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A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION
U.S.
DEPARTMENT
OF COMMERCE
OCTOBER 1971 / VOLUME 51 NUMBER H\^
SURVEY OF
CURRENT BUSINESS
OCTOBER 1971 / VOLUME 51 NUMBER
10
SURVEY OF CURRENT BUSINESS
CONTENTS
U.S. Department of Commerce
Maurice H. Stans / Secretary
THE BUSINESS SITUATION
James TV Lynn / Under Secretary
Developments in Labor Markets
3
National Income and Product Tables
9
Trends in Personal Income
13
Economic Impact of Defense Procurement Errata
Regional and State Personal Income in the Second Quarter
15
16
The International Investment Position of the United States:
Developments in 1970
19
U.S. Direct Investment Transactions in 1970
U.S. Balance of Payments Tables, 1960-1—1965-IV
26
38
Harold C. Passer / Assistant Secretary
for Economic Affairs
Office of Business Economics
George Jaszi / Director
Morris R. Goldman / Deputy Director
Lora S. Collins / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
R. David Belli
Julius N. Freidlin
Robert B. Bretzfelder
Donald A. King
David T. Devlin
Barbara L. Miles
Thomas R. Robinson
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
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238 W. Wisconsin Ave.
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Minneapolis, Minn. 55401
306 Federal Bldg. Ph. 725-2133.
New Orleans. La. 70130
610 South St. Ph. 527-6546.
New York, N.Y. 10007
26 Federal Plaza Ph. 264-0634.
Philadelphia, Pa. 19107
1015 Chestnut St. Ph. 597-2850.
Phoenix, Ariz. 85025
230 N. First Ave. Ph. 261-3285.
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125 South State St. Ph. 524-5116,
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Bldg. Ph. 232-4321.
Seattle, Wash. 98104
8021 Federal Office Bldg.
Ph. 442-5615.
the BUSINESS SITUATION
GNP rose $16 billion in the third
quarter. Final sales increased $20 billion, but this was partly offset by a $4
billion decline in inventory investment.
The implicit price deflator rose at an
annual rate of 3% percent; measured
in constant prices, output increased 3
percent.
jXPANSION
E:
of economic activity
continued in the third quarter as GNP
rose $16 billion to a seasonally adjusted
annual rate of $1,059 billion. The
increase in final sales amounted to $20
billion. This was offset in part by inventory investment which, on the basis of
incomplete data, is estimated to have
declined at an annual rate of $4 billion.
The drop in inventory investment
was due to a runoff of steel inventory
which had been built up as a strike
hedge in the spring. However, even
aside from this special situation, inventory investment was not showing
much strength with the exception of
some buildup of auto dealer's stock.
Businessmen have been highly cautious
about inventory investment thus far in
the recovery.
These GNP estimates are preliminary. Preliminary GNP estimates are
prepared in the month following the
end of the quarter and are based on
incomplete source data and are subject
to subsequent revision. Figures for the
final month of the quarter are not
available for inventories and the data
for domestic and foreign trade and
consumer prices are also incomplete.
These qualifications are particularly
important for the current quarter
because the influence of the New
Economic Policy (NEP) affected prices,
wages, and other aspects of economic
activity in the second half of the
quarter.
Real output and prices
CHART 1
GNP rose $16 billion in third quarter
Billion $
40 -
30 -
The rise in real output (current dollar
GNP adjusted for price change) was 3 20 percent at annual rates as compared
with 4% percent in the second quarter. 10 The slowdown in growth was due mainly
to the correction of steel inventories. In
SALES rose $20 billion
addition, the rate of growth in the 40 -FINAL
.,..
,, , , .
- - . . , ,
second quarter was raised by nearly 1
percentage point by an unusually large 30 -••• /•;/"'*' r :;>: : ''~ ",>::?Tr!' ' : ' - ' * '»'-. *:
\ /•><%'!/<' '."' ;*;,,•>,::/ r - • V /. ' "
increase in dividends from abroad.
r :
These are treated as exports of capital 20 -~ "! - ' " * <
services and are included in the net export component of GNP even though
they do not reflect domestic economic
activity. Comparisons of output growth
INVENTORY INVESTMENT fell $4 billion
for recent quarters are subject to some
10 ... . .. , ,
uncertainty because of revision of the
retail trade estimates that have been
recently published by the Census Bureau. The Census retail trade estimates
are a major data source for the personal
consumption component of the GNP -20 accounts, and the revised estimates
REAL OUTPUT grew about 3 percent
Percent
have not yet been fully incorporated in 10
the accounts.
The slow growth of output in the 5 third quarter is reflected in low utilization rates of both labor and physical
capital. Unemployment averaged 6 percent of the civilian labor force in the
GNP DEFLATOR increased 3 1 3 percent
third quarter, the same as in the first 10 the
half of the year, and the rate of capacity
utilization in manufacturing fell from 5 75 percent in the second quarter to 73
percent in the third.
1967
1968
1969
1970
Change From Previous Quarter
The implicit price deflator for GNP
Seasonally Adjusted at Annual Rates
-f. .1
rOSe 3%
percent
in
the
third
quarter
_
-
~M
1
^
,
I
mmi
^
nit!
m,
U.S. Department of Commerce, Office of Business Economics
;,
'_
-
1971
SURVEY OF CURRENT BUSINESS
down from a 4 percent rate of increase
in the second. The third quarter rise is
tentative because in preparing the GNP
estimates information on consumer
prices was not available for September,
the first full month in which NEP was
in effect.
The implicit deflator is a price measure based on shifting weights that reflect changes in the composition of
GNP. An alternative measure of price
change, the chain index for GNP, uses
fixed weights in the calculation of the
price change for each quarter. This
index showed a decline in the rate of
price increase from 4% percent in the
second quarter to 4% percent in the
third.
The somewhat less favorable performance of the chain index was due
to the fact that it was not influenced by
the larger weight of automobile production in the third quarter. The
automobile component of GNP increased sharply—by about $3 billion.
Because automobiles have a relatively
low price index in terms of the year
1958 on which the implicit GNP deflator is based, the increased weight of
automobiles in the total mitigated the
third quarter increase in the GNP
deflator.
Consumer demand
Consumer spending increased $11^
billion in the third quarter as outlays
for services increased $5% billion, about
in line with recent trends, while expenditures for goods recorded a fairly
moderate gain of about $5% billion.
Automobiles, which benefited from the
prospective abolition of the auto excise
tax under the NEP, were by far the
strongest component of goods purchases
and rose $3 billion from the second
quarter. Dealers' sales of new domestic
cars were at an annual rate of 9
million units in the third quarter, as
compared with 8% million in the second;
during the quarter, sales were running
at a rate of 8.1 million units in July, 8.3
million in August, and an extraordinary
10.8 million in September. The big
jump in sales came after the announcement of NEP on August 15, but other
factors, such as early introduction of
the 1972 models and heavy promotional
campaigns aimed at moving 1971
models, no doubt added to the strength
of auto sales. Sales of imported cars
continued strong in the third quarter
and matched the peak 1.7 million unit
rate in the second. Sales surged close to
1.9 million in August from 1.7 million
in July, and fell back to a 1.5 million in
September. The strong August increase
probably reflected unusually strong
demand for models in stock that were
exempt from the import surcharge; the
September decline was related in part
to a shortage of imports from Japan as
a result of the west coast dock strike.
Personal income rose $11 billion in
the third quarter as compared with
$20% billion in the second. A major
reason for the slower growth was the
fact that the $4% billion retroactive
portion of the social security payments
in the second quarter was not in the
income stream in the third. In addition,
growth of private wages and salaries
slowed to $4 billion from $8% billion in
the second quarter, as a result of weakness in employment and hours of work.
Government payrolls and farm income increased a little more in the
third quarter than in the second, while
other components of personal income
showed little change.
Disposable (after-tax) personal income rose $8% billion in the third quarter. With personal outlays up by more
than $11 billion, personal saving declined, and the saving rate (personal
saving as a percentage of disposable
income), at 1% percent, was substantially below the rate in the second
quarter.
Personal income recorded a $3% billion rise in September. Wages and
salaries were unchanged as a $2 billion
increase in private payrolls was offset
by a decline in government payrolls.
The decline in government wages and
salaries reflected the disappearance
from the income stream of the nonrecurring bonus paid to postal workers
in August. Nearly all the increase in
private payrolls was in the commodityproducing industries, mainly in manufacturing where increased employment
October
1971
more than offset a decline in hours of
work. Average earnings in manufacturing showed a slight increase in September, but this was mainly due to a shift in ,
composition of employment. If average
earnings in the various manufacturing
industries are standardized to abstract
from changes in relative man-hours
worked, average earnings showed virtually no increase in September.
Among the nonwage components of
personal income, farm income rose
about $1 billion in September as a
result of an increased volume of marketing. Farm income has been rising
rapidly in recent months and prospects
for continued strength are favorable.
Transfer payments were $1% billion
higher last month mainly because of an
increase in railroad retirement benefits.
Other nonwage components of personal
income were essentially unchanged.
Residential investment
Residential investment continued to
increase in the third quarter, but the
rate of spending growth slowed. Outlays
rose $2 billion as compared with increases of roughly $3% billion in both
the first and second quarters and $4
billion in the closing quarter of last year.
Residential investment has been the
strongest factor in the current expansion; the summer increase carried these
outlays to $42 billion, some $13 billion
above their low in the summer of 1970.
Residential investment reflects housing starts with a lag. Private housing
starts have been recovering strongly
from their low rate of \}{ million units
in early 1970 and were at a record seasonally adjusted annual rate of more
than 2 million units in the quarter just
ended. Starts were at a 2}i million unit
rate in both July and August and fell
back to a 2.0 million rate in September.
The ongoing boom in homebuilding activity is equally evident in multiunit
structures and single-family homes;
starts of both types are roughly 25 percent above their previous highs in late
1968 and early 1969.
The strength of the housing recovery
is even more pronounced when account
is taken of mobile homes. In recent
years, these units have become a very
important part of the supply of low
October 1971
priced housing. Shipments of mobile
homes were running at a record seasonally adjusted annual rate of 530 million
units in July and August; this was about
100,000 units above the previous peak
reached in the fourth quarter of 1969
and nearly 200,000 units above the
recent low in the first quarter of 1970.
The declines in interest rates subsequent to the introduction of NEP and
the improved prospects for curbing
inflation are of course favorable omens
for the homebuilding industry. The
demand for housing continues strong.
Sales of new single-family homes were
at a record seasonally adjusted annual
rate of 700,000 units in July and August.
Vacancy rates for rental units were
close to their lows at 5J4 percent
though they were up in the south and
west where apartment construction has
been very strong. Also, the major
mortgage lending institutions appear
well situated for continuing their high
volume of lending activity. These institutions have benefited from enormous savings flows this year, liquidity
has been greatly improved, and mortgage commitments—an indicator of
future lending activity—are at record
levels. Of course, maintenance of the
housing boom depends crucially on
continued stimulative policies of Government and Government-sponsored
agencies to assure adequate mortgage
financing, and continued subsidization
of housing production which, in 1971 is
expected to affect some 524,000 units
or roughly 25 percent of total output.
SURVEY OF CURRENT BUSINESS
durables was further depressed by continuation of the employment cuts in
defense products industries. Within the
quarter, employment was weak in July
and August but showed strengthening in
September, mainly as a result of widespread gains in manufacturing.
Developments in Labor
In the industries classified by the
Markets
Bureau of Labor Statistics as "service
Employment in nonfarm establish- producing," employment continued to
ments showed no change in the third expand, but at a slower rate than in the
quarter following a gain of 230,000 last second quarter. Employment growth
spring. That increase followed two in retail trade was quite strong, the
quarters in which the auto strike and growth of State and local government
its makeup obscured underlying eco- employment, continued to advance,
nomic conditions; it brought total em- but at a noticeably slower pace than
ployment to 70.8 million, still some in previous quarters, and employment
200,000 below its peak in the first in the services group—which covers a
broad spectrum of occupations ranging
quarter of 1970.
Employment in goods producing in- from medical, legal, and educational
dustries declined fairly sharply in the services to domestic and personal servthird quarter and offset continued ices—advanced about in line with
growth in the service producing indus- recent trends.
Average weekly hours and overtime
tries (table 1). The weakness in goods
producing industries was widespread, continued to exhibit very little movebut most pronounced in durables. ment in the third quarter. Average
Durables were affected by the slowdown weekly hours for private nonfarm
in the steel industry, where production industry, which had been either 36.9
and employment cuts resulted as con- or 37.0 hours since mid-1970, moved
sumers liquidated huge inventories down slightly to 36.8 hours. Manufacturing overtime, which is normally
built up as a hedge against the possiquite sensitive to general economic
bility of a summer strike. The situation conditions, was 2.9 hours for the third
in the steel industry was mainly re- quarter, the same figure as in the
sponsible for the third quarter decline second, and up only one-tenth from
of 79,000 in primary metals employ- the first; overtime had declined from a
ment. In addition, employment in peak of 3.7 hours in the second quarter
chases, and employee compensation.
Finally, judging from 2 months of data,
net exports were unchanged in the
third quarter, following a sharp decline
in the spring.
Table 1.—Change in the Number of Employees on Nonagricultural Payrolls 1
Other final demands
Business fixed investment recorded
a gain of $2% billion. Government
purchases were moderately higher as
Federal spending rose $2 billion and
State and local government outlays
$2# billion. Defense spending, which
has been declining virtually without
interruption since 1968, fell another
$% billion in the third quarter. The
increase in Federal expenditures in the
nondefense category reflected a sharp
step-up in purchases by the Commodity
Credit Corporation. The growth of
State and local level expenditures continued to taper as a result of a deceleration in construction and other pur
[Thousands of persons, seasonally adjusted)
19 70
1971
I
IV
II
III
II
III
158
-172
-321
-383
315
233
-212
-424
-372
-633
-30
-5
1
—15
—4
—84
—1
-68
3
—1
0
-49
-2
27
-13
-43
—203
—242
—247
-562
—94
-56
-73
42
-23
-21
-9
-75
-38
369
252
52
250
345
238
141
35
38
104
-6
25
79
33
4
38
-37
29
108
27
32
68
-10
37
48
-53
22
74
Wholesale trade
Retail trade .
36
52
12
12
-2
—9
7
9
15
10«
6
67
-11
90
Federal Government.. ..
State and local government
7
97
36
94
-115
12
122
1
94
-4
94
-1
20
I
Total
-.
Goods producing industries
Mining
Construction
Durable manufacturing
Nondurable manufacturing
Service producing industries
Transportation and utilities
Finance, insurance, real estate-Services .
1. Computed from quarterly averages.
Source: Bureau of Labor Statistics.
5
103
-28
-169
SURVEY OF CURRENT BUSINESS
of 1969 to a low of 2.7 hours in the
fourth quarter of 1970. The stability
in hours of work is somewhat surprising
since hours typically increase rather
sharply in the early phases of economic
recovery. During such periods employers will generally try to meet
increased demands by working their
employees longer hours and will begin
to add to their work force only after
the expansion in demand gathers
momentum.
The labor force
The weakness in the demand for
labor was also evident in the data
provided by the BLS household survey.
CHART 2
Employment and Unemployment
Million Persons
88
CIVILIAN LABOR FORCE
86
Total
84
82
80
78
76
74
Unemployed
6
V'v"\ ./•
. . . . . . . . . . Tin. . . . . . . . I . . . . . . . . . . . I . . . . . . . . . . . I . . . . . . .
Percent
8
UNEMPLOYMENT HATE
1968
1969
1970
1971
1972
Seasonally Adjusted
rta:
U.S. Department of Commerce, Office of Business Economics
BLS
71-10-2
October 1971
Table 2—Unemployment Rates as a Percentage of Trough Quarter Rates ]
3 quarters before the trough
occurring in:
Total private nonfarm
Durable manufacturing
Nondurable manufacturing
Construct ion _.
Transportation and utilities
Wholesale and retail trade
Finance and services
Government
_
3 quarters after the trough
occurring in:
1954-3
1958-2
1961-1
1970-4
1954-3
1958-2
1961-1
58.3
55.8
75.3
68.3
70.8
77.9
89.6
98.4
50.0
59.7
62.5
44.4
64.5
68.0
40.3
65.5
69.2
47.2
58.9
70.0
61.9
77.5
80.5
75.9
85.5
75.0
56.4
67.2
71.6
75.7
74.2
70.8
56.4
62.3
78.7
69.8
75.8
94.0
60.5
75.0
93.6
68.1
83.6
104.0
70.1
90.1
87.4
96.3
108.7
92.9
87.2
106.2
90.8
86.5
101.6
110. 4
75.0
76.9
84.0
71.4
110.0
84.6
96.0
107.1
1970-4
1. Computed from quarterly averages.
Source: Bureau of Labor Statistics.
The number of unemployed averaged 5 was the second consecutive quarterly
million workers in the third quarter, the increase following a year of decline. The
same as it has since the fourth quarter number of teenagers employed in the
of last year, and the unemployment rate third quarter remained basically
held steady at 6 percent. Also, the job- unchanged.
less rates among major labor groups
The civilian labor force has behaved
have shown little or no change over the in a highly erratic fashion throughout
year: The rate for adult men edged up 1971. Offsetting changes in the first
from 4.3 percent in the first quarter to half of the year held growth to its
4.5 percent in the third (for married smallest advance since the second half
men it remained unchanged at 3.2 per- of 1964. In the third quarter, however,
cent), the rate for adult women has the labor force recorded a gain of 550,000
hovered around 5.7 percent all year, which about matched the increase in
and the rate for teenagers, which is total employment.
quite volatile, registered very little
change, ranging from 17.4 percent in the Industry unemployment rates
The weakness in labor markets this
first quarter to 16.8 percent in the third.
year
is underscored by the data the
Unemployment rates for blue-collar and
BLS
provides
on unemployment rates
white-collar workers have remained
by
industry
of
last employment. These
essentially unchanged thus far in 1971;
rates
are
shown
in table 2 as a percentthe rate for whites has been flat, but that
age
of
their
respective
trough rate
for Negroes has moved up from 9.5
three
quarters
before
and
three
quarters
percent in the first quarter to 10.1
after
the
low
in
economic
activity
had
percent in the third.
been
reached.
(The
recent
trough
has
For definitional and statistical reabeen
tentatively
established
by
the
sons the behavior of civilian employNational
Bureau
of
Economic
Research
ment on the household basis often
differs substantially from that in the in November of 1970.) As can be seen
nonfarm establishment series. Civilian from table 2, there was nothing espeemployment which had shown virtually cially unusual about either the pattern
no change since the first quarter of 1970, or rate of increase of industry unemgrew significantly in both August and ployment in the most recent downturn.
September, and for the quarter recorded However, a notable difference is seen
its first noteworthy advance since late in the sluggish response of industry
1969 (chart 2). Employment rose rates in the recovery. Generally speak520,000 over the summer to 79.2 million ing, rates are currently either very
close to or above their levels in the
and passed its previous high of 78.9
fourth quarter of 1970. In comparison
million in the first quarter of 1970. The with other periods of economic recovery,
gain in the quarter was largely ac- the most striking differences are the
counted for by increased employment lack of response of industry rates in
among adult women (325,000), but durable and nondurable goods manuemployment for adult men also ad- facturing and, to a lesser extent in the
vanced (220,000). For adult men, this finance and services group.
SURVEY OF CURRENT BUSINESS
October 1971
CHART 3
• GNP rose $16 billion in third quarter-real output up about 3 percent at annual rate
• In September: Unemployment rate virtually unchanged at 6 percent; nonfarm payroll employment rose 300,000
•
Wholesale prices fell 0.3 percent; both industrial and nonindustrial prices declined
PRICES
THE LABOR MARKET
TOTAL PRODUCTION
Billion $
Million Persons
Percent
1,050
85
16
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
1,000 -
83
950 -
81
IMPLICIT PRICE DEFLATOR FOR GNP*
(Change From Previous Quarter)
12
Labor Force
Employment
Illllllllli
79
••••*"
77 I/i i i i I i i I i i
Monthly (Sept.)
Percent
8
Billion $
40
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
30
-
20
_
•
0
Quarterly (III)
h
-
6
-
4
«^X" t
0
Billions
-
120
f'^
mr****
-
-
Total
_
Inventory
Change
l
650
i
t
F
64
i
i
i
1
!
60
1
BLS
1 967 = 1 00
120
WHOLESALE PRICES
NONFARM ESTABLISHMENTS
(Employees)
Employment* (left scale)
A^. \
115
S^ ~
t/**X^
_
\<^^
^x^p—*" -"
Total
_
(right scale)
_
140
_ 1 30
CONSTANT DOLLAR (1958) GNP**
(Change From Previous Quarter)
4
-•
1k
_
1 1
• •
•
1970
Quarterly (III)
1971
QBE
* * Seasonally Adjusted at Annual Rates
of Commerce, Office of Business Economics
DigitizedU.S.forDepartment
FRASER
1 111 i11 i11i iiiiiiiiiii
Illllllllli
Monthly (Sept.)
45.0
* Seasonally Adjusted
i 1 1 1 11 i 1 1 11
iiiiiiiiiii
Monthly (Aug.)
Billions
QBE
Hours
1969
100
110
^^f*^ "L
w^-*****' Commodities
1 05
_
Data being revised by source agency.
12
-4
^""1
Retail Food*
BLS
68
Percent
III
^-x^" y*
Total
IHUUMIldt
_
, $ ,/
Quarterly (III)
_
^^»*»
Illllllllli
Monthly (Sept.)
s
^~~~^^^~^
-
—
no
I l l l l l l l l l i
72
—
i
••* -.
\ .-•
Million Persons
76
750
0
130
W _/Marriprf MPH
^ —i
8
^-"V/* -
_
CONSTANT DOLLAR (1958) GNP**
700
CONSUMER PRICES
/
QBE
850
800
140
Total
2
QBE
1967 = 100
UNEMPLOYMENT RATE*
II lull,
10
Quarterly (III)
BIS
120
inn
iiiiiiiiiii iiiiiiiiiii
Monthly (Sept.)
Dollars
BLS
1967=100
120
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
••••*"*
..•
Average Hourly Earnings f
•
(right scale)
/' '
WHOLESALE PRICES
3.40
115
3.20
110
37.5
3.00
105
35.0
i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i 2.80
100
42.5
1 11 1 1 i 1 111 1
BLS
f
40.0
\.*''"' Average
Weekly Hours #
/ (left scale)
1969
1970
Monthly (Sept.)
1971 BLS
-
Processed Foods
and Feeds
/*
#\
_
Products
iiiiiiiiiii iiiiiiiiiii iiiiiiiiiii
1969
1970
1971 BLS
Monthly (Sept.)
SURVEY OF CURRENT BUSINESS
6
October 1971
• Personal income was up only $314 billion in September
• Personal consumption expenditures rose $1114 billion in third quarter
• Housing starts fell 12% percent in September from the record 214 million unit rate in July and August
INCOME OF PERSONS
CONSUMPTION AND SAYING
Billior > $
FIXED INVESTMENT
Billio n $
Billion $
700
900
PERSONAL INCO ME**
850
r^S~~^
800
s-
100
PERSONAL CONS UMPTION EXPEND! FURES**
Producers' Durable Equipment**
75
650
^
600
50
Nonresidential Structures**
\
u ..••<r
550
750
\
25
Residential Structures**
700
M
1 1 1 I1 1 1 1 1
1 M 1 I1 1 1 1 1 I
1 M
t
500
1 1 t I 1 1 1 1
Monthly (Sept.)
i
\
i
i
|
1
1
1
Quarterly (III)
QBE
i
0
Billio n $
Billion $
Billio i $
40
100
Total
(left scale)
550
500
35
^
r-"-"^
'
200
1 1 M t I 1 111
90
30
25
o Expected
1 1 1 1 1 1 1 t 1 1 1
100
20
M 1 111||i |1
1 t 1 t 1 1 M M 1
t i111 11 > 11
Monthly
QBE
i
60
Billion $
700
8
650
6
1
1
4
1
Quarterly (III)
J:
[)omestic
(I eft scale)
\
Imports
(right scale)
\
_
M i i i iiiii ii
2
„.„— •**«••""** \
1 M
1 11 1 M
I1
Monthly (Sept.)
QBE
2,500
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
_ (In 1958 Dollars)
7
2,400
\
\
t 1 1 1 1 1 1 I1
_
-f
4
II
0
5
1 II 1t 1 1 M 1 1
1
OBE-SEC
Shipments
1 II I 1 1 1 1 II 1
1 1 1 1 1 1 I 1 M 1
Monthly (Aug.)
Trade Sources & QBE
Census
Mill!on Units
2.5
PRIVATE HOUSING**
10
2.0
L
* *>*!
*•»•
8
1.5
.S
6
\
i
1969
1
1970
1
Quarterly (ill)
* Seasonally Adjusted
1
6
PERSONAL SAVING RATE*
/ — ^^A
_^"
1
8
Starts
2,600
l
New Orders
Per cent
12
Dollars
2,700
l
i
10
1
i
CAPITAL GOODS MANUFACTURERS*
NEW CAR SALES*
750
1
l
Quarterly (IV)
9
DISPOSABLE PERSONAL INCOME* *
l
Census
Million Units
1
1
QBE
70
12
i
1
80
800
I
1
-
Billior 1 $
i
i
Excluding A utomotive Group
Monthly (Sept.)
600
i
Data beir g revised by source agency,
150
450
400
(
Total
^
Manufacturing
(right scale)
i it i111 if 11
1
PLANT AND EQUIPMENT EXPENDITURES**
RETAIL STORE SALES*
^—^
i
Quarterly (III)
600
WAGES AND SALARIES**
i
QBE
I
I
1
4
1971
Business Economics
i
1969
QBE
* * Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of
i
i
1
1
1
1970
Quarterly (III)
1
l
I
1.0
Permits
.5
i 11it ii11i
1969
1971
QBE
*
1 1 1 1 1 1 11 ii
1970
Monthly (Sept.)
1 1 1 1 11 1 1 1 11
1971
Census
Oct( >ber
1971
SURVEY OF CURRENT BUSINESS
7
> In third quarter: Inventory in vestment fell $4 billion
i1
Net exports were un changed
i1
Government purchase s of goods and services increas ed $41/4 billion
<
FOREIGN TRANSACTIONS
INVENTORIES
GOVERNMENT
Billic» n $
Billi on $
Billio
40
12
140
1$
FEDERAL PURCHASES OF
GOODS AND SERVICES**
NET EXPORTS**
CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
30
8
20
4
10
0
120
Total
Goods and Services
100
Merchandise \.» -n. \
/*
nh .I..I.
0
Quarterly (III)
• i
-4
i
i
i
l
80
\
i\ i
l
i
Quarterly (III)
QBE
Billio 1$
Billio n $
190
6.0
180
|
t
i 1 1 111 ii11 t ii11111t 111 i11iiiiii 11
150
Monthly (Aug.)
Exports
"/
Billio n $
6J -
Monthly (Aug.)
250
BALANCE OF PAYMENTS*
i I i I I 1 I I I i i 11 i I I 1 ! i 1 1i i
-4
i iI i i1 t 1 i 11
-8
Monthly (Aug.)
i
l
l
l
i
t
>
175
i
l
l
Quarterly (II)
2.0
*S Total Manufacturing >n /
and Trade f
\j
.*••.. x*. ....—•*** Vv
1969
t 1 1 i 1I t 1 11 1
1970
Monthly (July)
* Seasonally Adjusted
-
1 1 1 1 11 1 1 1 11
1971
Census & QBE
* * Seasonally Adjusted at Annual Rates
U.S. Department
of Commerce, Office of Business Economics
l
i
l
l
1
1
1
Quarterly (III)
QBE
STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**
Net Liquidity Balance
1.8
t 1 1 I1 i 1 1 1 1 1
l
150
A
0
-
i
Billio n $
175
4
Manufacturing
'
Expenditures
150
BALANCE OF PAYMENTS*
INVENTORY/SALES RATIOS*
/ I
_
QBE
Bil ion $
8
2.2
1.4
200
Current Account and
Long-Term Capital
^
Census & QBE
Ratio
**+**^~
...•••
.#•**
Receipts
\
0
60
1.6
FEDERAL BUDGET**
(NIA Basis)
225
Manufacturing
~
Census
Billior1 $
Current Account
Trade
V../
Monthly (Aug.)
Census
4
80
S^/
V
0
2.0
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
100
1
1
Bil ion $
8
120
1
QBE
2
' Imports
Census & QBE
140
1
£
Shipments-;
V v
3.0
i
DEFENSE PRODUCTS*
New Orders
\u
4.0
160
i
Quarterly (III)
3
^s^^^
170
i
Bil ion $
4
5.0
Total
l
60
QBE
MERCHANDISE TRADE*
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
Defense
V
| **•••:..
••
"" ' '"' ^ \
-4
-8
125
Official Reserve
Transactions Balance
i
l
1969
l
i
l
100
\ \
%
»-..\
l
1970
Quarterly (II)
i
^—
l
l
75
1971
i
l
1969
QBE
l
l
i
t
1970
Quarterly (III)
1
1
1
1971
QBE
October 1971
SUEVEY OF CURRENT BUSINESS
8
• In September: Industrial production rose 0.5 percent following declines in both July and August
•
Bank credit continued to increase, money supply down slightly
•
Interest rates and bond yields continued to decline
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
1967 = 100
Billion $
130
500
^OU
INDUSTRIAL PRODUCTION*
120
240
^/
S"^
N
C*> *» x..»— \f**^m ..«j*** *
^^^ • -AJotal ^-*^
+
CORPORATE PROFITS ANDIVA**
460
Nondurable
Manufactures
-jp*\ jjf*
I^U
BANK CREDIT AND MONEY SUPPLY*
\
110
PROFITS AND COSTS
Billion $
—
420
Bank Credit
(left scale)
\
-
S
s'
100 -
-
~
X*
220
80
Before Taxes
\
\
^V.
s
_
^^^
JL— ._ -^*- — "
100
90
/ ^
-
\
S"***.
Durable \ *+**'
\
Manufactures \f
~
i 1 1 1 11 1 1 1 11 i 1 1 1 1 1 1 1 1 1 i i 1 1 11 1 1 1 1 11
Monthly (Sept.)
380 7
-*""
340
Money Supply
(right scale)
1 1 1 1 1 1 1 1 1 1 I
1 1 I 1 1 1 1 1 1 1 1
FRB
1 1 1 1 I 1 1 ! 1 1 1
Monthly (Sept.)
200
60 -
180
AO
-
i
Billion $
Billion $
150
2
100
125
FREE RESERVES
_
1
**•••»
f~
jf**\
V
_
\
i
-
1 1 1 1 111 1 111
1
I/ ~
•
\|
i i i i i 1 i i iU'i
i t i ii 1 i i i ii
Monthly (Sept.)
^^
Percent
-1
-2
- V*/^'
80
Percent
24
Xj—s.
o
-
16
1
1
I
I
!
I
l
Quarterly (III)
4
l
J
• 1 1 1 1 i . . . i i 1 1 1 1 1 1 1 i ii i l\ 1 1 i/i i i n i
Percent
Oft
24
^
i i1111 1 1111 1 1 111 1 1 1111 11111 1 11 111
1969
1970
Monthly (Aug.)
* Seasonally Adjusted
1971
-~
100
^X/\ Standard and Poor's 500
60
Census
16
~~*
^—"xA
S^*^,
-
8
s
\\A
1 ] 1 1 1 1 1 1 1 1 1
QBE
-
n
1,
JlrfllJl
d
•
BLS
1 1 1 1 1 1 1 1 1 1 1
1970
Monthly (Sept.)
1 1 1 1 1 1 1 1 11 1
1971
~
iin i.,i
1
\~s
1969
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
120
on
]
UNIT LABOR COSTS, PRIVATE ECONOMY* *
(Change From Previous Quarter)
STOCK PRICES
**'•••/ sV^f
New Orders \/
1
Quarterly (II)
24
/o*/V«
1
Output p.
Monthly (Sept.)
140
Shipments
1
i
i
-8
1941-43=10
32
^Ss^ ^*
••
"JIJLl
40
"
1
\
Billion$
36
i
s^
\
•C^^---, ^^
DURABLE GOODS MANUFACTURERS*
QBE
Profits After Taxes
\
_ ^
^
8
v^/^"^
FRB
1
Compensation
3-month Treasury Bills \
1
1
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY**
- (Change From Previous Quarter)
Corporate Yields, Moody's Aaa
70
1
Quarterly (II)
12
8
i
\ _^^/
FRB
Percent
10
"V^^^
60
i
20
INTEREST RATES AND BOND YIELDS
Manufacturing
_
— __
40
Monthly (Sept.)
"^S /
""^^
\y
1 1 1 1 1 1 1 1 1 1 1 1 1111 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1
RATIO, OUTPUT TO CAPACITY*
~
fS
y
W Si • «**X»^ /
FRB
100
90
**"-..„,— ...
Q
\
* *
1 I
* *
i
Cash Flow
80
\
\/ Autos :
50
i
CORPORATE CASH FLOW AND PROFITS**
_
1
\^^\/f^\
75
i
Quarterly (II)
1967=100
INDUSTRIAL PRODUCTION*
i
FRB
•1
-ft
1969
1970
Quarterly (II)
1971
BLS
SUEVEY OF CURRENT BUSINESS
October 1971
NATIONAL INCOME AND PRODUCT TABLES
1970
1970
II
III
1971
II
IV
1971
1970
III*
1969
1970
II
Seasonally adjusted at annual rates
III
IV
II
ID>
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..
Personal consumption expenditures
Durable goods
Nondurable goods
Services
-
Gross private domestic investment
929 1
974 i
968 5
983 5
988 4 1 020 8 1 043 11 059 0 724 7
720 0
721 1
723 3
715 9
729 7
738 4
743 6
579.6
615.8
613 8
620 9
624 7
644 6
660.9
672.1 469 3
475 9
477 1
477 9
474 2
484 8
492 3
496 7
89 9
247 6
242.1
88 6
264 7
262.5
90 7
262 9
260.2
90 4
265 5
265 0
84 9
270 9
268 9
97 6
272 0
275 0
100.8
279.8
280.4
104.7 84 8
281.7 202 7
285.7 181 8
81 4
207 3
187 2
83 8
206 5
186 8
82 8
207 3
187 9
76 6
209 7
187 9
86 7
209 2
188 8
89 2
213 2
190 0
92 2
213. 2
191.3
137.8
135.3
134.1
138 6
137 3
143 8
152.4
152.9 109 6
102 2
102 7
104 0
101 2
104 7
109 9
107.7
130 4
132 5
132 1
133 5
133 6
140 6
146.7
151.4 103 2
99 9
100 7
100 1
98 1
102 1
105 0
106.0
Nonresidential
Structures
Producers' durable equipment. _
98 6
34 5
64 1
102 1
36 8
65 4
102 1
36 6
65 6
104 g
37 3
67 5
100 8
37 1
63 7
104 3
37 9
66 3
107.0
38.2
68.8
109 7
38.9
70.7
80 1
24 6
55 7
78 6
24 2
54 4
79 4
24 4
55 0
80 1
24 2
55 9
75 5
23 5
52 0
77 5
23 8
53 7
78 7
23 1
55.6
79 2
22.4
56.8
Residential structures
Nonfarm
Farm
_
_
31 8
31 2
.6
30 4
29 7
.6
29 9
29 3
.6
28 7
28 1
.6
32 8
32 2
.6
36 4
35 7
.6
39.7
39.1
.6
41.7
41.1
.6
23 1
22 6
.4
21 3
20 9
4
21 3
20 8
.4
20 0
19 5
.4
22 6
22 2
.4
24 6
24 2
.4
26.4
26.0
.4
26.8
26.4
.4
7.4
7.3
1
2.8
2.5
3
2.1
1.8
3
5.1
4.7
3
3.7
3.3
4
3.2
3.0
2
5.7
5.2
.5
1.6
.8
.8
64
6.3
1
23
2.0
3
2.0
1.7
3
3.9
3.6
3
3.1
2.8
4
2.6
2.4
2
4.9
4.4
.5
1.7
1.0
.7
2.0
36
4 2
4 0
2 7
4 2
— 5
—.5
1
24
26
32
21
26
-1 0
—.5
68.5
69.0
48.5
48.3
52.2
49.8
52.8
50.1
52.4
49.2
51.9
49.8
52.8
50.1
53.0
54.0
54.7
55.2
234.4 145.6
Fixed investment
--
.
Change in business inventories.
Nonfarm .
Farm
.
Net exports of goods and services
Exports
Imports
-
.
Government purchases of goods and services
Federal
National defense
Other
State and local
...
_
63.2
60.5
66.1
61.9
66.4
66.9
220.1 223.7
228.2
230.2
139.4
138.7
138.2
138.3
137.6
137.1
139.7
96.7
73 0
23.7
95.7
71.8
23.9
97.6
71.4
26.2
73.8
65.4
65.3
63.8
63.2
61.5
60.5
62.7
131.5
134.5
136.8
71.9
74.0
73.4
74.3
75.2
76.1
76.6
77.0
65.6
53.6
62.9
59.3
63. 2
59.0
209.7
219.4
216.5
99.2
78 4
20.7
97.2
75 4
21.9
96.8
75 1
21.6
96.1
74 2
21.9
95.9
73 2
22.7
110.6
122.2
119.7
124.0
127.9
63.7
59.7
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
974.1
968.5
983.5
988.4 1,020.8 1,043.1 1,059.0 724.7
720.0
721.1
723.3
715.9
729.7
738.4
743.6
921.7
7.4
971 3
2.8
966 5
2.1
978 4
5.1
984 7 1, 017. 6 1, 037. 4 1,057.4 718 2
1.6
6.4
3.2
5.7
3.7
717 7
2.3
719 1 719.4
2.0
3.9
712.8
3.1
727.1
2.6
733.5
4.9
741.9
1.7
457.3 468.3
468.6
474.9
385.4
376.7
467.7
483.2
494.6
501.7 389.9
383.0
386.6
93,3
398.1
465.5 466.6 469.8 464.0
5.1
21
28
3.7
480.0
3.2
488.9
5.7
500.1 383.4
1.6
6.4
380.7 383.4 383.3 373.6 384.0
23
20
3.9
2.6
3.1
388.5
4.9
396.4
1.7
_. 185.3
180.9
45
180.2
180.8
— 6
181.8
183.7
20
189.6
184.9
47
169.7
173.1
—3 4
191.8
188.0
38
194.2
191.5
2.7
197.0 165.9
198.3 162.1
-1 2 3 8
156.1
156.8
— 6
158.8
160.3
-1 5
163.7
160.0
37
144.4 161.9
147.5 158.7
32
-3 1
163.4
161.1
2.3
165.3
166.0
—.7
. _ 272.0
269.0
2.9
288.1
284.7
3.4
286.9
282.9
4.0
285.3
284.9
.4
297.9
290.9
7.1
291.4
292.0
—.6
300.4
297.4
3.0
304.7 224.0
301.9 221.4
2.6
2.8
226.9
223.9
3.0
226.7
223.1
3.6
223.5
223.3
.2
232.3
226.1
6.2
224.7
225.3
.6
230.0
227.4
2.6
232.8
230.4
2.4
377.4
410.3
406.2
413.7
420.6
432.3
439.8
446.2 267.8
273.4
272.3
273.9
274.5 276.1
277.6
278.7
94.9
100.1
105.2
108.6
111.1
67.0
63.6
63.4
62.2
67.0
67.4
66.7
449.9
7.4
Final sales.
Change in business inventories
Durable goods
_
Final sales
Change in business inventories
Nondurable goods
Final sales
_
Change in business inventories
929.1
_
_
Services
94.4
Structures
95.5
93.7
387.2
64.7
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
_
. . .. 929.1 974.1
Private
Business
Nonfarm
Farm
Households and institutions
Rest of the world
General government
.
.
968.5 983.5
988.4 1, 020. 8 1,043.1 1, 059. 0 724.7
720.0
721.1
723.3
715.9
729.7
738.4
743.6
920.1
934.5 664.0
659.4
660.4
662.8
655.4
669.0
677.5
682.4
859.6
831.5
28.1
877.9
849.0
28.9
892.1 643. 5
861.3 619.3
30.8 24.2
638.5
614.6
23.9
640.1
616.1
23.9
641.8
618.6
23.2
634.1
609.2
24.9
646.9
622.0
24.9
654.1
629.0
25.0
659.3
632.0
27.4
33.0
34.2
35.0
35.9
16.5
17.0
16.8
17.0
17.1
17.6
17.7
17.8
51
56
7.2
6.6
40
40
36
4.0
4.2
4.5
5.8
5.3
116.8
121.3
122.9
124.5
60.7
60.6
60.7
60.5
60.5
60.8
60.9
61.2
825.3 859.8
854.8
868.3 871.6
899.5
792 5
764.5
28 0
823 4
795.2
28 2
819 7
790.9
28 8
831 3
804.1
27.1
833 5
806.4
27.1
28 5
31.7
31 0
32.1
4 3
46
41
48
103.8
114.4
113.8
115.2
HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department Field Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and final data for the preceding 2. The July 1971 issue has
data for 1967-70. Prior July issues have final data as follows: 1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970. QBE will provide
on request a reprint of final data for the years 1964-67.
Preliminary-
SUBVEY OF CURRENT BUSINESS
10
1970
1969
1970
II
III
October 1971
1970
1971
I
IV
III v
II
1969
1970
Seasonally adjusted at annual rates
86.9
88.2
89.8
95.6
97 3
99 5
848.0 886.5 881.6 895.3 898.6
925 2
945 7
959 5
Less: Indirect business tax and 85.7 92.9 91.9 94.2 95.8
nontax liability .
Business transfer payments.. 3.7 3.9 3.9 4.0 4.1
Statistical discrepancy
—4.1 —4.5 —5.8 —3.2 —1.6
99.3
101.7
105.3
4.2
—4 9
4.2
—4 0
4.3
1.6
.7
1.2
Equals : Net national product .
Plus: Subsidies less current surplus
government enterprises
1.1
1.7
1.8
1.9
1.7
763.7 795.9 793.4 802.2 802 1
Equals : National income
Less: Corporate profits and inventory valuation adjustment. 78.6
Contributions for social insurance
-- .
- 54.0
Wage accurals less disburse.0
ments
Equals : Personal income
828.3
II
III*
70.8
71.5
73.0
69.0
75.5
78.3
57.6
57.4
58.4
58.5
63.9
65 0
- -
-
565.5 601 9 598 5 606 5 609 3 627 9 639 5
Wages and salaries _ . ...
509.6 541.4 538.5 545.2 547.2 562.3 572 4
578 8
405.5 426.6 424.4 429 4 429 9 441 2 449 8
19.0 19.4 19.5 19.2 18.6 19.2 18 6
85 1 95 5 94 5 96 6 98 6 101 8 104 0
453 9
18 0
106 9
Private
.Military
-.
Government civilian
Supplements to waees and salaries. . 56.0
Employer contributions for social
27.8
insurance
Other labor income
.
—.4
0
o
o
0
75.6
77.3
77.2
80.7
83.7
92 2
92.6
31.7
25 0
3.9
31.1
24.9
3.9
32.2
25 2
4.0
32.4
25 0
4.1
32.0
25.6
4.2
31.7
25 4
4.2
32.2
25.7
4.3
750.3 803.6 803.8 809.8 816.7
834.3
854.8
865.9
28.2
647 5
60.5
60.0
61.3
62.1
65.7
67.1
68.7
29 6
29 5
30 1
30 1
33 1
33 7
34 6
30.8
30.4
31.2
32.0
32.6
33.4
34 1
67.0
66.9
67.6
66.0
65.9
66.0
66.7
68.8
50.3
16.8
51 0
15.8
51 0
16.6
51 4
14.5
51 5
14.4
51.2
14.8
51 5
15 2
51 8
17 0
Rental income of persons
22.6
23.3
23.2
23.4
23.7
23.8
24.2
24.5
Corporate profits and inventory valuation adjustment
78 6
70 8
71 5 73 0
69 0
75.5
78 3
84 2
75 4
75 8
78 5
71 6
79 1
83 3
39.7
Profits tax liability
Profits after tax
- - . . - . 44.5
24.4
Dividends
20.0
Undistributed profits
34.1
41.2
25.0
16.2
34.5
41.3
24.9
16.4
35.6
42.9
25.2
17.7
32.3
39.2
25.0
14.3
36.2
42.9
25.6
17.3
37.4
46.0
25.4
20.5
25.7
-5.5 -4.5 -4.2 -5.5 -2.6 -3.5 — 5.1
-6.5
Business and professional
Farm
66.2
763.7 795.9 793.4 802 2 802 1 828 3 844 5
Compensation of employees
Proprietors' income
844 5
.0 —2.1
Plus: Government transfer pay62.2
ments to persons
Interest paid by government
29.0
(net) and by consumers
24 4
Dividends
Business transfer payments _. 3.7
I
Table 6.—National Income by Type of Income (1.10)
National income
._ 929.1 974.1 968.5 983.5 988.4 1, 020. 8 1043 1 1059 0
87.6
IV
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption allowances
.
81.1
III
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
II
1971
Profits before tax
Inventory valuation adjustment
Net interest
....
29.9
33.0
32.6
33.4
34.2
35.0
35.8
36.4
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Table 7.—National Income by Industry Division (1.11)
Billions of current dollars
All industries, total
36.6
30.6
35.2
34.1
22.0
42.1
40.0
42.9
Personal consumption expenditures. 31.7
Producers' durable equipment _ . _ 5.6
Change in dealers' auto inventories. .1
28.0
4.9
-.9
29.9
5.3
1.1
29.6 23.5
5.2
4.1
.5 -3.6
33.9
6.0
4.1
34.5
6.1
1.4
37.7
6.7
1.4
—1.1 -1.8 -1.4 -1.6 -2.3
2.0
2.2
2.2
1.4
2.4
3.7
3.4
3.7
3.8 3.7
-2.2
2.6
4.8
-2.3
2.7
5.0
-3.2
2.8
6.0
36.7
7.9
34.1
8.2
37.9
8.3
Gross auto product *
Net exports
Exports
Imports
Addenda:
New cars, domestic 2
New cars, foreign
-.
32.2
5.6
26.0
6.3
30.3
6.7
30.2
5.5
17.1
6.5
Billions of 1958 dollars
Gross auto product l
28.3
33.0
31.6
19.6
36.8
34.7
37.1
Personal consumption expenditures. 30.3 25.9
4.6
Producers' durable equipment. .. 5.4
Change in dealers' auto inventories . .1 -.9
28.0
5.0
1.1
27.4 21.1
3.7
4.9
.5 -3.4
29.5
5.3
3.8
29.9
5.3
1.2
32.6
5.9
1.2
-1.1 -1.7 -1.3 -1.5 -2.2
1.3
2.4
2.1
2.2
1.9
3.5
3.3 3.6 3.7 3.6
-2.0
2.4
4.4
-2.1
2.4
4.6
-2.9
2.5
5.4
35.0
Net exports..
Exports
Imports .
Addenda:
New cars, domestic 2
New cars, foreign
..
31.4
5.5
24.7
6.0
29.0
6.4
28.6
5.2
15,8
6.0
32.9
7.1
30.5
7.3
33.7
7.4
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.
» Preliminary.
763.7 795.9 793.4 802.2 802.1 828.3 844.5
Agriculture, forestry, and fisheries
Mining and construction
- Manufacturing
Nondurable goods
Durable goods
24.8 24.5 25.2 23.2 23.3 23.9 24.4
47.5 49.4 48.9 49.5 50.3 50.3 51 6
221.9 217.7 220.1 219.9 210.1 223.3 226.9
85.7 87.4 86.9 87.9 87.8 89.3 91.2
136.2 130.3 133.2 132.0 122.4 134.0 135.6
Transportation
C ommuni cation
Electric, gas, and sanitary services
Wholesale and retail trade
28.8 29.5 29.0 29.9 30.0 31.7 32 1
15.7 16.9 16.8 17.2 17.3 17.0 17.2
14.1 14.4 14.2 14.6 14.8 14.8 15.5
114.8 122.1 121.6 123.1 124.7 126.6 129.9
Finance, insurance, and real estate
82.8 87.0 85.5 88.3 90.9 92.4 93.8
94 6 103 2 102.2 104.0 106.2 108.5 110.1
Services
Government and government enter114.3 126.5 125.9 127.7 129.4 134.1 135.9
prises
.
7.2
4.1 4.8
5.1 5.6
4.3 4.6
Rest of the world
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
78.6
70.8
71.5 73.0
69.0
75.5
Financial institutions
12.1
12.8
12.1
13.5
14.0
14.1
13.6
Non financial corporations
66.5
58.1
59.4
59.5
54.9
61.4
64.7
36.0
17.5
18.4
29.5
16.6
13.0
31.5
16.5
14.9
30.6
16.8
13.8
25.0
16.2
8.8
32.4
16.4
16.0
33.3
17.3
16.1
10.0
20.6
8.0
20.5
7.8
20.1
7.9
20.9
8.1
21.9
7.3
21.6
7.7
23.6
All industries, total
Manufacturing
.
..
Nondurable goods _
Durable goods
Transportation,
communication,
a n d public utilities
- - - - - All other industries
.
78.3
SUKVEY OF CURRENT BUSINESS
October 1971
1970
1969
1970
II
11
1971
IV
III
I
II
1970
III"
1969
1970
Seasonally adjusted at annual rates
Table 9.—Gross Corporate Product (1.14)
Net interest
526.3 541.6 540.1 547.6 544.3 568.6 579.8
56.2
55.7
56.7
58.0
62.6
64.0
65.5
49.2
52.2
51.9
52.8
53.4
55.6
56.9
59.0
350.5 366.0 364.2 368.8 367.9 378.9 386.1 389.1
311.1 324.2 322.9 326.5 325.2 333.9 340.2 342.4
39.4 41.8 41.3 42.3 42.7 45.0 45.9 46.8
1.1
Corporate profits and inventory
valuation adjustment
74.2 66.0
Profits before tax
79.7 70.6
Profits tax liability
39.7 34.1
Profits after tax
40.0 36.4
Dividends
22.4 22.8
Undistributed profits
17.6 13.6
Inventory valuation adjustment.. —5.5 -4.5
Cash flow gross of dividends
Cash flow net of dividends
Gross product originating in
financial institutions
1.2
1.1
1.0
1.0
1.1
67.2 68.2 64.0 70.4 71.7
71.4 73.6 66.6 74.0 76.8
34.5 35.6 32.3 36.2 37.4
36.9 38.1 34.3 37.8 39.4
23.0 23.0 22.7 23.2 22.2
13.9 15.1 11.6 14.6 17.2
—4.2 —5.5 —2.6 -3.5 -5.1
91.3
68.9
92.6
69.8
92.6
69.6
94.8
71.8
92.3 100.4 103. 5
69.6 77.2 81.2
24.3
25.4
24.6
26.1
26.9
27.7
1.1
-6.5
62.9
56.1
Income originating in nonfinancial
corporations
-.
405.5 412.2 412.4 416.5 410.7 427.8 436.5
Compensation of employees
330.5 344.2 342.7 346.9 345.4 355.7 362.1 364.9
Wages and salaries
293. 7 305.2 304.2 307.4 305.6 313.9 319.4 321. 4
Supplements
36.9 39.0 38.6 39.5 39.8 41.9 42.7 43.5
12.9
14.8
14.6
15.0
15.4
Corporate profits and inventory
valuation adjustment. _
62.1 53.3 55.0 54.6 50.0
Profits before tax
- 67.6 57.8 59.3 60.1 52.6
Profits tax liability
33.4 27.1 27.7 28.2 24.8
Profits after tax
34.2 30.7 31.5 31.9 27.8
Dividends
20.9 21.1 21.2 21 2 20 9
Undistributed profits
13.3 9.6 10.3 10.7 6.9
Inventory valuation adjustment... —5.5 —4.5 —4,2 —5.5 —2.6
Cash flow, gross of dividends
Cash flow, net of dividends
83.8
62.9
84.8
63.7
85.2
63.9
86.5
65.3
83.5
62.7
15.8
16.2
56.3 58.. 1
59.8 63.2
28.9 30.4
30.9 32.8
21.4 20 5
9.6 12.3
-3.5 -5.1
91.1
69.8
16.6
Other labor income
-6.5
94.3
73.8
..
Dollars
III*
.115
.127
.125
.128
.134
.139
.141
.109
.768
.030
.117
.810
.035
.116
.801
.034
.118
.811
.035
.122
.829
.037
.122
.824
.037
.124
.829
.037
Corporate profits and inventory valuation adjustment
.144
Profits tax liability
.078
Profits after tax plus inventory valuation adjustment... .067
.125
.064
.129
.065
.128
.066
.120
.059
.130
.067
.133
.070
.062
.064
.062
.060
.063
.064
545.6
201.4
159 1
130 7
97 2
116 2
28.2 30 8
30 4
31 2
67.0 66 9
50 3 51 0
16.8 15 8
67 6
51 0
16 6
547.2
198.4
155 1
131 8
99 7
117 3
562.3
203.2
159 6
135 5
102 6
121 0
32 o 32 g
66 0 65 9 66 0
51 4 51 5 51 2
14 5 14 4 14 8
22.6 23 3 23 2 23 4 23 7 23 8
24.5 25 0 24 9 25 2 25 0 25 6
58 8 64 7 63 7 65 6 66 7 67 0
Less: Personal contributions for
social insurance.
865 9
572.4 578.8
206.7 206. 9
161 7 161 8
138 3 140 0
104 9 107 0
122 6 125 0
33 4
34 1
66 7
51 5
15.2
68 8
51 8
17 0
24 2
25 4
67 4
24 5
25 7
68 7
87 9
96.4
96 9
47.0
45 6
5 0 6.1
11 0 11.4
31.1 31.9
6.3
11.6
33.4
31.3
31.6
Less: Personal tax and nontax pay116.2 115.9 118.0 113.5 115.2 112.7 114.0
ments
Equals: Disposable personal income. . .634.2 687.8 685.7 696.2 701.5 721.6 740.8
749.2
26.3 28.0
27.8
28.3 28 4
30.9
596 3 633 7 631 5 638 9 643 0 663 2 67S. a
Less * Personal outlays
Personal consumption expenditures. _ 579. 6 615.8 613.8 620.9 624.7 644.6 660.9
15 8 16 9 16 8 17 1 17 4 17.7 17.9
Interest paid by consumers
Personal transfer payments to for1.0
.9
.9
.9 1.0
.9
.9
eigners
37.9 54.1 54.2 57.4 58.5 58.4 60.9
Equals : Personal saving
Addenda:
Disposable personal income :
Total billions of 1958 dollars
Per capita current dollars
Per capita 1958 dollars
116.7
691.2
672.1
18.0
1.0
58.0
513.5 531 5 533.0 536.0 532.5 542.7 551.8 553.6
3,130 3 358 3 353 3,395 3 410 3,498 3, 583 3,614
2,535 2,595 2,606 2,613 2,588 2,631 2,669 2,671
7.7
6.0 7.9 7.9 8.2 8.3 8.1 8.2
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi579.6 615.8 613.8 620.9 624.7 644.6 660.9
tures.-
89.9 88.6
Food and beverages
Clothing and shoes
Gasoline and oil
Other
Services . .
Housing
Household operation. _
Transportation
Other
672.1
97.6 100.8
104.7
45.7
40.4
14.6
49.5
40.5
14.8
247.6 264.7 262.9 265.5 270.9 272.0 279.8
281.7
122.5 131.8 131.4 132.4 134.3 135.1 138.2
50.3 52.6 52.1 52.4 54.2 54.9 57.0
21.1 22.9 22.6 22.9 23.5 23.8 24.3
53 7 57 5 56 9 57 8 59 0 58.3 60.4
139.1
57.0
25.2
60.4
242.1 262.5 260.2 265.0 268.9 275.0 280.4
285.7
98.6
38.6
18.9
124.2
100.5
39.4
19.2
126.6
90.7
90.4
84.9
40.4 37.1 39.1 38.8 32.7
Automobiles and parts.
Furniture and household equipment. 36.3 37.4 37.6 37.0 37.6
13.3 14.2 14.0 14.6 14.6
Other
44.1
39.5
14.0
84.0
91.2 90 3 91.8 94.1 96.4
36.1 35.7 36.7 36.9 37.7
16.5 17 9 17 6 18 1 18.3 18.6
107.8 117.3 116 6 118.3 119.5 122.3
. . . 33.7
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonnnancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
f Preliminary.
540.6
200.9
158 9
127 9
95 6
116 2
40 7
Nondurable goods
Current dollar cost per unit of
1958 dollar gross product
originating in nonnnancial
corporations 2
1.166 1.215 1.205 1.220 1.242 1.253 1.263
541.4
200.7
158 3
129 1
96 7
114 8
Transfer payments
65 9 79 6 81 1 81 2 84 8
Old-age, survivors, disability, and
33 0 38 5 41 4 39 0 39 4
health insurance benefits
State unemployment insurance
benefits
- -- - 2 1 3 9 3.6 4.2 5 1
8.3 9 7 9.5 9.9 10 4
Veterans benefits
Other
--- 22.5 27.4 26.7 28.1 29 8
Durable goods _ -
Gross product originating in
nonnnancial corporations
430.5 425.0 427.7 427.6 416.7 431.8 437.0
-
Proprietors' income
Business and professional
Farm
Personal savine rate.3 nercent
Billions of 1958 dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies. _
Compensation of employees
Net interest
Wage and salary disbursements
509.6
Commodity-producing industries- 197.4
Manufacturing
157 6
120.0
Distributive industries
Service industries
. 88.1
104.1
Government
Rental income of persons
Dividends
Personal interest income
27.8
Gross product originating in
nonfinancial corporations
502.0 516.2 515.5 521.5 517.4 540.9 552.0
Capital consumption allowances
49.5 54.1 53.6 54.5 55.7 60.2 61.5
Indirect business taxes plus transfer
payments less subsidies
47.1 49.9 49.5 50.4 50.9 52.9 54.1
Net interest
II
750.3 803 6 803 8 809 8 816 7 834 3' 854 8
Personal income
51.3
1.2
I
Table 10.—Personal Income and its Disposition (2.1)
Income originating in corporate business
425.9 433.1 432.6 438.1 432.9 450.3 458.9
Compensation of employees
Wages and salaries
Supplemen ts
IV
Billions of dollars
J
Gross corporate product
III
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
II
1971
...
Exports of goods and services
55.6
63.8
64.1 64.6
64.0
66.8
67.1
69.2
55.6
62.9
63.2
63.7
63.2
66.1
66.4
68.5
.9
.9
.9
.9
.7
.7
.7
64.1 64.6
64.0
66.8
67.1
69.2
59.0
60.5 61.9
66.9
69.0
3.1
.9
2.2
3.2
1.0
2.2
3.3
1.0
2.3
1.8 -3.0
-3.1
Capital grants received by the United
States
Payments to foreigners
Imports of goods and services
Transfers to foreigners
Personal ..
Government
Net foreign investment
55.6 63.8
53.6
2.9
.9
2.1
__
Q
59.3
59.7
3.1
.9
2.2
3.0
1.0
2.0
3.2
.9
2.3
3.3
.9
2.4
1.3
2.0
1.6
.2
SUEVEY OF CURRENT BUSINESS
12
1970
1969
1970
II
III
October 1971
1971
IV
I
1970
III v
II
1969
1970
II
Seasonally adjusted at annual rates
196.9 191.5 193.8 191.3 189.3 195.6 198.3
Federal Government expenditures
92.2
30.6
94.5
30.9
89.7
31.9
91.0
29.0
87.6
32.4
88.4
32.4
90.1
19.0
46.8
19.3
49.3
19.1
49.2
19.7
50.0
19.4
49.8
20.6
55.0
20.6
55.9
21.5
56.9
189.5 205.1 207.9 206.7 209.8 213.2 220.9
224.9
Purchases of goods and services
National defense
Other
99.2
78.4
20.7
97.2
75.4
21.9
96.8
75.1
21.6
96.1
74.2
21.9
95.9
73.2
22.7
96.7
73.0
23.7
95.7
71.8
23.9
97.6
71.4
26.2
Transfer payments
To persons
To foreigners (net)
52 4
50 4
21
63.4
61.2
2.2
65.3
63.3
2.0
64.6
62 4
2.3
67.5
65.0
2.4
69.6
67.4
2.2
77.5
75.3
2.2
77.6
75.4
2.3
Grants-in-aid to State and local governments
20 3
24 4
23.9
24.9
25.9
27.3
29.5
30.5
Net interest paid
13.1
14.6
14.3
15.0
14.8
14.0
13.4
13.9
.
4.6
Less : Wage accruals less disbursements
.0
Surplus or deficit (— ), national
income and product accounts
5.5
5.8
5.7
5.7
4.8
5.3
.0 —2.1
-.4
.0
.0
.0
.0
5.5
II
III »
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product-
94.9
36.3
Subsidies less current surplus of government enterprises
.
I
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Personal tax and nontax receipts...
Corporate profits tax accruals. __
Indirect business tax and nontax
accurals
. _ ..
Contributions for social insurance. _.
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts
III
1971
7.3 -13.6 -14.1 -15.4 -20.5 -17.5 -22.6
128.21 135.29 134.32 135.97 138.07 139.88 141.27 142. 41
Personal consumption expenditures. ._ 123.5 129.4 128.7 129.9 131.7 133.0
106.0 108.9 108.2 109.2 110.8 112.5
Durable goods
... .
Nondurable goods
122.1 127.7 127.4 128.1 129.2 130.0
133.2 140.2 139.3 141.0 143.1 145.6
Services
134.3 135.3
113.0 113.6
131. 3 132.1
147.6 149.3
Gross private domestic investment
. - . 126.4 132.6 131.2 133.3 136.2 137.7 139.7 142.8
123.0 130.0 128.6 130.7 133.6 134.5 136.1 138.5
Fixed investment
Nonresidential
141.1 152.0 149.6 154.1 157.9 159.6 165.7 173.8
Structures
Producers' durable equipment _. 115.1 120.1 119.3 120.6 122.6 123.4 123.8 124.6
137.9 142.4 140.9 143.8 144.7 147.9 150.4 155.4
137.9 142.5 140.9 143.9 144.8 148.0 150.5 165.5
133.2 138.6 138.5 139.4 140.0 141.4 143.7 148.1
Residential structures
Nonfarm
Farm
Change in business inventories. . ...
Net exports of goods and services. .
114.7 120.6 119.8 121.6 121.7 125.2 125.2 125.2
110.8 119.2 117.7 121.4 121.5 123.4 123.8 125.0
Exports
Imports
Government purchases of goods and
services
144.0 157.3 156.1 159.3 161.7 165.8 167.E 167.8
Federal .
State and local
134.4 148.6 148.2 150.5 151.8 157.2 158. 2 155.7
153.9 165.1 163.1 166.8 170.2 172.8 175.5 177.6
--
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
119.0 133.4 131.9 135.3 138.5 143.7 149.2
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
23.6
3.5
73.6
23.5
3.5
72.8
23.8
3.7
74.5
24.2
3.3
76.4
25.1
3.8
78.7
25.6
4.0
81.1
83.9
7.3
20.3
8.3
24.4
8.2
23.9
8.4
24.9
8.7
25.9
8.9
27.3
9.1
29.6
9.3
30.5
State and local government expendi118.9 132.9 130.0 135.1 139.8 144.1 147.7
turesPurchases of goods and services
110.6 122.2 119.7 124.0 127.9 131.5 134.5
Transfer payments to persons
11 8 14.4 14.0 14.8 15.6 16.4 16.9
.1
.1
.1
.4
.2
.3
.0
Net interest paid
Less: Current surplus of government
4.1
4.0
4.0
3.9
3.5 3.8 3.8
enterprises
Surplus or deficit (-), national
income and product accounts
26.6
21.3
3.4
66.7
.1
.5
1.9
.2 -1.3
-.4
150.3
136.8
17.2
.4
4.1
133.5 153.4 153.3 157.8 160.0
Federal
State and local
.
...
Capital grants received by the United
States
167.7 173.7
58.0
-6.5
65.5
33.9
.0
140.9 150.1 149.2 151.0 153.2 156.6 158.4 160.1
Structures
140.9 150.2 147.9 152.5 154.9 157.1 161.1 166.5
Addendum:
104.5 107.9 106.6 107.8 112.4 114.4 115.2 115.5
Gross auto product _
128.21 135.29 134.32 135.97 138.07 139.88 141.27 142. 41
124.29 130.38 129.43 131.00 132.98 134.45 135. 81 136. 95
Business
Nonfarm
Farm
.
123.2 129.0 128.1 129.5 131.4 132.9 134.2 135.3
. . - - - . . . . - . 123.5 129.4 128.4 130.0 132.4 133.7 135.0 136.3
115.5 118.0 120.0 116.8 108.4 112.8 115.6 112.6
Households and institutions
172.8 186.8
171.1 188.7 187.5 190.4 193.2 199.6 201.9 203. 3
General government
Table
19.—Gross
National
.9
.9
.9
.9
.7
.7
Product:
Period (7.7)
Change
.7
149.9
Gross national product:
Current dollars
Constant dollars .
Implicit price deflator
Chain price index
Gross private product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
..
-
from
Preceding
Percent at annual rate
Percent
7.3 —13.6 —14.1 -15.4 -20.5 -17.5 -22.6
1.6
.1
.2 -1.3 -.4
.5
1.9
152.9
-3.1
Services
7.4 -13.1 -12.2 -15.2 -21.7 -17.9 -21.0
Gross private domestic investment.. 137.8 135.3 134.1 138.6 137.3 143.8 152.4
.2
—.9
1.8 -3.0
1.3 2.0
1.6
Net foreign investment
Statistical discrepancy
-4.1 —4.5 -5.8 -3.2 -1.6 -4.9 -4.0
Preliminary.
111.7 115.4 114.5 115.8 117.5 118.5 118.9 119.2
121.4 127.0 126.6 127.6 128.3 129.7 130.6 130. 9
Private
136.9 136.6 136.2 140.2 137.5 145.6 149.4
Gross investment
117.3 122.3 121.6 122.6 124.1 125.0 125.7 126.0
Durable goods
Nondurable goods..
Gross national product-
37.9 54.1 54.2 57.4 58.5 58.4 60.9
Personal saving
20.0 16.2 16.4 17.7 14.3 17.3 20.5
Undistributed corporate profits
Corporate inventory valuation adjustment
-. . -5.5 -4.5 -4.2 -5.5 -2.6 -3.5 -5.1
Corporate capital consumption
allowances
51.3 56.2 55.7 56.7 58.0 62.6 64.0
Noncorporate capital consumption
29.9 31.4 31.3 31.5 31.8 32.9 33.3
allowances .
.0
.0
.0
.0
.0
.0
.0
Wage accruals less disbursements—-
Government surplus or deficit (— ),
national income and product
accounts
_
_.
Goods output. _
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
1.6
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving
128.21 135.29134.32135.97138.07 139.88 141.27 142.41
128.3 135.3 134.4 136.0 138.2 140.0 141.4 142.5
Gross national product.
Final sales
7.5
2.5
4.8
4.9
4.8
-.6
5.5
5.3
.7
4.6
5.0
6.3 2.0
1.3 -4.1
5.0
6.3
5.5
4.7
13.8
8.0
5.3
6.4
9.0
4.8
4.0
4.8
6.3
2.9
3.3
4.2
7.3
2.6
4.5
4.6
4.2
-.7
4.9
4.7
5.0
.8
4.1
4.6
1.5
6.5
1.5 -4.4
6.2
4.9
4.5
5.4
13.4
8.5
4.5
5.5
9.5
5.2
4.1
4.9
6.4
2.9
3.4
4.4
5.3
By THOMAS R. ROBINSON
Trends in Personal Income
Personal income has more than
| doubled since 1960 and its composition
j has changed substantially. This article
| reviews developments that have affected
j the composition of personal income
I over the last decade.
j
\
*
*
'
J[ ERSONAL income has more than
doubled since 1960 to reach a seasonally
adjusted annual rate of $851 % billion
during the first 9 months of 1971.
During this period the composition of
personal income has been fundamentally altered. Perhaps the most striking
change since 1960 has been the enormous growth in transfer payments to
persons which, to a considerable extent,
has reflected a heightened consciousness of social and welfare responsibilities
in the United States. As a consequence
of the increase in transfers, personal income has grown faster than GNP in
every year since 1966. This review highlights developments that have affected
the composition of personal income over
the last decade. The period since 1960
is divided into three subperiods: the
gradual and sustained economic expansion from 1960-65; the years of excess
demand and inflation, 1965-69; and the
slowdown since 1969.
Transfer payments
Transfers to persons consist of income
received by persons for which no productive services are currently rendered.
Transfers have increased dramatically
since the mid-1960's (chart 7). They
grew at an average annual rate of 7 percent in the first half of the 1960's,
percent from 1965 to 1969, and
percent in 1970 and 1971.
Nearly all the acceleration reflects
increased payments from government.
Transfers from business (e.g., corporate
gifts to nonprofit institutions), represent a very small part of the total. Both
Federal and State and local governments have shown similar rates of increase in their transfer payments (table
1). However, much of the increase at the
State and local level reflects increases
in Federal grants-in-aid to the States
in support of special types of public
assistance.
As noted above, some of the most
visible increases in transfer payments
since the mid-1960's have reflected an
increased social and welfare awareness,
which has led to the introduction of
new and the expansion of old programs
involving these payments. Payments
under old-age, survivors, and disability
insurance, which in dollar amounts
represent the largest Federal transfer,
recorded substantial, although erratic,
growth throughout the 1960's. In 1966,
social insurance was significantly expanded to include medicare (hospital
and medical insurance). The first full
year of operation was 1967, and payments under this program accelerated
sharply thereafter until 1969 when
growth began to taper. In addition,
public assistance transfers, which include certain types of old-age assistance, aid to the blind, to the permanently and totally disabled, and to
families with dependent children
(AFDC), have also grown strongly,
particularly in recent years. The largest
public assistance transfer is AFDC.
This program is administered by the
States, with more than 50 percent
of the outlays currently financed by
Federal grants-in-aid. AFDC has ex-
perienced emormous growth in recent
years, and the number of persons under
the program has more than tripled
since 1960 to almost 10 million in 1970.
An acceleration in the roster of recipients beginning in 1967 explains most
Personal Income
Billion $ (Ratio scale)
1,000
800
Total Personal Incomel
600
400
Wages and Salaries
300
Other Types of Income2
200
150
100
80
60
Transfers
./*
V"'
40
30
20
I960
62
64
66
68
70
72
1. Net of personal contributions for social insurance.
2. Other labor income, interest, rent, dividends, and proprietors' income.
NOTE.—Data plotted for 1971 are 9-month averages, seasonally
adjusted at annual rates.
U.S. Department of Commerce, Office of Business Economics
13
SURVEY OF CURRENT BUSINESS
14
Table 1.—Government Transfer Payments to Persons
Annual average
Annual average rates
of change
(Billions of dollars)
(Percent)
1960-65
Total government transfer payments to persons
Federal government
__ . __
Old-age, survivors, disability insurance benefits.
Medicare
.- _ .
.._ _
State unemployment insurance
Railroad employee benefits
Federal civilian pensions.
Veteran and military benefits
._ ._
Other .
_.
State and local government
- Social insurance benefits
. .. _
Direct relief
Aid to families with dependent children
Other
1966-68
1969-70
1960-65
1965-69
1969-70
32.1
48.6
68.9
7.0
13.8
21.5
26.2
14.6
55.8
28.9
6.8
3.0
1.8
2.8
9.8
2.8
7.2
10.3
2.9
1.2
1.2
5.7
.6
39.8
21.8
3.7
2.0
1.4
2.1
7.2
1.5
-2.1
.1
10.8
3.7
27.6
13.6
10.0
121.2
-.4
7.6
14.9
9.8
21.2
21.4
18.9
7.6
85.7
18.8
15.4
16.7
61.9
6.0
1.9
3.6
1.3
.4
8.8
3.0
5.0
2.3
.9
13.1
4.0
7.5
4.2
1.6
6.2
9.9
4.6
12.4
9.0
14.4
12.2
13.4
21.8
24.1
22.0
13.2
27.3
40.0
21.4
1. Does not include change from 1966 to 1967 which reflects the program's introduction.
Source: U.S. Department of Commerce, Office of Business Economics.
of the rapid advance in money payments under this program.
Another part of the transfer expansion is associated with our increased
involvement in the Vietnam war in the
mid-1960's that resulted in a large increase in the number of military personnel and subsequently in the number of
veterans. Federal transfers to veterans
surged after 1967. These include pension, disability, and retirement payments, life insurance benefits, and
readjustment benefits such as those paid
as special unemployment compensation,
paraplegic care, and educational support. Payments, which were increasing
at an average annual rate of 3 % percent
before 1967, have been rising at an
average rate of 13 percent since that
time.
Finally, in the most recent past,
State unemployment insurance benefits
have been among the fastest growing
transfers. Economic expansion before
1970 resulted in a fairly steady decline
in these benefit payments. However,
increases in the numbers of unemployed
in the past year and a half have increased unemployment compensation
from about $2 billion in 1969 to $5.8
billion at an average rate in the first
three quarters of this year.
Wages and salaries
Payrolls are the largest component of
personal income. Wages and salaries
in all broad industry groups grew at a
fairly steady pace in the early 1960's,
accelerated sharply in the 1965-69
period, and decelerated after that time.
The acceleration of wage and salary
increases in the period of strong expansion affected all industry groups similarly, but this has not been true of the
period of deceleration (table 2).
The commodity-producing industries,
which typically account for two-fifths
of all wage and salary disbursements,
were hardest hit by the recent weakness
in economic activity. From 1969 to
1971 their payroll growth slowed to an
average annual rate of 2 percent, and
within commodity production, manufacturing wages and salaries were up
only 1 percent. During this period,
rates of pay in manufacturing continued to advance, but hours of work
and employment, especially in durable
goods industries, declined sharply.
Wage and salary increases in other
Table 2.—Wages and Salaries
Average annual rates of
change
1960-65
1965-69 1969-71*
Total personal income
6.1
8.7
6.6
Wages and salaries
5.8
9.2
5.8
All commodity
Manufacturing
5.2
5.2
8. 1
8.1
2.0
1.1
Distributive
Government
Services
.
5.0
7.3
7.0
8.4
10.7
10.9
7.2
8.7
9.2
*Figures for 1971 are the averages of three quarters at
seasonally adjusted annual rates.
Source: U.S. Department of Commerce, Office of Business
Economics.
October 1971
commodity goods industries (mining,
contract construction, and agriculture)
have also slowed, but not as much as
in manufacturing. Employment declines
in nonmanufacturing commodity production were generally mild, and hourly
rates of pay were bolstered by extraordinarily large increases in contract
construction.
Growth of payrolls in the distributive
industries (transportation, communications, utilities, and wholesale and retail
trades) was roughly commensurate with
that in commodity production until
1969. Since that time, payroll increases
in the distributive industries have
slowed, but because employment adjustments in these industries were
relatively mild, the slowdown was not
nearly as severe as in the commodityproducing group.
Government wages and salaries have
been consistently growing more rapidly
than those in commodity production
and in distribution. Federal Government employment increases in the mid1960's were associated in large part with
the military buildup which continued
through 1968. However, since that year
and as a result of defense cutbacks and
restrictive hiring policies, Federal employment declined. This, of course,
resulted in a significant slowdown in
the growth of Federal payrolls which
would have been even more striking
had it not been for sizable civilian and
military pay raises. Employment and
rates of pay have increased steadily at
the State and local level, and payrolls
have shown very strong growth since
the early 1960's.
In the service industries, wage and
salary increases have also been strong
and broadly based. The rate of payroll
advance in medical and health services
increased steadily after 1960 and contributed importantly to total growth in
service industry payrolls. After 1968,
increases in annual earnings accounted
for most of the growth in medical and
health payrolls as employment expansion slowed. Wages and salaries in
educational services also have been
growing since 1960; the rates of increase
were highest in the 1965-69 period and
have slowed some since. Most of the
service industries did not feel as much
SURVEY OF CURRENT BUSINESS
October 1971
of the impact of the recent economic
slowdown as other industry groups.
However, payrolls declined 14 percent
for security and commodity brokers.
This, of course, was due to the poor
performance in the stock and bond
markets which resulted in declining
earnings and major layoffs in this
industry.
Other types of income
Other types of income generated by
current production include rent, interest, proprietors' income, dividends, and
other labor income. In the aggregate,
these incomes were recording about the
same rate of growth as personal income
until 1965, but since that time, increases
have slowed noticeably (chart 7). An
important reason for the slowdown in
the aggregate of "other types of income"
was the sharp tapering in the growth of
proprietors' income after the mid-1960's
and the absence of growth after 1969.
Farm income, which is highly erratic,
has been a particularly weak component
of proprietors' income; on balance it
grew slowly in the early 1960's and has
shown virtually no growth since 1965.
Business and professional income has
shown much greater strength than farm
income since 1960, but in the recent
past its rate of growth has tapered.
This type of business is typically hard
hit by weakness in economic activity,
and recent experience appears to have
provided no exception.
In contrast, "other labor income" has
15
been growing strongly. By far the most
important component of "other labor
income" is employer contributions to
private pension, health, and welfare
funds. These payments, which are an
attractive form of compensation to employees because they are not taxable
when earned, have become an increasingly important part of employee compensation and have developed into a
major bargaining issue in labor negotiations.
The remaining components of "other
types of income," (rent, interest, and
dividends) as a group, did not exhibit
behavior much different from total personal income before 1965, but due to
slow growth in rental income to persons
and dividends their advance slowed
somewhat after the mid-1960's.
Errata
The adjusted series under Federal surplus or deficit shown in table 3 of the article
"Economic Impact of Defense Procurement" in the September SURVEY is incorrect for
the first quarter 1971. The adjusted series —$14.2 billion should have been —$15.8.
Consequently, the change in the adjusted series should be $2.8 billion instead of $4.4
billion in the first quarter of 1971 and —$5.5 billion instead of —$7.1 billion in the second.
October 1971
SUEVEY OF CURRENT BUSINESS
16
Regional and State Personal Income
in the Second Quarter
Regional Personal Income
Most of the regional variation in personal income
change in the second quarter stemmed from
developments in commodity production
Percent Change, Ml 1971
-8
-6
-
4
-
2
2
0
TOTAL PERSONAL INCOME
UNITED STATES
Southeast
Southwest
Far West
New England
Great Lakes
Mideast
Plains
Rocky Mountain
i
|
i
COMMODITY PRODUCTION^
UNITED STATES
Southeast
Southwest
Far West
New England
Great Lakes
Mideast
ALL OTHER
UNITED STATES
Southeast
Southwest
Far West
New England
Great Lakes
Mideast
Plains
Rocky Mountain
i
i
'•!:.W>;.: 1
."-•-*::•- 1
'<VY--'-i
vfr'-'- '" 1
-VY"M i
__j
i
1. Wages and salaries in manufacturing, mining, construction, and
farming and farm proprietors' income.
U.S. Department of Commerce, Office of Business Economics
PERSONAL income in the Nation rose
2% percent in the second quarter, with
transfer payments, mainly unemployment compensation and old-age and
survivors payments, accounting for the
bulk of the increase. Higher old-age and
survivors payments were in part due to
a one-time retroactive disbursement
which will not remain in the income
figures.
The increase in transfer payments
was spread fairly evenly among the
regions and States. However, there was
substantial variation in personal income
gains because income from commodity
production, particularly manufacturing and farming, rose steeply in some
States but fell in others.
Income rose in seven of the eight
regions, in 49 States and in the District
of Columbia. Increases were largest in
the Southeast and Southwest, and
smallest in the Plains; a small decline
was registered in the Rocky Mountains.
Increases in the other regions were
closer to the U.S. average (chart 8).
Among States, the largest gains—
ranging from more than 4 percent to
nearly 9 percent—occurred in South
Dakota, North Dakota, Tennessee,
Arkansas, Oklahoma, Florida, and Wisconsin. The States with the smallest
gains were Illinois, Missouri, Wyoming,
Minnesota, Mississippi, and Colorado.
In real terms, income apparently rose
in all regions except the Rocky Mountains. Among the States, real income
was higher except in Illinois, Missouri,
Wyoming, Minnesota, Mississippi, and
Colorado. In the first two of these
States, real income was little changed
from the first quarter; in each of the
other four it was down somewhat.
Areas of large gains
In the Southeast, total income rose
sharply as a result of big increases in
construction and mining, and aboveaverage gains in manufacturing and
farming. In the Southwest, a spurt in
farm income was responsible for most of
the increase. Income rose more than the
national average in 11 of the 16 States
in these two regions; in all but one of the
other States the gains were close to the
national average.
The seven States with the largest
income gains each recorded sizable
increases in income from commodity
production. Substantial increases in
farm income were the key to the leading
States of South Dakota, North Dakota,
Oklahoma, Florida, and Wisconsin.
Construction provided an additional
impetus in Florida, and manufacturing
in Wisconsin. Large gains in manufacturing and mining and an above-average
advance in farming accounted for an
exceptionally large increase in Arkansas.
In Tennessee, a big increase in construction payrolls and gains in manufacturing and Federal payrolls were
responsible for a sizable advance in
total income.
Areas of weakness
Weakness in second quarter income
in the Rocky Mountains and Plains
SUEVEY OF CURRENT BUSINESS
October 1971
was primarily traceable to declines in the Nation in which income declined in
farm income that were concentrated in the second quarter. The gain in Wyoa few States. In each of these two ming was well below the national average,
regions, changes in wages and salaries the rise in Utah about equaled it, and
from manufacturing, mining and con- there were fairly vigorous advances in
struction were also well below the Montana and Idaho.
In the Plains, income was unusually
national average. The decline in the
Rocky Mountain region was attribut- weak in only three States—Minnesota,
able to Colorado, the only State in Missouri, and Kansas. The advance
17
was about equal to the national average
in Iowa, and well above it in Nebraska
and in South and North Dakota.
In each of the six States with the
smallest gains income from commodity
production was off substantially, as
farm income declined sharply and mining and construction payrolls were
little changed.
Table 1.—Personal Income and Selected Components, I 1971—11 1971
[Percent change]
Total
personal
income
Commodityproducing
industries l
Total, excl.
commodityproducing
industries
2.5
1.8
2.7
South Dakota
North Dakota
Tennessee
Arkansas
Oklahoma
Florida
Wisconsin
8.8
6.4
5.2
4.4
4.2
4.2
4.2
7.8
5.2
8.8
4.8
6.8
5.9
5.6
3.1
2.6
3.7
4.2
2.9
3.8
3.3
Georgia
Maryland
Washington
New Mexico
Indiana
Arizona
Nevada
Kentucky
Idaho
Dist. of Columbia
Oregon
Michigan
Vermont
South Carolina
Louisiana
Texas
Alaska
Nebraska
Montana
Connecticut
California
Rhode Island
Iowa
Massachusetts
West Virginia
Ohio
Virginia
North Carolina
Alabama
Utah
New Jersey
New York
New Hampshire
Maine
Kansas
Hawaii
Pennsylvania
Delaware
3.9
3.8
3.8
3.8
3.7
3.6
3.6
3.6
3.6
3.6
3.5
3.2
3.1
3.1
3.1
3.0
3.0
3.0
3.0
3.0
2.8
2.7
2.6
2.5
2.5
2.5
2.3
2.3
2.1
2.1
2.0
1.9
1.9
1.6
1.6
1.6
1.5
1.2
6.6
2.5
6.2
.5
6.0
5.0
5.7
4.1
6.4
3.6
4.7
.8
3.8
3.0
3.4
3.6
-5.3
1.7
4.4
2.2
3.3
1.7
1.5
.7
2.7
2.9
4.0
.7
-3.3
-1.6
1.8
1.5
1.9
1.8
-5.8
2.7
-.4
-1.8
3.0
4.1
2.3
2.5
2.4
3.2
3.3
3.3
2.6
3.6
3.2
4.6
2.8
3.2
3.1
2.8
4.5
3.4
.3
3.3
2.7
3.0
3.1
2.9
2.4
2.3
1.9
3.1
3.1
3.1
2.8
2.0
1.9
1.6
4.0
1.3
2.3
2.8
.9
.7
.1
.0
-2.5
-8.7
-3.3
-8.0
-6.7
-5.5
-6.0
1.6
2.4
3.6
2.5
2.6
1.8
United States
Illinois
Missouri
Wyoming
Minnesota
Mississippi
Colorado
6.05
*4.44
2.79
Southeast
Southwest
3.2
3.2
3.5
4.4
3.1
2.9
FarWest
New England
Great Lakes
Mideast
Plains
Rocky Mountain
2.9
2.5
2.4
2.0
1.6
-.6
3.8
1.5
1.9
.6
-1.7
-7.4
2.7
2.9
2.7
2.5
2.9
2.1
0.53
4.6S
0.11
Coefficient of variation.
Coefficient of variation*
1. Wages and salaries in manufacturing, mining, construction, and farming, and farm proprietors' income.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
18
October 1971
Table 2.—Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
19 B8
I
State and region
II
1969
III
IV
I
II
1970
III
IV
I
19 71
II
III
IV
I
II
United States
659,990
677, 121
693,504
708,369
722, 516
738, 737
754,627
767, 597
779, 752
798, 777
805 097
812 167
830 448
851 120
New England
41,941
43, 150
44 033
44, 953
45 772
46,841
47 773
48, 573
49, 366
50 594
51 221
51 971
52 066
53 387
2,690
2,223
1,261
20, 460
3,175
12 132
2,757
2,267
1,299
20,963
3,269
12, 595
2,805
2,324
1,326
21, 328
3,310
12 940
2,857
2,390
1,352
21, 790
3,365
13 199
2,918
2,415
1,374
22, 244
3,355
13 466
2,989
2,464
1,407
22, 781
3,454
13, 746
3,011
2,509
1 445
23,309
3,481
14 018
3,070
2,559
1,475
23,646
3,557
14, 266
3,155
2,608
1,505
24,046
3,602
14, 450
3,246
2,662
1,541
24,686
3,694
14, 765
3,254
2,670
1,558
25, 060
3,757
14 922
3,284
2,700
1,580
25, 612
3,790
15 005
3,334
2,768
1 618
25, 524
3,782
15 040
3 389
2 821
1 668
26 143
3 882
15 484
157,466
161, 264
164, 693
168, 149
170,874
174,611
178 236
181,715
184,599
189, 441
191, 938
193, 074
197, 748
201 748
72 864
27, 073
38, 724
1,962
13, 430
3,413
74, 557
27, 719
39, 528
2,033
13, 912
3,515
76 069
28, 386
40, 370
2,087
14, 208
3,573
77 750
29, 028
41, 035
2,120
14, 576
3,640
78 968
29, 285
42, 070
2,181
14, 745
3,625
80,545
30, 142
42,883
2,196
15, 185
3,660
81 987
30 845
43,667
2,280
15 676
3,781
83, 321
31, 718
44,446
2,326
16, 012
3,892
84, 948
31, 850
45, 292
2,322
16, 242
3,945
86,963
32,849
46,266
2,388
16,834
4,141
88,048
33, 625
46, 820
2,383
16, 966
4,096
88 486
34, 017
46, 937
2,436
17, 113
4,085
90 908
34, 304
48, 179
2,512
17,454
4,391
92 662
34 992
48,886
2,542
18 116
4,550
139 869
142, 995
145 748
149 508
152 640
155 693
158 211
161, 127
161,823
164, 221
166, 120
166, 501
171, 184
175 340
31, 256
35, 724
16, 815
42, 378
13, 696
31, 816
36, 730
17, 085
43, 281
14,083
32, 494
37, 357
17, 430
44,102
14, 365
33, 471
38, 194
17, 933
45, 209
14, 701
34, 128
39, 145
18, 423
46,090
14,854
34, 731
39, 957
18, 861
46, 925
15, 219
35, 325
40,709
19, 136
47, 570
15, 471
36, 129
41, 390
19, 576
48,406
15, 626
35, 401
41, 672
19, 344
49, 414
15, 992
36, 527
42,229
19,664
49, 492
16, 309
36, 570
42, 778
19, 829
50,484
16, 459
35, 996
42, 850
19,880
51, 134
16,641
37, 740
44,143
20, 202
52, 314
16, 785
38, 885
45, 262
20, 957
52, 779
17, 457
50,758
51,257
52, 760
53,804
55, 148
55,811
57, 502
58, 938
59,893
60, 712
60, 511
60, 774
62,381
63, 426
11, 714
9,039
14, 577
1,617
1,877
4,559
7,375
11, 997
9,049
14, 893
1,544
1,877
4,596
7,301
12, 462
9,328
15, 152
1,650
1,891
4,649
7,628
12, 766
9,178
15, 606
1,810
1,898
4,814
7,732
13, 189
9,562
15, 782
1,781
1,970
5,111
7,753
13, 249
9,905
15,788
1,891
1,944
5,206
7,828
13, 658
9,822
16, 346
1,820
1,994
5,350
8,512
14,009
10, 357
16, 506
1,980
2,100
5,591
8,395
14, 407
10, 480
17, 102
1,832
2,103
5,496
8,473
14, 714
10, 552
17, 239
1,852
2,212
5,707
8,436
14, 580
10,388
17, 479
1,852
2,032
5,529
8,651
14, 620
10, 253
17, 580
1,856
2,084
5,548
8,833
15, 257
10, 658
18, 038
1,938
2,109
5,651
8,730
15, 238
10, 935
18, 203
2,062
2,294
5,822
8,872
112,569
116, 537
119,507
121,824
125, 201
127,772
131, 626
132,954
136, 184
140, 083
141,654
143, 639
146,224
150, 969
14, 808
4,590
8,985
10, 936
14, 626
6,755
13,834
21, 482
8,858
5,306
10, 112
4,909
15, 252
4,708
9,088
11, 202
15, 013
6,920
14,180
22, 098
9,047
5,130
10,188
4,946
15, 820
4,770
9,330
11, 338
15, 449
7,193
14, 518
22, 993
9,236
5,213
10, 476
5,290
15, 900
4,876
9,355
11, 455
15,364
7,230
14,868
23, 427
9,426
5,325
10, 600
5,128
16, 228
5,077
9,525
11, 798
15, 976
7,457
15, 009
23, 900
9,636
5,558
10, 773
5,247
16, 826
5,198
9,814
12, 070
16, 295
7,605
15, 369
24, 916
9,804
5,679
11, 073
5,434
17, 080
5,290
10, 052
12, 214
16, 558
7,643
15, 411
25, 194
9,902
5,702
11,239
5,369
17, 175
5,474
10, 216
12, 428
16, 495
7,757
15,589
25,744
9,988
5,884
11, 435
5,454
17, 549
5,509
10, 282
12, 880
16, 906
7,994
15,883
25, 770
10,333
6,001
11, 624
5,493
17, 957
5,646
10,648
13, 555
17, 291
8,245
16, 508
26,843
10, 552
6,001
11, 990
5, 733
Maine
New Hampshire
Vermont
Massachusetts.
. Rhode Island - - - Connecticut
- .
_..
------
Mideast
New York
New Jersey
Pennsylvania.D elaware _ . _• Maryland
District of Columbia. ..
- -.
Great Lakes
Michigan
Ohio
Indiana
Illinois
Wisconsin
- - . - - - -
Plains
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
--
- --
-
-
Southeast
13, 505
4,308
8,121
9,743
13, 108
6,132
12, 186
18, 902
8,117
4,681
9,622
4,144
13, 944
4,428
8,405
10, 101
13, 559
6,352
12, 670
19, 578
8,274
4,840
9,792
4,594
14,456
4,502
8,636
10, 444
13, 826
6,505
12, 970
20,154
8,457
4,868
9,973
4,716
14, 610
4,548
8,811
10, 606
14, 035
6,576
13, 398
20, 572
8,610
5,036
10, 081
4,941
45,891
47,266
49, 171
50,232
50,793
52,560
53,910
54,597
56,034
58,206
57,853
58,952
59,745
61,673
6,953
31,665
2,561
4,712
7,017
32, 614
2,625
5,010
7,399
33,885
2,704
5,183
7,466
34, 669
2,735
5,362
7,363
35, 113
2,831
5,486
7,736
36, 311
2,862
5,651
8,161
36, 925
2,988
5,836
8,000
37,569
2,972
6,056
8,136
38, 596
3,096
6,206
8,548
40, 079
3,213
6,366
8,543
39, 618
3,216
6,476
8,724
40, 390
3,214
6,624
8,705
40, 938
3,342
6,760
9,033
42,164
3,470
7,006
Rocky Mountain
13, 960
14,478
14,847
15,362
15,694
15,953
16,300
16,620
17,358
17,613
17,801
18,120
18,945
18,916
Montana
Idaho
Wyoming
Colorado
Utah
1,976
1,800
962
6,487
2,735
2,023
1,895
968
6,726
2,866
2,011
1,897
1,008
6,978
2,953
2,102
1,965
1,038
7,259
2,998
2,121
2,078
1,060
7,420
3,015
2,102
2,107
1,088
7,580
3,076
2,270
2,154
1,100
7,630
3,146
2,252
2,193
1,120
7,847
3,208
2,291
2,285
1,184
8,272
3,326
2,370
2,284
1,170
8,408
3,381
2,370
2,310
1,175
8,515
3,431
2,363
2,362
1,195
8,675
3,525
2,441
2,355
1,258
9,262
3,629
2,471
2,440
1,267
9,032
3,706
93, 896
96,416
98,834
100,573
102, 307
105,281
106, 694
108,517
109,814
113,003
113, 146
114, 194
116,976
120,379
11, 752
6,441
1,718
73, 985
11, 987
6,601
1,756
76, 072
12, 242
6,744
1,825
78, 023
12, 420
6,888
1,877
79,388
12, 732
6,994
1,940
80,641
13, 154
7,268
2,013
82,846
13,342
7,458
2,094
83,800
13, 414
7,460
2,158
85, 485
13, 392
7,614
2,216
86, 592
13, 721
7,745
2,269
89,268
13, 788
7,875
2,252
89,231
13, 784
7,873
2,331
90,206
13,838
8,215
2,404
92, 519
14, 273
8,505
2,491
95, 110
1,088
2,552
1,102
2,656
1,131
2,780
1,146
2,818
1,191
2,896
1,240
2, 975
1,277
3,098
1,336
3,220
1,386
3,295
1,434
3,470
1,381
3,472
1,400
3,542
1,487
3,692
1,532
3,750
50, 594
166, 078
164, 221
60,712
109, 572
37, 367
65, 134
29,461
115, 638
51, 221
168, 493
166, 120
60,511
110,621
37, 870
64,769
29, 745
115, 747
51, 971
169, 440
166, 501
60, 774
111, 868
38, 516
66,003
30, 289
116,805
52,066
173, 391
171, 184
62, 381
113, 968
39, 496
66, 760
31, 451
119, 751
53, 387
176, 540
175, 340
63,426
117,698
40,756
68,920
31,883
123, 170
Virginia
West Virginia
Xentucky
Tennessee
North Carolina
South Carolina
Georgia
Florida
Alabama
M ississippi
Louisiana
Arkansas
.
--
--
--
- .. .
- - ._
- -
--
- -
Southwest
Oklahoma
Texas
N e w Mexico
- -- - - - Arizona
.__.. _ -
__
.- -
Far West
Washington
Oregon
Nevada
California
_ -
Alaska
Hawaii
- -
-
--
- - - - - - -
-
Personal Income, by Census Regions
Addenda:
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
-
-
-
-
--
41, 941
138, 661
139, 869
50, 758
86, 946
30, 662
52, 384
22, 951
95, 818
43,150
141, 804
142, 995
51, 257
89, 991
31, 620
54,017
23, 869
98, 418
44, 033
144, 825
145, 748
52, 760
92,281
32, 405
55, 973
24, 559
100, 920
44, 953
147,813
149, 508
53,804
94, 075
33,063
57, 157
25, 336
102, 660
45, 772
150, 323
152, 640
55, 148
96,646
34,085
57, 497
25, 951
104,454
NOTE.—Quarterly totals for the State personal income series will not agree with the personal
income measure carried in the national income and product accounts since the latter includes
income disbursed to Government personnel stationed abroad. 1968-70 estimates have been
46, 841
153, 570
155, 693
55, 811
99, 212
34, 467
59, 181
26, 479
107, 483
47, 773
156, 499
158, 211
57,502
102, 480
35, 117
60, 852
27, 218
108, 975
48, 573
159, 485
161, 127
58, 938
103, 895
35,561
61, 297
27, 806
110, 915
49,366
162, 090
161, 823
59, 893
106,156
36, 517
62, 752
28, 876
112, 279
revised. Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
By DAVID T. DEVLIN
The International Investment Position of the United States:
Developments in 1970
liabilities was concentrated in Canada, on goods, services, and unilateral transdeveloping countries, and in the inter- fers), allocations of SDR, and an adnational category; in Western Europe, justment for errors and omissions.1 In
liabilities exceeded assets by $18.9 effect, a surplus on the current account
billion.
(adjusted for errors and omissions) and
allocations
of SDR lead to a larger
This article first considers the factors
net
increase
in U.S. assets than in U.S.
accounting for the recent changes in the
liabilities
with
a resultant improveU.S. net international investment posiment
in
our
net
investment position.
tion (table 1). The composition of the
The
second
factor
is
reinvested earnings
shifts in assets and liabilities from yearend to yearend is then discussed of U.S. affiliates abroad minus reinJL OTAL international assets of the (tables 2 and 3). Finally, the evolving vested earnings of foreign enterprises
United States rose $8.5 billion in 1970 structure of the liquidity of U.S. assets in the United States. Earnings of U.S.
and total U.S. liabilities to foreigners and liabilities is analyzed (tables 4 and affiliates abroad not sent back (or
rose $6.7 billion. As a result, the net 5 and chart 9). A detailed discussion credited) to the United States as ininternational investment position of the of direct investments is given in an come (and thus not included in the
current account) improve our investUnited States improved by $1.8 billion. accompanying article.
ment position. The third factor is the
This change was only slightly larger
than the increase in 1969, but in that Changes in the Net Interna- net change in valuation of outstanding
U.S. investments abroad and foreign
year the rise in both assets and liabilities tional Investment
Position investment in the United States (inwas larger. At yearend 1970, total
Changes in the net international cluding adjustments in the various
assets exceeded total liabilities by $69.1
series for changes in coverage and
billion. This excess of assets over investment position of the United
States reflect three major factors (table statistical discrepancies); these various
NOTE.—The data used in this article was 1). The first is net recorded balance of
1. If the errors and omissions in the balance of payments
produced under the general supervision of payments capital flows, which must be
accounts could be identified, a part would presumably go
George R. Kruer with significant contributions made by Julius Freidlin, Nancy R. equal, in an accounting sense, to the into recorded capital flows and a part into the recorded
current account. The current account plus allocations of
Keith, E. Seymour Kerber, Russell Scholl,
sum of the current account (the balance SDR would then be equal to net capital flows.
and Zalie Warner.
The net international investment
position of the United States improved
$1.8 billion in 1970, slightly more than
in 1969. However, reflecting the large
deficits in the net liquidity balance and
in the official reserve transactions
balance, the liquidity structure of our
investment position deteriorated sharply.
Table 1.—Factors Accounting for Changes in the Net International Investment Position of the United States1
[Millions of dollars]
Average
Item
1961-65
3,801
Balance °n current account (surplus (+))
Allocations of SDR
Adjustment for: Errors and omissions (receipts (+))
Equals:
Net reinvested earnings (increase (+))---
Plus:
Net valuation and other adjustments
Of which: Changes in coverage and statistical discrepancies ..
.
-
Equals:
Change in net international investment position of the United States
Addendum:
Net international investment position of the United States at end of period 2
9
Preliminary.
1. Revised.
742
2,410
2,139
-386
-899
444
-1, 146
867
173
Net recorded balance of payments capital flows (outflow (+))
Plus:
1970 v
1969
1968
1967
1966
1966-70
-874
-1, 132
-431
-985
-493
-2, 603
2,927
-217
1,978
1,154
-878
-3,502
165
1,072
1,777
1,400
1,158
1,687
2,173
2,466
-630
419
-62
82
177
235
-2,069
247
-654
230
3,035
-293
-799
-10
3,369
1,498
3,555
243
155
61, 577
69,067
65, 132
65,375
65,530
1,706
1,831
67,236
69.067
2. The net i
ceding period plus the total net change during the period!
19
SUEVEY OF CURRENT BUSINESS
20
October 1971
Table 2.—Changes in the International Investment Position of the United States Reconciled with Balance of Payments Capital Flows
[Millions of dollars]
Net international investment position and U.S. assets abroad
Lines
in
table
3
Item (increase) (+)
1 Net international investment position of the United States
Balance of payments capital flows
Other than capital flows
2
U.S. assets abroad .
Capital flows
Other than capital flows
3
4
5,6
7
8
9
10
11
Nonliquid assets.
19
20
21
11,280
8,516
8,804
2,475
5,989
2,528
26
U.S. liabilities to foreigners
Capitalflows.
Other than capital
27
_
flows
_
Nonliquid liabilities to other than foreign official agencies
7,741
2,289
U.S. Government
2,190
1,466
28
2,281
2,282
1,479
1,566
-86
U.S. Government..
Capital flows
Exchange rate adjustments-
29
Private, long-term
-3
2
-1
30
-92
-89
-8
5
-12
27
-32
-6
Direct investments in the United States
Capital flows
Reinvested earnings..-..
Valuation adjustments
31
Corporate and other bonds
Capital flows
Price changes
.
32
C orporate stocks
Capitalflows
Price changes
Long-term credits
Capital flows
Exchange rate adjustments
Losses on write-offs _ .
Changes in coverage and statistical discrepancies
Foreign currencies and other short- term assets
Capital flows
Exchange rate adjustments .
Changes in coverage and statistical discrepancies
Private, long-term
(<)
6,764
8,392
6,033
3,254
2,604
175
7,074
4,403
2,900
-229
Foreign bonds
Capital flows
Price changes. __
Exchange rate adjustments
6
1,027
-1,021
1,442
874
516
52
Foreign corporate stocks _
Capital flows
Price changes
Exchange rate adjustments
501
467
34
-516
69
-759
174
Direct investments abroad
Capital flows
Reinvested earnings
Valuation adjustments. .
-317
-317
-183
-183
541
424
117
575
577
2
Capitalflows
Other than capital flows
. . . .
_
-
- .
9,574
6,685
12,306
-2, 733
5,824
861
2,202
5,583
5,159
-2, 958
4,722
861
274
263
10
-435
-436
(*)
1,560
5,186
1,003
832
431
-260
1,391
969
434
-12
586
1,547
-961
2,078
1,493
585
-1,410
1,565
-2,975
548
697
-149
160
160
16
16
Other liabilities reported by U S banks
Capitalflows
34
Other liabilities, reported by U.S. nonbanking concernsCapital flows
Statistical discrepancies.
..
1,221
701
520
1,153
1,153
35
Private, short-term nonliquid, reported by U.S. nonbanking concerns
Capitalflows
._
-.
Statistical discrepancies
368
91
277
833
830
3
7,372
1,102
7,147
225
1,102
8,784
-6, 242
9,161
9,166
-5
-6, 507
-6, 507
36
Liquid liabilities to private foreigners and liquid and nonliquid liabilities to foreign official agencies
.
Capital
flows
Other than capital flows
_
To private foreigners
-
1,376
37
743
658
85
1,015
1,015
38
Claims reported by U S nonbanking concerns
Capital flows
Statistical discrepancies
334
35
299
361
360
1
39
To international and regional organizations
Capital flows
Statistical discrepancies
1,249
-2,718
40
1,063
186
-2, 719
1
To other foreigners .
Capitalflows
Statistical discrepancies
Private..
1970
33
1,077
Liquid assets
_
.
Claims reported by U S banks
Capital flows
Statistical discrepancies
Private, short-term nonliquid
Capital flows
Other than capital flows
18
165
1,667
8,708
2,527
Other claims, reported by U.S. nonbanking concerns
Capital flows
Statistical discrepancies
17
1,831
1969
11,234
13
16
1,706
-3,502
5,208
Item (increase) (+)
10,031
Other claims, reported by U.S. banks
Capital flows
15
1970
U.S. Liabilities to foreigners
Capital flows
Other than capital flows
12
14
1969
Lines
in
table
3
41
To foreign commercial banks
Capitalflows
Statistical discrepancies
.
.
.
. ..
To foreign official agencies
-59
-63
4
179
179
-318
-441
123
86
86
-1,412
7,344
-914
-275
_
-5
-241
Claims reported by U.S. banks
Capital flows
Statistical discrepancies
213
209
4
119
119
43
Reported by U.S. Government
Capitalflows
_
Exchange rate adjustments
-78
-162
84
-218
-333
115
-360
-361
1
44
Reported by U.S. banks
Capital flows
-836
-836
-810
-810
1,254
-2,477
45
-498
-517
17
2
7,619
7,619
Claims reported by U.S. nonbanking concerns
Capital flows
Changes in coverage and statistical discrepancies
U.S monetary reserve assets
22
Gold
23
SDR
24
Convertible currencies
Capital flows
Exchange rate adjustments
-747
-814
67
25
Gold tranche position in IMF
1,034
967
-787
851
-2, 152
-2, 152
-389
42
N on! iquid
Liquid
Capital
flows
Exchange rate adjustments
Statistical discrepancies
--
535
o35
SURVEY OF CURRENT BUSINESS
October 1971
21
Table 3. ^International Investment Position of the United States at Yearend J
[Millions of doUars]
Western Europe
Total
Line
Type of investment
1 Net international investment position of the
United States
--
I960'
1965'
1969'
44,730
61,577
67,236
1970"
1969'
1970"
69,067 -14,116 -18,945
Canada
Latin American
Republics and
Other Western
Hemisphere
Japan
1969'
1969"
1969'
1970"
1969'
Other foreign
countries
International
organizations
and
unallocated:!:
1970"
1969'
1970"
1969'
1970"
22,612
23,762
1,653
1,183
16,984
19,643
23, 179
25,971
16,923
17,453
2
U S. assets abroad
85,589 120,374 158,058 166,574
41,336
41,428
34,386
36,981
6,552
7,237
26,306
28,516
29,586
31,987
19,891
20,426
3
Nonliquid assets
66, 230 103, 156 138, 480 149, 714
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
U S Government
Long-term credits:
Repayable
in dollars1
Other2
Foreign currencies and other shortterm assets
Private long-term
Direct investments abroad
Foreign securities:
Foreign bonds
Foreign corporate stocks
Other claims, reported by U.S. banks
Other claims, reported
by U.S. nonbanking concerns 4
-- Private, short-term nonliquid
Claims reported by U.S. banks
Claims reported by U.S. nonbanking concerns
37, 443
40, 021
33,368
35, 946
6,369
7,068
26, 142
28,272
29, 449
31,840
5,708
6,568
23,396
30, 731
32, 197
8,283
8,028
15
24
728
675
5,826
6,318
14, 579
15,800
1,299
1,352
J14, 028 I(14,966
5,234
21, 982
6,239
23, 514
6,185
6,981
1,053
6,821
951
10
19
599
99
547
98
5,121
672
5,594
689
7,976
4,415
9,185
4,447
1,295
1,348
16, 920
2,892
44, 497
31, 865
3,196
71, 375
49, 474
2,510
2,498
96, 301 104, 693
71, 016 78,090
249
26, 829
21, 650
256
29, 589
24, 471
5
32, 657
21, 127
5
35, 073
22, 801
30
2,136
1,244
30
2,347
1,491
33
16, 976
13,841
35
18, 118
14, 683
2,188
13, 294
10, 069
2,168
14, 351
11, 082
4
4,409
33,085
4
5,216
33,563
5,574
3,984
1,698
10, 165
5,048
4,317
11, 718
6,953
3,050
13, 160
6,437
2,867
607
2,816
466
535
2,563
471
6,917
3,406
208
7,873
3,180
112
265
398
88
265
337
115
930
114
1,330
1,059
141
1,319
1,675
219
958
1,775
216
850
1,324
1,653
1,376
4, 813
s 3, 594
2,371
8,385
6,846
3,564
11, 448
8,569
4,139
12, 824
9,584
1,290
2,331
1,089
1,549
2,404
1,092
999
696
348
1,107
849
483
141
3,505
3,316
139
4,046
3,782
761
3,340
2,705
916
3,836
3,081
373
1,576
1,111
428
1,689
1,146
(*)
(*)
(*)
(*)
51,219
1,539
2,879
3,240
1,242
1,312
348
366
189
264
635
755
465
543
19,359
17, 218
19, 578
16,860
3,893
1,407
1,018
1,035
183
169
164
244
137
147
1,768
889
2,614
1,098
2,373
1,217
1,113
328
779
310
1,018
478
1,035
601
182
116
168
108
164
99
244
110
137
77
147
88
19, 359
17, 804
879
15, 450
13,806
1,516
16,964
11, 859
785
2,780
6469
628
540
(*)
434
(*)
66
1
60
1
65
6134
60
659
781
863
2,781
2,324
2,780
628
(*)
(*)
1
1
1,555
1,156
14, 487
11, 072
851
629
1,935
2,324
1,935
40,859
58,797
90,822
97,507
55,452
60,373
11,774
13,219
4,899 6,054
9,322
8,873
6,407
6,016
2,968
2,973
19, 830
29, 224
44,883
50,466
31,477
36, 088
6,361
6,722
1,029
3,552
3,781
2,513
1,893
1,456
1,832
793
U S. Government
Private, long-term
18,418
Direct investments in the United
6,910
States
U.S. securities:
649
Corporate and other bonds
9,302
Corporate stocks
.Other liabilities, reported by U.S.
7
banks
Other liabilities, reported by U.S.
1,550
nonbanking concerns *
Private, short-term nonliquid, reported
619
by U.S. nonbanking concerns
1,944
26, 315
2,406
39, 572
1,970
44, 758
1,938
27, 533
1,806
31, 629
33
6,049
22
6,451
34
852
32
669
47
3,262
25
3,406
354
1,925
86
1,466
1,456
1,832
8,797
11,818
13,209
8,510
9,515
2,834
3,112
176
233
161
228
137
121
916
14, 599
4,800
18, 141
6,878
18, 689
3,770
12, 106
5,214
12,615
87
2,950
237
2,912
(*)
10
2
20
82
2,156
101
2,244
122
759
163
717
393
985
1,001
9
1,610
3,828
4,981
965
2,905
29,573
12,909
7,419
1,431
4,059
16,664
458
338
120
16,206
Liquid assets
Private
Claims reported by U.S. banks
Claims reported by U.S. nonbanking concerns
U.S. monetary reserve assets - Gold
SDR
Convertible currencies
Gold tranche position in IMF
U.S liabilities to foreigners 7
Nonliquid liabilities to other than foreign official agencies
5
8
36
Liquid liabilities to private foreigners and
liquid and nonliquid liabilities to
21, 029
foreign official agencies
37
38
39
9,139
To private foreigners
4,818
To foreign commercial banks i"
To international and regional or1,541
ganizations
2,780
To other foreigners
11,890
To foreign official agencies
2
Nonliquid
2
Reported by U.S. Government 8 _.
Reportedby U.S. banks.. .
11,888
Liquid.. .
.
40
41
42
43
44
45
9
9
9
9
9
9
9
13, 858
14, 183
13,858
11, 072
851
9
739
160
1,161
181
557
9490
173
9(*)
3,093
4,112
178
187
11
29
336
420
210
233
3,738
2,006
2,653
279
249
143
145
243
350
234
341
45, 939
47,041
23, 975
24,285
5,413
6,497
3,870
5,208
5,770
5,092
3,894
4,123
28, 887
23,633
22,645
17, 126
16,845
15, 332
10,594
9,079
3,789
3,251
3,546 N.s.s. N.s.s.
3,048 N.S.S. N.S.S.
4,075
1,901
3,545
1,204
N.s.s.
N.s.s.
N.s.s.
N.S.S.
663
4,591
17, 052
4,039
2,534
1,505
13, 013
842
4,677
24, 396
3,764
3,069
695
20, 632
6
1,507
7,130
1,270
1,270
17
1,498
13, 691
645
645
538
1,624
1,129
1,129
498 N.s.s. N.S.S.
2,951 N.s.s. N.S.S.
2,289
2,289
118
2,056
1,695
155
2,186
1,547
46
N.s.s.
N.s.s.
135
135
95
N.s.s.
N.s.s.
135
135
1,019
566
5,860
13,046
495
662 N.s.s. N.S.S.
1,695
1,547
N.s.s.
N.s.s.
1,019
566
54
'Revised.
"Preliminary.
*Less than $500,000 (±).
JIncludes U.S. gold stock.
N.s.s. Not shown separately.
1. Also includes paid-in capital subscription to international financial institutions (other
than IMF) and outstanding amounts of miscellaneous claims which have been settled through
international agreements to be payable to the U.S. Government over periods in excess of 1
year. Excludes World War I debts that are not being serviced.
2. Includes indebtedness which the borrower may contractually, or at its option, repay
with its currency, with a third country's currency, or by delivery of materials or transfer of
services.
3. For the most part represents the estimated investment in shipping companies registered
primarily in Panama and Liberia.
4. The long-term position data given here include estimates for real estate, insurance, estates
and trusts.
5. Liquid claims are not available separately and are included with nonliquid claims.
6. In 1970 country detail for Western Europe includes the European Economic Community,
United Kingdom, and Switzerland only, and for Latin America and O.W.H. includes only
9
846
14, 183
3
655
385
527
413
697
232
1,512
1,141
493
575
493
575
Bahamas and Bermuda. Remaining countries are not separately identified due to insignificant
amounts and are included in other foreign countries.
7. The regional breakdown for liability lines may not add to the world total since certain
items cannot be shown separately and because of the assumptions made regarding lines 33
and 44 (see footnote 9).
8. U.S. government liabilities are broken down into those to foreign official reserve agencies
in line 43 and those to others in line 28, including foreign official agencies other than reserve
agencies. U.S. government notes held by the Canadian Government in connection with the
1964 Columbia River power rights arrangements are included in the entries for foreign official
reserve agencies.
9. In the regional breakdown, nonliquid liabilities to foreign official agencies reported by
U.S. banks are included with private long-term liabilities reported by U.S. banks, and, for
summation purposes in the regional presentation, line 44 is assumed to be zero and any entries
that would appear there are considered part of line 33.
10. As reported by U.S. banks; ultimate ownership is not identified.
22
adjustments are also not included in
the balance of payments accounts.
Essentially, we improve our net investment position by net sales abroad
of real goods and services (minus
unilateral transfers), or by reinvesting
foreign earnings abroad, but the position is also affected by changes in
valuation of outstanding assets and
liabilities.
While the change in the U.S. net
investment position can be considered
to be accounted for by these factors,
capital flows, of course, may have a
major impact on trade, services, and
earnings. To the extent this occurs, the
change in the net investment position
is not determined independently of
capital flows. However, an outflow of
capital from the United States, although it increases assets abroad, does
not result in a net change in the U.S.
international investment position unless
one of the other factors mentioned is
influenced. If there is a capital outflow
and an increase in assets without a
corresponding change in the current
account (or errors and omissions) there
would be an equal increase in liabilities (or offsetting change in other
assets) with no change in the net
investment position.
From 1961 through 1966, there was
a rather consistent improvement in
our net investment position, averaging
over $3.4 billion per year. This largely
reflected a strong positive trade balance
and growing income on investments
(and thus a surplus on the current
account), as well as a moderate growth
in reinvested earnings; these factors
were only partly offset by adverse
valuation adjustments. The recorded
change in the net investment position
was also adversely affected by the
negative errors and omissions. However,
in 1967 (when the valuation adjustment was particularly adverse), and
in 1968 (when the trade balance
dropped sharply), the net investment
position showed only small increases.
In 1969 and 1970, the improvements
in the net investment position were
again substantial, although smaller
than in earlier years.
The recorded improvement in 1969
was due to very large net favorable
raluation adjustments (mostly reflect
SUEVEY OF CURRENT BUSINESS
ing price changes in outstanding security holdings), only partly offset by
large adverse movements in the current
account and in the adjustment for
errors and omissions. There is evidence
to suggest that the large increase in
outflows on errors and omissions was
due to flows of U.S. funds to the
Eurodollar market. If such flows had
been recorded, the improvement in
the net investment position in 1969
would have been substantially larger. In
1970, on the other hand, the improvement in the net investment position
reflected a favorable shift in the current
account, a smaller adverse adjustment
for errors and omissions and the
initial $867 million allocation of SDR
(which resulted in an increase in U.S.
official reserve holdings and in an
improvement in our net investment
position of the same amount). Valuation
adjustments became negative. In both
1969 and 1970, reinvested earnings
had a large favorable impact on our
net investment position.
Changes in U.S. Assets and
Liabilities
Total U.S. assets abroad rose $8.5
billion in 1970, as noted earlier; $6.0
billion reflected reported balance of
payments capital outflows, and $2.5
billion other factors (tables 2 and 3).
The latter included $2.9 billion of reinvested earnings on U.S. direct investment abroad (which is not now
counted as a capital outflow in the
balance of payments) and large but
mostly offsetting valuation adjustments.
The value of U.S. holdings of foreign
bonds increased $0.5 billion due to
increases in the prices of outstanding
bonds and the value of outstanding
U.S. holdings of foreign stocks was
reduced $0.8 million as prices in foreign
stock markets declined. There were
also lesser valuation adjustments in a
number of other accounts.
Total U.S. liabilities rose $6.7 billion
in 1970; $5.8 billion reflected balance
of payments capital inflows and $0.9
billion other factors. The latter increase
was mostly accounted for by $0.4
billion of reinvested earnings of foreign
direct investment in the United States
October 1971
and a $0.6 billion adjustment to the
outstanding value of foreign holdings
of U.S. bonds due to price increases in
such bonds.
As a result of these changes in U.S.
assets and liabilities in 1970, the net
investment position rose $1.8 billion.
Balance of payments flows contributed
less than $0.2 billion net to the change,
while other factors, primarily net reinvested earnings, contributed almost
$1.7 billion.
Liquidity Structure
The evolution of the liquidity structure of outstanding U.S. assets and liabilities can be conveniently analyzed in
terms of the ratios computed in table 4
and shown in chart 9. Use of such ratios
has certain limitations, as indicated
below, and a complete analysis of
external developments requires that
one also take into account the absolute
magnitudes shown in the investment
position, as well as the flows shown in
the conventional balance of payments
tables. The general impression of developments in the last decade given by
the ratios confirms what was already
indicated by the balance of payments
figures: Although our net investment
position improved in most years, the
liquidity structure of our position
showed a persistent deterioration. Use
of the ratios facilitates investigation of
a number of interesting aspects of these
developments.
Ratio Aj, U.S. official reserve assets
to U.S. liabilities to foreign official
agencies, is the investment position
counterpart of the official reserve transactions balance in balance of payments
analysis. The larger the deficit in the
official balance, the greater the loss of
reserves and/or the greater the increase
in liabilities to foreign official agencies.
Correspondingly, the greater the loss of
reserves or the greater the increase in
liabilities to official foreigners, the
lower the ratio of U.S. reserves to
liabilities to foreign official agencies.
Thus the evolution of the AI ratio
generally reflects the impact of the
official reserve transactions balance on
the U.S.-investment position.
The correspondence is not exact,
however, because the position figures
October 1971
are affected by valuation and coverage
adjustments while the balance of payments is not. The A! ratio is also somewhat affected by the method of financing an official reserve transactions
deficit, i.e., whether it is financed by a
decrease in reserves or by an increase
in liabilities, while the balance itself is
not affected.
When the AI ratio is greater than 1.0
(and reserves exceed liabilities, as from
1960 to 1963) a deficit of a given size
will cause a greater reduction in the
ratio if it is financed by an increase in
liabilities than if it is financed by a
decrease in reserves. When the ratio is
1.0 or less, a given loss of reserves has a
greater adverse impact on the ratio
than an equal increase in liabilities.
(This reflects the general behavior of all
ratios on either side of 1.0.)
Substantial deficits in the official
settlements balance in most years from
1960 through 1967 led to a persistent
decline in the AI ratio, although the
trend flattened in the mid-1960's when
the balance temporarily improved. In
1968 and 1969, however, the official
balance was in substantial surplus and
the ratio improved. At end-1969, it
stood at 0.99 (about the same as in
1964). At this value, U.S. reserves were
about equal to our liabilities to foreign
official agencies.
In 1970, when U.S.-monetary conditions eased sharply, the official reserve
transactions balance showed an enormous deficit, which resulted in both a
large loss of reserves and a sharp
increase in liabilities to foreign official
agencies. As a result, ratio AI declined
sharply from 0.99 to 0.59. The ratio
dropped significantly lower in the first
half of 1971 when the official deficit
became larger.
Ratio A 2 is a variant of ratio AI. It
takes into account liquid claims of U.S.
private residents, as well as official reserves, on the asset side and compares
them with liabilities to foreign official
agencies. Thus it assumes that private
liquid claims are some kind of supplement to official reserves. As expected,
the level of this ratio is slightly higher
than that of the AI ratio, but its movements are parallel. (Note that both
ratios are identical for 1960 to 1962
because liquid claims of U.S. residents
SURVEY OF CURRENT BUSINESS
cannot be separately identified in the
basic statistics.)
The counterpart of the net liquidity
balance in the investment position is
given by ratio A4, which compares liquid
assets (both private liquid claims and
U.S. official reserves) to liquid liabilities
to private foreigners and liabilities to
foreign official agencies. The net sum of
these factors are the financing of the net
liquidity balance. The larger the net
liquidity deficit, the faster the decline
in the ratio. The ratio is also affected
by valuation adjustments and by the
way in which the net liquidity balance
is financed. Reflecting the continuous
CHART 9
Liquidity Ratios: Outstanding U.S. Assets
Abroad to Liabilities to Foreigners by
Degree of Liquidity
Ratio
2.0
MONETARY COMBINATIONS
1.5
1.0
1
I
I
I
I
I
I
I
I
I
I
I
I
4.0
OTHER COMBINATIONS
3.5
3.0
B/
2.5
2.0
1.5
1.0
I
1960
I
I
62
I
I
64
I
I
66
I
68
I
70
NOTE.—Refer to table 4 for data.
U.S. Department of Commerce, Office of Business Economics
7
23
deficits in the net liquidity balance
since 1960, ratio A4 shows a parallel
decline, reaching a low of 0.36 at end1970. At this point, U.S.-liquid assets
were only about one third of our
comparable liabilities.
Ratio A3 is a variant of ratio A4. It
is the counterpart in the investment
position to what might be called a gross
liquidity balance in balance of payments analysis (although such a balance
is not computed in the standard presentation). In such a balance, increases in
liquid claims of U.S. residents would
not be considered an offset to increases
in liquid liabilities to private foreigners.
Thus, this ratio compares only reserves
on the asset side (leaving out liquid
private claims) to liquid liabilities to
private foreigners and liabilities to
foreign official agencies. As a result, its
level is slightly lower than ratio A4,
but the movements of the two ratios
are parallel.
While ratios exactly comparable to
the official reserve transactions balance
and the net liquidity balance can be
constructed for the investment position,
no exactly comparable ratio can be
constructed for the third major balance
in the balance of payments presentation, the balance on current account
and long-term capital. This is because
all the financing items of the net liquidity balance and the official balance are
included as part of the investment
position; for the balance on current
account and long-term capital, however, some of the financing items are
not appropriately considered as items
in investment position. These consist of
errors and omissions, which have
been quite large recently, and allocations of SDR, which occurred for the
first time in 1970. It is possible, however, to construct a ratio using the
rest of the financing items of the balance on current account and long-term
capital and thus get a rough proxy for
this balance. This ratio is shown as
BI, which compares U.S. short-term
assets (nonliquid and liquid short-term
claims of U.S. private residents and
U.S. official reserves) to short-term
liabilities (nonliquid and liquid shortterm liabilities to private foreigners
and all liabilities to foreign official
agencies). As with the other balances
SUEVEY OF CURRENT BUSINESS
24
and their corresponding ratios, ratio
BI is affected (and the balance is not)
by valuation adjustments and by the
way in which the balance is financed.
The larger the deficit in the balance on
current account and long-term capital,
the smaller the ratio (except for the
impact of errors and omissions and
allocations of SDR which the ratio
does not take into account).
Since 1960, the BI ratio has shown a
persistent decline reflecting the deficits
in the balance on current account and
long-term capital for most years (except
in 1961 and 1964 when it was about in
balance). By end-1970, this ratio of
short-term assets to liabilities had
fallen to 0.58.
Ratio B2 is a variant of BI. In addition to U.S. short-term claims, U.S.
holdings of foreign securities are added
to assets, and foreign holdings of U.S.
securities are added to U.S. short-term
liabilities. This comparison of a somewhat wider spectrum of assets and
liabilities gives results surprisingly
October 1971
similar to the simple comparison of
short-term
assets
and liabilities
(chart 9), despite the fact that holdings
of securities have shown quite substantial changes and are very large.
(U.S. holdings of foreign securities
totaled over $20 billion in 1970, and
foreign holdings of U.S. securities
totaled over $25 billion.) Our liquidity
structure, looked at either way, deteriorated by roughly the same amount
in the decade.
Ratios B3 and B4 throw further light
Table 4.—Liquidity Ratios: Outstanding U.S. Assets Al>road to Liabilities to Foreigners, by Degree of Liquidity
Refer to
chart 9 Lines in table 3
Ratios
1960
1962
1963
1964
1965
1966
1967
1968
1969
1 63 1 48 1 26
1 10
1 00
0 93
0 93
0 77
0 85
0 99
0 59
1 63 1 48 1 26
1 22
1 17
1 03 1 05
88
99
1 15
69
1961
1970
Monetary Combinations
Ai
21
41
17
41
21
36
A2
As
A<
17
36
Reserves
Liabilities to foreign official agencies
Liquid assets
Liabilities to foreign official agencies
Reserves
Liquid liabilities to private foreigners and liquid and nonliquid liabilities to foreign""
official agencies
Liquid assets
Liquid liabilities to private foreigners and liquid and nonliquid liabilities to foreign""
official agencies.
92
82
71
64
57
52
48
42
41
37
31
92
82
71
70
66
58
54
47
47
43
36
1 12
1 06
98
92
91
84
79
71
70
64
58
1 07
1 00
1 01
95
94
89
86
78
72
69
CK
3 20
3 00
3 38
3 25
3 27
3 35
3 56
3 36
2 94
3 03
2 93
2 09
2 00
2 08
2 02
2 02
2 05
2 08
1 94
1 81 1 74
1 70
Other Combinations
Bi
14+17
35+36
B2
10+11+14+17
31+32+35+36
B3
4+8
28+29
2
26
B4
Liquid and nonliquid short-term assets
Liquid and nonliquid short-term liabilities and nonliquid liabilities to foreign official" "
agencies
Liquid and nonliquid short-term assets and foreign securities
Liquid and nonliquid short-term liabilities, nonliquid liabilities to foreign official re-""
serve agencies, and U.S. securities
Long-term assets
Long-term liabilities to other than foreign official reserve agencies
Total U.S. assets abroad
Total U.S. liabilities to foreigners"
Table 5.—Ratios of Long-term Liabilities to Total Liabilities and of Various Long-Term Assets to Total Assets
Refer to lines
in table 3
28+29
26
4+8
2
9
2
10+11
2
12
2
13
2
4
2
Ratios
Long-term liabilities to other than foreign official reserve agencies
Total U.S. liabilities to foreigners
"""
Long-term assets
Total U.S. assets abroad
Direct investments abroad
Total U.S. assets abroad
Foreign securities
Total U.S. assets abroad
"
Private long-term claims reported by U.S. banks
Total U.S. assets abroad
"
"" "
Private long-term claims reported by U.S. nonbanking concerns
Total U.S. assets abroad
U.S. Government assets abroad
Total U.S. assets abroad
"""
"
"
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
0 47
0 48
0 46
0 47
0 47
0 48
0 47
0 46
0 49
0 46
0 48
72
73
.75
.76
.76
.79
.80
.80
.80
.80
82
37
38
39
.39
.39
.41
.44
.44
.44
45
47
11
12
12
.13
.13
.13
.12
.12
12
12
12
02
02
02
03
04
04
03
03
02
02
02
02
02
02
02
02
02
02
02
02
02
02
20
19
.20
.20
.19
.19
.19
.19
.19
.19
.19
1970
October 1971
on the evolving structure of our investment position. Ratio B3 is a comparison of long-term assets (i.e., all
nonliquid assets except those that are
short-term) to long-term liabilities (i.e.,
all nonliquid liabilities except shortterm ones and those to foreign official
agencies). Ratio B4 compares total
assets to total liabilities.
From 1960 to 1966, the ratio of total
assets to total liabilities (B4) remained
roughly constant, although there was
usually an absolute improvement in
the net investment position. At the
same time, the ratio of long-term assets
to long-term liabilities (B3) rose from
about 3.0 to over 3.5. This change
reflected the sharp increase in longterm assets. As shown in table 5,
long-term liabilities remained a relatively constant proportion (about 47
percent) of total liabilities, but longterm assets as a proportion of total
assets showed a persistent increase
(from 72 to 80 percent).
After 1966, the ratio of total assets to
total liabilities dropped persistently.
In 1967 and 1968 both assets and
liabilities grew by roughly the same
amount and in 1969 and 1970, although
assets grew more than liabilities (an
improvement in the net investment
position), the growth of assets was not
large enough to maintain the same ratio.
The ratio of long-term assets to longterm liabilities generally also dropped
during this period and by 1968 it was
back to about the same level it had been
SURVEY OF CURRENT BUSINESS
in 1961, and it remained there through
1970. The proportion of long-term
liabilities to total liabilities still remained roughly the same after 1966, but
in contrast to the earlier period, the
proportion of long-term assets to total
assets also remained relatively constant.
These developments raise a number
of questions (with less than obvious
answers). Why did foreigners maintain
their long-term (and short-term)
holdings at such a fixed proportion of
their total assets in the United States
for the decade? What caused the rising
trend (until 1966) in the proportion
of U.S. long-term assets to total assets
to flatten out after 1966?
As to U.S. liabilities (foreigners'
assets in the United States), the
stability in the proportion of long-term
to total liabilities suggests similar
stability in the underlying liquidity
perference of foreign investors. However, further study is needed to determine whether other factors were more
important and how the behavior of
foreign official agencies (who are probably guided by other motives and
liquidity preferences than private
foreigners) affected the structure of
U.S. liabilities.
For U.S. assets, the change in trend
in part reflected the behavior of direct
investment. From 1960 to 1966, U.S.
direct investments as a portion of
total U.S. assets grew from 37 to 44
percent; the 7 percentage point increase
was about the same as the rise in the
25
ratio of long-term assets to total assets.
After 1966, both the ratio of direct
investments to total assets and the
ratio of all long-term to total assets
tended to level off.
These developments in part reflected
the imposition of controls on direct
investment but other factors were also
important. The annual increases in
direct investment assets tended to
grow larger from 1960 to 1966. However, the sharp rise in the ratio of direct
investment to total assets in 1965 and
1966 was also due to the fact that assets
other than direct investment showed
virtually no change in either year. After
1966, annual increments to direct investment leveled out, with some renewal
of growth in 1969 and 1970. The leveling
off in increments to direct investment
after 1966 probably reflected the influence of the voluntary controls (instituted in 1965) and the mandatory
controls (instituted in 1968).
Some indication of the impact of
other capita] control programs is also
evident in table 5, although the movements are much smaller and more
ambiguous than in the case of direct
investment. Long-term claims on
private foreigners reported by U.S.
banks and U.S. holdings of foreign
securities as proportions of total assets
both showed a rising trend until the
midsixties but then declined after the
voluntary credit restraint program and
the interest equalization tax were imposed and/or intensified.
By R. DAVID BELLI and JULIUS N. FREIDLIN
U.S. Direct Investments Abroad in 1970
The value of U.S. direct investments
abroad increased by a record $7.1 billion
in 1970 to $78.1 billion at yearend. The
increase reflected large capital outflows
and substantial reinvested earnings of
foreign affiliates. Corporate claims other
than direct investments rose slightly.
On the other hand, the U.S. share of
earnings of foreign affiliates and fees and
royalties from affiliates totaled $10.8
billion, while U.S. corporations borrowed
$2.9 billion abroad. The net flow resultting from these identifiable transactions
by U.S. corporations had a net favorable
balance of payments impact of $6.1
billion in 1970.
Most of the increase in direct investments took place in the developed
countries, with manufacturing affiliates
receiving the major share (table 2).
Direct investment capital outflows were
substantially larger in 1970 than in
1969 for most area and industries,
while additions to investments through
reinvested earnings showed considerable industry and area variation. There
was a sharp decrease in reinvested
earnings of manufacturing affiliates as
earnings were held down by a widespread economic slowdown, particu-
larly in developed countries, but income
paid out from earning in the form of
interest, dividends, and branch earnings
grew. Petroleum affiliates, on the other
hand, had an increase of $0.5 billion in
reinvested earnings; earnings rose by
about that amount and income showed
little change. Earnings of petroleum
affiliates rose despite higher costs in
producing areas (developing countries)
as these increased costs were offset by
higher prices in consuming areas (developed countries).
:HART 10
1HE book value of U.S. direct investments abroad increased by a record
$7.1 billion in 1970 to $78.1 billion at
yearend, when it accounted for 47
percent of the value of all U.S. foreign
assets (see "The International Investment Position of the United States,
Developments in 1970," p. 19). The
large 1970 increase, $1.0 billion greater
than in 1969, resulted primarily from
accelerated outflows of direct investment capital which totaled $4.4 billion
in 1970. (The total includes financing
of direct investments through the use
of both funds raised in the United
States and funds raised abroad by U.S.
corporations.) Reinvested earnings of
U.S.-owned foreign corporations totaled
$2.9 billion in 1970, a small increase
over 1969. Valuation adjustments, mostly associated with liquidations of existing holding, resulted in a net reduction
in the investment position of $0.2 billion
in 1970; in 1969 such adjustments
resulted in a $0.2 billion increase in the
investment position.
NOTE.—Data for this article were prepared
under the supervision of Julius N. Freidlin
with significant contributions from Zalie V.
Warner, Richard L. Smith, and Helen R.
Goswellen.
26
Annual Additions to Direct Investments Abroad by Industry and Major Area
Billion $
10
Billion $
(Ratio scale)
10
BY AREA
BY INDUSTRY
Total
Total
Petroleum
r/A
' n+haf
\
•
,
*'«.
/
62
64
66
1. Includes "other Western Hemisphere".
U.S. Department ot Commerce, Office of Business Economics
68
70
1960
62
64
/
/
"\
Latin Americal
/
I960
•
66
68
70
SURVEY OF CURRENT BUSINESS
October 1971
27
Table 1.—Flows of Selected U.S. Corporate Funds Related to Direct Tnvestments Abroad—Changes in Foreign Assets and Liabilities,
Adjusted Earnings, and Fees and Royalties
[Millions of dollars]
Western Europe
Total
Item, debits (-), credits (+)
1966
Net flow
1967
1968
1966
1970
1969
1967
1969
1968
1970
2,332
3,122
5,596
5,753
6,104
-20
537
3,065
2,563
3,069
-5,325
-3,661
-1, 739
75
-4,692
-3, 137
-1,598
43
-5,492
-3,209
-2, 175
-108
-6,033
-3,254
-2,604
-175
-7,074
-4, 403
-2, 885
214
-2,249
-1,834
-435
20
-1,670
-1,458
-269
57
-1,503
-1,001
-456
-46
-2,243
-1,209
-893
-141
-2,821
-1,904
-954
37
..- . ... .
-434
-112
-153
-169
-590
-281
-120
-189
-992
-220
-498
-274
-356
-424
333
-265
4-289
< -291
361
-359
-444
-79
-263
-102
-221
-76
-97
-48
-738
-148
-475
-115
164
-131
463
-168
275
* 24
315
-64
Corporate liabilities other than new issues of securities . .
Long-term. 1...
...
Short-term
._.
.-. - .
459
180
279
448
85
363
1,149
715
434
994
701
293
2,068
1,153
915
371
192
179
325
64
261
1,141
708
433
831
647
184
1,716
1,019
697
594
-m
2,129
-785
-1,1*4
1,029
-631
-187
822
-378
-84
594
n.a.
n.a.
446
n.a.
n.a.
2,129
1,029
-96
n.a.
n.a.
822
n.a.
n.a.
1,164
435
729
1,118
269
849
1,361
456
905
1,931
893
1,038
2,332
954
1,378
Change in direct investment position
Balance of payments
flows
Reinvested earnings
Other adjustments _
Other corporate claims
Long-term
Short-term: Liquid .. l
Nonliquid
. ...
..
......
.
New issues of securities sold abroad by U.S. corporations 2 _ . .
Of which: Used for direct investment
Deposited abroad (short-term corporate claims)
-445
-143
Adjusted earnings 3
.
Reinvested earnings
Direct investment interest, dividends, and branch earnings
5,784
1,739
4,045
6,115
1,598
4,517
7,148
2,175
4,973
8,262
2,604
5,658
8,911
2,885
6,026
Direct investment fees and royalties
1,329
1,438
1,546
1,682
1,880
564
596
629
710
782
108
175
-214
-20
-57
46
141
-37
Offset to "other adjustments" in direct investment
446
-75
-43
N.a. Not available.
1. Excludes brokerage claims and liabilities.
2. Excludes funds obtained abroad by U.S. corporations through bank loans and other
credits and also excludes securities issued by subsidiaries incorporated aborad. However,
securities issued by finance subsidiaries incorporated in the Netherlands Antilles are treated
n.a.
n.a.
as if they had been issued by U.S. corporations to the extent that the proceeds of such issues
are transferred to U.S. parent companies.
3. For a discussion of this concept see the technical appendix.
4. Excludes an increase in U.S. corporate long-term claims of $286 million that was associated
with increased foreign direct investment in the United States.
Table 2.—Change From Preceeding Year in U.S. Direct Investments Abroad, Selected Data Items, Areas, and Industries
[Millions of dollars]
Area, country, and industry
Book value at
yearend
1969
Total
^
Reinvested
earnings
Net capital
outflows
1970
1969
1970
1969
Interest, dividends
and branch earnings
Earnings
1969
1970
1969
1970
1970
685
368
521
108
653
26
397
90
300
7
33
65
-89
133
57
26
50
10
53
210
340
43
314
-17
24
79
315
-71
325
-158
26
38
15
-4
72
113
62
68
-158
23
23
41
59
97
126
43
-196
-14
10
42
-219
282
30
155
253
-127
33
-298
678
16
-54
528
-468
275
-18
3
768
354
-29
498
37
99
20
367
72
227
6,033
7,074
45
1,149
429
4,386
5,225
256
1,092
643
-75
761
1,592
2,243
496
1,243
505
194
357
1,673
2,821
825
1,440
555
247
484
46
208
-47
222
33
11
-11
244
695
326
311
58
43
110
165
437
-60
395
102
1
40
-146
61
85
-55
31
14
-4
106
557
-1
402
156
18
81
1,292
1,372
-341
151
5
75
303
842
385
-160
305
-302
-121
7
75
184
138
-181
10
18
16
-63
34
354
478
129
-94
223
995
3,113
1,701
479
1,908
2,704
1,983
-364
-312
215
507
302
573
168
106
281
1,106
605
By area:
Developed countries
Canada
Europe
United Kingdom .
European Economic Community
Other Western Europe
Japan
Australia, New Zealand, and South Africa
Less developed countries
.
Latin American Republics and other Western Hemisphere
Other Africa
Middle East...
Other Asia and Pacific
International, unallocated
740
249
By industry:
Mining and smelting.
Petroleum
Manufacturing
Other industries
NOTE.—For an explanation of the relation between earnings, reinvested earnings, and interest, dividends, and branch earnings see the technical appendix.
-55
-35
501
-44
SUKVEY OF CUKEENT BUSINESS
28
October 1971
Table 3.—Selected Data on U.S. Direct
[Millions
Total, all industries
Area and year
All areas:
1963
1964
1965
1966
1967
1968
1969'
1970 v
Canada:
1963
1964
1965
1966
1967
1968
1969'
1970*
Europe:
United Kingdom:
1963
1964
1965
1966
1967
1968
1969'
1970 v
European Economic Community:
1963
1964
1965
1966
1967
1968
1969'
1970*
Other Western Europe:
1963
1964
1965....
1966
1967
1968
1969r
1970*
Japan:
1963
1964
1965
1966
1967—
.-1968
1969'
1970*
Australia, New Zealand and South
Africa:
1983....
1964
1965
1966
1967
1968
1969'
1970*
Latin American Republics and other
Western Hemisphere:
1963
1964
1965
1966
1967
1970*
Other areas:
1963
1964
1965
1966
1967
1968
1969'..
1970*..
;:::::"...;
Book value
at year end»
Net capital
outflows
Reinvested
earnings2
40,736
44,480
49,474
54,799
59,491
64,983
71,016
78,090
1,976
2,328
3,661
3,137
3,209
3,254
4,403
1,507
1,431
1,542
1,739
1,598
2,175
2,604
2,885
13,044
13,855
15,318
17,017
18,102
19,535
21,127
22,801
365
298
962
1,153
408
625
671
915
4,172
4,555
5,123
5,679
6,113
6,694
7,190
8,015
124
214
317
403
331
363
316
642
Mining and smelting
Interest,
dividends,
and branch
earnings
Net capital
outflows
4,973
3,419
3,665
3,931
4,365
4,876
5,436
8,733
6,026
6,137
85
136
13$
305
330
440
76
379
65
105
126
129
135
134
167
113
512
571
669
746
796
782
748
533
500
540
547
644
772
937
791
948
1,106
1,209
1,237
1,327
1,490
1,596
1,622
455
634
703
756
790
851
762
972
1,549
1,713
1,851
2,089
2,342
2,638
2,769
7
91
51
172
173
196
54
158
48
73
86
67
82
103
77
87
127
191
198
191
240
275
236
294
219
167
242
195
81
211
151
376
478
504
432
378
503
502
592
199
281
270
251
274
275
332
375
448
543
945
1,246
232
276
366
321
398
434
460
774
(**)
971
145
100
-3
100
41
108
503
448
1,678
2,153
2,558
2,967
3,369
3,701
4,206
4,761
217
372
305
285
275
200
233
291
149
141
149
140
147
137
239
270
222
239
277
293
317
323
479
486
76
103
132
157
178
196
246
229
472
598
675
756
870
1,050
1,244
1,491
68
78
19
32
34
78
89
132
29
35
49
49
79
104
105
119
49
59
91
91
123
167
185
218
21
30
47
43
46
60
70
94
1,783
2,053
2,334
2,655
3,172
3,508
3,865
4,348
109
137
175
167
364
171
160
270
120
117
98
148
152
159
199
195
226
229
246
292
299
320
401
97
106
140
138
138
161
214
145
168
227
324
419
446
479
572
9,941
10,254
10,886
11,498
12,049
13,101
13,841
14,683
235
113
271
307
296
677
375
559
183
250
345
343
211
358
376
402
1,125
1,244
1,320
1,452
1,574
1,646
1,488
956
1,011
995
1,113
1,190
1,218
1,277
1,081
1,353
1,404
1,474
1,565
1,709
1,930
1,940
2,037
24
30
43
60
71
227
-13
132
219
266
290
359
397
392
396
280
5,156
5,591
6,276
6,640
7,372
8,383
270
312
562
167
578
657
129
122
123
216
244
326
1,243
1,318
1,418
1,469
1,745
2,102
1,093
1,234
1,310
1,266
1,505
1,777
317
324
325
334
346
360
41
2
-12
-5
9
-1
17
21
33
36
36
55
10,9,289
296
750
623
2,374
424
2,297
2,208
443
8
16
64
56
4,490
5,421
6,304
7,587
8,444
9,012
10,255
11,695
802
857
1,146
852
' Revised
* Preliminary.
"Less than $500,000 (±).
**Included in other industries.
1 The value of investments in specified industries and countries is affected by capital
flows among foreign afiiliates shown in table 4.
Interest,
dividends,
and branch
earnings
Book value
at year endl
Earnings
4,587
3,129
5,071
3,674
3,963
4,045
5,460
5,702
6,034
7,022
4,518
8,128
2,616
3,014
Reinvested
earnings 2
Earnings
321
403
442
524
596
644
664
609
(**)
(**)
(*•)
(**)
R
(**)
(**)
(**)
<•*>
(**)
('*)
(**)
(**)
<**)
(**)
<**)
(*•)
(**)
(•*)
(**)
(**)
(**)
(**)
(*•)
(**)
(**)
(•*)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(*')
(**)
(••)
(**)
(••)
(**)
(**)
(**)
(••)
(**)
(**)
21
30
42
63
66
64
86
109
2. Represents U.S. owners' share in the reinvested earnings of foreign corporations.
NOTE.—For an explanation of the relation between earnings, reinvested earnings, and
interest, dividends, and branch earnings see the technical appendix.
SURVEY OF CURRENT BUSINESS
October 1971
29
Investments Abroad, by Major Area
of dollars]
Manufacturing
Petroleum
Book value Net capital
at yearend * outflows
Reinvested
earnings 2
Earnings
Book
Interest,
dividends,
value
ReNet capital
at yearend l outflows
and
invested
branch
earnings 2
earnings
Other industries
Earnings
Interest,
dividends,
and
branch
earnings
Book
value
at yearend 1
Net capital
outflows
Reinvested
earnings 2
Earnings
Interest,
dividends,
and
branch
earnings
Year
1963
1964
1966
1966
1967
1968
13,662
14,328
15,298
16,222
17,399
18,887
19,882
21,790
828
760
977
885
1,069
1,231
919
1,492
120
-35
54
106
175
239
-59
469
1,824
1,808
1,830
1,868
2,120
2,449
2,452
2,950
1,715
1,856
1,799
1,781
1,989
2,271
2,638
2,603
14,937
16,935
19,339
22,078
24, 172
26,414
29,527
32,231
774
1,034
1,525
1,752
1,234
945
1,160
1,328
871
934
895
983
847
1,261
1,939
1,471
1,541
1,852
2,022
2,104
2,055
2,519
3,287
3,324
656
893
1,094
1,116
1,193
1,265
1,337
1,838
8,728
9,552
10,906
12, 134
13,044
14, 248
15,948
17,932
289
398
828
718
504
592
1,099
1,205
451
427
467
520
442
541
567
832
834
899
1,037
1,071
1,112
1,259
1,606
1,712
437
522
628
624
740
793
1,020
976
1970 *
3,134
3,196
3,366
3,608
3,819
4,094
4,361
4,809
188
25
179
155
115
169
179
283
69
54
66
91
93
107
95
170
149
170
183
196
207
243
242
318
80
118
122
112
132
160
152
188
5,761
6,198
6,872
7,692
8,095
8,568
9,406
10,050
120
140
395
566
20
26
248
321
335
289
283
278
344
412
599
330
525
565
606
628
613
672
833
649
192
269
315
354
296
301
255
354
2,600
2,748
3,239
3,628
3,847
4,235
4,591
4,927
50
42
337
260
100
236
190
153
81
84
106
111
125
151
166
204
147
180
222
222
267
300
285
361
103
129
156
170
208
221
202
228
1963
1964
1966
1966
1967
1968
1969 '
1970 P
886
910
1,093
1,191
1,432
1,663
1,677
1,862
43
39
139
126
267
154
53
304
35
-20
-1
-8
-29
-21
-41
-26
12
44
-6
-25
-53
-49
-59
-12
11
28
-4
-15
-17
-15
3
40
2,739
3,011
3,306
3,716
3,878
4,243
4,567
4,988
51
116
111
259
38
134
117
198
159
164
220
165
111
215
169
225
301
360
419
364
340
442
440
463
150
200
204
208
207
206
236
233
546
632
723
769
802
886
1,043
1,174
30
60
66
18
27
74
145
141
25
22
23
38
-1
18
24
37
62
74
91
94
92
110
122
141
38
54
70
57
84
84
92
102
1963
1964
1965
1966
1967
1968
1969 r
1970 v
1,330
1,518
1,624
1,980
2,086
2,146
2,244
2,525
253
227
140
397
176
132
129
236
-11
-60
-45
-56
-56
-77
-147
37
47
-38
-32
-39
-24
-51
-129
22
56
24
18
17
35
34
29
7
2,528
3,139
3,725
4,404
4,976
5,399
6,382
7,126
291
466
576
524
505
253
385
457
133
141
23
146
101
167
584
323
290
370
362
413
424
502
919
1,009
142
211
305
257
310
329
342
649
622
751
939
1,186
1,363
1,448
1,611
2,029
44
109
141
224
171
53
146
277
24
19
19
15
-3
18
66
88
60
66
64
61
47
91
155
214
33
41
43
45
52
71
89
119
1963
1964
1965
1966
1967
1968
1969^
1970?
561
694
710
832
905
926
998
1,110
67
148
63
134
80
31
36
121
4
-7
—4
-13
-3
-14
-9
-11
8
2
-3
-15
-22
-37
-8
-25
6
13
5
2
-12
-18
4
-7
367
437
576
759
943
1,155
1,330
1,590
53
36
74
116
141
175
93
131
22
35
54
60
40
51
101
136
36
51
77
83
82
97
158
190
13
16
23
24
44
47
63
62
706
981
1,234
1,343
1,479
1,579
1,825
2,005
98
186
169
35
52
-4
104
39
123
114
98
93
109
98
146
145
180
186
203
224
256
263
328
321
58
73
106
133
146
167
179
173
1963
1964
1965
1966
1967
1968
1969'
1970P
260
315
321
331
347
405
447
540
55
51
-3
-1
46
27
65
6
-1
10
11
15
13
15
29
11
4
14
16
21
20
19
29
7
8
9
8
9
8
7
6
145
207
275
334
425
522
646
753
12
23
21
22
31
11
39
32
22
33
38
36
61
86
85
79
28
41
55
56
86
127
146
168
7
8
17
18
22
37
49
69
67
77
79
91
98
123
150
198
1
4
2
11
3
21
23
34
1
2
2
2
3
4
5
11
10
15
22
19
16
20
20
31
8
14
21
17
15
15
13
19
1963
1964
1965
1966
1967
1968
1969'
1970*
527
570
616
646
720
787
837
909
26
31
43
11
48
40
24
46
16
5
3
19
22
23
36
29
20
10
11
22
18
18
37
3
4
6
3
-5
-2
5
25
881
1,053
1,185
1,332
1,640
1,830
2 035
2^241
61
64
48
65
224
83
72
68
85
100
75
79
89
110
126
120
155
168
157
161
176
192
227
255
65
65
79
79
83
82
108
141
229
263
305
354
394
445
514
627
9
32
27
13
23
26
44
79
12
2
17
29
27
20
24
27
29
22
36
46
38
46
87
65
16
19
19
17
22
26
33
40
1963
1964
1965
1966
1967
1968
1969*1970*
3,636
3,589
3,546
3,475
3,473
3,680
3,722
3,929
5
7
-74
-37
-66
177
56
154
-11
2
30
2
38
42
-15
65
532
539
513
512
519
531
434
416
544
531
476
499
480
489
472
346
2,213
2,507
2,945
3,318
3,586
4,005
4,347
4,604
150
137
245
160
199
222
133
106
99
151
178
202
78
194
225
209
171
243
289
342
269
408
466
499
70
98
123
147
195
216
237
276
2,739
2,754
2,921
3,141
3,282
3,486
3,831
4,115
56
-61
57
125
92
50
199
166
87
77
111
108
70
114
123
153
203
196
228
239
213
243
350
293
132
137
130
140
151
139
164
168
1963
1964
1965
1966
1967
1968
1969'
1970P
3,319
3, 536
4,032
4,159
4,617
5,285
192
232
490
100
448
482
11
-6
-4
59
95
166
1,045
1,077
1,150
1,201
1,455
1,774
1,008
1,131
1,169
1,155
1,367
1,614
303
383
456
524
629
693
36
50
56
40
77
40
15
21
24
22
24
26
35
53
56
57
66
79
17
26
28
29
36
48
1,218
1,346
1,464
1,622
1,779
2,046
1
28
27
33
43
136
96
106
91
123
121
119
147
165
179
175
189
194
55
60
91
55
69
74
1963
1964
1965
1966
1967
1968
5,697
6,115
415
283
8
177
1,953
2,164
1,964
2,000
813
879
73
14
48
49
98
100
47
52
2,381
2,859
254
310
8
171
259
296
252
127
1969'
1970*
(*)
1969 r
SUEVEY OF CURRENT BUSINESS
30
Much of this article is devoted to a
more detailed discussion (by area and
industry) of the increase in U.S. direct
investments abroad in 1970, the earnings generated by direct investments
and the income received by owners.
Preceding that discussion is an analysis
of the impact of U.S. direct investments
and related transactions (insofar as they
can be identified) on the balance of
payments.
Direct Investments and
Associated Flows
Table 1 presents figures on a number
of the important identifiable flows
associated with changes in U.S. direct
investment assets abroad; it shows how
such flows affect the balance of payments as measured on the official
reserve transactions basis. Balance of
payments signs are used and thus
increases in U.S. assets abroad or
decreases in U.S. liabilities are shown as
minuses. The total change in the direct
investment position is broken down into
three parts: Direct investment capital
flows, reinvested earnings, and valuation
adjustments. Changes in other U.S.
corporate claims on foreigners are also
shown. Some of the direct investment
capital flows are financed by foreign
borrowings of U.S. corporations. Borrowing includes new issues of securities
by U.S. corporations abroad and changes
in other liabilities of U.S. corporations
to foreigners. Borrowed funds that are
Table 4.—Net Capital Flows Between Primary and Secondary Foreign Affiliates
[Millions of dollars]
Area and country
(net inflow (—))
Canada
Europe
.. - - -
France
...
Germany
Italy
Switzerland
United Kingdom
Other
Latin American Republics
and other Western
Hemisphere
Argentina. _ ..
Mexico
Panama
Other
Other countries
» Preliminary.
*Less than $500,000 (±).
1966
1967
1968
1969
1970*
16
1
—1
7
1
30
10
-5
2
18
—6
-16
-7
28
47
— 16
6
-3
13
30
— 15
-21
-3
-2
8
—11
4
—1
— 19
6
11
6
9
8
26
11
8
9
—1
—1
-8
-6
-20
6
-8
4
4
2
7
—19
-1
3
10
-32
-3
1
2
10
3
—1
-13
3
3
—5
1
5
—40
9
(*)
-1
-23
October 1971
not immediately used to finance direct contributed to the increases. As in 1969,
investments or repatriated to the United short-term liquid claims were reduced
States may be left on deposit abroad, substantially as U.S. parent companies
which would increase "other corporate apparently continued to draw on the
claims."
proceeds of previous foreign borrowings
A balance of payments analysis of the which had been left on deposit abroad.
impact of direct investments must also These favorable shifts were partly offtake into account the U.S. share of set by an adverse shift in nonliquid
earnings of foreign affiliates, as well as short-term claims, which rose $0.4
the fees and royalties received from billion in 1970.
them. Earnings are divided into those
Foreign borrowing by U.S. corporathat are reinvested (equivalent to tions totaled $2.9 billion in 1970, a
reinvested earnings in the change in the $0.9 billion increase over 1969. The
direct investment position) and those maturity structure of the borrowing
that are paid (or credited) to U.S. shifted from long-term to mediumowners which have a favorable balance and short-term. New issues of securities
of payments impact.
fell $0.2 billion to $0.8 billion. Part of
The figures in table 1, however, do the decline may have been related to
not give a complete account of the the sharp drop of the U.S. stock market
balance of payments impact of direct in the first half of 1970 and the reinvestment. Some of the accounts shown sulting unattractiveness of U.S. conin the table include items, such as vertible issues to foreigners. More imtrade credits, which are not necessarily portantly, long-term rates on the Eurorelated to direct investments but can- bond market rose sharply in the spring
not be separately identified. In addition, of 1970 and gradually decreased in the
other items, such as imports and exports second half of the year; U.S. corporaof goods not shown at all in the table tions may have wished to postpone
are affected by direct investments.
long-term commitments in anticipation
The increase in the direct investment
position in 1970, an adverse factor in
terms of balance of payments account- Table 5.—Acquisition and Sales by American Companies of Foreign Enterprises
ing, was about $1.0 billion larger than by
Area and Industry
in 1969, primarily reflecting increased
[Millions of dollars]
outflows of capital. The magnitude of
1970
1969
the increase in total investment was
Area
and
industry
probably associated with the subAcAcquisi- Sales Net quisi- Sales Net
stantial growth in plant and equipment
tions
tions
expenditures by U.S.-owned foreign
affiliates. The latest OBE data (see All areas. . .
154
164 683
827
847
673
the September 1971 issue of the Petroleum
10
30
4
—6
(*) 30
112
Manufacturing
517
584
629
91 493
SURVEY) indicate that such expendi73 159
32
162
194
Other industries - _ _ 232
tures grew by 21 percent in 1970. Tight Canada - - - - - - - 245 40 205 153 6 147
2
capital markets abroad and a somewhat
2
Petroleum
28
38
95
3
98
27 137
Manufacturing
164
slower growth of earnings of foreign
52
13
52
3
49
Other industries ...
39
affiliates may have limited the amount Europe
54
503
557
485
51 434
of overseas funds available to the
2
—6
8
Petroleum
(*) (*)
(*)
465
424
41
Manufacturing
347'
38 309
affiliates, thus encouraging them to use
85
5
13 125
91
Other industries ... 138
funds from their U.S. parents to finance Other areas . - . 117 73 44 117 94 23
o
2
plant and equipment expenditures.
2
2
Petroleum
(*)
(*)
-2
26
73
68
47
66
Manufacturing
An outflow of $0.3 billion in 1970
27
51
24
42
47 —5
Other industries ...
resulted from a net increase in corporate
*Less than $500,000.
claims other than direct investment, a
1. Acquisitions include partial and total purchases of voting securities of existing foreign corporations from foreign
slight favorable shift from 1969 flows. owners. Sales include partial and total sales of voting securities of foreign corporations by U.S. owners to foreign
Long-term claims again increased in purchasers.
Liquidations through the sale of assets, as distinct from sale of ownership interests, are not included.
1970 but by a lesser amount than in Changes in the share of ownership resulting from transbetween a parent and an affiliate—such as the pur1969. In both years, notes received by actions
chase of treasury stock from an affiliate by a parent—are
not included; only changes involving outside foreign owners
U.S. parents in payment for liquidation of purchasers are included. Secondary foreign companies
or sold through primary foreign affiliates are not
of direct investments in Latin America acquired
included.
l
SUKVEY OF CURRENT BUSINESS
October 1971
of further rate declines. Other longterm borrowing, mostly medium-term
foreign bank loans, increased $0.5
billion to a total of $1.2 billion, and
short-term borrowing rose $0.6 billion
to $0.9 billion. The shift to shorter
term borrowing may also have been
encouraged by a change in OFDI
regulations which permitted short-term
borrowing to be used as an offset to
direct investment outflows provided
there was a renewal provision.
CHART 11
Earnings of Foreign Affiliates
Billion $ (ratio scale)
BY INDUSTRY GROUP
TOTAL
\
Manufacturing
31
Adjusted earnings1 on direct investments abroad increased by more than
$0.6 billion in 1970 to $8.9 billion,
with gains in interest, dividends, and
branch earnings as well as reinvested
earnings. Fees and royalties from foreign affiliates totaled $1.9 billion, an
increase of $0.2 billion.
The net improvement from increased
foreign borrowings, adjusted earnings,
and royalties and fees in 1970 exceeded
the increase in the direct investment
outflows (and the associated adverse
shift in valuation adjustment) by $0.4
billion, with the resulting net inflow on
these items totaling $6.1 billion.
countries of Canada, Europe, Republic
of South Africa, Japan, Australia, and
New Zealand was $5.2 billion in 1970,
accounting for three-quarters of the
global increase. The increase in 1970
was substantially larger than in 1969,
as investments in Europe showed particularly large gains. In the developing
countries of Latin America, Africa, and
Asia, the rise in investment was $1.4
billion, virtually the same as in 1969,
with Latin America accounting for
$0.3 billion of the increase and some
disinvestment in the Middle East.
Investments in the international category (mostly shipping and unallocated)
increased $0.5 billion.
Manufacturing.—The value of direct
investments
in manufacturing affiliates
Country and Industry Distrirose $2.7 billion to $32.2 billion in 1970
bution of Direct Investments
(tables 3, 6A, and 6B, chart 10). The
increase
was somewhat smaller than in
The increase in the book value of
1969,
as
a reduction in reinvested
direct investments in the developed
earnings more than offset increased
capital outflows from the United States.
1. See the technical note for a discussion of this concept
Manufacturing affiliates in the develand its relation to the other items associated with earnings.
Petroleum
CHART 12
Rates of Return1 on U.S. Direct Investments Abroad and
Domestic Manufacturing Excluding Petroleum
Other
ALL INDUSTRIES ABROAD
MANUFACTURING
Percent
14
Developed Countries
22 ~
\
MANUFACTURING AFFILIATES
Less Developed Countries
20 -
\
10 -
\
Less Developed Countries
i
8
16 Western Europe
I
I
i
i
i
i
I
i
I
I
I
I
I
I
I
16
/
U.S. Domestic
Excluding Petroleum
Other
J
I960
62
64
66
U.S. Department of Commerce, Office of Business Economics
8
L
68
70
71-10-11
I
1960
I
I
62
I
I
64
I
I
I
66
I
68
—
12 -
-
10 -
g
I
70
I
1960
I
I
62
I
64
66
68
70
1. Return on direct investments represents earnings plus interest (on intercompany accounts) applied to book value at beginning of year. Return on domestic
manufacturing represents net income applied to net worth at beginning of year (as computed by First National City Bank of New York).
2. Data in the direct investments category "international, unallocated" is included in the figures for all areas but excluded from the figures for developed and
less developed countries.
U.S. Department of Commerce, Office of Business Economics
71-10-1;
SUEVEY OF CURRENT BUSINESS
32
oped countries accounted for $2.4 billion of the increase, with the major
share going to Europe and Canada.
The slow pace of economic growth in
these countries in 1970 held down
earnings. This led to reductions in
reinvested earnings, but capital out-
October 1971
flows increased substantially, particu- lowing a large increase in 1969. Howlarly in the paper and transportation ever, substantial increases were reequipment industries in Canada and the ported for France and the United
electrical and nonelectrical machinery Kingdom.
industries in Europe (table 7). The
In the developing countries, manuvalue of manufacturing investments in facturing investments grew only $0.3
Germany rose very little in 1970, fol- billion, well below the increase for
Table 6A.—Preliminary 1970 Data on U.S. Direct Investments Abroad,
[Millions of
Mining and smelting
Total, all industries
Area and country 3
Line
Book
Net
value capital
at year- outflows
end i
Reinvested
earnings 2
Earnings
Interest,
diviBook
Net
value capital
dends,
at year- outand
branch
flows
end i
earnings
Reinvested
earnings 2
Petroleum
Earnings
Interest,
diviBook
Net
value capital
dends,
at yearand
outbranch
flows
end 1
earnings
Reinvested
earnings 2
Earnings
Interest,
dividends,
and
branch
earnings
1
AH areas
78,090
4,403
2,885
8,733
6,026
6,137
379
113
748
609
21,790
1,492
469
2,950
2,603
2
Developed countries
53, 111
3,221
2,059
4,629
2,737
3,657
231
111
411
287
11,746
1,055
228
369
259
201
4,809
283
170
318
188
5,488
661
-15
40
40
3
Canada
22,801
915
791
1,622
972
3,014
158
87
294
4
Europe 4
24,471
1,904
954
2,323
1,378
71
-5
4
8
8,015
642
236
592
375
1
11,695
971
448
1,245
774
15
1,510
2,588
4,579
1,521
1,495
154
330
247
101
138
97
147
68
5
131
171
235
623
65
151
68
97
513
59
37
4,761
291
270
486
229
55
361
269
758
618
1,766
989
45
35
118
24
10
60
8
10
37
19
152
44
15
4
52
33
300
82
13
1
17
18
147
38
1,491
132
119
218
94
5
United Kingdom
6
European Economic Community
7
8
9
10
11
12
13
14
15
16
17
18
Belgium and Luxembourg
France
Germany
Italy
Netherlands
..
Other Western Europe
Denmark.
Norway
Spain
Sweden
Switzerland
Other 5
..
. ..
19
Japan
20
Australia, New Zealand, and South
Africa
__
21
22
23
Australia
New Zealand
South Africa
24
Developing countries
25
..__
_
. .. _
Latin American Republics and other
Western Hemisphere.
(
\o
R(*)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
1,852
304
-26
-12
(**)
(**)
2,525
236
37
22
(**)
(**)
<**)
65
320
1,198
50.1
441
1
29
107
41
59
-1
-3
24
-47
65
6
31
-49
34
-26
(**)
1,110
121
-11
-25
-7
238
136
142
322
-37
311
40
34
29
17
-14
14
-1
-4
-1
-15
-2
3
-11
1
6
-12
6
-13
1
-1
540
65
29
29
6
29
(**)
(**)
<**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(*•)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(
^
"23
4,348
270
195
466
293
572
78
19
109
87
909
46
3,305
180
864
222
4
44
129
14
52
302
23
141
206
9
78
478
4
90
65
4
9
22
70
52
-2
39
35
(**)
(**)
172
21,417
956
575
3,688
3,115
148
1
336
322
8,377
14,683
559
402
1,488
1,081
2,481
2,037
(**)
(**)
(**)
461
132
-26
280
291
3,929
154
7
-3
9
28
37
25
(**)
(**)
(**)
(")
(•*)
(*•)
125 2,305
(**)
(**)
(*•)
2,180
65
416
346
26
Latin American Republics
12, 201
307
319
1,236
899
1,384
58
-26
177
185
3,167
63
38
367
322
27
28
29
30
31
32
33
34
35
36
Mexico
Panama .
Other Central America 6
Argentina
__
Brazil
Chile
Colombia
Peru
Venezuela. ._
Other 7
1,774
1,233
624
1,288
1,843
748
691
691
2,696
615
87
103
22
46
103
-56
-5
-40
-9
56
44
63
2
16
101
-1
8
22
58
5
133
121
21
108
206
84
40
82
422
20
90
74
21
92
89
69
31
60
359
15
151
19
10
(**)
127
455
(**)
426
(**)
46
14
-1
4
5
2
2
33
258
160
-4
16
5
2
9
1
4
10
-4
1
1
-5
(**)
59
(**)
54
(**)
13
(**)
62
(**)
54
(**)
15
20
(**)
35
(**)
15
(**)
285
-6
11
(**)
14
(**)
283
-5
37
Other Western Hemisphere 8
2
(**)
(**)
25
(**)
-21
(**)
-2
M-22
(**)
(
*!2
2,483
252
83
252
182
652
75
103
106
38
Other Africa •
2,612
319
105
704
602
350
-20
27
58
32
39
40
41
Liberia. .
Libya
Other.
201
1,009
1,404
20
231
68
8
8
89
28
557
119
21
550
31
(**)
(**)
287
R-15
(**)
(**)
27
(**)
(**)
54
42
Middle East 10
1,645
-25
1,176
1,206
3
43
Other Asia and Pacific. .
2,477
212
93
320
226
91
-134
44
45
46
India
Philippines . ._
Other...
305
710
1,461
12
-32
233
-2
1
94
34
39
247
30
35
161
47
International, unallocated
3,563
226
251
416
174
*Less than $500,OpQ±.
'"Combined in other industries.
1. The value of investments in specified industries and countries is affected by capital
flows among foreign affiliates shown in table 4.
2. Represents U.S. owners' share in the reinvested earnings of foreign corporations.
3. Does not mean that all countries grouped in an "other" or regional category have U.S.
direct investment at any given time.
4. Direct investment statistics do not show any investments in Eastern Europe.
5. Includes Austria, Cyprus, Finland, Gibraltar, Greece, Greenland, Iceland, Ireland,
Malta, Portugal, Turkey, and Yugoslavia.
(**)
(**)
(**)
36
(**)
(**)
(*)
(**)
(**)
-2
(**)
(**)
(**)
(M)
»
-1
(**)
(**)
(
Ai
(
**^
(**)
1,734
245
(
**19
(
?ao
56
(**)
-1
91
27
49
24
299
52
594
544
(**)
(**)
932
(**)
(**)
65
(**)
(**)
52
(**)
(**)
43
1,466
-132
762
1,916
1,066
(•*)
(**)
(**)
1,667
(**)
**\
(
1,194
-29
1,161
140
37
134
98
(**)
(**)
(**)
-24
(**)
(**)
(**)
117
(**)
(**)
(")
275
(**)
(**)
(**)
164
SURVEY OF CURRENT BUSINESS
October 1971
1969. Almost all of the increase went to
affiliates located in Latin American
Republics, particularly to those in
Brazil and Mexico.
Petroleum.—The value of direct investments in the petroleum industry
grew by $1.9 billion to $21.8 billion in
1970, almost double the 1969 increase.
Capital
outflows
and reinvested
earnings both rose sharply. Virtually all
the rise in capital flows was channeled
into affiliates in developed countries.
Affiliates in both developed and developing countries recorded increased
Selected Data Items, Countries, and Industries
dollars]
Manufacturing
Book
value
at yearend i
Reinvested
earnings 2
Net
capital
outflows
Other industries
Interest,
dividends,
and
branch
earnings
Earnings
Book
value
at yearend i
Net
capital
outflows
Reinvested
earnings 2
Interest,
dividends,
and
branch
earnings
Earnings
Line
32,231
1,328
1,471
3,324
1,838
17,932
1,205
832
1,712
976
1
26,747
1,206
1,213
2,724
1,510
10,959
728
508
1,125
681
2
649
354
4,927
153
204
361
228
3
944
5,207
462
266
668
394
4
10,050
321
330
13,703
785
684
4,988
198
225
7,126
457
323
855
1,867
2,812
801
790
102
218
12
41
83
67
125
36
46
50
1,590
131
65
68
402
163
463
428
6
753
1,662
233
1,174
141
37
141
102
5
649
2,029
277
88
214
119
6
91
187
551
95
84
26
71
453
48
51
589
391
569
219
264
51
83
128
18
-3
32
25
8
6
17
80
42
42
18
33
46
17
33
12
11
7
8
9
10
11
136
190
62
2,005
39
145
321
173
12
69
5
26
26
2
5
19
7
57
46
4
7
28
11
83
57
3
2
12
7
27
11
57
65
214
133
1,340
227
-1
1
20
1
-2
20
6
6
22
12
89
10
13
11
26
22
211
39
7
6
4
10
118
28
13
14
15
16
17
18
32
79
158
69
198
34
11
31
19
19
2,241
68
120
525
141
627
79
27
65
40
20
1,704
99
438
44
2
22
82
8
30
182
15
58
109
6
26
1,122
77
163
114
-3
14
26
6
24
50
8
44
44
3
17
21
22
23
463
1,009
5,482
120
258
599
328
5,078
226
190
448
285
24
4,604
106
209
499
276
4,115
166
153
293
168
25
4,320
111
191
457
251
3,329
75
116
235
141
26
1,191
117
73
777
1,247
66
229
89
456
75
58
—2
-6
8
53
-3
-1
-8
9
2
32
28
—3
2
79
3
6
3
35
7
106
37
61
156
1
19
8
60
9
74
10
4
60
64
-3
13
4
22
3
399
839
381
511
348
228
128
176
506
249
19
89
22
38
49
-79
4
-11
12
1
11
26
4
14
2
19
2
19
24
2
19
74
22
47
15
25
5
20
77
3
9
64
19
32
13
10
3
1
53
1
27
28
29
30
31
32
33
34
35
36
284
-5
18
42
25
785
91
38
58
27
37
100
12
7
10
3
245
29
19
42
23
38
3
201
1,009
87
20
231
7
8
8
3
28
557
12
21
550
4
39
40
41
(**)
(**)
99
<**)
(**)
12
(**)
(**)
(**)
(**)
10
(**)
(**)
86
1
5
5
1
90
-4
-1
10
11
42
692
1
37
85
48
628
35
19
103
83
43
157
267
267
9
-18
10
5
13
19
22
26
37
14
12
22
149
443
1,194
3
-15
222
-7
-12
73
12
13
210
15
24
139
44
45
46
1,896
250
134
141
10
47
6. Includes Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
7. Includes Boliva, Dominican Republic, Ecuador, Haiti, Paraguay, and Uruguay.
8. Includes all of the Western Hemisphere except Canada and the 19 Latin American
Republics included in line 26.
9. Includes United Arab Republic (Egypt) and all other countries in Africa except South
Africa.
10. Includes Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia,
Southern Yeman, Syria, Trucial States, Oman, and Yemen.
NOTE.—For an explanation of the relation between earnings, reinvested earnings, and interDigitized
FRASER
est,for
dividends,
and branch earnings see the technical appendix.
33
reinvested earnings. Tanker operations
(in the international category) also
showed a gain.
About $1.3 billion of the increased
investment in the petroleum industry
was made in developed countries. The
value of European investments rose
$0.7 billion, much more than in 1969.
Heavy outlays for exploration and
development of North Sea concessions,
continuing expansion of refining, storage, and marketing facilities, and a
buildup of inventories were contributing
factors. Petroleum investments in
Canada grew by more than $0.4 billion
in 1970, while investments in affiliates
in Japan, Australia, New Zealand, and
Republic of South Africa rose $0.2
billion.
Petroleum investments in developing
countries grew $0.5 billion despite a
$0.2 billion reduction in the Middle
East. Affiliates in the Middle East
increased shipments of petroleum products to their U.S. parents without
equivalent increases in payments by
those parent firms. This raised the
net indebtedness of the parent companies to such affiliates, which is
counted as net capital inflows from
that area and as a reduction in the
value of U.S. direct investments in
the Middle East. Continuing development of new oil fields in Africa
accounted for a large investment increase in that area. Investments in
the Far East also showed substantial
gains, mainly because of development
of new offshore fields in Indonesia.
Mining and smelting.—Direct investments in the mining and smelting
industry rose almost $0.5 billion in
1970 to a total of $6.1 billion at yearend.
The 1970 increase was twice as large
as in 1969, as increased net capital
flows offset somewhat smaller reinvested
earnings. Canadian and Australian affiliates listed the largest gains as mining
investments in developed countries
rose to a total of $3.7 billion at yearend,
an increase of more than $0.3 billion
over 1969.
Mining investments in developing
countries grew by over $0.1 billion in
1970 to a total of $2.5 billion. More
than half of the increase was in countries in the Carribbean area, primarily
for development of bauxite deposits.
For Latin American Republics, total
34
investment in mining and smelting
affiliates showed little change in 1970.
Other industries.—U.S. direct investments in this group of industries
(including agriculture, transportation,
public utilities, trade, and finance)
rose $2.0 billion in 1970 to $17.9
billion, following a $1.7 billion increase
in 1969. Developed countries accounted
for $1.2 billion of the rise, with more
than half going to European affiliates.
In Europe, investments in trading
affiliates grew $0.3 billion, banks and
SUKVEY OF CURRENT BUSINESS
October 1971
finance companies formed several new
affiliates, and a number of new hotels
were acquired or under construction.
Investments in Canada increased $0.3
billion in 1970, with trade and finance
affiliates accounting for much of the
growth.
In the developing countries, investments in this group of industries rose
$0.4 billion. Affiliates in Latin America
accounted for most of the growth,
despite a reduction of $0.1 billion in
value resulting from the negotiated
sale of a utility company to the Chilean
government. Additions to investment
in the international category were $0.4
billion in 1970. Much of the increase
went to finance affiliates incorporated
but not domiciled in the Netherlands
Antilles, which are agents for U.S.
parent company borrowing in the
European capital market. Investments
in international shipping companies also
rose, probably for use in progress payments on new vessels under construction
in European and Japanese shipyards.
Table 6B.~Revised 1969 Data on U.S. Direct Investments Abroad
[Millions
line
Area and country 3
Book
value
at yearend i
Net
capital
outflows
Reinvested
earnings 2
Earnings
Petroleum
Mining and smelting
Total, all industries
Interest,
Book
diviNet
dends,
value capital
and
at yearoutbranch
flows
end i
earnings
Reinvested
earnings 2
Earnings
Interest,
Book
Net
dividends,
value capital
outand
at yearbranch
flows
end i
earnings
Reinvested
earnings 2
Earnings
Interest,
dividends,
and
branch
earnings
1
All areas
71,016
3,254
2,604
8,128
5,658
5,658
76
167
782
664
19,882
919
-59
2,452
2,638
2
Developed countries..
47,886
2,129
2,134
4,108
2,084
3,320
80
95
322
225
10,463
447
-52
65
201
236
152
4,361
179
95
242
152
5
4,818
217
-198
(**)
1,577
53
-4 1
129
-147
3
Canada
21,127
671
937
1,596
762
2,769
54
77
4
Europe 4
21,650
1,209
893
1,926
1,038
72
6
5
7,190
316
151
502
332
2
10, 255
660
503
945
460
17
(**)
(**)
(**)
(**)
2,244
1,214
2,122
4,276
1,422
1,221
103
88
238
109
122
78
110
256
27
32
138
201
488
72
46
55
92
238
45
31
10
(**)
(**)
(**)
R
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
57
295
1,067
507
318
32
-1
41
15
40
4,206
233
239
479
246
52
(**)
(**)
(**)
(**)
998
5
United Kingdom
6
European Economic Community
7
8
9
10
11
12
13
14
15
16
17
18
Belgium and Luxembourg
France . . .
Germany
Italy .
Netherlands
Other Western Europe
Denmark
Norway
Spain
Sweden
Switzerland
Other s ...
884
53
9
20
54
44
52
4
13
7
11
133
71
11
9
22
25
291
120
8
-3
15
17
157
52
309
223
607
579
1,604
1
(**)
(**)
(**)
(*)
24
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
19
Japan
1,244
89
105
185
70
20
Australia, New Zealand, and South
Africa. .-.
3,865
160
199
401
214
479
20
13
21
22
23
Australia
New Zeland
South Africa. .
2,947
163
755
159
-5
6
142
9
49
254
20
127
134
10
69
396
-1
84
19
1
24
Developing countries .
20,045
805
500
3,759
3,273
2,339
-5
25
26
27
28
29
30
31
32
33
34
35
36
37
Latin American Republics and Other
Western Hemisphere
Latin American Republics
Mexico
Panama
Other Central America 6
Argentina
Brazil
Chile
Columbia
Peru-.
..
Venezuela
Other 7
Other Western Hemisphere 8
__
3
29
-24
3
-77
-35
-15
-22
16
-59
-36
-27
36
-9
-8
4
197
103
116
304
-30
308
45
3
-18
31
-34
9
-5
-1
-1
-8
-3
9
-8
-10
3
-8
-3
18
-2
-8
3
447
27
15
19
7
36
86
68
837
24
12
50
38
1
36
30
(**)
(**)
158
73
455
439
7,845
(**)
(**)
(**)
362
R
(**)
-3
12
32
-1
-12
1
11
5
(**)
(**)
(**)
(**)
(**)
(**)
-7
2,255
2,298
375
376
1,646
1,277
1,940
-13
43
396
404
3,722
56
-15
434
472
299
102
85
36
63
67
-137
36
18
-23
53
362
69
55
-1
30
83
43
14
11
613
1,413
140
121
26
140
161
162
36
119
470
38
1,049
74
79
29
115
66
114
20
108
401
42
1,363
136
19
8
(**)
99
452
(**)
460
(**)
50
-70
13
42
11
280
18
287
6
2
(**)
(**)
-142
(**)
38
(**)
-3
3
(**)
(**)
141
(**)
104
(**)
14
3
(**)
(**)
108
(**)
102
(**)
13
57
-11
21
3
(**)
11
1
5
1
(**)
15
(**)
2
(**)
2
-14
384
4
9
-3
(**)
(**)
26
(**)
2
(**)
1
3,079
35
239
154
(**)
100
(**)
342
(**)
1,770
190
395
2
4
-4
(**)
5
(**)
10
(**)
329
22
2,147
76
14
233
228
577
57
1
116
116
644
2,227
172
787
1,267
181
-7
120
69
67
3
6
58
681
17
611
52
616
15
606
-4
343
(**)
(**)
275
42
Middle East10....
1,805
47
-40
1,153
1,196
3
43
44
45
46
Other Asia and Pacific
India
Philippines. Other..
2,172
294
742
1,136
202
4
41
157
97
10
26
61
279
29
65
185
184
14
38
133
53
(**)
(**)
(**)
3,085
320
-31
261
301
International, unallocated
-129
13,841
Other Africa ° Liberia.
Libya
Other
47
36
-59
11, 694
1,640
1,072
630
1,246
1,636
847
684
721
2,663
554
38
39
40
41
See footnotes to table 6A.
-196
3
29
(**)
(**)
29
67
(**)
(**)
62
39
(**)
(**)
28
8
1
-3
t
(*)
(**)
r)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
(**)
17
(**)
-9
35
r
i
(**)
11
(**)
334
7
-26
50
78
178
(**)
(")
56
21
(**)
(**)
20
577
(**)
(**)
-26
558
(**)
(**)
-46
1,627
23
-45
1,133
1,181
891
(**)
(**)
(**)
105
(**)
('*)
(**)
32
(**)
(**)
(**)
111
(**)
(**)
(**)
87
(**)
(**)
(**)
1,573
109
132
137
1,605
(**)
(**)
843
(*)
SUEVEY OF CURRENT BUSIKESS
October 1971
35
billion. In developing countries, however, earnings were $3.7 billion, $0.1
The U.S. share of earnings on direct billion lower than in 1969. Earnings of
investments abroad (not adjusted) to- the international category rose about
taled $8.7 billion in 1970; this was $0.6 $0.2 billion to $0.4 billion.
billion higher than in 1969, a much Due to the slower growth of earnings
smaller increase than from 1968 to 1969 in 1970, the rate of return on all U.S.
(chart 1.1). Most of the gain was in direct investments abroad dipped from
developed countries. Although earnings 13.2 percent in 1969 to 13.1 percent in
of manufacturing affiliates showed little 1970. However, the yield was still well
change, higher profits on petroleum above the average annual rate of return
investments helped to increase earnings of 12.6 percent for the 1960's (chart
there by $0.5 billion to a total of $4.6 12). For all industries combined, the
Earnings
Selected Data Items, Countries, and Industries
of dollars]
Other industries
Manufacturing
Book
value
at yearend i
Net
capital
outflows
Reininvested
earnings 2
Earnings
Interest.
dividends.
and
branch
earnings
Book
value
at yearend i
Net
capital
outflows
Reininvested
earnings 2
Earnings
Interest.
dividends.
and
branch
earnings
Line
29,527
1,160
1,939
3,287
1,337
15, 948
1,099
557
1,606
1,020
1
24,367
955
1,665
2,723
1,054
9,735
647
427
998
603
2
9,406
248
599
833
255
4,591
190
166
285
202
3
12,280
596
855
1,517
641
4,480
390
232
606
355
4
4,567
117
169
440
236
1,043
145
24
122
92
5
6,382
385
584
919
342
1,611
146
66
155
89
6
702
1,534
2,774
715
658
10
77
163
82
52
72
95
316
50
51
95
167
507
85
65
24
72
181
36
30
454
282
435
201
245
61
12
34
11
29
30
11
17
12
-4
64
19
40
23
8
34
8
24
10
12
7
8
9
10
11
1,330
93
101
158
63
1,825
104
146
328
179
12
58
62
319
154
382
356
4
5
29
12
9
34
5
5
-11
5
46
51
9
6
2
12
76
57
4
1
9
9
31
8
53
58
172
120
1,253
196
3
2
9
11
70
10
4
9
18
14
89
13
10
13
21
21
217
45
6
5
3
8
124
33
13
14
15
16
17
18
646
39
85
146
49
150
23
5
20
13
19
2,035
72
126
227
108
514
44
24
87
33
20
1,573
88
373
73
-2
1
90
6
31
166
13
48
85
6
17
978
75
140
66
-2
3
40
3
17
37
7
43
11
4
22
21
22
23
5,159
206
273
564
284
4,700
242
162
486
253
24
4,347
133
225
466
237
3,831
199
123
350
164
25
4,078
1,109
90
113
789
1,115
65
220
97
413
67
159
50
12
11
34
35
2
13
-2
-3
8
213
52
19
2
28
65
1
10
3
33
4
447
104
32
1
91
126
-3
21
7
62
6
226
54
14
3
68
53
-4
9
4
23
2
3,174
360
724
355
457
322
329
123
164
480
246
154
50
52
20
29
31
3
5
-17
-11
13
97
4
30
2
2
16
3
6
26
6
302
15
80
25
49
12
24
4
9
74
10
140
12
62
26
47
9
26
27
28
29
30
31
32
33
34
35
36
270
-26
12
19
10
657
45
28
48
24
37
80
4
7
9
9
199
172
787
71
120
5
10
3
6
2
28
17
611
7
IS
15
606
12
38
39
40
41
(**)
(**)
79
(**)
(**)
4
(**)
(**)
7
(**)
(**)
9
(**) "
(**)
2
(*)
10
2
2
48
6
80
15
2
5
3
93
8
3
15
12
42
652
144
270
238
54
5
24
25
39
7
6
25
84
23
24
145
42
11
16
14
577
150
473
898
35
-1
17
132
26
3
19
37
87
7
41
39
59
2
22
119
43
44
45
46
1,512
211
-31
129
163
47
rate of return on investments in less
developed countries was 21.0 percent,
roughly twice the yield on investments
in the developed areas. Most of the difference, however, reflected the structure
of earnings of petroleum affiliates. Earnings in petroleum producing countries
(developing) are consistently reported
as higher than those in consuming
countries (developed), partly because
of the pricing agreements with the
governments of producing countries.
Yields on manufacturing investments,
on the other hand, were about the same
for the two areas. In the developed
countries, the rate of return on manufacturing investments dropped from
13.3 percent to 12.0 percent in 1970;
in less developed countries, it dropped
from 12.9 percent to 12.3 percent.
Even though the rate of return on
foreign manufacturing investments declined in 1970, it remained higher than
the yield on comparable domestic investments. In fact, the gap between
the two widened substantially; the
slowdown in the United States resulted in a much sharper decline in the
return on domestic investments than
was experienced by U.S.-owned affiliates abroad.
Interest, Dividends, and Branch
Earnings
Direct investment interest, dividends,
and branch earnings—which account
for most of U.S.-owners' income from
foreign investments—totaled $6.0 billion in 1970. The increase of less than
$0.4 billion was the smallest since 1966
and just about half that in 1969, when
unusually large dividends were paid
from prior years' earnings. Such income paid out from investments in
mining, petroleum, and "other industries" fell slightly in 1970, after
registering gains in previous years. In
petroleum, the decline occurred despite
the large increase in earnings. On the
other hand, there was a $0.5 billion
rise in such income from manufacturing
affiliates, despite the leveling off of
manufacturing earnings, as particularly
large dividends were received from
European and Canadian affiliates by a
few major U.S. companies. (The counterpart of these shifts in earnings and
income receipts was a sharp increase in
retained earnings by petroleum af-
SURVEY OF CURRENT BUSINESS
36
October 1971
expenses incurred by parent companies
on behalf of their foreign affiliates. Two
changes have been made in the balance
of payments treatment of these receipts
and in the presentation given here.
Both changes only involve a rearrangement of the accounts. First, the revised
balance of payments presentation published in the June 1971 SURVEY now
treats direct investment royalties and
fees as part of income on U.S. investments abroad. Secondly, receipts from
film rentals to foreign affiliates of U.S.
motion picture companies are now
included in direct investment fees and
royalties. Previously, they were included in "other private services" in
the balance of payments presentation.
filiates and a sharp decrease in retained
earnings by manufacturing affiliates.)
Direct Investment Royalties
and Fees
Direct investment royalties and fees
are divided into two categories: (1)
Royalties, license fees, and rentals,
which include parent company charges
to cover a portion of the funds spent
by U.S. firms for research and development of new products and processes,
and rental fees for the use of tangible
property; (2) management fees and
service charges, which represent an
allocation of administrative and other
Table 7.—Net Capital Outflows to Manufacturing Affiliates by Industry
[Millions of dollars]
Manufacturing
total
Area and year
Paper
Food
Chemi- Rubber Primary
and
prod- and allied cals and prodfabriucts products
allied
ucts
products
cated
metals
Electri- Trans- Other
Maportation induschinery
cal
tries
except machin- equipery
ment
electrical
AH areas:
1966
1967
1968
1969r
1970*.
151
68
503
428
1,160
1,328
108
84
100
125
152
293
163
78
19
25
4
9
44
134
242
160
136
194
215
116
71
177
206
134
115
—2
206
170
317
50
1
115
199
170
108
326
226
171
566
20
26
248
321
17
—10
21
53
5
126
48
-16
—35
89
90
68
21
2
48
-2
7
-8
8
3
24
—23
29
16
74
32
2
(*)
49
-39
29
(*)
(*)
59
—4
246
-73
-91
38
136
5
1
70
58
8
899
683
562
596
785
51
65
50
54
90
22
11
9
31
23
280
201
164
100
-13
16
2
—1
1
41
75
100
95
63
85
157
65
68
105
195
84
108
-28
114
148
91
82
23
24
50
124
49
181
104
166
22
31
11
39
32
(*)
2
(*)
*
3
1
1
2
1
-3
(*)
8
12
9
12
(*)
*
(*
*
1
1
1
1
10
—4
4
18
—10
—7
8
12
-2
2
10
1
(*)
(*)
*
8
3
4
4
11
5
65
224
83
72
68
23
5
10
12
7
3
4
—1
—1
5
17
15
25
19
15
—2
8
6
—8
5
16
131
18
20
10
3
10
6
4
18
-3
1
10
3
3
2
44
10
2
6
—1
160
199
222
133
106
11
12
12
1
45
(*)
3
-1
6
-1
99
85
54
-4
24
5
6
(*)
1
-4
14
34
22
24
18
13
17
4
24
20
9
1
9
10
23
-22
-4
58
45
-3
30
45
64
26
-16
40
77
40
73
14
6
10
7
5
2
1
2
(*)
1
(*)
17
50
16
37
—7
2
2
6
7
—2
4
(*)
-6
3
11
5
4
2
3
3
4
5
6
11
—2
(*)
1
2
1
1
(*)
5
7
7
8
1,752
1,234
945
—7
3
113
Canada:
1966
1967
1968
1969'
1970*
Europe:
1966
1967
1968
1969'
1970*
Japan:
1966
1967
1968
1969"1970*
V
Australia, New Zealand, and
South
Africa:
1966
1967
1968 r
1969
1970* -
7
5
21
-1
Latin American Republics and other
Western
Hemisphere :
1966
1967
1968
1969' _
1970*
_ .
Other areas:
1966
1967 1968 r
1969
1970*
r
Revised.
* Preliminary.
*Less than $500,000 (±).
Income from direct investment royalties and fees (including film rentals)
rose $0.2 billion in 1970, reaching a level
of $1.9 billion (Table 8). About half of
the total and of the 1970 increase was
accounted for by manufacturing affiliates. Receipts from all major areas
rose in 1970, but European affiliates
showed the largest gain.
Foreign Direct Investments in
the United States
The value of foreign direct investments in the United States rose $1.4
billion to $13.2 billion in 1970, following
a rise of $1.0 billion in 1969 (table 9).
Capital inflows of $1.0 billion were up
sharply, while reinvested earnings, at
$0.4 billion, were about the same as in
1969. Valuation adjustments were small
in 1970 compared with a $0.3 billion
negative adjustment in 1969. These
valuation adjustments reflect changes in
the value of outstanding assets held by
foreign-owned U.S. companies, primarily securities held by insurance
companies.
As has been the case in recent years,
a substantial portion ($0.8 billion) of
the large capital inflows in 1970 were
related to new acquisitions or increases
in equity investments in a small number of U.S. companies. Two separate
transactions by British firms, one in the
petroleum industry and one in manufacturing, accounted for more than $0.5
billion of the total. The absence of such
large new investments in the first half
of 1971 suggests a much smaller increase
in foreign direct investments in the
United States this year.
Capital inflows other than new investments were $0.2 billion in 1970,
somewhat smaller than in 1969. These
inflows were primarily the result of
intercompany account transactions between Canadian firms and their manufacturing affiliates in the U.S.
In contrast to the sharp decline in
profits of domestic firms in 1970, earnings of foreign-owned companies rose
slightly to $0.9 billion. Affiliates in the
petroleum and manufacturing industries, whose earnings represented more
than 70 percent of the total, showed
small reductions. However, trading
October 1971
SURVEY OF CURRENT BUSINESS
37
affiliates (particularly Japanese-owned) on withholding taxes relate only to
8. Interest: The net interest received
reported substantially higher earnings. those on common stock dividends.
on intercompany accounts or on long6. Dividends: Dividends on common term debt of foreign affiliates held by
Interests, dividends, and branch profits, which account for most of the in- or voting stock only, net of foreign the parent or other nonbank U.S. income received by foreign owners from withholding taxes; dividends are in- vestors, after deduction of any foreign
direct investments in the United States cluded in income as balance of payments withholding taxes. Interest is not inalso rose slightly in 1970. Reinvested flow items.
cluded in earnings since it is deducted as
7. Preferred dividends: Dividends an expense item by the foreignfirm,but,
earnings, at $0.4 billion in 1970, were
received on preference or non-voting it is included in income as a balance of
at the same level as in 1969.
shares after deduction of any foreign payments flow item.
withholding taxes. Preferred dividends
9. Interest, dividends, and branch
Technical Note
are included in income as balance of earnings: The sum of dividends, prepayments flow items. Preferred divi- ferred dividends, and interest received
The various direct investment earndends are treated like interest in these by or credited to the account of the
ings items, including those shown in
accounts even though on the foreign U.S. owner—all net after foreign withtables 3, 6A, and 6B, are defined
company's books they are not charged holding taxes—plus branch earnings
below and their derivation and relaas an expense.
after foreign taxes; all before U.S. taxes.
tionship to each other are detailed.
Item and definition
1. Net earnings of foreign corporations: The U.S. parents' equity in the
earnings of their foreign subsidiaries
after provision for foreign income
taxes, preferred dividends, and interest
payments.
2. Net earnings of foreign branches:
The earnings of foreign branches of
U.S. companies after foreign income
taxes, but before depletion charges and
U.S. taxes. Included with net earnings
of branches are the U.S. share in the
net earnings of foreign partnerships,
sole proprietorships and other types of
foreign organizations. All branch earnings are assumed to be repatriated to the
United States and thus are balance of
payments flow items. To the extent that
branch earnings are left abroad they
are implicitly entered as offsetting
capital outflows.
3. Earnings: Net earnings of foreign
corporations plus net earnings of foreign
branches.
4. Gross dividends on common stock:
Dividends paid out by foreign corporations before deduction of withholding
taxes paid to foreign governments.
5. Foreign withholding tax: A tax
withheld on the payment of dividends
as distinguished from income taxes,
which are imposed on the earnings of a
business. Taxes are also withheld by
the payor on payments of interest and
preferred dividends but both interest
and preferred dividends are reported
to the Balance of Payments Division
on a net basis and, therefore, our data
Table 8.—Direct Investment Receipts of Royalties and Fees,1
by Area and Major Industries
[Millions of dollars]
196 9
1964
Area and industry
Total
All areas...
..
.. .
521
492
1,682
943
739
1,880
1,069
811
13
210
22
257
19
103
269
36
34
518
77
288
26
161
350
56
172
210
970
157
299
244
33
617
90
299
30
177
353
67
84
195
868
133
288
198
190
68
121
302
126
176
357
164
193
15
89
6
1
82
6
34
3
19
105
8
44
22
221
15
37
62
1
115
6
37
5
21
106
9
II
20
187
14
34
47
159
709
499
211
782
551
231
84
66
353
267
86
393
302
91
4
8
1
200
17
44
5
9
26
272
34
48
14
1
228
20
48
6
25
44
14
1
22
249
24
44
14
21
79
8
48
2
63
93
357
232
125
389
248
140
1
50
6
8
59
9
15
26
223
40
63
36
4
135
39
63
7
22
88
17
3
123
34
65
7
23
83
4
6
26
206
38
65
22
192
80
112
302
133
169
321
142
178
32
64
17
44
35
2
25
6
44
3
30
39
11
9
50
11
57
6
32
57
17
63
37
114
31
54
84
6
62
13
54
7
31
52
18
32
41
107
28
57
69
215
115
99
368
185
183
420
212
208
51
55
11
78
20
9
21
4
78
3
42
34
7
86
119
29
62
72
20
63
9
62
31
66
56
20
99
140
37
97
48
21
77
12
97
5
78
63
25
Petroleum
__....
M anuf acturing
Trade .
Foreign film rentals
Other industries
15
124
European Economic Community.. _
2
416
2
150
Petroleum
M anuf ac turing
Trade
..
Foreign film rentals
Other industries. ... _
8
127
6
(2)
..
Latin American Republics and other
Western Hemisphere
... .. ..
Petroleum.
M anuf acturing
Trade
Foreign film rentals
Other industries
. _
2
2
35
3
27
3
257
2
(*)
(2)
9
Other Europe, including United
Kingdom
Other areas
(*)
9
27
14
Europe
Petroleum
M anuf acturing
Trade
Foreign film rentals
Other industries
Management
fees and
service
charges
116
479
58
257
103
... ..
Petroleum.
Manufacturing .
Trade
Foreign film rentals
Other industries
RoyalRoyal- ManageRoyal- Management
ties,
ment
ties,
ties,
license fees and Total license fees and Total license
fees, and
fees, and service
fees, and service
rentals
charges
rentals charges
rentals
1,013
Petroleum
Manufacturing
Trade
Foreign film rentals
Other industries
Canada ...
1970 *
155
8
109
15
2
()
*3
2
(2)
16
49
7
41
214
57
8
29
77
43
» Preliminary.
"Less than $500,000.
1. Table has been revised to Include foreign film rentals received by companies from direit investmant affiliates.
2. Breakdown of foreign film rentals for European Economic Community and other Europe not available; amount is
included in Europe total.
SUEVEY OF CURRENT BUSINESS
38
October 1971
Table 9.—-Foreign Direct Investments in the United States, Selected Data Items, Countries, and Industries
[Millions of dollars]
Book value at yearend
Area and industry
1969 '
1970 9
Total
Total
..
New in-
Interest, dividends,
and branch
earnings *
Reinvested
earnings l
1970 9
1969'
1968
Earnings 1
Net capital inflows
vestments 2
Other
Total
New investments 2
Other
1969'
1970 9
1970 9
1969'
1970 9
1969'
10,815
11,818
13,209
832
538
294
969
750
219
834
854
417
441
431
434
2,659
7,750
3,409
2,790
273
288
387
92
1,750
1,551
205
1,238
108
2,834
8,510
3,496
3,306
309
319
617
95
1,966
1,708
199
1,395
114
3,112
9,515
4,110
3,528
338
294
675
100
2,121
1,877
208
1,550
119
243
550
86
363
19
17
204
-2
125
101
-9
107
3
84
359
56
244
233
691
512
109
6
-19
43
2
77
70
5
64
1
59
668
539
96
58
1
159
191
30
119
19
12
70
-2
20
42
—9
49
2
174
23
—27
13
6
-40
—26
2
71
37
5
31
1
122
658
272
259
19
25
22
8
185
127
8
118
1
62
691
299
240
24
17
24
8
167
152
12
135
5
47
348
159
132
6
12
10
3
101
57
6
49
2
39
363
164
132
9
9
13
5
96
67
7
58
2
84
318
107
130
17
14
13
5
81
81
3
78
(*)
32
339
124
117
23
9
15
3
67
98
4
90
4
29
By area:
Canada
Europe
. .._ .
- ..Uriited Kingdom
European Economic Community.
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Western Europe
Sweden
Switzerland
Other
Japan
Latin American Republics
Western Hemisphere
Other
,_-...
. ..
--
and
5
134
105
59
21
69
6
33
33
181
176
233
-34
25
-59
3
3
41
71
9
17
182
43
193
105
228
121
11
62
8
62
3
39
3
20
3
19
(*)
11
2
17
13
12
1
22
2,261
4,475
938
3 2, 305
(«)
836
2,493
5,344
959
3 2, 189
(4)
833
2,981
6,105
1,002
3 2, 250
(4)
871
142
567
—41
66
13
85
15
401
23
403
510
-45
44
9
48
457
283
—54
227
—45
44
—1
48
219
414
88
75
544
—6
215
399
119
81
M6
—6
124
149
21
75
536
12
other
(*)
54
—4
13
(*)
(*)
(*)
By industry:
Petroleum
Manufacturing _
Trade
Insurance
Other finance
Other
-
-.. _ .
r
14
85
Revised.
9 Preliminary.
*Less than $500,000 (±).
1. "Earnings" represents the foreign share in corporate and branch earnings; "interest,
dividends, and branch earnings" is the amount of earnings distributed after withholding
taxes. For an explanation of the relation between "earnings", "interest, dividends, and
branch earnings", and reinvested earnings, see the technical appendix.
2. "New investments" consists of the first reported capital inflow to establish or acquire a
Derivation and Relationship Based on 1970
Preliminary Data
[Millions of dollars]
reported
1. Net earnings of foreign corporations. 6,256
reported
2. Net earnings of foreign branches _.. 2,477
3. Earnings.
8,733 = 1+2
4. Gross dividends (on common
stock)
3,371 = 5+6
5. Foreign withholding tax (on common stock dividends)
390
reported
6. Dividends (on common stock)
2,981 = 4-5
(reported)
7. Preferred dividends
8. Interest
9. Interest, dividends,
earnings
10. Reinvested earnings.
11. Adjusted earnings
15
553
reported
reported
and branch
6,026 = 2+6+7+8
. 2,885 =
1-4
or 3-2-4
8,911 = 9+10
or 3+7+8-5
127
166
—64
66
—1
10
119
163
28
81
540
10
90
276
62
85
255
89
14
11
16
—11
new company or operation in the United States and the cost of acquisition of additional shares
of existing companies.
3. Includes market revaluation of securities held by insurance companies.
4. Included in "insurance".
5. Interest paid by agency banks in the United States to foreign home offices has been excluded from direct investment totals.
10. Reinvested earnings: Net earnings of foreign corporations less gross
dividends on common stock.
11. Adjusted earnings: The benefits
of ownership accruing to a U.S. foreign
direct investor after all foreign taxes,
including withholding taxes, have been
paid; this is comprised of (1) funds returned to the United States as income
in the form of dividends, preferred
dividends, branch profits, and interest,
plus (2) funds left abroad to increase
the investor's equity in the foreign
enterprise as a reinvestment of earnings.
Table 10.—Value of Foreign Direct Investments in the United States by Major
Industry and Country—End of 1970
i Millions of dollars]
FiTotal
Man- nance
and Petro- Other
ufacturing insur- leum
ance
All areas
13,209
6,105
2,250
Canada Europe
United KingdomNetherlands
Switzerland
Other... ... - -.
3,112
9,515
4,110
2,121
1,550
1,734
1,831
4,061
1,391
324
866
58
351
256
582
213
126
Other areas
Balance of Payments Tables
Pages 39-44 of this issue of the SURVEY present quarterly
data from 1960-1 to 1965-IV for Balance of Payments tables
1, 2, and 3. Quarterly statistics from 1966-1 through 1971-1
were published in the Jane 1971 SURVEY, with revised data for
1970 through 1971-11 in the September 1971 issue.
652
1, 152
1,800
1,135
2,981
1,873
246
768
888
375
100
47
366
26
217
189
2,766
1,209
1,311
SURVEY OF CURRENT BUSINESS
October 1971
39
Table 1.—U.S. Balance of Payments Summary
[Seasonally adjusted, millions of dollars]
1960
Reference lines t
Line
(Credits+; debits-)
1
2
3
Merchandise trade balance l
Exports
Imports
4
5
Military transactions, net
Travel and transportation, net
6
7
Investment income, net ^
U.S. direct investments abroad
8
9
10
11
Balance on goods, services and remittances
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
8, 11, 9p
12, 13
_ _- 21, 22
656
711
665
730
721
721
235
-290
214
-279
25
17
7, 8, 9,
21, 22,
23.
27, 30.... 31, 32_ —
-152
29.
... 30
-358
42,43,44. 34,35,36.
-254
446
Balance on current account 4
88
Balance on current account and long-term capital
Nonliquid short-term private capital flows, net
Claims reported by U S. banks
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns
Allocations of special drawing rights (SDR)
Errors and omissions net
4
U S official reserve assets net
Gold
SDR
Convertible currencies
Gold tranche position in IMF
I
IV
III
II
IV
III
815
-151
-713
-232
-700
-240
-669
-238
-594
-254
-633
-247
-660
-250
-574
-283
-607
-281
-606
-340
799
783
870
844
855
816
900
882
931
888
900
863
1,005
939
996
947
1,149
1,096
278
-278
269
-253
280
-254
294
-255
284
-266
317
-274
323
-286
355
-289
346
-297
350
-297
32
23
8
19
5
12
32
42
34
33
1,195
-178
-651
-237
1,194
1,519
1,643
1,340
1,290
1,340
1,140
1,451
1,365
-157
-169
-172
-158
-164
-167
-182
-176
-175
664
1,037
1,350
1,471
1,182
1,126
1,173
-400
-443
-463
-458
-467
-437
-492
264
-345
594
-186
887
-373
1,013
-397
715
-166
689
-492
958
-515
681
-567
1,275
1,190
-444
-457
831
443
-412
733
-442
-468
1,017
-504
513
-452
145
17
5
24
5
634
6
51
1
58
476
181
-1
44
10
-14
6
42
-10
18
-21
89
116
-384
-343
40
-266
170
13
2
-325
-262
59
-166
118
-65
-9
-520
-434
53
-111
5
-26
-7
-871
-635
-11
-120
-11
-69
-25
-458
-496
20
-135
104
83
-34
-392
-284
32
-246
152
-35
-11
-646
-483
-5
-124
3
-19
-18
-685
-336
26
-257
66
-170
-14
-459
-272
41
-196
145
-119
-58
-728
-429
77
-308
7
-37
-38
-630
-498
6
-87
-23
9
-37
-789
-455
8
-378
6
26
4
149
6-361
6-356
797
-401
-530
-409
-302
200
-467
6-277
6-247
6-62
32
6-499
6-352
6-125
-22
6
154
6
150
6
6-258
6-119
e-152
13
•-54
6-37
637
-54
-310
-107
33
52
34,35,36.
53
37, 54p.
39, 55—
39
48
40
49
41, 52
44, 50. —
-352
-402
-44
-360
6-188
6-55
6-80
-53
6-580
6-519
6-55
-6
6-535
6-245
6-263
-27
-284
-292
38p
40p
56
42
45
51.
6-102
6
-132
635
-5
62
63
63
64
-232
-309
6-898
315
6
29
6
24
6
280
6-27
286
291
81
-86
307
216
74
17
-369
-618
6
38p
40p
59p, 60p
43
46
56
Official reserve transactions balance
45
II
37
Net liquidity balance
Liquid private capital flows, net
Liquid claims
Reported by U.S. banks
Reported by U.S. nonbanking concerns
Liquid liabilities
To foreign commercial banks
To international and regional organizations
To other foreigners
I
57p, 58p. 55
45
5
46
47
48
49
50
44
-680
-250
_
U.S. Government capital
flows excluding nonscheduled repayments, net.6
Nonscheduled repayments of U.S. Government
assets.
U.S. Government nonliquid liabilities to other than
foreign official reserve agencies.
Long-term private capital flows, net
U.S. direct investments abroad. _
Foreign direct investments in the United States
Foreign securities
_.
U.S. securities other than Treasury issues
Other, reported by U.S. banks
Other, reported by U.S. nonbanking concerns
IV
-710
-246
598
U.S. Government grants (excluding military)
III
II
873
1,062
1,386
1,585
959
1,705
1,277
1,223
1,373
1,233
1,118
1,261
4,684
5,032
4,916
5,035
5,018
5,095
5,169
5,332
4,806
5,037
5,077
5,335
-3,811 -3,854 -3,646 -3,433 -3,390 -3,433 -3,804 -3,892 -3,959 -4,074 -4,109 -4,076
10, 11____
12, 13
24, 25,
26, 27.
9p, 10,
19p,20.
Financed by changes in:
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government.
Nonliquid liabilities to foreign official agencies reported by U.S. banks.
Liquid liabilities to foreign official agencies
43
3, 17
4, 5, 6,
18, 19,
20.
I
Balance on goods and services 3 _
13
16
New
(table 2
or table 3)
2
16
4, 16
. _ 6, 7, 17,
18.
Other services net
Remittances, pensions and other transfers
15
3
15
Other U.S. investments abroad
.
Foreign investments in the United States. .
12
14
Old
(table 1)
1962
1961
6-19
6-909 6-1,185
6-81
76
6-230
6-182
6-128
80
-363
-462
6-576
6105
6582
6-36
6-62
6-68
6-74
6-260
6
31
625
6-264
6-15
6-10
6
-22
89
-61
-291
-345
91
-37
-971 -1,445
6-332
6-220
6-100
-12
64
6-666 6-1,114 6- 1,015
6200
6-3
610
6
15
-249
-189
54
-114
6-33
618
514
28
76
6385
6-139
6-122
190
50
81
59
-840
687
-466
6
53
-49
-280
-428
-415
6-427
6-485
6-937
663
6-37
627
6-82
6-65
-910
524
210
244
70
599
6
81
6
76
6
5
518
264
215
39
6-35
100
-172
-4
276
6-475
6
37
6
25
6
12
-512
-267
-107
-138
-729
-416
-364
-960
6-2
-1
57p, 58p_ 54
54p
6-17
109
38
108
-37
200
53
59p, 60p. 57
210
443
231
374
469
-367
679
-39
-11
529
79
321
58
59
60
61
62
159
50
175
94
740
638
1,071
921
371
371
-320
-170
-213
146
768
510
427
304
-164
116
881
446
389
24
109
81
102
150
-25
25
-161
11
124
-483
-54
312
-114
237
-324
44
104
331
351
14
46
47
48
49
50.. _
Memoranda:
51
52
53
54
55
56
57
58
59
60
Transfers under military grant programs, (excluded
from lines 2, 4, and 14).
Reinvested earnings of foreign incorporated affiliates
of U.S. firms (excluded from lines 7 and 20).
Reinvested earnings of U.S. incorporated affiliates
of foreign firms (excluded from lines 9 and 21)
LIQUIDITY BALANCE, excluding allocations of
SDR.
Not seasonally adjusted
Balance on goods and services
..
_ __
Balance on goods services and remittances
Balance on current account
Balance on current account and long-term capital 5
Net liquidity balance
Official reserve transactions balance
14
56,57,58,
63.
460
436
401
468
335
361
368
401
412
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-977 -1,154
-655
-925
621
478
97
-303
-492
-19
640
1,942
923
479
1,775
765
62
348
1,327
-464
-495
106
-911 -1,128 - 1 , 145
-677 -1,156 -1,551
p. Part of line.
n.e.s. Not elsewhere shown.
n.a. Not available.
fOld table 1
refers to table published in balance of payments article in the March 1971 SURVEY.
*Less
than $500,000(±).
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts
and imports of U.S. military agencies.
2. Includes fees and royalties from U.S. direct investment abroad or from foreign direct
http://fraser.stlouisfed.org/
investment in the United States.
Federal
Bank
of St.
3. Reserve
Eaual to net
exoorts
of Louis
eoods and services in national income and oroduct accounts of
-591
1,665
1,503
1,024
211
-327
-423
409
n.a.
n.a.
351
367
n.a.
n.a.
n.a.
n.a.
-819
69
-656 -1,253
-934
-465
1,449
1,283
797
715
88
615
712
1,789
544
1,624
1,150
131
-872
-35
-949 -1,063
-714
-826
1,221
1,049
512
-280
-672
111
1,649
700
1,581
1,473
521
1,397
988
929
91
-2
-382
-315
-950
-397
-845
-412 -1,266 -1,083
-448
the United States.
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income and
product accounts of the United States.
5. Includes some short-term U.S. Government assets.
6. Coverage of liquid banking claims for 1960-1963 and of liquid nonbanking claims for 19601962 is limited to foreign currency deposits only; other liquid items are not available separately
and are included with nonliquid claims.
SURVEY OF CURRENT BUSINESS
40
October 1971
Table 1.—U.S. Balance of Payments Summary
[Seasonally adjusted, millions of dollars]
Reference lines f
Line
(Credits+; debits-)
Old
(table 1)
New
(table 2
or table 3)
1
2
3
Merchandise trade balance 1
Exports
Imports
3
15
2
16
4
5
Military transactions, net
Travel and transportation, net
4, 16
6, 7, 17,
18.
3, 17
4, 5, 6,
18, 19,
20.
6
7
8
9
Investment income, net 2
U.S. direct investment abroad
Other U.S. investment abroad
Foreign investments in the United States
10
11
Balance on goods, services and remittances
17
18
19
20
21
22
23
24
25
26
27, 30— _ 31, 32....
U.S. Government grants (excluding military)
29
30
Balance on current account 4
Balance on current account and long-term capital
B
Nonliquid short-term private capital flows, net38p
Claims reported by U.S. banks
40p
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns.. 56
42
45
51
31
32
Allocations of special drawing rights (SDR) 4
Errors and omissions net
63
64
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
62
63
Liquid private capital flows net
Liquid claims
43
38p
Reported by U S banks
46
Reported by U.S nonbanking concerns
_ -. 40p
59p, 60p. 56
Liquid liabilities
To foreign commercial banks
To international and regional organizations
To other foreigners
Official reserve transactions balance
Financed by changes in:
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government.
Nonliquid liabilities to foreign official agencies reported by U.S. banks.
Liquid liabilities to foreign official agencies
U.S. official reserve assets, net
Gold
.
SDR
Convertible currencies
Gold tranche position in IMF
-507
-300
-499
-296
-469
-378
-531
-331
-534
-299
-588
-310
1,047
1,015
357
-325
989
957
369
-337
1,023
977
397
-351
1,096
1,070
397
-371
1,231
1,178
423
-370
1,205
1,151
429
-375
1,263
1,171
465
-373
1,179
1,186
397
-404
1,374
1,305
487
-418
1,402
1,354
503
-455
1,342
1,277
505
-440
1,175
1,225
437
-487
52
51
46
57
19
57
52
43
85
81
92
76
1,192
1,572
1,430
1,791
2,284
1,984
2,189
2,142
1,611
2,072
1,894
1,552
-216
-199
-205
-205
-209
-210
-221
-228
-233
-303
-250
-241
976
1,873
1,225
1,586
2,075
1,774
1,968
1,914
1,378
1,769
1,644
1,311
-422
-471
-497
-528
-445
-500
-461
-482
-411
-477
-461
-459
902
728
1,058
1,630
1,274
1,507
1,432
967
1,292
1,183
852
-688
-329
-465
-335
-419
-447
-598
-378
-541
-437
-463
34
241
25
52
33
31
7
10
6
182
23
136
37
32
122
26
171
-2
-130
-737
-462
17
20
-42
-238
-32
-897 -1,258 -1,578 -1,575 -1,101 -1,113
-613
-664 -588 -1,245 -879
-635
29
-27
-24
85
44
-95
-206
2 -494
-198 -147
-209
14
-30
57 -242
-26
-227
-64
-240 -311 -288
273
-76
-57
-299 -135
14
-10
-11
-789
-709
22
-205
55
100
-52
31
136
178
166
-1,156
-620
-5
-522
14
30
-53
-967
-492
47
-536
114
-154
54
-451
-334
40
-100
52
-104
-5
-782
-530
-87
53
103
-474
153
-583
367
2
746
28
-135
-615
-950
-173
-187
-507
-157 6-176 6-355
615
6-314 6-196 6-252
-60
92
-28
3
-30
-75
65
17
-557
-475
-87
5
-276
-233
-62
19
-477
-305
-237
65
-381
-320
-85
24
-209
-174
-30
-5
75
29
-22
68
14
9
-34
39
-50
-64
-33
47
-333
-184
-271
-292
28
-96
-430
-9
-145
-431 . -882 -1,287 -1,131
-193
-602
-566
6-75
.-
6
-166
-126
-l,290
«-863
-367
6_i77
174
6-179
6306
6-92
6-343
686
6116
-262
251
190
-49
110
658
58
-30
-103
-13
86
6275
670
6-36
106
205
200
-108
113
-69
-83
4
-87
14
44
-86
56
-71
-324
-268
-56
253
231
-24
46
586
154
181
-27
432
458
-141
115
765
-90
-108
18
855
721
8
126
-984
-955
-91
96
-214
-502
-296
-522
25
-68
-104
22
-63
-14
194
22
-8
-8
-8
26
44
15
64
-21
-29
-16
28
-47
339
6112
625
87
194
183
-65
76
57p, 58p. 54
54p
IV
III
II
-586
-298
26
6
Net liquidity balance
I
-540
-255
-1,050
27
28
29
30
IV
III
-577
-338
37
39
48 ._. .
40
49
41, 52....
44, 50.___
II
-599
-341
57p, 58p_ 55 _. .
33
52
34, 35, 36.
53
37, 54p...
39, 55 .
I
IV
-553
-294
-505
42, 43, 44. 34, 35, 36
45
III
1965
-576
-339
554
U.S. Government capital
flows excluding nonscheduled repayments, net 5.
Nonscheduled repayments of U. S. Government
assets.
U.S. Government nonliquid liabilities to other than
foreign official reserve agencies.
Long-term private capital flows, net
U.S. direct investment abroad
Foreign direct investment in the United States _-.
Foreign securities
U.S. securities other than Treasury issues
Other, reported by U.S banks
Other, reported by U.S. nonbanking concerns
1964
1,008
1,301 1,553 1,829
1,379
1,606
1,681
1,715
999
1,451 1,293
1,199
5,058
5,593
5,666
5,935
6,233 6,197
6,631
6,417
5,679
6,933
6,857
6,969
-4,050 -4,214 -4,365 -4,382 -4,404 -4,591 -4,736 -4,916 -4,680 -5,482 -5,564 -5,770
Balance on goods and services s
13
15
II
7, 8, 9,
9p, 10,
19p,20.
21, 22,
23.
Remittances, pensions and other transfers
16
I
8, 11, 9p. 10, ll—_
12, 13
12, 13
21, 22.... 24, 25,
26, 27.
Other services, net
12
14
1963
6-81
9
53
415
422
108
314
-45^
-66
104
-717
376
383
199
184
-7
-63
-26
82
632
94
48
46
538
523
-57
72
183
30
-220
173
170
3
-393
-299
-142
48
-786
148
59p, 60p. 57
927
891
-32
-113
302
169
17
587
-96
58
59
60
61
62
32
111
123
116
227
196
r
38
-51
46
303
-73
70
-20
-151
172
842
832
68
590
41
124
271
119
-33
-46
6
1
-28
59
-58
15
-228
131
258
118
-45
135
-205
-118
-58
68
-56
-466
-413
330
178
-26
14
479
333
359
372
456
398
402
46
47
48
49
50
-214
Memoranda :
51
52
53
54
Transfers under military grant programs, (excluded from lines 2, 4, and 14).
Reinvested earnings of foreign incorporated affiliates
of U.S. firms (excluded from lines 7 and 20).
Reinvested earnings of U.S. incorporated affiliates
of foreign firms (excluded from lines 9 and 21).
LIQUIDITY BALANCE, excluding allocations of
SDR.
447
326
311
312
336
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
56, 57, 58, -1,153 -1,265
63.
-165
-87
-265
-725
1,718
1,510
1,010
-678
-831
-996
615
406
-60
-290
-589
-452
2,272
2,069
1,566
491
-327
-145
2,432
2,234
1,761
957
410
479
2,129
2,692
1,347
1,909
1,122
2,467
1,377
693
2,014
-43 -809
-79
-311 -1,432 -1,412
-554
-676
-783
-519 -1,291
-739
153
-532
-217
Not seasonally adjusted
55
56
57
58
59
60
Balance on goods and services
Balance on goods services and remittances
Balance on current account
Balance on current account and long-term capital 5
Net liquidity balance
Official reserve transactions balance
- _ __
1,381
1,176
729
-784
-762
-341
p. Part of line.
n.e.s. Not elsewhere shown.
n.a. Not available.
fOld table 1
refers to table published in balance of payments article in the March 1971 SURVEY.
*Less
than $500,000 (±).
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports of U.S. military agencies.
2. Includes fees and royalties from U.S. direct investment abroad or from foreign direct
http://fraser.stlouisfed.org/
investment in the United States.
o 17/^iai
*« «<»+
ain™rtG nf crnnHc and sArvip.es in national income and product accounts of
Federal Reserve Bank
of St.
Louis
1,791
1,570
1,130
-690
-515
40
2,219
979 2,142
1,906
724 1,904
1,389
304 1,472
-278
-892
43
-115 -1,137
-726
69
-278 -1,121
the United States.
4 The sum of lines 15 and 31 is equal to'' net foreign investment'' in the national income and
product accounts of the United States.
5. Includes some short-term U.S. Government assets.
6. Coverage of liquid banking claims for 1960-1963 and of liquid nonbanking claims for 19601962 is limited to foreign currency deposits only; other liquid items are not available separately
and are included with nonliquid claims.
SURVEY OF CURRENT BUSINESS
October 1971
41
Table 2.—U.S. International Transactions
[Millions of dollars]
Line
1 Exports of goods and services 2 _
2
3
4
5
6
7
8
9
10
11
12
13
1960
(Credits+; debits-) 1
_
Merchandise, adjusted, excluding military 8
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
II
6,399
7,007
6,702
4,664
5,058
4,736
58
183
37
387
62
114
36
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4.
Other private assets
U.S. Government assets
Transfers of goods and services under U.S. military grant
programs, net
15
Imports of goods and services
IV
I
_____
-
14
1961
III
122
245
46
411
62
115
36
69
299
53
410
62
119
43
1962
I
II
7,383
6,997
7,139
6,850
5,192
5,062
4,970
85
192
39
399
62
118
39
71
188
33
382
61
123
40
4,718
89
299
57
398
61
126
41
IV
III
150
260
51
413
61
123
41
IV
I
II
7,786
7,153
7,996
7,272
8,087
5,357
5 057
4 960
5,249
93
200
43
426
61
128
43
96
206
37
417
64
121
44
5,513
228
279
52
441
64
122
48
127
284
59
442
64
123
52
206
188
43
464
64
125
52
III
134
135
145
176
150
163
159
191
178
199
200
224
518
147
564
157
520
160
753
183
640
184
621
197
642
197
643
219
88
145
65
699
224
91
61
864
216
72
645
225
1,057
235
126
91
182
59
57
164
443
622
282
418
324
543
247
351
390
626
218
305
-5,778
-6,084
-6,062
-5,441
-5,332
-5,690
-8,138
-5,997
-5,932
-6,415
-6,572
-6,438
— 3 835
-781
-281
-101
-326
— 3,863
-769
— 471
-161
-369
— 3,558
-801
-668
-170
-368
— 3,488
-737
-330
— 3 404
-786
— 284
— 3 464
-781
-463
-183
-364
— 3 686
-705
— 678
-169
-376
— 3 965
-727
— 360
— 75
-363
— 3 946
-770
— 298
-12
— 367
— 11
— 4 090
-763
— 509
— 209
— 389
-113
— 91
-11
-85
— 4 209
-810
— 387
— 94
— 417
— 11
-113
-150
-84
— 3 973
-761
— 745
— 177
-384
— 11
-98
-92
— 82
— 75
— 143
— 99
— 11
-55
-151
— 15
-44
-145
— 12
-43
-146
— 16
-40
-139
— 14
-59
-156
16
17
18
19
20
21
22
23
Merchandise adjusted excluding military3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
_- --
-10
-91
-64
24
25
26
27
Payments of income on foreign investments in the United
States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
O ther private liabilities
U . S . G o vernment liabilities
-8
-8
-11
-8
-9
-10
-12
-57
-124
-101
-56
-127
-47
-127
-60
-135
-48
-127
-49
-129
-42
-128
- -
-10
-95
-70
-10
-116
-110
-82
-339
-10
-115
-69
-79
-335
-12
-91
-88
-12
-94
-77
-12
-90
-86
-77
-68
-69
-65
-68
-76
-80
-86
-90
28
U.S. military grants of goods and services, net
-443
-622
-282
-418
-324
-543
-247
-351
-390
-626
-218
-305
29
Unilateral transfers (excluding military grants) net
-524
-575
-578
-615
-641
-652
-581
-639
-709
-652
-609
-661
-381
-418
-417
-480
-486
-56
-87
-50
-448
-53
-56
-413
-538
-108
-111
-106
-467
— 59
-125
-430
-108
-63
-99
-475
-121
— 485
— 59
— 117
30
31
32
33
U.S Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
Loans and other long-term assets
Foreign currencies and other short-term assets
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
38
U.S. private capital flows, net
39
40
Direct investments abroad 4
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
47
Foreign capital flows, net
--
-
-
---
-
Direct investments in the United States 4
U S securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term reported by U S nonbanking concerns
_ __
Short-term reported by U S nonbanking concerns
Long-term reported by U S banks
Long-term liabilities to foreign official agencies reported by
U S banks
- -
54
55
56
57
58
59
60
61
62
-68
-104
-390
-145
-339
-383
414
-467
-490
-397
-446
25
-277
-234
-409
-95
-388
-142
-77
-309
-103
-537
-684
-14
-67
-479
-48
-507
-151
-486
-657
-75
29
132
17
108
5
160
24
183
7
98
5
192
634
78
6
210
51
129
1
154
58
110
476
207
145
-672
-520
-1,210
— 476
-308
— 343
-87
— 601
-378
£
682
6
25
24
6-270
6
-65
-40
-174
6
100
6
-651
-738
-944
-1,545
-1,012
-992
-679
-1,497
-1,024
-305
-266
-312
-166
-329
-111
-728
-120
-458
-135
-334
-246
-365
-124
— 442
-257
-234
-196
12
-128
624
-66
6-18
6-19
-27
6-337
6-74
-72
6-468
625
82
6-346
-34
6-156
6-3
-15
6-28
-169
6-475
6-122
-119
6-331
676
-2
-24
6-164
6
6
6-108
-3
6-184
6-33
-49
634
6-5
-66
6-159
6
5
-23
6
46
6-35
-2
6
8
-12
6-10
-31
615
-44
U.S. liquid liabilities:
To private foreigners
To foreign official agencies
Transactions in U S official reserve assets net
Gold
SDR
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
---
161
6-2
6
-3
6-70
6
690
844
507
79
159
469
688
363
526
-26
835
40
170
59
118
53
5
-11
-11
20
104
32
152
-5
3
26
66
41
145
77
7
6
-23
8
6
4
-5
1
3
-53
1
-5
-6
1
-27
3
-1
-3
76
1
-8
80
-1
26
-12
-4
35
32
-1
8
-22
-15
— 49
-1
3
13
4
— 54
176
-47
3
82
-10
-54
-8
96
26
—1
-90
44
200
222
444
-140
261
502
40
416
-437
480
-81
52
563
-295
225
927
376
58
702
-538
22
577
-458
385
-51
494
159
175
740
1,071
371
-320
-213
768
427
-164
881
389
50
94
638
921
371
-170
146
510
304
116
446
24
-161
11
124
-114
237
-324
-483
-54
312
44
104
331
351
14
-368
76
-619
120
-173
-451
-726
-8
6
109
81
102
150
-25
25
-65
-239
-220
-593
-160
*Less than $500,000(±).
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
-36
6
6-137
6
6-113
e-5
1,152
6-17
Nonliquid liabilities reported by U.S. Government:
To other official and private foreigners
-58
-353
-150
65
48
49
-57
-108
-230
6
_
-56
-112
-238
-141
U.S. Government capital flows net
34
35
-60
-84
612
-17
7
2
Debits, — : Imports of goods and services; unilateral transfers to foreigners; capital outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.S.
official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
SURVEY OF CURRENT BUSINESS
42
October 1971
Table 2.—U.S. International Transactions
[Millions of dollars]
Line
19 63
(Credits+; debits-) l
1 Exports o f goods a n d services 2
IS 64
I
II
III
I
IV
1C 65
II
III
IV
I
II
III
IV
_ _ _ _
7,403
8,388
7,730
9,081
9,008
9,292
8,867
10,114
8,680
10,471
9,531
10,726
2
3
4
5
6
7
g
9
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts. _
_.
Travel
._
. __
Passenger fares
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
_ _ _ _
U S Government miscellaneous services
5 014
166
205
38
415
68
130
56
5 766
243
284
57
491
68
131
59
5 267
103
308
64
496
68
134
58
6 205
145
218
47
496
69
134
62
6 197
198
247
46
492
75
138
60
6 357
187
334
64
518
75
140
65
5 981
162
364
79
527
75
144
67
6 943
201
262
53
538
75
144
73
5 639
200
271
50
457
84
157
69
7 087
225
377
65
571
84
156
72
6 377
194
416
94
534
84
160
74
7 335
211
316
62
582
84
160
70
10
11
12
13
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
Other private assets
U.S. Government assets
210
781
233
88
207
716
257
108
205
665
254
109
268
967
278
193
237
933
291
95
241
881
315
114
239
803
306
119
296
1,056
345
129
275
1,031
343
105
277
1,054
368
135
295
843
341
119
352
1,034
371
150
_
_ _ _ _
14
Transfers of goods and services under U.S. military grant
programs, net
15
Imports of goods and services
- _
16
17
18
19
20
21
22
23
Merchandise adjusted excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United
States:
Direct investment fees and royalties
- Direct investment interest, dividends and branch earnings 4 _
Other private liabilities
U S Government liabilities
-
447
678
194
-6,022 -6,670 -7,115
244
307
524
215
294
372
665
271
320
-6,809 -6,576 -7,163 -7,520 -7,422 -6,889 -8,252 -8 552 -8,584
— 3 934
-763
-320
-111
-392
-13
-74
-95
— 4 232
— 748
— 549
-209
-419
— 13
— 79
— 92
4 320
— 726
— 831
— 191
-454
— 13
— 91
— 157
— 4 525
— 725
— 414
-104
-437
— 13
— 88
-103
— 4 355
— 747
— 341
— 109
-424
— 15
— 81
-137
— 4 594
— 737
— 572
— 235
— 455
— 15
— 87
-100
— 4 659
— 699
— 852
-202
-474
— 15
— 100
— 164
— 5 039
— 697
— 446
— 99
— 464
— 15
— 96
— 135
— 4 605
— 676
— 406
— 140
— 437
— 17
— 72
— 122
— 5 491
— 719
— 627
— 255
— 513
— 17
— 72
— 121
— 5 492
— 763
— 932
— 203
— 477
— 17
— 80
— 168
— 5 908
— 794
— 473
— 122
— 528
— 17
— 78
— 139
-13
-58
-160
-91
-16
-47
-171
— 95
-17
-41
-171
— 104
— 14
-77
-199
— 110
— 14
-53
-188
— 111
-16
-46
-196
— 110
— 16
-38
-192
— 109
— 20
-65
— 225
— 123
— 20
-53
-220
— 122
— 18
-78
-224
— 118
— 15
-56
— 231
— 118
— 15
-112
— 269
— 131
28
U.S. military grants of goods and services, net
-447
-678
-194
-244
-307
-524
-215
-294
-372
-665
-271
-320
29
Unilateral transfers (excluding military grants) net
-652
-708
-675
-706
-671
-752
-654
—678
—661
-830
— 675
— 670
-447
— 69
-136
-500
— 66
— 142
— 467
— 63
— 146
-504
— 64
— 139
-473
— 67
— 131
-533
— 66
— 154
-429
— 72
— 153
— 453
— 75
— 150
— 440
— 74
— 147
— 517
— 135
— 178
— 420
82
— 173
— 431
— 77
— 161
-461
-725
-70
-405
-260
-467
-393
-556
-351
-622
-225
-401
-561
-50
-624
— 266
-444
— 31
-572
-100
-527
68
-703
73
-605
22
-540
— 182
— 653
141
— 699
— 94
— 470
— 114
— 631
51
125
26
131
34
164
241
241
25
147
52
130
33
159
31
159
7
152
10
165
6
176
182
157
23
-1,062 -1,719
-277
30
31
32
33
U S. Government grants (excluding military)
U S Government pensions and other transfers
Private remittances and other transfers
U.S. Government capital flows net
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets
37
Repayments on credits:
Scheduled
Nonscheduled 5
U.S. private capital flows, net
39
40
4
41
42
43
44
45
46
47
--
-
38
Direct investments abroad
Foreign securities
-
-
Claims reported by U.S. banks:
Long-term
Short-term nonliquid
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term nonliquid
-—
Foreign capital flows net
48
49
Direct investments in the United States *
U S securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term reported by U S nonbanking concerns
Short-term reported by U S nonbanking concerns
Long-term reported by U S banks
Long-term liabilities to foreign official agencies reported by
U S banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
- -To other official and private foreigners
56
57
58
59
60
61
62
U.S. liquid liabilties:
To foreign official agencies
-- - -
Transactions in U S official reserve assets, net
-
Gold
- SDR
Convertible currencies
Gold tranche position in IM^F
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
--
-1,204 -2,493 - 1 ,579
-532
-446
-525
-536
-161
-100
-707
53
430
20
-625
-206
-491
2
— 781
— 494
— 1 190
— 198
— 944
— 147
— 441
— 209
— 893
— 205
27
52
25
-178
6-321
6
-81
-116
6
16
6
58
488
6-494
6-36
-248
-425
20
72
-196
-336
— 239
-162
246
— 382
-550
-121
461
-112
135
201
55
121
— 41
143
117
69
— 286
152
-47
-15
-1
50
97
-225
1
29
158
-72
186
-27
-42
-177
-57
-58
-22
-271
-237
-52
— 130
-134
99
6
22
219
-6
-24
212
— 20
— 25
30
— 68
— 92
86
749
1,305
508
421
-56
392
1,123
1,858
-312
-367
729
333
-5
14
47
114
40
52
87
103
17
-42
29
14
— 27
-30
— 24
-26
85
57
— 95
-242
44
-227
22
55
-6
-30
3
4
65
24
-6
17
12
-5
-75
14
-5
5
10
(*)
19
8
-28
65
-1
-5
24
71
8
—5
173
—5
68
72
10
39
— 35
16
47
31
26
44
15
64
— 21
— 29
— 16
28
6
6
--
-1,401 -1,309 -1,572
-583
-522
9
9
-1,236
33
67
-61
37
-96
118
-1
289
-55
161
-7
-44
202
-24
-1
234
51
i
121
— 52
125
— 55
397
276
141
925
50
321
32
151
226
-399
115
214
562
389
651
871
201
-861
-149
-107
712
253
— 633
697
271
32
123
227
-5
-51
303
70
-151
842
68
41
111
116
196
38
46
-73
-20
172
832
590
124
119
-33
-46
6
1
-28
59
-58
15
-228
131
258
118
-45
135
— 205
-118
— 58
68
56
— 466
— 413
330
178
— 26
14
4
-327
-176
-86
-32
-289
-673
270
64
-402
— 439
- -
-
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified in Census import documents, and reflects various other balance-of-payments adjustments (for valuation, coverage, and timing) to Census statistics.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.b. nrms or of U.b.
http://fraser.stlouisfed.org/
incorporated affiliates of foreign firms.
5. Includes
of foreign obligations to foreigners.
Federal Reserve Bank
of St.sales
Louis
is limited to foreign currency deposits only; other liquid items are not available separately and
inciuded with nonliquid claims.
are
NOTE: Details may not add to totals because of rounding.
SOURCE: U.S. Department of Commerce, Office of Business Economics.
October 1971
SURVEY OF CURRENT BUSINESS
43
Table 3.—U.S. International Transactions— Seasonally Adjusted
[Millions of dollars]
Line
1960
(Credits+; debits-) l
1 Exports of goods and services 2
2
3
4
5
6
7
g
9
10
11
12
13
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
_
Other transportation
_
Fees and royalties from unamliated foreigners
Other private services
U.S. Government miscellaneous services
_
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties _
Direct investment interest, dividends and branch earnings 4 _
Other private assets
U.S. Government assets
_.
14
Transfers of goods and services under U.S. military grant
programs, net
15
Imports of goods and services
^
16
17
18
19
20
21
?,?,
23
Merchandise, adjusted, excluding military s
Direct defense expenditures
Travel
_ _
Passenger fares
Other transportation..
Fees and royalties to unamliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services ._ __
24
25
26
?,7
Payments of income on foreign investments in the United
States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
Other private liabilities
U.S. Government liabilities ...
I
II
6,588
6,832
4,684
71
224
46
405
62
114
36
4,916
89
227
43
400
62
115
36
140
571
151
84
138
592
152
62
1962
19 61
IV
I
II
7,030
7,044
7,198
6,941
7,225
5,032
88
237
43
407
62
119
43
5,018
86
231
43
395
62
118
39
5,095
86
228
42
399
61
123
40
4,806
112
237
48
403
61
123
41
5,037
111
240
47
396
61
126
41
152
569
166
112
160
623
178
91
157
687
188
92
166
650
192
102
167
715
203
81
III
I
II
7,410
7,334
7,783
7,736
7,657
5,169
94
242
47
421
61
128
43
5,077
110
247
47
438
64
121
44
5,335
189
250
49
432
64
122
48
5,332
154
231
47
440
64
123
52
5,035
204
229
48
454
64
125
52
173
715
211
106
185
678
221
102
203
736
218
137
211
736
232
114
202
894
232
118
IV
III
IV
III
460
436
401
468
335
361
368
401
412
409
351
367
-5,990
-6,017
-5,836
-5,525
-5,555
-5,601
-5,935
-6,070
-6,194
-6,332
-6,371
-6,462
-3,811
-781
— 435
-140
-346
-10
-103
-74
-3,854
-769
— 447
— 114
-359
-10
-103
-82
— 3,646
-801
— 437
— 127
— 355
-10
-104
-78
-3,433
-737
431
— 133
— 342
-10
-107
-79
-3,390
-786
— 440
— 115
— 354
— 12
-103
-101
-3,433
-781
— 437
— 133
-356
— 12
-101
-93
— 3,804
-705
— 442
— 133
— 362
-12
-102
-109
— 3 892
— 727
— 466
— 125
— 366
— 12
— 105
-103
— 3 959
-770
— 466
— 130
— 386
— 11
-93
-93
— 4,074
— 763
— 483
— 148
— 383
— 11
-90
— 91
— 4,109
— 761
— 488
— 141
— 370
— 11
— 89
— 105
— 4,076
— 810
— 502
— 151
— 418
— 11
— 87
-110
-8
-56
— 125
-101
-8
-58
— 127
-86
-11
-57
— 133
-77
-8
-49
— 128
-68
-9
-48
— 128
— 69
-10
-51
— 129
-65
-12
-51
— 135
-68
— 11
-44
— 143
— 76
-15
-45
146
— 80
-12
-46
— 147
— 84
— 16
-49
— 146
— 86
— 14
-46
— 147
-90
28
U.S. military grants of goods and services, net
-460
-436
-401
-468
-335
-361
-368
-401
-412
-409
-351
-367
?9
Unilateral transfers (excluding military grants), net
-510
-551
-600
-632
-630
-625
-601
-659
-697
-620
-632
-682
— 358
-56
-96
-400
-50
-101
-443
-53
-104
-463
-56
-113
— 458
-63
-109
-467
-60
-98
-437
-56
-108
— 492
— 57
-110
— 515
68
— 114
— 444
— 59
— 117
— 457
— 58
— 117
— 504
— 59
-119
30
31
32
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
_
-237
-340
-162
-366
-392
468
-486
-516
-411
-384
8
-307
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets
.
— 247
-167
— 335
-125
— 264
-105
— 367
-131
— 418
-104
— 285
-82
— 568
-24
— 668
— 51
— 483
— 84
— 476
-131
— 520
-79
— 650
49
36
37
Repayments on credits:
Scheduled
Nonscheduled 5.
.
160
17
115
5
183
24
125
7
125
5
201
634
100
6
152
51
155
1
165
58
131
476
149
145
-1,328
33
38
U.S. Government capital flows, net
__
U.S. private capital flows, net
39
40
Direct investments abroad 4
Foreign securities
__ _ _
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
47
_
-667
-668
-1,216
-1,032
-913
-976 -1,259 -1,049
-630
-854
-894
-343
-266
-262
-166
-434
-111
-635
-120
-496
-135
-284
-246
-483
-124
-336
-257
— 272
-196
-429
-308
-498
-87
-455
-378
12
e-132
624
-66
6-55
6
-19
-27
6-519
«-74
-72
6-245
8
25
82
6-356
-34
6-182
6-3
-15
6-220
6
15
-169
6-247
6—122
— 119
6-352
6
76
5
*-119
6
25
24
6-37
6
-65
-2
35
8
5
-12
6-80
6
—8
-2
6 —655
6
-24
6-263
6
6
-3
6-128
6
— 33
— 44
6-100
— 49
6 — 62
6—5
6—17
— 66
6 — 125
6
5
887
877
329
512
919
633
697
626
-341
715
59
118
53
5
26
— 11
-11
404
40
170
20
104
32
152
—5
3
26
66
41
145
77
7
6
-23
8
6
4
—5
1
3
-53
1
—5
-6
1
—1
-27
3
—3
76
1
—8
80
-1
26
-12
-4
35
32
-1
8
-22
— 15
-49
1
3
13
4
7
-54
2
8
Foreign capital flows, net
6-10
— 31
6 — 81
6—5
-36
150
6
6
6-2
6
-23
653
— 35
6
— 40
— 152
e 12
6
-3
6
37
— 17
48
49
Direct investments in the United States 4
U.S. securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U S nonbanking concerns
Short-term, reported by U S. nonbanking concerns - Long-term, reported b y U.S. banks
_ _ _ _ _
Long-term liabilities to foreign official agencies reported by
U.S.' banks... ...
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
181
-1
44
-10
-14
6
42
-10
18
—1
-21
89
200
116
56
57
U.S. liquid liabilities:
To private foreigners
To foreign official agencies
286
210
307
443
6
231
-291
374
-249
469
618
-367
190
679
524
-39
518
-11
100
529
-512
79
109
321
159
175
740
1,071
371
-320
-213
768
427
-164
881
389
50
94
638
921
371
-170
146
510
304
116
446
24
— 161
11
124
-483
— 54
312
— 114
237
-324
44
104
331
351
14
-462
64
-310
-107
-280
-428
-415
58
59
60
61
62
Transactions in U.S. official reserve assets, net _
Gold __ _ _
SDR
Convertible currencies
Gold tranche position in IMF
__
_ __
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
_
109
81
102
150
— 25
25
-232
-309
-284
-292
-363
*Less than $500,000(±).
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, — : Imports of goods and services; unilateral transfers to foreigners; capital outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.S.
official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
SURVEY OF CURRENT BUSINESS
44
October 1971
Table 3.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
1963
(Credits+; debits-) 1
Line
1 Exports of goods and services 2
2
3
4
5
6
7
8
9
10
11
12
13
Merchandise, adjusted, excluding military 3 __ _.
Transfers under U.S. military agency sales contracts ._Travel
___
.._
Passenger fares
Other transportation
Fees and royalties from unaffiliated foreigners
_
_ Other private services
-U.S. Government miscellaneous services
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
Other private assets
U.S. Government assets
14
Transfers of goods and services under U.S. military grant
programs, net
15
Imports of goods and services
-
16
17
18
19
20
21
22
23
Merchandise, adjusted excluding military 3
Direct defense expenditures
Travel
Passenger fares
_.
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United
States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4_
Other private liabilities
U.S. Government liabilities
- -
1964
1965
I
II
7,604
8,161
8,222
8,617
9,189
9,072
9,414
5,058
187
245
49
439
68
130
56
5,593
195
253
54
482
68
131
59
5,666
127
253
50
492
68
134
58
5,935
148
264
53
485
69
134
62
6,233
207
292
60
523
75
138
60
6,197
151
297
61
506
75
140
65
6,417
192
303
61
519
75
144
67
217
798
236
121
214
743
251
118
217
760
262
135
242
828
273
124
245
933
296
127
250
901
306
123
251
920
318
147
III
IV
II
I
III
I
II
III
IV
9,606
8,858
10,249
10,128
10,175
6,631
198
315
60
527
75
144
73
5,679
207
319
64
487
84
157
69
6,933
188
337
64
558
84
156
72
6,857
229
347
71
524
84
160
74
6,969
206
377
72
575
84
160
70
267
919
337
60
285
1,020
347
140
288
1,066
357
146
309
968
357
148
317
908
362
75
IV
479
447
326
311
312
336
333
359
372
456
398
402
-6,412
-6,589
-6,792
-6,826
-6,905
-7,088
-7,225
-7,464
-7,247
-8,177
-8,234
-8,623
-4,050
-763
-503
-156
-413
-13
-82
-107
-4,214
-748
-525
-144
-414
-13
-83
-111
-4,365
-726
-545
-153
-438
-13
-83
-118
-4,382 -4,404
-725
-747
-541
-531
-162
-153
-437
-446
-13
-15
-84
-88
-111
-151
-4,591 -4,736
-737
-699
-544
-555
-167
-169
-451
-459
-15
-15
-92
-91
-117
-127
-4,916
-697
-581
-156
-461
-15
-93
-141
-4,680
-676
-600
-188
-460
-17
-76
-132
-5,482
-719
-603
-179
-508
-17
-74
-140
-5,564
-763
-610
-167
-464
-17
-75
-134
-5,770
-794
-625
-186
-523
-17
-77
-144
-13
-60
-161
-91
-16
-53
-173
-95
-17
-51
-179
-104
-14
-59
-188
-110
-20
-50
-211
-123
-20
-55
-221
-122
-18
-90
-229
-118
-15
-67
-240
-118
-15
-87
-254
-131
-14
-54
-191
-111
-16
-51
-198
-110
-16
-47
-201
-109
28
U.S. military grants of goods and services, net
-479
-447
-326
-311
-312
-336
-333
-359
-372
-456
-398
-402
29
Unilateral transfers (excluding military grants), net
-638
-670
-702
-733
-654
-710
-682
-710
-644
-780
-711
-700
-422
-69
-147
-471
-66
-133
-497
-63
-142
-528
-64
-141
-445
-67
-142
-500
-66
-144
-461
-72
-149
-482
-75
-153
-411
-74
-159
-477
-135
-168
-461
-82
-168
-459
-77
-164
-479
-654
-88
-440
-283
-386
-416
-591
-368
-535
-255
-440
-557
-98
-581
-251
-486
-27
-577
-71
-502
-2
-650
87
-665
37
-558
-141
-593
43
-642
-79
-551
-86
-667
106
180
6
200
182
98
23
30
31
32
33
U S Government grants (excluding military)
U S Government pensions and other transfers
Private remittances and other transfers
U.S. Government capital flows, net
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets
36
37
Repayments on credits:
Scheduled
Nonscheduled 8
38
U S. private capital flows net
39
40
Direct investments abroad
Foreign securities
41
42
43
44
45
46
47
-
4
Claims reported by U.S. banks:
Short-term nonliquid
Short-term liquid
--
- --
Claims reported by U.S. nonbanking concerns:
Long-term
--
Short-term, liquid
Foreign capital flows, net
4
48
49
Direct investments in the United States
U S securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term reported by U S nonbanking concerns
Short-term reported by U S nonbanking concerns
-Long-term reported by U S banks
Long-term liabilities to foreign official agencies reported by
U S banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
-
56
57
58
59
60
61
62
63
64
-
U.S. liquid liabilities:
To private foreigners
Transactions in U S official reserve assets net
Gold
SDR
Gold tranche position in IMF
-
--
150
26
144
34
184
241
183
25
169
52
144
33
181
31
101
7
172
10
-1,095
-1,721
-626
-1,017
-1,362
-1,567
-1,560
-2,089
-1,680
-441
-836
-837
-620
-522
-492
-536
-334
-100
-530
53
-462
20
-613
-206
-664
2
-588
-494
-1,245
-198
-879
-147
-635
-209
-709
-205
27
615
625
-178
e-314
-116
6-196
6
58
-488
6-252
6-36
-248
-475
4
-72
-233
-268
-239
-305
181
-382
-320
-108
-461
-174
108
201
29
199
-41
9
48
69
-64
170
-47
-60
87
50
92
-262
1
3
58
158
-28
106
-27
-87
-87
-57
-62
-56
-271
-237
-27
-130
-85
18
6
-30
314
-6
-22
184
-20
-34
46
-68
-33
3
1,153
1,473
127
230
400
559
669
1,690
212
-289
296
163
-5
14
47
114
40
52
-87
103
17
-42
29
14
-27
-30
-24
-26
85
57
-95
-242
44
-227
22
55
-6
-30
3
4
65
24
-6
17
12
-5
-75
14
-5
5
10
(*)
19
8
-28
65
-1
-5
24
71
8
-5
173
-5
68
72
10
39
-35
16
47
31
26
44
15
64
-21
-29
-16
28
0
-8
—2
148
-130
538
-47
-393
339
6-81
9
25
31
-68
136
-104
178
22
166
-63
136
-14
37
194
32
22
122
-8
26
194
927
251
891
-30
-32
205
-113
14
302
253
169
432
17
855
587
-7
-96
171
-214
32
123
227
-5
-51
303
70
-151
842
68
41
271
111
116
196
38
46
-73
-20
172
832
590
124
119
-33
-46
6
1
-28
59
-58
15
-228
131
258
118
-45
135
-205
-118
-58
68
-56
-466
-413
330
178
-26
-166
-126
-367
174
-333
-184
-271
-292
28
-96
-430
-9
Allocations of special drawing rights (SDR)
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified in Census import documents, and reflects various other balance-of-payments adjustments (for valuation, coverage, and timing) to Census statistics.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
http://fraser.stlouisfed.org/
incorporated affiliates of foreign firms.
Includes
salesLouis
of foreign obligations to foreigners.
Federal Reserve5.Bank
of St.
6. Coverage of liquid banking claims for 1960-63 and of liquid nonbanking claims for 1960-62
is limited to foreign currency deposits only; other liquid items are not available separately and
are included with nonliquid claims.
NOTE: Details may not add to totals because of rounding.
SOURCE: U.S. Department of Commerce, Office of Business.
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1969 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $3.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1965 through 1968 (1958-68 for major quarterly series), annually, 1939-68; for selected series,
monthly or quarterly, 1947-68 (where available). Series added or significantly revised after the 1969 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1968 issued too late for inclusion in the 1969 volume appear in the monthly
SURVEY beginning with the September 1969 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 1969 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.
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1968
1970
III
1969
| IV
I
II
1970
III
IV
I
II
1971
III
IV
Annual total
! | n
IIIP
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
1,020.8 1, 043. 1
1,059.0
644.6
660.9
672.1
84.9
32.7
37.6
97.6
44.1
39.5
100.8
45.7
40.4
104.7
49.5
40.5
265.5
52.4
132.4
22.9
270.9
54.2
134.3
23.5
272.0
54.9
135.1
23.8
279.8
57.0
138.2
24.3
281.7
57.0
139.1
25.2
260.2
35.7
90.3
17.6
265.0
36.7
91.8
18.1
268.9
36.9
94.1
18.3
275.0
37.7
96.4
18.6
280.4
38.6
98,6
18.9
285.7
39.4
100.5
19.2
134.1
138.6
137.3
143.8
152.4
152.9
140.6
104.3
37.9
66.3
36.4
35.7
3.2
3.0
116 7
107.0
38.2
68.8
39.7
39.1
5.7
5.2
151.4
109.7
38.9
70.7
41.7
41.1
1.6
.8
bil.$._
864.2
929.1
974.1
875.2
890.2
906.4
921.8
940.2
948.0
956.0
968.5
983. 5
988.4
Personal consumption expenditures, total
do
536.2
579.6
615.8
544.0
552.5
564.3
575.8
584.1
594. 2
604.0
613.8
620.9
624.7
Durable goods total 9
Automobiles and parts
_ _
Furniture and household equipment
do
do
do
84.0
37.5
34.3
89.9
40.4
36.3
88.6
37.1
37.4
86.3
38.9
35.1
87.0
39.0
35.0
89.5
40.1
35.6
90.6
39.9
37.0
89.4
40.4
36.2
90.3
41.0
36.2
88.6
37.8
37.3
90.7
39.1
37.6
90.4
38.8
37.0
230.8
46.3
115.3
19.0
247.6
50.3
122.5
21.1
264.7
52.6
131.8
22.9
233.6
47.4
116.5
19.2
236.9
47.7
117.9
19.4
241.5
48.5
. 120.4
20.2
246.4
50.6
121.9
20.8
249.4
51.0
122.9
21.5
253.1
51.1
124.8
21.9
259.4
51.6
128.9
22.5
262.9
52.1
131.4
22.6
do
do
do
do
221.3
31.2
77.3
15.5
242.1
33.7
84.0
16.5
262.5
36.1
91.2
17.9
224.1
31.5
77.8
15.7
228.6
32.1
79.7
15.8
233.4
32.8
81.4
16.2
238.9
33.0
83.0
16.4
245.2
34.1
84.7
16.6
250.8
35.0
86.9
16.8
256.1
35.1
88.7
17.5
do
126.0
137.8
135.3
126.2
130.7
134.3
137.0
141.8
138.0
131.2
Gross national product, total f
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
_.
--
Services, total 9
--Household operation
Housing
Transportation
- do .- - do __
do
do
-
Gross private domestic investment, total
do
do _
- do _
do
do
do _
do
do
118.9
88.8
30.3
58.5
30.1
29.5
7.1
6.9
130.4
98.6
34.5
64.1
31.8
31.2
7.4
7.3
132.5
102.1
36.8
65.4
30.4
29.7
2.8
2.5
118.5
88.8
30.0
58.8
29.7
29.2
7.7
7.5
122.6
91.2
31.2
60.1
31.4
30.8
8.1
8.1
127.6
95.0
33.1
61.8
32.7
32.1
6.6
6.5
130.2
96.6
33.0
63.6
33.6
33.1
6.8
6.7
131.4
100.7
36.0
64.7
30.7
30.1
10.4
10.3
132.3
102.2
36.0
66.2
30.1
29.5
5.7
5.5
130.8
100.8
36.1
64.7
30.0
29.4
.4
.1
132.1
102.1
36.6
65.6
29.9
29.3
2.1
1.8
133.5
104.8
37.3
67.5
28.7
28.1
5.1
4.7
133.6
100.8
37.1
63.7
32.8
32.2
3.7
3.3
do _
__ .do
_-do_ _
2.5
50.6
48.1
2.0
55.6
53.6
3.6
62.9
59.3
3.4
53.1
49.7
1.3
50.8
49.5
1.4
48.0
46.6
1.2
56.9
55.7
2.8
58.3
55.5
2.7
59.2
56.6
3.5
61.5
58.0
4.2
63.2
59.0
4.0
63.7
59.7
2.7
63.2
60.5
4.2
66.1
61.9
-.5
66.4
66.9
-.5
68.5
69.0
Govt. purchases of goods and services, total, .do
Federal
do
National defense
_ _ _do_ _
State and local
do
199.6
98.8
78.3
100.8
209.7
99.2
78.4
110.6
219.4
97.2
75.4
122.2
201.6
99.8
79.1
101.8
205.7
100.6
79.4
105.1
206.5
99.2
78.3
107.3
207.8
97.7
77.5
110. 1
211.5
100.3
79.4
111.2
213.0
99.5
78.4
113.5
217.3
100.2
78.9
117.1
216.5
96.8
75.1
119.7
220.1
96.1
74.2
124.0
223.7
95.9
73.2
127.9
228.2
96.7
73.0
131.5
230.2
95.7
71.8
134. 5
234. 4
97 6
71.4
136 8
By major type of product: f
Final sales, total
Goods, total
Durable goods
.
Nondurable goods
Services...
Structures
. . .
857.1
422.4
169.6
252.9
34G. 6
88.1
921. 7
449.9
180.9
269.0
377.4
94.4
971.3
465.5
180.8
284.7
410.3
95.5
867.5
428. 9
172.4
256.5
351.4
87.2
882. 1
433.1
174.0
259. 1
357.6
91.4
899.8
441.3
179.1
262.2
364.0
94.5
915.0
447.7
179.6
268.0
371.9
95.3
929.8
452.3
181.3
271.0
383.0
94.5
942.3
458.3
183.4
274.9
390.6
93.4
955.6
461.5
181.5
279.9
400.8
93.4
966.5
466.6
183.7
282.9
406.2
93.7
978.4
469.8
184.9
284.9
413.7
94.9
984.7
464.0
173.1
290.9
420.6
100.1
1,017.6 1, 037. 4
488.9
480.0
191.5
188.0
297.4
292.0
439.8
432.3
108.6
105.2
1,057.4
500.1
198.3
301.9
446.2
111.1
7.1
4.9
2.1
7.4
4.5
2.9
2.8
-.6
3.4
7.7
4.5
3. 1
8.1
6.0
2. 1
6.6
3.8
2.8
6.8
4.7
2 1
10.4
6. 5
4.0
5.7
3.0
28
.4
— 1.8
2.2
2.1
-2.0
4.0
5.1
4.7
.4
3.7
-3.4
7. 1
3.2
3.8
-.6
5.7
2.7
3.0
1.6
-1.2
2.8
706.6
724 7
720 0
712 3
716 5
721 4
724 2
727 8
725 2
719 8
721 1
723 3
715 9
729.7
738.4
743.6
496.7
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 _
.
Change in business inventories.. __
Durable goods
.
Nondurable goods
do
do
do
GNP in constant (1958) dollars
Gross national product, total t
bil $
452.7
469.3
475.9
457.7
460.2
465.7
469.0
469.9
472.6
474.4
477. 1
477.9
474.2
484.8
492.3
do
do .
do
81.3
197.1
174.4
84.8
202.7
181 8
81.4
207.3
187 2
83.4
198.6
175 8
83 3
199.4
177 5
85 2
201.6
178 9
85 6
202 8
180 6
84 0
203.0
182 9
84 4
203 4
184 8
82 3
205.7
186 4
83.8
206.5
186 8
82.8
207.3
187 9
76.6
209.7
187 9
86.7
209.2
188.8
89.2
213.2
190.0
92.2
213.2
191.3
do
105.2
109.6
102.2
104.9
107.7
108.4
109.4
112.4
108.2
101.0
102.7
104.0
101.2
104.7
109.9
107.7
do
do
_ do
do
98 8
75 6
23.2
6.4
103 2
80 1
23 1
6.4
99 9
78 6
21 3
2.3
97 9
75 3
22 6
7.0
100 3
76 6
23 7
7.4
102 8
78 6
24 1
5.7
103 5
79 1
24 4
5.8
103 2
81 1
22 1
9.2
103 3
81 7
21 6
4.9
100 7
79 3
21 4
.3
100 7
79 4
21 3
2.0
100 1
80 1
20 0
3.9
98 1
75 5
22 6
3.1
102 1
77 5
24.6
2.6
105 0
78 7
26.4
4.9
106.0
79.2
26.8
1.7
1.0
.1
2.4
16
— 3
— 3
6
6
17
26
32
21
2.6
147.8
76 3
71.4
146.1
73 9
72.' 1
144.8
73 2
71 fi
143.8
71 6
72' 2
142.6
69 4
138.7
65 3
138.2
63 8
74.3
138.3
63 2
75.2
137.6
61 5
76.1
Personal consumption expenditures, total . -do .
Durable goods
Nondurable goods. .
Services
Gross private domestic investment, total
Fixed investment
Nonresidential.
.
Residential structures...
Change in business inventories
Net exports of goods and services
do. .
Govt. purchases of goods and services, total, .do
Federal
do
State and local
_.
_
do _
147.7
145.6
139.4
148.0
149.0
73 g
65 4
78 1
78 4
78 1
69.6
71.9
74.0
69.7
70.9
r
Revised.
p Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1967 (see p. 13 ff. of the July 1971 SURVEY) ;
4 4 6 - 4 9 4 O - 71 - S-l
73 9.
73 4
-1.0
137.1
60 5
76.6
-.5
139.7
62 7
77.0
revisions prior to May 1970 for personal income appear on p. 22 ff. of the July 1971 SURVEY.
9 Includes data not shown separately.
S-l
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1970
Annual total
1969
1968
IV
October 1971
I
II
1970
III
IV
I
II
1971
III
IV
I
II
III*
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $..
711.1
763.7
795.9
732.7
745.9
758.9
771.7
778.2
785.8
793.4
802.2
802.1
828.3
844 5
Compensation of employees, total
do
514.6
565.5
601.9
533.6
545.9
559.1
573.6
583.6
593.2
598.5
606.5
609.3
627 9
639 5
647 5
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
do
do
do
do
do
do
do ._.
do
do
464.9
369.2
17.9
77.8
49.7
64.2
49.5
14.7
21.2
509.6
405.5
19.0
85.1
56.0
67.0
50.3
16.8
22.6
541.4
426.6
19.4
95.5
60.5
66.9
51.0
15.8
23.3
481.6
382.7
18.2
80.7
52.0
65.3
49.8
15.5
21.3
491.8
391.8
18.1
81.9
54.1
66.7
50.2
16.5
22.0
503.7
402.0
18.4
83.4
55.3
67.1
50.5
16.6
22.6
516.9
410.4
20.0
86.5
56.7
67.1
50.5
16.6
22.7
525.8
417.7
19.6
88.5
57.8
67.2
49.8
17.4
22.9
534.7
422.5
20.2
92.1
58.5
68.0
50.2
17.8
23.0
538.5
424.4
19.5
94.5
60.0
67.6
51.0
16.6
23.2
545.2
429.4
19.2
96.6
61.3
66.0
51.4
14.5
23.4
547.2
429.9
18.6
98.6
62.1
65.9
51.5
14.4
23.7
562 3
441 2
19 2
101 8
65.7
66.0
51 2
14 8
23 8
572 4
449 8
18 6
104 0
67.1
66.7
51 5
15 2
24 2
578 8
453 9
18 0
106 9
68.7
68.8
51 8
17 0
24 5
84.3
78.6
70.8
84.7
82.7
80.7
78.0
73.3
69.8
71.5
73.0
69.0
75 5
78 3
11.3
73.0
41.7
19.3
22.4
12.1
66.5
36.0
17.5
18.4
12.8
58.1
29.5
16.6
13.0
11.8
72.9
41.6
19.1
22.5
12.0
70.7
39.3
18.2
21.1
12.3
68.4
36.9
18.0
18.9
12.2
65.8
34.8
17.0
17.8
12.0
61.3
33.0
16.9
16.1
11.3
58.5
31.1
16.7
14.3
12.1
59.4
31.5
16.5
14.9
13.5
59.5
30.6
16.8
13.8
14.0
54.9
25.0
16.2
8.8
14.1
61.4
32 4
16 4
16 0
13.6
64.7
33 3
17 3
16 1
10.6
20.7
10.0
20.6
8.0
20.5
10.3
21.0
10.6
20.8
10.4
21.0
9.8
21.2
9.1
19.2
8.2
19.2
7.8
20.1
7.9
20.9
8.1
21.9
7 3
21 6
7 7
23 g
87.6
39.9
47.8
23.6
24.2
-3.3
26.9
84.2
39.7
44.5
24.4
20.0
-5.5
29.9
75.4
34.1
41.2
25.0
16.2
-4.5
33.0
89.0
40.4
48.5
24.3
24.3
-4.2
27.8
88.7
41.8
46.9
24.0
22.9
-6.0
28.6
86.9
41.0
45.9
24.2
21.6
-6.3
29.4
81.2
38.2
43.0
24.7
18.3
-3.2
30.2
80.0
37.7
42.3
24.9
17.4
-6.7
31.1
75.6
34.1
41.5
25.0
16.6
-5.8
31.8
75.8
34.5
41.3
24.9
16.4
-4.2
32.6
78.5
35.6
42.9
25.2
17.7
-5.5
33.4
71.6
32.3
39.2
25.0
14.3
-2.6
34.2
79.1
36.2
42 9
25 6
17.3
35
35 0
83 3
37.4
46 0
25 4
20.5
—5 1
35 8
688.9
97.9
591.0
551.2
39.8
750.3
116.2
634.2
596.3
37.9
803.6
115.9
687.8
633.7
54.1
712.6
107.1
605.5
568.1
37.3
726.8
113.6
613.2
580.4
32.8
743.1
117.2
625.9
592.4
33.4
759.3
116.1
643.2
600.9
42.3
772.2
117.8
654.5
611.4
43.1
784.3
116.7
667.6
621.5
46.2
803.8
118.0
685.7
631.5
54.2
809.8
113.5
696.2
638.9
57.4
816.7
115.2
701.5
643.0
58 5
834 3
112 7
721 6
663 2
854
114
740
679
60
67.76
28.37
14.12
14.25
75.56
31.68
15.96
15.72
79.71
31.95
15.80
16.15
19.03
8.10
4.16
3.94
16.04
6.58
3.36
3.22
18.81
7.82
3.98
3.84
19.25
8.16
4.03
4.12
21.46
9.12
4.59
4.53
17.47
7.14
3.59
3.56
20 33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
21 66
8.66
4.26
4.40
1 7 co
a an
1 on KK
3 11
3.58
20 60
7 55
3 52
4.03
39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14
43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
10.93
.40
.38
.66
.47
2.90
2.16
.74
2.00
4.13
9.45
.42
.38
.68
.38
2.36
1.88
.48
1.81
3.41
10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97
11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07
12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60
10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16
12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4 42
10 99
13 06
13 10
49
34
34
28
54
47
60
36
59
43
37
34
3 11
2 70
3 83
3 20
4 12
3 38
2 50
3 94
2 81
4 44
do
do
do
do
69.05
28.70
14.39
14.31
72.52
29.99
15.47
14.52
73.94
31.16
15.98
15.18
77.84
33.05
16.53
16.52
77.84
32.39
15.88
16.50
78.22
32.44
16.40
16.05
80.22
32 43
16.32
16.11
81.88
32.15
15.74
16.40
78.63
30 98
14.92
16.05
79
30
14
16
do
do
do
do
do
do
do
do
do
do
40.35
1.52
1.34
2.87
1.75
10.63
7.74
2.89
7.34
14.91
42.53
1.83
1.68
2.89
1.87
11.52
8.62
2.90
7.74
15.00
42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67
44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78
45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67
45.78
1.92
1.74
2.94
1.37
12.14
9 77
2.37
9.14
16 52
47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
48 86
2 04
1 46
1 29
1 33
14 64
12 16
2 48
10 70
17 39
12, 701
8,378
11, 995
7,510
14, 222
9,490
14, 574
9,602
14, 811
9,888
15, 374
10, 241
15, 806
10,582
15, 930
10, 696
15, 795
10, 461
16 547
11 030
Corporate profits and inventory valuation adjustment, total
bil. $._
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
do
Manufacturing, total...
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilitiesbil. $..
All other industries
do
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Dividends.
do
Undistributed profits
do
Inventory valuation adjustment
do
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
. bil. $..
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
do
Less: Personal outlays©
..do
Equals: Personal saving §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals :t
All industries
bil. $
Manufacturing
..
. . do ..
Durable goods industries 1
do
Nondurable goods industries f
do
Nonmanufacturing
Mining
Railroad
.
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication.
...
Commercial and other
do
do
.do
...
do ...
. do
do
. ...
do do
. . do
do
Seas. adj. qtrly. totals at annual rates:t
All industries
Manufacturing
Durable goods industries f
Nondurable goods industries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise, adjusted, excl . military
do
Transfers under U.S. military agency sales contracts .
mil $
Receipts of income on U.S. investments
abroad
.
mil. $
Other services
do
50, 623
33, 588
55,600
36, 490
62, 903
41, 980
1 395
1,515
1,480
9,233
6,407
10, 539
7,056
11, 409
8,034
41
32
46
21
25
81
30
14
16
61
12
06
06
865
116
749
691
58
9
7
2
2
0
7 45
3 60
3.86
73
2
7 33
i 82
29
14
15
38
74
53
21
1 99 A1
o 4.9
4 08
4.34
14 19
54
40
54
34
4 46
3 83
64
2
7 90
i 82
30
14
15
42
22
45
76
52 64
51 50
52 20
2 10
2 08
2 09
1 78
1 46
1 88
2 21
2 28
1 58
1 32
1 23
1 40
16 05
14 91
16 36
13 69
12 61
13 83
2 36
2 53
2 30
11 21
17 72 2 29 80 2 28 86
16 632
10 716
357
407
329
442
336
274
447
327
433
507
543
2,471
1,607
2,585
1,818
2,716
1,814
2,767
1,820
2,925
1,934
2,791
1,986
2,855
2,052
2,839
2,062
2,897
3,239
2 113
6 5
36 4
63
2,339
1,627
Imports of poods and services
do
— 48 134 -53, 589 -59,311 -12, 384 -11. 657
-32,964 -35, 830 -39,870 -8,441 -7.589
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
-4,535 -4,856 -4,851 -1,173 -1,198
Payments of income on foreign investments in the
-929
-800
U.S .
mil $ -3,013 -4,564 -5, 167
-7.621 -8,339 -9,425 -1,970 -1,941
Other services
do
r
Revised.
* Preliminary.
i Estimates (corrected for systematic biases) for JulySept, and Oct.-Dec. 1971 based on expected capital expenditures of business.
Expected ex2
penditures for the year 1971 appear on p. 14 ff. of the Sept. 1971 SURVEY.
Includes communication.
fSee corresponding note on p. S-l.
9 Includes inventory valuation adjustment,
t Re vised series; explanation of revisions and annual and quarterly data back
1947 appear on pp. 25 ff. of the Jan. 1970 SURVEY; see also pp. 19 ff. of the Feb. 1970
Digitized fortoFRASER
CO A
8
0
8
9
9
25 7
2 134
-13, 926 -13, 866 -14, 142 -14, 493 -14, 761 -14, 935 15, 125 —15,400 —16 654
-9,566 -9,278 —9, 397 -9,728 -9,831 -9,992 -10, 319 —10,761 —11 756
-1,187 -1,221 —1, 251 -1,182 -1,255 -1,211 -1,203 —1 174 -1 220
-1,078 -1,242 —1,315 -1,348 -1,322 -1,284 -1,213 -1 137 —1, 084
-2,095 -2, 125 —2, 179 -2,235 -2,353 -2,448 -2,390 -2.328 -2, 594
SURVEY.
©Personal outlays comprise personal consumption expenditures, interest
paid by consumers, and personal transfer payments to foreigners.
§Personal saving is
excess of disposable income over personal outlays.
^[Data for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
d"Revised; more complete details,
as well as revised quarterly data back to 1966, appear on p. 24 flf. of the June 1971 SURVEY.
October 1971
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1970
1968
III
Annual total
S-3
1969
IV
I
II
1970
III
IV
I
1971
II
III
IV
I
-803
-394
-836
-410
-770
-598
-1,748
1,586
-1,647
1,416
HP
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transfers, excl. military grants, net
mil. $.. -2, 875 -2,910
-2,268 -2,193
U.S. Government capitalflows,net.
. -do
-3, 148
-1,593
-758
-570
-779
-363
-630
-411
-839
-630
-693
-691
-5,383 -5,424
U S private capital flows, net
do
9,411 12, 306
Foreign capital flows, net
do
Transactions in U.S. official reserve assets, net
-880 -1,187
mil. $..
-6,914 -1,692 -1,662 -1,494 -1,889 -1,380
5,824
2,409
3,989
3,515
3,338
3,458
Allocation of special drawing rights (SDR) do
-493 -2,603
Errors and omissions net
do
2,489
2,011
Balance on goods and services
do
1,321
745
Balance on goods, services, and remittances
do
-386
—899
Balance on current account .
_ do _.
Balance on current account and long-term capital
mil.$_. -1,349 -2,879
867
-1,104
3,592
2,182
444
332
848
525
90
-3,038
-433
-754
-1,610 -6,084
1,641 2,702
172 -6,958
-3,821
-9,821
-4,721
-357
327
65
-531 -1,234 -3,019 -1,996
1,659
-410
1,337
-679
111 -1,469 -3,287 -2,366
Net liquidity balance
Official reserve transactions balance
Liquidity balance, excluding SDR
do
do
_ . do
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes areas shown in
the 1969 edition of BUSINESS STATISTICS
1969
2,477
-571 -1,076
1970
47 -1,092
338
317
52
26
-292
-462
-299
-628
296
-22
-543
-686
-717
708
386
15
-147 -2, 019 -1,070
-662
1,523
-756
-423
-753
-366
-1,941 -1,579
1,817
1,006
Sept.
Oct.
-842
-609
-2,230 -1, 967
2,615
4,937
-154
264
805
584
824
-166
669
328
-80
217
-59
881
543
125
217
-375
1,045
683
292
217
-437
995
636
192
216
-233
670
319
-166
180
179
-1,026 -2,335
1,147
-22
805
-379
377
-864
-570
-340
-832
-1,306 -3, 141
356 -1,297
163
384
164
-1,254
-868
-2,864 -1,404
-745
-1,629
1970
Aug.
Annual
-48
-749
-461
682
-675 -1,024
-2,075 -3,478
-1,154 -1,194
659
-2,548 -5,751
-5,53s -5,706
-3,236 -5,995
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. v
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates: t
Total personal income
750 3
803 6
809 0
814.9
813.6
815. 7
820.9
830.0
833.2
839.7
844.4
850.0
870.1
859.2
«- 867. 6
870.8
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
509.6
197.4
157.6
120.0
541.4
200.7
158 3
129.1
545.1
201.6
158 9
130.8
548.7
201.3
159.0
131.3
544.2
196.6
153.8
131.9
545.9
196.6
153.2
132.2
551.5
202.1
158.4
131.4
559.2
202.8
159.4
134.2
561.5
202.5
159. 2
135.4
566.1
204.3
160 2
136.8
569.0
205.4
160.6
137.6
573.3
207.1
162 0
138.7
574.8
207.5
162.4
138.6
574. 7
206.2
161.4
138.6
580.9
206.5
161.4
140.5
580.9
208.0
162.4
140.7
Service industries
Government. .
Other labor income-- ... . .
Proprietors' income:
Business and professional
Farm
88.1
104.1
28.2
96.7
114.8
30.8
97.2
115.5
31.2
97.8
118.3
31.4
98.8
116.8
31.7
99.8
117.3
32.0
100.4
117.7
32.2
101.9
120.3
32.4
102.4
121.2
32.6
103.3
121.6
32.8
103.9
122.1
33.1
105.0
122.6
33.4
105.7
123.0
33.7
106.3
123.6
33.9
107.4
126.6
34.1
107.5
124.7
34.3
50.3
16.8
51.0
15.8
51.4
14.6
51.4
13.9
51.5
14.2
51.4
14.5
51.5
14.6
51.2
14.7
51.1
14.8
51.3
14.9
51.4
15.1
51.5
15.2
51.6
15.3
51.7
16.1
51.8
17.0
51.9
17.9
22.6
24.4
58.8
65.9
23.3
25.0
64.7
79.6
23.4
25.2
65.6
80.8
23.5
25.4
66.3
82.9
23.5
25.4
66.5
84.7
23.7
25.5
66.7
84.5
23.8
23.9
66.8
85.1
23.9
25.6
66.9
86.8
23.5
25.7
67.0
87.8
24.0
25.5
67.0
89.1
24.1
25.5
67.3
89.8
24.2
25.6
67.5
90.5
24.3
25.2
67.5
109.0
24.4
25.6
68.1
96.2
24.5
25.7
'68.7
96.5
24.5
25.7
69.2
98.0
26.3
28.0
28.3
28.5
28.2
28.3
28.6
30.7
30.8
31.1
31.1
31.3
31.4
31.5
'31.7
31.7
727.7
781.4
788.1
794.2
792.5
795.0
800.5
808.7
811.6
818.0
822.5
827.9
848.0
836.4
' 843. 9
846.1
bil. $
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
FARM INCOME AND MARKETINGS \
Cash receipts from farming, including Government
payments total t
mil. $
51, 911
52, 948
7,024
4,582
5,847
5,183
4,233
4,283
3,406
3,557
3,493
3,443
3,763
6,146
4,590
Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total 9
_ do _ _
Dairy products
do __
Meat animals do
Poultry and eggs
do
48, 117
19, 527
28, 590
6,206
17, 639
4,426
49, 231
19,636
29, 595
6,523
18, 497
4,303
3,901
1,486
2,415
4,539
1,980
2,559
521
1,633
388
5,750
2, 965
2,785
542
1,852
374
5,153
2,884
2,269
4,201
1,999
2,202
1,267
354
3,383
1,113
2,270
525
1,434
286
3,543
1,082
2,461
587
1,539
313
3,418
1,374
4,242
1,929
2,313
562
1,400
327
976
2,442
581
1,527
308
3,428
952
2,476
618
1,521
310
3,744
1,246
2,498
585
1,558
334
3,986
1, 609
2,377
568
1,443
348
4,234
1,713
2,521
539
1,598
367
4,800
2, 100
2,700
534
1,749
349
Indexes of cash receipts from marketings and CCC
loans, unadjusted:©
All commodities O
1967=100.
Crops
do
Livestock and products
do__
113
106
118
115
106
122
no
97
119
128
129
127
162
193
138
145
188
112
118
130
109
119
126
114
95
72
112
100
70
122
96
64
121
96
62
122
105
81
124
112
105
118
119
112
125
134
137
131
Indexes of volume of farm marketings, unadjusted \\
All commodities O- .
1967 = 100
Crops
do
Livestock and products
do
105
110
101
104
103
104
99
92
105
113
116
110
148
181
122
137
183
103
117
135
103
122
145
104
83
67
95
85
58
106
81
48
106
81
47
107
91
68
109
101
100
102
106
105
107
118
127
112
..1967=100..
110.7
106.7
107.1
109.6
106.5
103.1
102.0
103.2
106. 1
106.0
106.5
107.3
r
109. 7
r 102. 0
...do
do
do
. . .do
do
109.0
111.1
117.4
108.8
106.1
104.4
110.3
99.9
104.7
96.1
104.5
112.4
75.2
107.7
93 5
107.8
116.9
94.7
109.3
95.0
104. 5
lib. 6
83.7
110.3
91.9
100.2
107.2
80.1
103.0
90.4
98.9
105.4
100.0
94.0
89.8
101.0
110.3
115.6
99.1
88.1
103.4
113.2
125.1
104.9
89.6
103.0
112.9
125. 3
105.9
89.1
102.9
113.6
121.9
106.9
88.0
102.7
113.5
127.2
106.9
87.6
' 107. 2
' 119. 3
r 101. 3
r
111.3
do
112.4
107.8
107.3
109.2
105.8
103.7
104.1
105.4
108.3
108.4
109.0
110.8
' 110. 9
. ...do
do
do. ..
110.5
110.0
111.1
105.2
101.5
110.6
104.9
99.3
113.1
107.6
102.2
115. 3
104.7
97.6
115.0
101.2
94.6
110.7
99.7
95.9
105. 2
100.9
96.8
106.8
104.3
100.2
110.2
104.4
100. G
109.8
105.0
100.4
111.7
106 0
101.7
112.1
' 108. 3
117.5
119.5
120.6
119.7
119.4
117.9
117. 0
' 120. 71
530
1, 508
359
519
360
556
INDUSTRIAL PRODUCTION d*
Federal Reserve Board Index of Quantity Output
Unadjusted, total index <?
By market groupings:
Final products
Consumer goods
Automotive products
Home goods and clothing.
Equipment
Materials
By industry groupings:
Manufacturing.
Durable manufactures
Nondurable manufactures
124.1
120.7
118.0
123.6
fSee corresponding note on p. S-l.
JSeries revised beginning 1967; monthly data prior to May 1970 are shown in the Farm
Income
Digitized
for Situation,
FRASERJuly 1970 and July 1971, available from the U.S. Dept. of Agriculture,
Economic Research Service.
GNew reference base, 1967 = 100; comparable data for earlier
http://fraser.stlouisfed.org/
periods will be shown later.
9 Includes data for items not shown separately.
Mining and utilities...
Federal Reserve Bank of St. Louis
do
112.7
r 130. 5
r 110. 6
'90.4
' 105. 2
108.4
' 105. 8
' 118.6
'94.9 ' 101. 3
' 100. 1 ' 108.6
'87.8
'87.2
109.6
123.6
126.4
lll.fi
90.0
'99.4
'100.8
' 90. 7 r 102. 6
' 93. 3 ' 93. 3
' 116. 3 ' 108. 9 ' 115. 9
r 102. 7
120. 7
' 124. 9
103, 8
106.3
9?. -4
IP 8
124.5
tive with the September Survey the industrial production index comparison base has been
updated from the 1957-59 average to the single year 1967. All revisions have been carried back
in detail to 1954. Historical data are available upon request from the Board of Governors of
the Federal Reserve System, Washington, D.C.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969"
1970 v
October 1971
1970
1971
i
Annual
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.p
GENERAL BUSINESS INDICATORS— Continued
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output— Con.
110.7
106.7
107.5
106.5
103.7
102.6
104.6
105.3
105.7
105.5
106.2
107.0
' 107. 2 ' 106. 1 ' 104. 8
105.3
do.. do . .
do
109.7
109.0
111.1
106.0
104.4
110.3
106.5
104. 9
111.6
105.2
103.5
110.1
103.6
101.4
109.0
102.6
100.2
107.7
104.2
102.2
110.8
104.6
102. 9
112.8
105.0
103.0
112.9
104.5
102.5
112.7
105.5
103.6
114.6
105.9
103.9
115.7
' 106. 1 ' 106. 5 ' 106. 2
r 104. 5 ' 104. 7 ' 104. 8
115.8 ' 116. 0
' 116. 1
106.3
104. 9
116.2
do
do
do
do
113.7
117.4
111.4
128.9
104.8
99.9
86.6
125.6
110.3
111.2
103. 9
125.4
102.2
91.1
70.4
130.9
97.1
77.6
51.1
128.7
95.5
76.0
51.8
122.3
102.9
110.0
88.6
122.2
' 108. 1
110.9
104.1
124.1
110. 6
' 111.6
117.8
112.2
128.6
112.2
113.7
103.2
133.9
117.2
123.1
108.3
151.4
r 116. 1
117.8
112.8
127.4
' 115.5 ' 114. 9
' 121. 2 ' 120. 1 ' 120. 5
107.9
107. 9
108.5
' 146. 8 ' 143. 6 ' 143. 2
115.3
121.4
108.0
147.2
111.6
107.7
115.7
107.6
103.4
108.4
109.9
109.9
108.0
108.6
106.7
108.6
108.3
109.8
108.8
106.6
107.6
108.6
104.6
104.5
106.3
106.5
104. 9
106.4
106.5
102.5
110.1
108.2
107.9
108.3
111.4
116.4
110.7
113.9
120.7
111.7
' 113. 3 '112.8
116.9 '115.0
113.6 '113.8
' 111.8
111.9
113.0
111.8
Nondurable consumer goods
do
Clothing
do
Consumer staples
do
Consumer foods and tobacco. . .do
Nonfood staples
do
110.1
105.6
111.4
107.3
115.6
' 112. 5
112.1
100.9
115.2
109.9
120.7
113.0
110.5
116.4
110.6
122.6
113.5
100.0
117.2
111. 9
122.9
112.3
96.3
116.6
112.5
120.9
113.8
99.1
117.7
112.8
122.9
114.6
99.7
118.5
114.0
123. 2
113.8
97.3
118.1
112.6
123.9
113.1
96.9
117.4
111.8
123.2
115.5
101.0
H9.4
112.7
126.4
115.1
102. 6
118.5
113.2
124.2
r 116. 0
r 101. 9
' 119. 9
115. 9
102.3
' 119. 5
113.5 ' 112. 0
' 126. 5 ' 127. 4
' 116.4
116.6
' 120. 6
' 113. 6
' 127. 8
120.9
113.7
128.0
Equipment
do
Business equipment
do .
Industrial equipment 9
-do
Building and mining equipment-do
Manufacturing equipment
do
106.1
107. 9
103.6
106.3
99.3
' 96. 2 95.5
101.1
101.7
98.8
97.6
95.9
92.9
' 91. 9 90.0
94.2
100.5
98.0
91.5
91.8
90.8
95.9
94.6
91.7
86.7
89.8
94.6
93.9
93.3
84.6
90.3
95.6
94.0
93.6
84.2
88.9
94.2
91.5
90.6
82.9
89.3
96.0
93.4
94.3
82.2
88.4
95.0
92.4
92.4
81.3
88.1
95.1
92.4
91.2
82.1
87.8
94.4
90.9
91.5
79.5
'88.2
95.0
90.9
88.8
80.1
'89.2
' 96. 2
' 91. 1
' 90.0
' 79. 8
89.3
96.8
92.3
90.0
81.6
do
do
do
112.8
114.4
113.6
103.7
110.6
94.4
106.5
111.9
99.5
103.4
110.0
92.5
97.1
108.2
79.8
95.6
106.0
77.5
97.9
105.3
87.4
97.2
105.5
88.6
99.0
107.0
89.1
98.0
106.6
87.2
98.2
107.1
87.3
98.4
107.6
87.3
99.6
107.6
90.5
do
103.2
87.9
85.1
83.9
82.6
81.7
81.2
80.0
78.1
77.5
76.5
76.9
do
do
do
112.0
113.0
111.2
111.9
110.6
113.0
112.2
111.7
112.5
111.4
110.0
112.8
111.9
111.5
112.1
111.6
110.4
112.4
112.1
112.5
111.9
110.9
111.1
110.8
112.5
111. 9
113.1
112.0
112.6
111.4
112.4
113.4
111.6
113.5
115.5
111.9
' 112. 4 ' 113. 3 ' 111.4
r 113. 5 ' 114. 1 ' 110. 0
r 111.6 ' 112. 6 112.6
111.2
110.0
112.1
112.4
112.2
112.2
105.9
112.8
116.3
111.7
107.8
103.4
96.5
95.1
112.5
113.0
117.0
109.3
106.4
107.1
94.7
111.6
112. 1
118.6
109.0
105.1
101.7
93.7
112.9
113.2
119.7
104.1
96.2
80.4
88.0
113.4
112.6
118.2
102.8
93.6
76.9
86.6
113.3
112.6
117.8
105.4
99.4
95.8
86.6
112.1
111.8
117.6
106.5
101.5
99.4
88.4
111.7
111.2
117.8
106.8
101.6
101.4
87.6
112.1
111.7
118.6
107.1
101.9
103.2
86.4
112.0
111.9
121.1
107.5
102.2
102.8
86.0
112.7
113.2
121.0
108.9
104.8
105.1
88.9
112.8
113.7
119.7
' 109. 0
103.0
104.8
87.1
' 115. 5
* 117. 5
' 121. 1
' 105. 5
' 98. 9
'98.8
'87.0
' 112. 5
' 113.4
' 119. 7
' 102. 4
' 93. 7
' 100. 9
'81.0
' 113.0
' 114. 9
' 115.9
103.7
95.7
98.6
80.6
112.6
115.0
118.4
do.- do
do
do
do
do
do _ -
110.5
110.0
113.8
114.1
113.0
116.0
113.6
105.2
101.5
108.1
106. 9
105.3
109.8
109.4
105.5
103.5
111.8
111.9
111.8
111.8
111.8
104.8
100.7
108.9
108.8
108.2
111.1
109.0
101.4
95.7
104.2
102.5
102. 4
103.3
106.3
110.2
93.8
101.2
98.4
95.6
104.8
104. 5
102.4
97.3
105.1
104.3
101.4
112.6
106.2
103.3
98.1
106.8
108.1
106.9
111.2
105.4
103.9
98.6
106.0
105.5
104.8
107.7
106.6
103.2
98.3
105.8
106.6
105.2
109.8
104.9
104.4
99. 1
108.6
108.7
109.1
108.2
108.5
105.7
100.5
111.5
114.3
112.9
115.8
108.5
' 105. 6
' 100. 1
108.3
108.1
105.3
' 111.3
108.5
' 104. 8
'99.3
' 104. 5
' 98. 9
'99.8
'96.2
' 110. 8
' 103. 1
103.3
'96.3
96.8
' 92. 3 95.8
'78.0
87.1
'63.3
78.3
103. 9
' 108. 2 105.5
do
do.
do
do
108.2
106.8
106.0
107.7
97.6
' 100. 5
99.6
' 101. 4
99.6
101.5
100.4
102.8
96.2
100.4
99.8
101.1
89.9
96.5
95.6
97.5
88.4
94.9
93.2
96.7
92.4
94.8
92.4
97.4
93.0
93.4
90.1
97.1
93.5
94.2
92. 3
96.3
93.0
94.0
91.1
97.1
92.7
94.2
91.4
97.4
93.8
95.3
90.9
100.2
r 94. 4
'94.5
' 97. 4
' 94. 9
' 100. 2
do do
do
do
107.6
115.4
100.2
116. 1
90.3
96.9
83.9
110.8
96.1
111.3
81.4
110.5
87.5
94.6
81.0
108. 9
73.8
68.6
78.8
107.3
71.7
65.4
78.0
106.5
86.8
98.5
75.8
104. 9
91.1
107.7
75.2
106.5
92.6
113.0
72.9
105.3
91.3
112.2
71.2
105.5
89.5
108.4
71.4
106.7
90.9
110.2
72.3
108.0
'91.7
'111.7
72.4
108.5
Seasonally adjusted, total index c?
By market groupings :cf
Products total
Final products
Consumer goods
.. -1967 =100- .
--
Durable consumer goods
Automotive products
Autos
-Auto parts and allied goods
Home goods 9
Appliances, TV, and radios
C arpeting and furniture
Commercial, transit, farm eq 9
Commercial equipment
Transit equipment
Defense and space equipment
Intermediate products
Construction products
Misc intermediate products
do . .
do
.do
Materials
do
Durable goods materials 9
do
Consumer durable parts
do. .
Equipment parts
-- --do
Nondurable goods materials 9
do
Textile, paper, and chem. materials- .do
Fuel and power industrial
do
By industry groupings :d"
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
r
101.2
115.4
110.6
120.4
r
'77.1
'95.2
91.6
' 99.2
' 89. 3
'96.4
' 91. 9
' 88. 9
'81.2
' 101. 5 ' 101. 9
' 109. 8 ' 110. 2
'88.4
'89.3
'77.7
'77.7
114.0
101.8
110.5
89.6
76.9
'94.6
'95.8
' 94. 6
' 97. 1
94.2
95.7
95.0
96.6
'88.5
91.1
' 106. 7 ' 112. 9
'71.0
'70.2
' 108. 7 ' 109. 2
90.4
113. 9
67.7
107.8
Lumber clay and glass
Lumber and products
Clay glass and stone products
do. .do
do
111.1
108.6
112.5
106.3
106.3
106.3
106.6
108.9
105.1
105.6
107.2
104.8
105.3
106.8
104.5
105.0
106.4
104.1
107.5
106.8
107. 9
106.9
109.7
105.3
109.8
110.8
109.2
110.8
110.3
111.1
113.0
112.5
113.3
112.3
110.0
113.7
' 111.0 ' 112. 2 ' 111.7
111.0 ' 115. 4 116.2
' 111. 1 110.3
109. 1
110.9
Furniture and miscellaneous
Furniture and
fixtures
do
do.
111.6
107.4
115.5
108.8
99.4
117.3
110.0
100.1
119.1
109.4
99.3
118.5
108.7
100.1
116.7
105.7
96.5
114.0
104.9
95.5
113.4
105.2
94.2
115.2
107.1
96.0
117.2
105.6
95.0
115.4
109.5
98.7
119.3
109.9
97.6
121.2
' 111.3 ' 111.4 '110.0
100. 9 ' 99.9
97.9
' 120. 7 ' 122. 1 121.1
108.0
do - do
do
do
do
111.1
105.9
113.2
102.5
96.0
110.6
100.2
106.3
97.8
90.8
108.6
99.3
105.6
97.0
89.5
110.7
99.1
105.2
96.8
90.2
109.7
98.7
104.1
96. 9
89.6
109.6
96.0
102.8
93.4
85.0
110.0
97.1
103.3
94.9
86.7
110.9
98.6
103.1
97.4
89.5
111.7
98.0
105.4
94.5
89.0
110.4
97.3
105.3
94.0
85.4
112.1
99.8
106.3
97.3
89.9
113.3
101.5
107.5
99.7
89.8
' 113. 7
' 102. 4
' 113. 2
' 97. 1
89.3
do
do
do
109.1
114.2
105.7
107.8
113.3
104.1
107. 9
112.7
104.6
106.7
109.8
104.5
106.1
111. 9
102.3
106.4
113.3
101.9
105.0
110.6
101.2
107.1
116.9
100.5
108.1
116.0
102.8
104.6
111.0
100.2
106.9
114.4
101.8
106.9
115. 1
101. 4
' 106. 0 ' 106. 1 ' 107. 8
113.4
113.6
116.5
101.0 ' 101. 0 ' 102. 0
106.8
Chemicals, petroleum, and rubber. _ _ d o
Chemicals and products
do
Petroleum products
do
118.4
120.4
108.4
119.5
118.2
120.2
112.6
115.7
117.8
119.4
112.1
117.5
119.1
121.5
112.9
115.9
117.2
120.3
113.2
110.0
117.8
119.7
116.9
111.4
118. 9
121.2
118.1
111.8
118.2
119.3
117.2
115.5
120.9
121. 7
117.1
120.6
120.5
121.0
116.3
122.7
122.4
123.4
115.8
124.5 j
124.2
123.7
112.7
135. 4
' 125. 3 ' 124. 0 ' 124.3
' 126. 8 ' 125. 0 ' 125. 4
' 115. 0 ' 114. 8 115.0
129. 1 '128.0
127.9
124.1
125.9
Foods and tobacco
Foods
Tobacco products
do
do
do
107.5
108.3
96.8
110.8
111.7
100.0
104.4
104.7
100.4
112.0
113.1
100.5
111.7
112.3
104.4
111.9
112.7
102.3
112.5
113.5
99.5
113.9
114.6
106.6
113.1
114.1
100.1
112.2
113.8
90.3
112.9
114.1
96.9
113.6
114.6
100.3
113.7
115.4
92. 1
' 113. 5 ' 112. 9
' 114.8 ' 114. 2
96.6
113.8
115.0
Mining and utilities
Mining
Metal mining
Stone and earth minerals
Coal oil and gas
Coal
Oil and gas extraction
Crude oil
do
do
do
do
- do. do
do
do
112.7
107.2
124.8
102.8
106.1
101.1
106.9
104.8
118.0
109.7
131.3
98.8
109.2
105.8
109.7
109.4
118.4
108.8
129.1
97.6
108.6
108.8
108.7
108.2
121.1
110.9
130.5
96.2
111.3
109.7
111.5
112.3
121.9
112.4
134.3
98.6
112.3
108.7
112. 9
114.5
120.6
113.7
148.5
98.4
112.6
107.9
113.4
114.7
120.1
112.1
144.7
97.3
111.0
103.6
112.3
113.1
119.3
111.1
140.1
<J5. 6
110.6
112.3
110.3
111.1
119.9
110. 1
139.0
96.3
109. 3
108.8
luy. 3
HO. 1
120. 2
111.4
135.1
95.6
111.4
116.2
110.6
112.7
120. 6
110.4
124. 7
94,2 !'
111.4
115.5
110.8
1H.-J !
119.0
108.6
122.6
92. 4
109.6
110.2
109. 6
1U9.5
* 120. 7
' 108. 9
'117.3
96.4
'T 109. i)
109. 4
110.0
109.8
' 120. 0 '
' 105. 8 '
' 93. 3
' (UJ. 2
109. 3 '
' 100. 4 '
' 109. 2 '
' 107. 8
121.5
107.3
134.0
133. 9
130.5
128.5
119.5
Utilities
do -.
137.5
137. 6
133.2
130.8
' 121. 2
Electric
do
121. 9
121.7
121.4
114.0
121.
0
Oas
do
r
Revised.
* Preliminary.
cf See corresponding note on p. S-3.
9 Inciudes data for items not shown separately.
fRevisec1 data for 1961-65 f 3r mfg. a id
trade invent., total, unadj. and seas. adj.. and invent.-sales ritios for n ifg. and trade, to al
http://fraser.stlouisfed.org/
appear on pp. 38 tf. of the Oct. 1970 SURVEY; those for 1966-7() for mfg. and trad e sales a ad
129.6
131. 9
122.1
130.2
132.5
122.4
N endurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
Paper and printing
Paper and products
Printing and publishing
Federal Reserve Bank of St. Louis
--
' 113. 0 '112.9
112.8
' 101. 5 ' 99. 2 99. 1
' 108. 5
107.4
99.7
'86.7
84.1
119. 7
105. 6
100 7
88.9
108. 6
104.9
109. 2
107. 7
102.7
108. 9
106.4
109.3
129.6
132. 2
131.5
133. 2
132.1 ' 135. 6 ' 137. 8 ' 137. 4 139. 3
134. 9
133.6
131.5
135. 5
133.8 ' 138. 3 ' 140. 8 ' 140. 2 142.5
123. 0
124. 3
123. 6
inven t., total, un-.irli. a, id seas. adj., and total mfg. and trade invent.-sales ratios appear on
p.20c f the Sep t. iv71 Si H V E Y . R evised atita for IfGl-fiS for unadj, and seas. adj. mfg. and trade
sales, ,otal and for 1961- une 1970 for i nver t. -sales raii os (mgf., total, durable, and nondurable)
are av aiiable u pou reqL est (see iilso corre spending note on p. S-7).
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptii e notes are as shown in
the 1969 edition of BUSIN] :SS STATISTICS
1969
1970
Annual
S-5
1971
1970
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS £ ALES §
mil. $._ 1,231,886 1, 264, 359 104, 729 108, 385 109, 021 103, 621 112, 030
Mfg. and trade sales (unadj.), total f
99, 030 103, 445 113, 021 113, 431 113,986 120, 153
do
11,231, 886 11,264, 359 107, 123 106, 672 104, 523 103,411 105, 663 108, 210 109, 913 111,733 112,421 113, 493 115, 014
Manufacturing, total f
Durable goods industries
Nondurable goods indust ies
do
do
do
1 643, 545 1 653, 145
354, 465 352, 189
289, 080 300, 956
55, 644
30, 483
25, 161
55, 073
29,900
25, 173
53, 235
28, 152
25, 083
52, 562
27, 680
24, 882
54, 464
29, 185
25, 279
55, 718
30, 166
25, 552
56, 982
30, 856
26, 126
57, 790
31,616
26, 174
57, 680
31, 308
26, 372
58, 352
31, 850
26, 502
58, 988 '58,185
32, 650 *31,890
26, 338 '26,295
Retail trade total
Durable goods stores
Nondurable goods stores
do
do
do
1351,633 1 364, 571
112,779 109, 694
238, 854 254, 877
30, 781
9,503
21,278
30, 885
9,556
21, 329
30,534
8,927
21,607
30, 208
8,380
21, 828
30, 481
8,659
21, 822
31,154
9,480
21,674
31,597
9,791
21,806
32,267
10,181
22,086
32, 844
10, 449
22, 395
32, 692
10,217
22, 475
33, 310
10, 518
22, 792
Merchant wholesalers, total
Durable goods establishm mts
Nondurable goods establij hments
do___
do
do
1236,708 1 246, 643
109, 578 111,778
127, 130 134, 865
20,698
9,420
11, 278
20, 714
9,435
11, 279
20,754
9,410
11,344
20, 641
9,273
11, 368
20, 718
9,226
11,492
21, 338
9, 430
11, 908
21,334
9,458
11,876
21,676
9,736
11,940
21, 897
9,887
12, 010
22, 449
10,350
12, 099
22, 716 '22,621
10, 510 ' 10, 365
12, 206 '12,256
Mfg and trade sales (seas ad ) total t
57, 393
31, 175
26, 218
0
22, 602
10, 470
12, 132
BUSINESS INVENTORIES§
Mfg. and trade inventories, be ok value, end of year
or month (unadj.), total f
mil. $ _ 164, 290
170, 300
Mfg. and trade inventories, b( ok value, end of year
or month (seas adj.),tota t
mil. $
165, 659
171, 998
170,205 170,956 171, 168 171, 768 171, 998 172, 508 172, 840 173, 706 174, 194 174, 933 175, 252 '175, 560 176,238
96, 673
63, 160
33, 513
44, 623
19, 980
24, 643
24, 363
14, 579
9,784
100, 476
65, 152
35, 324
44, 918
19, 040
25, 878
26, 604
15, 565
11,039
99, 329
64, 913
34, 416
45, 453
20, 119
25, 334
25,423
15, 165
10, 258
Manufacturing, total f
Durable goods industries
Nondurable goods industr es
Retail trade total t
Durable goods stores
Nondurable goods stores
_
Merchant wholesalers, total
_
Durable goods establishments
.
Nondurable goods establisl iments
do
do
do
do
do
do
do
do
do
168,252 168,946 171, 120 173, 107 170, 300 171, 263 172, 791 174, 920 176, 115 176, 535 175, 554 '174, 658 174, 146
99, 576 100, 282 100, 927 100, 476 100, 878 100, 602 100, 502 100, 420 100, 647 100, 536 '100, 194
64, 965 65, 218 65, 517 65, 152 65, 308 65, 090 65, 082 65, 033 65, 079 64, 825 -64,692
34, 611 35, 064 35, 410 35, 324 35, 570 35, 512 35, 420 35, 387 35, 568 35,711 '35,502
45, 691 44, 883 44, 507 44, 918 44, 984 45,432 46, 416 46, 728 47,146 47, ?83 47. 500
20, 270 19, 291 18, 542 19, 040 18, 987 19,480 20, 131 20, 232 20, 716 20, 815 20, 87')
25, 421 25, 592 25, 965 25, 878 25, 997 25, 952 26, 285 26, 496 26, 430 26, 568 26, 621
25, 689 26,003 26,334 26, 604 26, 646 26,806 26, 788 27, 046 27, 140 27, 333 '27.866
15,451 15, 565 15, 653 15,840
15, 275 15,369
15,780 16, 025 16, 128 16, 197 r 16. 581
10, 414 10,634 10,883 11,039 10, 993 10,966
11,008 11,021 11,012 11, 136 '11,235
100, 177
64, 630
35, 547
48, 187
21, 450
20, 737
27, 874
16, 562
11,312
BUSINESS INVENTORY -SALES RATIOS
Manufacturing and trade tota 1 t
Manufacturing, total t ,
Durable goods industries t
Materials and supplies
Work in process
Finished goods
Nondurable goods industri *s f
Materials and supplies
Work in process
Finished goods, ._
.
Retail trade, total t
Durable goods stores
Nondurable goods stores
ratio
1.56
1.60
1.59
1.60
1.64
1.66
1.63
1.59
1.57
1.55
1.55
1.54
1.52
do
do
do
do
do
1.75
2.07
.61
.96
.50
1.82
2.20
.64
1.00
.55
1.79
2.13
.62
.97
.54
1.81
2.17
.63
.99
.55
1.88
2.32
.67
1.05
.59
1.92
2.37
.69
1.07
.61
1.84
2.23
.65
1.00
.58
1.81
2.16
.63
.97
.56
1.77
2.11
.62
.94
.55
1.74
2.06
.60
.91
.55
1.74
2.08
.62
.91
.55
1.72
2.04
.61
.90
.53
1.70
1.99
.60
.87
.51
' 1. 72
2.03
.63
,88
.52
1.75
2.07
.63
.91
.53
do
do
do
do
1.36
.52
.21
.63
1.37
.50
.20
.66
1.37
.50
.20
.67
1.37
.50
.20
.68
1.40
.51
.20
.69
1.42
.52
.21
.70
1.40
.52
.20
.68
1.39
.51
.20
.68
1.36
.50
.19
.67
1.35
.49
.19
.67
1.34
.49
.19
.66
1.34
.49
.19
.66
1.36
.50
.20
.66
1.35
.49
.20
'.6ti
1.36
.50
.20
.66
do
do
do
1.47
2.05
1.19
1.47
2.13
1.18
1.48
2.12
1.19
1.48
2.12
1.19
1.47
2.16
1.18
1.47
2.21
1.19
1.47
2.20
1.19
1.44
2.00
1.20
1.44
1.99
1.19
1.44
1.98
1.19
1.42
1.94
1.18
1.44
2.03
1.18
1.42
1.98
1.17
1.19
1.53
.89
1.23
1.61
.92
1.23
1.61
.91
1.24
1.62
.92
1.25
1.63
.94
1.28
1.67
.96
1.28
1.69
.96
1.25
1.66
.92
1.26
1.67
.92
1.24
1.62
.92
1.24
1.62
.92
1.21
1.56
.91
1.20
1.54
.91
1. 23
' 1. 60
.92
1.23
1.5S
.93
17, 189
20, 122
1,517
1,676
1,750
1,770
1,675
1,668
1,529
1,523
1,785
1,621
1,550
1,644
1,838
1,894
2,017
1, 898
1,708
1,681
1,803
1,741
1,752
1,706
Merchant wholesalers, total
do
Durable goods establishme: its
do
Nondurable goods establisl' ments do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDE RS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj., total _
_
do
Shipments (not seas, adj.) total f
Durable goods Industries, toti!9
Stone, clay, and glass products. _ . _
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts __
Instruments and related pr >ducts
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 producl s
Rubber and plastics produc
fcs
Shipments (seas, adj.), total tBy industry group:
Durable goods industries, t< >tal 9
Stone, clay, and glass pro lucts.
Primary metals . _
Blast furnaces, steel mil is
Fabricated metal product ;
Machinery, except electrii al
Electrical machinery
Transportation equipmen t
Motor vehicles and pan s
Instruments and related rroducts
1,721
1, 900
do
643, 545
653, 145
53, 702
57, 236
55, 415
52, 699
53,006
51, 947
57, 410
59, 383
58, 379
58, 709
62, 142 ' 53, 478 55, 992
do
do
do
do
354, 465
17, 074
55, 153
26, 343
352, 189
17, 746
55, 740
25, 733
28, 239
1,572
4,598
2,196
30, 815
1,617
4,845
2,301
29, 133
1,600
4,409
1, 951
27, 723
1,414
4, 169
1,836
28, 766
1,407
4,178
1, 950
27, 981 31, 280
1,464
1,373
4, 51 1 4,918
2,200
2,385
32, 898
1,616
5,270
2,576
32, 003
1,754
5, 694
2, 880
32, 536
1,772
5,814
2,860
34, 949 ' 28, 485
1,905 ' 1,765
5, 810 ' 4, 923
3,000 ' 2, 775
29, 510
1,937
3,743
1,334
39, 579
55, 649
49, 123
87, 093
51, 524
11,726
41, 920
56, 135
50, 819
81,173
45, 113
12, 153
3,512
4,425
4, 189
5,764
2,887
1,015
3,735
4,807
4,672
6,714
3,815
1, 089
3,599
4, 539
4,572
6,104
3,177
1,020
3, 435
4,336
4,516
5, 925
3,048
976
3,430
4,467
4,521
7,060
3, 918
955
3,185
4,400
4,004
6, 913
4,474
870
3, 492
4,944
4,416
8,027
5,186
957
3,596
5,230
4, 479
8,475
5,455
959
3,548
4,956
4,218
7,554
4, 895
960
3,623
4,923
4,304
7,803
4,979
976
'
'
'
'
'
3,794
4,724
4,406
6, 247
3,766
978
do
do
do
do
289, 080
93, 550
5,151
23, 112
300, 956
99, 767
5,464
22, 297
25, 463
8,256
474
1,850
26, 421
8,885
482
1,992
26, 282
8,814
469
2,026
24, 976
8, 352
461
1, 908
24, 240
8,286
493
1,827
23, 966
7, 975
437
26, 130
8, 497
450
26, 485
8,672
465
26, 376
8,570
463
26, 173
8,606
484
do
do
do
do
24, 057
48, 153
24, 412
15, 733
25, 192
48, 763
26, 604
17, 502
2,113
4,101
2,246
1,453
2,148
4,212
2,223
1,482
2,167
4,072
2,242
1,484
2,068
3,889
2,232
1,367
2, 024
3,642
2,348
1,273
2,007
3,850
2,289
1,338
2,141
4,305
2,373
1,501
2,211
4,291
2,275
1,563
2,148
4,537
2,323
1,618
2,153
4,454
2,282
1,647
do
do
do
do .
do
do
3,800
5,383
4,759
8,657
5,298
1,034
3, 223
4, 486
4, 045
5, 852
3, 520
' 926
27, 193 ' 24, 993 26, 482
8,961 ' 8, 470 8,726
506
513
533
2,300
4,549
2,382
1,690
'
'
'
'
2, 045
4, 058
2, 327
1, 501
do
55, 644
55, 073
53, 235
52, 562
54, 464
55, 718
56, 982
57,790
57, 680
58, 352
58, 988 ' 58, 185
do
do
do
do
30, 483
1,480
4, 809
2,266
29, 900
1,475
4,895
2,409
28, 152
1,461
4,450
2,062
27, 680
1,444
4,316
2,002
29, 185
1,551
4,439
2,124
30, 166
1,617
4,624
2,202
30, 856
1,587
4,780
2,327
31,616
1, 659
5,014
2,401
31, 308
1, 728
5,385
2,667
31, 850
1,713
5, 501
2,641
32, 650
1,762
5,404
2,750
31, 890
' 1, 793
' 5, 312
r 2, 940
3,503
4, 696
4,301
7,641
4,657
1.002
3,617
4,682
4,355
6,761
3,830
990
3,466
4,505
4,376
5,796
2,859
963
3,511
4,407
4,402
5, 617
2,803
926
3,582
4,440
4,497
6,726
3,890
900
3,507
4, 908
4,380
7,142
4,442
984
3,458
4,748
4,369
7, 832
5,010
1,010
3,534
4, 936
4,340
8,018
5,132
967
3,459
4,794
4,348
7,340
4,730
1.007
3, 591
4,855
4,501
7,388
4,576
1,007
3,550
5,015
4,476
8,011
4,647
982
' 3, 437
' 4, 937
' 4, 434
'7,516
' 4, 962
' 1 . 022
_do _
do
do
do
do
do
'_ Revised.
1 Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments for Aug. 1971 do not 'eflect revisions for selected components. §The term "business" here includes only manui icturing and trade; business inventories as shown on p. S-l
cover data for all types of produc 3rs, both farm and nonfarm. Unadjusted data for manufacturDigitized
ing for
are FRASER
shown below and on p. £ -6; those for wholesale and retail trade on pp. S-ll and S-12.
'1,521
' 1,707
T
2,277
4, 292
2,308
1,602
57, 393
31, 175
1,826
3,885
1,378
3,788
5,030
4,520
7, 625 ..-'-5,055
963
fSee corresponding notes on pp. S-4 and S-7.
JSee corresponding note on p. S-12.
9Includes
data for items not shown separately.
a
Retail sales data are being revised; data for August, as well as revisions for earlier periods,
will appear in the November SURVEY.
SUEVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
I 1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov. Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
26,338 '26, 295
8,699 ' 8, 739
495
491
Aug.
Sept
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt— Continued
Shipments (seas, ad j.)t— Continued
By industry group:
Nondurable goods industries, total 9 — .mil. $. .
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By market category:
Home goods and apparel
do
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series)
do
Defense products (new series)
do
Producers' capital goods industries
do
Inventories, end of year or month :t
Book value (unadjusted), total
Durable goods industries total
Nondurable goods industries total
Book value (seasonally adjusted) totalt
By industry group:
Durable goods industries, total 9
Stone clay and glass products
Primary metals
Blast furnaces steel mills
25,161
8, 21>
451
1,83J
2,094
4,087
2,221
1,503
25,173
8,335
467
1,868
2,067
4,021
2, 189
1,470
25,083
8,363
479
1,856
2,071
3, 975
2,232
1,406
24,882
8,252
458
1,856
2,050
3,976
2,219
1,383
25,2798,310
493
1,920
2,073
4,033
2,347
1,357
25,552
8,497
489
26,126
8,667
478
26,174
8,747
479
26,372
8,882
471
26,502
8,795
471
2,150
4,064
2,317
1,448
2,144
4,303
2,398
1,484
2,173
4,192
2,344
1,499
2,137
4,290
2,368
1,538
2,171
4,315
2,295
1,604
2,219
4,363
2,287
1,582
2, 187
4, 330
2, 344
1, 637
2.258
4,266
2,281
1,659
161, 247
1128,970
199, 238
153, 590
153, 344
1256,756
5,173
10,659
8,378
5,318
4,519
21,597
5,301
10,781
8,296
4, 509
4,536
21,650
5,292
10,798
8,217
3,509
4,438
20,981
5,304
10,685
8,034
3,444
4,426
20,669
5,457
10,838
8,037
4,542
4,626
20,964
5,311
10,858
8,363
5,042
4,790
21,354
5, 340
11,182
8,273
5,623
4,776
21,788
5,489
11,290
8,479
5,700
4,941
21,891
5,516
11,431
8,217
5,283
5,019
22,214
5,583
11,274
8,555
5,136
5,116
22,688
5,437 ' 5, 295
11,286 11,218
9,134 ' 8, 336
5,226 ' 5, 516
5,171 ' 5, 154
22,734 '22,666
5,250
11, 308
8,522
5,631
5,328
21, 354
126, 485 125, 713
146, 051 146, 603
124, 511 i 24, 308
170, 093 171, 159
2,091
3,920
2,112
6,034
2,170
3,897
2,121
5, 947
2,174
4,016
2,184
5,819
2,181
3,860
2,036
5,815
2,263
3,877
2,021
5,821
2,231
3,755
1,913
6,125
2,234
3,740
1, 898
6,054
2,379
3,771
1,887
6,181
2,435
3,594
1,825
5,973
2,396
3,820
2,006
6,203
2,407
4,338
2,589
6,396
99,030
64, 816
34, 214
98,708
64, 497
34, 211
99,501
64, 696
34, 805
100,264
65, 013
35, 251
100,135 100,977
64, 781 65, 133
35, 354 35, 844
101,112 100,956
65, 352 65, 412
35, 760 35, 544
101,257 101,626
65, 649 65, 790
35, 608 35,836
100,734 '99, 826
65,046 '64, 482
35, 688 '35, 344
163, 134
1121,708
196, 846
160, 053
151, 722
1250,082
96, 390
'
'
'
'
26, 218
8,689
488
' 2, 328 2,408
' 3, 548 3,574
2,074
' 2, 010
' 6, 304
6,473
do
do
do
33, 552
62,838
100,135
64, 781
35, 354
do
96, 673
100,476
99,329
99,576
100,282
100,927
100,476
100,878
100,602
100,502
100,420
100,647
100,536 100,194 100, 177
do
do
do
do
63, 160
2,126
8,281
4,419
65, 152
2,278
9,139
4,854
64, 913
2,253
8,966
4,828
64, 965
2,283
8,987
4,800
65, 218
2,306
9,114
4,866
65, 517
2,313
9,233
4,948
65, 152
2,278
9,139
4,854
65, 308
2,281
9,443
5,102
65, 090
2,263
9,487
5,117
65, 082
2,267
9,498
5,138
65, 033
2,265
9,333
5,040
65, 079
2,269
9,236
4,985
64, 825 '64, 692 64, 630
2,280 ' 2, 293 2,320
9,170 ' 8, 821 8,959
4,815
4,464
4,639
6,653
6,972
14, 072
10, 186
14, 133
4,115
2,417
6,889
13, 861
10, 193
14, 374
3,908
2,432
6,949
13, 874
10, 239
14, 281
3,840
2,446
6,941
13, 968
10, 303
14, 267
3,958
2,421
7,068
14, 026
10, 256
14, 297
4,041
2,412
6,972
14, 072
10, 186
14, 133
4,115
2,417
7,061
13, 970
10, 022
14, 032
3,994
2,421
7,072
13, 976
9,968
13, 870
3,981
2,387
7,122
13, 932
10, 020
13, 813
3,996
2,374
7,140
13, 879
10, 005
13, 942
4,076
2,365
7,283
13, 837
9,930
14, 035
4,193
2,379
7,410 ' 7, 510 7,550
13, 854 13, 831 13, 732
9,973 ' 9, 920 9,907
13, 668 13, 796 13, 593
4,289 ' 4, 233 4,034
2,358 ' 2, 327 2,346
19, 056
3,309
6,326
3,251
18,771
3,247
6,302
3,138
18,825
3,271
6,297
3,115
18,869
3,329
6,265
3,148
19,006
3,355
6,304
3,246
19,056
3,309
6,326
3,251
19,109
3,389
6,422
3,145
19,061
3,396
6,448
3,086
18,996
3,373
6,431
3,037
19,359
3,358
6,504
3,164
19,570
3,330
6,495
3,285
19,696 19, 932 19, 721
3,420 ' 3, 403
3, 459
6,490 ' 6, 570 6, 509
3,151 ' 3, 166
2,992
Fabricated metal products
do —
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts...
do
Instruments and related products. _do
13, 203
9,832
14, 682
4,081
2,256
99, 868
64, 531
35,337
By stage of fabrication:
Materials and supplies 9
Primary metals
Machinery (elec and nonelec )
Transportation equipment
do
do
do
do
Work in process 9
Primary metals
Machinery (elec and nonelec )
Transportation equipment
do
do
do
do
10, 932
9,869
29, 233
3,168
11,210
9,406
29,659
3,097
11, 251
9,741
29,622
3,117
11, 256
9,713
29,636
3,145
11, 342
9, 670
29,665
3,204
11,301
9, 580
29,233
3,168
11,210
9, 406
29,254
3,315
10, 905
9, 430
28,944
3,277
10, 836
9,326
28,811
3,213
10, 754
9,338
28,594
3,166
10,703
9, 343
28,547
3,126
10, 678
9,333
28,329 '28, 177 28, 306
3,068 '2,960
3,020
10, 758 10, 605 10, 570
9,112 ' 9, 243 9,193
Finished goods 9
Primary metals _
JMfachinery (elec and nonelec )
Transportation equipment
do
do
do
do
15, 519
2,370
5,932
1,470
16, 863
2,662
6,722
1,476
16,483
2,622
6,501
1,495
16,518
2,599
6,560
1,453
16,713
2,640
6,664
1,449
16,846
2,674
6,677
1,471
16,863
2,662
6,722
1,476
16,945
2,739
6,665
1,457
17,085
2,814
6,660
1, 458
17,275
2,912
6,767
1,438
17,080
2,809
6,677
1,435
16,962
2,780
6,594
1,417
16,800 16, 583 16, 603
2,682 ' 2, 458
2,480
6,579 ' 6, 576 6,560
1,405 ' 1, 387 1,408
Nondurable goods industries, total 9- .do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods
do
33, 513
8,230
2,208
3,655
2,588
6,153
2,150
2,066
35, 324
8,765
2,191
3,398
2,769
6,758
2,418
2,165
34, 416
8,246
2,178
3,507
2,713
6, 529
2,341
2,088
34, 611
8, 329
2,179
3,471
2,719
6,604
2,336
2,115
35, 064
8, 593
2,195
3,516
2,704
6,654
2,367
2,133
35, 410
8,781
2,221
3,461
2,732
6,726
2,455
2,154
35, 324
8,765
2,191
3, 398
2,769
6,758
2,418
2,165
35, 570
8,932
2,207
35, 512
8,879
2,265
35, 420
8,858
2,215
35, 387
8,756
2,214
35, 568
8,894
2,190
35,711 '35, 502 35, 547
8,966 ' 8, 791 8,774
2,180 ' 2, 142
2,118
2,756
6,725
2,407
2,132
2, 734
6,750
2,381
2,123
2,718
6,746
2,348
2,147
2,725
6,745
2,351
2,142
2, 738
6,799
2,375
2,131
2,731
6,808
2,402
2,131
12, 583
5,135
15, 795
13, 026
5,055
17, 243
12,510
5,063
16,843
12,524
5,074
17,013
12,718
5, 119
17,227
12,874
5,141
17,395
13,026
5,055
17,243
13,024
5,116
17,430
13,013
5,090
17,409
12,897
5,092
17,431
12,927
5,090
17,370
12,918
5,155
17,495
13,058 12, 989
5,143 ' 5, 144
17,510 17, 369
13, 079
5,113
17, 355
10, 221
12, 809
25, 688
5,244
7,559
35, 152
10, 492
13, 450
26, 056
5,288
7,817
37, 373
10,381
13,017
26,341
5,075
7,735
36,780
10,400
13,153
26,311
5,007
7,811
36,894
10,510
13,311
26,220
5,155
7,843
37,243
10,487
13,487
26,173
5,227
7, 970
37,583
10,492
13,450
26,056
5,288
7,817
37,373
10,512
13,666
26,081
5,149
7,883
37,587
10,476
13,673
25,961
5,124
7,888
37,480
10,498
13,634
25,868
5,127
7,934
37,441
10,518
13,593
25,881
5,214
7,933
37,281
10,561
13,723
25,808
5,322
7,973
37,260
10,628
13,774
25,371
5,428
8,025
37,310
10, 745
13, 588
25, 421
5,214
8,215
36, 994
4,777
13, 088
7,459
16, 219
4,914
12, 034
6,493
17, 569
4,839
12,741
7,056
17,174
4,854
12,633
6,986
17,271
4,909
12,380
6,803
17,434
4,900
12,259
6,675
17,523
4,914
12,034
6,493
17,569
4,818
12,122
6, 189
17,446
4,790
12,021
6,020
17,415
4,824
11,937
6,008
17,381
4,829
11,922
6,108
17,438
4,850
11,805
6,067
17,440
4,935
4,895
11,273 11, 308
5,507 ' 5, 488
1 7,507 17, 546
4,917
11, 241
5,316
17,493
54,075
29, 823
24, 252
53,516
29, 551
23, 965
58,318
32, 167
26, 151
59,297
32, 761
26, 536
57,433
31, 032
26, 401
56,428
30, 280
26, 148
60,001 '53, 835
32, 805 '28, 834
27, 196 '25, 001
56, 174
29, 750
26, 424
By market category:
Home goods and apparel
do
Consumer staples
do
Equip, and defense prod., excl. auto.. ..do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series)
do
Defense products (new series)
do
Producers' capital goods industries.
do
18, 678
3,002
6,171
3,343
28, 963
2,909
'
'
'
'
2, 744
6, 786
2, 397
2, 153
10, 660
13, 599
'25, 479
' 5, 396
' 8, 085
'36, 975
2,729
6,725
2,476
2,106
New orders, net (not seas, adj.), totalt
Durable goods industries, total
Nondurable goods industries total
do
do
do
645,216
356, 177
289, 039
646,388
345, 332
301, 056
52,758
27, 334
25, 424
56,093
29, 645
26, 448
54,151
27, 769
26, 382
52,144
27, 138
25, 006
New orders, net (seas, adj.), totalt
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills. ..
do
1645,216
1646,388
54,932
53,567
51,951
52,463
55,468
57,255
57,165
57,699
56,597
57,028
57,009 '58,022
57, 726
31, 666
5,558
3,032
31, 071
5, 139
2,656
31, 472
5,155
2,494
30, 228
4,882
2,290
30, 601
4,800
2, 079
30, 666 '31, 722
4,536 ' 4, 434
1,945 ' 2, 030
31, 502
4,062
1,604
do...
do
do.
356, 177
56, 332
27, 099
345, 332
55, 031
25, 696
29, 748
4,694
2,264
28, 355
4,547
2,224
26, 779
4,164
1,939
27, 560
4,348
2,005
30, 140
4,818
2,549
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do
do
do
do
do
39, 947
57, 921
49, 413
85, 113
24, 562
42, 555
54, 847
50, 629
76, 554
23, 284
3,555
4,480
4,265
7,227
2,095
3,644
4,517
4,096
6,036
1,769
3,494
4, 369
4,167
5,072
1,396
3,464
4,431
4,416
5,490
2,050
3,975
4,498
4,641
6,689
2,063
3,468
4,854
4,250
7,900
2,254
3,331
4,766
4,278
7, 957
1,537
3,576
4,985
4,291
7,627
1,827
3,419
4,599
4,310
7,032
1,853
3,532
4,809
4, 409
6,958
1,623
Nondurable goods industries, total
do
289, 039
77, 774
211, 265
301, 056
79, 840
221, 216
25, 184
6,646
18, 538
25, 212
6,635
18, 577
25, 172
6,660
18, 512
24, 903
6,573
18, 330
25, 328
6,729
18, 599
25, 589
6,831
18, 758
26, 094
6,833
19, 261
26, 227
7,047
19, 180
26, 369
6,913
19, 456
26, 427
6,973
19,454
Industries without unfilled orders?
do
2
Revised.
1 Based on data not seasonally adjus>ted.
Advance estimate total m frs.
new orders for Aug. 1971 do not reflect revisions for s<elected coinponents.
tSee correspo idDigitized foring
FRASER
note on p. S-7.
9 Includes data for items not shown se]parately.
0Incl udes tex tile
mill
products,
leather
and
products,
paper
and
alliec
,
and
prir
iting
anc publish ing
1
products
http://fraser.stlouisfed.org/
r
Federal Reserve Bank of St. Louis
3,462 ' 3, 489
5,122 ' 4, 823
4,333 ' 4, 827
7,065 ' 7, 829
1,968 ' 2, 404
26, 343 '26, 300
7,082 ' 7, 022
19, 261 19, 278
3,716
5,103
4,550
7,710
1,985
26, 224
7,252
18, 972
indust ries; unfi lied orde rs for otller nondiarable go ods indu stries are zero,
HFo]<• these iridustries (food an d kindre d produc ts, tobac co prodLicts, app arel and related
producits, petro ieum anc coal pro ducts, ch emicals a nd alliedL product s, and ml:>ber and plastics
producits) sales are cons dered eq ual to ne w orders
SURVEY OF CURRENT BUSINESS
October 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
S-7
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
5,365
11,266
8,298
5,184
5,077
21,819
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf -Continued
New orders, net (seas. adj. )f— Continued
By market category:
Home goods and apparel
..
Consumer staples
Equip and defense prod excl auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Defense products (old series)
Defense products (new series)
Producers' capital goods industries
5,266
11,311
8,499
.mil. $
do
do
do
do
do
2 62,977 2 61,236
121,670 2128,981
2 97,232 22 95,944
2 60,314
52,909
2 51,860 2 53,871
2251,163 2253,447
5,205
10,676
7,877
5,243
4,590
21,341
5,288
10,777
7,523
4,447
4,627
20,905
5,258
10,809
7,828
3,484
4,522
20,050
5,315
10,690
8 021
3,322
4 381
20,734
5,481
10,836
8 352
4,546
4 988
21,265
5,314
10,872
8,954
5,068
4,783
22,264
5,316
11,175
8,552
5,652
4 606
21,864
5,531
11,303
8,163
5, 762
5,020
21,920
5,516
11,440
8,013
5,228
4,952
21,448
5,682
11,273
8,037
5,234
5,066
21,736
do
do
do
do
2 26,360 2 25,740
2 43 279 2 42,865
22 23, 118 2 23, 455
72,885 2 69,530
2,124
3 666
1,846
5 683
2,173
3 186
2,005
5 614
2,133
3 120
2,125
5 843
2,193
3 814
2,016
5 871
2,294
3 970
2,051
5 925
2,240
3 848
2,170
6 442
2,199
3 247
2,357
6 617
2,421
3 275
1,580
6,219
2,433
3 496
1,500
5 677
2,483
3 233
1,573
6,193
87, 025
84, 120
2 905
80,268
77,263
3 005
82,161
79 325
2 836
81,018
78, 155
2 863
79,754
76, 791
2 963
79,199
76, 206
2 993
80,268
77 263
3 005
81,837
78, 833
3 004
82, 745
79, 720
3 025
82,659
79,583
3 076
81,713
78, 612
3 101
79, 432
76, 356
3 076
77,294 r 77,646
74,211 'r 74,559
3, 087
3 083
87, 320
80, 527
82,412
80,906
79,622
79,523
80,527
82,064
82,247
82,156
81,073
79,749
77,775
77,615
77, 945
84, 379
7,408
3 776
77, 485
6,687
3 727
79, 568
6,910
3 607
78, 023
6,562
3 422
76, 650
6,276
3 299
76, 530
6,308
3 302
77, 485
6,687
3 727
78, 985
7,621
4 557
79, 200
7,980
4 gge
79, 056
8,121
4 979
77, 976
7,618
4 602
76, 727
6,917
4 040
74, 748 r T 74,584
5, 173
6,049
3 235 '<> 325
74, 905
10, 596
15 815
14, 681
30, 055
23, 382
11,218
14 505
14, 469
25, 490
19 504
10, 817
14 724
14, 779
27, 103
21 042
10, 844
14, 559
14, 520
26, 378
20, 589
10, 872
14, 423
14,311
25, 654
19, 708
10, 825
14, 447
14, 325
25, 527
19, 618
11,218
14 505
14, 469
25, 490
19 504
11, 179
14, 451
14, 339
26, 248
19, 710
11, 052
14 469
14, 248
26, 373
19, 108
11, 094
14,518
14, 199
25, 982
18, 705
11, 054
14, 323
14, 161
25, 674
18, 562
10, 995
14, 277
14,069
25. 244
18,044
10,909 ' 10,960
14, 385 'r 14,269
13, 925 r 14,320
24, 297 r 24,610
17, 369 17,840
10, 886
14, 343
14, 350
24, 696
17, 905
2 941
3 042
9 844
2 883
2 972
2 993
3 042
3 079
3 047
3 100
3 097
3 022
do
do
do
do
1 987
47, 397
10 237
27, 699
1 992
43, 409
10 737
24, 389
1 994
44,474
10,245
25,699
1 977
43,639
10,336
24,954
1 954
43,225
10,420
24,023
1 970
43,090
10 375
24,088
1 992
43,409
10 737
24,389
2 009
44,026
10 730
25,299
1 978
44,334
10,560
25,375
2 033
44,080
10 639
25,404
2 042
43,821
10 572
24,638
do
do
do
1,603
29,804
20, 372
24 245
1 639
26, 078
19, 506
22 574
1 634
27,638
19, 670
22 723
1,637
26, 927
19, 554
22 390
1,596
26,031
19, 496
22 414
1 608
25,985
19, 475
22 470
1 639
26,078
19, 506
22 574
1,648
26,171
19, 769
22 891
1 613
25,678
20, 227
23 454
1,655
25,182
19, 920
23 492
274, 267
266, 086
20, 241
22, 055
21, 501
22, 372
21, 452
21, 625
19, 178
22, 383
22, 699
22 085
23, 372
22, 338
19, 698
20, 923
9 154
1,159
1,590
1,493
4,070
842
10 748
1,392
1,687
2,035
4,650
984
910
131
160
157
382
80
Q06
111
118
199
391
87
941
114
149
185
419
74
939
126
133
174
414
92
869
114
112
176
372
95
905
134
140
167
380
84
860
107
141
170
361
81
Unfilled orders, end of year or month (unadjusted),
total
mil $
Durable goods industries total
do
Nondur goods ind with unfilled orders© do
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil $
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Aircraft missiles and parts
do
do
do
do
do
By market category:
Home goods apparel consumer staples
Equip, and defense prod incl.auto
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Defense products (old series)
Defense products (new series)
2
'5,360
'r 11,223
8, 871
r 5, 548
r
5, 306
r
21,714
2,338 r 2, 401
3 628 '4 246
1,678 '2,900
6,237 T 6, 146
r
T
5, 669
5,188
21, 793
2,426
3,591
2,101
6,583
77, 825
74, 794
3,031
5,349
2 550
3 031
3 040
2 140
43,401
10 522
23,'686
2 048 r ' 2, 120
42,525 r 43,091
10 430 10 580
22,772 ' 21,824
2,138
43, 106
10 440
22, 261
1 653
25,084
19, 595
23 196
1 740
24.497
19,122
93 igg
1 672 ' 1, 747 1,762
23,787 ' 24,486 24, 503
18,211 19, 101 19, 128
23 028 T 22 867 22 979
25, 752
23, 220
24, 389
22, 770
23, 899 'r 26,266
24 168 24,691
1 042
156
154
196
444
92
989
126
159
167
440
97
3 027
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted _
_
number
Seasonally adjusted©
do
INDUSTRIAL AND COMMERCIAL
FAILUREScf
Failures total
number
Commercial service
do
Construction
_
do
Manufacturing and mining
do
Retail trade..
do
Wholesale trade
do
thous $
do
do
do
do
do
1,142,113
126, 537
171,717
406, 450
265, 122
172, 287
Failure annual rate (seasonally adjusted)
No per 10 000 concerns
237.3
Liabilities (current), total
Commercial service
Construction.
Manufacturing and mining
Retail trade.. _
Wholesale trade
912
139
134
171
385
83
935
137
118
199
410
71
24, 898
25, 073
23, 698
25, 142
786
106
109
156
340
75
848
108
131
169
345
95
1 887 754 169 587 232, 940 144, 773 119 836 121 723 168, 803 150 903 224, 646 153, 796 249, 489 165, 840 147 028 155, 555
9 896 19, 963 26, 235 11,567 95, 547 19, 252 46, 032 16, 122 39, 055 27, 515
298, 736 63, 931 55, 678 19, 950
8,593 13, 205
231, 533 15,169 15, 044 14, 109 15, 390 13, 662 39, 145 13. 582 18, 128 23, 788 23, 881 24,406
44
034
91,
431
52
624 45 820 57, 073 76, 501 47, 949 53, 873 62, 175 85, 082 62 851 65, 460
67, 607
817,841
360, 603 27, 434 54, 970 29,410 29, 809 25, 901 30, 785 30, 960 38, 132 41,368 104, 367 29, 952 22, 523 34, 071
179 041 19 019 15,817 13, 697 12 117 16 377 15, 565 18 293 24, 890 15,515 13, 034 10, 278 14 006 15, 304
2
43 8
47 4
50 0
45 9
50 g
44 5
43 3
41 8
43 9
42 9
4? 8
44 3
39 6
43.6
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm productsj
Crops9
Commercial vegetables
Cotton
Feed grains and hay
Food grains
.
Fruit
Tobacco
Livestock and products9
Dairy products _
Meat animals
Poultry and eggs
1910-14=100..
do
do
do
do
do
do
do
do
do
do
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
277
274
230
261
193
187
173
256
589
312
363
378
133
270
231
280
187
184
175
252
606
303
367
351
143
264
224
263
177
192
170
209
610
299
365
342
147
270
231
292
178
199
171
217
612
304
360
357
143
284
237
317
182
201
172
234
614
324
357
403
136
282
242
353
178
201
170
253
614
317
352
393
134
282
244
351
188
199
171
257
614
315
345
393
134
286
251
351
192
199
174
284
614
316
339
401
129
288
258
347
196
205
176
329
614
314
334
401
128
286
250
331
202
195
165
288
614
317
339
403
130
287
244
297
228
174
158
295
623
323
347
409
134
282
235
269
228
167
155
271
638
323
359
403
132
'318
339
369
340
369
319
340
371
319
341
372
320
343
372
322
346
376
325
348
376
328
349
377
329
351
381
330
354
383
333
353
383
332
355
386
333
356
388
333
'393
394
395
396
400
403
404
407
410
412
410
412
413
274
219
298
173
167
154
242
594
321
326
400
162
280
226
294
183
177
162
237
604
326
345
405
151
264
191
176
161
249
610
319
338
403
137
610
320
351
390
152
324
351
304
336
366
314
335
367
312
373
390
389
276
227
280
234
291
185
190
170
70
74
72
71
71
r
Revised.
r> Preliminary.
t Advance estimate; 2 total mfrs. unfilled orders for Aug.
1971 do not reflect revisions for selected components.
Based on unadjusted data.
f Revised for 1961-70 in Oct. 1970 and again in Aug. 1971 for 1966-71. The latter revision reflects:
Benchmarking to the levels of the Annual Survey of Mfrs. for each year 1966 to 1969; introduction of a small number of other corrections; and development of new seas, factors. ReDigitized
fordata,
FRASER
vised
seas, factors, and technical and analytic data appear in two special Census Bureau reports entitled Mfrs.' Shipments, Inventories, and Orders: Series M3-1.2 (data for
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
68
70
70
70
70
66
70
70
68
68
69
1961-65) and Series M3-1.3 (data for 1966-71), available from the U.S. Government Printing
Office, Wash., D.C. 20402, priced $1.00 and $.70, respectively.
0See corresponding note
on p. S-6.
9 Includes data for items not shown separately.
d*Compiled by Dun &
Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
ORevisions for Jan. 1969Jan. 1970 will be shown later.
§ Ratio of prices received to prices paid (parity index).
J Revisions back to Jan. 1966
are available from the Dept. of Agriculture, Statistical Reporting Service.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
October 1971
1971
1970
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July 1 Aug.
Sept.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes: J
All items
Special group indexes:
All items less shelter
All items less food
.
All items less medical care
Comrnodities
Nondurables
Nondurables less food
Durables9
Commodities less food
Services
Services less rent
-
1967=100.
109.8
116.3
116.9
117.5
118.1
118.5
119.1
119.2
119.4
119.8
120.2
120.8
121.5
121.8
122.2
122.4
do
__do
do..-
109.0
110.1
109.7
114.4
116.7
116.1
114.9
117.2
116.7
115.4
118.0
117.2
116.0
118.9
117.9
116.3
119.6
118.3
116.8
120.2
118.8
117.0
120.3
118.9
117.4
120.4
119.1
118.0
120.6
119.4
118.6
120.9
119.8
119.2
121.6
120.4
119.8
122.2
121.1
120.0
122 A
121.4
120.3
122.9
121.8
120.4
123.3
121.9
108.4
108.9
108.8
107.0
108.1
112. 5
113.8
113.5
114.0
113.1
111.8
112.5
121.6
123.7
113.8
114.5
113.0
112.2
112.6
122.7
124.9
114.2
114.9
114.1
112.5
113.4
123.5
125.8
114.8
115.2
114. 9
113.9
114.5
124.1
126.5
115.1
115.3
115.4
114.7
115.1
124.9
127.3
115.6
115.6
115.7
115.2
115.5
125.6
128.0
115.4
115.4
115.3
115.2
115.2
126.3
128.7
115.5
115.7
115.4
115.0
115.2
126.6
129.0
116.1
116.4
115.7
115.2
115.5
126.6
128.9
116.6
116.9
116.0
115.7
115.8
126.8
129.1
117.2
117.4
116.6
116.6
116.6
127.5
129.8
117.9
118.1
116.9
117.4
117.1
128.2
130.6
118.1
118.3
116.7
117.5
117.0
128.8
131.2
118.3
118.6
117.2
117.4
117.3
129.4
131.9
118.3
118.7
118.2
117.2
117.8
129.9
132. 4
108.9
110.8
106.7
109.3
110.8
113.3
105.7
116.0
103.6
105.6
102.8
109.0
111.5
107.2
106 5
104.4
103.1
112 7
110.3
113.4
109 3
108 7
114.9
116.5
111.8
113.4
118.9
123.6
110.1
128.5
107.6
110.1
107.3
113.4
116.1
112.7
111.1
107.6
104.3
128.5
116.2
120.6
113.2
113.4
115.9
117.8
112.1
114.9
119.9
124.9
110.5
130.0
108.0
110.1
107.3
113.9
115.4
112.7
111.0
105.5
106.3
129.4
117.2
122.0
113.7
114.2
115.7
117.0
112.5
111.5
120.6
125.9
110.9
131.3
108.4
111.4
107.6
114.2
117.2
113.0
111.2
105.1
104.9
131.2
117.7
122.6
114.0
114.7
115.5
116.1
113.1
110.0
121.2
126.5
111.4
131.9
109.2
112.5
108.8
114.5
118.2
115.2
113.4
110.8
107.2
131.3
118.2
122.8
114.4
115.2
114.9
114.3
113.5
109.4
121.9
127.1
111.8
132.5
110.7
113.9
109.9
115.1
119.0
116.0
114.2
112.5
108.8
132.5
118.7
123.4
114.5
116.0
115.3
113.7
113.6
110.6
122.6
127.9
112.6
133.4
111.3
114.9
110.7
115.3
119.2
116.9
115.2
114.1
109.5
133.4
119.1
124.2
115.0
116.2
115.5
113.1
113.9
109.6
122.7
128.0
112.9
133.4
112. 1
116.7
111.5
115.4
117.6
117.5
115.8
115.4
107.0
133.9
119.8
124.9
115.3
117.3
115.9
113.6
114.0
112.6
122.6
127.3
113.6
132.3
113.1
117.2
112.8
115.9
118.1
117.5
115.8
115.2
105.5
134.4
120.2
125.8
115.4
117.5
117.0
115.6
114.2
116.0
122.4
126.7
113.9
131.2
113.8
117.4
113.3
116.4
118.6
117.8
115.9
114.3
106.8
136.0
120.6
126.8
115.8
117.7
117.8
115.7
114.6
120.0
122.5
126.5
114.4
130.9
114.1
117.3
113.9
117.0
119.1
118.1
116.2
113.8
109.8
136.4
121.2
127.5
116.3
118.4
118.2
115.8
115.1
121.4
123.2
127.2
114.7
131.6
114.4
117.2
114.4
118.1
120.2
118.8
117.0
113.9
112.8
136.4
121.6
128.1
116.5
118.9
119.2
119.8
117.4 « 118.0
116.0
115.7
126.0
125.1
124.5
124.0
128.3
128.8
115.2
115.4
133.5
133.0
115.5
114.6
117.5
117.4
114.6
114.7
118.9
118.7
119.3
120.1
119.5
119.6
117.4
117.6
113.9
113.8
113.5
114.1
139.0
139.0
122.6
122.1
129.3
128.6
117.1
116.8
119.6
119.3
120.0
118.7
116.0
123.6
125.1
129.5
115.8
134.4
116.3
117.8
115.7
119.1
119.0
120.1
118.1
112.9
112.5
139.1
123.1
130.0
117.5
119.7
119.1
119.1
116.1
116.6
125.5
130.1
116.1
135.1
116.3
117.8
115.7
119.4
120.6
119.8
117.8
111.2
111.6
139.3
123.6
130.4
117.6
120.5
110. 3
108. 9
111. 4
i1 113. 4
112. 6
112. 9
115.3
111. 2
112.0
114. 3
110. 5
110.9
113. 0
109.2
109. 7
108.8
107.2
108. 3
106. 4
107.1
108. 9
109.9
109.3
111. 6
107.8
109.7
109. 0
108.8
109 1
108* 6
108.1
111. 1
106. 1
108.3
108.3
107.4
106.5
110.4
110.5
111.0
111.0
110.9
111.0
111.8
112.8
113.0
113.3
113.8
114.3
114.6
114.9
114.5
108.3
105.9
106.6
106.5
106.9
112.2
109.8
110.4
109.9
111.9
111.3
110.4
110.1
109.5
111.9
113.0
110.6
110.8
110.4
112.3
111.3
110.9
110.9
110.1
113.8
108.7
110.9
111.4
110.5
114.2
108.6
111.0
111.5
110.5
115.1
110.7
111.5
112.2
111.3
115.6
115.9
111.8
112.8
112.0
115.9
114.3
112.6
112.9
112.1
116.0
115.2
113.1
112.9
112.0
116.1
115.8
113.6
113.5
112,7
116.3
116.9
114.0
113.8
113.1
116.5
116.6
114.8
113.8
113.0
116.8
115.2
115.6
114.1
113.3
117.1
113.9
115.4
113.6
112.7
116.9
116.5
111.8
113.5
116.5
110.5
116.7
112.5
113.8
116.7
110.8
117.5
112.4
114.5
117.5
111.4
118.4
112.4
114.9
118.5
111.2
118.2
111.7
114.7
118.3
111.0
_ .
do
do
do
__ _ __do
do
-do
do
Food 9
do
Meats poultry, and
fish
_ .
do
Dairv products
do
Fruits and vegetables
_ - do
Housing
-_
do
Shelter?
do
Rent
do
Home ownership
.
_.
do._ _
Fuel and utilities 9
.
__do_ _.
Fuel oil and coal
do
Gas and electricity
_ _ _ do __
Household furnishings and operation... do
Apparel and upkeep
do
Transportation
_
.
do
Private
do
New cars
.
-do
Used cars
_.
.do
Public
do
Health and recreation 9
do
Medical care _ _
_do_ _.
Personal care
do
Reading and recreation
__do ._
WHOLESALE PRICESo1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities :J
22 Commodities
1967=100
9 Foodstuffs _ _
do
13 Raw industrials. ...
_.do _
All commodities J
do
By stage of processing:
Crude materials for further processing
do
Intermediate materials, supplies, etc _ do
Finished goodsO
do
Consumer finished goods
do
Producer finished goods
do
1
1
1
By durability of product:
Durable goods
Nondurable goods
Total manufactures. _ _
Durable manufactures
Nondurable manufactures
do
do
do
do
do
107.9
105.3
106.2
107.7
104.6
112.4
108. 9
110.2
112.0
108.2
112.6
108.8
110.6
112.3
108.6
112.8
109.6
110.8
112.5
108.8
113.8
108.9
111.2
113.6
108.6
113.7
108.8
111.2
113.6
108.6
113.8
108.9
111.2
113.8
108.5
114.5
109. 7
111.8
114.4
109.1
115.0
111.1
112.4
114.9
109.8
115.5
111.1
112.7
115.5
109.9
116.1
111.2
113.0
116.1
109.9
Farm prod., processed foods and feeds
do
107.9
111.6
111.2
112.6
110.3
109.9
109.3
110.7
113.6
113.4
113.3
114.3
115.4
115.0
114.6
113.0
Farm products 9
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry
_.
do
Livestock .
do
108.8
109.3
90.3
109.6
117.0
111.0
111.6
98.8
99.6
116.7
108.5
98.0
96.7
94.6
117.3
112.1
111.6
109.0
99.8
113.6
107.8
100.8
104.1
93.4
110.6
107.0
107.7
104.2
95.2
101.2
107.1
111.3
108.0
80.5
99.5
108.9
115.7
111.0
96.3
102. 2
113.9
118.3
111.7
100.0
118.9
113.0
125.3
108.4
100.1
114.9
113.0
120.8
106.8
99.5
116.9
114.0
127.5
107.2
101.3
119.0
116.0
136.1
109.4
108.1
118.9
113.4
109.3
102.5
121.1
121.3
113.2
115.9
92.8
100.8
121.3
110.5
103.6
89.0
102.8
119.1
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products -_
Dairy products. .
Fruits and veget ibles, processed. .
Meats, poultry, and fish _
.
do
do
do
do
do
do
107.3
106.0
102.6
108.2
107.9
113.8
112.0
112.9
107.6
111.2
110.4
115.8
112.9
113.7
108.0
111.7
111.6
116.7
113.0
114.1
109.2
111.4
112.0
115.1
111.8
114.5
109.9
112.0
111.1
110.9
111.7
114.7
110.6
112.2
111.6
108.8
110.7
114.3
110.9
112.8
111.0
104.3
111.8
115.0
111.0
112.8
111.2
108.6
113.3
115.2
111.1
112.3
111.5
115.2
113.7
115.3
111.5
115.0
111.9
112.9
113.5
115.6
111.5
115 5
113.0
113.3
114.5
115.7
111.5
116.2
114.0
116.4
114.9
115.7
111.5
116.1
115.4
116.7
116.0
115.9
111.5
116.2
115.9
119.6
115.4
116.1
111.4
115.4
116.2
117.7
114. 6
116.0
111.3
115.4
115.7
117.5
do ..
106.0
110.0
110.2
110.4
111.3
111.3
111.7
112.2
112.5
112.8
113.3
113.7
113.9
114.5
115.1
115.0
do
do
. do _ _
do
do
do
99.9
86.7
100.3
99.8
109.1
109.1
102.2
88.4
100.9
101.1
133.3
112 4
102.7
88.4
101.2
101.6
137.8
112.4
102.5
89.0
101.3
100.9
127.9
112.4
103.0
89.5
101.5
101.2
144.4
112.7
103.3
89.5
101.5
101.6
151.5
112.7
103.3
89.4
101.4
101.8
150.9
112.8
103.8
91.7
101.8
101.9
133.7
114.5
104.2
92.6
101.9
102.4
142.6
114.5
104.5
93.9
102.2
102.6
144.3
115.1
104.5
94.1
101.9
102.0
143. 0
115.9
104.3
93.8
101.5
101.9
138.8
115.9
104.4
94.1
102.2
102.3
132.0
115.9
104.4
93.4
102.4
102.6
130.8
115.9
104.3
91.0
102.4
102.7
134.2
115.9
104.3
91.0
102.4
102.6
132.9
115.9
101.0
112.5
102.0
93.1
99.6
105.9
150.0
104 8
103 3
101.1
105.8
152.8
104.8
102.6
100.9
107.1
160.0
105.4
106.9
101.6
108.7
175.2
107.2
107.0
101.6
109.7
175.8
108.2
106.5
103.1
112.8
175.8
108.7
107.5
107.5
113.5
176.0
109.8
109.3
107.9
113.0
176.0
110.2
108.1
106.9
112.8
176.0
111.1
109.4
105.9
113.0
184.0
112.3
105.9
105.3
114.2
182.8
112.6
106.9
107.4
114.4
182.5
113.0
107.5
107.4
114.4
182.9
113.5
107.7
107.2
114.8
182.9
115.3
107.2
107.3
115.3
182.9
116.4
108.4
107.3
110.2
107.4
115.5
94.0
110.2
107.6
115.6
93.8
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
.
Prepared paint— .
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined
do
do
do
do
. . do
108.0
104.9
107.7
107.8
Furniture and household durables 9
do
107.5
105. 9
105.4
103.1
105.3
Appliances, household
do
105.3
112.1
108.3
112.1
112.0
Furniture, household _ _
do
111.6
93.7
93.5
94.7
Home electronic equipment
do
93.5
93.6
••Revised.
"Preliminary.
1 Computed by OBE.
9Includes data for items not
shown separately.
cTFor actual wholesale prices of individual commodities, see respective
108.4
108.7
109.3
109.7
106.1
106.4
107.0
107.1
112.4
112.7
112. 9
113.9
94.2
94.2
94.4
94.2
commodities.
JNew reference
later.
0 Goods to users, incl.
110.0
109.9
109.8
109.6
109.7
107.0
107.1
107.1
107.0
107.1
115.3
115.0
114.0
115.2
114.1
93.9
93.7
93.6
93.7
93.7
base; comparable data for
earlier periods
c
raw foods and fuels.
Corrected.
will be shown
October 1971
SURVEY OF CUEKENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
8-9
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
COMMODITY PRICES—Continued
WHOLESALE PRICES^1—Continued
(U.S. Department of Labor Indexes—Continued)
All commodities^—Continued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967=100.
Footwear
do___
Hides and skins
do_._
Leather
do...
Lumber and wood products
do.__
Lumber
do._-
108.6
109.1
124.1
108.7
125.2
131.5
110.1
113.0
104.4
107.7
113.7
113.7
109.8
112.9
98.5
107.8
114.0
113.5
109.9
113.7
99.6
105.9
114.2
114.5
110.4
113.8
103.2
107.1
113.1
113.8
110.9
113.8
109.2
107.3
111.9
112.2
110.4
113.9
101.9
107.3
111.1
111.1
111.7
116.0
98.9
108.2
112.2
113.0
112.4
116.3
105.3
108.7
117.5
120.3
112.5
116.5
105.5
108.6
123.4
129.0
114.0
116.6
121.1
111.0
124.6
131.5
114.4
116.7
121.4
113.0
124.9
114.2
116.8
114.0
114.4
126.1
134.4
114.2
116.8
114.0
114.4
130.6
142.5
114.4
117.1
114.6
114.4
134.6
146.7
114.7
117.1
117.7
113.4
134.3
146.8
do..
do_.
do_,
do.
do..
106.4
108.5
110.0
102.9
107.8
111.4
113.0
115.5
106.4
114.0
111.6
112.4
114.9
106.9
114.3
112.1
113.1
115.4
107.5
114.3
112.7
114.0
117.7
107.6
114.6
113.1
115.2
118.9
107.9
114.7
113.8
116.3
119.6
108.2
115.1
114.2
116.3
120.2
108.8
115.2
114.6
116.8
120.5
109.3
116.0
114.9
116.5
120.8
109.7
116.0
115.0
116.7
120.9
109.5
116.6
115.3
116.6
121.1
109.4
117.4
115.5
116.9
121.2
109.4
117.9
115.7
117.4
121.6
109.5
117.7
116.1
117.5
121.9
109.9
118.1
116.0
117.5
121.8
109.7
118.0
do_.
do_.
do_.
do.
108.5
105.3
107.1
113.6
116.7
110.6
115.1
125.0
117.5
111.5
116.1
125.0
117.4
112.0
116.7
122.7
117.7
112.8
117.4
122.0
116.8
112.8
116.5
119.4
116.2
112.7
116.5
116.7
116.5
113.6
117.6
115.4
116.4
114.1
118.0
114.2
116.5
114.5
118.2
113.7
117.8
114.7
118.4
117.2
118.5
115.1
120.1
117.2
118.5
115.2
120.3
116.4
119.4
115.9
121.9
116.9
121.1
116.8
125.3
117.1
121.1
116.7
125.6
116.5
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..
108.1
113.3
114.2
114.6
115.1
119.0
120.9
121.6
122.2
123.3
124.2
124.2
106.0
106.5
103.5
104.2
106.0
105.4
102.3
109.8
112.2
100.0
108.2
111.0
108.6
109.0
109.9
112.8
101.8
108.2
111.4
109.7
112.0
110.5
113.6
96.5
108.3
111.5
109.4
112.0
110.7
113.7
97.1
108.9
111.9
109.5
112.0
110.9
113.9
96.0
108.7
112.1
109.1
112.0
111.3
114.5
95.1
108.5
112.1
109.4
112.0
111.4
117.1
97.0
109.0
112.6
108.4
107.5
112.7
117.6
97.9
109.3
112.7
109.1
107.5
113.6
118.5
98.9
109.3
113.1
109.1
107.5
114.5
119.4
101.0
109.6
114.3
109.0
107.5
114.5
119.6
101.2
109.9
114.2
108.7
107.5
114.5
120.1
104.0
110.2
114.3
108.7
107.5
114.5
121.5
112.7
110.5
114.6
109.7
111.2
114.9
122.8
114.3
110.6
114.7
109.8
111.4
114.9
122.6
114.5
110.6
114.7
109.7
110.8
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Silk yarns
Wool products
105.9
107.2
104.5
106.6
98.7
101.3
107.2
111.0
105.6
102.1
114.3
99.4
107.4
111.4
105.6
101.7
116.9
99.1
107.5
112.0
105.7
100.7
112.3
98.7
107.3
112.3
106.0
99.1
112.4
97.7
107.1
112.4
106.2
98.0
110.5
106.9
112.3
107.1
97.2
0)
96.2
106.7
112.0
107.5
97.4
0)
95.4
106.9
112.2
107.8
97.6
107.5
112.2
108.9
97.7
106.7
111.9
106.9
97.5
111.2
96.8
94.5
94.4
107.8
112.2
109.6
99.7
0)
93.5
108.5
112.3
110.9
101.4
0)
93.4
109.2
113.3
111.9
101.9
0)
92.6
109.7
113.6
112.5
103.1
0)
92.7
109.7
113.8
112.2
103.1
0)
92.5
100.7
104.7
104.9
105.2
107.0
104.5
108.5
109.9
109.4
114.0
103.3
107.1
111.2
109.8
116.7
103.6
107.3
111.5
110.1
117.0
108.2
112.5
111.6
110.6
117.0
108.5
112.8
111.8
110.4
117.0
108.9
113.4
111.9
110.5
117.0
109.5
113.9
112.3
111.7
116.8
109.7
114.1
112.6
112.3
116.9
109.5
113.8
112.8
113.1
116.9
109.7
114.1
112.7
112.5
116.5
109.8
114.2
112.5
112.4
116.5
110.0
114.4
112.6
112.6
116.5
110.3
114.7
112.8
112.6
116.6
110. 5
114.9
113.0
112.6
116.8
109.6
113.8
113.0
112.6
116.8
$0.939
.911
$0.906
$0. 905
.855
$0.901
.851
$0. 901
.847
$0. 902
.844
$0. 901
.840
$0.894
.839
$0.887
.838
$0.885
.835
10. 883
.832
$0. 879
$0. 875
.823
;o. 873
.821
$0. 870
.818
$0. 873
.817
' 9, 059 '9,652
Machinery and equipment?
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do.
do_
do.
do_
do_.
do.
Transportation equipment 9---Dec. 1968 = 100..
Motor vehicles and equip
1967 = 100..
Miscellaneous products 9
do—
Toys, sporting goods, etc
do
Tobacco products
do—
C1)
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices!
Consumer pricesj
1967=$!. 00.
do...
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
90 866
Private, total 9
Residential (nonfarm)
New housing units
do
do
do
Nonresidential buildings, except farm and public utilities total 9
mil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
91 266
8 584
8 507
0
OQ7
Q
04*
7 689
6 725
6,559
7,282
r 8, 331
5,113
2,492
1,996
' 5, 921 r 6, 400
r 3, 447
r 3, 017
2,674
2,359
1,706
62, 806
30 603
23 689
63 079
29 273
21 914
5 737
2 707
2 075
5 813
2 721
2 093
5 876
2 747
2 098
5 710
2 735
2 101
5 505
2 627
2 053
4, 787
2 334
1 856
4,547
2,159
1, 725
22,033
6,373
10, 136
22 292
5 930
10 521
1 983
2 010
1 998
1 881
1 840
1 637
1,574
543
922
531
964
528
964
498
896
480
892
402
786
387
771
406
865
1,914
r 1, 949
440
970
'426
'1,011
' 9, 925
10, 192
r 6, 891
' 7, 140
' 3, 784 '4,006
' 2, 959 ' 3, 108
7,371
4,142
3, 194
' 2, 041 ' 2, 097
'390
'402
' 1, 085 ' 1, 158
2,127
2,172
2 952
266
276
281
285
282
187
207
267
278
254
279
do
28,060
28 187
2 847
2 694
2 521
2 535
2 184
1,938
2,012
2,169
2,390
2,659
r 2, 761
Buildings (excluding military) 9
Housing and redevelopment
Industrial
do
do
do
11 226
1,047
10 657
1 105
926
93
47
814
46
45
988
106
36
900
141
50
831
88
44
859
92
37
843
98
42
948
106
51
1,011
496
984
86
42
Military facilities
Highways and streets
do
do
945
9,276
791
82
76
68
849
63
686
66
555
57
604
61
711
63
780
73
957
92 9
99 1
99 7
102.0
102.2
Public total 9
New construction (seasonally adjusted at annual
rates) , total
bil $
Private, total 9
do
Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $ _
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
512
9 989
1 134
1 061
81
984
90 0
91 0
92 3
61 5
64 5
64 5
67 0
69 7
70.3
72.1
230
' 2, 785
104
'60
955
81
'33
34
75
82
87
1,118
1,094
' 105. 0 ' 105. 2 ' 105. 5 ' 105. 9
••75.4
'75.6
'76.8
78.2
'40.8
42.0
'24.2
4.4
'13.3
23.9
4.4
13.0
28 8
30 5
31 8
33 4
34 2
35.1
36.8
'39.2
'40.5
W, 4
6 2
10.2
21.8
57
10.4
21.8
6 0
10.2
20.6
58
9.3
21.5
5 4
10.4
23.5
5 9
11.6
23.2
5.6
11.8
23.1
5.2
12.2
23.8
5.5
12.2
'23.1
'5.0
'12.0
'23.8
'4.5
'12.8
30
33
32
32
31
2 9
2 9
3.2
3.4
3.0
3.0
2.7
do
28 5
9g 3
27 9
28 3
32 2
30 1
31.7
30.0
29.6
29.6
'29.3
'29.1
do
do
do
do
do
10.5
1.0
.6
10.5
.9
5
10.4
.8
.5
10.5
.9
.4
12.3
1.8
.6
11.4
1.2
.5
11.3
1.3
.5
10.4
.9
.5
11.1
1. 2
.6
11.6
1. 2
.6
'10.5
11.1
1 1
.6
.8
.5
1.0
7
lo'.o
9 Includes
9
9.7
7
8
1.0
.9
.9
.8
107.3
'76.2
27 5
.8
9.8
2,821
966
'40.4
' Revised.
* Preliminary.
1 Series discontinued,
cf See corresponding note on p. S-8.
JSee corresponding note on p. S-8.
data for items not shown separately.
http://fraser.stlouisfed.org/
4 4 6 - 4 9 4 O - 71 - S-2
Federal Reserve Bank of St. Louis
62 7
97
56
r
381
1,177
.9
29.1
.5
.9
9.9
11.2
10.2
10.1
12.4
11.6
10.9
10.2
11.8
§ Beginning Jan. 1970, retitled to read "rubber and plastics products" to cover the direct
pricing of plastic construction products; continuity of the group index is not affected.
SURVEY OF CURRENT BUSINESS
S-10
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill): ©
Valuation total
mil. $
Index (mo. data seas. adjOrf
5,466
5,508
5,181
5,017
4,383
4,993
6,386
7,743
7,555
8,077
7,670
118
115
130
132
117
126
142
161
141
147
151
153
r 2, 113
1,889
' 4, 029 3,577
1,903
3,604
1,790
3,390
1,734
3,283
1,464
2,919
1,578
3,415
1,722
4,664
2,074
5,669
2,065
5,489
2,795
5,281
2,683
4,987
2,299
5,413
25, 641
25, 261
16,545
24,180 ' 2, 293 1,965
24, 428 ' 2, 311 2,198
18, 489 ' 1, 537 1,303
1,889
2,319
1,299
1,715
1,961
1,504
1,716
2,062
1,239
1,711
1,631
1,041
1,654
1,818
1,521
2,199
2,729
1,458
2,080
3,168
2,495
2,264
3,310
1,981
2,800
3,485
1,792
2,621
3,357
1,691
2,120
3.255
2; 337
57, 164
66, 937
4,829
4,303
7,555
7,013
6,023
4,682
5,481
5,245
4,580
5,502
2,837
4,725
3,828
thous. . 1, 499. 6
1, 096. 5
do_.
1,466.8
-- do
810.6
do
1, 467. 0
1, 033. 2
1, 433. 6
812.9
131.6
93.4
128.7
77.3
133.4
89.2
130.9
76.0
143.4
99.7
140.9
79.4
128. 3
91.0
126. 9
67.4
123.9
89.5
121.4
69.0
114.8
85.9
110.6
54.9
104.6
77.5
102.2
58.3
169.3
123.6
167.9
91.6
203.6
147.3
201.1
116.0
203.5
144.3
198.5
115.6
196.8 ' 197. 0 r 203. 7
145.6
137. 3
147.7
193.8 ' 194. 3 ' 202. 2
116.9 ' 107. 7 '111.2
1,425
838
1,509
881
1,583
890
1,693
934
2,054
1,240
1,725
946
1,754
985
1,959
1,048
1,912
1,098
1,975
1,124
2,000
1, 177
67, 446
67, 097
U24
U23
135
mil. $
do
22, 687
44,759
23, 188
43, 909
-do_ __
do
_do ._
1967=100..
Public ownership
Private ownership
By type of building:
Nonresidential.
Residential
Non-building construction
New construction planning
(Engineering News-Record) 0
do
' 6, 142
7,712
4,749
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures.
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
do
do
New private housing units authorized by building
permits (13,000 permit-issuing places) :t
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do . .
c
172.2
121.3
170.4
101.9
' 2, 229 ' 2, 235 1,958
' 1, 187 ' 1, 208 1,182
1,322
625
1,341
642
1,378
676
1,388
679
1,523
697
1,487
703
1,768
876
1,635
806
1,563
760
1,627
796
1,638
833
1,927
921
1,849
914
2,052
960
' 2, 006
'908
412.7
401.2
38.4
410
41.4
431
40.8
427
30.5
421
27.0
401
24.5
395
28.4
404
35.6
419
42.8
478
40.9
473
47.3
490
45.2
531
49.5
529
1957-59=100..
142
152
155
156
156
157
157
157
157
159
160
161
'162
' 168
169
1913=100..
do
do
do
_
do
1,050
1,158
1,116
1,054
1,021
1,132
1, 254
1,202
1,088
1,116
1,158
1,263
1,229
1,110
1,140
1,158
1,268
1,229
1,110
1,140
1,167
1,268
1,229
1,111
1,140
1,177
1,323
1,233
1,126
1,147
1,185
1,323
1,233
1,128
1,147
1 190
1 323
1 291
1 138
1 153
1,194
1,364
1,291
1,142
1,153
1,211
1,393
1,305
1,163
1,168
1,218
1,393
1,305
1,168
1,168
1,241
1,394
1,310
1,168
1,236
1,257
1,394
1,312
1,168
1,236
1,286
150
166
171
172
176
179
181
183
184
184
186
188
193
197
198
151.8
149.1
148.0
162.7
160.3
155.9
164.1
162.1
157.8
167.7
165.2
159.3
168.1
165.3
159.6
169.2
166.5
160.6
169.9
167.2
160.7
170.9
167.8
161.0
171.2
167.9
161.3
172.5
169.6
163.6
174.2
169.8
165.2
173.5
171.5
165.2
174.2
171.9
166.0
178.5
176.1
172.8
179.3
177.2
173.5
117.7
118.7
124.4
128.9
126.7
132.5
127.6
132.9
128.4
133.9
129.0
135.0
128.9
135.0
130.2
136.9
130.6
137.0
134.4
139.6
136.2
141.2
138.8
144.2
140.6
147.2
141.9
143.4 2 147. 4
148.3 '150.9 '2153.2
111.8
125.6
Manufacturers' shipments of mobile homes:*
Unadjusted
do.. _
Seasonally adjusted at annual rates
do
1,967
882
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis..
-.
Associated General Contractors of America, Inc.,
The (building only)
1957-59-100
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings__.1957-59=100_ _
Commercial and factory buildings
do
Residences
. do
Engineering News-Record: d"
Building
1967 = 100
Construction
._
do
Federal Highway Adm.— Highway construction:
133.4
124 1
130 2
134.0
181.1
179.8
175.1
CONSTRUCTION MATERIALS
Output index: J
Composite unadjusted 9
Seasonally adjusted
1947-49—100
do
Iron and steel products, unadjusted
do
Portland opm nt
An
*Vi <?t H
166.2
174.7
158.9
172.9
166.0
173.0
153.0
146.8
154.2
167.8
164.5
204.2
166.4
161.8
194.3
175.8
167.2
249.1
168.0
170.3
228.2
166.3
176.7
234.1
141.5
152.7
178.6
152.5
153.0
158.2
145.7
156.1
103.4
146.2
169.4
116.1
183.4
198.3
169.3
194.7
195.4
216.5
196.2
176.0
225.9
184.9
299.1
138.2
143.7
27.3
327
13.2
152
28.9
337
12.0
139
27.6
326
14.3
168
23.4
345
11.1
157
33.4
474
10.4
149
24.1
371
12.0
190
27.3
350
12.5
174
36.6
336
17.9
183
35.1
347
19.9
210
32.4
374
19.0
218
35.3
37.0
23.5
257
7,120.63 8, 113. 73
4, 073. 86 3,442.90
751. 81
306. 24
788. 61
325. 77
867. 76
340. 56
769. 79
318.97
751. 18
317. 70
771. 56
298. 85
734. 61
299. 69
849.48
307. 20
759. 52
351. 49
793. 73
417. 95
951. 62
523. 36
REAL ESTATE
Mortgage applications for new home construction:
FHA net applications!
thous. units..
Seasonally adjusted annual ratesf
do
Requests for VA appraisals
do
Seasonally adjusted annual ratesj___
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. $.-
Fire losses (on bldgs., contents, etc.)
21.7
252
983. 62 1, 117. 40
563. 32 578. 34 696. 10
10, 615
10, 446
10, 524
10, 539
10, 524
10, 615
10, 326
9.926
9.690
8,269
7,268
7,241
7,338
21, 847
21, 387
2,111
2,183
2,127
1,972
2,474
1,667
1,887
2,795
3,168
3,438
4,301
' 4, 151
4,111
3,626
4,757
11, 244
5,836
4,150
10, 239
6,998
369
1,147
595
388
1,100
695
406
1,032
689
416
968
1,090
307
752
608
346
818
723
521
1,143
1,131
597
1,306
1,265
620
1,451
1,367
641
••686
718
2,109 ' 2, 087 2,225
1,474 ' 1, 378 1,245
616
1,942
1,068
95, 856
101, 070
8,557
8,431
8,809
8,353
9,069
8,975
8,774
10, 351
...mil. $.. 1, 952. 02 2, 263. 92
200.93
176. 27
185. 67
158. 49
224. 02
200. 66
202. 26
221. 54
194. 02
195. 50
..number..
r
Revised.
f Preliminary.
1 Computed from cumulative valuation total. 2 Index
as of October 1, 1971: Building, 147.2; construction, 153.5.
OData for Oct. and Dec. 1970 and
Apr., July, and Sept. 1971 are for 5 weeks; other months, 4 weeks.
*New series. Data from
Mobile Home Manufacturers' Association; seasonally adjusted annual rates calculated by Bu.
of the Census.
©Data for all periods shown here are on a 50-State basis.
d"New Base;
comparable data for earlier periods will be shown later.
J Revisions for Jan. 1967-Oct. 1970
32.2
359
20.0
'220
9,289
New mortgage loans of all savings and loan associations, estimated total
mil. $._
By purpose of loan:
Home con struction
do _
Home purchase
do
All other purposes _. _
do
Foreclosures f
31.4
383
21.0
228
355
919
698
189. 44
175. 36
186. 60
for permits, for 1961-68 for FHA applications, and for 1961-Feb. 1969 for requests for VA
appraisals (seas. adj. annual rates) will be shown later. Revisions for 1964-68 for construction
materials output indexes appear in the Dec. 1969 issue of Construction Review (BDC).
t Re vised series.
9 Includes data for items not shown separately. §Data include guaranteed direct loans sold.
c
Corrected.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-ll
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
DOMESTIC TUADE
ADVERTISING
Marketing/Communications
seasonally adjusted:!
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
1957-59=100
__do
do
do
do
199
249
318
165
127
202
250
330
165
129
190
230
313
163
117
199
245
319
163
133
201
252
325
156
137
197
229
335
165
128
188
213
284
172
132
190
217
286
177
130
190
221
290
170
131
198
237
290
168
145
202
241
309
179
134
210
266
322
175
136
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
1,245.3
60.6
114.4
26.5
158.7
101.5
1, 192. 7
50.8
96.5
21.0
156.6
99.5
71.0
4.7
4.9
1.2
10.5
5.5
102.6
7.8
7.1
2.0
13.4
6.5
123.7
5.9
11.4
2.3
14.9
10.5
120.6
4.3
8.5
1.6
14.4
11.2
95.9
2.8
5.1
1.0
12.3
9.2
69.8
1.9
6.4
.6
9.4
4.3
92.8
3.2
9.3
1.1
12.9
9.0
109.7
4.7
11.6
1.7
14.0
9.1
115.8
5.8
11.7
2.4
14.2
8.6
128.2
4.2
12.9
2.8
15.3
9.7
104.2
2.2
9.7
1.6
14.6
9.2
77.6
1.5
6.7
.9
11.1
8.2
76.8
3.9
5.0
1.1
11.3
6.3
109.9
6.8
7.7
2.1
13.9
8.5
Beer, wine, liquors
_ do
Household equip., supplies, furnish ings., do
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials
do
All other
. do. _
101.8
76.5
60.0
15.7
48.2
481.4
98.1
71.2
43.9
16.3
64.7
474.0
4.3
3.3
3.0
1.0
5.7
26.9
7.0
6.6
3.9
1.2
6.2
40.9
9.9
9.2
4.0
1.8
6.5
47.3
11.7
8.2
3.4
1.7
6.4
49.3
15.1
4.8
2.3
1.1
6.6
35.6
2.6
2.4
2.4
.9
8.1
30.8
3.6
3.2
2.2
1.3
9.8
37.2
5.7
5.8
2.6
1.9
10.0
42.5
7.2
7.3
2.9
1.6
10.3
43.9
8.8
8.2
3.5
2.0
11.5
49.3
8.9
4.8
3.1
1.4
10.8
37.8
5.6
3.6
2.0
1.5
9.6
26.9
4.5
2.7
2.4
1.3
9.6
28.8
6.4
5.7
3.2
1.7
9.5
44.3
227.7
6.7
55.4
10.2
31.9
123.5
220.2
6.8
52.3
6.3
33.1
121.7
Newspaper advertising expenditures (64 cities) : ©
Total*
mil. $
Automotive
do
Classified
do -.
Financial
do
General
do
Ketail
do ...
i 217. 6
17.2
155.3
!8.3
!31.4
U15.4
WHOLESALE TRADE
246, 643
111,778
134, 865
20, 623
9,437
11, 186
21,410
9,794
11,616
21,757
9,863
11,894
20, 704
9,121
11, 583
21,404
9,095
12,308
19, 181
8,271
10,910
19,200
8,502
10,698
22, 507
10, 085
12, 422
22,002
10,201
11,801
22, 053
10,261
11,792
23, 684 -•22, 367
11,233 no, 384
12, 451 '11, 983
23, 147
10, 791
12, 356
24, 365
14,376
9,989
26, 622
15, 318
11,304
25, 295
15,246
10,049
25, 579
15, 197
10, 382
26,272
15,328
10,944
26, 627
15, 322
11, 305
26,622
15,318
11,304
26, 716
15, 432
11, 284
26,755
15,671
11,083
26, 873
15,814
11, 060
27,099
16,215
10,884
27, 114
16, 265
10, 848
27, 308 '27, 606
16, 420 16,686
10, 888 10, 921
27, 656
16, 675
10, 981
All retail stores:
Estimated sales (unadj.), total..
. mil. $_ 351, 633
Durable goods stores 9 .
do _. 112, 779
Automotive group
do
66, 911
Passenger car, other auto, dealers
do
62, 048
Tire battery accessory dealers
do
4,863
364, 571
109, 694
62, 847
57, 737
5,110
30, 404
9,229
5,178
4,739
439
29, 739
9,039
4,986
4,573
413
31,849
9,539
5,293
4,840
453
30, 218
8,234
4,291
3,847
444
37,620
9,306
4,399
3,903
496
27, 902
8,070
4,859
4,485
374
26,835
8,443
5,268
4,913
355
31, 131
10, 260
6,529
6,085
444
33,050
10,747
6,737
6,209
528
33,224
10,795
6,640
6,125
515
34,327
11, 690
7,193
6,620
573
33, 817
11,042
6,657
6,116
541
16, 719
10,439
5,223
16, 817
10, 393
6,226
1,392
870
429
1,377
856
420
1,459
912
447
1,464
936
434
1,817
1,049
611
1,280
784
395
1,236
748
405
1,381
868
412
1,345
832
417
1,365
853
427
1,480
896
491
1,457
911
458
Lumber, building, hardware group 1
do
14, 562
Lumber, bldg. materials dealers d
do
11, 278
Hardware stores
_ do _
3,284
Nondurable goods stores 9
do
238,854
Apparel group _ _._
_
do
20, 158
Men's and boys' wear stores
do_ __
4,761
Women's apparel, accessory stores... do
7,606
Shoe stores
do
3,505
14,535
11,315
3, 220
254, 877
20, 396
4,683
7,710
3,619
1,365
1,086
279
21, 175
1,625
335
608
319
1,319
1,051
268
20, 700
1,653
353
621
336
1,362
1,076
286
22,310
1,820
405
696
335
1,210
938
272
21, 984
1,841
434
698
315
1,248
889
359
28,314
2,935
735
1,112
420
938
743
195
19,832
1,444
349
550
235
925
727
198
18, 392
1,250
277
492
201
1,141
916
225
20,871
1,552
305
632
256
1,346
1,056
290
22,303
1,790
376
707
313
1,439
1,125
314
22,429
1,680
375
687
261
1,613
1,271
343
22,637
1,707
396
688
261
1,631
1,299
333
22, 775
1,590
342
653
240
12, 750
27, 872
81, 466
76, 071
26,504
1,047
2,612
6,859
6,387
2,275
1,047
2,431
6,665
6,215
2,141
1,079
2,465
7,227
6,775
2,241
1,046
2,260
6,523
6,087
2,211
1,452
2,283
7,483
6,989
2,278
1,051
2,095
6,980
6,558
2,111
992
1,993
6,336
5,922
1,961
1,077
2,208
6,808
6,358
2,183
1,088
2,302
7,133
6,660
2,265
1,095
2,510
7,174
6,689
2,348
1,073
2,580
7,139
6,649
2,423
1,065
2,627
7,712
7,205
2,527
58, 615
62, 867
5,060
5,046
5,503
6,077
9,413
4,173
4,031
5,052
5,546
5,498
5,753
5,404
53,083
36,411
3,519
6,548
7,403
56, 852
38, 558
3, 834
7,056
8,060
8,789
6,013
501
1,187
953
30,481
8,659
4,713
4,313
400
3,726
2,508
220
439
665
31,154
9,480
5,481
5,011
470
3,532
2,330
252
438
592
31, 597
9,791
5,875
5,387
488
4,549
3,057
346
524
638
32, 267
10,181
6,171
5,676
495
5,041
3,414
317
607
661
32,844
10,449
6,347
5,836
511
5,005
3,412
260
610
701
32,692
10,217
6,131
5,640
491
5,283
3,608
322
601
709
33, 310
10,518
6,267
5,762
505
4,940
3,307
297
683
745
33,029
10, 531
6,353
5,869
484
1,354
863
415
1,437
895
435
1,436
874
473
1,483
919
466
1,472
868
475
1,429
854
472
1,487
867
505
1,450
905
445
Merchant wholesalers sales (unadj.), total, mil. $_. 236,708
Durable goods establishments
do
109,578
Nondurable goods establishments
do
127, 130
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $__
Durable goods establishments
do
Nondurable goods establishments
do
RETAIL TRADE
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
Drug and proprietary stores
E ating and drinking places
Food group
Grocery stores
Gasoline service stations
._
do __
do
do __
. do ._
do. _
do
do
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 9 §
. mil. $
D epartment stores
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores
do
Estimated sales (seas, adj.), total
do
Durable goods stores 9
do
Automotive group
do
Passenger car, other auto, dealers
do
Tire, battery, accessory dealers
.do
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance TV radio
do
do
do
11,863
25, 849
75,866
70,955
25, 116
4,569
3,069
298
565
687
30, 781
9,503
5,522
5,090
432
4,549
3,099
304
555
648
30, 885
9,556
5,652
5,214
438
4,950
3,350
354
595
698
30,534
8,927
4,942
4,515
427
5,437
3,677
455
629
702
30, 208
8,380
4,447
4,016
431
1,399
851
445
1,345
856
402
1,384
861
433
1,388
890
411
1,228
1,237
1,236
953
958
958
275
279
278
T
a
Revised,
See similar note on p. S—5.
1 Data are for Feb. 1970.
fRevised series; not comparable with previously published indexes. Revisions for Jan.Mar. 1970 are as follows: Combined index—196; 192; 197; television (network)—252; 238; 248;
spot TV—306; 301; 304; magazines—165; 166; 171; newspapers—122; 121; 122 (no comparable
data prior to Jan. 1970 are available).
$ Source: Media Records, Inc., 64-City Newspaper Advertising Trend Chart.
* New
Lumber, building hardware group
Lumber, bldg. materials dealers d"
Hardware stores
do
do
do ._
1,245
1,221
1,257
1,290
1,260
1,347
1,300
1,431 1,440
972
1,002
944
1,055
1,031
990
1,111 1,139
1,024
273
255
259
277
292
270
301
276
320
series. Beginning Jan. 1971 the series was revised to reflect trends in newspaper advertising
expenditures in 64 cities instead of linage in 52 cities as formerly published.
9 Includes
data for items not shown separately.
of Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§ Except department stores mail order.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
October 1971
1971
1970
Annual
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores 9
_.mil. $__
Apparel group
do
Men's and bovs' wear stores
do
\V omen's apparel accessory stores do
Shoe stores
. do _
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do
. do
do
do
- do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores Q §
mil. $
Department stores
.do _
Mailorder houses (dept store mdse.Jdo
Variety stores
do
Liquor stores
~ do
Estimated sales (seas adj ) total 9
Apparel group 9
Men's and bovs' wear stores
Women's apparel accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinkin^ places
21, 806
1,737
390
661
281
22, 086
1,759
384
695
262
22, 395
1,729
388
677
270
22,475
1,758
392
710
266
22,792
1,802
403
737
263
22, 498
1,746
378
723
259
1,071
2,347
6,814
6,349
2,156
1,101
2,374
6,870
6,420
2,165
1,090
2,386
6,859
6,422
2,217
1,099
2,394
6,866
6,421
2,242
1,083
2,339
7,007
6,550
2,264
1,078
2,300
6,980
6,525
2,213
1,084
2,320
6,972
6,508
2,231
1,113
2,339
7,010
6,548
2,248
1,120
2,349
7,104
6,620
2,270
1,104
2,411
7,212
6,656
2,277
1,097
2,427
7,121
6,642
2,308
1,071
2,384
7,167
6,659
2,335
5,422
5,439
5,426
5,529
5,664
5,756
5,723
5,975
5,790
4,672
3,154
317
580
710
4,788
3,240
321
596
689
4,953
3,342
303
603
647
4,943
3,322
317
619
712
4,966
3,343
329
600
705
5,151
3,462
341
632
711
5,257
3,582
338
602
702
5.248
3,562
303
641
710
5,500
3,743
368
632
739
5,313
3,587
363
612
710
43, 543
18, 353
8,204
2,938
2,591
43, 927
18, 684
8,573
3,005
2,520
44,659
18,665
8,546
3,022
2,534
45, 347
18, 227
7,965
3,100
2,526
46, 216
18, 124
7,697
3,129
2,544
43, 543
18, 353
8,204
2,938
2,591
43, 570
18, 901
8,831
2, 879
2,623
44, 924
19, 857
9,663
2,922
2,681
47,091
20, 920
10, 519
2,977
2,799
47, 759
21, 284
10, 783
3,039
2,795
47, 795
21, 587
11, 079
3,020
2,824
47, 514
21, 534
11, 193
2,998
2,786
47, 226
21, 139
10,867
2,967
2,744
46, 622
19, 983
9,710
2,992
2,667
24, 008
4,426
4,691
25, 190
4,470
4,887
25, 243
4,685
4,660
25,994
4,853
4,670
27, 120
4,945
4,850
28, 092
5,149
5,055
25, 190
4,470
4,887
24, 669
4,301
4,796
25, 067
4,411
4,784
26, 171
4,689
4,955
26, 475
4,713
5,003
26, 208
4,629
5,024
25, 980
4,568
5,064
22, 087
4,605
5,081
26, 639
4,838
5,048
9,186
5,348
9 864
5^652
10, 253
5,937
10,806
6,276
11, 505
6,689
11, 839
6,916
9,864
5,652
9,813
5,628
10, 089
5,743
10,567
6,097
10, 800
6,208
10, 782
6,199
10, 628
6,063
10,683
6,102
10, 927
6,236
44, 623
19, 980
9,558
3,199
2,627
44, 918
19, 040
8,563
3,020
2,674
45, 453
20, 119
10, 050
3,011
2,558
45, 691
20, 270
10, 114
3,004
2,575
44, 883
19, 291
9,113
3,024
2,564
44, 507
18, 542
8,320
2,980
2,549
44, 918
19, 040
8,563
3, 020
2,674
44, 984
18, 987
8,683
2,974
2,674
45,432
19, 480
9,159
2,991
2,716
46, 416
20, 131
9,803
2,998
2,755
46, 728
20, 232
9,911
3,003
2,706
47, 146
20, 716
10, 296
3,017
2,758
47, 383
20, 815
10, 510
2,995
2,753
47,500
20, 879
10, 561
2,982
2,747
48, 187
21, 450
11, 198
3,004
2,689
24, 643
4,606
4,672
25, 878
4,656
4,868
25, 334
4,593
4,750
25, 421
4,583
4,712
25, 592
4,579
4,746
25, 965
4,720
4,879
25, 878
4, 656
4,868
25, 997
4,695
4,840
25, 952
4,585
4,827
26, 285
4,661
4,950
26, 496
4,708
5,003
26, 430
4,704
5,024
26, 568
4,753
5,095
26, 621
4,747
5,153
26, 737
4,748
5,135
9,777
5,677
10, 508
6,013
10, 277
5,961
10, 369
6,017
10, 394
5,988
10, 544
6,056
10, 508
6,013
10, 621
6,164
10, 681
6,116
10, 726
6,146
10, 867
6,252
10, 912
6,287
10, 948
6,309
10, 892
6,246
10, 951
6,255
do
103,070
110, 848
9,007
8,946
9,857
9,811
13,612
8,350
7,751
9,108
9,840
9,642
9,910
9,910
do
do
do
do
do
do
do
5,921
905
2,090
1,598
3,777
2,487
1,354
6,191
852
2,250
1,712
4,307
2,683
1,281
502
59
179
151
352
243
100
510
60
180
162
357
242
100
565
77
204
165
364
253
118
578
85
213
155
361
230
114
914
113
381
200
542
196
151
379
43
145
98
331
165
95
352
36
137
86
305
155
97
493
42
206
109
367
166
104
576
65
227
140
382
172
113
508
66
210
110
375
168
107
623
64
219
109
357
175
117
462
50
198
94
359
174
115
do
do
do
do
do
41,997
45, 302
3,624
3,620
3,945
4,388
6,958
2,986
2,893
3,705
4,070
4,010
4,254
3,964
39, 222
28,934
5,232
42, 165
31, 105
5,627
3,376
2,491
448
3,364
2,500
442
3,654
2,705
477
4,025
2,968
511
6,593
4,860
950
2,745
2,035
342
2,603
1,887
344
3,436
2,516
421
3,791
2,798
491
3,737
2, 799
483
4,001
3,003
476
3,716
2,754
459
37, 163
1,816
40, 557
1,747
3,324
146
3,260
139
3,699
158
3,242
143
3,842
178
3,609
122
3,213
114
3,452
146
3,643
181
3,576
165
3,557
184
3,920
174
do
9,229
9,279
9,420
9,508
9,494
9,547
9,516
9,760
9,910
9,842
10, 149
9,898
do
do
do
do
do
do
526
72
187
155
367
236
499
67
178
143
378
232
541
71
190
169
375
245
556
72
204
160
376
236
528
59
217
135
352
204
492
49
195
124
356
176
522
51
201
126
355
176
548
52
231
115
393
167
538
66
213
121
395
164
537
71
221
114
380
165
536
63
230
105
366
170
535
64
224
110
359
166
3,695
3,765
3,827
3,890
4,004
3,951
3,979
4,143
4,265
4,167
4,425
4,199
3,441
2,534
465
3,511
2,599
477
3,558
2,636
480
3,538
2,620
479
3,710
2,752
478
3,683
2,703
494
3,690
2,711
478
3,888
2,856
498
3,946
2,921
492
3,920
2,916
506
4,172
3,099
499
3,950
2,911
491
3,427
146
3,424
155
3,451
152
3,449
141
3,480
139
3,542
155
3,470
157
3,519
167
3,561
168
3,616
154
3,659
162
3,640
186
do
do
do
do
All retail stores, accounts 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
21, 674
1,704
379
659
279
5,342
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
21,822
1,743
389
668
314
4,802
3,259
324
597
690
General merchandise group with nonstores 9
mil $
Genera] merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
21, 828
1,775
403
673
325
5,248
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $
Department stores
_ do ..
\pparel 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
21, 607
1,746
398
655
332
4,736
3,231
311
603
687
Nondurable goods stores 9
do
Apparel group
. do
Food group
do
General merchandise group with nonstorps
mil. $
Department stores
do
Firms with 11 or more stores:
Estimated sales (unadj ) total 9
21,329
1,650
387
627
304
5,187
Estimated inventories, end of year or month: J
Book value (unadjusted), total t
mil. $_. 43, 535
19, 527
Durable goods stores 9
do
9,424
Automotive group
- do
3,122
Furniture and appliance group
do
2,546
Lumber, building, hardware group. -do
Book value (seas, adj.), total J
Durable goods stores 9
Automotive group
Furniture and appliance group
Lumber building hardware group
21, 278
1,715
380
658
324
do
do...
do
_ do
do
21, 490
7,174
14 316
8,648
12, 842
20, 286
7,143
13 143
8,305
11, 981
20, 140
6,976
13 164
8,280
11, 860
20, 628
7,056
13 572
8,362
12 266
r
Revised.
JSeries revised to reflect benchmarking to the levels of the 1968 and 1969
Annual Retail Trade Reports (Census Bureau), and also recalculation of seas, factors for
all lines of trade; description of revisions and revised data back to 1961 appear on pp. 38 fl.
.
of the Oct. 1970 SURVEY. 9 Includes data not shown separately.
stores mail order.
° See similar note on p. S-5.
§Except department
SUKVEY OF CUERENT BUSINESS
October 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
S-13
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. »
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total incl armed forces overseas t
i 202. 60 1204.80
mil
205.00
205.21
205.43
205.63
205.82
206. 02
206. 18
206. 34
206.51
206.68
206.84
207.01
207.18
207.37
85, 903
82, 715
78, 627
75, 165
3,462
4,088
87, 248
84, 115
79, 894
76, 112
3,782
4,220
85, 656
82, 547
78, 256
74, 730
3,525
4,292
86, 255
83, 175
78, 916
75, 522
3,394
4,259
86, 386
83,347
78, 741
75, 515
3,226
4,607
86, 165
83, 152
78, 516
75, 564
2,952
4,636
85, 628
82, 652
77, 238
74, 361
2,877
5,414
85, 653
82, 703
77, 262
74,415
2,846
5,442
85,598
82, 668
77, 493
74, 452
3,042
5,175
85, 780
82,898
78,204
74, 699
3,505
4,694
85,954
83,104
78,709
75, 111
3,598
4,394
87, 784
84, 968
79, 478
75,559
3,920
5,490
88,808
86, Oil
80,681
76.710
3.971
5,330
88,453
85, 678
80, 618
76.853
3,764
5,061
86,884
84,135
7^,295
75, 851
3,444
4,840
375
662
82, 770
78, 508
75, 073
3,435
4,262
727
82, 975
78,479
75,043
3,436
4,496
788
83,300
78, 691
75, 398
3,293
4,609
754
83,473
78, 550
75, 197
3,353
4,923
880
83,609
78, 463
75. 055
3,408
5,146
1,084
83, 897
78,864
75, 451
3,413
5,033
1,079
83, 384
78, 537
75,208
3,329
4,847
1,069
83, 475
78, 475
75, 079
3,396
5,000
1,107
83,783
78, 698
75, 140
3,558
5,085
1,071
84,178
78, 961
75,503
3,458
5,217
1,202
83, 132
78, 443
75, 149
3,294
4,689
1,173
83,829
78,941
75, 574
3,367
4,888
1,311
84,312
79,197
75, 782
3,415
5.115
1.305
84, 598
79, 525
76. 169
3,356
5,073
1,239
3.5
2.1
3.7
12.2
1.5
6.4
3.1
2.1
3.9
4.9
3.5
4.8
15.3
2.6
8.2
4.5
2.8
6.2
5.1
3.7
4.8
15.8
2.8
8.4
4.8
2.8
6.9
5.4
3.9
5.0
16.5
2 9
8.8
5.0
2.9
7.3
5.5
5.9
6.2
6.0
5.8
6.0
6.1
6.2
5.0
17.0
3.0
9.3
5.2
3.0
7.3
5.6
17.6
3.2
9.0
5.5
3.6
7.4
5.8
17.8
3.4
9.5
5.6
3.8
7.8
5.7
17.6
3.3
9.5
5.6
3.5
7.6
5.6
16.7
3.2
9.6
5.3
3.5
5.8
17.8
3.2
9.4
5.6
3.7
6.0
17.2
3.1
10.0
5.6
3.8
6.0
17.3
3.3
10.5
5.7
3.7
5.6
4.2
5.5
15.8
3.1
9.4
5.2
3.1
7.0
5.8
4.3
5.7
16,2
3.1
10.1
5.3
3.6
7.1
6.1
4.5
5.8
17.0
3.2
9.8
5.6
3.5
7.6
6.0
4.5
5.6
17.1
3.3
10.5
5.4
3.3
8.0
3.5
6.0
3.3
3.0
5.2
9.7
5.6
5.7
5.5
11.8
5.8
5.7
5.8
12.7
6.1
6.3
6.0
11.7
6.7
7.3
6.2
9.1
7.3
8.2
6.6
11.8
7.6
8.0
6.4
11.2
7.2
7.2
6.1
11.0
6.8
7.1
6.4
10.9
6.9
7.3
6.3
9.6
7.0
7.5
6.5
11.2
6.9
7.2
6.0
10.4
6.5
6.9
6.1
9.6
6.6
6.5
6.2
10.2
6.9
6.8
6.2
10.0
7.0
7.1
70, 284
58, 083
70, 616
58,081
70, 452
58, 495
70, 841
58, 469
70, 604
57, 883
70, 562
57, 727
71,151
58, 266
69, 527
56, 728
69, 450
56, 541
69, 782
56, 811
70, 309
57, 331
70, 738
57, 745
71, 355 '70,452 '70,571
58, 422 '58,114 '58,292
71,200
58, 464
70, 284
58, 083
619
3,435
20, 167
11,895
70, 616
58, 081
622
3,345
19, 369
11, 198
70, 445
57, 925
620
3,302
19, 258
11, 132
70, 480
57, 942
620
3,274
19, 235
11,116
70, 082
57, 465
621
3,284
18, 669
10, 598
69, 985
57,314
624
3,294
18, 517
10, 449
70, 313
57, 630
623
3,302
18, 796
10, 738
70, 454
57, 735
625
3,271
18, 747
10, 697
70, 391
57, 647
622
3, 198
18, 684
10, 642
70, 480
57, 688
622
3,264
18, 609
10, 571
70, 599
57, 768
623
3,282
18,639
10, 598
70, 769
57, 91 1
622
3,275
18, 702
10, 651
70, 657
57, 819
619
3,255
18,608
10, 598
316
607
484
656
1,361
1,440
2,033
2,020
2,060
477
441
8,272
1,791
83
1,002
1,409
711
1,094
1,060
182
596
343
242
572
460
638
1,315
1,380
1,977
1,923
1,807
459
426
8,171
1,782
82
978
1,372
706
1,107
1,051
190
580
322
234
564
454
633
1,306
1,377
1,953
1,910
1,826
453
422
8,126
1,772
82
970
1,363
701
1,104
1,048
190
577
319
230
567
457
637
1,324
1,387
1,935
1,896
1,811
452
420
8,119
1,767
79
970
1,364
702
1,105
1,048
189
578
317
222
565
454
631
1,284
1,326
1,892
1,856
1,506
447
415
8,071
1,759
79
963
1,355
696
1,103
1,043
189
569
315
217
564
452
626
1,253
1,304
1,870
1,811
1, 497
442
413
8,068
1,766
80
960
1,358
697
1,101
1,037
190
567
312
212
560
450
627
1,260
1,333
1,854
1,816
1,773
438
415
8,058
1,763
79
961
1,360
695
1,099
1,033
191
566
311
208
563
449
626
1,262
1,328
1,829
1,800
1,782
437
413
8,050
1,765
79
962
1,356
693
1,099
1,030
192
564
310
200
565
449
624
,260
,328
1,810
,792
,771
432
411
8,042
1,764
79
959
1,359
691
1,096
1,026
192
567
309
195
566
450
622
1,264
1,298
1,796
1,787
1,753
429
411
8,038
1,760
77
958
1,368
689
1,092
1,021
191
574
308
194
567
452
628
1,270
1,333
1,784
1,789
1,745
426
410
8,041
1,753
79
958
1,374
690
1,088
1,021
190
577
311
196
570
457
633
1,272
1,339
1,783
1,793
1,768
429
411
8,051
1,758
78
963
1,373
681
1, 091
1,024
190
582
311
4,429
14, 639
3,733
10, 906
3,564
11, 229
12, 202
2,758
9,444
4,504
14, 922
3,824
11, 098
3,690
11, 630
12,535
2, 705
9,830
4,523
14,907
3,816
11,091
3,683
11, 632
12, 520
2,635
9,885
4,518
14, 931
3,826
11, 105
3,698
11,666
12, 538
2,657
9,881
4,517
14, 946
3,833
11, 113
3,706
11,722
12,617
2,659
9,958
4,506
14,902
3,827
11,075
3,721
11, 750
12, 671
2,664
10,007
4,450
14, 952
3,832
11, 120
3,731
11, 776
12, 683
2,661
10, 022
4,507
15, 039
3,841
11, 198
3,746
11, 800
12,719
2,661
10, 058
4,526
15, 059
3,845
11,214
3,749
11, 809
12, 744
2,662
10, 082
4,520
15, 074
3,852
11,222
3,758
11, 841
12, 792
2,662
10, 130
4,505
15, 107
3,854
11,253
3,769
11, 843
12, 831
2,667
10, 164
4,518
15,148
3,866
11, 282
3,788
11,858
12, 858
2,667
10, 191
LABOR FORCE
Labor force, persons 16 years of age and over. _ thous. .
Civilian labor force
..do
Employed total
do
Nonagricultural employment
. do
Agricultural employment
..do. __
Unemployed (all civilian workers)
do
Seasonally Adjusted J
Civilian labor forcej
do
Employed total
do
Nonagricultural employment
do
Agricultural employment
do
Unemployed (all civilian workers)
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group) :J
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
Married men
Negro and other races
.
White workers
Occupation: White-collar workers
Blue-collar workers..
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
84,239
80, 733
77,902
74, 296
3,606
2,831
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:!
Total, not adjusted for seasonal variation .. thous ..
Private sector (excl. gov't)
. do
Seasonally Adjusted
Total
thous
Private sector (excl. gov't)
.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 equip, and supplies
. do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing Ind
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
_ do
Petroleum and coal products
do
Rubber and plastics products, nee ..do
Leather and leather products
do
.
.-
..
.
Transportation, communication, electric, gas,
and sanitary services
..
-thous
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
'70,531
'57,719
'597
3, 228
' 18,533
' 10,552
'191
193
'579
574
'461
458
'625
629
1,259 ' 1, 226
1,333 ' 1, 335
1,769
1,770
1,783 '1,773
1,751
1,759
431
430
411
'410
8,010 '7,981
1,751 ' 1. 762
'69
77
959
956
1,357 ' 1, 349
682
'676
1,088 '1,083
1,016
1,008
188
189
'584
583
311
'303
4,500
15,135
3,837
11,298
3,807
11,895
12,838
2,640
10,198
' 4, 476
' 15,158
3,835
'11,323
'3,806
'11,921
'12,812
2,643
' 10,169
'70,554
'57,692
'609
' 3, 218
' 18,473
' 10,488
70, 855
57, 947
619
3,238
18,603
10, 582
'191
189
'583
590
'456
465
634
627
'1,164
1,173
' 1, 331 1,350
1,775
1,789
1,794
' 1, 772
' 1, 747 1,749
431
437
'411
412
' 7, 985
8,021
'1,760
1,765
'70
74
'958
958
'1,354
1, 359
680
686
'1,080
1,081
'1,005
1,008
188
190
'582
596
'308
304
'4,435
' 15,213
3,845
'11,368
'3,804
'11,940
' 12,862
'2,650
'10,212
4,454
15, 255
3,843
11,412
3,821
11, 957
12, 908
2,677
10, 231
Production (or nonsupervisory) workers on private
nonagricultural payrolls, not seas, adj f thous _. 48, 105 47, 950 48,328 48, 347 47, 777 47,649 48, 196 46, 678 46, 505 46, 775 47,296 47, 708 48,322 ••47,995 '48,188 48, 351
14, 033 14, 083 14,201 13, 550 13, 374 13, 617 13,400 13, 378 13, 345 13, 357 13, 441 13, 611 '13,315 '13,555 13, 742
14, 767
Total on manufacturing payrolls
do
Seasonally Adjusted
14, 033 13, 972 13, 963 13, 406 13, 279 13, 577 13, 651 13, 507 13,448 13, 502 13, 569 13,496 ' 13,440 '13,380 13,514
14, 767
Total on manufacturing payrolls
do
7,384
7,686
7,569
7, 612
7,625
8,043
7,510
7,665
7,667
7,627 '7,594 ' 7, 522
8,016
8,026
7,626
8,651
Durable goods
do
102
114
99
97
111
124
108
'94
126
118
93
95
'93
131
182
93
Ordnance and accessories
.do
480
486
487
488
483
491
486
485
495
'500
493
487
486
'502
508
526
LUP ber and wood products
do.
370
370
372
370
369
374
373
375
378
'375
373
380
379
377
383
402
Furnitureand
fixtures
do
492
494
497
496
498
502
501
496
'496
499
'499
507
506
526
503
502
Stone, clay, and glass products
do
1,002
992
1,008
1,012
996
984
997
997
'965
1.037
'906
1,015
1,043
1,055
912
1,087
Pr imary metal industries
do
1,014
980
1,006
1,020
1,011
1,007
981
1,013 '1,016 T 1,016
1,061
999
1,055
1,028
1, 051
1,108
Fabricated metal products.. .
...do
1,172
1,163
1,198
1,183
1,159
1,152
1, 156 '1,161
1,229
1,217
1.300
1,288
1,245
1,319
1,382
1,177
Machinery, except electrical
do
^Effective Feb. 1971 SURVEY, labor force data reflect new seasonal factors; comparable
' Revised.
*> Preliminary.
1 As of July 1.
figures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1971 (USDL, Bureau
tMonthly estimates have been adjusted to the 1970 Census; revisions prior to Dec. 1969
of Labor Statistics).
appear in Current Population Reports, Series P-25, No. 465, Estimates of the Population
USee corresponding note, p. S-14.
of the United States and Components of Change: 1940 to 1971 (Bureau of the Census).
SURVEY OF CUERENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
October 1971
1970
1970
Annual
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1,169
' 1, 244
257
'318
'5,846
' 1, 188
'56
'841
' 1, 179
515
'661
582
115
'450
'259
1,19(
1,167
' 1, 224 1,24'
26
259
'319
32(
' 5, 858 5,88
' 1, 193
1,19
6
56
841
84
1,19
' 1, 185
'520
52
65
'659
577
57
11
'116
'448
46
25
'263
Sept."
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on mfg. payrolls— Continued
Durable goods— C ontinued
Electrical equipment and supplies
thous.
Transportation equipment
_do
Instruments an d related products
. .do
Miscellaneous manufacturing ind
-do
Nondurable goods
_do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products _
.. _.do
Apparel and other textile products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do -.Rubber and plastics products, nee
do
Leather and leather products
do
1,346
1,453
294
345
6,116
1,202
70
884
1,238
550
682
622
112
462
294
1,268
1,246
277
329
5,990
1,199
68
858
1,203
544
681
603
116
443
275
1,266
1,280
273
326
5,946
1,191
69
850
1,195
538
677
599
115
440
272
1,254
1,269
271
324
5,947
1,186
66
850
1,196
540
680
602
114
442
271
1,223
965
266
319
5,896
1,179
66
844
1,185
534
676
597
114
432
269
1,183
961
263
315
5,895
1,186
67
841
1,189
535
674
592
115
430
266
1,192
1,236
261
319
5,891
1,187
66
842
1,192
532
675
588
116
430
263
1,183
1,245
260
318
5,886
1,187
65
845
1,187
531
672
588
116
431
264
1,177
1,237
256
318
5,882
1,186
66
841
1,189
529
671
586
118
433
263
1,173
1,225
253
316
5,879
1,184
64
839
1,197
526
668
583
116
440
262
1,177
1,225
253
317
5,890
1,181
66
840
1,202
527
666
584
116
443
265
1,184
1,253
255
318
5,902
1,184
65
845
1,204
519
667
588
116
448
266
1,179
1,246
256
318
5,869
1,178
64
838
1,188
520
667
585
115
449
265
37.7
43.0
37.9
40.6
37.1
42.7
37.4
39.8
36.7
37.0
42.1
35.0
39.6
39.3
2.8
36.9
36.9
42.7
37.0
39.6
39.4
2.8
36.9
36.8
42.7
37.2
39.7
39.6
2.7
37.0
37.1
42.8
37.7
39.9
39.5
2.7
36.9
36.6
42.9
37.6
39.6
39.8
2.8
'37.0
'36.6
42.6
36.8
39.4
39.8
2.8
'37.0
'36.8
42.8
37.8
39.7
39.8
2.9
37.0
36.7
42.2
37.1
39.5
39.8
2.9
36.9
36.8
42.4
36.8
40.0
40.0
3.0
'37.1
'37.3
42.3
37.2
40.2
40.0
2.9
36.9
37.3
42.2
37.1
39.8
40.0
'3.0
'36.9
'37.4
'42.0
'37.1
'39.8
'39.8
'2.9
36.
37.
41.
36.
39.
39.
2.
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of private nonagric. estab. f hours
Not seasonally adjusted
do
Mining
do
Contract construction
do
Manufacturing: Not seasonally adjusted-- -do
Seasonally adjusted
do
O vertime hours
do
3.6
3.0
37.1
37.6
42.3
37.3
39.8
39.8
2.9
41.3
3.8
40.4
40.2
40.4
41.9
41.8
41.6
42.5
40.4
41.5
40.7
39.0
40.3
2.9
40.6
39.7
39.2
41.2
40.5
40.7
41.1
39.9
40.3
40.1
38.7
40.2
2.9
40.4
39.7
39.0
41.0
40.4
40.6
40.9
39.7
40.6
40.0
38.6
39.8
2.7
39.7
39. 5
38.3
40.9
41.0
39.8
40.1
39.0
39.8
39.4
38.1
39.9
2.6
40.2
39.3
39.2
41.0
39.9
40.2
40.4
39.7
39.9
39.8
38.4
40.0
2.5
40.4
39.8
39.3
41.1
39.6
40.1
40.6
39.7
40.0
39.9
38.5
40.0
2.6
40.7
39.7
39.5
41.3
39.9
40.2
40.3
39.7
40.2
39.6
38.7
40.3
2.7
41.1
39.8
39.5
41.2
40.3
40.4
40.2
39.7
41.3
39.8
38.6
40.3
2.8
41.4
39.8
39.6
41.3
40.6
40.4
40.1
39.7
41.5
39.7
38.4
40.4
2.8
41.9
39.9
39.7
41.7
40.8
40.3
40.2
39.7
41.7
39.7
38.8
40.3
2.8
41.5
40.1
39.5
41.1
41.0
40.1
40.0
39.8
40.6
39.7
38.6
40.5
2.9
41.5
39.8
39.9
41.4
41.0
40.7
40.5
39.9
41.1
40.0
38.9
40.6
2.9
41.6
40.4
39.9
42.0
41.0
40.6
40.7
39.9
41.4
39.7
38.7
40.4
2.8
41.9
'40.5
40.1
41.8
'40.6
40.7
40.7
'40.1
'39.5
'39.8
'39.2
'40.1
2.8
'41.9
40.5
'40.0
41.8
'39.2
'40.3
'40.7
'40.0
'40.0
'39.6
'39.2
39.
2.
41.
40.
39.
41.
39.
39.
40.
39.
39.
39.
38.
do
do
do.
do
dodo
39.7
3.4
40.8
37.4
40.8
35.9
39.1
3.0
40.5
37.8
39.9
35.3
39.1
3.0
40.6
37.4
39.8
35.2
38.6
2.8
40.0
36.4
38.9
34.1
38.9
2.8
40.5
38.0
39.6
35.0
39.0
2.8
40.4
38.4
39.7
35.3
39.0
2.7
40.5
39.3
39.7
35.3
39.2
2.9
40.7
39.1
40.4
35.2
39.1
2.9
40.7
36.1
40.2
35.0
39.1
2.9
40.5
38.0
40.3
35.2
39.2
2.9
40.5
37.5
40.4
35.1
39.4
3.0
40.5
38.3
40.8
35.5
39.3
3.1
40.4
36.2
40.8
35.4
'39.3
3.0
'40.5
'39.6
40.3
35.8
39.3
'3.0
'40.6
37.3
'40.6
35.8
39.
3.
40.
37.
39.
35.
do . . do
do
do
do
do
43.0
38.4
41.8
42 6
41.1
37.2
41.9
37.7
41.6
42 7
40.3
37.2
41.8
37.6
41.4
44.0
40.3
36.9
41.5
37.4
42.0
43.5
40.0
36.6
41.6
37.4
41.3
43.1
39.6
37.0
41.7
37.5
41.3
42.8
39.5
37.1
41.4
37.5
41.4
43.3
39.6
37.2
41.7
37.6
41.5
42.5
40.1
37.1
41.8
37.4
41.5
42.9
39.9
36.9
41.9
37.5
41.4
41.9
40.3
37.4
42.3
37.5
41.7
41.7
40.3
38.3
42.1
37.7
41.5
41.7
40.4
37.8
42.3
37.7
41.7
42.3
40.7
37.5
42.4
37.6
41.4
'42.6
40.3
'37.7
'42.5
'37.5
'41.5
'43.4
40.2
'37.5
42.
37.
41.
43.
40.
37.
do
do - - _
do. .do
do.-.
do
40.7
35.6
40.2
34.2
37.1
34.7
40.5
35.3
40.0
33.8
36.8
34.4
40.4
35.2
39.9
33.9
36.9
34.6
40.5
35.2
39.7
33.7
36.7
34.4
40.2
35.2
39.9
33.8
36.7
34.3
40.3
35.2
39.8
33.7
36.7
34.3
40.3
35.1
39.8
33.7
36.7
34.3
'39.9
35.1
39.7
33.6
36.7
34.2
'40.6
35.1
39.7
33.6
36.8
34.2
'40.6
35.0
39.7
33.5
36.9
34.0
'40.6
35.2
39.6
33.7
36.9
34.1
'40.0
35.1
39.8
33.7
37.0
34.1
'40.7
35.2
39.9
33.7
37.0
34.1
'38.0
35.3
39.6
33.8
37.1
34.4
40.4
'35.1
39.8
'33.6
'37.3
'34.3
40.
35.
39.
33.
37.
34.
Man-hours, all wage and salary workers, nonagric.
establishments, for 1 week in the month, seas,
adjusted at annual ratef
bil. man-hours. . 139. 09
138. 59
138. 24
138. 09
137. 04
136. 97
137.32 ' 137.36 ' 136.65 ' 137.38 ' 137.56 ' 138.07 ' 137.99 ' 137.91 ' 137.71
137.
103.9
101.5
107.4
103.3
103.7
97.3
100.9
102.4
96.3
94.2
96.5
99.5
100.4
95.7
93.8
94.4
99.2
93.3
94.4
92.6
92.6
100.8
99.0
91.1
87.1
92.1
101.1
99.9
90.4
85.7
94.1
101.3
101.5
92.6
89.3
94.2
101. 7
100.3
92.9
89.6
93.1
100.4
95.1
92.5
89.3
93.7
100.9
100.3
92.4
88.9
93.7
99.7
99.3
92.5
88.9
94.4
100.1
98.3
93.5
90.2
94.1
99.0
98.5
93.1
90.0
93.2
'94.4
97.4
92.4
89.0
'92.7
'96.7
'97.0
'91.8
'87.8
92.
97.
95.
92.
88.
do
...do
do . .
do
101.2
101.4
107.1
106.2
73.3
93.7
98.1
100.6
70.1
92,4
96.4
99.2
67.8
92.2
95.4
99.5
65.3
91.5
96.6
98.8
63.4
92.5
96.8
98.0
62.2
91.3
96.6
98.7
61.1
92.1
96.6
98.3
58.1
92.7
96.5
98.1
57.1
93.1
97.0
98.7
55.4
93.8
97.1
98.4
56.0
93.6
98.9
99.9
54.4
95.8
99.6
100.8
'53.6
'97.0
100.7
'99.7
'54.2
'97.4
'99.1
' 100. 3
53.
98.
99.
100.
Primary metal industries.
Fabricated metal products
Machinery, except electrical
do ..
do
.do
104.4
105.5
100.8
96.8
97.9
93.1
96.2
98.0
91.3
99.3
96.6
88.6
93.0
91.9
86.3
89.5
90.0
85.6
90.9
93.0
84.2
92.3
93.1
82.7
93.0
93.0
81.4
93.9
90.4
80.9
94.9
93.0
79.8
95.3
95.0
80.6
93.8
94.1
80.5
'90.0
'94.6
80.8
'81.6
'93.7
'81.1
82.
93.
81.
Electrical equipment and supplies
Transportation equipment .
Instruments and related products
Miscellaneous manufacturing ind
do
do
do ..
do
102.3
106.3
103.1
100.7
95.1
88.7
95.8
95.6
94.6
91.6
94.0
94.3
92.0
89.0
91.9
92.5
91.4
67.9
91.1
91.8
88.4
67.8
90.3
90.9
89.1
87.6
89.0
92.5
88.4
90.6
89.1
92.0
87.9
90.5
87.5
91.5
87.6
90.1
86.5
91.9
88.2
87.7
86.5
91.7
88.9
90.8
87.8
92.7
88.5
90.9
87.5
92.2
'88.2
'86.6
'88.0
'93.4
'87.9
'86.3
'88.3
'93.7
89.
85.
90.
92.
Nondurable goods. _
do
98.4
97.1
102.8
99.3
97.1
Food and kindred products
do
99.6
100.1
100.9
97.7
98.3
Tobacco manufactures. _ _
do
90.6
91.1
90.5
84.3
88.1
Textile mill products
-do
98.5
95.1
96.2
103.9
97.3
Apparel and other textile products
do
95.2
94.4
91.5
99.8
93.1
r
Revised.
* Preliminary.
HBeginning with the Sept. 1971 SURVEY, payroll employment, hours, earnings, and turnover data reflect actual employment levels for Mar. 1970 and new seasonal factors. Data in the
1969 BUSINESS STATISTICS are in accordance with Mar. 1968 benchmarks and are not com-
97.3
98.7
90.3
96.1
94.2
97.3
99.0
91.1
96.2
94.5
97.7 i
99.5
S3. 3
y8. 2
y3.8 i
97.3
99.4
83.7
97.3
93.4
97.4
98.8
85.4
97.3
94.6
97.8
98.5
86.9
97.6
94.7
98.3
98.8
87.4
99.2
95.9
97.7
98.0
81.4
98.4
94.4
'97.4
'99.1
'77.9
'97.5
' 94. 7
'97.7
'99.8
73.3
'98.2
'95.2
97.
100.
80.
96.
95. (
D urable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
M achinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
do . . .
do
- do ..
do
do
do
do
do . .
do
do
do
do
do
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
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*
.
Seasonally Adjusted
Man-hour indexes (aggregate weekly), industrial
and construction ind., tota!1[
._1967=100_.
Mining__ _.
do
Contract construction.
.
do
Manufacturing
do
Durable goods _
do
Ordnance and accessories
Lumber and wood products
Furniture andfixtures._
Stone, clay, and glass products
parable with current estimates nor with the revised historical statistics in BLS Bulletin No.
1312-8, EMPLOYMENT AND EARNINGS, UNITED STATES, 1909-71, to be available from the
Superintendent of Documents, Government Printing Office, Wash., D.C. 20402.
*New
series.
jData through 1970 are not yet adjusted to Mar. 1970 benchmarks.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-15
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
97.0
'97.9
97.9
' 100. 2
'110.4
'84.2
'98.1
'97.4
'97.3
' 102. 9
' 109. 6
'85.1
Sept.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURS AND MAN-HOURS— Continued
Man-hour indexes, seas, adjusted— Continued
Manufacturing Indus., nondurable goods— Con.
Paper and allied products
1967=100..
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
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Avg. weekly gross earnings per prod, worker on
payrolls of private nonagric. estab. t-- -dollars. .
Mining.
..
. ...do
Contract construction
do..
Manufacturing establishments
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 productsdo
Machinery, except electrical
do
Electrical equip, and supplies .
_ do .
Transportation equipment..
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
do
Food and kindred products..
do
Tobacco manufactures ..
. .do
Textile mill products _.
do
Apparel and other textile products
do
Paper and allied products..
do
Printing and publishing
do
Chemicals and allied products..
do .
Petroleum and coal products
do
Rubber and plastics products, nee ..do
Leather and leather products
do
Trans., comm., elec., gas, etc.*
do
Wholesale and retail trade.
do
Wholesale trade
do
Retail trade.
do
Finance, insurance, and real estate
do
Services*
.
do
105.0
103.0
105.6
97.5
115.6
94.4
101.2
101.3
101.8
101.6
108.7
88.4
99.9
100.3
100.7
103.5
108.0
86.6
99.5
100.2
102.7
101.4
107.6
85.6
98.6
99.6
100.2
100.4
104.2
85.9
99.1
99.6
99.3
100.6
103.4
85.2
114. 61
155. 23
181. 54
129. 51
139. 59
138. 17
110. 15
105. 85
133. 66
158. 42
138. 94
152. 15
124. 84
161. 44
128. 21
103. 74
115. 53
120. 77
97.99
95.47
82.93
139. 32
141. 70
145. 05
170. 40
126. 18
87.79
148. 15
91.14
129. 85
78.66
108. 70
90.57
119. 46
163. 97
196. 35
133. 73
143. 47
146. 57
117. 51
108. 58
140. 08
159. 17
143. 67
154. 95
130. 87
163. 62
134. 34
109. 13
120. 43
127. 98
110. 38
97.76
84.37
144. 14
147. 78
153. 50
182. 76
128. 96
92.63
155. 93
95.66
137. 60
82.47
113. 34
96.66
122. 20
163. 58
204. 82
134. 13
143. 92
145. 93
122. 00
111. 00
142. 35
160. 79
144. 89
152. 31
131.41
164.00
134. 52
108. 85
121. 04
128. 96
104. 81
97.36
85.20
146. 23
149. 31
153. 68
184. 46
130. 82
91.51
158. 34
98.46
138. 35
85.75
113. 65
98.70
121. 73
164. 55
194. 76
135. 43
145. 16
145. 64
120. 99
108. 92
142. 83
166. 87
145. 44
152. 76
131. 20
167. 26
135. 38
108. 77
122. 15
130. 56
108. 29
96.19
83.45
147. 97
151. 18
159. 18
187. 92
132. 03
90.50
160. 36
97.08
138. 16
83.82
113. 46
98.78
121.03
168. 56
204.54
133. 45
142. 76
147. 53
120. 38
111.72
143. 31
157. 61
142. 61
153. 92
132. 47
161.60
136. 40
110. 30
122. 07
129. 51
111.11
99.50
84.46
147. 07
150. 38
155. 70
187. 06
129. 28
92.00
159. 18
96.60
139. 25
83.08
115. 18
98.50
121. 07
169. 52
197. 65
134. 58
143. 16
151. 07
120. 78
111. 56
143. 85
156. 81
142. 66
155. 09
133.60
162. 81
137. 48
111.64
123. 17
131. 54
112.81
100. 80
86.02
147. 55
150. 75
157. 29
187. 05
130. 61
93.37
160. 38
96. 67
139. 74
83.17
115. 92
99.18
122. 43 ' 121.88 ' 122.61 ' 123.65 124.05 125.49 '127.57 ' 127. 94 '129.03
170. 28 168. 75 167.60 168. 82 170. 89 171. 30 172. 10 172. 53 ' 173. 85
204. 20 199. 08 197. 38 205. 53 205. 35 209. 05 213. 94 '216.41 '220.23
138. 45 138.60 138. 29 139. 74 139. 83 142.00 143. 51 142.09 '141.69
149. 04 149. 17 149. 23 151.50 150.40 153. 09 155. 04 '151.98 '151.98
154.54 156. 83 155. 32 157. 59 156. 94 158. 12 160.93 160.66 '162.21
119. 89 117. 09 120. 26 121. 70 123. 11 125. 42 129. 65 '128.88 '130.56
114.33 110. 09 109. 91 112. 29 111.25 113. 76 116. 29 115.53 '118.67
144. 96 141. 86 144. 13 147. 44 147. 55 151.01 155. 24 ' 155. 40 157. 78
161. 60 164. 83 165. 65 168. 10 171. 39 170. 57 173. 87 '170.53 '167.78
147. 38 147. 17 146. 07 146. 77 147. 26 152. 22 153. 38 '150.72 '151.10
157. 87 155. 57 156. 39 159. 57 158.00 160. 79 162. 39 161.20 ' 161. 60
137. 83 135.83 134. 46 137. 36 136. 72 138.90 139. 95 '139.00 '140.40
176. 30 181. 69 181. 15 182. 55 175. 12 182. 52 183.85 '172.97 '172.18
138. 40 137. 02 136. 76 138. 55 137. 86 140. 10 140. 10 '140.23 ' 140. 26
113. 49 112. 22 111.72 113. 68 113. 19 114. 07 114. 46 113.48 '115.25
124. 58 124. 09 123. 84 124. 87 125. 65 127. 01 128. 44 '129.63 129. 17
133. 09 134. 13 132. 80 133. 27 134. 13 136. 21 136. 89 '137.63 '135.86
119. 10 115.28 107. 51 114.45 118. 91 125. 07 121.44 '130.87 '119.57
101. 45 101.60 101. 60 102. 51 102. 00 103. 94 104. 96 102. 66 ' 105. 01
86.13
85.61
87.44
87.69
86.06
86.45
87.69
88.43
89.89
148. 75 147. 74 148. 21 149. 76 151. 26 152. 04 155. 24 '157.30 '158.90
153. 90 151. 03 151.37 153. 38 154. 42 157. 17 158. 34 '158.30 '159.47
158. 50 158. 18 158. 59 158. 98 162. 57 161. 85 164. 30 '164.79 '164.79
186. 19 186. 06 189. 93 188. 10 193. 73 194. 65 195. 11 '197.80 ' 195. 96
132. 47 132. 47 131. 47 132. 47 134. 06 136. 21 137. 57 137. 94 '139.38
95.89
97.52
95.20
98.30 '98.56 ' 97. 13
96.09
95.98
95.23
161. 20 '160.39 ' 164. 83 '163.61 '164.82 '164.37 '169.32 ' 162. 43 '172.55
97.08
99.88 101. 60 103. 61 '103.68
97.92
98.55
99.18
97.51
141. 15 141. 37 141. 45 142. 16 142. 63 145. 33 146. 40 146. 43 '148.00
83.73
85.58
87.72
84.07
84.41
89.78 ' 89. 53
83.41
85.25
115.61 117. 07 119. 23 119.56 120. 29 121. 77 121. 36 122. 06 ' 123. 09
99.81
99.62 100. 30 100. 30 100. 64 101. 02 101. 57 '103.70 '104.10
128. 76
173. 88
218. 58
143.64
153. 97
164. 27
131.54
117.60
157.50
171. 04
152. 31
163. 62
141.91
175. 08
144. 32
115. 14
130. 35
137. 61
119.50
103. 86
89.71
158. 20
161. 78
168.04
204. 52
141. 69
96.83
174. 17
101. 79
148. 45
87.62
122. 47
103. 66
104.61
89.95
115.90
99.66
106. 78
91.34
116. 22
99.42
106. 40
90. 55
117. 25
99.79
105.85
89.63
115. 68
97.95
105.88
89.35
116. 58
98.38
106.96
89.81
119. 66
100.47
112.90
92.39
123. 03
100. 68
112. 68
92. 06
124. 59
101. 79
3.22
3.84
5.25
3.36
3.24
3.56
3.43
3.61
2.96
2.77
3.40
3.93
3.53
3.77
3.28
4.06
3.35
2.82
3.08
2.97
3.16
2.92
2.45
2.39
3.44
3.92
3.69
4.28
3.20
2.49
3.85
2.71
3.44
2.44
3.08
2.81
3.25
3.84
5.32
3.37
3.24
3.58
3.45
3.63
3.05
2.81
3.43
3.98
3.56
3.77
3.31
4.10
3.38
2.82
3.08
2.97
3.13
2.78
2.44
2.40
3.49
3.95
3.73
4.27
3.23
2.48
3.90
2.72
3.45
2.45
3.08
2.82
3.29
3.89
5.38
3.42
3.29
3.62
3.49
3.65
3.04
2.80
3.45
4.07
3.60
3.80
3.33
4.14
3.41
2.84
3.14
3.02
3.20
2.88
2.46
2.44
3.54
4.01
3.79
4.33
3.26
2.50
3.94
2.75
3.48
2.48
3.10
2.88
3.28
3.92
5.44
3.37
3.25
3.56
3.44
3.67
3.04
2.80
3.47
3.99
3.53
3.81
3.32
4.00
3.41
2.85
3.13
3.01
3.19
2.82
2.50
2.42
3.51
4.01
3.77
4.32
3.24
2.50
3.94
2.76
3.49
2.48
3.13
2.88
3.29
3.97
5.46
3.39
3.27
3.57
3.46
3.73
3.05
2.81
3.50
3.98
3.54
3.82
3.34
4.01
3.42
2.87
3.15
3.04
3.24
2.93
2.52
2.43
3.53
4.02
3.79
4.34
3.29
2.51
3.96
2.77
3.52
2.49
3.15
2.90
3.30
3.96
5.46
3.47
3.35
3.68
3.56
3.76
3.02
2.83
3.51
4.05
3.63
3.86
3.42
4.30
3.46
2.91
3.17
3.06
3.27
3.00
2.53
2.44
3.55
4.05
3.81
4.34
3.32
2.53
3.99
2.75
3.52
2.47
3.15
2.91
3.48
4.14
5.86
3.60
3.46
3.83
3. 69
3.93
3.24
2.94
3.75
4.33
3.77
4.05
3.53
4.41
3.59
2.96
3.30
3.17
3.34
3.08
2.59
2.52
3.74
4.28
4.02
4.68
3.49
2.61
4.29
2.90
3.73
2.60
3.31
3.04
5.224
7.314
1.64
i 3. 939
5.42
7.553
5. 427
7.61
5.52
7.67
5.53
7.706
3.935
3.932
5.480
7.64
1 61
3.913
3.961
4.001
Spendable earnings per worker (with 3 dependents) , total private sector _ . .current dollars
99.99
1967 dollars.. 91.07
Manufacturing . . .
current dollars 111.44
1967 dollars.. 101. 49
Avg. hourly gross earnings per prod, worker on payrolls of private nonagric. estab. 1
dollars..
3.04
Mining
do
3.61
4.79
Contract construction
..
do
Manufacturing
...
do
3.19
3.06
Excluding overtime...
..
do
Durable goods
do
3.38
3.24
Excluding overtime
. do
3.42
Ordnance and accessories
do
2.74
Lumber and wood products
do
2.62
Furniture and
fixtures
do
3.19
Stone, clay, and glass products
do
3.79
Primary metal industries
do
3.34
Fabricated metal products.
do
3.58
Machinery, except electrical..
do .
3.09
Electrical equip, and supplies
do
3.89
Transportation equipment
do
3.15
Instruments and related products.
do
2.66
Miscellaneous manufacturing ind
do
Nondurable goods.. .
do
2.91
Excluding overtime
do
2.79
2.96
Food and kindred products
do
2.62
Tobacco manufactures
do
Textile mill products .
do
2.34
Apparel and other textile products
do
2.31
3.24
Paper and allied products.
do
3.69
Printing and publishing
do. 1. 1
3.47
Chemicals and allied products
do
4.00
Petroleum and coal products.. _
..do
Rubber and plastics products, nee. I. do
3.07
Leather and leather products
do
2.36
Trans., comm., elec., gas, etc.*
do
3.64
Wholesale and retail trade
" do
2.56
Wholesale trade
do
3.23
Retail trade. _. _
do
2.30
Finance, insurance, and real estate
do
2.93
Services*
do
2,61
Miscellaneous hourly wages:
Construction wages, 20 cities (E NR): rf»
Common labor
Soerhr
Skilled labor
' ""
do
Farm, without board or mi., 1st of mo
do
Railroad wages (average, class I)
do
4.629
6.514
1.55
i 3. 708
'Revised.
9 Preliminary.
1 Includes adjustnlents not distribute d b y mo aths.
11See corresponding note, p. S-14.
* New series.
rf Wages as of Oct. 1, 1971; Common, $6.182; skille<1, $8.511.
0
As of (3ct. 1971
97.8
99.7
98.9
102.7
103.7
84.4
98.3
99.5
99.1
100.8
105.2
84.5
98.2
98.9
98.8
103.5
105.2
83.7
97.9
98.7
98.1
99.4
108.0
84.5
99.0
98.4
98.9
98.9
108.7
87.6
97.0
99.1
99.1
98.9
110. 2
86.8
97.7
99.1
99.1
99.5
111.3
85.7
110.10 ' 111.73 '112.02
91.14 '91.96 '91.97
123. 27 124.48 123. 35
102.04 102. 45 101. 27
107.29 ' 107. 85 ' 108.66
90.01 ' 90. 33 ' 90. 70
120. 55 120. 31 121.47
101. 13 100.76 101. 39
108.97
90.66
121. 54
101. 11
3.33
3.98
5.53
3.50
3.38
3.72
3.61
3.77
3.01
2.83
3.52
4.08
3.67
3.87
3.43
4.41
3.46
2.93
3.19
3.08
3.32
3.01
2.54
2.46
3.56
4.06
3.83
4.43
3.32
2.56
'4.04
2.81
3.57
2.52
3.19
2.93
3.35
4.00
5.56
3.51
3.40
3.74
3.62
3.77
3.06
2.84
3.55
4.09
3.67
3.90
3.43
4.44
3.48
2.94
3.20
3.10
3.32
3.02
2.54
2.48
3.58
4.08
3.84
4.49
3.32
2.58
'4.08
2.83
3.59
2.54
3.24
2.95
3.36
4.01
5.54
3.52
3.40
3.75
3.63
3.77
3.05
2.85
3.57
4.12
3.66
3.94
3.46
4.42
3.49
2.93
3.21
3.10
3.34
3.11
2.55
2.47
3.60
4.09
3.84
4.50
3.32
2.59
'4.07
2.84
3.59
2.55
3.24
2.95
3.38
4.04
5.55
3.54
3.42
3.76
3.64
3.80
3.07
2.86
3.59
4.17
3.70
3.95
3.47
4.40
3.49
2.94
3.23
3.12
3.37
3.24
2.55
2.47
3.61
4.14
3.88
4.58
3.36
2.58
'4.10
2.85
3.62
2.56
3. 26
2.96
3.41
4.04
5.65
3.55
3.43
3.78
3.66
3.81
3.12
2.88
3.63
4.15
3.74
3.97
3.49
4.43
3.52
2.94
3.24
3.13
3.38
3.30
2.56
2.47
3.62
4.18
3.90
4.58
3.38
2.58
'4.13
2.87
3.67
2.57
3.30
2.98
3.42
4.04
5.63
3.57
3.44
3.80
3.67
3.85
3.17
2.90
3.67
4.21
3.75
3.99
3.49
4.43
3.52
2.95
3.26
3.13
3.38
3.30
2.56
2.47
3.67
4.20
3.94
4.58
3.38
2.58
'4.15
2.87
3.66
2.58
3.28
2.97
'3.43
4.05
'5.68
3.57
'3.45
'3.79
3.66
3.89
'3.19
2.91
'3.70
'4.19
'3.74
4.00
3.51
'4.39
3.55
2.94
'3.29
3.16
'3.39
'3.33
2.56
2.47
'3.71
'4.21
' 3.99
4.60
3.44
2.58
'4.23
2.87
3.67
2.58
3.29
'2.98
'3.45
'4.11
5.75
'3.56
'3.43
'3.79
'3.66
'3.89
'3.20
'2.93
3.73
'4.28
'3.74
'4.02
'3.51
'4.37
'3.56
2.94
3.27
3.15
'3.33
'3.18
2.58
2.49
'3.73
'4.23
'3.99
'4.60
'3.45
'2.59
'4.25
'2.88
'3.70
2.58
'3.30
'3.00
5.629
7.828
1 76
5.629
7.841
5.64
7.878
5.717
7.992
1 76
5.86
8.21
6.014
8.365
6.05
8.38
1 74
6.156
8.471
98.1
97.4
98.3
103.9
112.8
83.8
0
6.185
8.515
1.70
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index*
1967=100..
LABOR TURNOVERA
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
Separation rate total
Quit
122
93
'89
87
78
80
80
75
77
78
78
79
83
85
"85
4.7
'3.7
'4.9
2.7
'1.2
4.0
'2.8
4.8
2.1
1.8
5.1
3.5
5.6
3.0
1.7
4.7
3.4
6.0
3.3
1.7
3.8
2.7
5.3
2.1
2.2
3.0
1.9
4.3
1.4
2.1
2.4
1.4
4.1
1.2
2.2
3.5
2.0
4.2
1.5
1.9
3.1
1.9
3.5
1.3
1.4
3.5
2.2
3.7
1.6
1.4
3.7
2.3
4.0
1.6
1.4
3.9
2.6
3.7
1.7
1.2
4.9
3.5
3.8
1.8
1.2
'4.0
2.7
'4.8
1.8
2.1
"5.3
"3.4
"5.5
"2.8
"1.8
4.1
2.9
4.6
2.1
1.8
3.8
2.6
4.4
2.0
1.9
3.6
2.4
4.9
1.9
2.1
3.7
2.4
4.8
1.7
2.0
3.8
2.3
4.7
1.9
1.8
3.8
2.3
4.4
1.8
1.7
3.7
2.4
4.1
1.7
1.5
3.9
2.5
4.1
1.7
1.6
4.0
2.5
4.3
1.7
1.6
3.8
2.5
4.0
1.8
1.6
3.7
2.4
4.1
1.9
1.5
'3.7
2.5
'4.4
1.8
1.5
"4.2
"2.8
"4.5
"1.9
"1.9
'527
'127
'560
'591
'448
'231
'340
'84
'224
'456
280
222
330
114
410
116
540
174
580
702
610
272
410
820
390
166
'950
'971
'695
'881
'529
'552
'341
'785
'754
'920
66,414 ' 3, 852 '8,670 '11,574 ' 7, 798 ' 3, 189
440
286
2,709
490
169
1,771
590
200
2,292
750
254
2,184
790
774
3,437
850
384
3,923
670
967
7,906
660
472
4,505
do
- do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
\Vork stoppages
number
Workers involved
thous
In effect during month:
Work stoppages
number
Workers involved
thous
Man-days idle during period
do
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
thous
Unemployment insurance programs:
Insured unemployment, all programs §
do
State programs:
Initial claims
do
Insured unemployment, weekly avg.__do
Percent of covered employment:^
Unadjusted
Seasonally adjusted
Beneficiaries weekly average
thous
Benefits paid
mil $
Federal employees, insured unemployment,
weekly average
thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment, weekly avg__-do
Benefits paid
mil $
Railroad program:
Applications
thous
Insured unemployment weekly avg do
Benefits paid
'
mil $
5,700
2,481
42, 869
5,716
3,305
5,153
3,845
330
345
304
289
230
257
233
295
309
308
365
315
1,177
2,070
1,855
1,746
1,889
2,233
2,632
3,195
3,216
3, 091
2,756
2,443
2,332
2,430
2,349
10, 385
1,101
15, 387
1,805
1,068
1,710
1,079
1,607
1,208
1,724
1,432
2,017
1,863
2,369
1,756
2,799
1,291
2,751
1,265
2,577
1,111
2,283
964
2,001
1,152 «" 1,439
1,993
1,893
1,912
2.1
3.4
923
2, 127. 9
1,518
3, 848. 5
3.2
3.7
1,500
313.1
3.0
4.1
1,375
299.9
3.2
4.4
1,377
305.1
3.7
4.5
1,553
341.9
4.4
4.0
1,900
462.0
5.2
3.7
2, 302
526.7
5.2
3.8
2,423
557.7
3.6
3.8
4.8
4.3
3.8
3.9
2,339
2,105
1,769 '1,714 «> v 1, 445
631.0 '541.9 9 434. 5 * 446. 7 &"397.l
20
31
33
32
33
35
36
37
37
35
31
29
333
37
34
87.0
556
79
75
203.2
44
89
87
18.6
46
81
81
18.3
49
83
75
17.3
51
97
86
19.1
59
113
107
26.2
56
127
123
27.8
50
128
127
28.2
57
128
128
33.3
51
121
122
'30.8
45
113
110
27.0
100
17
37.0
128
18
38.7
16
17
3.0
12
18
2.9
16
22
3.5
8
20
3.7
9
20
4.2
14
31
4.7
38
22
4.4
30
19
4.6
85
20
4.4
36
18
3.5
3.6
36
35
54 « "53
120
114
115
30.1 b*28.9
120
45
13
4.2
89
15
3.8
98
27
8.7
31
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Commercial and finance co. paper, total
do
Placed through dealers
do
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
5,451
31,709
11,817
19,892
7,058
31, 765
12,671
19, 094
5,979
36,570
12,044
24,526
5,848
33,958
12, 518
21,440
6,167
34, 401
13, 084
21,317
6,267
33, 966
13, 301
20, 665
7,058
31, 765
12,671
19, 094
6,912
32, 295
13, 433
18, 862
6,984
32, 506
13, 921
18, 585
7,174
31, 223
13, 570
17, 653
7,301
31, 367
13, 489
17, 878
7,494
31, 115
13, 000
18, 115
7,645
29, 472
11, 736
17, 736
7,454
29, 746
11,470
18, 276
8,377
30, 057
11, 948
18, 109
13,204
14, 774
14, 338
14,443
14, 573
14, 616
14, 774
14,957
15, 206
15, 492
15, 718
15, 899
16, 146
16, 137
16, 107
6,714
1,732
4,758
7,187
2,030
5,557
7,061
1,778
5,499
7,101
1,852
5,489
7,137
1,973
5,463
7,156
2,020
5,439
7,187
2,030
5,557
7,210
2,119
5,628
7,258
2,164
5,784
7,347
2,153
5,993
7,426
2,113
6,179
7,502
2,056
6,341
7,579
2,041
6,527
7,650
1,997
6,490
7,709
1.942
6,456
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's) O- bil $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's 1
226 other SMSA's .
10,550.5 10,552.0 10,780.2 10,533.9 10,896.5 10,668.4 11,508.9 11,425.9 11,658.7 '11,119.2 '11,815.7 '11,766.2 12, 366. 4
4, 770. 6 4, 668. 1 4, 899. 8 4, 824. 0 5, 016. 1 4, 825. 9 5, 477. 4 5, 309. 7 5, 356. 8 4, 903. 9 5, 202. 8 5, 147. 4 5, 704. 9
5,779.9 5,883.9 5,880.5 5,709.9 5,880.3 5,862.5 6,031.5 6,116.2 6,301.9 '6,215.3 '6,612.9 '6,618.9 6, 661. 5
2, 478. 8 2, 502. 9 2, 497. 4 2, 420. 1 2, 480. 1 2,453.5 2,524.1 2,505.3 2,597.1 2, 573. 9 ' 2, 765. 22, 773. 9 2, 795. 7
3,301.1 3,381.0 3,383.0 3,298.8 3,400.2 3,408.9 3,507.4 3, 610. 9 3,704.8 '3,641.4 '3,847.7 '3,845.0 3, 865. 8
do
do
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
84, 050
90, 157
85, 708 87,366
86,609
88,464
90,157 '88,277 '88,541
90, 681
90, 357
91, 210
92, 945
91, 899 "92, 154
68, 565
446
65,518
69, 285
778
65, 841
70, 094
858
66,868
10, 075
10, 075
9,875
Reserve bank credit outstanding, total 9 ..do
Discounts and advances
do
U.S. Government securities
do
60, 841
183
57,154
66, 795
335
62, 142
62, 089 63, 297
852
538
59, 947 59, 975
63, 527
428
60,015
63, 737
300
61, 233
66, 795
335
62, 142
64,900
308
61, 783
65, 616
'264
62, 462
67, 387
391
64,160
66, 665
81
63,721
69,757
1,051
65,764
Gold certificate account
10, 036
10,457
11,045
10, 819
10, 827
10, 457
10, 464
10, 464
10,464
10, 475
10, 075
do
10, 819
do
84, 050
90, 157
85, 708
87, 366
86,609
88, 464
90,157 '88,277 '88,541
90, 681
90, 357
91, 210
92, 945
91, 899 "92, 154
Deposits, total
Member-bank reserve balances
do
do
24, 338
22,085
26, 687
24, 150
24, 536
22, 557
26, 037
23, 938
26, 007
24, 206
24, 104
22, 689
26,687 '26,384 '26,401
24, 150 ' 24, 508 24, 409
27, 748
25, 895
26,949
24, 735
27, 604
25, 494
26, 701
24, 540
27, 345
25,311
27, 187
25, 409
Federal Reserve notes in circulation
do
48, 244
51, 386
48,952
49, 128
49, 314
50,390
51, 386
50, 206
50, 593
50,889
51,485
52, 228
52, 619
52, 829
Liabilities, total 9
' Revised.
" Preliminary.
{Monthly data prior to 1969 will be available later.
Revisions for Juno and July 1970 (1967 = 100): 92 and Ul.
ASeo note 'T', P S-14.
§Begmning Jan. 1970, data include claims filed under extended duration provisions of
regular State laws.
« Excluding data for N.H. and R.I.
* ExcludingdataforN.il. R.I.,
and Conn.
50, 200
cf Insured unemployment as % of average covered employment in a 12-month period.
OTotal SMSA's include some cities and counties not designated as SMSA's.
llncludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
End of year
S-17
1970
Sept.
Aug.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
29,880
29,679
201
328
-127
29,686
29,487
199
319
-120
29,885
29,745
140
148
-8
30,419
30,107
312
330
-18
30,023
29,892
131
453
-322
30,547
30,385
162
820
-658
81,234
82, 590
82, 275
84,927
83,921
Aug.
Sept.
FINANCE—Continued
BANKING- Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $__ 128,031 i 29, 265
i 27, 774 128,993
Required
-do
1257
1272
Excess
-_
do
11,086
1321
Borrowings from Federal Reserve banks ... do
1-829
1-49
Free reserves
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:J
Deposits:
Demand, adjustedc?
mil. $__ 2 90,288 287,739
28,349
28,204
145
827
-682
28,825
28, 553
272
607
-335
28,701
28,447
254
462
-208
79,713
80,407
80,780
28,558
28,432
120
425
-305
29,265
28,993
272
321
-49
30,488
30, 209
279
370
-91
83,086
87, 739
82,284
30, 430 "30,840
30, 259 30, 592
171
248
805
501
-634
-253
83,819
84,696 82, 080
Demand total 9
Individuals, partnerships, and corp
State and local governments
U S Government
Domestic commercial banks _
do
do
do
do
do
2 150,897 2 147,355
2 103,149
2 105,605
2
7, 942 2 6, 774
2
24,380
2, 989
2 20, 801 2 21, 704
131,607 140, 018 131,032
93,030 94, 516 92, 376
6,194
7,682
5,925
3,722
3,815
5,798
18,235 20, 962 19, 382
139,560 147, 355 138, 249
96,854 103, 149 94,883
6,460
6,774
6,808
6,563
4,220
4,380
19,651
21,
704
20,752
135,249 146,456 141,474
93,744 99, 265 97,099
6,957
6,483
6,353
2,873
4,320
5,833
20, 175 24, 704 20,750
143,628 152,998 139,726
100,703 102,160 97,291
7,623
7,228
6,150
5,328
2,738
3,899
22, 045 24,975 20, 831
145,012 141, 160
99, 579 96, 323
6,601 6,368
4,838 5,647
21, 937 21, 202
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
do ..
296,589 2119,443
110,633 113, 635 114, 820
116,426 119,443 123, 102 125,842 129, 175 129, 338
131,127 131,890 132, 954
134,070 136, 161
do
do
246,490
236,502
53, 658
56, 532
52, 970 53, 313
58,430 59, 747
2 48, 035
2 51, 650
2 175,756 2 180,429
Loans (adjusted), totaled
do
Commercial and industrial
.
~ do _ 281,491 2 81, 693
For purchasing or carrying securities
do
2 7,811 2 8, 560
2 13, 148 2 13, 642
To nonbank financial institutions
do
2 33, 617 2 34, 035
Real estate loans
_
do
2 44, 177 2 50, 906
Other loans
do
Investments, total .. __ .
U.S. Government securities, total
Notes and bonds
Other securities
2 59, 536
do
do
2 23, 853
_.do_ _. 2 19, 789
2 35, 683
do
2 72, 194
2 28, 061
221,983
2 44, 133
46,327
44,897
46, 811
47, 540
173,241 175,627
79,504 81, 154
6,091
6,235
13,037 13, 229
33,743 33, 939
47,389 46, 574
47, 013
49, 086
47,475
50,376
173,826 174,487
79, 968 80,132
6,436
7,153
12, 573 12,604
34,065 34,059
47, 025 49,013
48, 035
51, 650
49,145
53,770
50,458
54,889
52, 973
55, 544
53,043
54,797
53, 535
55, 732
180,429 175,201 175,635 177,240 177,206 180,002
81,693 80,039 80,800 81, 208 81, 191 81,909
7,012
7,292
6,915
8,560
7,314
6,716
13, 642 12,617 12,412 13, 278 13,295 13, 926
34:035 34,284 34,416 34, 553 34, 730 35, 087
50, 906 48,093 49,007 48, 224 48, 935 50, 794
63,449
24,764
21,014
38,685
64, 851
24, 793
20, 598
40, 058
66, 319
25, 593
20,720
40, 726
70,017
27,364
21,868
42,653
72, 194
28,061
21,983
44,133
73,229
28,268
22,322
44,961
73, 618
27,593
22,361
46, 025
423.7
287.3
57.6
78.8
424.4
287.3
56.3
80.8
428.2
288.4
56.7
83.1
435.1
290.5
58.5
86.0
438.9
292.0
58.7
88.2
444.6
295.2
59.9
89.6
75, 515
28, 060
22, 384
47, 455
75, 678
26, 569
22, 160
49, 109
74,883
25, 453
21, 652
49,430
53, 145
57, 210
182,830 180, 753
82,521 81,830
7,590
6,729
14,784 13, 713
35,628 36, 149
49,986 50,605
76,338
26,623
22,434
49,715
75,152
25,397
21,850
49,755
185 343
82, 951
7,715
13,966
36, 727
53, 296
186, 292
83,733
7,745
13,543
37, 196
53,871
74, 250
24, 934
22, 122
49,316
75, 187
25, 080
22,400
50, 107
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.:
Total loans and investments©
bil $
LoansO
do
U.S. Government securities
do
Other securities
do
2 401. 3
2 278. 1
251.9
271.3
2 435. 1
2 290. 5
258.5
286.0
418.3
284.1
57.5
76.7
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
38.21
88.02
38.53
38.48
38.22
38.86
8.50
8.24
8.89
8.07
7 74
8.47
«6.75
6.27
7.18
66.58
6.26
6.80
6.00
5.66
6.25
6.50
6.25
6.75
'8.24
37.93
38.19
38.18
38.46
38.44
38.52
38.49
8.47
8.49
8.53
8.54
8.05
8.15
8.08
8.16
6.83
7.04
6.72
6.81
6.65
6.88
6.59
6.63
5.95
6.37
6.17
6.12
6.45
6.73
6.60
6.56
8 north central centers
7 southeast centers
8 southwest centers
4 west coast centers
do
dor...
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month. __
percent--
448.6 ' 449. 2 ' 453. 9 ' 458. 7 '461.3 ' 466. 5
295.2 '295.4 ' 298. 9 '299.2 ' 301. 7 ' 307. 4
'62.9
61.4
'60.0
'61.8
'61.6
60.2
'96.6
'97.9
'95.0
'97.6
92.0
93.7
470.1
310.4
60.7
99.0
6.00
5.50
6.00
6.00
6.00
5.75
5.50
5.00
4.75
4.75
4.75
4.75
4.75
5.00
5.00
37.23
38.50
8.62
8.51
8.30
8.08
7.86
7.64
7.24
6.80
6.35
6.11
6.05
6.01
6.00
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent ._
Existing home purchase (U.S. avg.)
do
37.66
37.68
38.27
38.20
8.35
8.25
8.31
8.27
8.33
8.20
8.26
8.18
8.20
8.12
8.03
7.94
7.74
7.67
7.52
7.47
7.37
7.34
7.36
7.33
7.38
7.38
7.51
7.50
7.60
7.59
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6 months)., do
Finance Co. paper placed directly, 3-6 mo. do
Stock Exchange call loans, going rate
do
47.61
47.83
4
7. 16
47.96
47.31
47.72
47.23
47.95
7.20
7.90
7.48
8.00
7.03
7.32
7.12
7.90
6.54
6.85
6.76
7.75
5.79
6.30
6.16
7.40
5.32
5.73
5.48
6.92
4.77
5.11
5.07
6.28
4.09
4.47
4.37
5.88
3.80
4.19
4.05
5.49
4.36
4.57
4.27
5.32
4.91
5.10
4.69
5.50
5.33
5.45
5.24
5.50
5.60
5.75
5.54
5.93
5.57
5.73
5.57
6.00
5.49
5.75
5.44
6.00
4 6. 677
46.85
4 6. 458
47.37
6.412
7.56
6.244
7.24
5.927
7.06
5.288
6.37
4.860
5.86
4.494
5.72
3.773
5.31
3.323
4.74
3.780
5.42
4.139
6.02
4.699
6.36
5.405
6.77
5.078
6.39
4.668
5.96
Federal intermediate credit bank loans
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues
__
do
5.00
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
Installment credit, total
mil. $._ 122, 469
126,802 123,655 123, 907 123, 866 123, 915 126,802 125, 077 123, 815 123, 604 125, 047 126,025 127,388 128, 354 129, 704
do..
98, 169
101, 161
99,860 100, 142
99, 959
99, 790 101, 161 100, 101
99, 244
99, 168 100,028 100, 692 101,862 102, 848 104,060
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
do.
do
do
do..
36, 602
27,609
4,040
29,918
35, 490
29, 949
4,110
31, 612
36,908
27,801
4,104
31,047
36, 738
28, 055
4,123
31,226
36, 518
28, 152
4,126
31, 163
36,011
28,378
4,133
31,268
35, 490
29, 949
4,110
31,612
35,004
29, 575
4,067
31, 455
34, 869
28,928
4,051
31, 396
35, 028
28, 591
4,045
31,504
35, 496
28,682
4,077
31, 773
35,819
28, 706
4,126
32,041
36,349
28,976
4,186
32,351
36, 763
29, 165
4,240
32,680
37, 154
29,477
4,295
33, 134
By type of holder:
Financial institutions, total
Commercial banks
Finance companies IT
do
do. do
84,982
40,305
31, 734
87,064
41,895
31, 123
87,315
41,934
31,588
87,471
42, 051
31, 510
87, 243
42, 010
31, 309
86,820
41, 740
31, 081
87,064
41,895
31, 123
86, 308
41,611
30, 791
85, 910
41,446
30, 511
86,015
41, 563
30, 326
86,805
42,094
30,369
87,491
42, 482
30,441
88,544
43,011
30,609
89,458
43, 509
30,906
90,536
44, 112
31,098
do
do
11, 594
1,349
12,500
1,546
12,292
1,501
12,409
1,501
12, 422
1,502
12,438
1,561
12, 500
1,546
12, 353
1,553
12, 351
1,602
12,509
1,617
12,686
1,656
12,874
1,694
13,206
1,718
13, 296
1,747
13, 570
1,756
do
do
13, 187
336
14,097
327
12,545
337
12,671
337
12, 716
335
12,970
332
14, 097
327
13, 793
324
13,334
323
13, 153
325
13, 223
330
13, 201
344
13,318
339
13, 390
344
Credit unions
Miscellaneous lenderslf
Retail outlets, total
Automobile dealers
r
Revised.
* Preliminary.
i Average for Dec.
2 Beginning June 1969, data are revised to include all bank-premises
subsidiaries, and other significant majority-owned domestic subsidiaries; also, loans and
investments are now reported gross. For complete details see the Aug. 1969 Federal Reserve
Bulletin.
s Average for year.
4 Daily average.
s Revised series. Feb. 1971 data on
old basis are in Jan. 1971 column; details are in June 1971 Federal Reserve Bulletin.
^Revisions for Jan. and Feb. 1970 are in the Mar. 1971 Federal Reserve Bulletin.
d*For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial
bank and U.S. Government, less cash items in process of collection; for loans,
http://fraser.stlouisfed.org/
Federal Reserve
BankOof- 71
St.- Louis
446-494
fi-3
13, 524
347
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).
9Includes data not shown separately.
©Adjusted to exclude interbank loans: beginning June 1969, data are reported gross.
§For bond yields, see p. S-20.
^Finance companies consist of those institutions formerly classified as sales finance, consumer
finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual savings banks.
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Aug.
Annual
October 1971
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FINANCE—Continued
CONSUMER CREDIT— Continued
Outstanding credit— Continued
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
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
Repaid, total
Automobile paper
Other consumer goods paper
All other
mil $_.
do
do
do
24,300
9,096
7,900
1,196
25,641
9,484
8,205
1,279
23, 795
9,294
8,041
1,253
23, 765
9,316
8,062
1,254
23, 907
9,313
8,059
1,254
24,125
9,345
8,071
1,274
25, 641
9,484
8,205
1,279
24, 976
9,480
8,196
1,284
24, 571
9,506
8,205
1,301
24, 436
9,557
8,249
1,308
25, 019
9,676
8,350
1,326
25, 333
9,765
8,425
1,340
25, 526
9,862
8,512
1,350
25. 506
9,854
8,498
1,356
25, 644
9,997
8,633
1,364
do
do .
do
_ _.do
8,234
6,650
1,584
6,970
8,850
6,932
1,918
7,307
7,508
5,664
1,844
6,993
7,489
5,617
1,872
6,960
7,656
5,797
1,859
6,938
7,757
5,884
1,873
7,023
8,850
6,932
1,918
7,307
8,094
6,144
1,950
7,402
7,353
5,435
1,918
7,712
7,207
5,316
1,891
7,672
7,689
5,774
1,915
7,654
8,004
6,046
1,958
7,564
8,214
6,199
2,015
7,450
8,271
6,173
2,098
7,381
8,305
6,120
2,185
7,342
do
do
do
do
102, 888
32, 354
33, 079
37, 455
104, 130
29, 831
36, 781
37, 518
8,915
2,540
3,152
3,223
8,580
2,402
3,097
3,081
8,670
2,463
3,200
3,007
8,271
2,006
3,147
3,118
10, 194
2,045
4,562
3,587
7,545
1,997
2,868
2,680
7,489
2,336
2,431
2,722
9,575
3,074
3,076
3,425
10, 079
3,100
3,363
3,616
9,562
2,883
3,148
3,531
10, 667
3,301
3,538
3,828
10, 098
3,032
3,415
3,651
10, 300
3,066
3,465
3,769
do
do
do
do
94, 609
29, 882
30, 369
34, 358
101, 138
30, 943
34,441
35, 754
8,357
2,550
2,889
2,918
8,298
2,572
2,843
2,883
8,853
2,683
3,103
3,067
8,440
2,513
2,921
3,006
8,823
2,566
2,991
3,266
8,605
2,483
3,242
2,880
8,346
2,471
3,078
2,797
9,651
2,915
3,413
3,323
9,219
2,632
3,272
3;315
8,898
2,560
3,124
3,214
9,497
2,771
3,268
3,458
9,112
2,618
3,226
3,268
9,088
2,675
3,153
3,260
do _
do
do
do
8,809
2,537
3,168
3,104
8,849
2,621
3,071
3,157
8,580
2,349
3,113
3,118
8,414
2,127
3,113
3,174
8,536
2,170
3,281
3,085
8,916
2,461
3,252
3,203
9,081
2,687
3,204
3,190
9,533
2,897
3,210
3,426
9,751
2,872
3,415
3,464
9,690
2,756
3,295
3,639
9,715
2,838
3,433
3,444
9,675
2,773
3,399
3,503
10, 049
3,004
3,465
3,580
do
do
do
do
8,577
2,632
2,967
2,978
8,490
2,599
2,913
2,978
8,662
2,550
3,036
3,076
8,716
2,577
3,082
3,057
8,515
2,618
2,945
2,952
8,829
2,623
3,145
3,061
8,979
2,636
3,212
3,131
9,038
2,696
3,164
3,178
9,088
2,566
3,249
3,273
9,197
2,640
3,211
3,346
9,190
2,678
3,233
3,279
8,914
2,565
3,203
3,146
9,222
2,697
3,262
3,263
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: t
Expenditure account:
Receipts (net)
mil. $.
Expenditure (excl. net lending) _
do
Expend, acct. surplus or deficit (— )
do
Loan account:
Net lending
do
Budget surplus or deficit ( — )
Budget financing totalt
Borrowing from the public
Reduction in cash balances
.
do
do
do
do
1 187,784 1 193,743 15, 172
1 183,072 1 194,460 17, 429
i 4, 712 i -716 -2,257
1-1,476 i -2,128
-66
18, 725 11, 493 14, 134
17,329 17, 490 16, 616
1,396 -5, 997 -2, 482
-114
-150
1,281 -6,147
i 3, 236 i -2,845 -2,323
1-3,236 i 2, 845 2,323 -1,281 6,147
2,561
2,716 -1,347
1-11,146 i 5, 399
3,586
-393
66
i 7, 910 1-2,554
i 367, 144 i 382,603 392, 545 390, 335 391, 840
i 279,483 i 284,880 293, 593 292, 246 294, 808
15, 429 15, 773
15, 876 16, 870
-447 -1,097
15,130 13, 205
16, 717 18, 328
-1,096 -5, 123
21, 024 13, 190
17, 769 16, 882
3,255 -3,692
22, 449 13, 198 15, 652
20,003 18, 507 19, 276
2,446 -5,309 -3, 624
-306
-318
-49
-270
-49
170
-112
-245
-112
326
-121 -1,341 -1,417 -5,441 3,206 -3,961 2,334 -5,358 -3, 930
-2, 594
3,930
5,358
5,441 -3,206
3,961 -2,334
1,341
1,417
2,594
121
6,854
4,226
675
2,197
-271
-310
240
660
3,306
3,024
-2,
924
1,132
4,766
1,764
-2, 935
-2,024
681
1,177
-712 -2,903
424,
990
415,677
408,
736
409,468
395, 274 400, 825 401, 020 402, 342 403, 863 403, 742
298, 113 301, 138 301, 798 302, 038 302, 713 302, 442 304, 638 304, 328 308, 554 315, 408
Gross amount of debt outstanding t
- ..do
Held by the public
do
Budget receipts by source and outlays by agency :t
Receipts (net), total
mil. $ 1 187,784 1 193,743
i 87,249 i 90, 412
Individual income taxes (net)
do
* 36, 678 i 32, 829
Corporation income taxes (net)
-do
Social insurance taxes and contributions
(net)
mil. $_ 139,918 i 45, 298
i 23,940 i 25, 203
Other
do
15, 172
7,219
484
18, 725
9,449
4,278
11,493
6,110
669
14, 134
7,181
524
15, 429
6,209
4,484
15, 773
10, 579
526
15, 130
6,493
372
13, 205
3,366
3,523
21, 024
9,630
4,015
13, 190
3,846
623
22, 449
9,801
6,469
13, 198
6,519
879
15, 652
6,920
453
5,330
2,138
2,962
2,036
2,697
2,018
4,108
2,322
2,545
1,717
2,720
1,949
5,943
2,321
3,990
2,326
4,970
2,409
6,366
2,355
3,773
2,406
3,464
2,336
5,996
2,282
1 184,548 1 196,588
i 8, 330 i 8, 307
i 77,872 i 77, 150
17, 495
1.032
6,059
17, 443
304
6,160
17, 640
1,157
6,140
16, 728
695
5,851
15, 550
353
6,521
17, 115
886
5,777
16, 546
191
5,720
18,646
320
6,309
17, 818
281
6,041
17, 152
437
5,809
19, 582
1,432
5,482
i 46,594 i 52, 250
i 16,924 1 19, 510
i 4, 247 i 3, 749
i 7, 669 i 8, 653
4,720
1,851
282
764
4,866
1,818
282
719
4,886
1,264
302
765
4,758
1,854
266
827
5,037
1,699
318
806
4,998
1,785
262
765
5,049
1,803
295
794
5,374
1,869
333
962
5,226
1,816
252
881
5,143
1,819
274
874
20, 115 18, 556
353 T* 2,054
5, 047
7,612
5,418
7,175
1,739
1,776
377
246
796
870
Expenditures and net lending, 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. $..
Personal tax and nontax receipts
do
Indirect business tax and nontax accruals-do
Contributions for social insurance
do
Federal Government expenditures, total do
Purchases of goods and services
do
National defense
do
Transfer payments. _
_
do
Grants-in-aid to State and local govts
do
Net interest paid
_..
.do
Subsidies less current surplus of government
enterprises
bil. $..
5,488
1,837
291
893
196.9
94.9
36.3
19.0
46.8
191.5
92.2
30.6
19.3
49.3
191.3
89.7
31.9
19.7
50.0
189.3
91.0
29 0
19.4
49.8
195.6
87.6
34 2
20.6
55.0
198. 3
88.4
33.4
20.6
55.9
» 21.5
*56.9
189.5
99.2
78.4
52.4
20.3
13.1
205.1
97.2
75.4
63.4
24.4
14.6
206.7
96.1
74.2
64.6
24.9
15.0
209.8
95.9
73.2
67.5
25.9
14.8
213.2
96.7
73.0
69.6
27.3
14.0
220.9
95.7
71.8
77.5
29.5
13.4
v 224. 9
"97.6
*71.4
"77.6
"30.5
P13.9
4.6
5.6
58
57
5.7
4.8
"5.3
-.4
-15.4
o
.0
-17.5
.0
22.6
.0
-20.5
7.3
-13.6
P90.1
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos.t__.bil. $_.
Government securities*
do
Corporate securities*
do
Mortgage loans total
do
N on farm
do
Real estate
Policy loans and premium notes
Cash
Other assets
_
T
1
do
do
do
_.do._._
197. 21
10.91
84. 57
72.03
66.25
207. 25
11.07
88.52
74.38
68.73
202. 50
11.17
86.15
73.46
67.80
203. 81
"11.10
87.05
73.58
67.92
5.91
13.82
1.63
8.33
6.32
16.06
1.76
9.15
6.18
15.54
1.44
8.55
6.21
15.70
1.43
8.74
204.76 205. 91
11.12
11.19
87.59
88.15
73.89
73.78
68.10 = 68.23
207. 25
11.07
88.52
74.38
68.73
208. 21
11.03
90.13
74.37
68.78
209.88
11.13
91.04
74.44
68.87
211. 50
11.02
92.63
74.52
68.97
212. 70
10.95
93.76
74.54
68.99
213. 41
10.95
94. 20
74.55
69.00
214. 28
10.79
95. 03
74.54
68. 97
215. 28
11.03
95.68
74.58
69.02
216. 44
11.08
96.43
74.71
69.12
6.28
15.95
1.57
8.86
6.32
16.06
1.76
9.15
6.34
16.11
1.29
8.94
6.45
16.22
1.58
9.03
6.48
16.29
1.56
8.99
6.54
16.37
1.37
9.18
6.59
16.44
1.40
9.29
6.64
16.52
1.46
9.31
6.73
16.59
1.38
9.29
6.75
16.68
1.44
9.35
6.26
15.84
1.42
'8.76
c
Revised.
*> Preliminary.
Corrected.
Data shown in 1969 and 1970 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions rot distributed to months.
t Revisions for July 1967-Apr. 1969 for budget receipts and expenditures and for Jan.-Mar.
1969 and Jan.-May 1970 for assets of all U.S. life insurance cost will be shown later.
9 Includes data for items not shown separately.
*New series.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
S-19
1970
Annual
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Sept.
Aug.
FINANCE—Continued
1
LIFE INSURANCE— Continued
Institute of Life Insurance— Continued
Payments to policyholders and beneficiaries in
U S , total
__ mil. $. 15, 524. 5 16,449.4 I, 301. 1 1, 348. 1 1, 329. 9 1, 231. 2 1, 810. 9 1, 286. 2 1, 328. 3 1,571.7 1, 414. 4 1, 353. 7 1, 430. 0 1, 326. 7
6, 758. 1 7, 017. 3
567.9
549.5
550.5
591.5
702.0
565.6
681.9
519.1
611.1
567.8
592.8 635.7
Death benefits
_
_
_ __do
952.6
978.3
72.4
77.0
81.4
84.8
95.6
81.6
80.0
78.5
81.9
85.4
87.7
76.3
Matured endowments
do
204.7
232.9
18.2
21.6
20.7
18.2
18.8
17.6
23.8
20.1
20.5
25.2
19.9
19.7
Disability payments
_ _
__do
1, 558. 6 1, 757. 1
149.4
146.1
160.4
122.1
154.5
166.7
157.4
148.7
149.7
161.3
161.0
164.9
Annuity payments
do
223.4
235.8
222.3
229.4
275.6
231.5
216.9
262.7
249.7
234.3 243.5
233.0
Surrender values
do_ _ 2, 721. 6 2, 886. 4
3, 328. 9 3, 577. 4
288.2
247.5
299.7
645.0
254.7
308.0 284.7
283.9
267.2
246.5
275.3 268. 9
Policy dividends
do
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :t
Value, estimated total
__
_ _ mil. $.
Ordinary (incl mass-marketed ord.)- do
Group
do
Industrial..
__ _
_do
Premiums collected:
Total life insurance premiums
do
Ordinary (incl mass-marketed ord )
do
G roup
do
Industrial
_
do
159, 283
113,500
39, 329
6,454
18,933
13, 142
3,492
1,299
2193, 593 230, 883 14, 075 14, 065
122, 661 2 9,688
9,652 10, 620
264, 422 20, 671 3,860
2,864
6,510
524
583
581
14, 758
10, 506
3,729
523
21, 853
12,325
9,031
497
19, 940
14, 912
3,753
1,275
1,607
1,202
307
97
1,475
1,154
321
91
1,708
1,308
305
95
1,596
1,198
304
95
2,082
1,457
392
234
12, 194
8,828
2,832
536
12, 580
9,615
2,401
564
17, 020
11,895
4,503
622
16, 237
11, 015
4,487
735
14,713
10, 537
3,488
688
16, 273
11,344
4,294
635
14, 097
10, 259
3,296
542
17,299
10, 767
5,970
562
10. 332
-262
2,861
48 001
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock , U.S. (end of period) _ . .mil. $. . 10, 367
755
Net release from earmark§
do
12, 287
Exports
thous. $_
236, 905
Imports
do
Production:
1, 090. 7
South Africa
.
__
mil. $
89.1
Canada
_
do
60.1
United States
do
Silver:
1
156,
720
Exports
thous $
1
80, 061
Imports
do
1.791
Price at New York
dol per fine oz
Production:
41, 926
Canada
thous fine oz1
42, 904
Mexico
do
41, 552
United States
_
_ _
do
10, 732
-615
37, 789
237, 464
11,367
-66
449
11, 531
11,117
-328
330
27, 115
11,117
-6
253
14, 536
11,117
-27
618
62, 760
10, 732
-282
10, 671
14, 223
10, 732
-32
15, 473
10, 411
10, 732
-23
2,379
37, 721
10, 732
-76
9,774
20, 296
10, 732
-38
2,614
20, 795
10, 332
-352
10 430
35 386
10, 332
-62
3,564
18, 469
10, 332
-50
1,955
7 259
1, 128. 0
81.8
96.3
6.3
96.2
6.6
96.6
6.9
94.4
6.5
89.7
6.8
91.3
7.0
89.6
6.6
94.3
6.7
91.9
6.5
91 5
6.7
91.3
6.7
5.8
27, 613
64, 957
1.771
2,870
6,676
1.798
1,888
5,301
1.802
1,079
4,419
1. 746
1,277
3,763
1.760
5,890
4,876
1.635
4,218
5,267
1.640
1,970
2,746
1.600
3,273
5,204
1.669
2,661
5,907
1.726
1 527
2 900
1 667
1,269
3,785
1 608
913
3.645
1 581
651
4,655
1.587
47, 483
3,164
3,380
3,707
4,262
3,735
3,336
5,280
4,699
3,535
3 985
3,867
1 016
1,718
54.0
57.1
54.7
54.8
55.0
56.4
57.1
55.3
55.6
56.3
56.6
57 4
58.4
58.6
58.9
201.5
44.8
157.0
198.8
5.6
210.0
47.7
162.3
208.4
6.4
208.7
48.3
160.4
214.0
7. 1
211 4
48.2
163.1
218.4
6.8
213.0
48.5
164.5
222.5
6.1
215.3
49.2
166.1
224.6
5.6
221.1
50.0
171.1
228.7
7.1
221.3
49.1
172.1
234.5
6.6
215.5
49.2
166.3
240.3
8.3
217.4
49.5
167.8
246.9
5.4
222.2
50.1
172.1
249.2
5.5
219 7
50 5
169 2
252 1
7.8
223 6
51.1
172 5
254.4
5.4
225 8 ' 224 7 •P 225 7
51.9
51.9
52.0
172.7
173 9
173 8
256.4 ' 259. 1 261 4
'6.8
6.8
7.4
211.8
48.2
163.7
213.2
212
48
164
218
8
2
6
5
213.0
48.5
164. 5
222.2
213.5
48.7
164.8
225.0
214.6
48.9
165.7
230.4
214.8
49.2
165.5
235.3
217.3
49.6
167 7
240.9
219.4
50.0
169.4
246.1
221 1
50.5
170 5
248 3
223 9
50 9
173 0
251 4
225
51
174
254
6
2
4
4
227 5
51 7
175 8
256 8
75.7
162.8
52.5
77.9
42.2
75 3
161 0
53 0
77 9
42 8
78.1
175.9
53.4
78.4
43.2
75.6
168 5
51.6
75.8
41.8
77.0
170.6
52.4
76.7
42.6
76.3
168.3
52.6
76.8
42.9
82 0
191 3
54 0
79 5
43 9
79.5
183 5
53 3
76 5
44 1
T
r
80
179
55
82
r 45
1
3
8
4
3
79 8
178 9
55 7
82 7
45 1
83
198
56
83
45
9,230
9,232
Currency in circulation (end of period)
bil. $ _
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
bil $
Currency outside banks
do.
Demand deposits
do
Time deposits adjustedlf
_ _ _
do
U.S. Government demand deposits^!
do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks
do
Demand deposits
do
Time deposits adjusted! _ _
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SM S A 's) O ratio of debits to deposits
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA'scf
do
226 other SMSA's
do
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $
Food and kindred products
do
Textile mill products...
do
Lumber and wood products (except furniture)
mil. $
Paper and allied products
do
Chemicals and allied products..
do
Petroleum refining
do
Stone, clay, and glass products
do
Primary nonferrous metal
do
Primary iron and steel
__
do
Fabricated rnetal products (except ordnance,
machinery, and transport, equip.)
mil $
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc.).
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
80 5
185 6
54 4
78 7
44 7
76
171
53
77
6
2
4
9
40 7
33, 248
2,382
621
28, 572
2,549
413
6,973
701
110
6,739
664
98
6 995
612
93
8 525
700
151
640
987
3,591
5,884
822
1,414
1,221
304
719
3,434
5 893
627
1,297
692
93
161
849
1,437
225
280
154
55
136
799
1,633
157
234
110
88
128
907
1 524
69
210
204
160
156
1 015
1 390
289
256
351
1,326
3,138
2,594
1,066
2,689
2,349
290
657
556
187
621
676
226
520
542
330
648
663
945
2,845
4,835
15, 058
593
1,424
4,522
15, 070
138
60
1,263
3,405
115
99
1,153
4,025
101
867
903
3,805
182
937
1,298
3 882
T
228 0
51 8
176 2
258 2
10, 132
1 421
P
227
52
175
261
3
0
3
6
7
7
0
4
2
3 186
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate.
Common stock
Preferred stock
mil. $
52, 747 » 88, 665
r
8, 355
8,199
8,353
79 985 T 8 017
7,495
7
44, 351
30 264
18 348
1 935 2 814
2
7 292
246
7 714
528
682
1,388
92
176
r
Revised.
*» Preliminary.
1 Monthly data beginning July and annual total figures
exclude silver coin. 2 includes $17.2 bil. SGLI.
^Revisions for Jan. 1968-Feb. 1969 will
be shown later.
§Or increase in earmarked gold (—). eBeginning Dec. 1970 SURVEY, data reflect new benchmarks and changes in seasonal factors, as well as the improved handling of international
do.
do
do
do
270
694
903
180
9,040
8 142
3 283
774
124
7,651
7,438
6,523
11,070
7,244
6,969
10, 994
6 941 6 949
5 825 6 337 9 661
5 998
9 777
7 034
8 557
2 476
2 782
9 638 3 042
2 627
3 270
2 623
1 868 1 746
541
424
'413
882
982
579
1 228
669
405
76
54
100
311
168
537
'104
1.527
270
transactions of specialized banking institutions. Revised monthly data back to 1959 will
be available later. ^[At 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.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov. Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate total 9
mil. $Manufacturing .
do
Extractive (mining)
do. .
Public utility
--do
Transportation §
Communication
Financial and real estate
Noncorporate total 9
IT S Government
State and municipal
State and municipal issues (Bond Buyer):
Long-term .
_
. _
Short-term
26, 744
6,356
1,721
6,736
38,944
10, 513
2,082
11, 017
2,273
683
70
630
3,518
994
193
1,241
3,777
1,006
180
1,101
4,182
1,107
186
1,350
3,980
1,056
90
955
3,115
716
118
676
3,000
661
84
1,069
6,075
2,417
111
1,452
4,042
1,135
109
1,267
3 271
789
100
588
4 375
1 206
174
1 055
4,064
529
101
721
2,421
461
97
849
do
do -do -
2,146
2,188
4,409
2,280
5,142
5,497
125
279
370
145
445
347
138
371
586
177
693
580
365
282
968
167
391
667
89
683
314
161
532
1,038
335
273
591
339
405
876
297
218
813
200
1,622
660
86
357
425
- do .do
do
26, 003
4,765
11,460
49, 721 ' 6, 082
14, 831
3,573
17, 762
1,318
4,681
1,428
1,650
4,576
412
1,882
4,858
2,414
1,684
3,671
402
2,245
4,323
436
2,614
3,522
431
1,823
4,995
517
2,104
3,202
467
1,859
3 698
466
2 114
6,619
2 779
1 988
5,166
1,153
1,951
6,811
3,228
1,850
do
do
11, 460
11, 783
17, 762
17,880
1,318
1,226
1,650
2,049
1,882
1,216
1,684
2,022
2,245
2,254
2,614
1,552
1,823
1,886
2,104
2,452
1,859
2,482
2,114
1 840
1,988
2,932
1, 951
1, 353
1,850
1,882
1923
17,445
i 2, 803 1 2 2, 286
2,083
2,236
2 163
2 197
2 286
2,452
2 743
2,798
2 660
2 500
2 440
2,210
2,200
r
r
2,024
2,767
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances (net)
mil. $
do __
do
Bonds
Prices:
Standard <fe Poor's Corporation:
High grade corporate:
Composited1 - ..dol. per $100 bond. .
Domestic municipal (15 bonds)
do
68.6
79.0
61.5
72.3
60.0
73.8
60.8
72.7
61.3
71.9
61.9
75.0
64.7
79.8
66.5
79.9
66.8
81.5
65.8
82.8
65.0
80.4
63.7
75.6
63.5
74.8
63.2
74.0
63.4
77.4
64.2
81.7
64.49
60.52
59.20
60.10
60.44
63.27
65.63
66.10
66.78
67.94
67.57
65.72
65.84
66.16
67.33
69.35
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $ 4, 501. 18 4, 763. 27
5,123.47 6, 299. 55
Face value
- do
311. 80
442. 43
400. 69
516. 87
417. 18
538. 59
398. 18
506. 43
648. 58
828. 96
703. 09
866. 98
710. 03
843. 48
766. 76
879. 80
766. 33
877.50
761. 07
891. 01
667. 64
798. 58
603.44
702. 30
678. 45
789. 83
3, 550. 33 4, 328. 33 289. 98
4, 123. 33 5, 554. 92 401. 69
358. 08
443. 37
382. 93
485. 02
370. 35
460. 35
605. 01
760. 03
631. 95
753. 59
624. 69
720. 88
682.48
767. 53
688. 22
782. 02
690. 89
793. 11
613. 16
727. 51
564.20
646.00
627. 76
718. 02
349. 78
396. 30
370. 23
404. 43
557. 12
641. 95
541.68
600. 80
615. 41
574. 79
509. 87
444.24
489. 80
478. 40
U.S. Treasury bonds, taxab lei
-
-do
New York Stock Exchange:
Market value
Face value
do
do
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 3, 646. 16 4,494.86
Yields:
Domestic corporate (Moody's)
By rating:
Aaa _
Aa
A
Baa
7.36
8.51
8.73
8.68
8.63
8.65
8.35
8.04
7.75
7.84
7.86
8.03
8.14
8.14
8.12
7.97
_.do
do .do --.
do
7.03
7.20
7.40
7.81
8.04
8.31
8.56
9.10
8.13
8.49
8.85
9.44
8.09
8.47
8.78
9.39
8.03
8.44
8.71
9.33
8.05
8.42
8.74
9.38
7.64
8.13
8.48
9.12
7.36
7.90
8.15
8.74
7.08
7.67
7.85
8.39
7.21
7.73
7.96
8.46
7.25
7.74
7.99
8.45
7.53
7.84
8.14
8.62
7.64
7.96
8.20
8.75
7.64
7.96
8.21
8.76
7.59
7.93
8.20
8.76
7.44
7.81
8.04
8.59
do
do _ _ .
do
7.25
7.49
7.46
8.26
8.67
9 04
8.44
8.83
9 19
8.40
8.80
9.10
8.35
8.74
9 06
8.37
8.77
9 06
7.95
8.45
8.96
7.57
8.17
8.70
7.24
7.94
8.39
7.36
8.08
8.39
7.43
8.05
8.37
7.68
8.23
8 40
7.80
8.39
8 43
7.85
8.34
8.46
7.80
8.30
8.48
7.64
8.12
8.39
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do
do
5.79
5.81
6.34
6.50
6.16
6.33
6.39
6.45
6.40
6.55
5.41
6.20
5.58
5.70
5.16
5.70
5.34
5.55
5.15
5.44
5.69
5.65
5.70
6.14
6.19
6.22
6.05
6.31
5.39
5.95
5.24
5.52
U.S. Treasury bonds, taxable©
do
6.10
6.59
6.75
6.63
6.59
6.24
5.97
5.91
5.84
6.71
5.75
5.96
5.94
5.91
5.78
5.56
8.98
9.83
4.61
4.60
6.40
9.44
8.99
9.76
4.69
3.92
6.77
10.44
8.94
9.70
4.71
3.79
6.70
10.48
8.93
9.70
4.71
3.79
6.82
10.48
8.91
9.67
4.71
3.79
6.82
10.48
8.84
9.56
4.72
3.79
6.90
10.49
8.85
9.57
4.73
3.79
7.13
10.49
8.91
9.64
4.74
3.82
7.28
10.52
8.84
9.54
4.74
3.82
7.28
10.57
8.84
9.55
4.75
3 82
7.28
10.57
8.85
9.57
4.78
3.82
7.28
10.57
8.85
9.55
4.78
3.85
7.28
10.57
8.85
9.57
4.78
3.84
7.28
10.57
8.82
9.53
4.78
3.84
7.28
10.57
8.77
9.43
4.78
3.84
7.28
10.66
8.76
7.28
4.78
3.84
7.28
10.70
262. 77
313. 15
94,55
93.90
226. 70
270. 83
79.06
65.61
221. 25
264. 25
77.17
57.02
226. 91
272. 90
75.66
65.13
224. 96
272. 65
74.15
61.70
235. 68
285. 04
81.54
64.62
248. 66
298. 78
88.59
72.50
256. 44
306. 35
90.82
77.38
258. 89
312. 77
87.70
79.23
268.58
326. 01
89.49
80.28
277. 35
339. 59
85.82
87.10
263. 90
324. 75
81.51
83.44
261. 94
320. 58
84.95
84.56
251. 35
305. 79
83.31
81.86
262. 95
322. 28
79.70
93.50
261. 31
320. 26
78.81
93.32
3.42
3.14
4.88
4.90
3.72
3.37
3.97
3.60
5.94
5.97
4.03
4.02
4.04
3.67
6.10
6.65
3.83
4.15
3.94
3.55
6.23
5.82
3.99
4.01
3.96
3.55
6.35
6.14
4.27
4.05
3.75
3.35
5.79
5.87
4.16
3.88
3.56
3.20
5.34
5.23
4.04
3.59
3.47
3.15
5.22
4.94
4.24
3.45
3.41
3.05
5.40
4.82
4.16
3.33
3.29
2.93
5.31
4.76
3.74
3.23
3.19
2.82
5.56
4.39
3.95
3.27
3.35
2.94
5.86
4.61
4.26
3.35
3.38
2.99
5.63
4.54
4.39
3.15
3.51
3.12
5.74
4.69
4.46
3.15
3.34
2 93
6.00
4.11
4.34
'3.08
3.35
2.94
6.07
4.11
4.31
3.11
percent
_
By group:
Industrials
Public utilities
Railroads
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
_do
Industrials
. _ _._ do
Public utilities
do
Railroads
do
Yields, composite
percent..
Industrials _
do
Public utilities
_ __
.
do
Railroads
do
N.Y. banks
.
do
Property and casualty insurance cos
do
Earnings per share (indust., qtrly. at arm. rate;
pub. util. and RR., for 12mo. ending each qtrj:
13 83
15 30
Industrials
dollars
17 53
6 82
6 92
6 89
Public utilities
do
Railroads
_ _
do
4.38
7.28
3.53
r
2
Revised.
" Preliminary.
' End of year.
Because of changes in series, data
beginning July 1970 are not directly comparable with those for earlier periods.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data restated to include "other transportation" in addition to railroad data formerly shown.
18.32
17.08
15 51
6.88
6.91
6 89
4.42
3.76
3.53
d"Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
SURVEY OF CURRENT BUSINESS
October 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
S-21
1970
Sept.
Aug.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percentPrices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Pub lie utility (15 stocks).
Transportation (20 stocks)
Standard & Poor's Corporation :o"
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10. .
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)
do....
do
do _ _
do....
do_ .
do___.
do
Property-liability insurance (16 stocks)., do
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
.
__do_ __
Utility
do
Finance.
.
. ._ _ . do. ._
6.41
7.22
7.41
7.31
7.33
7.30
6.88
6.53
6.32
6.48
6.59
6.82
6.99
7.03
7.04
6.90
301. 35
876. 72
123. 07
221. 02
243. 92
753. 19
108. 75
152. 36
229.99
731. 97
105. 36
130. 91
240. 57
759. 38
108. 79
141. 25
245. 02
763. 72
106. 68
152. 66
246.16
769. 23
110. 98
148. 37
263.81
821. 51
118. 88
160.34
279. 62
849.04
124. 86
180.85
290. 14
879. 69
123. 77
193. 79
296.67
901. 29
123. 22
200.55
309. 11
932.54
122. 92
217. 16
307. 39
925. 49
117. 75
221. 10
300.23
900.43
114. 36
217. 96
294.95
887.81
118. 12
214.94
297. 74
875. 40
113. 28
222. 89
308. 38
900.74
111. 20
241. 26
99.72
99.00
99.40
109.85
104.55
103. 34
56.48
47.18
44.54
85.83
42.97
85.08
45.10
85.09
119. 24
126. 23
123. 73
127. 11
56.00
60.21
45.48
39.70
70.89
55.06
59.25
44.90
38.71
70.01
54.83
58.70
44.02
39.72
70.42
53.73
57.62
44.83
38.17
69.41
54.95
59.13
48.09
37.53
72.14
18, 678
581
16, 670
535
15, 186
462
13,563
409
15,327
460
14, 661
397
14,850
415
13,368
395
12, 249
337
10, 903
296
12,271
337
371
390
402
303
304
265
321
263
668. 01 678.13
16, 100 16, 181
709. 33
16,306
734.34
16,375
706. 82
16, 471
709. 59
16, 663
684. 56
16, 797
711.93
16, 915
709. 00
17, 032
83.22
77.92
82.58
84.37
84.28
90.05
93.49
97.11
99.60
103.04
101. 64
91.28
87.87
80.22
54.48
32.13
85. 40
78.38
74.76
52.62
26.74
90.66
84.96
79.65
54.44
29.14
92.85
87.90
82.12
53.37
31.73
92.58
86.47
83.09
54.86
30.80
98.72
92.12
88.69
59.96
32.95
102.22
95.97
91.72
63.43
36.64
106.62
101. 58
95.38
62.49
38.78
109.59
104.69
98.54
62.42
39.70
113.68
109.38
102. 41
62.06
42.29
112.41
108. 61
101. 96
59.20
42.05
45.39
87.73
43.83
77.06
44.21
76.07
45.22
79.49
43.51
79.39
42.66
77.37
45.11
81.13
46.88
87.48
45.96
86.58
48.02
89.58
49.05
93.01
46.24
88.82
44.68
85.97
85.43
78.34
72.48
77.07
81.56
79.73
88.33
95.96
101. 59
103. 88
112. 76
114.06
54.67
57.44
46.96
42.80
70.49
45.72
48.03
32.14
37 24
60.00
42.28
44.20
27.66
35.74
56.05
45.10
47.43
30.43
36.74
60.13
46.06
48.87
32.38
36.01
59.04
45.84
48.54
31.23
36.71
57.40
49.00
51.68
33.70
39.93
61.95
51.29
53.72
37.76
42.52
66.41
53.42
56.45
40.37
42.30
68.19
130 531
4,567
8,026
299
11, 027
427
12, 176
458
9,239
324
13, 715
470
13, 769
510
17, 234
601
18, 721
581
103, 063
3 213
6,443
216
8,721
304
9,701
329
7,308
234
11,289
350
11, 036
375
13, 628
428
2,937
219
303
262
230
335
349
612. 49
15, 522
555. 49
15, 869
579. 75
15, 930
570. 41
15,981
598. 64
16,023
612. 49
15, 522
Sales:
Total on all registered exchanges (SEC):
175, 298
Market value
mil $
4,963
Shares sold
millions
On New York Stock Exchange:
129,603
Market value
mil $
3 174
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
2,851
(sales effected) _ _
. . millions .
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $
Number of shares listed
_ . . millions
97.24
110. 26 109.09 107. 26
105. 46 102. 46 100.90
100.96 ' 100. 66 99.82
57.51
57.90
60.08
43.55
42.12
42.05
97.84
107. 13
103. 75
87.06
62.64
45.95
629.45
15, 082
54.89
56.81
58.43 60.65
41.71 ' 45. 35
41.60 41.73
70.66 73.91
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (nidse.), incl. reexports, total
..mil. $.. 38,005.6 43, 224. 0 3,305.7 3, 374. 0 3,975.3 3,544.8 3,736.9 3, 532. 3
3, 558. 3 4, 156. 0
3, 850. 6 3,970.4
3, 740. 0 3, 397. 7 3,423.8
Excl. Dept. of Defense shipments
Seasonally adjusted
do
do
37,331.7 42, 659. 3 3,264.8 3, 335. 2 3, 916. 7 3,494.1 3, 685. 2 3, 481. 8
3,592.4 3, 553. 4 3,688.7 3, 499. 3 3, 570. 2 3, 735. 4
3, 527. 0 4, 107. 9
3, 689. 7 3, 814. 6
3, 806. 6 3,913.5
3, 522. 3 3,782.6
3, 685. 5 3, 340. 0 3, 366. 2
3,660.6 3, 494. 5 3, 677. 7
do
do
do
do
160.1
141.7
142.6
121.5
149.2
139.3
137.2
131.6
126.1
131.3
139.4
163.8
1, 391. 6 1, 579. 1
151.7
708.1
704.1
786.5 921.4 818.7 960.3 842.9
903.1 889.6
778.9
930.8 823.8
8, 261. 4 10, 022. 8
821.7
93.3
130.6
85.8
91.8
94.2
156.6
103.3
105.8
90.7
73.8
997.9 1, 188. 2
88.9
103.6
83.5
12, 641. 6 14,818.6 1,083.3 1, 126. 7 1, 342. 1 1, 220. 0 1, 282. 0 1, 223. 1 1, 193. 6 1, 512. 0 1, 303. 0 1 ,324. 4 1, 149. 5 1, 120. 0 1, 114. 9
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
do
do
do
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
_ ._
Pakistan
Malaysia
_ _
Indonesia
Philippines
Japan.
Europe:
France
East Germany
West Germany
_
_
Italy
_ _
Union of Soviet Socialist Republics
United Kingdom
9, 137. 6 9, 084. 8
2, 761. 1 3, 287. 4
2,814.4 3, 245. 5
680.4
266.6
279.9
741.7
253.7
249.8
770.1
320.1
333.7
709.3
286.8
267.2
712.1
273.9
285.7
686.4
246.6
292.7
768.6
244.8
262.1
943.5
274.7
282.8
883.8
271.9
281.7
936.0
267.1
306.8
999.1
265.4
273.8
740.7
272.8
302.8
777.4
259.6
295.5
do
do
67.2
505.5
80.7
562.7
5.0
53.0
5.0
48.1
4.1
48.7
7.6
48.7
5.5
44.4
10.3
53.4
6.0
56.8
3.0
50.9
4.2
44.0
3.8
46.7
2.7
49.2
10.3
50.2
2.5
47.3
do
do
do
do
860.0
517.1
194.9
50.8
1,003.1
573.2
325.4
66.6
74.2
34.9
28.4
5.4
78.4
37.0
18.3
5.3
137.4
52.0
33.8
4.8
80.0
40.2
17.0
5.0
70.3
56.8
45.2
6.8
74.6
49.7
28.8
6.1
91.9
48.0
19.4
5.3
77.5
61.7
30.2
5.0
91.7
87.1
16.9
5.0
64.6
78.3
18.8
5.1
72.7
49.5
11.6
9.5
81.8
52.1
16.7
4.4
119.7
45.9
15.6
6.0
do
do
do
201.1
374.3
3, 489. 7
264. 4
373.2
4, 652. 0
12.4
30.7
377.5
17.5
27.0
385.2
27.4
33.7
424.4
32.8
29.4
386.1
23.7
26.2
431.8
25.2
23.0
364.2
22.0
31.0
364.9
18.3
30.8
364.2
17.3
30.4
331.2
27.2
29.8
370.5
25.6
36.6
303.4
21.4
25.5
261.0
18.9
25.0
299.7
do
do
.do
1, 195. 1
32.4
2, 142. 1
1,484.3
32.5
2, 740. 2
107.7
2.6
208.9
110.2
3.1
211.3
127.1
3.0
260.4
107.2
.5
218.7
132.9
3.8
222.0
122.8
4.3
219.0
105.1
2.9
221.1
144.6
2.2
254.3
124.7
1.5
298.1
131.4
.7
274.4
113.6
1.2
219.0
108.3
.3
240.9
109.9
.2
217.1
do
do
do
1, 261. 5
105.5
2, 334. 6
1, 352. 8
118.4
2, 536. 8
91.4
6.0
177.7
88.1
12.2
200.9
111.6
11.7
,36.9
97.1
9.3
220.8
121.1
16.6
208.9
108.6
11.6
207.6
123.9
11.3
215.9
123.6
18.4
283.7
119.5
12.2
189.4
143.6
8.0
194.4
92.2
11.0
179.0
87.1
12.8
164.4
96.3
10.8
156.3
709.3 712.1 686.3 768.6 943.5
affect continuity of the series.
9 Includes data not shown separately.
883.8
934.6
999.1
740.7
777.4
North and South America:
6804
Canada
_
do
770.1
9. 137. 0 9.083.8
741.7
»• Revised.
cfNumber of stocks represents number currently used; the change in number does not
SURVEY OF CUEEENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
|
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
!
1
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America— Continued
mil. $.. 4, 869. 2
378.3
do
672.0
do
314.6
do
302.8
do 1, 449. 5
do
708.2
do
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
Exports of U. S. merchandise, total
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total . .-
do
do
-- do
do. __
By commodity groups and principal commodities:
Food and live animals 9
mil. $
Meats and preparations (incl. poultry). -do
Grains and cereal preparations
do
5, 696. 2
441.5
840.6
300.4
394.9
1, 703. 7
759.3
479.0
36.5
73.2
29.2
29.4
136.6
70.0
445.0
39.4
64.2
21.4
24.2
134.5
63.2
568.4
42.4
115.8
22.4
35.1
161.3
76.6
476.9
28.2
71.8
25.8
32.2
147.1
61.0
490.0
40.1
77.2
22.7
35.9
145.6
61.3
474.6
41.1
103.5
21.3
28.5
125.4
54.9
444.0
31.1
70.7
17.6
34.7
129.4
62.4
487.3
29.0
77.5
19.0
39.0
144.2
66.9
484.3
34.6
80.0
18.5
31.5
137.3
71.8
501.5
38.9
88.0
18.4
32.9
135.1
79.9
477.8
29.1
72.9
19.3
29.5
135.7
70.0
502.5
32.9
88.9
20.2
35.1
135.5
70.7
487.2
32.9
80.2
20.4
31.1
126.5
76.0
37, 461. 6 42, 593. 3 3,257.1 3, 321. 4 3, 902. 4 3, 495. 7 3, 686. 1 3,484.1 3, 501. 7 4, 106. 6 3, 807. 7 3,911.2 3, 679. 2 3, 352. 3 3, 376. 7
36, 787. 7 42, 028. 5 3,216.3 3, 282. 6 3, 843. 9 3, 445. 0 3, 634. 4 3,433.6 3, 470. 4 4, 058. 5 3, 763. 8 3, 854. 3 3, 624. 7 3, 294. 7 3,319.1
528.5
561.1
724.1
719.5
623.6
579.0
746.1
605.6
5, 936. 4 7, 173. 7
671.6
546.0
635.7
633.5
715.9
31, 525. 2 35, 419. 6 2, 729. 9 2, 760. 4 3, 178. 3 2, 776. 2 2,939.9 2, 812. 5 2, 866. 0 3, 390. 7 3, 174. 2 3.287,6 3, 073. 6 2, 773. 3 2, 830. 7
3, 732. 7
199.4
2, 127. 1
4, 349. 2
174.8
2, 588. 4
361.5
14.9
209.3
363.9
18.1
216.1
459.0
17.9
289.6
419.6
19.7
252.9
405.1
13.7
254.5
382.7
12.8
233.1
356.0
13.4
222.5
388.2
16.8
226.0
343.0
14.3
195.8
358.6
15.9
213.2
334.9
15.0
172.3
323.6
13.3
184.2
308.5
18.1
170.8
Beverages and tobacco
do
713.5
701.7
43.7
64.7
75.8
92.5
80.1
56.6
47.0
67.0
57.9
64.3
60.0
61.4
74.4
Crude materials inedible exc fuels 9
Cotton raw excl linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
do
do
do
do
3, 568. 6
280.2
822.4
710.7
4, 608. 5
372.2
1,215.8
938.2
359.3
10.7
81.1
93.5
344.2
11.1
83.7
86.1
419.5
22.9
128.3
85.7
409.3
32.7
135.8
71.2
448.9
46.8
141.3
69.2
382.9
57.6
106.1
56.2
363.8
59.5
101.5
38.1
409.4
74.6
110.2
45.7
381.9
62.4
102.9
48.2
353.2
44.6
92.8
45.2
361.5
44.5
110.0
40.3
298.4
31.2
109.2
39.8
302.5
24.4
102.7
35.4
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
do
do
do
1, 130. 2
636.3
433.3
1, 594. 1
1, 044. 1
487.3
128. 5
88.3
35.1
147.3
102.0
40.3
169.6
113.7
50.3
132.1
88.4
39.0
161.9
106.9
47.2
119.5
76.8
35.7
121.4
77.9
37.4
130.1
82.5
43.0
141.8
86.4
50.0
147.7
99.8
42.7
133.5
89.1
41.0
107.1
65.0
36.6
167.3
117.3
45.6
Animal and vegetable oils, fats, waxes
do
307.6
493.0
40.4
44.0
40.3
32.5
56.0
51.7
51.5
56.5
54.2
49.2
49.3
62.7
45.4
Chemicals
do
3,382.6
3, 826. 1
304.5
286.0
325.7
284.4
306.0
279.7
295.6
335.6
323.9
338.8
347.9
368.0
385.4
do
do
. do
do
4, 554. 0
575.6
972.9
711.5
5, 067. 0
603.2
1, 270. 1
892.5
396.0
46.4
103.2
60.8
380.6
46.7
86.9
63.0
411.0
53.7
84.7
73.3
375.5
49,7
81.3
56.6
387.8
51.4
77.5
67.5
372.9
53.3
70.5
64.0
357.2
46.8
60.3
59.8
404.5
56.3
67.9
61.4
388.6
53.9
65.8
60.2
380.8
53.7
65.3
57.5
390.4
50.0
72.7
54.1
353.3
50.1
72.1
35.3
352.2
56.0
57.4
36.7
_- .. - _.
Manufactured goods 9 Textiles
Iron and steel
Nonferrous base metals
Machinery and transport equipment, total
mil. $.. 16, 402. 8 17, 875. 4 1, 299. 2 1, 363. 7 1,654.2 1, 419. 1 1, 472. 7 1,489.3 1, 580. 7 1, 948. 3 1, 728. 1 1, 840. 1 1, 633. 0 1,421.8 1, 383. 0
Machinery total 9
Agricultural
Metalworking
Construction, excav. and mining
Electrical
Transport equipment total
Motor vehicles and parts
Miscellaneous manufactured articles
Commodities not classified
Value of Imports
General Imports, total
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
_ _
Europe
Northern North America
..
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India.
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
_
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
f
do
do
do
do
do
do
do
do
do
9, 864. 0 11.371.6
644.4
628.1
343,4
395.7
1,248.0 1, 422. 4
2, 677. 0 2 999 7
6, 538. 8 6, 503. 8
3, 787. 3 3, 549. 3
2,445.7 2, 571. 4
1, 224. 0 1, 507. 0
899.0
49.3
36.6
114.4
236.5
400.3
247.8
205.9
119.3
928.2
46.0
31.7
117.0
253.5
491.0
251.9
214.9
115.6
978.8
44.1
34.9
116.9
261.6
493.9
260.9
208.1
159.4
956.3
44.8
42.5
108.5
255.0
532.9
288.0
209.4
139.4
897.0 1, 073. 6 1, 012. 3
48.1
61.4
60.7
29.3
35.4
32.6
113.1
135.1
143.2
232.1
264.5
255.1
683.7
874.7
715.8
339.8
412.6
358.7
211.5
231.2
248.1
116.9
119.0
157.1
994.7
53.2
32.3
126.6
264.9
845.4
393.7
232.1
146.5
959.2
53.2
31.1
111.9
246.9
673.8
415.7
233.4
135.3
908.3
49.6
29,8
110.3
244.3
513.5
271.8
221.1
134.9
861.9
38.2
27.7
98.0
238.4
521.1
280.0
232.8
125.3
do
do
36, 042. 8
39,951.6
3.116.0
3,346.2
do
do
do
do
1,046.3 1,110.6
8, 275. 4 9, 625. 9
828.4
870.9
10, 333. 6 11,400.9
76.8
860.6
89.6
860.8
91.8
87.4
98.0
96.0
82.8
932.8
902.4
851.4
836.4
841.3
75.6
74.1
88.0
62.8
57.1
915.3 1, 033. 9 1, 033. 6 1, 025. 4 1,006.4
80.2
784.0
45.0
907.2
113.1
106.1
104.3
96.3
94.7
113.3
979.5
935.1 1, 119. 2
851.5
890.2
934.8
68.6
76.7
83.4
86.3
63.2
88.1
1,152.8 1, 108. 1 1,114.8 1,216.4 1, 185. 1 1, 197. 7
do
do
do
10,386.9 11,093.9
2, 516. 8 2, 881. 4
2, 643. 1 2, 955. 4
759.5
207.3
259.1
916.9
204.8
256.2
1,019.9
227.5
249.5
941.3
217.1
225.4
978.3
261.6
266.0
906.1
236.4
265.2
937.3
245.2
191.3
1,140.1 1, 081. 5 1, 105. 8 1,217.0
278.8
269.6
260.0
300.9
263.4
233.2
280.3
266.2
3,451.9 3, 598. 9 3, 405. 8 3, 555. 5 3,422.0 3, 193. 8 3, 911. 5 3, 897. 6 3, 844. 9 4, 283. 1 3, 699. 1 3, 847. 2
3,428.2 3, 500.5 3, 428.4 3,404.3 3, 686. 3 3, 553. 4 3. 569. 2 3, 757. 8 3, 987. 6 4, 023. 2 3, 798. 6 3, 937. 4
968.3
230.9
276.7
961.1
242.2
306.0
do
do
37.8
246.3
22.9
288.0
.4
20.2
1.5
27.9
.7
17.6
.5
22.7
.2
31.4
.4
20.9
1.4
20.2
2.5
25.4
2.4
19.5
.9
33.5
.7
28.8
.7
19.2
2.1
17.7
do
do
do
do
do
do
do
595.0
344.0
73.1
307.4
193.7
422.6
4,888.2
622.7
298.1
80.2
270.2
182.2
475.9
5,875.3
60.5
17.9
5.6
12.7
12.7
53.9
541.9
55.4
17.5
4.3
23.4
14.5
59.1
571.9
51.1
31.3
6.1
21.0
17.5
41.8
565.8
45.8
26.1
7.6
20.5
15.6
35.4
529.4
56.2
25.9
8.3
29.7
18.4
48.1
488.9
41.6
28.7
9.0
22.0
16.4
26.6
551.0
34.2
21.4
6.5
16.5
14.6
30.3
488.9
41.2
25.4
10.8
21.9
17.3
33.5
555.1
45.8
26.9
7.0
22.6
17.6
47.0
614.5
55.3
28.0
3.2
19.9
18.8
38.4
574.5
57.4
31.7
4.2
32.2
17.5
48.8
685.1
63.4
26.2
4.7
13.9
17.4
39.8
490.6
52.2
30.2
6.8
30.1
21.4
41.8
530.4
do
do
do
do
do
do
842.2
8.0
2, 603. 4
1, 203. 7
51.5
2, 120. 4
942.1
9.4
3, 129. 6
1, 316. 1
72.2
2, 195. 8
85.2
.6
236.0
124.1
5.1
136.5
71.4
.5
271.0
97.6
2.9
175.4
82.4
.9
277.3
112.3
2.9
212.7
88.9
1.0
292.0
104.1
5.9
203.0
95.0
.9
290.1
114.7
6.7
185.6
89.5
1.1
294.5
117.7
3.7
184.4
79.1
.7
267.2
102.2
3.8
155.1
98.2
1.1
313.9
125.5
7.6
216.6
94.2
.8
313.6
121.0
5.0
205.2
102.3
.9
299.5
109.9
6.4
230.2
108.8
.8
336.6
128.1
6.1
246.6
101.4
.9
336.0
128.1
5.1
222.9
102.5
.9
347.6
149.4
3.7
235.5
10, 383. 6 11,091.1
759.0
916.5
1,019.0
941.3
978.3
906.0
937.1 1, 140. 0 1, 081. 3 1,105.7 1, 216. 7
967.7
961.0
407.4
9.7
89.6
10.4
19.1
99.8
87.1
450.1
13.5
59.8
9.7
23.2
124.2
107.9
441.8
15.9
81.7
7.1
22.0
105.0
107.4
406.3
17.4
76.7
9.4
27.4
83.4
100.2
449.0
20.6
100.1
6.8
22.6
88.9
104.0
do
Latin American Republics total 9
do
4,213.8 4, 779. 2
Argentina
do
155.3
171.8
Brazil
do
669.4
616.7
Chile
do
151.4
154.0
Colombia
do
240.4
268.9
Mexico
do
1, 029. 3 1, 222. 4
Venezuela
do
940.1 1. 082. 1
Revised.
9 Includes data not shown separately.
904.4 1, 059. 3
51.7
58.2
30.8
33.3
112.4
128.9
236.7
277.6
459.4
594.8
320.3
289.7
211.2
229.8
117.6
115.8
385.7
15.6
68.3
10.9
20.4
82.0
86.2
371.5
18.3
56.0
14.4
18.4
80.6
86.4
383.3
18.2
63.1
14.1
16.5
93.1
80.9
358.0
11.9
66.3
10.1
15.8
91.9
75.3
418.9
12.2
49.6
15.2
22.0
110.1
105.2
355.8
9.7
44.4
8.6
15.4
110.9
76.4
452.6
15.5
38.2
14.5
20.0
126.3
135.3
405.4
10.6
46.8
5.7
20.3
114.4
104.8
Sept.
SUEVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Annual
S-23
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Imports— Continued
General imports— Continued
By commodity groups and principal commodities:
Agricultural products, total _.
mil. $
Nonagricultural products, total
do
4,953.7 5 664 9
454 2
454 7
461 1
422 0
434 9
500 8
534 7
484 9
555 3
31,089.1 34, 298. 3 2, 662. 3 2, 939. 5 3, 137. 8 2, 970! 9 3 020 8 2, 937. 0 2, 771. 8 3, 410. 7 3 342 3
529 8
479 7
487 3
555 9
3365. 2 3, 753. 4 3,211.8 3 291 3
Food and live animals 9 _ _
. do _
Cocoa or cacao beans
do
Coffee
do
Meats and preparations
_ __ _
do _
Sugar
do
Beverages and tobacco
do
Crude materials, inedible, exc. fuels? - --do
Metal ores
do
Paper base stocks
- do
Textile
fibers
do
Rubber
do
4,530. 6
168.2
893 9
863.7
638.2
777.8
3, 460. 1
1 012.5
520.8
260 1
279.5
5 378 9
200.7
1 159 5
1 014 5
729.1
855.0
3, 312. 2
1 148 9
501.9
201 7
236 5
435. 1
12.5
99 7
91 2
74.5
49.8
290.7
117.9
39.7
14 9
15 2
447 8
15.4
83 8
91 3
80.9
63.5
301.5
117 1
37.2
13 2
18 7
459
17
103
86
53
87
275
98
40
10
17
3
5
9
0
4
9
7
2
8
2
7
423 2
9 8
95 8
75 9
44 5
95 0
266 0
98 7
39 2
10 2
18*4
488 5
18 1
83 6
82 7
76 2
86 9
267 8
9l'9
44 4
13 2
18*9
459 7
30 1
124 1
70 2
45 6
63 1
235 4
71 4
37 4
13 0
17 2
385 7
14 5
86 7
64 8
33 9
56 2
208 2
51 1
38 0
12 9
17 2
458 7
14 8
81 3
87 6
67 4
69 0
309 6
94 8
49 9
16 0
15 4
522 1
17 3
110 4
83 7
81 1
70 4
281 6
86 1
44 0
16 0
15 1
446 1
9 9
95 2
79 5
58 8
74 6
297 7
105 2
39 8
13 1
17 1
500 7
15.6
102 3
105 0
69.9
92.7
352.3
126.7
49.2
12 3
25.4
482 1
16 0
113 8
94 6
68.1
83.1
323.6
125 4
37.8
14 2
16.8
529 4
12 5
141 3
102 0
81 3
86 9
305.0
97 2
43 5
17 6
23 9
Mineral fuels lubricants, etc
Petroleum and products
Animal and vegetable oils and fats.
Chemicals
do
do
do
do
2 794 0 3 080 8
2 559. 9 2 770 0
136.7
159.6
1 228 3 1 450 3
255 5
231.4
14.9
124 9
240 4
216 0
9.2
111 9
255 0
229 2
16 0
130 8
239 1
212 8
11 3
119 8
311.1
279 .4
21.3
121.3
267 6
237 0
11 9
124 0
255 8
219 5
15 5
125 4
315 6
283 8
16.1
145 5
269
234
17
150
3
5
6
4
297 0
264 3
15.8
150 4
303.0
268.0
13.9
142.3
303.8
275.6
12.0
138.6
327 2
298.7
11.0
148 1
do
do
do
do
do
7 892.9 8 437.4
1 809 1 2 032 0
'939 o 929 6
1 534.2 1 652 7
1 018.5 1, 135. 4
654.5
171 2
68. 1
116.8
89.1
736.1
189 7
76 5
150.9
84.5
768
203
79
136
104
6
5
9
0
0
762 0
239 5
78 1
120 7
99.4
754.4
199 9
93.5
146.7
95.9
719 9
193 7
76 0
123 1
110.0
636 1
180 8
62 6
105.9
97.6
795.7
190 0
83 8
136.4
127.1
824 0
208 1
89 6
152 7
128 4
851.4
260 8
83 2
130.3
120.9
948.2
300. 0
85.2
149.5
132.3
783.0
254.3
74.2
122.9
113.2
812.5
236 7
75.6
135.8
112.8
do
do
do
do
9 762 7 11 171 3
4 488 9 5 289 3
182.7
163 7
1 948.2 2, 271. 9
735 0
427.4
10.9
203.5
912 0 1 015 8
442 4
477 6
10 3
10 9
210.0
218 2
975 2
450 2
11 5
204.6
986 7 1 033 2 1 032 0 1 236 9 1 200 6
473 3 468 6
526 9
413 9
532 8
9.5
13.5
9.1
10 9
10 7
166.4
211.9
194.8
191.6
217 6
5 882 0
5 066 6
4 843 9
1 273 8
307.7
239 7
450 4
105 7
469.6
402 8
453 8
118 1
538
470
469
120
2
4
2
8
525 0
459 4
406 1
108 3
513 5
440 7
402 5
115 0
564.7
477 9
389 4
117 6
618.1
535 5
369 5
109.4
709.9
617 2
442 2
122. 1
667 8
562 0
436 5
125 0
692.8
599 1
416 0
127.3
751.2
652.5
492.8
124.1
513.8
443.9
453.3
132.6
104 7
114 5
119 9
110 7
123 9
137 2
110 4
114 1
126 0
111 5
115 3
126 5
111 5
134 9
150 5
110 6
121 9
134 9
112 3
126 7
142 3
114 2
117 7
134 4
114 8
118 3
135 9
115 7
137.4
158 9
116 2
126 8
147 4
114 6
131 7
150 9
112 8
125.8
141.9
113 2
114.0
129.0
104 2
128.7
134 1
111 6
133.1
148 6
113 1
122.7
138 8
113 6
135 6
154 1
113 6
141 4
160 6
113 7
133.7
152 0
114 2
138 9
158 7
115 3
132.4
152 7
115 9
123 0
142 5
117 9
148 0
174 6
116 1
149 9
173 9
116 9
146.7
171 6
117.2
163.1
191.1
117.8
140.2
165.1
199 286
19 915
239 774
24 394
19 802
1 949
20 818
1*920
23 745
2 283
20 034
2 057
21 455
2 141
17 431
1 964
16 003
1 867
16 934
2 129
17 923
2 045
18 730
2 029
17, 844
1 929
15,698
1,857
288 620
21 570
299 igg
24 728
26 182
2 085
25 518
2 153
25 202
2 210
23 045
2 129
27 150
2 179
21 448
2 155
16 998
1*908
29 103
o 347
25 157
2 399
27 363
2 381
29 567
2 710
27, 546
2,365
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
.
Machinery and transport equipment
Machinery total 9
Metalworking
Electrical
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Indexes t cf
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967 ~ 100
Quantity
do
Value
do
General imports:
Unit value
do
Quantity
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons
Value
mil $
General imports:
Shipping weight
thous sh tons
Value
mil $
5 273.8
4 618 4
4 127 2
1*332 4
1168 5 1,313.2
561.9
475 6
11.2
9.4
239.7
204.0
986.9 1 031. 7
473.1
442.8
8.4
8.8
187.6
185.3
588.9
504.2
474.7
120.5
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:*
Passenger-miles (revenue)
bil
Passenger-load factor §
percent. _
Ton-miles (revenue) , total ^
mil
Operating revenues 9
mil $
Passenger revenues
do
Freight and express revenues
do
Mail revenues
do
Operating expenses
do
Net income after taxes
do
Domestic operations:
Passenger-miles (revenue)
bil
Express and freight ton-miles
mil..
Mail ton-miles
.
do
Operating revenues
mil. $_.
Operating expenses
do
Net income after taxes
.
do
International and territorial operations:
Passenger-miles (revenue)
._
bil
Express and freight ton-miles
mil
Mail ton-miles
do
Operating revenues
..mil. $._
Net income after taxes
Local Transit Lines
Fares, average cash rate
Passengers carried (re venue)
do
1 131. 72
49.7
18, 167
i 9, 290
i 7, 627
750
306
i 9, 247
-1201
14.31
59.4
1,834
10.90
48.2
1,497
2 541
2,139
192
71
2,387
60
9.98
45.0
1,439
9.20
43.6
1,334
10.94
48.2
1,554
2,218
1 782
189
90
2,355
177
10.53
46.0
1,409
9.06
43.5
1,260
10.17
43.7
1,428
2,181
1,789
172
71
2,332
160
11.17
49.1
1,519
10.84
46.2
1,483
12.09
50.7
1,605
13.66
54.5
1,775
14.06
55.8
1,840
i 1102. 72 1 104. 16
2, 126 i 2, 216
1715
1807
i 6, 936 i 7, 180
i 6, 613 i 7,181
131 -1184
10.88
178
54
8.23
182
56
1,897
1,835
7.90
187
63
7.48
162
63
8.94
178
87
1,729
1,820
-121
8.45
147
59
7.26
147
55
8.18
177
63
1,704
1,833
-125
9.01
175
61
8.39
181
59
9.44
186
55
10.30
185
54
10.74
211
53
2.08
126
65
1.72
110
78
1.99
106
89
489
rq^
2.08
96
54
1.80
101
51
1.99
116
55
477
2.16
113
52
2.46
111
48
2.65
109
47
3.37
123
46
3.31
127
44
125. 42
50.0
16, 898
8,791
7,120
686
296
8,403
154
i 22. 70
i 1, 224
1544
U,855
1 1, 790
123
1 27. 56
i 1, 299
1766
i 2, 109
1 2, 066
-'17
(2)
3.44
114
57
2.67
113
56
644
552
60
26.0
25.7
25.8
24.3
25.7
509
6,310
483
442
5,903
r
Revised.
v Preliminary.
i Annual total reflects revisions not distributed to monthly
data.
2 For 3d quarter 1970, loss $386 thousand.
I Trade in silver is included in value and quantity indexes for 1968 and all indexes thereafter.
cfNew base; comparable data for earlier months will be shown later.
9 Includes data not shown separately.
§Passenger-miles as a percent of available
seat-miles in revenue service; reflects proportion of seating capacity actually sold and utilized.
^Applies to passengers, baggage, freight, express, and mail carried.
cents
mil..
-56
4QQ
-35
26.7
26.6
26.6
26.6
26.6
26.4
26.5
26.4
26.2
26.4
422
416
471
484
504
440
460
536
499
473
*New series. Source: Civil Aeronautics Board. Certificated route industry covers passengercargo (including local service, helicopter, and other carriers) and all-cargo carriers. Operations between the 48 States and Alaska and Hawaii are included in domestic operations.
Selected revenues by type (as shown for total industry) and all traffic statistics coyer scheduled service only; total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
October 1971
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
1969
Annual
Aug.
Sept.
Oct.
1971
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
July
June
Aug.
Sept.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
Number of reporting carriers
Operating revenues, total
mil. $__
Expenses, total
do
Freight carried (revenue). ._
mil. tons..
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly )cf average same period, 1957-59=100. .
Common carriers of general freight, seas, adj.f
1967=100..
Carriers of passengers, class I (qtrly.): §
Number of reporting carriers
..
Operating revenues, total.
__ .mil. $..
Expenses, total .
_
-do. ._
Passengers carried (revenue)
mil._
Restaurant snips index
Foreign travel:
U S citizens* Arrivals
Departures
Aliens: Arrivals
Departures
Passports issued
National parks, visits^
SftTOfl inn
560
144
183.8
180.0
113.6
111.1
171
171
70
679.0
596.2
178.7
722.2
638.4
173.5
218.6
175.1
47.7
175.5
158.8
41.8
11, 423
10, 320
11 985
10 916
3,040
2,758
3 045
2,778
r2
3 125
r2
2, 877
2
9 731
1 844
2 485
2,451
'222 513
494
2
78
479
109
21
2 485
781 7
767 9
1 347
12 169
777 2
*762 5
4 i 431
*10 770
190 4
189 2
1 458
2 986
dollars
% of total
12.37
13 25
1051 =100
59
119
thous
do
do
do
do
do
5 911
*5 767
3,602
*3 039
1,820
42, 403
6 659
6 499
4 065
3 449
2,219
45, 753
16, 781
8 213
6,506
10 270
2 798
100 3
18 103
8 912
6 947
11 581
3 058
104 1
4 568
2 236
1 765
2 955
4,637
2 300
1,769
2 987
103 1
391.3
330.8
32 9
402 5
334 6
34 0
179.9
132 5
39 1
193 7
144 9
39 3
Class I Railroads
Financial operations (qtrly.):
Operating revenues total 9
mil, $
Freight
do
Passenger. .
do _
Operating expenses
do
Tax accruals and rents
do
Net railway operating income
do
Net income (after taxes)
..
__ do
Traffic:
Ton-miles of freight (net), revenue and nonrevenue (qtrly )
bil
Revenue ton-miles
do
Revenue per ton-mile (qtrly avg )
cents
Passengers (revenue) carried 1 mile (qtrly ) mil
Travel
Hotels:
Average sale per occupied room
Rooms occupied
1,373
2,951
2,784
11,289
10, 482
10,036
438
9,038
1 726
658
458
420
55
114
164 7
179.8
116.5
115.8
112.7
108.3
116.1
121.4
124.3
124.7
130.3
129.2
127.6
128.7
' 2 118
r2637
2 573
2 521
2
277
2
e 179
2183 2
2 194. 9 2.362.6
256.2
71
113
102
194 5
191 1
1 453
2 501
13.39
13 95
14 48
56
118
62
114
50
104
1 009
767
498
421
163
690
535
416
334
126
505
408
326
291
101
420
368
268
237
88
9,969
4,532
3,050
1,625
2
291
476
84
-35
13 74
55
106
180.9
119.4
3 371
3, 138
2769
13.24
12 72
56
128
14.37
56
119
13.26
56
131
13.94
55
124
550
443
328
239
137
444
404
242
185
182
517
471
306
239
563
556
312
247
573
620
334
299
595
802
352
317
r 1, 198
* 1, 347
275
'1,689
290
' 2, 609
270
'3,653
317
6.725
12 24
13.62
40
112
47
98
395
437
292
279
108
1,090
50
106
12.41
54
116
14.01
56
108
239
10,268
203
9,675
2
57.3
147
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil $
Station revenues
do
Tolls, message
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service, end of period
mil
Telegraph carriers:
Domestic:
Operating revenues .
mil. $
Operating expenses
do
Net operating revenues (before taxes) do
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before taxes) do
104.1
4,760
2 341
1,845
3 046
813
105.2
4,897
2,386
1,909
3,109
859
105.9
98 1
85 1
6 4
100 2
80 8
6 9
91.2
78.8
6.8
98.7
85.3
4.8
47.7
36 0
9 4
50 1
38 1
9 4
51.9
36.6
12.7
50.4
37.6
10.1
802
758
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene
mil cu ft
Ammonia synthetic anhydrous thous sh tons
Carbon dioxide, liquid, gas, and solidj
do
Chlorine gas (100% Clj)
do
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOi) -. "- _."... " d o / "
Oxygen (high purity) {
mil cu ft
Phosphoric acid (100% PjOs)
thous sh tons
Sodium carbonate (soda ash), synthetic (58%
NajO)
thous sh tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate, anhydrous
do
Sodium sulfate anhydrous
do
Sulfuric acid (100% HjSOi)
do
14 382
14 386
12 917 8 13 098 0
1,069 4 1, 120. 1
49 413 9 8 895 2
1 910 8
6,443. 4
275 962
5 373 0
1 917 7
6,460. 1
279 352
5 685 6
1 124
1 112
1 155
1 102
1 073
953
1 082 2 1 1026 1 059 7 1 0*96 5 1 1407 1 091 4
77.3
77.9
80.2
'l06.6
87.9
103.5
742 0
860 1
811 7
805 2
802 8
812 1
161 0
602.1
22974
456 9
163.8
522.7
23 003
481 7
4 540 2 4 414 4
332 7
355 5
12 1
'l49 5
10 7
152 6
829.1
879 1
9,916 6 10 073 7
657 1
612 4
48 7
48 8
117 6
1 482 6 1 362 4
97 9
29 536. 9 290456 2,303.9 2,403.8
165.6
564.3
24244
503 3
373 4
361 6
13.3
11.8
830.9
889. 1
56.2
55 8
122 7
116 0
2,494.8 2,432.9
r
Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
Source: Association of American Railroads. 3 For 5 weeks. 4 Annual total reflects
revisions not distributed to the monthly or quarterly data.
« Beginning Jan. 1971, includes
low purity oxygen; comparable
Dec. 1970 figure, 26,394 mil. cu. ft.
« Before extraordinary
7
and prior period items.
Reporting roads only; excludes AMTRAK operations.
IfEffective with Jan. and July 1971, data include visits to Guadalupe Mts. and Redwood
National Parks.
2
143 3
553.1
23341
463 6
153 8
565.1
23 822
526 9
5
160.6
567.3
26 612
492 9
312.9
412 1
11.6
14.7
765.6
842.8
38.7
51 7
111 5
116 0
2,672.8 2,395.7
1 047
969 0
80.8
695 5
1 237
1 350 r 1 317
1 220
1 143.7 1 2480 1,256.2 rl 139 5 1
85.2
101.7
100.4 T 117. 0
790 5
777 6
764 6
776 5
149.0
536.6
26,194
521 5
175.9
603.7
29,668
534 7
167. 1
598.4
27, 634
539 4
183.4
587.4
28, 934
519 5
344.3
375.8
12.2
11.3
821.8
741.7
63.5
50.6
115 4
109 1
2,386.2 2, 592. 6
362.9
12.2
799.9
61.4
119 1
2,599.3
345.6
350.0
362 0
13.2
12.4
10.1
795.4 r 798. 2
815.6
56.1
46 2
36. 1
123 0
111 5
119 8
2,520.4 '2,379.9 2, 289. 5 2, 242. 0
r
180 2
r
523. 8
r
27 344
r
478 8
1 187
060 6 1, 149. 1
120.8
784 5
173.5
488.3
26 263
472 1
5U.4
472.4
tRevised monthly data (1957-May 1970) are available. tf Indexes are directly comparable for the identical quarter of each year (and from year to year).
§Beginning with 1st quarter 1969 reporting period, motor carriers are designated class 1
if they have annual gross operating re venues of $1 million or over.
9 Includes data not shown separately.
^Revisions for 1967 available upon request.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
S-25
1970
Annual
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
126. 4
2.3
12.6
120 6
2.6
9.0
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production:^
Acetic anhydride
Acetylsalicylic acid (aspirin)
Creosote oil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
Methanol synthetic
Phthalic anhydride ~
r
mil Ib i 1,748. 0
37.5
_do
mil. gal__ i 118. 3
35.1
109.6
127.8
2.2
9.6
3.3
9.5
3.5
9.3
2.9
9.1
2.7
10.6
125.8
2.7
8.4
120.2
2.5
8.4
140.6
2.9
9.6
133.5
28
10.3
137.0
2.6
10.7
127 0
2.3
12.1
mil. lb. * 153. 2
do .-. i 4,192. 8
i 158. 7
14,312.4
9.7
353.2
16.2
397.8
14.7
370.8
10.2
400.8
16.1
344.4
13.5
308.8
13.0
310.3
10.8
382.1
15.9
383.4
14.5
371.9
11.7
362 1
14.6
340.2
11.6
361.8
do
do
mil. gal
mil. lb__
322,4
30.5
i 624. 8
774.0
336.1
29.6
i 744. 7
i 714. 0
27.9
24.6
53.2
58.8
26.1
24.4
50.6
63.6
27.8
23.0
60.4
54.9
31.7
26.6
65.4
53.8
31.8
29.6
77.0
55.9
28.2
31.2
60.2
54.4
25.8
27.0
56.6
51.4
30.3
29.2
56.0
61.9
27.0
23.5
65.8
61.3
28.6
25.5
60.3
71.1
29 4
23 4
65 4
67 7
'26.1
'16.6
54.3
67.9
28.5
16.3
61.6
62.3
mil. tax gal
do __
do
do
737.7
179.7
592.6
85.6
631.5
162.7
513.8
84.8
46.9
176.9
42.3
6.4
58.3
177.8
42.7
7.5
54.8
169.4
42.9
8.6
41.4
161.3
37.1
7.7
48.3
162.7
37.6
6.7
45.0
162.8
37.8
6.2
41.5
159.4
31.8
6.1
41.7
155.1
37.7
7.4
44.4
151.2
38.1
6.6
43.4
148.2
38.8
6.5
48.6
150.1
38.8
7.7
43.7
151.9
33.1
7.0
mil. wine gal__
do
do
318.4
318.8
2.4
276.9
276.2
3.0
22.8
22.9
2.7
23.0
22.9
2.8
23.2
22.9
3.0
20.1
20.1
3.0
21.0
20.9
3.0
20.4
20.2
3.3
17.2
17.7
2.8
20.4
20.4
2.7
20.6
20.7
2.7
20.9
21.0
2.8
21.1
21.7
2.3
18.0
17.7
2.6
16, 599
1,799
12, 229
1,233
16, 005
1,133
12,543
966
1,414
130
1,086
74
1,341
76
1,034
115
1,479
105
1,189
74
1,420
114
1,163
73
1,293
101
980
70
1,800
58
1,528
66
1,168
62
905
87
1,285
67
986
83
1,680
94
1,381
72
1,210
61
968
90
1,418
92
1,122
108
1,616
82
1,256
91
1,350
129
1,005
85
233
138
3,829
184
326
218
4,165
129
10
15
304
13
18
12
331
13
23
16
391
22
24
24
387
8
19
16
269
5
16
12
315
19
24
33
296
13
43
40
474
7
104
18
475
34
58
20
518
13
18
6
184
28
14
7
272
17
17
21
407
23
4,794
4,603
353
340
411
416
319
436
271
569
895
391
276
270
325
4,290
448
4,496
484
343
432
380
418
386
394
387
426
431
484
379
505
402
511
430
453
436
262
415
258
'393
'336
'378
'406
394
387
_ _ __
-
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks end of period
TJsed for denaturation
Taxable withdrawals
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks end of period
FERTILIZERS
Exports total 9
Nitrogenous materials
Phosphate materials
Potash materials
thous sh tons
do
do
do
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
_ -
do __
do
do
do
Potash deliveries (KjO)
do
Superphosphate and other phosphatlc fertilizers
(100%Pa08):
Production
thous sh tons
Stocks, end of period
do MISCELLANEOUS PRODUCTS
Explosives (Industrial), shipments, quarterly §
mil Ib
1 924 8 2 046. 5
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
do
Industrial
finishes
do
2 776. 7 2 737 1
1, 473. 5 1, 497. 6
1, 303. 5 1,239. 4
484.0
180. 4 ' 198. 2 r 235. 6 ' 253. 0 r 258. 2 r 291. 6
'91. 9 ' 104. 7 ' 124. 5 ' 142. 9 ' 145. 7 ' 169. 7
' 88. 5 '93.5 '111.1 ' 110. 2 ' 112. 5 ' 121. 9
248.0
150.9
97.1
742
4,038
728
4,108
658
4,094
695
4,123
684
4,069
716
4,119
686
4,095
721
4,156
734
4,190
42.8
54.2
79.5
46.0
(2)
48.7
82.1
47.7
51.7
81.2
48.2
59.4
93.7
53.2
60.7
91.2
55.6
63.6
90.7
55.8
66.7
91.4
59.1
62.2
81.0
52.3
67.4
93.2
57.9
270.5
289.5
459.9
303.9
321.4
491.7
287.1
306.8
543.4
345.4
344.7
541.9
326.5
328. 9
529.2
314.6
284.7
514.5
331.5
333.7
545.1
254 7
147.2
107.5
256.4
138.2
118.2
220.6
117.2
103.4
185 9
99 4
86 4
177.0
88.4
88.6
i 8, 539
4,038
700
3,800
797
3,837
746
3,977
703
4 021
628. 8 i 600 2
667. 4 1646.1
i 1, 123. 8 11,041.6
* 770 5 i 623. 5
51.7
53 6
83.1
54 7
56.9
54.7
82.2
52.8
50.1
58.0
92.8
50.7
43.6
54.0
85.1
48.2
Sulfur, native (Frasch) and recovered:
Production
thous. Ig tons
Stocks (producers'), end of period. _
do _.
8,568
3,461
585.4
480.0
696.4
r
PLASTICS AND RESIN MATERIALS
Production:
Therm osetting resins:
Alkyd resins
Polyester resins
Phenolic and other tar acid resins _
Urea and melamine resins
mil Ib
do
do
do
Thermoplastic resins:
Cellulose plastic materials
do
Coumarone-indene and petroleum polymer
resins
mil Ib
Styrene-type materials (polystyrene)
do
Vinyl resins (resin content basis)
do
Polyethylene
_
do
1
1
1 192 6
1 140 9
10 3
10 8
11 0
9.9
9.1
^332 6
1
3 251 6
'3,638 8
1
5, 440. 7
i 315 3
1
3 402 9
1
3
754 4
1
5, 872. 3
25 7
274 3
310 5
488 7
24 6
293.8
314 0
497.4
25 4
271.9
311.7
517.7
28.2
279.6
288.6
487.6
28.0
283.8
289.2
509.8
(2)
(2)
267.2
294.7
493.5
c
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalj
mil. kw.-hr_. 1,552,757 1, 638, 010 151, 492 139,839 132, 734 130, 925 141, 048 146, 329 131, 607 141,605 131, 045 133,925 150,674 154, 142
Electric utilities, total
By fuels
By waterpower
_
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower ._ _
__
do
do
do
1,442,182 1, 529, 581 142, 694 131, 106 123,536 121, 979 132, 119 137, 388 123, 394 132, 657 122, 301 125, 073 141, 896 145, 708
1,191,990 1, 282, 253 122, 769 113, 094 105, 384 102, 514 110, 322 114, 774 101, 359 107, 833 99, 308 101, 347 118, 983 123,513
250,193 247, 328 19, 924 18, Oil 18, 153 19, 465 21, 797 22, 614 22, 035 24, 824 22, 993 23, 727 22, 914 22, 194
do
do
1,171,776 1,254,344 117,630 108,928 102, 710 100, 257 108, 583 112,269 100, 878 107, 331
270,406 275, 237 25,064 22, 177 20, 827 21, 721 23, 536 25, 119 22, 516 25, 327
do
do
do
110,575
107,299
3,276
108,429
105, 146
3,284
8,798
8,575
223
8,733
8,529
204
9,197
8,972
225
' Revised.
« Corrected.
2
i Revised annual total; revisons are not distributed to the monthly data.
Series
discontinued.
cTData are reported on the basis of 100 percent content of the specified material unless
8,946
8,656
290
8,929
8,641
288
8,940
8,651
290
8,213
7,924
290
8,947
8,628
319
98, 619 101, 413 116, 548 119,677
23, 682 23, 660 25,348 26,030
8,744
8,448
297
8,852
8,545
307
8,778
8,484
294
8,434
8,196
238
otherwise indicated.
9 Includes data not shown separately.
§Data have been restated to exclude black blasting powder formerly included.
{Revised data for the months of 1968 will be shown later.
Sept.
October 1971
SURVEY OF CURRENT BUSINESS
S-26
1970
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
Annual
1970
Aug.
Sept.
Oct.
1971
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers, total (EEI) mil.kw.-hr. 1,307,178 1,391,359 126, 043 126, 257 117, 258 110, 690 115, 649 122, 035 120, 810 119, 704 115, 975 113, 830 119, 699 128, 746
Commercial and industrial:
286, 686 312, 750 30, 128 29, 972 27, 109 24, 734 25, 147 26,223 26,029 25, 703 25, 320 25, 377 27, 838 31, 061
Small light and power§
do_
557, 220 572, 522 48, 997 49, 130 48, 614 47, 235 47, 583 47,480 47, 457 48, 947 49, 051 49, 338 50, 493 49, 405
Large light and power§
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do
do
do_
do
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $
422
39, 819
973
3,426
415
4,531
407, 922
10y 772
35, 861
4,186
4,633
447, 795
11,183
37, 816
4,660
20,139.3
22, 065. 9 2, 013. 4 2, 033. 3 1, 908. 3 1,807.8 1, 887. 8 1, 978. 1 1, 977. 5 1, 955. 3 1, 912. 6 1,900.1 2, 014. 7 2, 193. 9
362
42, 051
869
3,222
414
354
42, 219
917
3,261
404
375
36, 465
978
3,314
404
368
33, 839
1,029
3,118
366
421
37,860
1,081
3,172
385
445
43, 156
1,087
3,260
384
403
42, 268
1,004
3,267
382
380
36, 897
933
2,983
411
363
34, 263
888
3,198
402
355
36, 391
859
3,336
427
353
43, 205
863
3,436
423
GAS
Manufactured and mixed gas:
Customers end of period total 9
Residential
Industrial and commercial
thous
do
do
577
539
36
571
535
34
563
528
34
571
535
34
574
538
35
mil therms
do
do
1,522
818
671
1, 481
825
625
165
64
99
351
190
151
646
392
238
129.9
79.1
48.3
132.3
82.4
47.4
16.1
8.4
7.5
33.1
20.4
11.9
60.1
39.1
19.5
40, 905
37, 536
3,320
41, 204
37, 826
3,326
40, 393
37, 145
3,198
41, 204
37, 826
3,326
41, 599
38, 166
3,382
152, 374
47, 372
99, 461
163, 199
48, 217
108, 848
31, 190
4,084
25 63^-
39, 424
11, 584
26, 168
63, 770
22, 940
29 147
Revenue from sales to consumers, total 9 -.mil. $._ 9, 342. 0 10, 242. 6
4, 801. 1 5, 133. 9
Residential
do
4, 324. 9 4, 862. 4
Industrial and commercial
do
1 631.7
567.9
1 010 8
2, 550. 0
1, 271. 5
1,211.2
4, 002. 7
2,315.0
1, 609. 8
Sales to consumers total 9
Residential
Industrial and commercial
Revenue from sales to consumers, total 9 -mil. $__
Residential
do
Industrial and commercial
do
Natural gas:
Customers, end of period, total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
thous..
do
do
mil therms
do
do
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
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
127.32
116. 27
11.90
230. 02
133. 10
122. 04
12.26
11.33
10.79
13.76
11.01
10.38
13.45
10.28
9.62
13.22
9.28
8.77
12.93
9.82
9.74
12.26
9.62
8.32
12.97
9.41
8.52
13.20
12.53
11.00
13. 81
12.33
11.04
14.07
12.37
11.05
14. 40
13.71
12.87
14.25
13.28
12.48
14.18
212. 26
11.22
16.18
19.21
17.99
18.11
16.20
16.82
18.14
15.93
13.11
13.44
10.35
1
24.60
24.99
31.46
29.22
29.76
30.21
47.71
32. 49
371. 47 27.14
35.17
12.32
15.64
12.41
11.62
13.41
16.73
16.04
16.32
13.86
13.78
164.55
18.22
14.38
173. 65
991. 42 1, 008. 54 1,007.86 1,006.26 1,004.59 1,005.21 1,008.54 1,011.30 1,014.16 1,015.72 1,015.08 1,015.78 1,012.28' 1,009.46
6.36
9.03
6.93
7.65
7.06
5.68
9.84
7.49
7.63
10.45
87.08
10.84
90.89
5.97
7.78
6.59
361. 68
169. 87
108. 01
938. 46
74.29
146. 36
112. 88
954. 58
75.59
7.16
9.04
957. 73
5.15
10.37
10.67
955. 42
6.76
12.20
12.93
952. 39
5.47
11.15
11.01
951. 94
9.36
12.29
8.89
954. 58
8.68
12.69
8.30
958. 21
5.60
12.96
7.78
960. 86
4.95
13.42
9.85
964. 24
6.75
10.47
8.53
963. 43
6.21
8.54
8.29
964. 97
4.08
6.85
10.09
960. 51
8.08
6.61
7.58
958. 57
6.04
116. 23
68.01
113. 67
64.37
8.78
4.86
10.08
5.79
11.57
6.88
11.13
6.70
8.87
4.58
8.25
4.28
8.15
4.58
9.87
5.10
8.61
4.30
8.70
4.58
10.22
5.80
8.69
5.02
15.80
13.96
6.19
2.41
22.95
20.48
7.38
1.79
1.96
1.39
8.72
.10
1.77
2.04
8.31
.17
1.98
2.09
8.17
.19
2.17
2.30
7.90
.21
2.50
2.86
7.38
.28
2.33
1.85
7.72
.13
1.96
1.52
8.11
.08
2.81
1.79
9.06
.12
2.17
1.58
9.69
.14
1.08
1.44
9.24
.15
1.34
1.65
8.84
.15
1.50
1.29
9.01
.10
.17
277. 80
197. 23
306. 36
22.28
244. 78
216. 73
293. 32
28.23
11.05
16.32
187. 14
2.13
70.81
18.73
238. 03
2.20
92.19
20.75
302. 36
2.51
38.34
19.45
313. 82
3.07
7.76
22.30
293. 32
3.46
5.43
19.85
276. 51
2.06
4.62
18.68
259. 80
1.81
5.28
22.37
241. 99
2.65
6.13
20.39
225. 62
2.61
7.68
18.06
215. 71
3.09
6.30
20.59
198. 93
3.38
5.32
17.40
186. 28
3.12
3.59
403. 32
303.08
28.76
126. 06
91.73
16.82
8.45
3.01
3.15
1.38
.62
5.96
2.80
1.31
1,118.2
88.6
.685
1, 136. 7
118.8
.704
78.7
198.0
.708
71.8
171.3
.713
81.6
147.5
.713
78.9
134.3
.709
93.1
118.8
.717
103.8
119.3
.708
97.8
133.2
.708
111.0
157.9
.707
113.0
180.4
.688
119.5
209.8
.687
112.2
235.1
.688
9.02
253.0
.687
mil. lb._ 1, 985. 9
do
1, 266. 4
2, 202. 6
1,431.2
181.5
120.6
167.6
104.5
172.2
103.4
161.5
95.9
179.1
109.0
181.0
113.8
168.7
104.8
202.8
126.9
210.3
137.3
232.5
159.0
233.8
161.9
209.0
141.6
196.7
129.6
324.5
254.0
161.0
372.2
309.4
11.8
358.5
289.2
11.1
336.3
264.8
15.6
326.8
254.8
18.0
324.5
254.0
24.6
320.9
255.1
11.4
310.7
243.3
9.0
302.1
236.3
8.9
314.6
248.0
7.9
337.4
268.8
8.1
376.8
296.8
6.4
386.1
311.6
7.6
' 379. 0
r 303. 9
8.9
360.5
286.1
.603
.640
.661
.636
.649
Revised.
1 Reported annual total; revisions are not distiibuted to the mon thly dat a.
§Data are not wholly comparable on a year to y ear basis because c>f chang<js from (me
.665
.665
.656
.653
.670
.669
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
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), total
American, whole milk
mil Ib
__do.
$ per Ib
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb__
r
317. 5
265.4
130.0
cl assificati on to an Dther.
.673
.679
.678
.678
.678
9 Inclucles data not show n separal ely.
7.96
' 246. 8 226.7
.687
SUEVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1
| 1970
1970
Aug.
Annual
S-27
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
May
June
00
(6)
109. 0 8 116. 5
(fl)
6 134. 2
Mar.
Apr.
July
Aug.
6 141. 5
00
(6)
6 115. 8
(6)
6 105. 8
Sept.
FOOD AND KINDRED PRODUCTS; TORACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production, case goods:
Condensed (sweetened)
mil. Ib
00
6 1, 483. 8
Evaporated (unsweetened)
- do
Stocks, manufacturers', case good's, end of period:
1.9
Condensed (sweetened)
mil. Ib
105.0
Evaporated (unsweetened)
do
Exports:
52.1
Condensed (sweetened)
do
37.1
Evaporated (unsweetened)
do
Price, manufacturers' average selling:
7.50
Evaporated (unsweetened)
$ per case..
Fluid milk:
Production o n farms
_ _ _ _ _ _ mil. Ib _ 116,345
57, 167
Utilization in mfd dairy products
do
5.49
Price, wholesale, U.S. average
$ per 100 lb__
Dry milk:
Production:
70.2
Dry whole milk
mil Ib
1, 452. 3
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
6.6
Dry whole milk
_ _ _ __do
83.9
Nonfat dry milk (human food)
do
Exports:
15.6
Dry whole milk
do
111.6
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.235
milk (human food).__
_ _ _ $ per lb__
6
00
1, 268. 3 8 109. 9
(8)
(6)
685.8
677.9
(6)
0)
8 187. 4 8 180. 0
00
6 147. 5
00
692.4
00
696.5
686.8
00
(6)
690.3
00
115. 7
00
681.3
00
669.4
0>)
667.6
(6)
651.2
(«)
6 104. 0
(8)
6133.8
(')
6 162. 4
(6)
172.9
.7
2.7
1.7
2.3
4.4
2.6
11.3
2.7
2.2
3.8
8.5
4.2
1.6
2.9
6
CO
115.7
(6)
« 195. 9
16.4
33.3
«
3.1
.6
1.2
6.9
2.0
4.6
3.0
4.1
3.9
7.98
8.06
8.12
8.12
8.13
8.14
117, 436
60, 108
5.68
9,767
5,013
5.58
9,273
4,418
5.81
9,280
4,388
6.03
8,842
3,997
6.09
9,349
4,479
6.06
9,547
4,745
5.96
9,010
4,636
5.91
10,209
5,557
5.83
10, 432
5,797
5.71
11,217
6,297
5.60
10, 836
6,438
5.50
10, 311
5,681
5.61
9,871
5,193
5.74
68.7
1, 442. 8
5.8
117.7
5.1
88.2
4.0
89.6
4.0
81.1
5.4
108.9
6.7
115.8
5.7
111.8
7.0
131.1
9.0
149.2
9.3
174.6
8.4
177.8
4.7
137.3
5.6
117.6
4.7
101.4
9.4
165. 5
8.6
144.8
6.6
122.8
4.7
101.7
4.7
101.4
5.5
97.7
5.0
89.8
3.9
90.4
5.5
104.9
7.8
136.9
9.0
157.6
8.2
164.1
7.5
155.6
13.8
212.3
.7
34.1
.5
19.9
.7
7.7
.9
25.4
1.1
2.3
.8
10.7
.7
10.0
1.0
17.6
1.0
7.2
.7
15.0
3.4
16.7
1.9
4.3
3.7
2.8
.263
.271
.274
.273
.273
.276
.278
.276
.277
.304
.314
.318
'.318
.320
1,059. 0
1,337,5
111.5
114.5
143.2
123.0
123.8
101.2
103.7
105.5
94.2
108.5
79.8
92.1
81.5
2423.5
426.7
264.6
162.2
8.3
2 410. 4
381.1
238.9
142.2
55.1
8.1
489.4
305.6
183.8
6.4
6.7
381.1
238.9
142 2
6.3
.2
8.7
257.4
142.3
115 0
7.6
4.0
9.2
156.1
81.6
74.5
1.6
.5
1.6
1.21
1.18
1.22
1.20
1.24
1.24
1.30
1.29
1.26
1.25
1.26
1.26
1.29
1.28
1.26
1.26
1.19
1.17
1.11
1.11
38.8
43.0
2,531
1,861
670
34.6
35.3
26.6
1,564
1,169
395
27.6
40.1
37.3
1.59
1.51
1.57
1.50
1.55
1.52
1.51
1.48
1.51
1.54
1.59
1.52
1.49
1.43
1.29
1.29
6
9,377
p 5. 96
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat),. .mil. bu_.
Barley:
Production (crop estimate)
Shocks (domestic) end of period
On farms
Off farms
Exports including malt§
Prices, wholesale (Minneapolis):
No. 2, malting
No. 3, straight
do
do
do
do
do
1.12
1.12
1.14
1.13
24,583
2 4, 110
4,316
3, 323
993
553.5
7 469. 9
4.4
1.19
1.17
1.14
1.14
1.19
1.18
3,743
2,730
1,013
572.0
43.9
3999
3569
3430
53.8
56.8
46.4
3,743
2,730
1,013
49.6
1.21
1.19
1.35
1.33
1.47
1.40
1.50
1.46
1.40
1.42
1.41
1.39
1.52
1.49
mil. bu._
do
do
do
2950
885
724
161
2909
915
704
211
7.6
21.3
.5
Price, wholesale, No. 2, white (Chicago)
$ per bu__
4.67
«.72
290.8
282.9
2,012
1,515
$ per bu
.do
Corn:
Production (crop estimate, grain only). .mil. bu._
Stocks (domestic), end of period, total, .mil. bu._
On farms
do
Off farms
do
Exports including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu._
Weighted avg., 5 markets, all grades
do
Oats:
Production (crop estimate)
Stocks (domestic) end of period total
On farms
Off farms
Rice:
Production (crop estimate) . .
mil. bags 9
California mills:
Receipts, domestic, rough
mil Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
_
mil. Ib
75,400
915
704
211
.3
.3
.72
.76
.84
.82
.83
.78
.75
1,755
1,393
161
130
67
110
160
68
100
47
84
78
79
59
117
47
268
184
161
180
270
82
184
42
79
102
82
76
112
135
703
504
200
.1
.3
.4
.80
.68
.64
202
113
323
264
76
66
126
60
77
114
101
88
109
.5
6,497
4,438
1,049
267
1,672
401
1,482
547
472
429
367
373
349
428
240
294
139
323
108
279
67
268
28
221
141
206
924
458
1,695
4,183
.085
1,748
3,828
.085
745
231
.085
1,502
189
.085
1,950
438
.086
1,852
447
.087
1,748
220
.087
1,563
284
.086
1,461
199
.086
1,258
259
.086
1,009
315
.086
809
268
.084
629
365
.087
528
144
.087
829
190
.087
Rye:
Production (crop estimate)
mil. bu
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis) _ _ $ per bu._
231.6
29.8
1.17
238 6
41.5
1.15
1.08
49.1
1.10
1.16
1.17
41.5
1.15
1.18
1.17
34.7
1.14
1.18
1.18
27.9
1.21
.95
.94
21,460
2313
2 1, 147
1,273
2 1, 378
2260
2 1, 118
1,498
Stocks (domestic), end of period, total
On farms
.
Off farms
_
do
do
do
1,534
611
923
.087
752.3
.95
7 1, 628
7465
7 1, 163
466
1,798
1,417
673
534
884
1,126
T
Revised. » Preliminary. 1 Less than 50 thousand pounds. 2 Crop estimate for the year.
3
Old crop only; new crop not reported until beginning of new crop year (July for barley,
oats, rye, and wheat; Oct. for corn).
< Average for Jan.-Sept.
* Average for Jan., April-
68
784.2
6,605
4,818
mil. bu._
do
do
do
1.15
1.13
7885
512
312
200
1,098
852
246
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb__
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis) , end of period
mil Ib
Exports
___
do
Price, wholesale, Nato, No. 2 (N.O.)
$ per lb__
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution
.
1.09
1.09
381
352
335
1,417
534
884
1,065
386
679
730
240
490
6
Sept., and Dec.
Condensed milk reported with evaporated to avoid disclosing operations
of individual firms. 7 Oct. 1 estimate of 1971 crop.
c
§Excludes pearl barley.
9 Bags of 100 Ibs.
Corrected.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
October 1971
1970
Annual
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total including
Wheat only
flour
mil. bu
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu._
No. 2, hd. and dk. hd. winter (Kans. City)_do.-._
Weighted avg., 6 markets, all grades _ _ do
489.2
439.9
689.1
638.7
59.0
56.3
52.4
49.9
74.7
69.0
63.8
60.3
66.5
61.6
61.9
59.3
51.3
47.8
62.7
59.9
53.7
50.7
70.3
66.7
50.0
43.4
51.2
47.4
41.4
38.2
1.80
1.48
1.75
1.91
1.54
1.79
1.86
1.54
1.80
1.93
1.62
1.87
1.95
1.60
1.88
1.97
1.63
1.89
1.92
1.63
1.84
1.91
1.65
1.82
1.90
1.65
1.80
1.82
1.62
1.77
1.82
1.62
1.75
1.84
1.62
1.78
1.82
1.64
1.75
1.73
1.56
1.65
1.64
1.56
1.62
253 094
4 409
563 714
21, 233
373
47, 440
22, 159
393
49, 361
23,364
407
51, 708
20, 707
361
46,161
20, 754
361
46, 147
20, 894
361
46, 405
19, 761
345
44, 038
21, 004
363
46, 705
19, 662
335
43, 525
20, 216
347
44, 970
4 329
21, 596
1,164
4,438
1,074
2,438
1,537
4,329
2,104
1,134
1,528
4,732
1,188
1,282
1,536
4,586
2,841
1,627
1,374
6.179
5.569
6.125
5.525
6.275
5. 713
6.413
5.713
6.413
5.650
6.363
5.588
6.350
5.588
6.313
5.613
6.250
5.500
6.238
5.488
6.225
5.500
6.200
5.588
6.113
5.475
6.063
5.313
3,025
30, 793
i 11,922
232
2,538
971
264
2,723
1,010
266
2,752
1,233
245
2,424
1,135
276
2,611
960
247
2,569
31,031
237
2,299
*879
203
299
248
2,681
2,544
2,536
3 1, 140 3 1, 032 3 1, 004
207
2,797
s 1, 005
205
2,725
3878
Wheat flour:
Production:
Flour
thous sacks (100 Ib )
254 094
Offal
thous sh tons
4 558
Grinding** of wheat
thous bu
567 956
Stocks held by mills, end of period
thous sacks (100 Ib )
4 595
Exports
_ _ . _ __
do
21, 130
Prices, wholesale:
Spring, standard patent (Minneapolis)
$perl001b._
5.923
Winter, hard, 95% patent (Kans. City) .-do
5.438
1.64
1.55
1.63
20, 994 '20,225 22, 111
380
349
366
46, 658 ' 45, 164 49, 235
5.975
5.275
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
3,637
Calves
thous. animals
30, 536
Cattle
do
i 12, 652
Receipts at 38 public markets
do
Prices, wholesale:
Beef steers (Omaha)* .
..$ per 100 lb.- 29.28
29.30
Steers, stocker and feeder (Kansas City)__do
37.29
Calves, vealers (Natl. Stockyards, 111.) do
29.03
30.10
38.17
29.74
28.76
40.50
28.97
28.99
33.00
28.44
29.68
33.00
27.00
28.03
34.00
26.45
27.57
33.50
14, 871
6 045
1,088
7 034
1,303
7 662
1,451
7 Ocr>
1,490
7 QQn
1,532
22.11
21.12
20.43
17.37
15.02
14.96
19 1
17.0
14.3
13.4
11.9
i 2 468
789
225
899
244
917
262
736
216
201
25.38
23.88
2,958
3,226
Hogs:
Receipts at 38 public markets
_do
15, 210
Prices:
Wholesale, average, all grades (Sioux City)*
$ per 100 Ib.. 23. 65
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
19.8
Sheep and lambs:
Receipts at 38 public markets
do
Price, wholesale, lambs, average (Omaha)*
$perl001b_.
in nfi7
i 2, 704
1
28.53
27.43
27.12
26.75
26.75
33 369
i 34, 587
2,731
3,031
3,198
28.83
29.42
34.00
31.80
31.69
40.00
31.42
31.88
41.00
31.96
32.07
41.00
32.35
31.78
39.00
31.91
30.60
39.00
31.90
30.32
39. OC
220
2,720
4
1,011
4 1,018
32.77
32.41
35.00
32.21
31.72
38.00
6 922
7 48Q
6 983 6 220
8 266
6 932
7 794
6 379
31,412 * 1, 230 3 1, 479 3 1, 455 3 1, 399 3 1, 438 3 1, 163 * 1, 296 4 1, 308
15.76
19.03
16.88
16.04
17.00
17.68
18.85
18.14
18.28
11.1
10.7
13.4
11.8
11.3
12.3
12.2
14.0
15.6
16.1
Q4.7
903
3178
806
4 131
920
s 178
899
3143
772
3186
827
3 255
815
3205
812
4212
4233
24.00
25.12
26.88
30.25
31.12
31.25
28.88
27.75
27.50
3,076
2,663
3,234
3,075
2,940
3,104
2,879
2,966
791
49
151
869
35
141
901
46
133
890
43
170
835
39
155
r 773
51
166
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil Ib
Stocks (excluding lard), cold storage, end of
period
mil. Ib
reports vmeat ana meat preparations)
ao
637
571
759
518
I QAA
Beef and veal:
Production inspected slaughter
do
18 873 * 19 496
Stocks, cold storage, end of period ..
do
363
347
Exports
._
_ ._ . do- _
32
28
Imports
do
1,194
1,319
Price, wholesale, beef, fresh, steer carcasses, choice
2
(600-700 Ibs.) (New York)
$ per Ib. .
.492
.490
Lamb and mutton:
Stocks, cold storage, end of period _ _
_ do_. _
Pork (including lard), production, inspected
slaughter
mil Ib
Pork (excluding lard):
Production inspected slaughter
do
Stocks, cold storage, end of period
do
Exports
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$perlb-_
Fresh loins, 8-14 Ib. average (New York). .do
Lard:
Production inspected slaughter
mil Ib
799
606
43
167
588
53
167
646
49
155
715
74
134
759
51
143
771
39
133
749
41
112
1,582
••299
2
129
1,701
296
2
130
1,735
310
3
113
1,533
326
3
94
1 685
347
3
102
1,645
335
3
94
1,463
313
4
72
1,693
306
5
99
1,608
299
5
99
1,599
295
4
87
1.739
306
4
124
1,682
321
3
111
1,667
.505
.488
.473
.454
.503
.539
.536
.546
.561
.549
.546
.561
.549
AA
AQ
19
21
44
20
49
20
47
20
40
23
40
23
39
21
39
19
20
1 497
1,383
1,157
1,491
1,420
1,301
1,324
1,157
1,260
1,226
389
3
36
1,195
467
4
30
1,098
498
5
31
1,104
476
5
32
969
405
4
33
1,065
16
19
39
23
44
21
46
21
.465
053
20
13 986
14 577
1,111
1,286
1,417
1,383
1 143
304
9
30
1 249
'336
5
28
1 153
353
4
27
978
344
4
29
r341
3
127
356
11 563
211
152
316
12 119
336
67
347
924
217
5
24
1 066
210
11
25
1 174
246
9
30
.580
.575
.565
.569
.535
.572
.499
.560
.497
.510
.485
.461
.486
.445
.498
.479
.528
.530
.513
.438
.517
.432
.521
.485
.535
.501
.515
.584
.536
.515
.501
.498
1 755
70
262
.145
1 776
82
366
.160
135
158
fin
28
.154
176
174
178
166
129
Q1
0«
40
.138
193
01
44
.155
162
80
39
.150
146
91
31
.146
158
101
18
.143
136
89
11
.151
142
83
16
.158
.153
EQ
r332
311
7
30
37
.158
22
.163
42
.145
9
.130
Q8A
i non 1 AQ9
Stocks, cold storage (frozen), end of period, total
624
516
307
391
407
mil. lb_.
343
447
192
Turkeys
do
219
238
Price, in Georgia producing area, live broilers
.120
.120
.110
.140
.123
$perlb__
T
e
Revised.
Corrected.
1
Annual total reflects revisions not distributed to the months.
2
Beginning Jan. 1969, quotations are on carlot rather than l.c.l. basis as previously.
Q9ft
OAR
7fi9
fi7fi
791
7K7
749
894
909
1 020
486
313
391
219
369
206
331
174
294
144
265
120
251
111
287
140
354
203
-•462
'308
542
382
.120
.110
.125
.130
.130
.125
.135
.140
.155
.135
.135
Exports
Price, wholesale, refined (Chicago)
Poultry:
do
$ per lb_.
37
.160
POULTRY AND EGGS
3
4
Data are for 41 public markets.
Data are for 40 public markets.
*New series. Monthly data for earlier years will be shown later.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
S-29
1970
Annual
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
mil. cases O_
Stocks , cold storage, end of period:
Shell
thous. casesO.Frozen
mil. lb_
Price, wholesale, large (delivered; Chicago)
$ per doz._
191.9
195.2
16.2
15.7
16.4
16.1
17.0
17.1
15.5
17.3
16.8
17.3
16.5
16.7
16.5
15.9
51
43
51
50
98
63
178
60
136
58
76
55
51
50
60
49
53
51
139
54
80
60
101
67
98
75
148
80
r 141
'81
128
83
.460
.425
.400
.455
.415
.448
.410
.372
.332
.331
.330
.363
.317
.350
.370
.348
Cocoa (cacao) beans:
Imports (incl shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per lb__
218.4
.458
279.2
.341
21.3
.388
23.3
.378
26.7
.354
14.5
.354
25.4
.329
45.0
.309
22.8
.273
25.2
.279
28.2
.273
17.8
.253
25.3
.268
28.7
.280
23.2
.286
.271
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous bagsc^
Roastings (green weight)
do
3,811
20 851
2 593
20 075
Imports, total ----do.__
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)--$ perlb__
Confectionery manuiacturers' sales
mil $
20, 232
5,780
.408
1 870
19, 727
4,712
.557
1 906
1,616
1,355
1,713
1,597
1,382
1,475
2,030
1,759
1,941
2,132
570
.578
222
.588
199
.575
180
.550
163
.550
171
.550
178
.480
176
666
2,720
387
1,528
367
.570
143
.450
156
.438
135
.438
139
.430
121
.433
mil Ib
275
306
298
310
313
312
306
275
247
210
196
198
••231
r
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
4,300
6,350
1 501
4,710
6 675
1 497
118
693
144
139
515
138
720
708
226
1,043
992
367
120
664
2,218
15
315
143
42
151
412
119
150
88
97
170
178
176
103
441
159
10, 804
10 655
2 796
11 467
11 317
2 784
1,089
1 078
1,384
1,093
1 079
1,046
931
912
833
822
727
720
2 202
718
706
894
883
3,003
2,943
1,026
1 013
2 701
860
851
1,414
1,055
1 044
2,784
2,660
2,524
1,087
1,068
2,156
sh tons
968
7 892
58
26
194
128
146
50
44
12
1,179
21
thous sh tons
do
do
4,776
1,024
5 217
1 522
35
534
196
2
565
205
10
368
80
4
323
95
1
553
178
2
325
4
4
239
30
2
477
84
7
550
142
6
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, total 9
From the Philippines
Refined sugar total
Prices (New York):
Raw, wholesale
Refined'.
Retail (incl N E New Jersey)
Wholesale (excl. excise tax)
Tea imports
do
do
do
124
2,593
5 190
3,461
4 352
468
224
509
112
291
3,064
4,760
2,537
5 164
2,002
822
282
114
310
317
971
270
296
97
692
143
775
80
1,034
1,020
1,932
P 1,571
25
37
84
412
96
2
479
108
1
'476
170
3
559
179
2
r
r
.433
$ per lb._
.078
.081
.082
.081
.082
.080
.081
.084
.084
.084
.082
.084
.086
.086
.086
.086
$ per 5 Ib
__.$per lb__
638
.107
674
.112
682
.113
683
.114
678
.114
.680
.114
.677
.114
.680
.114
.679
.114
687
.117
.695
.116
.695
.116
.693
.116
.689
.118
.701
.118
.118
139 962
135 202
8 778
10 805
11 971
10 409
12, 682
13, 226
12, 360
15, 073
18, 078
15, 128
16, 529
20, 150
25, 141
3 587 6
132 9
308 2
140.0
298 2
127.0
316 5
120.5
305 6
122. 5
299.0
132.9
291.5
134.7
309 2
130.3
300 0
134.7
272 4
134.4
277.1
128.0
290.4
136.7
3 389 3
75 6
268.3
87 3
268.6
68 5
289.4
80 0
286 7
83 4
299.9
75.6
283.9
74.4
281.7
71 6
292 0
70 7
270.1
72 0
288.6
81 1
' 332. 6
82.2
2,230 3
45 6
166.8
55.9
189.6
50 3
200.7
52.3
187.2
50 4
216.7
45.6
212.9
50.4
189.0
59.4
195.9
57 7
181.0
55.9
176.4
61.2
185.9
61.6
.289
.290
.290
.294
.306
.306
.306
.306
.305
.305
.305
.305
558 2
567 7
46 7
43 6
48.0
29.3
48 3
40.9
36.9
47 0
45.1
36.3
45 6
4!)! 4
37.9
46 9
48.0
46.7
50 1
51.5
47.0
49 1
61.7
37.7
51 7
53.3
37.0
43 2
44.' 4
34.9
42 8
44.9
42.4
45 3
46.6
45.6
4 876 8
2 551. 5
396 1
389 6
200.9
325.0
419 5
216.3
369.5
423 2
209.2
348.3
401 5
208.8
392. 2
446 6
220.5
396.1
422 7
218.0
423.5
385 2
201.4
349.6
438 5
233,5
380.6
392 0
216.4
363.9
400 0
227.1
374.0
439 9
231.4
401.9
207.0
68 7
103.5
39.0
27.4
20.8
147.9
110.2
128.6
6.7
4.4
114.3
103.5
thous Ib
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
mil Ib
3 480 5
Stocks, end of period®
_
do_
138. 7
Salad or cooking oils:
Production
do
3 143.7
Stocks end of period0
do
70 5
Margarine:
Production
.
do
2 181. 9
Stocks, end of period©
do
52 1
Price, wholesale (colored; mfr. to wholesaler or
.260
large retailer; delivered)
$ per lb_.
Animal and fish fats:A
Tallow, edible:
534 6
Production (Quantities rendered)
mil Ib
510 9
Consumption in end products
do
Stocks, end of period 1
do
46 0
Tallow and grease (except wool), inedible:
4 655 0
2,595.2
Consumption in end products
do
348.0
Stocks, end of period t
do
Fish and marine mammal oils:
Production
do
171.6
75 7
Consumption in end products
do
84.0
Stocks, end of period ^
do
Vegetable oils and related products:
Coconut oil:
Production* Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks crude and ref end of period^I
do
Imports
do
Corn oil:
Production: Crude
do
Refined
do
Consumption in end products
do
Stocks, crude and ref., end of Deriodlf .. do ..
386 3
547! 5
732.6
205 9
424.6
465.5
438.1
441.1
54.1
5.0
(d)
(d}
6.0
5.7
(d)
(d)
(d)
1.4
5.6
.6
4.4
.6
4.7
9.2
4.0
21.8
54.8
72.0
62.7
60.0
65.8
88.0
132.0
(d)
(d)
(d)
(d)
(d)
4.3
5.3
(d)
261. 5
111.1
305.8
120.6
' 290. 5
' 71.2
309.3
81.3
r 163.
'72.9
174.1
65.5
.308
.312
40 2
MO. 4
'49.9
40 1
50.1
58.5
393 5
' 200. 5
441. 5
404 1
222.8
422.4
'55.3
'5.6
' 148. 1
155.5
4
r
r
r
(d)
4.7
(d)
54*. 9
49.4
68.4
167.6
45.5
39. 9
'52.1
' 177. 3
35.3
36.3
52.7
155.0
30.2
41.4
34.2
35.5
56.8
41.0
37.2
33.5
57.9
42.7
34.6
38.2
64.7
42.4
' 39. 1
'36.0
'65.6
39.6
33.7
35.9
63.6
44.1
61.3
123 8
46.9
51.0
62.5
145 6
27.0
47.6
62.1
165 0
63.9
40.9
60.4
176 0
14.1
44.6
63.6
202 9
12.3
48.7
63.7
217.0
129.2
44.2
60.9
180 9
41.7
50.6
68.9
182 5
52.9
49.5
64.3
169 3
474 0
440 9
449 6
43.2
37.4
35.3
35.3
63.5
34.0
34.6
38.0
60.1
42.0
42.3
43.3
54.7
40.1
36.9
36.4
51.3
34.7
39.1
40.4
43.2
38.0
39.6
39.5
36.0
37.3
31.9
34.4
37.1
43 7
38.2
35.2
47.9
.310
54.5
45.0
63.4
167 1
47.5
0
6
9
2
544
749
202
584
r
d
Revised.
*» Preliminary.
Data withheld to avoid disclosure of operations of individual firms.
i Less than 500 short tons.
©Cases of 30 dozen.
d"Bags of 132.276 Ib.
§Monthly data reflect cumulative revisions
(<*)
7.6
4.8
r
r
AFor data
for prior periods.
9Includes data not shown separately: see also note " §",
on lard, see
p. S-28.
©Producers' and warehouse stocks.
^Factory nd warehouse
c
stocks.
Corrected.
SUKVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS— Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
2, 001. 4
Production
thous sh tons
74.8
Stocks (at oil mills) , end of period
do
Cottonseed oil:
1, 425. 8
Production* Crude
mil. Ib
1, 252. 0
Refined
do
Consumption in end products
do
889 7
Stocks, crude and refined (factory and warehouse), end of period
_
mil. lb_
398.6
246 5
Exports (crude and refined)
do
.142
Price, wholesale (N.Y.)-$perlb._
Linseed oil:
Production, crude (raw)
mil. Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. Ib
Price, wholesale (Minneapolis)
_ _ _ $ per l b _ _
Soybean cake and meal:
Production
thous sh tons
Stocks (at oil mills) end of period
do
Soybean oil:
Production' Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period
mil. Ib
Exports (crude and refined)
do
Price, wholesale (refined; N.Y.)
$ per l b _ _
1, 725. 8
85.8
38.0
65.1
45.2
39.3
194.1
54.2
219.2
82.9
218.2
85.8
215.8
103.2
202.4
125.5
192.2
136.4
145.3
134. 5
111. 1
148.9
86.1
136.0
61.1
109.5
64.6
101.4
1,211.4
1, 019. 2
932.0
26.6
27.1
63.0
30.5
27.6
65.8
134.3
71.6
77.3
153.4
116.0
79.6
152.6
116.6
76.9
151.5
108.5
67.8
141.2
108.6
73.6
134.0
119.8
69.4
103.3
77.2
56. 1
78.8
80.4
61.2
61.0
73.2
90.1
43.5
'44.9
r
50.1
45.6
51.2
57.6
184.3
369.8
.175
158.1
.178
121.4
17.8
.167
140.1
12.0
.167
163.5
18.6
.180
184.3
36.7
.178
202.3
43.5
.183
224.6
39.2
.195
246.9
40.3
.195
265.7
18.2
.193
279.7
21 4
.188
224.6 ' 167. 2
31.7
69.8
1.93
1.88
143.3
14.3
2.06
291 8
193 9
314.5
193.2
29.1
18.4
36 2
16.8
30.7
15.1
26.8
14.2
27.5
12.7
31.9
13.3
32.4
15.8
34.9
18.4
36.7
19.6
36.8
19.6
41.4
22.7
128 8
.120
148.5
.109
117.1
.110
129.9
.100
134.9
.100
144.9
.100
148.5
.095
157.5
.095
170.5
.095
180.7
.090
192.8
.088
187.2
.088
203.8
.088
14,716.5 17, 379. 2
112.2
103.2
8.8
1,429.4 1.238.4
170.8
106.8
1,530.2
139.8
1,507 5
158.2
1,560.4
112.2
1,560.3 1, 387. 2 1, 463. 2
138.4
170.3
173.6
1,458.9
152.0
1 464.8 1,401.6
198.7 . 149.4
r
T
r
'25.9
'17.9
34.8
19.3
193. 2
.088
184.2
.088
.201
.088
1,429.7 1,477.2
189.9
192. 4
6 804 7
5 860 0
5 948 2
8, 085. 9
6, 276. 3
6, 322. 7
655.6
516. 5
513.7
563.8
491.9
524.3
729.8
534 5
548.2
705 6
514 5
519 9
727.7
538.8
552.3
724.8
543 5
534.7
653.2
511 1
505 8
695.9
557.9
535. 0
695.7
495 0
497 9
696.4
506 7
505 6
670.9
526 7
556.3
r
r
r
674. 9
482 9
497 3
693.6
531.8
543.6
517 2
761 1
.110
755.7
1, 372. 4
.133
670.6
126 7
.143
543.4
165.2
.137
562.3
103.9
.161
717.6
52 7
.172
755.7
174.6
.163
751.8
112.0
.168
787.8
109 3
.144
756.0
156.0
.145
765.8
168.0
.135
758.0
191 8
.137
719.0
140.9
.146
r 745. 3
189.0
.159
807.4
78.1
.172
29, 555
23, 556
4 650
46, 766
15, 364
53, 650
21, 982
72, 845
33, 652
5 006
62, 477
14, 673
39, 336
20, 362
32 303
17, 142
4 763
52, 352
17, 252
44 458
18, 136
47 434
31. 305
4,369
39, 798
20, 413
36 112
17, 256
41,791
15, 686
3,685
47, 119
4,292
47 245
3,423
44 026
4,138
41 196
3,620
45 634
3,466
4? 518
3,954
43 360
4,454
46, 582
556
2,188
2,198
2,381
558
2,258
571
2,476
552
3,038
4,270
39 596
6,852
45 595
505
3,366
43 590
4,142
43 474
588
2,309
3,926
50, 665
.155
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
* 1, 804
i 1,906
4 940
579,106
213, 402
5,006
510, 325
235, 428
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable
Exports, cigarettes
47, 263
510, 532
6,744
24, 970
51, 166
532, 764
6,701
29, 147
millions
do
do
do
31,799
593
653
2,656
581
2,034
495
2,352
510
2,357
497
3 033
552
4,234
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $__ 152,446
1,652
Calf and kip skins
thous. skins__
Cattle hides
thous. hides.. 14,778
145,200
1,316
15,222
10,151
64
1,123
10,952
124
1,235
11, 205
131
1,196
11, 523
116
1,247
11,619
176
1,258
11, 642
137
1,207
11,985
168
1,251
14,933
189
1,611
11,512
289
1,239
13,124
258
1,304
12, 851
254
1,235
7,118
131
11,583
198
1,166
62, 400
2 20,716
25,068
51, 300
18, 701
3,028
4,500
2,172
102
2,800
849
36
2,800
863
20
3,500
1,242
65
3,000
934
45
3, 100
832
79
3,800
1,548
179
6,200
2,879
180
7,400
3,591
317
5,000
1,670
170
6,900
2,774
185
4,900
1,877
133
4,300
1,151
81
$ per lb_
do
.561
.146
.331
.129
.350
.135
.320
.130
.320
.131
.320
.131
.315
.110
.300
.104
.300
.115
.275
.115
.300
.158
.300
.168
.300
.141
.300
.148
.300
.148
LEATHER
Production:
Calf and whole kip
thous. skins.
Cottle hide and side kip
thous. hides and kips.
Goat and kid
thous. skins.
Sheep and lamb
do
3,381
22, 030
5,856
25,242
2,717
20, 353
3,979
23, 598
186
1,622
260
2,145
215
1,784
225
2,117
213
1,585
202
2,013
188
1,701
204
1,949
163
1,660
143
1,803
124
1,631
162
1,820
129
1,871
169
1,768
128
1,848
193
1,848
132
1,745
247
1,663
142
1,821
327
1,894
83
1,285
188
1,458
123
1,652
242
1,900
265,802
79,365
6,165
5,870
6,300
5,661
8,117
6,557
6,457
7,784
7,256
7,391
8,144
5,534
6,540
109.5
114.0
113.4
113.4
113.4
113.4
113.4
111.8
111.8
111.8
116.4
116.4
114.1
114.1
114.1
99.7
84.3
82.7
80.6
80.6
80.6
80.2
80.2
79.4
79.4
82.7
85.2
87.7
87.7
87.7
LEATHER MANUFACTURES
Shoes and slippers:
Production, total t
thous. pairs.. 576,961
Shoes, sandals, and play shoes, except athletict
thous. pairs._ 463,388
SlippersJ
_
do _
100,943
8,993
Athletic t
do....
Other footwear t
do
3,637
558, 530
47,340
47,562
48, 821
40, 770
43, 255
44, 596
44, 727
50,153
46,747
43, 916
46,490
37,556
441,206
107, 562
9,490
3,305
36,870
9,345
832
293
36,188
10,209
838
487
36, 714
10, 868
935
452
30, 749
8,953
802
391
35,395
6,738
827
449
36, 709
752
504
36, 614
6,910
842
529
40,650
8,245
937
321
37,432
8,104
919
292
34,477
8,422
781
236
36,403
9,086
781
220
30,885
-5,962
r 592
117
35,413
9,640
689
143
2,324
2,154
156
219
213
192
198
141
248
175
167
146
211
144
163
108. £
113.3
112.9
114.6
114.6
114.6
114.6
116.7
116.7
117.1
117.1
117.1
117.1
117.1
111.9
111.0
116.2
117.1
116.4
117.5
116.4
117.5
116.4
117.5
116.4
117.5
116.4
117.5
118.9
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins
thous. $thous. pieces.
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 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..
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
r
Revised.
1 Crop estimate for the year.
2 Annual total reflects revisions not distributed to the monthly data.
Oct. 1 estimate of 1971 crop.
3
9 Includes data for items not shown separately.
^Revisions for Jan. 1968-Aug. 1969 will be shown later.
120.2
121.2
SURVEY OF CUERENT BUSINESS
October 19T1
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
S-31
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9 1
National Forest Products Association:
Production, total
mil. bd. ft_. 37, 943
8,468
Hard woods
do
Softwoods
do. _ _ 29, 481
36, 603
7,964
28,639
3,045
626
2,419
3,104
641
2,463
3,201
681
2,520
2,733
587
2,146
2,639
535
2,104
2,794
571
2,223
2,983
537
2,446
3,339
509
2,830
3,451
577
2,874
3,168
599
2,569
3,384
613
2,771
3,194
590
2,604
3,220
502
2,718
37, 615
8,676
28, 943
35, 596
7,078
28, 518
3, 044
572
2,472
3,059
587
2,472
3,140
657
2,483
2,694
574
2,120
2,632
511
2,121
2,738
566
2,172
3,075
582
2,493
3,472
637
2,835
3,560
644
2,916
3,313
659
2,654
3,537
587
2,950
3,209
584
2,625
3,345
583
2,762
5,332
630
4,704
6,363
1,516
4,847
6,713
1,389
4,784
6,235
1,460
4,775
6,288
1,476
4,812
6,233
1,395
4,838
6,363
1,516
4,847
6,428
1,529
4,899
6,277
1,484
4,793
6,143
1,355
4,788
6,042
1,287
4,755
5,895
1,225
4, 670
5,741
1,250
4,491
5,723
1,253
4,470
5,594
1,145
4,449
1 1, 158
6, 263
1,266
6,095
119
540
139
553
97
533
99
514
103
422
80
505
87
473
91
683
90
563
88
650
95
761
79
767
85
624
7,844
486
7,994
457
676
435
633
395
741
445
605
424
623
457
778
593
702
630
738
603
912
689
652
646
814
692
739
810
685
715
8,218
8,179
1,010
8,071
8,023
1,058
690
707
1,037
693
673
1,057
692
691
1,058
637
626
1,069
579
590
1,058
635
642
1,051
684
665
1,070
806
765
1,111
792
826
1,077
679
695
1,061
767
818
1,010
643
621
1,032
769
757
1,045
do —
do
do
359
88
271
380
87
292
32
7
25
21
5
16
31
9
22
27
7
20
44
10
35
28
7
21
29
9
21
35
8
27
36
11
24
27
6
22
36
10
25
9
2
6
17
6
12
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
S p e r M bd. ft._
Flooring, C and better, F. G., I" x 4", R. L.
$ p e r M bd. ft_.
113. 52
92.22
93.00
95.04
94.27
92.85
90.68
212. 59
226. 76
227. 32
228. 14
228. 14
7,336
324
7,721
373
670
374
671
383
680
351
607
333
660
373
7,645
7,434
7,700
7,672
627
660
650
'662
720
712
641
625
1,348
1,376
1,343
1,331
1,339
M bd. ft_. i 75,687
78,418
5,099
5,557
5,100
Shipments total
Hardwoods
Softwoods
-
Stocks (gross) , mill, end of period, total,
Hardwoods
Softwoods
Exports, total sawmill products
Imports total sawmill products -
do
do _ _
do
do
do
do
do
do. .
1
SOFTWOODS K
Douglas fir:
Orders new
Orders, unfilled, end of period
mil. bd. ft._
do
Production
Shipments
Stocks (gross), mill end of period
_ do
do
do _
Exports, total sawmill products
Sawed timber
_ ..
Boards planks scantlings, etc
Southern pine:
Orders new
Orders, unfilled, e n d o f period
mil. bd. ft__
_ _ _ _ _ __do
Production
do_ _
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft_
Exports, total sawmill products
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. G., I" x 4", S. L.
1967=100..
Western pine:
Orders, new
_
Orders, unfilled, end of period
Production
Shipments
2
91. 45
98.65
110. 95
111. 50
112. 12
116. 72
125. 72
129.92
128. 88
229.65, 226. 54 2228.10
228. 10
228. 10
228. 10
224. 99
224. 22
224. 22
232. 02
232. 02
744
431
802
484
791
432
887
458
788
457
865
465
840
475
724
440
641
620
670
686
739
749
797
843
842
861
779
789
820
857
805
830
721
747
1,355
1,376
1,360
1,350
1,304
1,285
1,275
1,238
1,213
1,205
6,405
5,638
4,785
4,887
6,232
5,173
6,091
6,931
8,563
5,140
127.5
107.9
106.1
109.8
112.7
110.7
109.7
112.7
119.8
124.5
127.1
130.7
133.2
140.7
143.2
143.2
119.8
122.9
123.3
123.3
123.9
123.9
123.3
125.0
127.8
129.6
131.3
131.3
132.6
136.0
136.0
136.0
._ _ mil. bd. ft__
do
9,593
364
9,341
334
807
410
887
379
812
354
646
307
688
334
746
445
778
424
869
374
925
386
845
356
973
374
940
437
872
368
do__ .
do
9,999
9,768
9,378
9,371
850
842
900
918
860
837
684
693
646
661
638
635
740
799
924
919
931
913
823
875
876
955
868
877
914
941
1,437
_ ._ _ _ _ _
Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12" R L. (6' and over)
$ per M bd ft
1,627
1,634
1,653
1,635
1,658
1,649
1,634
1,637
1,578
1,583
1,601
1,549
1,470
1,461
107. 18
83.79
82.39
81.31
78.54
75. 64
74.90
72.36
75.01
84.94
101. 21
99.29
92.70
96.40 <= 106.24
380.6
12.0
304.4
9.1
27.9
10.7
25.6
9.3
23.6
7.8
19.7
7.0
26.6
9.1
25.5
9.7
24.5
10.5
25.6
9.4
25.2
9.3
27.7
9.3
32.1
11.6
32.3
14.5
27.0
10.0
393.1
387.8
29.6
315.2
306.7
33.3
27.8
27.5
29.6
29.0
27.4
31.2
28.3
25.2
33.6
22.2
20.5
35.5
23.9
24.7
33.3
23.2
23.8
32.8
24.5
23.8
33.5
28.7
26. 8
35.4
28.2
25.2
38.1
24.7
27.7
35.2
25.4
29.9
32.5
25.0
29.4
28.1
28.3
31.3
25.1
109. 10
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
mil. bd. ft
do
Production
Shipments
_ __
_
Stocks (gross), mill, end of period
do
do_ _ _
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons.. 15,229
Scrap
_
_ _ _
do
9,176
Pig iron
_
do
44
7,053
10, 365
310
566
918
43
398
832
20
379
722
18
355
781
18
299
730
43
254
641
1
199
460
(3)
186
472
3
189
526
7
183
642
1
249
579
5
286
440
5
163
552
4
Imports:
Steel mill products
Scrap
Pig iron
13,364
346
266
1,111
27
20
1,277
23
33
1,334
31
26
1,714
35
14
1,347
29
49
1,305
28
6
1,230
18
5
1,254
24
7
1,363
26
31
1,792
20
26
2,112
30
40
1,688
24
37
1,554
33
39
1
52, 464
1
33, 889
1
4,377
2,608
6,841
6,828
4,450
2, 705
6,984
7,008
4,269
2,940
6,814
7,346
3,817
2,519
6,157
7,585
4,079
2,541
6,542
7,668
4,491
2,664
7,512
8,048
4,436
2,870
7,280
7,420
5,145
3,319
8,373
7,518
5,022
3,069
8,304
7,301
5,066 T 4, 771
3,084 r 3, 180
8,308 ' 7, 565
7,195 '7,597
4,012
2,416
6,252
7,780
2,823
2,214
4,897
7,920
35.51
38.50
34.98
38.00
39.62
41.50
40.14
40.75
36.26
39.00
33.33
37.00
34.29
37.50
31.24
35.50
29.90
36.00
...
do
do
do
14, 034
412
417
Iron and Steel Scrap
Production
Receipts, net J_
Consumption
Stocks, end of period
_
„
thous. sh. tons.. 156,287
do
i 36, 929
do
i 194, 816
do
6, 552
85, 188
7,668
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets).
$ perlg. ton-29.76
40.72
39.18
42.36
41.78
Pittsburgh district
do..__
32.00
42.50
44.00
42.00
39.00
r
Revised.
* Preliminary.
1 Annual data; monthly revisions are not available.
2
Beginning Jan. 1971, data reflect changes in size specifications, and are not comparable
with those for earlier periods.
3 Less than 500 tons.
9 Totals include data for types of lumber not shown separately.
HData for orders, production, shipments, and stocks have been revised back to 1962;
31.62
36.50
31.78
36.00
SURVEY OF CUKRENT BUSINESS
S-32
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
J
1971
1970
1970
Annual
October 1971
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
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
88, 260
90, 581
40, 758
1 89,836
1 89,057
44, 876
9,382
12, 003
5,368
8,899
10, 952
5,222
8,260
9,658
3,818
5,991
6,815
3,448
5,961
3,966
3,158
5,350
2,137
1,954
5,228
2,168
878
5,898
2,646
3,678
6,345
5,439
3,525
9,158
10, 495
4,643
9,071
11,047
5,385
9,011
10, 623
5,124
3,969
126, 165
128, 550
5,430
125, 107
123, 261
5,494
15, 407
10, 279
629
14, 483
10, 056
667
12, 593
10, 200
561
9,582
9,607
423
8,020
10, 173
271
4,050
10, 609
239
4,220
9,946
98
4,880
11, 495
373
8,684
11,054
366
14,169
11,703
351
16, 042
10, 535
325
14, 780
9,158
355
11,153
5,041
187
do
do
do
do
i 67, 441
1 13, 790
51,003
2,648
70, 488
14, 304
52, 781
3,403
67,466
16, 629
48, 138
2,699
70, 286
14, 615
52, 565
3,106
71, 718
13, 223
54, 958
3,537
71, 007
12, 416
54, 933
3,658
70, 488
14, 304
52. 781
3; 403
66, 820
17, 529
46, 182
3,109
64,198
21, 084
40, 477
2,637
59, 898
24, 372
33, 860
1,666
57, 762
25, 301
31, 490
971
59, 124
24, 001
33, 957
1,166
62,929
22, 057
39, 463
1,409
67, 306
20, 498
45, 085
1,723
51,197
2,052
do
1,124
990
149
81
117
98
115
54
49
74
93
93
114
143
119
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons__ 95, 017
Consumption
do
i 94, 635
Stocks end of period
do
i 1, 723
91, 435
i 90, 068
2,082
7,578
7,415
1,929
7,414
7,402
1,814
7,527
7,499
1,833
7,233
7,074
1,856
7,557
7,440
2,082
7,804
7,552
1,928
7,378
7,298
1,937
8,518
8,492
1,885
8,421
8,387
1,860
8,783
8,714
1,835
7,930
'r 7, 883
1, 859
6.851
6,751
1,888
3,701
4,041
1,193
63.78
64.00
64.33
69.33
69.26
70.33
68.20
67.92
69.00
72.65
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
78.70
73.33
74.50
78.70
78.33
79.50
78.70
78.33
79.50
1,091
15, 933
9,185
888
13, 946
8,173
969
1,139
694
911
1,150
685
843
1,087
662
826
929
550
888
1,047
594
964
1,140
643
967
1,129
633
991
1,325
744
1,003
1,292
'752
942
1,278
-•757
r914
r 1, 290
'777
842
1,004
646
811
973
648
117
1,172
672
78
852
521
94
68
42
91
63
44
72
58
42
90
53
38
78
73
43
78
75
42
71
73
36
73
82
45
67
77
44
65
76
43
68
••78
••46
75
54
33
84
73
42
1131,514
103.4
10, 765
99.6
10, 726
102.6
10, 699
99.0
10, 008
95.7
10, 438
96.6
11,274
104.3
10,874
111.4
12,645
117.0
12, 565
120.2
12, 920
119. 6
11,491
109.9
9,942
92.0
'5,774
'53.4
321
1,726
1,417
378
123
101
334
137
116
318
146
123
316
124
102
321
141
116
334
129
106
336
136
111
338
157
128
325
145
120
311
141
113
••303
154
125
310
109
88
295
111
91
i 90, 798
7,511
7,767
6,867
6,119
6,949
7,509
7,562
9,026
9,470
9,341
9,810
9,163
3,703
7,387
6,060
8,065
1,590
470
472
631
100
526
490
632
90
601
505
608
105
501
457
592
123
496
456
654
160
434
569
807
129
403
632
969
136
530
541
835
175
558
530
761
155
452
554
802
156
497
617
860
167
454
631
871
161
144
190
267
65
1,262
676
456
123
661
263
663
2,988
993
1,229
1,156
1,149
625
607
403
424
121
112
638
605
255
250
1,151
419
2,831
2,625
973
880
1,120 - 1,060
1,041
541
399
95
515
200
345
2,345
771
963
1,135
644
387
98
582
211
391
2,864
931
1,248
1,173
732
322
113
593
230
583
2,992
946
1,318
1,240
783
334
117
569
207
419
2,987
956
1,296
1,592
1.008
431
147
730
248
551
3,823
1,216
1,673
1,554
949
441
157
1,013
289
635
3,974
1,224
1,802
1,447
861
441
138
750
289
749
4,141
1,315
1,825
1,472
844
476
146
769
310
865
4,252
1,394
1,825
1,430
796
509
118
815
312
1,040
3,448
1,228
1,345
703
310
307
79
492
138
229
1,475
471
545
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
Stocks total, end of period
At mines
At furnace yards
At U S docks
Manganese (mn content) general imports
1
Pig Iron and Iron Products
Prices:
Composite
$ perlg. ton-Basic (furnace)
do
Foundry, No. 2, Northern
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons-Shipments, total
do
For sale.
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh.tons-_
Shipments, total
do
For sale__
do
78.33
79.50
Steel, Raw and Semifinished
Steel (raw) :
Production
thous sh tons 1 141, 262
Index
_ _
daily average 1967 — 100
111.0
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons-_
446
Shipments, total
do
1,897
For sale, total..
do
1,580
7,678
73.4
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. > 93, 877
By product:
Semifinished products
do
6,373
6,244
Structural shapes (heavy) steel piling
do
Plates
'
do
8,238
Rails and accessories
do
1,514
Bars and tool steel total
Bars: Hot rolled (incl. light shapes)
Reinforcing
Cold
finished
Pipe and tubing
Wire and wire products
Tin mill products
Sheets and strip (incl electrical) total
Sheets: Hot rolled
'
Cold rolled
By market (quarterly shipments):
Service centers and distributors. __ _
Construction, incl. maintenance
Contractors' products
Automotive
Rail transportation
Machinery, industrial equip tools
Containers, packaging, ship, materials
do
do
do
do
do
do
do
do
do
do
14, 354
8,659
3,659
1,923
9,232
3,256
6,555
38, 111
12, 471
16, 427
14, 577
8,107
4,891
1,490
7,778
2,998
7,243
35, 101
12, 319
14, 250
do
do
do
do
i 17, 565
1 11, 402
i 4, 768
1 18, 276
117,678
110, 565
i 4, 440
114,475
4,502
2,794
1 193
3,830
4,206
2, 523
1 028
2,966
4,482
4,916
3,155
1,642
6,653
2 1, 794
2 1, 183
2583
2 1, 333
2813
2436
1,285
5,268
do
do
do
i 3, 344
i 5, 690
i 7, 145
i 25, 687
i 3, 098
i 5, 169
1 7, 775
127, 598
609
1 212
2,536
6, 362
696
1,097
1,324
6,095
929
1,501
1,739
6,420
950
1,636
2,412
7,256
2312
2475
2 1, 039
2 2, 443
289
2179
2261
1 113
9.8
69.3
70.0
9.4
67.1
67.5
13.0
7.3
6.0
14.6
7.9
6.3
15.9
6.3
5.0
Steel mill products, inventories, end of period:
Consumers' (manufacturers only) _. mil. sh. tons_.
Receipts during period
do
Consumption during period
do
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.). do
9.5
5.5
5.2
9.7
5.5
5.3
9.2
4.3
4.6
9.4
5.7
5.5
9.6
5.5
5.3
9.7
5.7
5.6
10.5
7.2
6.4
11.7
7.3
6.1
6.3
7.2
6.6
6.5
6.5
6.5
7.2
6.9
6.8
7.0
7.6
7.5
'7.4
7.7
11.7
10.2
12.8
10.5
11.9
9.5
11.9
9.2
12.1
9.7
12.8
10.0
12.8
10.5
13.5
10.5
12.9
11.0
12.3
11.3
11.8
11.0
11.7
10.5
10.9
9.3
10.2
7.5
Steel (carbon),finished,composite price. . .$ per lb_. .0917 '3 . 1014 ' . 1038 r . 1038
1
' Revised.
* Preliminary.
Annual data; monthly revisions are not available.
2
For month shown.
3
Revisions for 1970 ($ per lb.): Jan-July, 0.0961; .0970; .0977; .0987; .'
; .1038; .1038.
9.5
4.8
5.0
2211
2602
2
14.5
3.7
5.1
10.5
7.7
T
.1123
.1100
' . 1046 ' . 1046 ' . 1046 r . 1046 r . 1046 ' . 1046 . 1056 r . 1056 ' . 1069
NOTE FOR LEAD STOCKS, P. S-33: 1 Decrease from Dec. 31 stocks reflects correction
for one large consumer. End-of-month stocks as published for Sept. 1968-Dec. 1970 were
erroneously increased about 2,500 tons per month. Revised Dec. 31, 1970 stocks comparable
with Jan. 31. 1971 stocks, 117,700 tons.
NOTE FOR ZINC PRICE, P. S-33: ^Effective Jan. 1971, the price represents a flat
quotation, delivered basis, for all domestic sales (the former East St. Louis base price has
been discontinued); comparable delivered price for Dec. 1970, 15.5 cents per pound.
SURVEY OF CUERENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
Annual
S-33
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
July
June
Aug.
Sept.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous sh tons
Recovery from scrap (aluminum content) do
Imports (general):
Metal and alloys, crude
Plates sheets etc
Exports metal and alloys, crude
do
do
do
Price, primary ingot, 99.5% minimum.. .$ per lb..
Aluminum products:
Shipments:
Ingot and mill prod (net ship.)§
Mill products, total §
Plate and sheet§
CastingsA
mil. Ib
do
do
do
Inventories, total (ingot, mill prod., and scrap),
end of period*
mil Ib
Copper:
Production:
Mine recoverable copper
thous sh tons
Refinery primary
do
From domestic ores
do
From foreign ores
do
Secondary recovered as refined
do
Imports (general) :
Refined unrefined scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption, refined (by mills, etc.)
do
Stocks refined end of period
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered?
$ per Ib
Copper-base mill and foundry products, shipments
(quarterly total) :
Brass mill products
mil Ib
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.) _ - _ _ d o
323.0
3,1 793. 1 3, 976. 1
835.0
978. 0
330.9
65.0
68.0
350.2
334.6
68.0
327.0
345.2
331.9
62 0
304 3
67 0
338.8
70.0
78 0
327.1
75 0
341.8
72.0
' 325. 0
74.0
329.5
60.0
468.6
57.2
344.4
408.5
78.7
21.7
5.3
14.1
20.0
5.6
26.9
23.7
5.2
26.9
21.1
5.5
15.9
28.1
5.4
28.0
34.3
6.1
15.8
29.1
5 0
14.3
44.7
6.0
11.0
95.7
6.4
11.3
63.4
7.5
8.0
60.9
7.1
10.3
46.6
6.8
3.6
38.1
5.7
5.6
.2718
.2872
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
10,717.5 1 9, 941. 9
7, 666. 3 1 7, 386. 2
3 726 8 3, 688. 6
1, 698. 1 1, 506. 5
605.5
309.8
786.1
824.5
637.9
334.7
808.9
614.6
713.4
541.1
114.3
99.7
681.3
580. 1
567.1
' 839. 1
'
258.
2
281.1
467.1
134.1 ' 140. 8 97.1
123.4
4,387
4,101
4,102
4,144
1, 544. 6 1, 705. 8
1, 765. 1
1, 521. 2
144.6
138.7
119.3
19.4
34.6
139.5
130.5
114.2
16.3
35.9
415.1
131.1
394.2
132.1
30.5
11.0
286.2
200.3
348.9
222.0
27.8
17.5
i 2, 042
i 348 0
i 187. 0
225.8
.4793
2 * 583
.601
3,111
2,524
853
2,513
2, 329
751
509.0
i 571. 8
590.4
48.0
48.4
48.6
48.2
46.5
53.5
48.5
49.6
45.3
52.3
45.3
46.4
41.9
48.1
52.7
47.0
47.1
50.8
45.6
48.1
'45.7
46.4
44.2
42.4
3,785
1, 742. 8
1, 468. 9
273.9
465.6
i 2, 142
1
171.6
i 125. 0
1 603. 9
389.6
243.9
475.0
118.1
166.9
170.9
812.8
768.6
121.3
121.3
768
574
280
128
4,279
4,387
4,469
148.6
149. 3
127.3
22.0
37.3
138.7
143.0
122.8
20.2
35.1
139.1
170.2
144.8
25.4
39.2
137.8
148.5
129.9
18.6
37.0
45.5
18.8
36.0
13.6
37.1
13.4
35.0
9.5
24.8
13.6
35.2
17.4
32.5
15.6
153.3
117.4
298.0
177.6
164.4
166.3
168.5
.601
.590
227.0
248.7
584.4
297.2
r
581. 0
T
7
8
1
0
943.9 1,r 067. 5 ' 1,119.8 r' 746. 8
' 741. 8
145.4
769. 6
416.1
134.9
4 496
4,477
4,443
4,274 ' 4, 465
4,648
129
142
124
18
31
6
3
3
1
0
143.1
170.5
144.8
25.7
33.9
141.3
160.0
141.6
18.4
28.8
145.4
150.0
136.4
13.7
34.7
150 4
166 4
148 4
18 0
31.8
'49. 2
42.6
38.7
4.0
15.2
105.7
74.4
63.6
10.9
24.5
27.2
12.1
32 7
8 6
26.1
9.9
26.4
11.6
21.9
7.4
35 4
9 9
28.9
12.4
37.0
23.2
33.0
18.2
34.6
22.9
27 6
18 7
38.6
26.3
37.0
23.7
32.9
23.9
24 8
17.5
8.5
4.6
10.1
5.4
150.8
»• 348. 0
»• 187. 0
149.4
166 3
385 8
211 3
187.6
373.3
200.0
380.6
216.3
192.0
365 3
234 1
205.7
334.3
223.9
202.6
171.3
294 1
223.8
v 107. 4 v 154.5
P 264. 0 p 229.8
P 204. 2 v 168.9
.561
531
5152
5035
.5055
5283
5284
5284
5290
260.2
306.9
292.2
397.3
647
564
174
551
542
171
551
551
166
1, 389. 4
357.1
il, 360. 6
25.4
108.8
31.4
111.8
35.1
113.5
23.5
102.3
27.5
113.2
34.1
113.6
22.1
109 6
21.7
119.5
21.2
117.4
24.3
116.2
18.5
115.9
18.7
94.8
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS_
thous. sh. tons
Refiners' (primary), refined and antimonial
Head content)
-. thous. sh. tons
Consumers' (lead content) d"
do
Scrap (lead-base, purchased), all smelters
(gross weight) __
thous. sh. tons
Price, common grade (N.Y.)
$perlb-_
165.7
179.4
152.8
162.2
179.0
178.2
179.4
179.5
177.6
186.3
190.3
136.1
182.5
169.5
125.7
i 156. 4
97.7
188.4
87.1
174.8
86.2
178.8
90.5
178.8
93.2
183.1
97.7
188.4
98.5
« 113. 1
96.2
116.5
88.8
120.2
84.7
121.8
83.6
121 5
76.6
131.8
87.3
133.8
173.6
.1490
67.9
.1562
74.0
.1510
73.4
.1452
67.2
.1450
68.3
.1450
67.9
.1414
67.6
.1350
65.3
.1350
65.7
.1350
65.8
.1350
65 0
.1350
64.5
.1365
68 3
.1413
4,667
1,633
1,723
1,600
225
591
0
1,635
1,595
285
4,703
0
6,240
4,565
0
3,810
1,580
275
5,515
4 110
0
5,635
487
3,114
1,770
250
1,765
280
10
4 478
1,805
255
1*373
280
9
4,160
4,715
4 710
430
4, 100
1,680
9
85
6 175
4 615
0
5,693
6 40
4 625
1,091
2, 059
1,305
255
5 605
4 335
305
570
8,155
1. 6701
8,495
1. 6888
1. 6602
79
10 600
376
10, 340
1. 6448
1. 6644
Ig. tons
do
_do-._
do
do
do
0
54, 950
i 22, 775
1 3, 022
i 80, 790
i 57, 730
do
.do
$ perlb..
1. 6444
1. 7414
thous. sh. tons_-
553.1
i 534. 1
46.4
43.5
.___
602.1
324.7
525.8
270.4
56.9
16.0
42.1
19.4
i 126. 7
i 302. 1
1 124. 8
i 256. 7
11.5
18.0
10.7
18.2
8.8
19.0
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content) .__ .
Metal (slab, blocks)...,
do
do
Consumption (recoverable zinc content) :
Ores___ ._
_._ _ _
_ do
Scrap, all types
do
3,217
13, 824
1
50, 554
20, 105
3,085
i 73,829
i 53,027
4,966
11,318
4,100
1,730
215
102
83
10, 700 11, 705
1. 7451 1. 7474
5,860
4,440
1,233
11, 965
1,610
275
5,690
4,315
3,659
1,590
205
5 830
4 500
5,660
6,355
6,305
5 541
11,690
1. 7225
11,318
1. 6385
74
10, 000
1. 6164
8,970
1. 6286
43.2
43.4
43.4
41.6
40.7
43.7
41.4
43.8
43 5
38.6
31.5
32.1
33.0
18.9
45.5
30.9
37.4
17.9
33.3
14.5
37.5
29.1
32.9
22 7
25 8
21 2
40 9
97 i
21 0
30 3
9.1
18.9
7.6
19.0
80
18.7
8.9
18.5
8.6
19.9
10 8
19 2
10 0
18 9
11 0
18 4
10 8
20 3
65.2
6.4
88.8
70.9
5.1
93.6
1
71.6
6.9
96.4
4 8
69.2
5.6
99.3
2.2
74.2
7.4
111.5
17
75.8
6.8
116 7
1i
74.5
6 3
115 6
13
65.7
6.6
110 6
2 i
50.1
5.3
95 3
127.3
88 2
.1500
128.3
80 0
s. 1500
119.8
80 4
«. 1500
80.7
68.5
90 6 r 109 3
. 1578 «. 1600
65.2
114 8
s. 1619
1. 7365
Slab zinc:
Production (primary smelter), from domestic 1
65.3
and foreign ores
thous. sh. tons__ 1,040.6 i 880. 6
68.8
66.7
170.6
7.0
Secondary (redistilled) production
do
74.4
6.6
7.8
Consumption, fabricatorsdo _ i 1, 368. 3 11,187.0 100.4
97.8
100.5
(3)
(3)
(3)
Exports
.
do
9.3
.3
Stocks, end of period:
Producers', at smelter (ZI)O
do
167.7
198.3
117.2
113.6
112.8
1
81.5
Consumers'
do
i 100. 5
79.0
89.6
81.8
Price, Prime Western (East St. Louis). $ per Ib- .1460
.1532
.1533
.1500
.1500
'2 Revised.
* Preliminary.3
i Annual data; monthly
revisions are not available.
4
Average for Feb.-Dec.
Less than 50 tons.
Beginning Feb. 1970, the new METALS
WEEK price (based on mine production rates and known selling prices of U.S. producers
only) is not comparable with prices for earlier months.
s See note cf, bottom of p. S-32.
• See note 1 p. S-32. § Revised monthly data (1968-69) are available.
A Revised data (1966-68) are in the Apr. 1970 SURVEY.
*New series. Source, U.S. Dept.
of Commerce; monthly data back to Jan. 1967 are available.
233
507
5,523
(3)
118.6
79 0
.1500
796
5289
754
649
187
Imports (general), ore (lead cont.), metal__.do .
Consumption, total
do
Tin:
Imports (for consumption) :
Ore (tin content) __
Bars, pigs, etc __ .
Recoverv from scrap, total (tin cont.)
As metal
Consumption, total.. _
Primary
.2900
125
9,510
138
99.4
84.3
89 7
99 2
\ 1507 s. 1550
5
o
13.9
.1412
.1412
12
5 206
5 185
3 760
398
11, 205
1. 6607
1. 6729
18 1
28 5
(3)
62.6
56.9
5.1700
tPrices shown are averages of delivered prices; average differential between the delivered
and the refinery price is 0.400 cents per Ib. through 1969, 0.500 cents for period Jan. 1970-Apr.
1971, and 0.625 cents thereafter.
cf Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap. See note "V p. S-32.
©Producers' stocks elsewhere, end of Sept. 1971, 17,600 tons.
5. 1766
SURVEY OF CUERENT BUSINESS
S-34
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
17.0
Cast-iron
mil. sq. ft. radiation
78.5
Nonferrous
do
Oil burners:
i
523.
8
647.0
Shipments
thous
142.2
Stocks end of period
do
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers), shipments
thous-. 12,324.5 22,156.7
198.7 2 146. 3
Top burner sections (4-burnerequiv.), ship.. .do
Stoves, domestic heating, shipments, total — do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
shipments total
thous
Gas
do
Water heaters gas shipments
do
.3
.4
.4
.4
64.8
77.0
87.3
62.9
201.9
10.6
236.1
14.9
217.1
13.8
185.7
13.6
49.3
1
1,494.8
11,043.2
1, 286. 9
887.4
147.1
109.8
157.6
112.7
201.4
146.8
127.3
95.9
72.6
44.1
U,868.6
« 1,546.6
2, 784. 6
1, 904. 4
1, 481. 0
2, 789. 0
162.7
121.5
235.7
203.0
150.0
226.7
215.5
160.7
254.4
186.4
132.5
200.1
161.6
120.1
201.8
109.4
155.6
58.4
132.3
319.6
16.3
99.0
113.1
16.4
58.3
!88.5
124.8
103.3
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
mo. avg. shipments 1 967= 100. .
Furnaces (industrial) and ovens, etc., new orders
(domestic), net, quarterly total
mil. $..
Electric processing furnaces
do
Fuel-fired furnaces (exc. hot rolling steel)..-do
Material handling equipment (industrial):
Orders (new) index seas adjt
1967—100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number-Machine tools:
Metal cutting type tools:
Orders, new (net), total
_ . . _ mil. $.
Domestic
do
Shipments, total.
_ _ d o _.
Domestic
do
Order backlog, end of period.. _
do
Metal forming type tools:
Orders, new (net), total
Domestic _
Shipments, total_ Domestic
Order backlog, end of period...
do
do
do
do
_-do-_ .
Other machinery and equip., qtrly. shipments:
Tractors used in construction:
Tracklaying total
mil $
Wheel (contractors' off-highway)
do
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
off -highway types)
mil $
Farm machines and equipment (selected types),
excl. tractors..
__
mil $
!8.1
143.9
99.1
101.6
129.8
82.4
118.9
110.5
88.5
121.2
102.7
73.1
54.9
15.8
52.2
56.9
12 5
8
58
23 1
18
15 0
80.2
53.2
19 4
5 1 3
5 11 6
93.9
103.1
95.8
79.6
88.8
97.0
127.5
1,161
1,470
1,179
1,299
984
1,120
1,080
1,129
969
1,210
934
889
14, 579
14, 903
13,816
14, 811
688
846
1,093
1,183
1,318
1,019
1,063
1,194
1,054
1,265
973
972
890
1,044
50, 446
41, 194
2,346
3,685
3,114
2,873
3,112
3,637
3,485
4,890
4,233
3,605
3,612
4,668
3,441
1, 195. 30
1, 032. 65
1, 192. 45
1,077.45
812.4
651. 30
506. 75
992. 90
827. 35
470.7
34.20
23.45
62.15
47.75
616.9
44.15
35.75
83.35
67.00
577.7
36.70
28 65
70.95
60.40
543.4
29.00
21.00
55.80
45.70
516.6
39.70
26.95
85.60
67.50
470.7
36.75
27.30
57.65
43.50
449.8
39.00
31.70
59.40
47.65
429.4
43.00
36.50
64. 85
51.75
407.6
42.30
36.60
71.75
60.15
378.2
46.85
41.30
52.55
44.20
372. 5
64.20
50.90
60.75
49.85
376.0
'55. 15
'45. 85
'45. 30
'39. 55
'385.9
60.40
54.50
40.90
33.35
405.4
49.85
44.15
58.80
47.25
396.5
533. 45
484. 35
405. 10
369. 30
382.8
261. 25
226. 60
450. 15
411. 60
234.8
12.50
8.95
30.40
28.15
270.6
23.85
22.25
31.40
28.90
263.1
38.35
36.25
35.25
33.15
266.2
9.85
8.80
35.35
30.75
240.7
29.75
19.10
35.70
32.15
234.8
17.45
15.90
31.15
29.00
221.1
20.10
16.95
31.50
28. 30
209. 7
25.25
22.65
30.25
28. 30
204.7
13.30
12.60
26.25
24.75
191.8
24.90
23.00
26.50
22.50
190.2
20.85
17.85
28.45
26.90
182.6
'22.85
'20. 35
'19. 45
'17. 15
'186. 0
17.90
14.65
21.65
16.90
182.3
25.95
24.70
21.45
18.35
186.8
1 475. 6
179.1
i 464. 6
e 158. 6
121.7
45.7
101.7
824.8
8
141.3
«39.1
329.1
333.5
610.2
i 581. 1
139.5
130.2
172.7
177.7
214 5
238.1
353.8
359.7
'2, 528
2,848
3,692
i 881. 4
178 2
199 7
284.6
255.7
150.2
35.0
1, 151. 6
1, 178. 7
Batteries (auto, replacement), shipments! .-thous-- 35, 510
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous
2,342. 3
Refrigerators and home freezers, output
1967—100
Vacuum cleaners sales billed
thous
7, 133. 7
37,863
3,057
4,306
4,017
3,928
3,865
3,480
2,892
2,516
1,943
2,192
2, 361. 6
193.7
225.5
225.9
203.3
174.8
170.0
178.8
224.4
212.0
212.3
234.8
228.8
254.5
147.5
655.8
135.3
535.5
145.1
628.0
142.0
570.9
91.4
692.2
ELECTRICAL EQUIPMENT
Washers, sales (dom. and export) c?
do
Dryers (gas and electric), sales (domestic and
export)
thous
Radio sets, productionO
do
Television sets (incl. combination), prod.O--do
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales
mil. $..
Motors and generators:
New orders index qtrlyA
1967 100
118 4
7,381.7
667.9
758.0
722.5
650.2
541.0
546.0
698.7
141.2
653.1
4, 378. 5
4, 093. 3
356.4
387.6
399.6
348.5
289.1
351.3
328. 9
370.0
303.4
304.4
398.8
399.3
424.3
3, 022. 5
2, 980. 9
278.7
335.9
359.3
288.1
243.3
273.1
215.6
250.1
182.4
177.4
259.6
259.2
324.0
20, 549
11, 270
16, 406
9,483
1,480
779
1, 585
1, 054
1,285
965
1,119
945
1,4 458
962
1,449
719
1,428
811
1, 864
1, 016
1,498
867
1,487
889
1, 690
1, 114
983
705
1,149
844
770.7
643.1
49.3
56.3
47.0
42.7
46.4
41.6
40.8
44.4
42.5
41.1
45.7
36.1
40.6
'618
36
'810
76
106
98
4
4
4
4
4
*1, 843
41, 195
91
86
90
98
4
4
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous. sh. tons- 10, 473 1 9, 481
872
901
858
Exports
_
do
627
135
79
100
789
Price, wholesale, chestnut, f.o.b. car at mine
$persh. ton.. 15. 100
16. 565 15. 954 16. 640 16. 993
Bituminous:
Production
thous. sh. tons.. 560, 505 i 602, 932 52,445 53, 745 55, 265
'2 Revised.
v Preliminary.
1 Annual data; monthly
revisions are not available.
4
Total for 11 months.
3 For month shown.
Data cover 5 weeks; other periods,
4 weeks.
5 Effective 1st qtr. 1971. includes data for ovens; not comparable with earlier data
which cover furnaces only.
« Excludes figures for rubber-tired dozers (included for other
periods).
794
78
790
80
722
17
652
16
777
69
793
75
779
92
738
66
700
17. 444
18. 169 18. 169 18. 365 18. 365 18. 365 18. 365 17. 581 16. 856 17. 346 17. 346
53, 225
50, 635 52, 455 50, 100 46, 900 56, 755 55, 575 50, 640 52, 835 38, 965 55, 075
(^Revised to exclude combination washer-dryers.
^Revised series. Data reflect adjustment to 1967 Census of Manufactures; monthly revisions (1957-69) are available.
ORadio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.
AShifted to 1967 base; 1st quarter 1969-lst quarter
1970:102; 115; 104; 103; 105.
fSee corresponding note, p. S-35.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1971
1970
Aug.
Annual
S-35
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
tota!9
thous. sh. tons.. 507, 275 ' 517, 015 43, 440
308, 461 r 320, 461 28,458
Electric power utilities
do
Mfg. and mining industries, total
. do __ 185, 835 186, 183 14,385
7,928
92, 901 >• 95, 864
Coke plants (oven and beehive)
do
41, 713
26, 424
14, 386
7,917
42, 465
25, 254
16, 057
8,317
43, 813
26.453
16, 245
8,068
48, 036
29, 481
17, 436
8,296
49, 199
30, 804
17, 395
8,239
43, 698
27, 127
15, 733
7,393
45, 513
28,040
16, 849
8,380
40, 895
25, 103
15, 522
8,157
39, 755 '41, 926
24, 807 28, 154
14, 784 '13, 642
8,307 r 7, 723
40, 197
27, 567
12, 439
7,007
12, 666
'10,073
560
866
1,117
1,088
1,109
1,000
838
619
245
138
100
162
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons.
80, 482
Electric power utilities
do
60, 597
Mfg. and mining industries, total
do._ . 19, 701
8,962
Oven-coke plants
do
71, 285
55, 654
59, 685
66,087
69,681
71, 285
68,643
67,001
69,982
77, 527
83, 432
87, 423
84, 669
8,924
6,719
7, 112
8,180
8,674
8,924
8,489
8,237
8,966
9,804
10, 642
10, 849
8,517
56,234
70, 908
5,532
6,520
7,267
5,633
6,725
4,250
4,302
4,261
5,004
6,140
5,679
4,174
7,107
6.052
7.487
7,641
9,647
8.424
9.736
8.858
10.057
9.747
10. 921
9.747
11. 533
9.747
11. 533
9.747
11. 658
9.316
11. 658
9.316
11. 658
9.810
11.200
9,719
11.200
9.719
11. 200
9.719
10. 890
9.719
10. 890
thous. sh. tons
_ do
do
710
64,014
20, 574
814
65, 654
21, 074
65
5,368
1,818
66
5,425
1,799
61
5,680
1,755
68
5, 537
1,743
68
5,672
1,845
59
5,647
1,803
60
5,054
1,652
78
5,752
1,853
68
5,621
1,832
77
5,693
1,803
76
5,268
1,821
67
4,816
1,835
55
3,455
_ do
do
do__
do
__do
3,120
3,020
99
1,040
1,629
4,113
4,018
95
1,059
2,514
2,963
2,914
49
1,051
268
3,057
3,019
37
1,094
286
3,433
3,388
46
1,081
288
3,777
3,691
86
1,036
269
4,113
4,018
95
1,059
220
4,241
4,149
92
1,089
171
4,054
3,994
60
1,127
142
3,842
3,803
39
1,170
199
3,599
3,560
39
1,151
125
3,343
3,295
48
1,248
95
3,153
3,097
56
1,192
126
3,401
3,309
92
1,319
171
3,818
3,715
103
Crude petroleum:
Oil wells completed
...
number. _ 2 14, 368 213,020
3.18
Price at wells (Oklahoma)
$ per bbl..
3.23
3,879.6 3, 967. 5
Runs to stills
mil. bbl
Refinery operating ratio
_ . _ % of capacity
92
91
912
3.21
341.7
92
1,234
3.21
330.3
92
986
3.21
336.6
90
882
3.21
330.6
92
1,454
3.41
346.7
93
846
3.41
344.9
88
896
3.41
312.3
88
1,227
3.41
345.1
88
880
3.41
336.2
86
969
3.41
332.8
83
998
3.41
344.5
89
925
3.41
355.0
88
886
3.41
3.41
440.0
460.1
450.3
481.0
463.5
422.1
482.0
452.2
467.4
457.7
461.8
290.1
51.1
295.3
52.6
53.9
62.6
59.2
54.8
.120
Retail deliveries to other consumers
do
Retail dealers.
do
Exports
. do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$persh. ton..
Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke . _
Exports._
_
184
9.719
10. 890
171
PETROLEUM AND PRODUCTS
All oils, supply, demand, and stocks:
New supply, total cT
Production:
Crude petroleum
Natural-gas plant liquids.
Im ports:
Crude and unfinished oils
Refined products
...
mil bbl
5,111.8
5,375. 1
440.9
do
. do.
3,371.8
584.5
3, 515. 5
612.2
296.2
51.3
295.5
49.6
310.5
52.0
301.1
51.8
308.1
53.7
301.5
52.7
274.4
48.5
305.0
52.8
295.1
51.3
301.0
52.8
552.9
602.7
522.6
724.8
39.0
54.3
43.3
51.6
39.5
58.1
40.6
56.9
53.0
66.3
37.8
71.5
40.2
58.9
45.9
78.3
48.5
57.4
49.6
64.1
do
do .
Change in stocks, all oils (decrease,—)
do
-17.4
37.7
11.8
27.0
15.6
17.9
-25.5
-37.4
-36.6
-9.4
11.3
40.2
17.6
32.4
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total 9
Gasoline ...
Kerosene
do
5, 126. 6
5,331.5
426.2
413.3
442.6
432.4
503.9
503.9
456.7
489.6
442.2
426.2
440.2
429.1
do
.do do
do
do
1.4
83.4
5, 041. 8
2, 042. 5
100.4
5.0
89.3
5,237. 3
2, 131. 2
96.0
(l)
6.4
419.7
190.4
4.8
0
8.1
405.1
179.8
5.5
2.0
7.7
433.0
184.7
7.5
1.6
6.3
424.5
168.4
8.7
.7
8.4
494.7
182.0
12.3
0
6.1
497.7
164.6
13.4
(0
6.7
449.9
154.6
12.7
0)
7.7
481.8
182.6
8.8
.3
8.0
433.9
187.6
6.3
0)
6.9
419.3
184.5
3.9
0
7.2
433.0
195.1
4.5
0
5.5
423.6
201.0
4.4
900.3
721.9
361.7
927.2
804.3
350.9
52.9
61.2
30.8
58.6
50.7
31.1
69.9
58.9
30.0
78.6
61.7
28.7
110.0
80.4
30.5
125.3
85.1
28.8
107.6
73.7
29.8
99.6
87.4
30.6
79.2
64.9
28.8
66.1
64.8
28.9
60.2
63.2
30.8
54.8
54.1
29.6
do
do
do
48.8
143.3
445.6
49.7
153.5
447.4
4.0
20.6
31.2
4.3
18.8
32.3
4.5
15.9
38.5
4.1
10.6
42.7
4.0
7.8
46.5
3.6
4.8
51.6
3.7
4.9
43.7
8.1
38.2
10.4
31.3
14.0
29.2
19.9
30.1
19.4
30.4
do
.do
do
..do
980.1
265.2
103.5
611.4
1, 017. 9
276.4
106.0
635.5
982.8 1, 009. 8 1, 025. 4 1, 043. 3 1, 017. 9
264.1
259.2
271.3
265.5
276.4
113.1
106.9
109.0
107.6
106.0
615.6
643.7
652.3
635.5
663.0
980.4
269.8
101.2
609.4
943.8
266.9
97.2
579.8
934.4
267.2
96.8
570.4
945.7
271 A
105.4
568.8
985.0 1, 003. 5 1, 036. 0
284.3
279.3
273.2
109.5
107.5
110.4
594.1
652.4
614.7
do
do
_ do
2, 028. 2
2.4
217.4
2, 105. 3
1.4
214.3
183.0
.1
196.4
190.2
.1
214.3
185.2
.1
237.0
167.0
.3
250.5
180.8
.1
250.6
170.4
.2
235.0
174.3
.1
226.2
.118
.130
.130
.125
.113
.110
.265
.256
.254
.241
.238
.234
1.8
0)
5.0
1.7
.1
5.1
1.4
.1
4.9
1.7
.2
5.2
1.4
.1
4.9
1.5
.1
4.6
9.2
31.5
8.5
27.8
9.5
23.9
8.4
19.7
8.3
19.2
6.7
19.5
Distillate fuel oil
Residual fuel oil
Jet fuel
_
_ _
Lubricants _
Asphalt
Liquefied gases .
Stocks, end of period, total ..
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
do....
do
. do
180.8
.1
199.3
177.7
.1
194.5
Prices (excl. aviation) :
Wholesale, ref. (Okla., group 3)
$ per gal..
.116
.119
.118
.120
.123
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
.239
.246
.230
.237
.246
Aviation gasoline:
Production....
mil. bbl ..
26.5
19.7
1.6
1.9
1.9
Exports
do
1.7
.1
.9
.1
0)
Stocks, end of period
do
6.2
5.1
4.6
4.7
4.7
Kerosene:
Production
do
102.9
95.7
8.2
6.5
6.2
Stocks, end of period
do
26.8
27.8
31.0
29.6
30.3
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal. .
.111
.122
.122
.118
.122
f
Revised.
1
Less than 50 thousand barrels.
2 Reflects revisions not a vailable b y month s.
cf Includes small amounts of "other hydrocarbo ns and h ydrogen r efinery i nput," ilot
shown separately.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
175.6
.1
204.0
181.4
.1
214.0
192.7
.1
207.2
.125
.120
.120
.120
.248
.254
.254
.268
1.5
.1
4.5
1.5
.1
4.4
1.5
.1
4.2
6.0
21.6
6.5
23.6
7.2
26.4
.127
.127
.127
.121
.127
.122
.119
.123
.127
.123
.127
NO rPE FOII MATI:RIAL HANDI,ING 11STDEX (p. S-34 : t Revised series . Index
(expan ded to cc3ver new orders n ported b y memb ers of Hoist Mfrs. Institute and Ra 3k Mfrs.
Institiite) is b ised on somposit e figures represeiiting SI0/ fc of tha j portion of the 1Business
covere d by the combin ation of 8 materi al handl] ng assoc iations. VIonthly data for 1968-69
are in the Apr. 1971 SURVEY, p. S-35.
SURVEY OF CURRENT BUSINESS
S-36
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil. bbl__
Imports
do
Exports
do
Stocks end of period
do__ Price, wholesale (N.Y. Harbor, No. 2 fuel)
$per gaLResidual fuel oil:
Production
mil. bbl
Imports
do
Exports
do
Stocks end of period
do
Price, wholesale (Okla., No. 6)
__$ per bbL-
848.4
50.9
1.1
171.7
897.1
53.9
.9
195.3
74.8
2.8
(2)
188.2
73.4
2.8
.1
205.7
76.7
4.0
.1
216.4
218.1
80.5
6.7
.1
195.3
80.9
8.1
.3
158.7
72.3
5.5
2
128.7
78.0
61
.4
112 9
76.7
34
.2
113.7
75.1
33
.2
125.8
75.3
5.1
2
( )
76.8
36
.4
145.8
77.8
38
.3
172 A
.101
.108
.112
.112
.112
.112
.109
.113
.113
.111
.117
.117
.117
.117
.117
.117
265.9
461.6
16.9
58.4
1.48
257.5
557.8
19.8
54.0
2.25
20.7
41.7
1.2
48.1
2.60
19.9
39.1
2.8
54.0
2.60
20.0
42.9
1.2
57.1
2.60
22.2
41.8
1.0
58.8
2.60
28.9
49.0
2.6
54.0
2.60
31.3
53.8
.5
53.9
2.60
27 1
42.6
1.4
48.9
2.35
26.5
62 5
1.5
49.4
2.35
22.2
45 3
1.7
50.6
2.35
19 0
51.4
1.2
55.4
2.35
20 0
47 3
1.1
58.7
2.35
20.0
39 8
1.0
63.7
2.35
2.35
2.35
321.7
28.1
301.9
27.6
26.6
30.6
25.9
30.2
26.0
30.8
24.6
30.1
24.5
27.6
25.9
27.6
23.7
27.0
26.3
27 1
25. 1
27.3
25.8
28.5
25.3
28 8
24.4
28 8
65.1
16,4
14.1
66.2
16.0
14.7
5.7
1.2
13.7
5.6
1.1
14.0
5.6
1.5
13.6
5.8
1.1
14.2
5.9
1.4
14.7
5.3
1.2
15.2
4.9
1.3
15.2
5.8
1.4
15.5
5.7
15
15.2
5.7
1.4
15.4
5.8
1.0
15.4
5.7
1.4
15.1
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
mil. bbl
do
135.7
16.8
146.7
15.8
16.5
14.0
15.6
11.6
15.0
11.1
12.3
13.2
10.1
15.8
8.2
19.7
7.7
22.7
10. 1
25.5
12. 1
27 7
14. 1
28.3
16 3
25.2
17.4
23.8
Liquefied gases (inch ethane and ethylene):
Production total
mil bbl
At gas processing plants (L P G )
do
At refineries (L R G.)
do
Stocks (at plants and refineries)
do
502.0
378 5
123.5
59.6
525.6
399.6
126.0
67.0
42.8
32.3
10.5
76.4
42.1
32.0
10.1
80.6
44.1
34.0
10.1
79.8
44.2
34.1
10.1
74.6
46.2
35.7
10.5
67.0
45.3
34 9
10.4
54.7
42.4
32.4
10.1
48.0
46.5
35 1
11.4
51.0
45.0
34 0
11.0
60 3
45.9
34 9
11.0
72 9
45 3
33 9
11.4
83 9
46.3
34 8
11.5
95 1
Asphalt and tar products, shipments:
Asphalt roofing total
thous squares
Roll roofing and cap sheet
do
Shingles all types
do
84, 430
34, 707
49, 723
82, 785
34, 670
48, 115
8 384
3,511
4,874
8,452
3,486
4, 966
8,699
3,533
5,166
7, 450
3,167
4,283
6,291
2,824
3,467
5,300
2,247
3,052
8,137
3,248
4, 889
6 426
2,653
3,773
6,314
2 354
3,960
8, 102
2.676
5,427
364
346
920
251
334
836
21
35
82
18
37
75
21
34
78
17
30
68
21
24
66
18
21
57
21
23
81
16
25
73
21
35
69
18
34
77
15
32
81
11
39
78
Jet fuel
Production
Stocks end of period
mil. bbl _
do
Lubricants:
Production
__do__
Exports
do
Stocks end of period
do
Price, 'wholesale, bright stock (midcontinent,
f.o.b. Tulsa)
$ per gaLAsphalt:
Production
Stocks end of period
Asphalt siding
Insulated siding
Saturated felts
do
do
thous sh. tons
8 790 ' 8 296 8,916
3 091 ' 3, 042 3,341
5,576
5,700 ' 5, 254
15
35
76
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption..
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
i 65, 053
i 65, 017
4,788
65, 209
64,571
5,873
5,565
5,439
5,417
5,537
5,147
5,813
5,645
5,670
5, 912
5,112
5,340
5,716
5,038
4,942
5,873
5,073
5,487
5,589
4,984
5, 207
5,406
5,318
5,484
5,249
5,450
5,415
5,258
5,052
5,382
4,891
5,540
5,463
4,982
5,180
5,074
5,195
thous. sh. tons__ 1 10, 222
do
608
10, 590
571
829
564
832
571
868
571
801
562
762
571
814
528
780
507
908
509
868
518
867
492
'867
'492
775
510
43, 416
1,676
29, 221
2,308
41,805
1,716
28, 320
2,308
3,547
144
2,409
194
3,304
128
2, 246
177
3,656
155
2,475
197
3,496
146
2,367
187
3,201
143
2,107
176
3,600
146
2,408
225
3,347
139
2,240
172
3, 696
159
2, 503
168
3, 699
158
2, 416
172
3,712
135
2,436
160
3,679
130
2,427
160
3,450
128
2,282
148
378
288
315
373
275
314
335
257
300
985 '1,076
611
584
'386
328
73
79
1,066
612
382
72
thous cords (128 cu ft )
do
do
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate. _._
Sulfite
thous. sh. tons__
__do
do
do
Groundwood.
Defibrated or exploded
Soda, semichem., screenings, etc
Stocks, end of period:
Total, all mills..Pulp mills
Paper and board mills
Nonpaper mills
do
do
do
4,437
1,875
3,898
4,358
1,594
3,508
378
135
286
348
131
275
378
141
310
363
133
300
361
130
284
380
141
300
361
138
296
401
143
321
359
285
308
do
do
do
do
796
230
469
99
861
386
405
69
904
376
460
67
821
326
427
68
872
401
405
66
885
420
396
68
861
386
405
69
913
462
383
69
930
490
372
67
974
508
388
78
1,045
558
404
83
Exports, all grades, total. _ _
Dissolving and special alpha
All other
do
do
do
i 2, 103
1744
1 1, 359
1 3, 755
12,886
325
80
245
247
52
195
954
86
868
244
70
174
318
77
241
187
62
124
180
59
122
236
88
148
194
74
120
172
57
115
199
78
121
U7
42
75
162
59
103
Imports, all grades, total
Dissolving and special alpha.
All other
do
do
do
14,040
1298
1 3, 743
!273
13,265
270
21
249
256
30
226
277
27
250
289
24
265
297
27
270
263
30
233
248
25
223
341
30
311
310
21
290
287
32
255
338
31
308
270
30
240
296
28
269
54, 058
23, 505
26, 022
148
4,384
52, 210
22, 975
24, 943
158
4,135
4,330
1,882
2,074
14
360
4,092
1,762
1,959
16
356
4,584
2,014
2,169
16
385
4,265
1,864
2,054
14
333
3,979
1,790
1,851
13
325
4,544
2,035
2,142
14
353
4,253
1,865
2,018
14
356
4,686
2,029
2,238
17
403
4,576
1,987
2,172
16
400
4, 513
1, 924
2,177
15
396
109.5
101.1
101.2
108.4
100.5
101.3
108.4
100.9
101.0
112.1
102.3
100.9
112.1
99.5
100.9
112.1
99.5
100.3
112.0
99.3
100.1
112.0
101.3
100.4
112. 0
102.5
101.4
112.0
103.0
101.7
112.0
102.6
102.7
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted.. -thous. sh. tons
Paper
do
Paperboard .
do
Wet-machine board
do
Construction paper and board
do
New orders (American Paper Institute) :
All grades, paper and board
do
Wholesale price indexes:
Book paper, A grade
1967 = 100
Paperboard
do
Building paper and board.. .
do
' Revised.
' 4, 604
4,247
' 1, 967 1,810
'2,214
2,041
13
15
'408
383
_
"
53, 754
104.5
99.4
105.7
112.0
102.8
103.2
1
Reported annual total; revisions not allocated to the months,
barrels.
109.2
102.8
103.6
2
' 109. 2
102.8
104.3
109. 2
102.8
104.5
Less than 50 thousand
SURVEY OF CURRENT BUSINESS
October 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1971
1970
1970
Annual
S-37
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):J
Groundwood paper, uncoated:
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
Book paper, uncoated:
Orders new
do
Shipments
-- do
Writing and related papers:
Orders new
do
Shipments
- - do
Unbleached kraft packaging and industrial converting papers:
Orders new
do
Orders unfilled end of period
do
Shipments
-do
Tissue paper production
do
1,171
107
1,123
1,171
81
1,165
86
81
105
93
81
98
91
71
104
94
79
98
99
81
97
87
76
93
79
74
74
108
88
102
98
98
90
101
93
103
99
96
90
100
120
85
3,230
200
3,313
3,148
182
3,237
258
213
269
244
200
267
270
209
270
250
204
260
218
182
257
262
228
258
242
228
251
291
236
291
271
257
268
260
235
270
291
264
266
287
302
246
2,515
2,588
2,500
2,572
208
211
203
209
221
225
205
212
194
197
225
206
221
203
275
244
244
232
233
242
222
229
229
211
2,952
2,898
2,775
2,820
226
228
231
231
245
246
219
222
226
223
224
231
231
227
261
263
249
253
265
258
247
248
249
223
3 922
189
3,866
3,602
3,700
110
3,739
3,671
303
127
299
326
314
142
315
278
322
131
318
318
310
126
308
298
OQA
319
119
305
324
302
118
294
307
357
134
334
341
r 304
' 123
'303
307
298
120
292
309
'327
321
305
130
287
269
do
do
do
8,758
8,741
220
8,607
8,592
236
694
670
436
649
683
402
760
800
362
766
802
326
cry)
ooc
695
629
303
662
583
382
711
683
410
670
692
388
665
666
387
638
654
371
643
621
394
678
697
375
do
do _
do _..
3,232
3,233
27
3,310
3,303
33
289
277
87
243
258
72
292
295
69
283
287
65
267
298
33
294
262
66
266
244
88
289
309
67
270
257
80
285
265
100
277
273
103
252
259
96
279
277
98
Consumption by publisbersd"
do__
Stocks at and in transit to publishers, end of
period
thous sh. tons-
7,344
7,130
559
581
626
645
608
544
528
*>97
600
627
569
529
558
699
749
712
708
717
682
749
745
731
753
741
672
687
672
699
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton._
6,790
6,635
484
544
565
554
700
co7
440
570
617
570
640
501
547
146. 10
150. 50
150. 50
150. 50
150. 50
150. 50
150. 50
153. 70
153. 70
153. 70
158. 10
158. 10
158. 10
158. 10
158. 10
158. 10
479
939
507
349
742
489
492
711
490
467
732
469
490
748
497
492
729
501
349
454
515
518
523
801
515
527
867
513
509
497
531
1 039
500
1 000
514
185,760
184,425
15,370
16,488
17,153
14,490
15, 222
15, 538
thous. sh. tons 2, 627. 0
mil$._ 1, 229. 0
2, 490. 0
1, 225. 0
202.8
101.3
210.2
103.9
227.0
112.5
190.1
94.4
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous sh. tons
Orders unfilled §
do
Production, total (weekly avg )
do
Paper products:
Shipping containers, corrugated and solid fiber,
shipments. _
_ mil. sq. ft. surf. area..
Folding paper boxes*..
110
289
9S1
719
r 144
'320
644
488
719
506
11,290
14, 347
14 211
14 283
14 466
18 668
16 924
15 467
206 8
101 8
196 8
99.1
191 0
96.7
208 7
107 0
197 5
100 8
193 9
99 7
'206 4
T
105. 8
r
742
442
7Kg
830
514
975
467
522
185 9
T
94.8
200 8
102.9
49 68 r 52. 18
105 88 »104 93
49 77
74 53
43 37
117 07
47 62
69 57
.178
.166
.181
501
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. Ig. tons.- « 598. 27
Stocks, end of period- - _ _
do .
106. 49
Imports, incl. latex and guayule
do ._ 585. 28
559. 32
102. 60
549. 92
45.03
94.73
33.73
48.29
96.69
46.60
46.68
92 36
46 74
41.46
93 64
46 88
43 19
102 60
48 90
46 21
91 36
45 23
48 28
92 89
44 67
54 43
102 65
41 15
49 74
98 59
42 77
.218
.195
.191
.183
.184
.193
.184
.180
.183
.194
.200
°2,250.19 2 197.00
°2,024.06
1 917.85
0
514 78
441 03
187.26
154 90
479 43
182 93
160 41
481 79
184 97
163 88
488 29
179 37
144 41
499 30
181 10
149 58
514 78
183 62
165 24
526 31
166 47
161 52
517 13
181 79
185 45
497 56
184 12
171 78
491 19
196 59
171 72
501 78
Price, wholesale, smoked sheets (N. ¥.)__$ per lb..
Synthetlc rubber:
Production
. ...
thous. Ig. tons
Consumption
_ _ _ _ _ _
do
Stocks, end of period
do
Exports (Bu. of Census).
.262
do
r
!82
r
!81
r
09
97
487 79
187 49
150 12
505 84
226. 49
!290 06
23 28
22 06
24 12
24 52
26 21
19 82
23 29
27 28
24 41
25 91
20 78
24 41
238 92
231. 77
29.27
200 56
199. 57
27.58
16 47
15 39
26.88
14 46
16 42
26.28
16 02
17 27
24 52
15 48
14 88
24 90
18 40
16 10
27 58
16 43
15 79
25 87
17 04
16 40
26 53
19 47
19 19
26 57
17 gg
17 iq
27 12
16 64
16 39
26 17
T 16 64
r Ig 33
r 25 71
14 78
12 60
26 45
thous
207, 826
190 403
14 657
15 885
15 938
14 560
15 079
16 557
17 429
19 435
17 752
17 775
18 643
15 739
do
do
do
do
204 835
55 632
146, 785
2 419
194 541
46 135
146 508
1 898
15 228
3 296
11,813
16 699
3 643
12 888
119
167
15 740
2 "995
12 576
19 333
2 5^7
9 624
13 160
4*046
8 964
14 181
4 734
9 297
182
150
150
14 184
4 897
9 132
18 371
5 445
12 674
21 362
4 840
16 329
19 012
4 931
13 889
2i 546
4 993
16 388
16 355
2 649
13 552
' 154
Stocks, end of period
Exports (Bu. of Census) _
do
do
49, 152
2,364
50 175
1 531
45 758
45 328
125
116
45 586
'l78
48 111
50 175
145
97
52 561
56 093
57 280
54 089
53 121
50 546
161
139
50 189
167
Inner tubes, automotive:
Production.. __.
Shipments, _ _ _
Stocks, end of period
.
Exports (Bu. of Census)
do
do
do
do
41 657
44 860
11,191
1,098
35 687
i 41 005
9 718
1,002
2 654
3 206
8 934
3 081
3 436
8 905
2 862
2 647
9 704
71
60
3 463
3 570
9 133
'115
2 758
2 988
9 718
2 941
3* 270
9 683
2 945
3 275
9 576
2 goi
3 760
8 872
Reclaimed rubber:
Production
Consumption
Stocks, end of period
_
_
.
do
do
do
0
0
.179
29 41
TIRES AND TUBES
Pneumatic casings, automotive:
Production.
_ _
Shipments, total
Original equipment
Replacement equipment
Exports.
_
169
109
46
93
3 055
3 458
9 447
130
155
95
3 097
3 180
9 626
46
259
283
3 375
3' 427
9 736
85
193
124
1Q9
72
164
86
103
2 523
3* 317
8 477
73
113
46
r
Revised,
Preliminary.
1 Annual total includes revisions not distributed to the
months.
tData have been regrouped by the American Paper Institute; details and available earlier
data appear in their April 1970 Monthly Statistical Summary.
F 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.
*New
series. Monthly data are available back to 1955.
a
Revisions for Jan.- May 1969 will be shown later.
SURVEY OF CUKKENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
Annual
October 1971
197C
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
43, 395
41, 331
44, 194
Sept.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipmentsfinishedcement
.
thous. bbl
1409,826
1
389, 762
41, 630
38,158
39 134
29 859
26 440
17 285
18 987
27 809
35,576
37, 096
6 496 0
184 6
1, 622. 2
607 6
14 7
153.4
612 3
10 5
156 7
622 0
13 0
150 8
530 g
11 2
127 9
493 4
13 6
115 8
361 2
11 7
93 1
395 0
10 5
94 7
590 9
15 9
131.4
687.6
17.7
159.0
691 1
15 8
159 9
173.0
12 7
16 9
16 6
16 6
16 7
12 2
11 1
14 1
14.9
13 2
250.4
21 3
21 4
21 6
19 1
18 1
20 6
19 1
23 7
23.2
21 5
25.5
23 2
112.2
112.0
113.5
113 9
114.2
114.6
114 1
116 0
117.0
117.4
117.4
111. 74
117.4
118.4
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
7 289. 7
mil standard brick
241.5
Structural tile except facing
thous sh tons
1, 783. 5
Sewer pipe and fittings vitrified
do
Facing tile (hollow) , glazed and unglazed
209.0
mil brick equivalent
Floor and wall tile and accessories, glazed and un284.8
glazed
mil sq ft
Price index, "brick (common), f.o.b. plant or
N.Y. dock..
1967=100.107.8
r
757 8
13.8
175.6
676.9
14.0
12.9
12.8
173.4
118.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs ' shipments
thous. $
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
do
do .
416, 870
382, 969
101, 919
101,897
99, 183
109, 659
150, 123
266, 747
131, 551
251, 418
34, 079
67 840
37 340
64 557
32, 946
35, 589
74, 070
66,237
thous. gross. _ 260, 267
267,411
24, 910
21,863
24,635
21,412
19, 914
20, 691
19, 956
23, 030
21, 770
22,882
23, 445
'21, 754
25, 105
251,050
Shipments, domestic, total
do
General-use food:
24, 232
Narrow-neck food
_
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous. gross. . 57, 828
264, 483
23,848
24, 358
24, 138
19,104
24, 477
15, 903
16, 838
22, 197
21, 230
21,286
24, 384
22, 289
28, 985
24, 806
2,718
2,863
2,080
1,674
2,095
1,680
1,762
2,262
1,950
1,893
2,047 '1,894
3,547
58, 632
5,293
5,600
6,053
4,525
5,557
3,589
3,822
4,792
4,345
4,443
5,096 ' 4, 693
7,030
do
_ -do __
do
56, 232
6 323
5,944
4,498
5,912
4,980
3,404
7,306
3,974
3,571
3,987
5,869
1,459
3,414
1,481
7 348
1,923
5,562
4,803
5,793
4,882
20, 677
69, 254
52, 626
20, 638
Medicinal and toilet
do ...
Chemical, household and industrial
do
Dairy products
_ . .do ._
35, 916
34, 252
Beverage
Beer bottles
Liquor and wine
Stocks, end of period
do .
51,086
4,774
1 670
4,348
1 951
2,081
1,721
3,333
1 872
1,598
4, 951
1,501
5,483
6,976
5,937
1,350
2,130
2,348 * 1, 822
295
321
r
2l
20
2,907
429
29
1 721
2,745
294
31
3,140
319
43
3,236
396
32
2,465
303
32
3,207
373
42
2,030
215
26
2,104
3,896
379
240
28
2,539
337
30
2,329
308
25
2,302
308
19
30, 260
30, 084
35, 178
32,504
32, 775
34,896
30, 084
34,669
37, 601
38. 263
38,642
39,999
5,858
6,128
9 462
1,775
2 489
1,751
9 881
2,277
1,273
2 210
1 617
2 622
9,324
8,654
2,301
2,134
2,194
2,509
4,681
4,219
1,267
4,496
583
6,878
5,336
38, 866
r
38, 220
34, 013
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
Production
thous. sh. tons.
do
Calcined, production, total
..do
Gypsum products sold or used, total:
Uncalcined uses
_
. -do _ _
Industrial uses
. ..do. ..
Building uses:
Plasters:
Base-coat
do
All other (incl. Keene's cement) _ _ do. _ _
Lath. .
Wallboard
All other
mil. sq. ft
do
do
265
51
950
67
746
63
1 264
473
702
408
588
104
155
90
141
94
119
102
140
917
9,090
275
749
8,764
228
197
2,308
64
175
2,269
58
117
2,359
60
2,741
316
69
116
72
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills :J
Production, total 9
mil. linear y d _ _
Cotton
_
do
Manmade
fiber
...do. _
12, 907
7,159
5,546
11,545
6,395
4,991
do
do
do
1,404
659
730
1,471
592
867
1,454
592
846
Orders, unfilled, total, end of period 9 1f__-do
Cotton
_ _
do
Manmade fiber __
do_
2,779
1,535
1,165
2,434
1,525
866
2,439
1,441
954
Stocks, total, end of period 9 d"
Cotton
Manmade
fiber
901 2 1, 088
502
2 615
389
2463
885 ' 2 21,073
499 r 2 598
376
465
2989
581
2399
910
531
369
910
532
368
1,434
579
842
1,471
592
867
1 443
591
837
1,443
611
818
1,356
547
795
1 346
571
760
1,288
539
736
2,502
1 543
919
2,434
1,525
866
2 431
1 552
844
2,486
1 567
881
2,642
1 640
964
2,711
1 638
1 036
2,768 ' 2 703
1 686 r I 617
1 046 T i 055
915
516
390
902
520
374
1,453
585
853
1,437
584
839
2, 395
1 441
916
2,425
1,481
901
2
2 1 ,119
2 646
2462
870
490
370
r
657
353
298
1 301 1 234
549
507
r 740
714
2 700
1 596
1 078
COTTON
Cotton (excluding llnters):
Production:
280
4,163
GinningsA
thous. running bales..
1,135
9,937
10, 112
Crop estimate, 480-pound bales, net weight
thous. bales. . 9,990 10, 166
Consumption
_
do
2*760
8,294
593
632
7,878
Stocks in the United States, total, end of period
thous. bales.. 12, 265
11, 900 15, 789 14,811 13. 949
Domestic cotton , total
do
12, 248
11 886 15, 773 14 795 13 931
On farms and in transit.. _
do
1,323
9 900
1,482 10, 875
7,545
Public storage and compresses. _ .
do.
3,631 3,854
9,653
9,257
5,474
1,041
Consuming establishments
do
1,272
912
1,263
1,147
Foreign cotton, total
_
do
17
15
16
18
14
2
r Revised.
1 Reported annual total; revisions
not allocated to the months.
Data
3
cover 5 weeks; other months, 4 weeks.
Ginnings to Dec. 13.
* Ginnings to Jan. 16.
« Crop for the year 1970. 6 Oct. 1 est. 1971 crop. 9 Includes data not shown separately.
{Effective Aug. 1969 SURVEY, data (1964-Apr. 1969) reflect adjustments to new benchmarks; see Bureau of Census reports: Woven Fabrics (1964-68), Series M22A-Supplement
and (Jan.-Apr. 1969), M22A (69) 1-4 Supplement.
8,830
39,786 4 10, 037
64l """2" 722~
s 10,112
5 10,166
2
815
665
644
r
r
646
637
r
2
797
880
127
365
515
« 10, 701
2777
637"
12, 732 11,900 10, 724
9, 411 8, 049 ' 6, 955 5, 992 ' 4 896 4,252 14, 276
12 719 11 886 10 708 rT 9 394 r gr> 031 r 6 940 r 5 975 r 4 ggO
4 236 14 261
r 541
r 451
1,482
2 845
1,285
r 569
400 11 052
1 008
778
8,874
9,257 8,126
5 577
2 206 r 1 707 1 456
2 700
6 890
3 672
4 606
1,000
1,297
1,147
1,630
1,677
1,730
1,498
1,764
1, 762
' 1, 502 1,262
14
16
13
18
16
15
17
15
17
'15
17
c?Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
^Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
SURVEY OF CURRENT BUSINESS
October 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
| 1970
Annual
S-39
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports
. __
thous. bales..
Imports _
do
2,397
46
2,982
37
84
1
89
6
181
3
251
1
362
441
3
455
6
562
8
467
3
327
3
307
2
214
1
162
3
Price (farm), American upland
cents per lb__.
Price, middling 1", avg. 12 markets
do
120.9
122.2
921.5
123.6
22.6
23.0
21.9
23.0
22.8
23.0
22.1
22.8
21.0
22.6
21.0
22.8
21.5
23.2
21.0
23.6
22.2
23.8
22.7
24.5
23.2
25.1
23.9
25.3
827.0
826.8
827.0
827.3
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
19.6
12.4
125.6
.476
80.9
18.6
11.6
113.0
.435
70.4
19.0
11.9
8.6
.431
5.3
18.8
11.8
210.6
.423
2
6.6
18.8
11.7
8.7
.436
5.4
18.6
11.8
8.8
.438
5.5
18.6
11.6
2 9.8
.393
2
6.2
18.6
11.6
8.9
.446
5.6
18.6
11.6
9.1
.453
5.7
18.6
11.6
18.5
11.5
9.1
.456
5.6
211.3
.450
27.0
18.6
11.6
8.9
.445
5.5
18.5
11.5
211.3
.450
26.9
18.5
11.5
7.2
.365
4.5
18.4
11.4
'8.9
'.443
'5.5
18.4
11.4
210.8
.432
26.6
1.027
1.008
1.001
1.001
1.003
1.005
1.011
1.014
1.023
1.036
1.054
1.059
1.066
1.068
1.078
1.082
6,965
6,243
15.0
15.4
13.1
13.4
13.4
13.9
15.4
13.5
13.9
14.9
15.7
15.7
15.8
20.8
14.4
6.0
5.5
5.1
5.0
4.9
4.8
5.5
5.0
5.1
5.0
5.3
4.9
5.0
6.3
4.7
.42
.37
.38
.37
.37
.37
.37
.37
.36
.34
.34
.31
.31
.31
.32
330.5
573.3
274.3
543.3
16.5
37.2
18.6
37.9
23.0
35.4
22.7
52.8
19.7
38.1
20.3
39.7
20.5
39.7
25.9
37.6
25.4
48.3
26.3
41.9
23.5
51.3
24.4
48.2
28.1
52.2
43.27
43.57
42.98
43.29
43.53
43.96
43.98
43.94
43.71
43.48
43.45
43.68
44.61
44.68
45.56
45.24
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
20.3
15.5
15.6
16.4
16.4
21.8
Cotton yarn, price, 36/2, combed, knit
$ per lb_.
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly )
mil lin yd
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
avg. weekly production --No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period, seasonally adjusted
Exports, raw cotton equiv
Imports, raw cotton equiv
thous. bales..
do
Mill margins:
Carded yarn cloth average
cents per lb-_
Prices, wholesale:
Print cloth, 38J4-inch, 64 x 54-cents per yard. _
Sheeting, class B 40-inch, 48 x 44-48
do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total _
.
mil. Ib
Filament varn (ravon and acetate)
do
Staple, Incl. tow (rayon)
do
Noncellulosic, except textile glass:
Yarn and monofilaments
do
Staple incl towf
do
Textile glass
fiber
do
Exports: Yarns and monofilaments
Staple, tow, and tops
Imports: Yarns and monofilaments
Staple, tow, and tops
1,593
' 1, 607
5, 562. 5
774.4
758.8
5, 391. 7
730 8
607.4
1,298.4
176.8
134.4
1, 366. 3
192.8
160.1
1,411.3
191.8
141.3
1, 493. 1
200.2
147.3
1, 766. 9
1, 761. 0
501.4
1, 793. 4
1, 792.8
467.3
442.5
431.7
113.0
459.1
452.0
102.3
477.8
498.0
102.4
516.3
517 3
112.0
thous. lb-_ 100, 539 148, 843
8 127, 484 152, 871
do
do
do
1,561
1,467
5 41, 063
s 159, 404
137, 054
140, 075
11, 647
11,880
10, 690
9,659
10, 367
11, 430
8,521
9,054
13, 134
13, 752
12, 611
13, 836
12, 230
15, 190
14, 640
16, 041
13, 220
18,688
13,482
15,202
11, 245
16, 589
11, 387
15, 728
10,518
18, 236
13, 836
9,310
13. 198
11, 658
14, 760
8,187
14,314
8,888
15, 064
10, 131
20,040
10, 056
17, 016
13, 149
24, 256
17, 648
25, 540
20,423
25,837
15,192
24, 711
17, 773
19, 639
15, 202
19, 449
16, 216
Stocks, producers', end of period:
Filament yarn (rayon and acetate),
mil. lb..
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple, Incl. towf
do
Textile glass
fiber
do
78.4
75.6
75.0
76.0
77.9
72.1
75.0
76.0
74.1
58.5
70.8
43.8
259.8
240.5
70.6
288.3
242.6
103.8
282.5
236.0
96.6
288.3
242.6
103.8
272.9
251.2
94.4
253.8
235.2
75.4
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 deniert
_$ perlb.Yarn* Rayon (viscose) 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do
.61
.89
1.42
.61
3.93
1.39
5, 396. 4
1, 690. 7
776.4
7 345. 0
2, 951. 8
5,032.5
1, 461. 4
639.7
271.4
2, 871. 3
1,208. 3
340 1
148.6
62.9
701 4
1 ,189. 4
332.8
134 6
63.7
691.2
' 1, 225. 4
' 339. 3
135 5
' 70.9
' 722. 1
1 233 4
357.2
129.4
81.1
711.5
629.7
Polyester blends with cotton
._ doll" 1,893.1
Filament and spun yarn fabrics (combinations
517.0
and mixtures)
mil. lin. yd...
444.8
1, 962. 8
102.5
482.6
114.0
467 5
'111.6
' 508. 9
98.1
516.2
472.6
111.6
107.4
r
108.5
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd
Filament yam (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chieflv nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9 ..do
Rayon and/or acetate fabrics and blends
.61
.89
1.41
.61
4.93
1.40
.61
4.93
1.33
.61
4.93
1.33
.61
4.93
1.33
.61
4.93
1.33
.61
.61
.62
.62
.62
.62
.62
.62
1.33
1.28
1.28
1.26
1.25
1.25
1.25
1.24
106 5
WOOL
Wool consumption, mill (clean basis):
Apparel class. .
___
Carpet class
Wool Imports, clean yield
Duty-free (carpet class)
mil. Ib,.
do
do
do
219.0
93.8
189.2
95.7
163.7
76.6
153.1
73.3
10.8
7.5
14.7
9.2
213.3
28.4
11.2
7.6
10.7
6.1
8.4
5.4
10.8
5.4
6.9
4.0
212.0
26.3
10.9
6.4
10.2
5.2
12.0
5.9
9.5
5.6
9.4
5.0
213.0
26.7
11.2
6.2
9.4
5.3
11.1
6.9
9.7
5.3
11.5
6.3
212.1
27.2
10.4
7.0
7.3
4.8
13.8
11.3
7.7
7.0
17.0
13.4
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
._
Australian, 64s, warp and half-warpc?
$ perlb..
do
do
1.221
.862
1.024
.872
.941
1.025
.880
.952
.953
.880
.854
.925
.875
.760
.925
.875
.820
.850
.837
.802
.825
.810
.804
.825
.775
.790
.757
.685
.790
.708
.658
.790
.630
.640
.800
.597
.640
.828
.590
.640
.802
.595
.640
.795
.610
.640
.795
101.9
101.6
101.4
98.0
97.6
96.3
95.4
95.0
93.3
93.3
92.0
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale priced)
1967=100..
100.0
102.2
101.4
102. 3
101.9
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil lin yd
222.5
35.4
178.6
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill©
1967=100
100.9
101.3
101.3
101.3
101.3
2
' Revised.
1 Season average.
Fo^ 5 weeks; other months, 4 weeks.
s Average
for
4 months, Sept.-Dec.
4 Effective Sept. 1970, average6not comparable with earlier prices.
5
Revised total; revisions not distributed by months.
Less than 500 bales.
1 Omits
quantities of chiefly nylon combination fabrics.
»Beginning Aug. 1971. prices are on
480-lb. net-weight bale basis (for earlier months, on 500-lb. gross-weight bale basis); to
30 9
37 0
33.1
101.3
100.1
101.3
101.3
101.3
101.3
101.3
101.3
compute comparable prices for earlier months, multiply farm price by 1.04167 and market
price by 1.0438.
« Season average to Apr. 1.
fRevised back to 1965.
9 Includes data
not shown separately.
JRevisions for 1967 are in the Dec. 1970 SURVEY.
^.Beginning
Jan. 1970, quotation refers to Australian wool 64's, Type 62; comparable prices prior to 1970
are not available.
©Data prior to 1970 available on new base.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
October 1971
1970
Aug.
Sept.
Oct.
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
20,684
18, 643
Aug.
Sept.
TEXTILE PRODUCTS— Continued
APPAREL
Hosiery, shipments t
thous. doz. pairs.. 248, 602
Men's apparel, cuttings: t
Tailored garments:
21,091
Suits
thous. units
14, 353
Coats (separate) , dress and sport
do
169, 542
Trousers (separate) , dress and sport . _ do .
21,
125
Shirts (woven), dress and sport.
thous. doz...
Women's, misses', juniors' apparel, cuttings: f
21,
664
Coats
.thous. units..
Dresses
«
.
_-do _. 266,856
Blouses and shirts
—thous. doz . 14, 425
8,443
Skirts
_
do._
231,795
20,132
20,779
20,442
17,533
15,004
16,042
15, 402
17, 595
16, 720
16, 975
16, 058
10, 910
177, 209
20, 438
1,255
762
15, 274
1,673
1,217
839
15, 669
1,710
1,310
937
15, 768
1,994
1,164
862
13, 974
1,636
1,080
755
13, 196
1,431
1,169
804
14, 345
1,490
1,089
740
14, 644
1,557
1,317
890
17, 683
1,692
1,317
959
16, 188
1,776
672
1,264 r 1, 067
996
••974
656
15, 186 ' 15,209 13,463
1,628 ' 1, 785 1,274
1,165
988
15,063
1,608
17, 153
236, 258
13, 582
6,398
1,569
18, 352
966
490
1,542
18, 411
1,073
483
1,664
19,154
1,072
457
1,592
16,777
910
332
1,139
16,251
857
323
1,195
19, 029
1,011
376
1,274
20, 334
1,113
430
1,218
23, 085
1,311
466
1,140
24,128
1, 205
389
1,145 '1,518
19, 534 >• 20,739
1,056 ' 1, 045
404
'539
1,595
19, 274
1,024
499
TRANSPORTATION
1,475
17,737
951
464
EQUIPMENT
AEROSPACE VEHICLES
Orders new (net) qtrly total
mil $
U S Government
do
Prime contract
do
Sales (net) receipts or billing5? Qtrly total do
U S Government
do
22,005
14, 521
19, 289
24, 648
16, 560
21, 161
15, 116
19, 010
24 752
16, 407
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. $
28 297
14, 298
15,610
3 578
24
12
13
2
Aircraft (complete):
Shipments ©
Airfi'iime weight ©
Exports, commercial
do
thous Ib
mil. $
5,579
3,750
4,986
6 272
4 263
6 358
5,038
5,937
6 020
4 049
5 171
3,466
4,629
5 424
3,479
4 143
2 671
3,631
6 164
4 023
705
882
264
449
25 539
13 627
13 766
2 758
4 338
4 522
2,881
2 791
3, 593. 4
60, 117
1, 239. 2
3 605 0
59 436
1 527 2
304.3
4 974
55.2
215.6
3 850
51 9
329.2
5 756
101.2
278.2
4 709
109 0
254 8
4 004
112 1
165.0
2,950
101.7
274.7
4 462
209.3
389 8
6 333
313 4
243.9
4 414
207.6
418 6
6 968
253 6
10,146.9
9, 587. 7
8, 223. 7
7, 806. 5
1, 923. 2
1,781.2
8, 239. 3
7 753 0
6 546 8
6 187 3
1, 692. 4
1 565 7
413.4
384.4
272 4
254.0
141.0
130.4
632.0
582.2
493 6
454 2
138.4
128.0
501.4
465.6
392.5
365.4
108.9
100.1
454.7
424.3
364 1
341.1
90.6
83.2
736.4
698 2
598 8
570 6
137.6
127.6
860.6
817.9
710.7
678.1
149.9
139.8
921.9 1, 057. 4
872.2
992. 4
757.8
865 2
719.0
815.9
164.2
192.2
153.2
176.5
921.6
863.0
750.4
703.6
171.2
159.4
930.8 1, 008. 2 ' 612. 1 639.9 2 941. 7
945 9 ' 580. 7 602.1
867 9
484.8 2 751 2
494.0
767 3
809 8
457.6
472.4
716 7
761 3
155.1 2 190. 5
163.4
198.4 r 118. 1
144.5
151.2
184.6 »• 108. 3
9,583
8,464
1,118
8,400
7 119
1 280
639
526
112
8.9
7.6
1.3
580
489
92
8.9
7.8
1.1
'755
630
125
7.4
6.0
1.4
540
436
105
6.4
5.0
1.4
536
425
110
6.8
5.2
1.6
694
586
108
9.9
8.4
1.5
748
637
112
10.0
8.5
1.5
897
756
141
10.0
8.5
1.6
884
737
148
10.0
8.3
1.7
890
748
142
9.8
8.2
1.6
955
798
158
9.7
8.1
1.7
817
668
149
9.8
8.1
1.7
1,467
1,542
1,269
1,220
1 294 1,521
1,261
1 496
1,053
1,280
1,018
1 167
1,220
1 294
1,381
1,296
1,528
1,401
1,683
1 530
1,707
1,557
1,753
1,579
1,799
1 609
1,582
1,580
2.4
2.3
2.6
2.8
3.0
1.9
2.0
2.2
2.2
2.3
2.4
2.3
2.4
285 04
245 62
92 28
13 89
12 55
7 46
31 72
28 46
6 20
21.10
15.98
6.06
17 80
14 61
5 78
19 29
16 66
7 10
21.75
18.81
6 6.44
31.30
26 42
7.39
41 52
37 14
10 76
35. 12
31 58
9.42
48 62
46 07
9 34
40.75
38 47
9.34
21.27
19 48
6.96
19.97
18.74
6.67
1 846.72 2 013 42
691. 15
692 78
146. 01
115 82
95 14
19.01
4.40
167 62
48.58
10.05
168. 60
56.75
16.82
173 31
55.66
9.69
167 97
47.68
7.51
198. 87
47.20
10.51
204. 51
70.17
11.63
233 92
81.09
12 77
222. 70
69.01
10.38
230 00
77.64
10.38
242. 53
84.73
12.07
183. 42
37.34
8.83
205. 45
49.64
7.83
8,567
5,475
24
12
13
2
705
882
264
449
24 489
12 972
12, 926
2 447
4 412
4 522
4 335
3 974
2 754
2 791
2,575
2 662
22
11
11
2
464
587
415
184
306 9 ' 154. 9
4 431 r 2 299
72.8
105 0
121.3
2,135
108.4
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
Domestic
thous ..
do
do
do
do
.do
Retail sales, new passenger cars : *
Total, not seasonally adjusted
.-thous..
DomosticsA
do
ImportsA . .
do
Total, seasonally adjusted at annual rates. ..miL.
DomesticsA
..do
ImportsA
do
Retail inventories, new cars (domestics), end of
period: *A
Not seasonally adjusted
thous -.
Seasonally adjusted
. do
Inventory-sales ratio, new cars (domestics)* A
ratio..
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 aad buses, complete units
thous
do
do
do
do
do
Truck trailers (complete) shipments
number
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number
Registrations (new vehicles): O
Passenger cars
Import cars
Trucks...
thous
do
do
333. 45
292 11
103. 23
725
566
159
10.1
8.3
'1.9
' 1, 569 1,591
1,681
1,691
138 347
94 808
105 709
71 274
7 692
4 953
8 780
5 817
8 037
5 240
7 777
5 238
7 310
4 818
6,610
4,187
7 271
4 256
7 852
4 748
8 347
4 897
7 467
4 415
8 672 r 8, 505
5,244 •• 5, 260
33 332
26 138
1 874
1 398
1,574
1,378
1,078
985
1,110
1 523
1,192
1,240
1,122
' 1, 723 2,576
897. 0
138. 6
178. 1
4
4
4
9 446. 5 5 8 388 2 « 683 2 5 612. 1
1 061 6 5 i 231 0 5 109 9 5 102 8
1 888.8 i si 790 2 5 159 4 5 153. 3
4
4
4
719. 0
112 6
154. 2
4
537. 2 5 606. 7
99 8 5 115 4
118. 1 fi 123. 8
8
4
4
5
588. 3 5 618. 3
« 98. 5 5 92.6
108. 4 5 115. 2
s 820. 3 3 833. 5
5 130 0 3 125 1
s 158 2 3 168. 4
4
4
4
838. 7
126 7
171. 5
4
4
4
806. 0
130. 4
177. 6
884
756
129
12.2
10.8
1.5
4
4
4
1.9
730. 6
140. 2
166. 7
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
4 675
Shipmentsc?
number i eg 028 i 65 958
6 147
5 164
i 54 112 i 52 184
3,787
Equipment manufacturers
do
4 922
4 127
1
3,053
2,148
2,073
New ordersd".
do
84, 245 i 50 148
i 65 301 i 42 385
2 148
1 726 2 516
Equipment manufacturers
do
Unfilled orders, end of periodcf
do
46* 751
27 558 25, 782 21, 672 20, 049
35 508
Equipment manufacturers
do
22, 326 20, 853 17, 621 16, 349
Freight cars (revenue), class 1 railroads (AAR):§
Number owned end of period
thous
1 438
1 423 1 433 1 431 1 427
'e.o
5.9
Held for repairs, % of total owned
5.6
58
57
Capacity (carrying), aggregate, end of period
95 64
95 62
95 78
94 37
95 77
mil tons
67.01
Average per car
tons.
66.96
65.62
67.19
66.81
r
l
2
Revised.
Annual total includes revisions not distributed by months.
Estimate
of production.
3 Omits
data for three States.
* Omits data for two States.
* Omits
6
data for one State.
Effective Jan. 1971, includes off-highway trucks and trailers; comparable 1970 total, 93.87 thous.
fRevisions available: Hosiery, 1969-Apr. 1970; women's apparel,
1968-69.
{Monthly estimates (1967-70), revised to annual benchmarks, appear in Census
report, Men's Apparel, M23B Supplement (5/27/71).
*New series. Automobile Manufacturers Association and other industry sources; seasonal
adjustments by QBE. For earlier data, see p. 43, Dec. 1970 SURVEY.
4 569
3 573
8,164
8 026
23, 644
20, 802
4 905
4 096
9,031
5 832
27, 558
22, 326
3,725
3,183
3,152
2 932
26, 903
21, 993
4 629
4 059
3,042
2 792
25, 015
20, 425
5,026
4,262
5,304
3 885
25, 193
19, 948
5 497
4 431
4,107
3 782
23, 563
19, 059
5 252
4,381
6,670
6 570
24, 944
21,227
5,401
4,205
8,521
6 321
27, 977
23, 256
3,305
2,696
3,807
3,652
28,547
24, 280
3,329
2,852
1,211
1,211
26, 429
22, 639
1 424
5.7
1 423
5.7
1,423
5.7
1,431
5.7
1,430
5.6
1 431
5.6
1,431
5.5
1 431
5.5
1,430
5.4
1,428
5.7
95 27
66.89
95 64
67.19
95 73
67.29
96 08
68.45
96 38
67.37
96 70
67.55
96 82
67.66
96.95
67. 76
96.96
67.82
96.92
67.91
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.
cf Amer. Railway Car Inst. and Assn. of Amer. Railroads, data cover new cars for domestic
users; backlog not adjusted for cancellations.
9 Total includes backlog for nonrelated products and services and basic research.
©Data include military-type planes shipped to foreign governments.
O Courtesy 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
Earnings, weekly and hourly
Eating and drinking places
SECTIONS
TRmgm and Donltrv
General:
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
-._
11,12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
16-21
21-23
23,24
Industry:
Chemicals and allied products. .
..............
Electric power and gas
......................
Food and kindred products; tobacco ..........
Leather and products
.......................
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products....
Pulp, paper, and paper products..
31
31-34
34-36
36,37
Rubber anil rubber products
Stone, day, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts
4,6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt and tar products
35,36
Automobiles, etc
1,3-6,8,9,11,12,19,22,23,40
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and real
28
Beverages
4,8,11,22,23.26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields 18-20
Brass and bronze
33
Brick
38
Broker's balances
20
Building and construction materials
6,7,
9,10,31,36,38
Building costs..
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Cham-store sales, firms with 11 or more stores...
12
Cheese
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
Clay products
9,38
Coal
4,8,22,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Communication
2,20,24
Confectionery, sales
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
copper.?*
fT....??".;;.';!;;;;;'.;;;;;;;;;;;!'. 33
Corn?:
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,30,38
Crude oil and natural gas
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
,
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
16
26
2,3,19-21
11,12
15
11,12
Efe^powS^:.::::::::.:..::.:.:.::.."4,8,2s,'2d
Electrical machinery and equipment
4-7,
9,13-15,19,22,23,34
Employment estimates
13-15
Employment Service activities
16
Expenditures, U.S. Government
18
Explosives
«
25
Exports (see also individual commodities).... 1,2,21-23
Express operations
23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages
15
Fate and oils
8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilisers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood.
31
Flour, wheat
28
Food products
1,4-8,11-15,19,22,23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Freight cars (equipment)
Fruits and vegetables
Fuel oil
Fuels
Furnaces
Furniture
Gas, output, prices, sales, revenues
Gasoline.
Glass and products
Glycerin
Gold
Grams and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,40
7,8
35,36
4,8,22,23,34-36
34
4,8,11-15
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
11
Hardware stores
Heating equipment
Hides and skins
Highways and roads
Hogs
......
8
Home electronic equipment.
10
Home Loan banks, outstanding adv
10
Home mortgages
40
Hosiery
24
Hotels
14
Hours of work per week
Housefuraishii
1,4,8,11,12
, radios, and television sets.
4,
Household
8,11,34
Housing starts and permits
10
Imports (see also individual commodities)... 1, 2,22,23
Income, personal
2,3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3,4
Installment credit
12,17,18
Instruments and related products
4-6,13-15
Insurance, life
18,19
Interest and money
rates
17
Inventories, manufacturers* and trade
5,6,11,12
Inventory-sales ratios
5
Iron and steel
4-7,9,10,19,22,23,31,32
16
Labor advertising index, strikes, turnover.
13
Labor force
Lamb and mutton
28
28
Lard
33
Lead.
Leather and p r o d u c t s . . . . . . . . . . . . . . 4,9,13-15,30
Life insurance
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
35,36
Lumber and products
4,9,10-15,19,31
Machine tools.. ,
34
Machinery
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures
9,39
Manufacturers' sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings.. . 13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3,7,8,22,23,28
Medical and personal care
8
Metals
4-7,9,19,22,23,31-33
Milk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply
19
Mortgage applications, loans,
rates
10,16,17,18
Motor carriers.
23,24
Motor vehicles
1,4-6,8,9,11,19,22,23,40
Motors and generators
34
National defense expenditures
1,18
National income andprodnct
1,2
National parks, visits
24
Newsprint.
23,37
New York Stock Exchange, selected data
20,21
Nonferrousmetab
4,9,19,22,23,33
Noninstallment credit
18
Oats
27
Oil burners
34
Oils and fate
8,22,23,29,30
Orders, new and unfilled; manufactures*
6,7
Ordnance
13-15
Paint and paint materials
Paper and products and pulp.
Parity ratio
PaWorts issued...
Personal consumption expend*
Personal income
Personal outlays
Petroleum and products
9,13-15,19,23,36,37
;;;;;;;;!!;;;; 24
2,3
2
4-6,
8,11-15,19,22,23,35,36
Pig iron
31^32
Plant and equipment expenditures
2
Plastics and resin materials
25
Population
13
Pork
28
Poultry and eggs
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment and earnings
13-15
Profits, corporate
2,19
Public utilities.
2-4,9,19-21,25,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radiators and convectors
34
Radio and television
4,11,34
Railroads...
2,15,16,20,21,24,40
Railways (local) and bus lines
23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators and home freemers
34
Rent (housing)
8
Retail trade
5,7,11-15,17
Rice
27
Roofing and siding, asphalt
36
Rubber and products Oncl. plastics)
4-6,
9,13-15,23,37
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock prices, earnings, sales, etc
Stone, day, glass products
Stoves and ranges.
2
17
19,20
20,21
1,8,13
28
9,11,12,30
19
30
39
22,23,31,32
31
20,21
4-6,9,13-15,19,38
34
.
Sulf uric acid"
24
25
te
.........
29
Tea imports
Telephone and telegraph carriers
Television and radio.:
radio. ...... . ....... .'.".'."i::." "i, 11.84
TeleVision
Textiles and products. . . . 4-6,9,13-15,19,22,23,38-40
Tin ...... .
..............
•
...................
33
Tires and inner tubes ....... ........... .. . . 9,11,12,37
Tobacco and manufactures ........ 4-7,9, 11, 13-15,30
Tractors
.....................................
34
Trade (retail and wholesale)
.................
5,11,12
Transit lines, local.
.....................
......
23
Transportation
......................
1,2,8,13,23,24
Transportation equipment
...........
4-7, 13-15,19,40
Travel:: ..... . . . . . . ....................... 23,24
Truck trailers
................................
40
Trucks (industrial and other) ......... . ........ 34,40
... 13,16
Unemployment and insurance
M.17.S.
U.S. Government bonds
mt finance
Utilities
.""....7'.'.;.'.'.'.'.'.'.' 'i4&iMi.*S,*6
U
S
. CPPVITO-
-,-TT,
-—~
Vacuum cleaners
Variety stores.
Vegetable oils
Vegetables and
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.
fruits
34
U, 12
29,30
7,8
16
2 3
flour
» »15
34
34
27,28
, «. J
5,7,11,13-15
„ 36
9,39
33
UNITED 5
SIMENT PRINTING OFFICE
OBE's Latest Supplements—
U.S. EXPORTS AND IMPORTS
CLASSIFIED BY ORE END-USE COMMODITY CATEGORIES, 1923-68
436 pages, price $4.00 C43.8/3: Ex 7
U.S. DIRECT INVESTMENTS ABROAD, 1966
Part 1: Balance of Payments Data
240 pages, price $1.75
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READINGS IN CONCEPTS AND METHODS OF NATIONAL INCOME
STATISTICS
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1954 and 1958 supplements to the SURVEY OF CURRENT BUSINESS, an article from
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