
2, 253 12 344
Oroundwood
Deftbrated or exploded screenings etc
Soda and semlchemlcal
Stocks, end of period:
Total, all mills
Pulp mills __
.
Paper and board mills
Nonpaper mills
Exports, all grades, total
do
1
do
1
7QO
All other. ._
Imports, all grades total
Dissolving and special alpha
All other
do
do
do
77fi
1,460 i i 607
i 3 728 i 3 993
224
1
3, 504 1 3 816
467
485
5 876
5 796
5,092
977
516
6 068
6 307
6 027
6 023
4 640
6 840
6 608
5 087
6 622
6 425
5 365
6 648
6 498
5 478
6,780
6,525
5,840
6 556
6,187
6,129
6,750
6,306
6,565
1 069
992
545
1 114
1 087
1 112
1 077
r 1 005
537
590
654
716
722
768
1, 078
805
4,805
r
3 748
4 100
3 776
4 253
4 177
4 256
4,117
3,931
2 463
2 730
2 490
2 833
2 786
2 824
2 749
197
143
2,753
198
194
188
198
192
128
2,665
188
4,116
144
2,797
195
421
289
349
404
269
336
386
259
316
405
298
327
382
305
290
411
307
337
380
320
360
403
309
358
392
296
330
337
267
347
356
254
370
683
294
328
62
707
324
323
60
725
329
335
61
725
296
348
81
702
310
329
63
686
309
316
61
737
351
321
65
745
328
343
74
744
333
337
75
764
329
347
87
••793
356
••363
r 74
793
346
370
78
198
53
144
211
211
fin
151
180
52
128
193
75
118
206
61
145
237
163
245
68
177
307
64
243
233
71
162
206
49
157
267
64
203
221
59
162
279
10
270
356
378
23
355
287
21
266
363
21
341
337
22
316
345
13
333
368
19
349
361
15
346
351
20
331
330
18
312
367
16
351
308
17
290
4 710
2,077
2 210
5 258
2 277
2 547
10
412
4 923
2 125
2 354
5 421
2 344
2 577
5 383
2 289
2 576
5 507
2 355
2 641
5 150 r 5 017
2 196 »•r 2 150
9 477
2 409
421
5 263
2,264
2 520
10
469
185
165
R9
149
17
339
4,104
148
177
144
196
135
174
171
74.
142
164
158
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades total unadjusted thous sh tons
5 228
59 445 fil fW\ 4 813
6 491
Paper..
do
2 237
2 338
25 426 26 486 2 050
Paperboard
do
2 509
28 532 29 654 2 305
2 647
H
11
Wet-machine board
do
12
135
147
Construction paper and board
do
470
5 341
5 559
494
447
Wholesale price indexes:
Book paper, A grade
1967 = 100..
115.3
112.4
109.0
115.3
112.4
Paperboard
do
119.7
105.5
118.0
115 1
116 7
Building paper and board
do
118.8
117.7
106.4
112.8
115.9
' Revised.
1
2
Reported annual total; revisions not allocated to the months,
Less than 50 thousand
barrels.
*New series. The Bureau of Labor Statistics has revised its pricing program and discontinued prices for the former specification. The index shown is developed from revenue and
volume data collected directly from petroleum companies. The pricing formerly was based
19
11
432
14
486
14
505
14
498
13
464
12
r 446
159.6
152.1
152.8
146.3
166.3
166.4
165.3
158.0
123.9
125.1
124.4
125.1
on spot quotations in trade journals, which over the past year have come to represent a
decreasing portion of domestic transactions. Because of the time required to collect the new
data there will be a one-month lag in pricing; e.g. the May 1974 index reflects changes in prices
from Mar. to Apr. Except for gasoline (p. S-35), 1973 annuals are averages of Jan. and Feb.
old indexes and Mar.-Dec. new; for gasoline, it is an average of Feb.-Dec. new indexes. 1 here
are no comparable indexes for earlier periods.
115.3
120.7
120.1
116.7
127.0
121.7
116.7
131.0
121.8
123.5
133.9
123.4
134.2
145.1
123.7
134.2
148.0
125.4
135.6
148.9
124.9
SURVEY OF CURRENT BUSINESS
November 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
S-37
1973
1973
Annual
Sept.
Oct.
1974
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):
Groundwood paper, un coated:
Orders, new
thous. sh. tons
Orders unfilled end of period
do
Shipments
do
Coated paper:
Orders new
do
Orders, unfilled, end of period
. . do
Shipments
do. ..
Uncoated book and writing and related papers*. J
Orders, new
do
Shipments
do
Unbleached kraft packaging and industrial converting papers:
Orders new
do
Orders, unfilled, end of period
do
Shipments
-do
Tissue paper production
do
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
' 1, 414
' 146
T
1, 447
'110
••215
' 122
126
201
136
96
168
'124
'96
' 146
'124
' 125
' 147
'119
'116
' 167
'110
'139
' 167
'121
'136
' 196
'123
' 111
' 174
'126
'127
' 177
'128
126
170
119
108
150
124
r
3, 861
••349
3, 824
'296
'423
'299
'315
'426
'323
'282
'362
'328
'312
'349
'308
'337
'356
'341
'309
'345
'307
'350
'370
'337
'325
'353
'333
'358
'365
'344
'324
'337
'328
289
318
301
314
309
340
6,089
6,023
r
6,690
T
6 854
'539
'548
'587
' 627
'525
'578
'519
'535
'608
'619
'546
r 553
'586
' 624
'557
' 617
'553
' 612
'555
'580
569
584
536
602
4,039
241
3,916
3, 977
3 987
193
4,019
3,984
305
190
327
308
388
178
352
340
314
176
335
328
321
193
333
311
336
190
341
333
349
204
335
316
374
210
365
345
347
215
341
338
350
214
350
347
343
222
339
338
327
212
337 !
331
331
204
345
337
do
do
do
8,820
8,901
251
9,140
9 199
193
592
665
218
716
722
213
801
826
188
785
780
193
3
815
3
791
8
216
758
740
233
835
776
292
799
848
244
794
820
218
800
775
243
802 «
830
215
825
813
227
763
764
226
do
do
do
3,422
3,437
27
3,431
3 435
24
258
262
27
291
292
25
289
289
26
261
263
24
8
281
a 3277
28
258
261
25
282
277
31
261
268
24
276
276
24
269
263
30
264
266
28
259
262
25
236
236
24
Consumption by publishersd*
do
Stocks at and in transit to publishers, end of
period
thous sh tons
7,569
7,658
608
652
652
623
•569
539
619
598
638
594
536
559
579
544
603
606
590
606
603
8
657
718
707
727
720
706
756
111
744
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton
7,101
7 410
511
567
656
549
682
628
623
636
622
622
579
615
589
163.20
170. 44
170. 25
170. 25
179. 67
182. 34
184. 34
184. 34
195. 05
205. 13
205. 13
207. 13
207. 13
513
1,446
549
518
1,603
568
573
1,909
548
575
1,817
585
579
1,723
590
518
1,603
574
583
1,753
579
563
1,741
587
594
1,775
587
596
1 741
599
587
1,589
587
550
1 621
526
539
1 507
573
516
1,444
524
547
1,374
554
228,052 18,267
21, 744
19,410
16,934
19,556
18, 238
19 474
19,664
17, 797
17,798
18, 666
17,066
18, 432
243.0
138.9
227.0
130.2
225.3 ' 226. 5 ' 201. 8 ' 224. 8 ' 218 0 ' 218. 7 '29.6 ' 198. 8 ' 221. 0
133.2
133.0
123.2
138.2
137.9 ' 143. 0 ' 139. 5 ' 134. 5 ' 154. 4
208.6
147.3
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons_.
Orders, unfilled §
do
Production, total (weekly avg.) ..
do
1,405
164
1,317
3,630
393
3,522
Paper products:
Shipping containers, corrugated and solid fiber,
shipments. .
_ mil. sq. ft. surf, area 1211,926
Folding paper boxes
thous. sh. tons
2, 525. 0
m l l $ _ _ 1,330.0
r
1
2,614.0
1,460.0
216.7
125.0
622 .
1,789
597
19,518
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
.
thous Ig. tons
Stocks, end of period..
do
Imports, incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)..$ per lb..
Synthetic rubber:
Production
Consumption
Stocks, end of period
thous. Ig. tons
.
do
do
Exports (Bu. of Census). _.
Reclaimed rubber:
Production
Consumption
Stocks, end of period
640. 60
116. 72
602. 16
685 44
122. 44
642. 91
.181
.351
2,424.68 2, 585. 49
2, 296. 12 2, 400. 84
495. 68
520. 99
2
56. 30
121. 68
63.69
63 41
114. 92
60.17
57.12
122. 47
56.32
53 96
122 44
38 32
64 43
122.04
53.18
58 43
118 26
59.09
63 02
127 44
63 42
58 75
128 28
50 15
59 85
128 93
65 31
59 35
130 48
53 24
50 61
152 91
73 52
55 03
68.28
.364
.336
.395
.540
.538
538
.488
.428
.438
.420
.343
.348
.320
210. 67
209. 08
517 18
227. 49
219.68
50088
212. 61
196. 86
494 73
219. 37
188 97
520 99
222. 74
221 03
500 84
208.70
201 94
497 00
227 42
216 52
476 72
222 10
204 81
466 60
223. 60
200 88
490 64
210 66
196 22
492 17
204. 22
174 60
514 75
29.34
25.01
21.60
21 10
22 40
20 55
27 76
27 50
26 01
21.06
21 08
25 78
21.05
•2 11 71
11. 27
22 18
13 04
14.52
21.43
11.31
11.17
21 66
14 10
10 80
20 96
11 27
13 75
19 81
14 32
13 15
17 64
15 38
14 43
17 19
10 05
13 06
15 85
14 23
13 07
15 55
14 42
12 24
15 65
12 12
10 88
15 46
2
2
2
2
.do
257. 10
275. 84
do
do
do
194. 45
187. 58
19.91
201 02
163. 71
20 96
229, 611
223 418
17 727
19, 841
18, 035
17, 343
20 366
19 349
20 497
18 334
18 379
17 830
14 484
. do
227,944
do
63 924
do. .. 161,689
... ... do
2,331
238, 916
69 600
165, 216
4 100
20 765
5 424
14 920
421
22, 582
6 555
15, 523
504
17, 559
5 884
11,203
471
13, 950
3 778
9,762
409
17 055
4 846
11 657
551
15 808
4 432
10 854
522
17 222
4 724
11 962
536
19 639
5 245
13 832
663
18 994
5 452
12 575
967
20 732
4 916
14 920
895
17 800
4 243
12 985
572
58 995 56 322
986
1 042
53 469
632
747
828
3 561
4 108
8 907
500
2 895
3 679
8 548
329
391
294
_. .
2
2
.320
TIRES AND TUBES
Pneumatic casings, automotive:
Production
.
.
Shipments, total
Original equipment
. .
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes, automotive:
Production..
.. .
Shipments
Stocks, end of period
Exports (Bu. of Census)...
thous
._
.
_
.do
do
60, 255
2 127
50 275
4 393
47 775
429
45 636
548
46 472
517
50, 275
488
53 308
539
57 056
601
60 553
568
59 020
684
do
do
do
do
37 962
41 774
9,391
766
38 701
44 710
8 556
1 290
3 209
3 736
9 234
82
3 592
4*273
8 999
143
3 041
3 395
8 601
141
3 008
3 366
8,556
129
3 554
4 210
8 298
80
3 441
3 819
8 517
138
3 875
3 890
8 897
158
3 570
3 887
8 978
227
' Revised.
9 Preliminary.
i Reported annual total; revisions not allocated to months.
* Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning Jan. 1973 are from the
Rubber
3
Manufacturers Association and are not strictly comparableVith earlier data.
Beginning
January 1974, data reflect reduction in basis weight of newsprint from 32 to 30 Ibs. for 500
sheets measuring 24" x 36"; data for January 1974 on 32-lb. basis (thous. short tons): Canadaproduction, 840; shipments, 815; stocks, 222; United States—production, 289; shipments 285-
3 615
4 057
9 109
349
mill stocks, 29; consumption by publishers, 586, stocks at and in transit, 676.
JRepresents the sum of uncoated book paper and writing and related papers formerly
shown separately; data for new orders no longer available for the individual items.
d* As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
November 1974
SURVEY OF CURRENT BUSINESS
S-38
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
Sept.
Oct.
1974
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
43 372
July
Aug.
Sept.
Oct.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
_.
thous bbl
1
433,149 rl459 569
43 367
50 213
38 612
26 500
22 245
24 601
31 846
38 622
43 133
704 5
10 0
148 6
781 7
99
150 2
692 6
87
139 1
626 3
5 7
87 7
611 4
65
97 2
452 1
55
100 9
570 4
7.5
128 4
646 4
7 8
128 9
679 7
8.6
147 3
42 734 '45 229
41, 580
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglared (common and face)
mil. standard brick.
Btructuraltlle, except facing
thous. sh. tons
Sewer pipe and fittings, vitrified
do
Facing tile (hollow) , glared and unglazed
mil. brick equivalent
Floor and wall tile and accessories, glazed and unglazed
mil sq ft
Price Index, brick (common), f.o.b. plant or
N.Y. dock
1967=100
8,402.2
100.5
1,718 0
8 922 7
94 2
1 637 5
618 1 '659.6
8.7
9. 1
131 6 r 139 i
609.7
7.9
136 2
133 3
123 3
10 2
11 2
9 1
8 2
79
75
90
9 0
9 4
86
82
79
307 9
300 6
23 0
26 8
23 9
21 3
23 0
22 1
23 6
25 3
25 8
23 5
24 1
23 5
122 1
130 9
131 5
132 1
132 1
132 5
134 8
136 5
139 6
141 2
141 8
142 2
142 2
146 7
147 8
149 1
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $
550,292
591,290 148 395
153,526
145,954
149,450
do
do
157,187
393,105
152,242 37, 396
439,048 110 999
38,647
114,879
40, 524
105, 430
35,802
113,648
Sheet (window) glass, shipments.
Plate and other flat glass, shipments
Glass containers:
Production
1268 457
279 027
2° 297
24 842
21 269
20 449
24 430
20 804
25 104
23 369
23 095
25 342
25 036
r
25 995 22,831
do
1265 981
274 295
22 719
23455
21 818
20 883
23 722
22 735
28 607
22 587
19 843
22 163
24 575
r
27 704 22 117
do
do
do
do
24
71
i 55
22
23
71
61
22
634
000
659
729
2 565
5 739
5 171
1 630
1 890
5 361
5 324
2 159
1 577
5*440
4 703
2*105
1 592
5 552
4 548
1 911
2 020
5 193
5 015
2 339
2
4
4
2
112
970
878
074
3 141
5 908
6 346
2 568
1 999
6 008
5 129
1 588
1 617
5 347
5 289
1 450
1 901
5 861
5 983
1 800
1 975
6 527
6 980
1 606
thous. gross
Shipments, domestic, total
Narrow -neck containers:
Food
Beverage
Beer
Liquor and wine
333
053
516
426
r
2
6
6
2
704
287
909
060
2 361
5,222
5,396
1,560
6 574
12
4,776
9
2 752
406
2,452
341
33, 684
Wide-mouth containers:
Food (incl. packer's tumblers, Jelly glasses,
and fruit Jars)
thous. gross
Dairy products
do
58 241
238
59 129
197
4 933
14
5 313
16
4 874
16
4 446
14
5 551
19
5 039
13
6 577
13
4 924
14
3 530
12
4 098
9
4 949
9
Narrow -neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do
29 892
4 283
31 526
4 421
2 330
337
3 008
384
2 694
409
2 510
310
3 130
455
3 190
459
3 583
471
2 562
363
2 294
304
2 175
336
2 222
307
35 842
35 925
36 602
37 631
36 916
35 925
36 229
34 178
30 322
29 538
31 712
35 536
35 231
33 155
13, 806
i 12 592
3 777
3 259
3,632
3 167
3 146
2 944
3,205
2,833
7,718
7 661
2 079
2,105
1 619
1,877
4,719
5 525
1 554
1,530
1 281
1,532
309
349
79
93
83
83
330
513
14 372
451
357
343
10 738
2 279
204
293
484
15 151
369
399
341
11 130
2 700
212
72
118
3 899
82
101
88
2 870
701
56
66
114
3 780
83
99
77
2 757
719
44
59
106
3 482
101
93
71
2 517
655
44
58
108
3,336
54
93
72
2 435
630
52
Stocks, end of period
do
r
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
thous. sh. tons
do
Imports, crude gypsum
do
Sales of gypsum products:
Uncalclned
do
Calcined:
Industrial plasters
do
Building plasters:
Regular basecoat
do
All other (incl. Keene's cement)
do
Board products, total
.
"mil'sq ft"
Lath
do
Veneer base
do
Gypsum sheathing
do
Regular gypsum board
do
Type X gypsum board
do
Predecorated \vallboard
do
1
12, 368
U2 005
1
TEXTILE PRODUCTS
WOVEN FABRICS t
Woven fabrics (gray goods), weaving mills:
Production, total 9 ._
mil linear yd
Cotton
.
do
Manmadefiber.
do
i \i 048
i 5 gig
5 336
11 751
6 416
6 214
do
do
do
983
408
667
Orders, unfilled, total, end of period 9 ^ do
Cotton
_
do
Manmade
fiber
.
do
4 164
2 111
2 010
Stocks, total, end of period 9 d"
Cotton
_
Manmade fiber ...
2 1 13Q
718
285
428
900
404
489
700
304
432
3 502
1 559
1 905
1 159
2 518
2 628
960
431
522
968 2 i 129
2 508
433
2 611
528
946
427
512
926
418
2 873
2 386
2 480
860
388
466
718
285
428
741
295
442
770
32i
452
796
330
462
827
341
482
889
377
508
957 r i 017
439
398
555
r 574
1 073
458
611
3 553
1 527
I 986
3 502
1 659
1 905
3 477
1 491
1*950
3 457
1 524
1 900
3 422
1 545
1 846
3 340
1 510
1*801
3 235
1*426
1 783
3 056 r 2 875
1 255
1 375
1 659 r 1 600
2 578
1 063
1 498
9 197
11 601
12 373
145
544
920
404
509
830
370
453
295
422
728
296
429
3 821
1 640
2 143
3 640
1 541
2 020
496
5 014
2 506
2
611
79O
2
5Q9
COTTON
Cotton (excluding llnters):
Production:
G innings A
thous. running bales
Crop estimate, 480-pound bales, net weight
thous. bales
Consumption _ •
thous running bales
Stocks In the United States, total, end of period
Domestic cotton, total
'
On farms and in transit
Public storage and compresses
Consuming establishments
Foreign cotton, total... .
nmng
^0eS"
do
do
do
do
3 13 269
4
12 611
3 13 704
7 777
4
12 974
7 279
•jo ooo
12 319
3 346
7 947
1 026
12 595
12 586
2 788
8 761
1 037
643
15 217
15 *206
12 836
1 249
1 121
2 706
14 444
14 434
9 031
4 374
1 029
564
509
13 421
13 411
5 015
7 401
12 595
12 586
2 788
8 761
1 037
10
14
9
11
' Revised
'Annual total; revisions not allocated to the months
or quarter.
2 Data
4
coyer 5 weeks; other months, 4 weeks.
3 Crop for the year 1972.
Crop for the year 1973.
• Nov. 1 estimate of 1974 crop.
JMonthly revisions (1970-72) appear in "Woven Fabrics; Production, Stocks, and Unfilled
Orders, M22A—Supplement 3 (Aug. 1973), Bureau of the Census.
9 Includes data not
shown separately.
995
10
2 712
4
12 611
4
12 974
692
587
2 679
563
546
2 582
515
827
4,950
s 12,053
496
6 928
3 743 15 784 14 728
10 82°
5 680
9 633
8 226
5 668
3 732 15, 773 14,716
8 211
6 915
10 813
9 620
958
200 12, 552 11, 787
1 521
722
579
1 432
1 156
1,773
1,919
2 101
4,459
5 642
3 405
2,608
8 145
6 964
1
508
1 498
1 431 1 302 1 156
1 541
1 147
1 224
1 413
12
11
13
14
11
15
12
9
9
13
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting
toweling, and blanketing, and billed and held stocks of denims.
IIUnfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
A Cumulative ginnings to end of month indicated.
4 709
4 695
SURVEY OF CURRENT BUSINESS
November 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptire notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
| 1973
Annual
S-39
Sept.
1974
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding llnters)— Continued
Exports
thous. running bales
Imports
thous. net-weight Q bales
3,089
75
5,495
33
266
6
257
3
269
3
592
1
545
3
698
3
778
11
638
6
561
3
496
3
426
5
261
6
125
0
Price (farm), American upland
cents per Ib..
Price, Strict Low Middling, Grade 41, staple 34
(1M«")» average 10 markets*
cents per Ib
'27.2
7
44. 6
38.2
38.0
39.5
47.6
50.7
52.0
53.4
58.4
48.7
48.0
45.8
44.9
44.2
51.5
135.6
'67.1
80.6
75.3
«66.7
76.6
78.1
68.6
62.4
63.4
56.2
55.2
55.3
«50.4
47.6
44.6
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil-Consuming 100 percent cotton
do. ..
Spindle hours operated, all fibers, total
bil
Average per working day
do
Consuming 100 percent cotton. _
.do
18.3
10.4
115.9
.445
67.7
18.0
9.8
116.2
.447
63.1
18.1
9.8
8.9
.444
4.8
18.1
9.8
211.5
18.1
9.8
9.2
.460
4.9
18.0
9.8
8.2
.409
4.4
18.1
9.8
'11.4
.455
26.0
18.1
9.8
9.4
.468
5.0
18.3
9.7
9.3
.467
5.0
18.0
9.5
2 11.0
.439
25.8
17.9
9.4
9.1
.457
4.8
17.9
9.3
8.9
.444
4.6
17.9
9.2
29.3
.371
24.9
17.9
9.2
8.3
'.416
4.3
17.9
9.2
7.8
.389
4.0
Cotton cloth:
Cotton broadwoven goods over 12" In width:
Production (qtrly. )--.
mil. lin. yd--
5,616
5,086
1,160
22.7
18.4
17.6
16.6
16.4
18.4
15.8
15.6
16.0
16.5
14.3
14.4
17.7
12.0
11.8
4.1
2.9
2.6
2.7
2.8
2.9
2.7
2.8
2.8
3.1
3.1
3.1
4.6
3.8
4.0
.18
.16
.15
.16
.17
.16
.17
.18
.17
.19
.22
.22
.26
.32
.34
409.2
735.5
459.4
686.3
42.5
49.4
43.8
60.9
44.8
58.2
43.3
60.2
44.1
53.6
43.6
68.6
52.9
59.5
51.0
51.2
51.5
68.1
51.2
54.2
44.2
47.8
36.7
38.4
39.1
45.1
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
avg. weekly production-.No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equiv.thous. net-weight CD bales
Imports, raw cotton equiv
..
do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total __
mil. Ib
Filament yarn (rayon and acetate)
..do
Staple, incl. tow (rayon)
do
Noncellulosic, except textile glass:
Yarn and monofllaments
do
Staple, incl. tow
do _
Textile glass
fiber..
do
Exports: Yarns and monofllaments
Staple, tow, and tops
Imports: Yarns and monofllaments
Staple, tow, and tops
.458
26.1
7, 293. 6 8, 329, 4 2,077.2
653.1
153.7
635.3
713.2
696.7
172.6
2, 773. 3
2, 582. 4
571.6
1,279
1,315
1,226
2, 129. 6
158.9
187.4
2 ,077.6
145.4
181 2
2, 153. 2
146.5
182.4
856.4
746 4
181.5
857 2
723.5
170.3
902.5
3,339.6
2,969.8
688.0
842.3
738.2
170.4
thous. lb-_ 117,405 « 252,829
do
205,485 316, 441
27, 451
29, 190
25,270
29,687
27, 213
25,025
27, 232
28, 425
29, 907
34, 536
27,351
25, 248
27, 509
32, 515
30,058
29, 950
26, 588
34, 019
24, 230
39, 543
23, 483
34,649
27, 185
30, 144
24, 546
22,965
8,242
14,487
6,986
13, 266
4,510
8,861
6,049
13,358
4,305
6,439
4,935
10, 254
5,845
10,937
5,450
8,760
8,677
11,361
9,961
9,164
13,837
12,485
17,377
10, 227
.61
.61
.61
.61
.61
1.15
1.36
1.19
1.35
1.19
1.31
1.25
1.31
1.25
1.31
'25.5
6.0
1.2
2.9
2.0
1.8
1.0
1.975
1.850 ' 1. 740 1.788 ' 1. 665 '1.612
1.350 ' 1. 362 ' 1. 260 1.250 ' 1. 175 1.125
2.400 ' 2. 360 ' 2. 370 2.332 '2.111 ' 1. 962
1.625
1.125
1.945
do
_do ..
74.7 7
174.1
249,948
157,857
171, 102
164, 251
6,877
11, 032
61.6
61.5
46.3
34.0
48.4
26.6
46 3
34.0
36.4
25.9
38.1
'18.1
293.7
298.1
84.0
232.2
186.5
72.5
254.8
199.6
69.4
232 2
186.5
72 5
223.5
185
9
CO 0
207 0
182 9
62.6
Prices.manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb..
.62
4.61
.61
.61
.61
.61
.61
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do..._
1.03
1.22
1.04
1.30
1.06
1.32
1.05
1.32
1.05
1.32
1.05
1.32
1.08
1.32
5,567. 3
1,723.0
506.2
377.1
3,112. 4
6,108.7
1, 895. 0
473.1
365.8
3,526.8
1,415.1
437.2
109.1
85.7
817.1
1,547.8
500.6
115.6
86.3
879 6
1,632.9
529 7
122.5
92.6
917 7
1,610.5
507 5
115.1
92.6
914 7
428.2
2,239.9
435.4
2,513.9
105.3
571.8
99.7
622.8
96 3
646.5
85.6
653 2
113.4
118.1
114 6
105.3
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb._
Staple, incl. tow (rayon)
do
Noncelluloslc fiber, except textile glass:
Yarn and monofllaments
do
Staple, Incl. tow
do
Textile glass
fiber
_
do
Manmade fiber and silk broadwoven fabrics:
Production (qtrlv.), total 9
mil. lin. vd
Filament yarn" (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9. .do
Rayon and/or acetate fabrics and blends
do....
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd...
.61
1.11
1.32
501.9
474.8
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel cla^s
mil Ib
Carpet class
do
Wool imports clean yield
do
Duty-free (carpet class)
do
142.2
76.4
96.6
71.8
109.9
41.4
'58.5
'40.5
7.7
2.3
'2.5
2.1
210.0
22.8
'2.8
2.2
6.8
1.9
'2.0
1.4
6.2
1.3
'1.9
1.3
27.8
22.0
1.6
1.1
6.3
2.0
3.0
1.1
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
.$ per lb..
Gradedfleece,H blood . _ ..
do
Australian, 64s, warp and half-warp
...do
1.157
.925
1.321
2.500
1.594
3.035
2.750
1.512
2.942
2.630
1.420
2.741
2.419
1.475
2.596
2.375
1.500
2.818
2.360
1.480
2.725
2.225
1.388
2.532
Wool broadwoven goods, exc. felts:
Production (qtrly.)
_
101.8
101.1
23.7
5 943. 0
1.025. 4
257.4
mil. lin. yd..
19.3
.61
.61
.61
1.11
1.32
1.15
1.35
1.15
1.38
6.4
1.6
2.5
1.7
26.0
27.2
22.4
2.5
1.6
6.6
1.8
3.1
1.8
6.5
1.3
3.2
2.2
21.2
2.4
1.4
1.565
1.065
1.769
24.4
FLOOR COVERINGS
Carpet and rugs:*
Rugs, carpet, and carpeting, shipments, quarterly:
Total wnvpn t.nft.Ari nt.liAr
mil sn vrls
l
2
3
' Revised.
Season average.
For 5 weeks; other months, 54 weeks.
Less than
500 bales.
« Price not directly comparable with earlier data.
Annual total; revisions
not distributed by months or quarters.
« As of Nov.
1, 1973, Little Rock, Ark., and as of
7
Aug. 1,1974, Atlanta, Ga., deleted from average.
Preliminary season average (all cotton)
based on sales through Mar. 1974.
257.1
261.3
242.8
*New series. Cotton market price (U.S. Department of Agriculture) available monthly
back to 1947. Carpet and rug shipments (Bureau of the Census) quarterly data back to 1968
are available.
9 Includes data not shown separately. 0 Net-weight (480-lb.) bales.
November 1974
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
Annual
1974
1973
1973
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Apr.
May
June
July
Aug.
Sept.
19, 783
17, 358
17, 699
20, 988
18, 815
20, 638
17, 950
1,451
1,759
10 830
1,131
2,634
1,505
1,986
10 726
1,082
2,842
1,165 ' 1, 105
1,573 ' 1, 614
10486 '8 404
1,214
'918
2,646 '2, 127
Feb.
Oct.
TEXTILE PRODUCTS—Continued
APPARELt
Hosiery, shipments.. _
thous. doz. pairs
Men's apparel cuttings: d"
Suits
.
..
thous. units
Coats (separate), dress and sport
do
Trousers (separate), dress and sport
do
Slacks (jeans-cut), casual*
thous. doz
Shirts, dress and sport
..
do
228,723
18, 174
18, 202
182 034
20, 914
228, 269
16, 701
18, 801
149 747
13 447
33 392
19 982
22 077
1 401 1 589
1 541 1 775
11 052 13 050
1 115 1 121
2 739
3 067
18 079
1 471
1,660
11 536
1 029
2 956
14,929
1 142
1,260
8 877
1 053
2 439
17 007
1 511
1,499
11 992
1 048
2,805
16,482
1 554
1,630
11 941
1 188
2,885
1 384
1,414
11 938
968
2 797
1,597
1,975
10,100
1,238
2,632
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
U.S. Government. _ _
Prime contract..
Sales (net), receipts, or billings, qtrly. total
U.S. Government
mil $
do
do
do
do
Backlog of orders, end of period 9
do
U.S. Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications), products, services
mil $
Aircraft (complete):
Shipments
Airframe weight
Exports, commercial ..
23, 842
14,817
21,274
21, 499
13,492
27,044
15,804
24,377
24, 305
14,488
6,913
4,413
6,245
5,650
'3,569
6,907
4,170
6 202
6,476
3,792
7,118
4,126
6,466
6,199
3,490
6,676
2,851
6,061
7,193
3,905
26, 922
15,322
13,060
2,572
29,661 « 29,230
16,695 16,317
13,544 13,759
2,821
2,768
29,661
16 695
13,544
2,821
30,580
17,331
13,879
3,102
30,063
16,277
13, 085
3,281
5 670
5,258
4,531
2 897
3,141
3,549
5,272
5,670
6,013
2,990
2,897
2,869
do
3, 231. 8
thous. lb_. 47, 694
mil $
1,608.7
4,598.2
64,370
2,311.0
285.8
4,112
210.9
454.2
5,717
254.5
516.8
6,855
256.6
321.5
3,437
134.6
491.6
6,332
360.8
472.7
6,310
381.7
559.9
6,907
300.5
467.0
6,239
270.4
559.2
6,821
385.6
943.4 1,231.9 1, 139. 8
878.0 1, 143. 7 1,062.3
887.8
716.9
955.5
827.1
666.1
887.2
252.0
226.5
276.4
235.1
211.9
256.5
737.9
691.9
540.0
507.1
197.8
184.8
855.8
787.5
599.9
552.1
255.9
235.5
781.2
708.2
551.9
501.5
229.3
206.7
857.6
773.8
616.0
557.1
241.7
216.8
928.4
840.8
681.1
617.4
247.3
223.4
992.3
910.2
736.9
679.0
255.4
231.2
817
703
114
9.3
8.0
1.3
252.2
3,856
88.7
r
310. 2
'4,373
131.5
225.9
3,471
146.2
214.7
909.5
834. 5
669.6
618.2
239.9
216.3
777.6
731.6
542.1
515.2
235.5
216.4
606.7
565.2
444.1
415.8
162.6
149.4
872.4 21,117.5
803.1
662.2 2 844. 9
608.8
210.2 2 272. 6
194.2
882
767
115
9.4
8.2
1.2
812
698
114
9.0
7.8
1.2
812
691
121
9.7
8.4
1.3
811
668
143
11.1
9.5
1.6
726
591
134
10.1
8.4
1.7
757
628
129
7.8
6.3
1.5
1,655
1,461
1,638
1,420
1,496
1,400
1,294
1,388
1,385
1,385
1,595
1,610
3.1
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestlc ..
Passenger cars, totnl
Domestic
Trucks and buses, total ...
Domestic
thous..
do
do ..
do
do
do
Retail sales, new passenger cars :
Total, not seasonally adjusted
DomestlcsA
ImportsA
Total, seasonally adjusted at annual rates
thous- .
do
do
..mil
ImportsA
10,950
9,327
1,623
11, 457
9,676
1,781
do
Retail Inventories, new cars (domestics), end of
period :A
Not seasonally adjusted
thous..
Seasonally adjusted
do
875
754
121
11.7
10.2
1.5
979
858
122
9.9
8.4
1.5
913
778
135
10.1
694
574
120
9.5
679
551
128
9.3
684
568
116
9.1
1.8
1.8
1.7
1.6
780
654
126
9.2
7.7
1.4
1,311
1,454
1,600
1,765
1,360
1,478
1,479
1,664
1,628
1,812
1,600
1,765
1,705
1,713
1,737
1,644
1,695
1,540
ratio. .
2.0
2.0
1.7
2.4
2.6
2.7
2.7
2.6
2.4
2.2
2.1
2.2
2.0
1.8
2.0
thous _.
do
do
410. 25
376. 23
120. 62
509.19
452. 37
151. 65
40.33
37.55
9.14
54.46
47.32
14.08
43.18
34.80
11.22
52.66
45.71
12.71
42.37
33.00
13.37
47.06
40.96
18.84
56.10
49.20
23.79
64.31
53.76
23.98
59.78
51.84
19.74
51.68
47.91
16.94
34.71
29.91
19.05
27.42
25.46
11.55
53.71
48.21
15. 12
2, 485. 90 2, 437. 34
842.30
871. 56
429. 41
500.68
140. 56
61.60
36.96
203.04
85.62
48.86
222. 18
84.03
46.80
148.03
52. 77
37.35
252. 03
74.28
51.42
245. 01
87.65
48.90
254.71
80.08
43.41
263.81
59.35
44.41
284. 62
87.05
59.90
224. 08
64.05
58.59
209. 84
49.37
66.23
169. 98
46.12
49.61
168. 26
55.48
62.47
12, 915
8,441
1,069
828
15, 585
10,384
949
1,018
14, 839
10,290
1,337
977
14, 201
9,434
1,596
912
15,240
10, 130
1,887
1,027
15,273
9,508
1,190
460
16, 854
10, 978
2,000
1,040
15,564
10, 105
2,574
818
15,905
10,278
1,850
934
16,339 ' 14,856
10,901 10, 041
17,509
12, 481
Inventory-sales ratio, new cars (domestics) A
Exports (Bureau of the Census):
Passenger cars (new) , assembled
To Canada
-.
Trucks and buses (new), assembled.
Imports (Bureau of the Census):
Passenger cars (new), complete units
From Canada, total
Trucks and buses 1 .
11, 270. 7 12,637.3
10, 646. 8 11,865.7
8, 823. 9 9, 657. 6
8,352.5 9, 078. 8
2, 446. 8 2, 979. 7
2, 294. 4 2 786 8
do
do
do
Truck trailers and chassis, complete (excludes
detachables), shipments ©
number
Vans .
do
Trailer bodies (detachable) sold separately do
Trailer chassis (detachable), sold separately.. do
143,310
95, 879
20,009
20, 250
164,641
108,940
18, 626
12, 790
Registrations (new vehicles):©
Passenger cars
thous. . i 4 10,488 i«ll,351 * 815. 9 4 919. 5
i 4 1,529 i 4 1, 720 * 132. 6 4 116. 5
Imports, incl. domestically sponsored .. do
Trucks
do"
i 4 2,514 1*3,029 4 240. 8 4 252. 2
4888.6 4 875. 6
4 119. 6 4 141. 8
4 243. 4 4 248. 0
1,674
1,499
994
1,010
1,413
4 643. 4 3 584. 9 S 650. 6 3 697. 9 '3 730. 3 ••3 800. 9 -3 842. 6 3814.0 3 677. 1
110.8 3 103. 4 3 114. 9 3106.4 *» 100. 1 '3 107. 9 '3 123. 0 3 124. 9 3 120. 7
4 190. 0 3 178. 2 s 210. 8 3 226. 2 '3 232. 3 '3 260. 6 ••3 267. 1 3 253. 9 3 210. 2
4
RAILROAD EQUIPMENT
Freight cars (new) , for domestic use— all railroads
and private car lines (excludes rebuilt cars and
cars f or export) :
Shipments
number
Equipment manufacturers
do
New orders
do
Equipment manufacturers
do
Unfilled orders, end of period
do .
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous..
Held for repairs, % of total owned
Capacity (carrying), total, end of mo. .mil. tons..
Average per car
tons
i 47, 535 58, 252
54,814
142,073
147,915 1 105, 765
142,343 i 102, 136
67, 199
21,244
65, 380
17, 666
4,797
4,505
8.142
7,442
50, 781
47,714
6,373
6,016
13,535
13, 410
57, 313
55, 078
5,929
5, 606
9,736
9,436
60, 799
58,606
5,246
4,820
11,797
11, 745
67, 199
65,380
5,862
5,701
11, 246
8,921
72, 622
68, 689
4,003
3,876
6,731
6,231
75, 228
70, 922
5,355
5,112
10, 514
10, 345
79, 725
75, 493
4,723
4,418
13,393
11,412
88,335
82,427
5,570
5,413
7,200
7,200
89,379
83, 628
5,711
5,591
6,302
6,102
89, 320
83, 489
1,395
6.3
98.19
70.38
1,395
6.2
97.94
70.20
1,393
6.2
97.95
70.31
1,395
6.3
98.19
70.39
1,395
6.3
98.19
70.38
1,398
6.3
98.61
70.56
1,394
6.4
98.44
70.61
1,394
6.2
98.65
70.76
1,395
6.4
98.79
70.81
1,393
6.3
98.73
70.87
1,392
6.1
98.81
70.98
1,411
5.8
98.08
69.53
' Revised.
i Annual total includes revisions not distributed by months. J Estimate
of production, not factory sales.
3 Excludes 2 States.
4 Excludes 1 State.
^Revisions
appear in "Men's and Women's Selected Apparel Cuttings, 1971-72," MA-23A Suppl., 9/73
(Bu. Census).
^Effective 1973, data reflect new benchmarks and revised sampling; shirts
include knits (from knitting mills) not included in data prior to 1973.
New series. Data cover all types of men's jeans, but exlcude dungarees, overalls, and
work pants; no data available prior to 1973.
« Corrected.
9 Total includes backlog for nonrelated products and services and basic research.
5,240
6,557
4,724
6,110
6,933
11,388
6, 933
4,388
93, 410 * 93,786
81,095 81,918
6,080
5,788
7,692
7,365
95, 030
83, 127
1,382
6.4
98.26
71.12
1,379
6.5
1,387
6.4
98.62
71.08
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
^Effective Sept. 1973 SURVEY, data include imports of separate chassis and bodies.
©Effective Feb. 1974 SURVEY, excludes shipments of dollies and converter gear.
OCourtesy of R. L. Polk & Co.; republication prohibited.
{Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-J
, JH?
10. 11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24-25
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products! tobacco
Leather and products
25,26
26
27-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Adrertising
..................................
Aerospace vehicles
..............
.
.............
Agricultural loans
............................
Air carrier operations
.........................
Air conditioners (room). . .................... . . . .
Aircraft and parts
............................
Alcohol, denatured and ethyl
...................
Alcoholic beverages
..........................
.
Aluminum. .......... . ..... . ........... . . . . .
Apparel
..........................
1,4,8,9,11
Asphalt
.....................................
Automobiles, etc ....... 1, 4, 6, 8, 9, 11, 12, 20, 23
11,16
40
17
24
3«
7, 40
26
11,27
33
16,40
35,36
24, 40
Balance of international payments
..............
3
Banking
.....................................
17, 18
Barley
......................................
27
Battery shipments
..............
.
.............
34
Beef and veal
................................
28
Beverages
...........................
9,11,22,23,27
Blast furnaces, steel mills
......................
5-7
Bonds, outstanding, issued, prices, sales, yields. . . . 20, 21
Brass and bronze
.............................
33
Brick
...............................
.
.......
38
Building and construction materials
.............
4, 6,
7,11,31,38
Building costs
................................
10, 11
Building permits
.............................
10
Business incorporations (new), failures
..........
7
Business sales and inventories
..................
5
Butter
......................................
27
Cattle and calves
.............................
28
Cement and concrete products
...............
9, 11, 38
Cereal and bakery products
....................
9
Chain-store sales, firms with 11 or more stores. . .
13
Cheese
......................................
27
Chemicals
.................
5,6,9,14-16,20,23,25, 26
Cigarettes and cigars
..........................
30
Clay products
................................
9, 38
Coal
.................................
5,9,23,34,35
Cocoa
.......................
................
23,29
Coffee
.......................
................
23,29
Coke
........................................
35
Combustion, atmosphere, heating equipment ..... 34
Communication
............................
2, 20,25
Confectionery, sales
...........................
29
Construction:
Contracts
..................................
10
Costs
.....................................
10,11
Employment, unemployment, hours, earnings . . 13-16
Fixed investment, structures
.................
1
Highways and roads
........................
10, 11
Housing starts
.............................
10
Materials output indexes
....................
11
New construction put in place. . . . .
...........
10
Consumer credit
..............................
18
Consumer expenditures
........................
1
Consumer goods output, index
.................
4
Consumer price index
.........................
8
Copper
.......................
.
..............
33
Corn
........................................
27
Cost of living (see Consumer price index)
........
8
Cotton, raw and manufactures
..........
8, 9, 22, 38, 39
Cottonseed oil
...............................
30
Credit, short- and intermediate-term
............
18
Crops
.............................
3,8,27,28,30,38
Crude oil
.....................................
5, 35
Currency in circulation
........................
20
Dairy products
....................
........
3,8, 9, 27
Debits, bank
.................................
17
Debt, U.S. Government
.......................
19
Deflators, GNP
...........................
...
2
Department stores
............................
12, 13
Deposits, bank
...............................
17,20
Dishwashers ...... .
.............................
34
Disputes, industrial
...........................
16
Distilled spirits
...............................
27
Dividend payments, rates, and yields ....... 2, 3, 20, 21
Drug stores, sales
.............................
12, 13
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
5,9,26
Electricarmachinery and equipment^ _ . . . . . . . . ^ ^4,6,
Employment estimates
14
Expenditures, U.S. Government
13,19
Explosives
•••
26
Exports (see also individual commodities).... 1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat.
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces.
34
Furniture
4,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products.
Glycerin
Gold
Grains and products
Grocery stores
Gross national product.
Gross national product, price deflators
Gross private domestic investment.
Gypsum and products
5,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
Hardware stores
12
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
10,11
Hogs
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4,8, ll, 12
Household appliances, radios, and television sets.
4,
8,9,12,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2,3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
4,6,14,15
nsurance, life
19
nterest and money rates
18
nventories, manufacturers* and trade
5-7,11,12
nventory-sales ratios
5
ron and steel
4,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
11,17,18,20
Lubricants
35,36
Lumber and products
4,9,11,12,14,15,20,31
Machine tools
34
Machinery
4,6,7,9,14,15,20,23,24,34
Mail order houses, sales
12
Man-hours, aggregate, and indexes
15
Manmade fibers and manufactures.
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings... 14-16
Manufacturing production indexes
4,5
Margarine
29
Meat animals and meats
3,8,9,22,23,28,29
Medical and personal care
9
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,5,9,14-16,20
Monetary statistics
19,20
Money supply
20
Mortgage applications, loans, rates
11,17,18,19
Motor carriers
24
Motor vehicles
1,4,6,8,9,11,20,23,40
Motors and generators
34
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
4,6,7,9,20,23,33
NoninstaUment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp.
9,26
4-6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4,6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials.
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing.
4,14-16
Private sector employment, hours, earnings...... 13-16
Profits, corporate
2,20
Public utilities
2,5,10,20,21,26
Pulp and pulpwood
36
Purchasing power of the dollar.
9
Radio and television
4,11,34
Railroads
2, 16, 17,21,24,25, 40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
'8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (ind. plastics)
5,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14--16
Sheep and lambs
28
Shoes and other footwear
9,12,30
Silver
,
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
4-6,9,14,15,20,38
Sugar.
23,29
Sulfur
25
Sulfuric acid.
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9,12,13,37
Tobacco and manufactures
5, 6,8,14,15,30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, local
24
Transportation
1,2,8,14-16,20-22,24,25
Transportation equipment
4,6,7,14,15,20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
13,17
17-21
finance
19
2,5,8,10,21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
34
12,13
23,29,30
8,97
••
I
flour
2,3,15, 16
34
j>4
*8
,.
8,9
5,7,11,14-16
_ JJ
9,39
33
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Look Ahead
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AREA ECONOMIC
PROJECTIONS 1990
States and Regions
BEA Economic Areas
SMSA's
Non-SMSA Portions of BEA
Economic Areas
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