Full text of Survey of Current Business : October 1975
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
OCTOBER 1975 / VOLUME 55 NUMBER
10
SURVEY OF CURRENT BUSINESS
CONTENTS
U.S. Department of Commerce
THE BUSINESS SITUATION
Rogers C. B. Morton / Secretary
National Income and Product Tables
10
New Estimates of Capital Consumption Allowances
in the Benchmark Revision of GNP
14
State and Local Government Gross Fixed Capital Formation,
1958-73
17
Changes in State Personal Income,
First to Second Quarter of 1975
27
The International Investment Position of the United States
Developments in 1974
30
Foreign Direct Investment in the United States in 1974
36
U.S. Direct Investment Abroad in 1974
43
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
James L. Pate / Assistant Secretary
for Economic Affairs
Bureau of Economic Analysis
George Jaszi / Director
Morris R. Goldman / Deputy Director
SURVEY OF CURRENT BUSINESS
Editorial Board: Jack J. Bame, John E. Cremeans,
Donald A. King, Martin L. Marimont, Stephen
K. McNees, Beatrice N. Vaccara, Charles A. Waite,
Allan H. Young
Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Staff Contributors to This Issue: Robert B.
Bretzfelder, Carol S. Carson, Gregory G. Fouch,
Julius N. Freidlin, Nancy R. Keith, E. S. Kerber,
Leonard A. Lupo, Ida May Mantel, Russell B.
Scholl, Jr., Allan H. Young, Regional Economic
Measurement Division
Annual subscription, including weekly statistical supplement: $48.30 domestic, $60.40 foreign. Single copy $3.00.
Order from Superintendent of Documents, U.S. Government
Printing Office, Washington, B.C. 20402, or any Commerce
District Office. Make check payable to Superintendent of
Documents.
Annual subscription in microfiche, excluding weekly
supplement: $30 domestic, $38 foreign. Single copy $2.25.
Order from National Technical Information Service, Springfield, Va. 22151.
Address change: Send to Superintendent of Documents
or NTIS, with copy of mailing label. For exchange or official
subscriptions, send to BEA.
Editorial correspondence: Send to Bureau of Economic
Analysis, U.S. Department of Commerce, Washington, D.C.
20230.
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for
printing this periodical has been approved by the Director of the Office of Management and Budget through September 1,1980.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
Albuquerque, N. Mex. 871O1
316 U.S. Courthouse 766-2386.
Cheyenne, Wyo. 82O01
2120 Capitol Ave. 778-2220.
Greensboro, N.C. 274O2
203 Federal Bldg. 275-9111.
Milwaukee, Wis. 53203
238 W. Wisconsin Ave. 224-3473.
Anchorage, Alaska 99501
632 Sixth Ave. 265-5307.
Chicago, 111. 60603
Room 1406 Mid-Continental Plaza
Bidg. 353-4450.
Hartford, Conn. O61O3
450 Main St. 244-3530.
Minneapolis, Minn.
Honolulu, Hawaii
Atlanta, Ga. 30309
1401 Peachtree St. NE. 526-6000.
Cincinnati, Ohio 452O2
550 Main St. 684-2944.
Cleveland, Ohio 44114
666 Euclid Ave. 522-4750.
Houston, Tex.
Baltimore, Md.
Columbia, S.C. 29204
2611 Forest Dr. 765-5345.
Indianapolis,
212O2
415 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th St. 254-1331.
Boston, Mass. O2116
441 Stuart St. 223-2312.
Dallas, Tex.
75202
1100 Commerce St. 749-1515.
Denver, Colo.
80202
19th & Stout Sis. 837-3246.
96813
286 Alexander Young Bldg.
546-8694.
77O02
1017 Old Federal Bldg. 226-4231.
Ind.
46204
306 Federal Bldg.
Newark, NJ.
07102
4th Floor Gateway Bldg.
645-6214.
New Orleans, La. 7O13O
432 International Trade Mart.
589-6546.
Kansas City, Mo.
641O6
601 East 12th St. 374-3142.
Los Angeles, Calif.
9OO24
11000 Wilshire Blvd. 824-7591.
New York, N.Y. 1OOO7
26 Federal Plaza 264-0634.
Philadelphia, Pa. 191O6
600 Arch St. 597-2850.
Des Moines, Iowa 503O9
609 Federal Bldg. 284-4222.
Memphis, Tenn. 38103
147 Jefferson Ave. 534-3213.
Phoenix, Ariz.
Charleston, W. Va. 253O1
500 Quarrier St. 343-6181.
Detroit, Mich. 48226
445 Federal Bldg. 226-3650.
Miami, Fla.
Pittsburgh, Pa.
3313O
25 West Flagler St.
350-5267.
97205
921 S.W. Washington St.
221-3001.
Reno, Nev.
89502
300 Booth St. 784-5203.
Richmond, Va.
2324O
8010 Federal Bldg. 782-2246.
St. Louis, Mo.
63105
120 S. Central Ave. 425-3302-4.
Salt Lake City, Utah.
84138
125 South State St. 524-5116.
46 East Ohio St. 269-6214.
Buffalo N.Y. 142O2
111 W. Huron St. 842-3208.
55401
725-2133.
Portland, Oreg.
112 N. Central
85OO4
261-3285.
15222
1000 Liberty Ave. 644-2850.
San Francisco, Calif. 941O2
450 Golden Gate Ave. 556-5860.
San Juan, Puerto Rico
00902
100 P.O. Bldg. 723-4640.
Savannah, Ga. 314O2
235 U.S. Courthouse and P.O.
Bldg. 232-4321.
Seattle, Wash. 98109
706 Lake Union Bldg. 442-5615.
the BUSINESS SITUATION
I\, LARGE third-quarter increase in
real production confirmed that economic recovery is underway. Real
GNP and GDP both increased at
annual rates of 11 percent, after increases of about 2 percent in the
second quarter (chart and table 1).
The acceleration was accounted for by
inventory change. Inventories were
CHART 1
Real Product: Changes From
Preceding Quarter
Billion (1958) $
30
Gross National Product
20
10
0
I...
ni
-10
-20
oduct
Gross Domestic Product
-30
20
I
•
Change in Business Inventories
I .
10
0
liquidated in both the second and third components of business fixed investquarters, but the rate of liquidation ment. Exports increased after dehad increased in the second quarter— clining in the second quarter, and
putting a drag on real GNP—and government purchases did not change.
decreased in the third—giving it a lift.
The implicit price deflator for GNP
The third-quarter lift, which was esti- held at the 5 percent annual rate inmated on the basis of 2 months of crease recorded in the second quarter.
information, was extraordinarily large. However, the chain price index for
If, as is quite possible, the fourth- GNP, which is a better measure of pure
quarter lift is smaller, the real GNP change because, unlike the deflator, it
increase in the fourth quarter may not is not affected by shifts in the composibe as strong as in the third.
tion of GNP from one quarter to the
next,
accelerated from 5% percent to 7
The third-quarter increase in real
percent.
If the change in currentfinal sales of GNP was about the
dollar
GNP
were corrected for price
same—4% percent annual rate—as in
increase
as
measured
by the chain price
the second quarter. Final sales of GNP
index,
rather
than
as measured by
are net of imports. Demand for U.S.
the
deflator,
the
third-quarter
increase
products, as measured by final sales
to U.S. consumers, government, in- in real GNP would be about 2 percentvestors, and foreigners, strengthened age points less than the 11 percent cited
from a 1% percent annual rate of above. As will be explained in the section on prices, a similar effect may occur
increase in the second quarter to 6%
when the present valuation of real GNP
percent in the third. The rates of in terms of 1958 prices is replaced by
increase in both personal consumption valuation in terms of 1972 prices in
expenditures and residential construc- the upcoming benchmark revision of the
tion picked up, and the declines ceased national income and product accounts
in both the structures and equipment (NIPA's).
Table 1.—Gross National Product in Current and Constant Dollars
-10
[Seasonally adjusted at annual rates]
-20
Current dollars
Constant (1958) dollars
-30
Percent change from
preceding quarter
(annual rate)
Billion of dollars
1974
IV
Gross national product. . .
Final sales
1973
1974
1975
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
75-10-1
1975
I
II
1975
1974
III
IV
I
II
1975
III
I
II
III
1,430.9 1,416.6 1,440.9 1,497.8
804.0
780.0
783.6
804.6
-11.4
1.9
11.2
1, 413. 1 1,435.8 1,471.9 1,507.3
793.1
791.8
800.7
809.4
-.7
4.6
4.4
-88.7
122.1
-6.7
1.6
11.2
Change in business inventories
17.8
-19.2
-31.0
-9.5
10.9
-11.7
-17.1
-4.8
Less: Best - of - the - world
product
12.0
7.2
8.3
8.1
4.0
2.3
2.8
2.8
Equals: Gross domestic
product.
-.
1,418.9 1,409.4 1,432.6 1,489.7
800.0
777.7
780.8
801.9
-10.7
SURVEY OF CURRENT BUSINESS
Labor markets.—The seasonally adjusted unemployment rate dropped to
8.4 percent of the labor force in the
third quarter, down from 8.9 percent in
the second. The number of unemployed
persons dropped to 7.8 million from 8.2
million. From month to month during
the third quarter, the unemployment
rate and the number of unemployed
showed almost no change. In the past,
these series have often been similarly
"sticky," and then have shown sudden,
unexpected changes.
Employment as measured by the
household survey was up 1.0 million,
or 4.7 percent at an annual rate, after
an increase of 0.2 million in the second
quarter. During the quarter, it increased moderately from month to
month. Women accounted for half of
the third-quarter increase. Because
for women the decline in employment
during the recession had been less pronounced than for other major demographic groups, and the increase during
the recovery more so, women surpassed
their year-earlier employment peak in
the third quarter. Several factors may
have contributed to this result: the
greater concentration of women in nondurable goods-producing and serviceproducing industries, which had been
affected less by the recession than other
industries and did relatively well in the
recovery; and the continuing increase in
the labor force participation rate for
women, which in turn may be due to
both trend and cyclical factors.
Employment as measured by the
establishment survey was up 2.8 percent at an annual rate, after a decline
in the second quarter. (The 1.9 percentage point difference between the increases in the two employment series is
Table 2.—Output and Compensation Per
Hour, and Unit Labor Cost in the Nonfarm
Business Economy
[Percent change from preceding quarter, seasonally adjusted
at annual rates]
1975
I
Output per hour
Compensation per hour
Unit labor cost _ _ .
—0 9
10 1
11.1
II
66
82
1.5
III
7.1
6.1
— 1.0
NOTE.—These estimates differ from similar BLS series
for definitional reasons explained in the January SURVEY
and because BLS hours have been adjusted to make them
comparable to the timing of the BE A compensation series.
October 1975
probably more than can be explained in productivity, unit labor cost dein terms of definitional differences and clined 1.0 percent, following the sharp
may be due to statistical aberrations.) deceleration of its rate of increase in
Four-fifths of the increase was in the second quarter. Given the typical
employment in service-producing in- cyclical behavior of productivity and
dustries, which was up 3.2 percent. likely developments in compensation
Employment in goods-producing indus- per hour, unit labor cost may increase
tries was up 1.8 percent, with the in- in the fourth quarter. The relative shortcrease more than accounted for by non- run impact on prices and profit margins
durable goods manufacturing. Quarter of changes in unit labor cost cannot be
to quarter, employment in durable quantified.
goods manufacturing and contract conPrices
struction continued to decline. During
The increase in the implicit price
the quarter, employment in some durable goods manufacturing industries— deflator for GNP held at the 5 percent
furniture and fixtures, primary and annual rate recorded in the second
fabricated metals, and electrical equip- quarter (table 3). In both the second
ment—strengthened in August and and third quarters, the increase in
September. No recovery was yet evi- the chain price index—5% percent and
dent in contract construction. It is 7 percent respectively—was faster than
impossible to relate this series precisely in the deflator (chart 2). In the second
to series on expenditures on construc- quarter, the difference between the
tion, mainly because the latter include increases in the two indexes had been
force account construction, i.e., con-due largely to a shift in the composition
struction that businesses undertake of GNP toward retail durable invenwith their own work force. Statistically tories. Because these items have had
it is difficult to obtain reliable estimates relatively small price increases since
for the construction industry, because the 1958 valuation base period, they
it is dominated by small enterprises lowered the increase in the deflator
that do not maintain adequate records relative to that in the chain price index.
and are difficult to survey, especially In the third quarter, when the difference
when, as in the recent period, business was larger, much of it was accounted
for by a continuation of the shift toward
deaths were high.
Average weekly hours of private non- retail durable inventories and shifts
farm production and nonsupervisory toward less decumulation of most other
workers edged up to 36.1 hours from a inventories and toward purchases of
second-quarter low. In manufacturing, new motor vehicles—all of which have
average weekly hours were up one-half had relatively small price increases.
If the change in current-dollar GNP
hour to 39.6 hours, with overtime up
were
corrected for price increase as
significantly. Reflecting these increases
and the increase in employment, private nonfarm employee hours were up
CHART 2
2.7 percent at an annual rate, after a
decline of 4.2 percent in the second
GNP Prices: Changes From Preceding
quarter.
Quarter
Output-compensation relationships. —
Percent
In the nonfarm business economy, hours 15
Implicit Price Deflator
worked and output were up, hour? at
\,
4.0 percent annual rate and output
very strongly at 11.4 percent. Produc- 10
tivity, as measured by the ratio of output to hours, was up 7.1 percent (table
2). It had also increased strongly in the
second quarter.
The increase in compensation per
hour was 6.1 percent at an annual rate,
1974
1975
1973
down further from the second quarter.
Seasonally Adjusted at Annual Rates
75-10-2
Reflecting this and the strong increase U.S. Department of Commerce, Bureau of Economic Analysis
SUKVEY OF CURRENT BUSINESS
October 1975
Table 3.—Implicit Price Deflators
[Seasonally adjusted]
Percent change from preceding
quarter (annual rate)
Index numbers (1958=100)
1974
Gross national product .
Less: Exports
Plus* Imports
Equals: GNP
imports
less
exports
plus
1974
1975
1975
II
III
IV
I
II
III
III
IV
I
II
167. 31
172. 07
177. 97
181. 62
183. 88
186. 15
11.9
14.4
8.4
5.1
5.0
188.7
202.5
210.9
213.9
214.8
214.6
32.5
17.7
5.9
1.7
-.4
214.9
230.8
239.3
243.2
242.8
241.0
32.8
15.6
6.6
-.6
-3.0
III
169.2
174.0
179.8
183.2
185.1
187.6
11.9
13.9
7.9
4.2
5.4
Personal consumption expenditures
Food.. .
Energy l
Other personal consumption
expenditures
160.2
175.1
178.5
164.7
178.3
182.2
169.6
185.7
181.1
171.8
188.6
184.6
173.9
190.3
190.6
176.7
195.2
199.6
11.9 12.4
7.7 17.7
8.5 -2.3
5.3
6.4
8.0
4.9
3.7
13.6
6.7
10.6
20.2
154.4
159.3
163.9
165.8
167.6
169.4
13.1
12.1
4.7
4.4
4.2
Other 2. _ .
Nonresidential structures.
Producers' durable equipment _ _
Residential structures..
Government purchases
187.6
196.2
139.2
190.0
208.8
193.3
200.6
145.5
195.9
214.1
201.4
206.0
154.5
197.9
221.4
206.6
209.7
160.7
204.3
224.6
209.4
209.0
164.8
208.2
226.5
211.6
210.6
165.6
211.6
229.3
12.7
9.3
19.5
13.0
10.5
17.9
11.1
27.3
4.2
14.3
5.5
10.7
7.4 -1.3
16.9 10.6
13.5
7.8
3.5
6.0
4.3
3.0
1.8
6.8
5.0
1. Gasoline and oil, fuel and ice, electricity, and gas.
2. The change in business inventories has been excluded because the implicit price deflator for the change in business
inventories is subject to large erratic movements that reflect shifts in the composition among items that have shown large
differences in their price rise as compared with the 1958 base period. The size of these erratic movements precludes the use of
these deflators in price analysis.
measured by the chain price index, which they are associated. The interrather than as measured by the deflator, play of the price and quantity elements
the increase in real GNP would be cannot be known until the revision of
about 9 percent at an annual rate the real GNP estimates is completed.
rather than 11 percent. Such a calculaAs already noted, the chain price
tion corresponds to one in which the index is a better measure than the
third quarter of 1975 is used as the deflator of pure price change from one
valuation base period for real GNP. quarter to the next. In the third
In the calculation of real GNP, it is in quarter, the GNP chain price index
effect the relative prices in the valua- accelerated about one-third, in contrast
tion period of all the physical goods to the second quarter when it had
and services that constitute the real decelerated. In order to evaluate the
GNP that are used to combine the significance of this acceleration, it is
divergent movements of these goods necessary to look at the rates of price
and services into real GNP. In the increase of GNP components, because
upcoming benchmark revision, the there were substantial differences
valuation base period will be moved among them. For some components
from 1958 to 1972. Inasmuch as relative the picture was much the same as in
prices in 1972 are generally closer to the second quarter—prices of governthose in the third quarter of 1975 ment purchases and residential structhan they are to those in 1958, it is tures neither accelerated nor decellikely that the presently shown 11 per- erated substantially. At one end of the
cent rate of increase in real GNP will spectrum, the chain price index for
be lower in the revised estimates. nonresidential fixed investment decelHowever, this proposition is subject to erated about 30 percent. The major
strong qualifications even apart from contributing factor was a continued
the fact that the benchmark revisions sharp deceleration of prices of prowill involve many changes in the ducers' durable equipment. Because of
current-dollar figures. Whether and to the lag structure built into the dewhat extent a lower rate of increase flation procedure to put these prices on
in real GNP materializes depends on a delivery basis, they reflected the
the behavior of the full array of relative lower rates of increase in wholesale
prices and on the behavior of the move- prices of capital goods that began in
ments of the physical quantities with early 1975. (See the July 1975 issue of
the SURVEY for a discussion of the
deflation procedure.) At the other
end of the spectrum, the chain price
index for personal consumption expenditures (PCE) accelerated sharply—
55 percent—due to food and energy
prices.
Because food and energy prices continue to have substantial impact on
price developments, it is worthwhile to
examine more closely what has happened to them and what impact they
have had on consumer prices. One way
to do this is to calculate the contribution of food and energy prices to
changes in the chain price index for
PCE. The results of these calculations,
along with corresponding changes in the
chain price index, are shown in table 4
for the inflationary period that began
in 1973. In the first three quarters of
1973, the contribution of the rapid rates
of food price increase was roughly half
of the increase in PCE prices, considerably more than the about 20 percent
weight of food in PCE. Subsequently,
the contribution of food prices became
smaller because, with some exceptions,
food price rises slowed, and because
energy prices began to rise more rapidly.
At the time of the petroleum embargo
and the associated rapid increases in the
price of internationally traded petroleum, the contribution of PCE energy
price increases was 20 to 30 percent of
the increase in PCE prices, in contrast
with the about 7 percent weight of
energy in PCE. Thereafter, through the
first quarter of 1975, the contribution of
Table 4.—Chain Price Index for Personal
Consumption Expenditures
[Seasonally adjusted]
Percent change from
preceding quarter at
annual rates
Contribution to
change in total
index, percent
Food
Energy 1
10.4
17.8
5.4
43.4
50.0
42.0
55.7
31.1
9.8
10.9
4.1
20.1
19.4
6.5
7.9
17.2
77.0
36.6
9.5
-1.7
28.7
12.5
13.3
37.5
31.9
20.8
5.6
-2.0
6.6
3.3
11.0
9.5
13.0
18.8
23.1
15.9
28.8
10.8
20.9
20.3
Total
index
Food
1973: I
II
III..._
IV
6.3
8.1
7.2
9.9
16.3
17.8
20.7
15.4
1974: I
II
III.—
IV
14.2
12.0
12.4
9.7
1975: I
II
III....
6.1
5.2
8.0
Energy 1
1. Gasoline and oil, fuel and ice, electricity, and gas.
energy prices was smaller. Acceleration
in energy prices beginning in the second
quarter of 1975, and in food prices
beginning in the third quarter, substantially raised their contribution to
the increase in PCE prices. In the third
quarter, half of that increase was due to
food and energy.
The largest factor in the recent
acceleration of energy prices was an
import fee on petroleum and petroleum
products. On February 1, a fee of $1
per barrel was levied on imported
crude petroleum, and on June 1 additional fees of $1 per barrel on crude
petroleum and of $0.60 per barrel on
petroleum products were levied. For
several weeks following a mid-August
court decision that held them illegal,
these fees were not collected; that
decision was appealed, and pending
the outcome of the appeal, the fees
(with the exception of the fee on
petroleum products, which was removed effective September 1) continue to be collected and placed in
an escrow account. The price of the
40 percent of domestically produced
crude petroleum that is not subject to
price controls tended to follow the
increase in the market price of imported petroleum. The sharp acceleration of gasoline prices in June, July, and
August, which added 5 cents per gallon
to the average price paid by consumers,
was largely due to these developments.
In addition to such direct effects on
PCE petroleum prices, there are several
indirect effects. Prices of other fuels
would be expected to have increased,
but specific situations, such as the
coal strike in late 1974 and regulation
of natural gas flowing in interstate
pipelines, make it difficult to disentangle the influences affecting these
prices. Utility rates reflected increased
fuel prices, because utilities pass on
to consumers substantial portions of
these increases through automatic adjustment clauses in their rate regulations. The effects mentioned are only
those that show up in prices of PCE
energy. The prices of other PCE
include increases due to higher costs
of fuel used in their production and
distribution.
The acceleration of food prices in
SURVEY OF CURRENT BUSINESS
October 1975
the third quarter was mainly due to
increased meat prices. Livestock products, such as eggs and dairy products,
and some fresh vegetables, also showed
price increases. The higher prices of
meat and livestock products can be
traced to the short, high-priced U.S.
food grain crop in 1974. Higher feed
prices reduced the profitability of livestock operations, so that fewer cattle
were grain-fed and fewer hogs, poultry,
and eggs were produced. Also, the average weight of marketed animals and
average milk output were reduced because less grain was fed. Given the lags
in these operations (for example, approximately one year from the time the
farmer decides to raise a pig until it is
ready for market), reduced supplies of
livestock and livestock products became
apparent by the spring of 1975, and
resulted in sharply rising prices of grainfed beef, pork, eggs, and milk. After
peaking in July, food prices steadied in
August, as larger suppliers of some items
became available. Beef supplies rose,
due to increased marketing of grass-fed
cattle, of which a substantial inventory
had been built up. Poultry supplies, for
which the production period is relatively
short, rose in response to the higher
market prices in the spring.
Several major factors will affect food
and energy prices. In the case of energy
prices, the Organization of Petroleum
Exporting Countries (OPEC) announced a 10 percent increase effective
October 1 in the posted price of Saudi
Arabian light crude, to which other
petroleum prices have usually been
benchmarked. It is not yet clear to
what extent petroleum of other grades
and from other sources will follow suit,
nor is it clear what actions will be taken
when the extension of price controls on
"old" petroleum expire on November 15,
nor what decision will be made about
the import fee. Also, actions relating to
natural gas are hard to foresee. In the
case of food prices, the size of the world
demand for imported grain, the share
of it that will be met by U.S. producers,
the resulting level of grain prices, and
livestock producers' reaction to those
prices are all major uncertainties.
Despite these uncertainties, the immediate prospects are reasonably clear
because of the various time sequences
that are involved. Neither of the factors
tending to raise energy prices—the
OPEC price increase and decontrol—
will be fully effective in the fourth
quarter. PCE energy prices are likely
to increase several percentage points
less in the fourth quarter than in the
third. Food prices are likely to decelerate in the short run. The larger supplies
of beef and poultry that began to
become available in the third quarter
may offset the effect of tight supplies
of pork, which so far have persisted.
There are no apparent reasons to
expect that prices of PCE other than
food and energy will deviate from the
relatively moderate 4 to 6 percent increases that occurred in recent quarters.
Consequently, total PCE prices are
likely to decelerate in the fourth quarter. The increase in the Federal Government pay effective in October, which
is counted in the NIPA price measures
as price increase, will work in the
opposite direction; it will raise the
annual rate of increase of the prices of
government purchases by about 2%
percentage points. Given these opposing
forces and the absence of other strong
ones, the chain price index for GNP
is not likely to accelerate or decelerate
markedly in the fourth quarter.
Personal consumption
expenditures
Real PCE again increased strongly,
at a 7 percent annual rate, compared
with 6% percent in the second quarter
(table 5). In contrast with the second
quarter, the major thrust was in expenditures on autos and parts; real
expenditures on goods other than autos
and on services were up moderately.
Auto expenditures reflected an annual
rate of sales of 9.1 million units, up 1.2
million units from the second quarter.
Sales of imports were up 0.1 million
to 1.7 million; they accounted for 19
percent of total sales, compared with a
20 % percent high in the second quarter
of 1975 and 15 percent in 1973. On the
basis of incomplete information, it
appears that 1976 models, which some
dealers were permitted to sell prior to
the official introduction dates, were
selling well. This suggests that positive
consumer response to models with
SURVEY OF CURRENT BUSINESS
October 1975
higher fuel economy was greater than
negative response to higher prices. List
price increases on the 1976 models
averaged only about 4 percent, in
contrast to the 10 percent hike last
year, which appears to have discouraged
sales. Also, consumers continued to
adjust to higher prices by shifting their
purchases toward smaller autos.
The real rates of expenditures in
other groups in the table were either
smaller than in the second quarter or
the same. The increase in expenditures
on durables other than autos, at 11 %
percent, was about the same as in the
second quarter. Expenditures on food
and energy goods were flat. The increase in expenditures on other nondurables, at 9 percent, was slightly less
than in the second quarter. The deceleration in this group was in expenditures
on clothing and shoes. Expenditures on
services were up only 2% percent.
Energy services increased at a rapid
rate, as they had in the second quarter;
other services, a much larger group,
increased only 1% percent.
Real disposable personal income was
down 6 percent at an annual rate in the
third quarter, after an extraordinary
increase in the second. This reversal
was the result of very large and partly
offsetting changes in the components
of disposable personal income and of
continued increases in consumer prices.
The latter limited the increase in
second-quarter real personal income
and converted the third-quarter current-dollar increase into a small real
decline.
Gains in personal income from production accelerated in the third
quarter, as the increase in wage and
salary disbursements more than doubled
to $18% billion, and farm proprietors'
income increased about $7 billion after
little change in the second quarter. On
the other hand, transfer payments,
which had contributed $12 billion to
the second-quarter income increase,
added only $1% billion in the third. The
biggest factor in the changes of disposable income was personal taxes,
which declined $36 billion in the second
quarter and increased $34 billion in
the third.
Because changes in personal consumption expenditures were small relative to those in disposable personal
income, personal saving showed large
fluctuations. It declined from 10%
percent of disposable income in the
second quarter to 7% percent in the
third. In dollar terms, it had increased
$38 billion in the second quarter, and
fell $31 billion in the third. These
changes in personal saving were the
mirror image of changes in the Federal
deficit on national income and product
account, which increased about $49
billion in the second quarter and declined in the third by an amount not
Table 5.—-Personal Consumption Expenditures in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars
Constant (1958) dollars
Percent change from
preceding quarter
(annual rate)
Billions of dollacs
1974
Personal consumption expenditures
.
1975
1974
1975
1975
IV
I
II
III
IV
I
II
III
I
II
III
895.8
913.2
938.6
970.0
528.2
531.5
539.7
548.9
2.5
6.4
6.9
Durables
Autos and parts l .
Other durables
120.7
41.4
79.3
124.9
44.5
80.4
130.6
46.8
83.8
139.0
52.1
86.8
92.8
32.0
60.7
95.2
34.8
60.5
97.9
35.5
62.3
103.5
39.5
64.1
11.0
38.4
-1.7
11.6
8.9
13.1
25.3
52.9
11.4
Nondurables
Food
Energy 2 ...
Other nondurables . _
391.7
196.0
49.8
145.9
398.8
201.4
49.1
148.3
410.1
204.8
51.7
153.6
423.8
209.7
55.3
158.8
221.4
105.5
26.0
89.8
222.5
106.8
25.5
90.3
226.4
107.6
25.9
92.9
228.6
107.4
26.2
95.0
2.1
4.9
-8.1
1.9
7.1
3.0
6.8
12.0
4.0
-.7
5.3
9.2
Services 3
Energy
Other services
383.5
24.5
358.9
389.5
25.1
364.4
397.9
26.9
371.0
407.2
28.6
378.6
214.1
15.1
199.0
213.7
14.7
199.0
215.5
15.4
200.2
216.8
15.8
200.9
-.6
-8.9
.1
3.4
18.6
2.3
2.3
13.6
1.5
1. Excluding mobile homes.
2. Gasoline and oil, and fuel and ice.
3. Electricity and gas.
very different from the decline in
personal saving (see the later section on
government purchases of goods and
services). This juxtaposition of figures
shows that the large changes in the
deficit had no immediate comparable
influence on consumer spending and on
production. The longer run effects of
the fiscal measures reflected in the
deficit are not yet known, and, because
of the many large changes in the components of disposable income, it will be
difficult to disentangle them even in
retrospect.
Fixed investment
Real fixed investment increased in
the third quarter. The 8 percent annual
rate increase—the first increase in more
than two years—represented a cessation
of decline in nonresidential fixed investment and a strong increase in residential
construction (table 6).
Both the structures and equipment
components of real nonresidential fixed
investment stabilized, after sharp declines in the second quarter. Within
producers' durable equipment, a sharp
increase in investment in autos and
trucks offset the continued decline in
other equipment. Vehicle investment,
which accounted for more than a
proportionate share of the decline over
the last year, had stabilized in the
second quarter. After adjustment for
differences in definition, the Federal
Reserve Board's measure of gross
output of business equipment has
followed a recent course that is very
similar to that of producers' durable
equipment component of GNP. In
the third quarter, the Federal Reserve
measure was stronger, but both measures are based on preliminary and
incomplete data for this period.
These developments do not as yet
indicate a broadly based recovery in
nonresidential fixed investment. The
BEA Plant and Equipment Expenditures Survey—which at this point in
the year extends only through the
fourth quarter—indicates that business
expects no change in investment expenditure from the third to the fourth
quarter in terms of current dollars.
Even if the deflator for nonresidential
fixed investment continues to increase
SUEVEY OF CURRENT BUSINESS
6
Table 6.—Fixed Investment in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars
Constant (1958) dollars
Percent change from
preceding quarter
(annual rate)
Billions of dollars
1974
IV
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Autos, trucks, and
buses
Other
Residential structures
1974
1975
I
II
1975
1975
III
IV
I
II
III
I
II
October 1975
were accumulated in the third quarter
(table 7). The accumulation increased
from an annual rate of $0.8 billion in
the second quarter to $2.8 billion. New
domestic cars in inventory rose each
month during the quarter to 1.5 million
units. That level represents 2.6 months
III
191.6
182.2
179.1
184.4
109.6
101.0
97.8
99.7
-27.8
-12.3
8.1
151.2
53.7
146.9
52.8
142.7
49.1
143.6
49.0
89.2
26.1
83.8
25.2
80.3
23.5
80.4
23.3
-22.1
-12.8
-15.6
-24.2
.5
-4.0
97.5
94.2
93.6
94.6
63.1
58.6
56.8
57.1
-25.7
-11.8
2.5
19.9
77.6
40.4
18.2
75.9
35.3
18.7
74.9
36.4
22.1
72.5
40.8
14.5
48.6
20.4
13.1
45.5
17.3
13.2
43.6
17.5
15.5
41.7
19.3
-33.3
-23.3
-49.0
2.0
-15.4
5.4
89.9
-16.6
48.2
•
•
•
•
•
•
•
•
•
•
I
CHART 3
Financial Conditions and Housing Starts
Percent
10
INTEREST RATES
3-Month Treasury Bills
90-Day to 6-Month Savings
Deposits at S & L Assoc.
at no more than the relatively low rate
of the third quarter, a moderate decline
in real investment will occur in the
fourth.
Residential construction increased
sharply in the third quarter, after
having leveled off in the second from
a 2%-year slide. Housing starts were
up 17 percent (not at an annual rate)
from the second quarter. The recovery
continued to be centered in singlefamily starts, which at 0.9 million
units were 11% percent above the
second quarter. Multifamily starts
troughed in the second quarter at a
very low level and showed more-thanexpected strength in the third. At
0.3 million units, they were up 37
percent.
There are several concerns about the
magnitude and duration of the recovery
hi residential construction. Among these
are the poor profit outlook for new
rental units (which was discussed in the
July issue of the SURVEY), high and
rising construction costs, and perhaps
shifts in preferences toward less expensive types of housing units. Also,
concern about a renewed financial
stringency, which under present circumstances would mainly affect singlefamily units, has reemerged.
Thrift institutions—savings and loan
associations and mutual savings
banks—are the main channel through
which financial stringency is transmitted to construction of single-family
houses. Because maximum interest rates
payable by thrift institutions are fixed
by law, changes in the relation of those
rates to market interest rates are the
main determinants of the net savings
inflow or outflow of thrift institutions
(first and second panels of chart 3).
In turn, these savings flows are the
main determinants of mortgage commitments made by these institutions,
even though the relation is not rigid
because the effect of changes in flows
can to some extent be offset by changes
in the thrift institutions' portfolios
of liquid assets and their net indebtedness to the Federal Home Loan Banks.
These commitments show a close relationship to single-family housing
starts (third and fourth panels of
chart 3).
Market yields rose from midyear
until October, and the net inflows to
thrift institutions receded from the high
levels earlier in the year. Data available
through August indicate that, nevertheless, commitments were still strong.
Market yields declined some in October, and there is concern that, if the
easing is temporary, the flow of mortgage credit will be retarded and the
recovery in housing construction cut
short.
10
3- to 5-Year Treasury Notes
£
4- to 6-Year Savings
Deposits at S & L Assoc.
11 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
Billion $
NET SAVINGS FLOWS AT THRIFT
INSTITUTIONS (seasonally adjusted)
2
_
ol 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
30
MORTGAGE COMMITMENTS AT SELECTED
THRIFT INSTITUTIONS (seasonally adjusted)
20
TO. I i t i i i I i i i i i I i i i i i I t i i t i I
t
. i i i 1i i i i i I i i i i i 1n i
Million Units
HOUSING STARTS (seasonally adjusted at annual rates)
Change in business inventories
Inventories were liquidated again in
the third quarter, but at a substantially
slower rate—$5 billion in real terms—
compared with an average of $14%
billion in the first and second quarters
of 1975.
Auto inventories—as measured by
the change in retail dealers' auto
inventories in the gross auto product—
1972
1973
1974
1975
Data: FHLBB, FRB, & Census
U.S. Department of Commerce, Bureau of Economic Analysis
75-10-3
SURVEY OF CURRENT BUSINESS
October 1975
and likely future inventory developments. The Census Bureau's Survey of
Manufacturers' Inventory and Sales
1975
1974
Expectations that was taken in July
IV
I
II
IV
I
II
III
III
indicated that liquidation of inventories
held by durable goods manufacturers
8.2
5.0
10.9 -11.7 -17.1
20.0
10.6
-4.8
will continue in the fourth quarter, and
3.4
5.2 -1.1 -8.2
7.7
6.6
3.7
—7.5
inventories held by nondurable goods
5.8
.9
3.6
.8 -3.5
5.0
1.8
-6.4
manufacturers will be flat. This survey
2.5
1.9
1.9
1.6 -1.9 —4.7
1.5
—1 1
is not on the same valuation basis as
4.0
1.9
0
1.5 -2.7 -4.7
2.9
-.3
-.1
used in the NIPA's, so that exact cor1.6
2.0
-.8 -2.1
1.9
1.0
-2.2
2.4
2.0 -1.0
—.5 -1.9 -2.6
1.0
19
respondence between it and figures used
.5
5.7 -1.2
3.5 -6.7 -3.4
-.6
2.9
in this review, which are NIPA esti3.6 -1.5 -2.6
5.3 -8.1 -1.9
0
3.3
mates, cannot be expected. The survey
3.8 —5.1 -2.7
-.3
4.5 -5.2
.8
28
.1
-.2
.3
3.6
.7 -2.9 -2.7
.5
of the National Association of Pur2.1
3.1
1.4 —1.5
.3
—.6 —1.8
— 5
.7
5
chasing Management, Inc., that was
.5
.5
.4
.5
—.5
— 6
2.1
6
1.8
.2
1.8
1.1
-.8
—.2
taken in September indicated that liquidation of the physical volume of
within durable goods manufacturing. materials purchased by manufacturers
Liquidation of inventories held by is likely to be slower in coming months.
Additional perspective on inventory
nondurable goods manufacturers continued, but at a substantially slower developments is provided by constantdollar ratios of inventory stocks to
rate than in the second quarter.
Inventories of durable goods whole- actual GNP final sales and also to
salers also continued to be liquidated. potential GNP final sales. These ratios
Inventories of nondurable goods whole- were discussed in the July issue of the
salers reflected a build-up—probably SURVEY. Revised and updated estia short-term one—by dealers in farm mates for the chart accompanying that
products and raw materials. It is likely discussion are shown below.
that this build-up was in grain that
was being readied for shipment to the
1975
Soviet Union. Retailers of durables
III
II
other than autos accumulated inventories, and the rate of liquidation by
Stocks-final sales ratio:
retailers of nondurables slowed.
0.277
0.281
Actual
.245
.249
Potential
Overall, the pattern that emerged is
what had been suggested in the July
Billions of 1958 dollars,
seasonally adjusted
SURVEY. Inventories held by manufacturers of nondurable goods and by Inventory stocks
224.0
225.2
wholesalers and retailers, with the GNP final sales (at annual rates) :
809.4
800.7
Actual
exception of nondurable goods whole914.5
905.6
Potential
salers, are likely to increase in the near
term because the adjustment process
From the second to the third quarter,
has largely been completed and invenboth
ratios dropped, as inventories were
tories can be expected to increase in line
with sales of consumer goods. Some liquidated and as final sales increased.
continuation of the liquidation by dur- By the third quarter, the ratio to actual
able goods manufacturers can be ex- GNP final sales, although down very
pected. These manufacturers started substantially from its peak in the fourth
the adjustment process with a very quarter of 1974, was still high by hislarge inventory overhang and they have torical standards. The ratio to potential
made less progress in liquidating it GNP final sales, in contrast, was very
because of the typical lag of manufac- low.
turing behind trade inventories, and
Net exports
also because of the persistent weakness
Net exports of goods and services
in the demand for capital goods.
declined
in the third quarter, after
These conclusions are not out of line
strong
increases
in.both the first and
with surveys that in part deal with past
Table 7.—Change in Business Inventories in Constant (1958) Dollars
[Billions of dollars, seasonally adjusted at annual rates]
1973
Total
-.
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Retail trade
_
Durable goods .
Autos
Other durable goods - .
Nondurable goods
Other nonfarm
Farm
..- .
I
II
III
7.3
7.8
8.0
3.2
3.5
3.9
3.7
—.5
3.2
.3
5.7
-1.7
.8
-.8
-.1
.9
-.1
.7
-1.6
0
-.1
1.0
3.2
1.9
0
.4
-.3
1.0
1.9
.7
1.1
1.4
1.1
-.7
1.8
.8
.4
1.9
.4
1.5
.5
1.9
of sales at the September sales rate,
somewhat higher than the 2.0 thought
to be the dealers' target. The inventory
series are seasonally adjusted, and
should not show the build-up that is
usual at the turn of the model year.
However seasonal adjustment at the
time of model changeover is generally
difficult, and especially this year may not
fully reveal underlying developments.
Inventories other than of autos were
affected by some special identifiable
situations as well as the continuing
realignment that began early in 1975
following prior inventory build-up.
Inventory liquidation by manufacturers
of durable goods continued at a substantial rate and was widespread. Inventories held by primary metals producers were reduced in the third quarter after prior accumulation. This was
expected in the light of an announcement by major producers in early
August that, effective October 1, prices
of flat-rolled steel products would be
raised by almost 6 percent. Thereafter,
steel shipments picked up substantially,
suggesting anticipatory purchasing. It
is likely that so far the bulk of these
purchases have been added to raw
materials inventories of steel consumers
or transformed by them into work-inprocess inventories or finished goods
inventories, so that the continuing
liquidation of inventories held by other
than steel producers was less than it
otherwise would have been. Because
the bulk of steel consumers are included
in durable goods manufacturing industries, these shifts occurred largely
SUEVEY OF CURRENT BUSINESS
8
second quarters. In current dollars, the
decline was from $16 billion in the
second quarter to $10 billion in the
third (table 8). These estimates do not
take into account the statistical revisions made in the corresponding balance
of payments items, which will be incorporated in the upcoming benchmark
revision of the NIPA's. The balance
of payments revisions make the increases in net exports in the first and
second quarters even larger; complete
information on a balance-of-payments
basis for the third quarter with which
to make a comparison is not available.
Changes in the merchandise trade
balance have accounted for most of the
movements in net exports; changes in
the nonmerchandise balance—a balance
dominated by net investment income—
Table 8.—Net Exports of Goods and Services in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars
Constant (1958) dollars
1974
IV
Net exports of goods and
services
Exports
Merchandise
-. _
__ -..
Imports
Merchandise
1975
I
II
1974
III
9.8
9.1
11.6
14.0
11.2
69.9
48.9
66.5
48.7
63.3
46.1
65.4
47.9
-18.5
-1.2
-17.7
-19.7
13.5
16.1
145.7
110.1
133.4
101.0
119.8
88.6
130.4
97.6
60.9
44.0
54.9
39.8
49.4
35.0
54.1
39.2
-34.0
-33,0
-34.5
-40.0
44.5
56.5
Billion $
1 120
80
60
60
40
40
Agricultural
Petroleum and products
20
20
Billion ( 1 9 5 8 ) $
160
Constant Dollars
Total
40
40
20
Agricultural
Petroleum and products
1972
1973
1974
Seasonally Adjusted at Annual Rates
Note.-These estimates include statistical revisions that have not yet been incorporated in the published net exports component
of the national income and product accounts.
U.S. Department of Commerce, Bureau of Economic Analysis
III
140.2
104.7
80 -
1975
II
16.2
100
1974
I
136.0
101.1
EXPORTS
1973
III
8.8
100
1972
II
142.2
106.7
have been relatively small in recent
quarters.
Petroleum imports have continued
to be an important factor in trade
20
I
1975
1.9
Current Dollars
Billion (1958) $
60
IMPORTS
IV
1975
147.5
104.2
U.S. Merchandise Trade in Current and Constant Dollars
IMPORTS
Percent change from
preceding quarter
(annual rate)
Billions of dollars
CHART 4
Billion $
120
October 1975
1975
developments. They had declined in
the first and second quarters, both in
current and constant dollars, but in
the third quarter recovered about
four-fifths of that decline (chart 4).
The chief factor was the U.S. recession
and recovery from it. Because petroleum imports continue to be subject to
extraordinary developments, it is useful to view the trade balance exclusive
of petroleum even though, so far this
year, this balance and the total export
balance followed a similar course.
Nonagricultural exports showed little
gain in the past few quarters. The
effect of depressed economic conditions
in other industrial countries, which
are the major foreign markets of the
United States, was partially offset by
increased trade with other countries.
Agricultural exports—which increased
in the first and third quarters and
declined in the second—accounted for
the bulk of the quarterly movements
in total exports. A substantial part of
the third-quarter increase was shipments of grains and soybeans. The
increased volume of these shipments
did not yet reflect the stepped-up grain
purchases of the Soviet Union to any
significant extent.
Imports of merchandise other than
petroleum declined sharply in the first
and second quarters, and turned up in
the third. This pattern reflected the
business cycle in the United States. All
major categories shared in the decline.
In absolute terms, the largest decline
was in industrial supplies, because
these account for a large part of the
import total.
October 1975
In the analysis of the impact of
exports and imports on GNP, it is
tempting to assume a dollar-for-dollar
relationship between changes in net
exports as the cause, and changes in
GNP as the effect. For instance, it has
been stated by some observers that
the increase in net exports that occurred
in the first and second quarters gave
a nudge to GNP, and suggested that
in the absence of the $6 billion constantdollar improvement in the foreign trade
balance from the fourth quarter of
1974 to the second quarter of 1975, the
decline in real GNP would have been
larger by the same amount.
Analysis of the impact of exports and
imports must be much more complex.
There is a close analogy with a generally
recognized aspect of fiscal policy analysis. When the effect of the Federal
surplus (or deficit) on GNP is analyzed,
a distinction must be drawn between
the effect of the Federal surplus on
GNP and the effect of GNP on the
Federal surplus. In fiscal analysis, the
distinction between these two types of
effects is most important in analyzing
changes in receipts; the bulk of changes
in government expenditures can be
interpreted as respresenting the effect
of the budget on GNP. In the analysis
of the effects of foreign trade on GNP,
it is changes in exports that can be
interpreted as representing the effect
of the trade balance on GNP; it is
changes in imports that have to be
looked at more carefully.
The decline in imports from the
fourth quarter of 1974 to the second
quarter of 1975 can be regarded as an
offset to the decline in GNP only to the
extent that the import decline would
have occurred independently of the
decline in GNP. Correspondingly, the
third-quarter increase in imports did
not subtract from the increase in GNP
except to the extent that the import
increase would have occurred independently of the increase in GNP. In the
short run, the only important cause of
such changes is a change in the foreign
exchange value of the importing countries' currency; over the time span
examined here, changes in the foreign
exchange value of the dollar were relatively small. Agricultural exports may
be an exception to the generalization
594-639 O - 75 •
SUKVEY OF CUREENT BUSINESS
that changes in exports can be identified
with the effect of the trade balance on
GNP. To the extent that the levels of
agricultural production have been established, changes in agricultural exports would not lead to an increase in
the real volume of GNP—although
they may have an effect on the price
level—but merely to offsetting shifts
between the real export and inventory
investment components of GNP.
In summary, it does not appear that
in the time span under review, imports
had an independent effect on the movement of real GNP. A similar conclusion
holds for exports inasmuch as the only
significant change in them was in their
agricultural component. This component, like imports, did not have an
impact on real GNP in the period under
review. Nonagricultural exports, which
would have affected real GNP, were
flat.
Government purchases
In real terms, both Federal and
State and local government purchases
were unchanged in the third quarter
(table 9). At the State and local level,
there was no change in public service
jobs, which had increased earlier in the
year. The impact of the depressed
level of economic activity on revenues
has continued to force many State
and local governments to hold down
purchases.
In current dollars, small increases in
Federal nondefense and defense purchases totaled $1.5 billion at an annual
rate. Transfer payments increased $1.1
billion, after an extraordinary increase
of $11.4 billion in the second quarter.
More than one-half of the latter
increase was accounted for by a onetime $6.6 billion bonus that was paid
out in the second quarter. The corresponding decrease in the third quarter
was more than offset by stepped-up
social insurance payments due to costof-living allowances, which included an
8 percent increase in social security
benefits that amounted to $5.0 billion.
Federal revenues were up substantially. Personal taxes increased $32.7
billion; $28 billion of the increase was
traceable to the provisions of the Tax
Reduction Act of 1975, most importantly the rebound from the one-time
rebate that was paid in the second
quarter. The balance—$4.7 billion—
was reflected in the increase in wages
and salaries. Corporate profits taxes
reflected the further increase in their
base. The $1.9 billion increase in indirect business taxes included $1.3
billion from fees on imported crude
petroleum and petroleum products.
As a result of the substantially larger
increase in receipts than in expenditures, the Federal deficit declined from
$103.3 billion in the second quarter to a
range of $65 to $70 billion in the third.
As noted earlier, this large change in
the deficit had no immediate comparable effect on production.
GNP by sector
Viewing the economy in terms of
product by sector is an alternative to
viewing it in terms of the conventional
demand components. One of the ad(Continued on page 29)
Table 9.—Government Purchases of Goods and Services in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars
Constant (1958) dollars
Percent change from
preceding quarter (annual rate)
Billions of dollars
1974
Government purchases of
goods and services
Federal. .
National defense
Other _
State and local _
1974
1975
1975
1975
IV
I
II
III
IV
I
II
III
I
323.8
331.6
338.1
343.1
146.3
147.7
149.2
149.6
3.8
4.4
1.0
124.5
84.0
40.6
199.3
126.5
84.7
41.8
205.1
128.4
84.8
43.6
209.7
129.9
85.6
44.3
213.2
57.0
57.4
58.3
58.4
2.7
6.6
.4
89.3
90.2
90.9
91.2
4.5
2.9
1.4
II
III
SUEVEY OF CURRENT BUSINESS
10
October 1975
NATIONAL INCOME AND PRODUCT TABLES
1974
1973
II
1974
III
1975
rv
I
II
1974
ID>
1973
1974
II
rv
III
Seasonally adjusted at annual rates
1975
II
I
III 9
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
1, 294. 9 1 397.4 1 383 8 1,416.3 1, 430. 9 1 416.6 1,440.9 1,497.8
Gross national product
Personal consumption expenditures. .
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment . .
Nonresidential .
Structures
Producers' durable equipment
Residential structures.Nonfarm
Farm
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
.
. . .
Government purchases of goods and services .
Federal
National defense
Other
State and local.
..
-
839 2
821 2
827 1
823 1
804 0
780 0
783 6
804 6
805.2
876.7
869.1
901.3
895.8
913.2
938.6
970.0
552.1
539.5
542.7
547.2
528 2
531 5
539 7
548 9
130.3
338.0
336.9
127.5
380.2
369.0
129.5
375.8
363 8
136.1
389.0
376.2
120.7
391.7
383.5
124.9
398.8
389.5
130.6
410.1
397.9
139.0
423.8
407.2
113.6
228.6
209.9
103.1
223.7
212.6
106 8
223.6
212 2
107.8
225.8
213 7
92 8
221.4
214 1
95 2
222 5
213 7
97 9
226 4
215 5
103 5
228 6
216 8
209.4
209.4
211 8
205.8
209.4
163.1
148.1
174.9
138 1
126 7
130 3
122 7
120 5
89 3
80 7
94 9
194.0
195.2
198.3
197.1
191.6
182.2
179.1
184.4
127.3
118.0
122.2
117.7
109.6
101.0
97.8
99 7
136.8
47.0
89.8
57.2
56.7
.5
149.2
52.0
97.1
46.0
45.2
.7
149.4
52 2
97.2
48.8
48 0
.8
150.9
51.0
99.9
46.2
45.4
.8
151.2
53.7
97.5
40.4
39.7
.7
146.9
52.8
94.2
35.3
34.8
.5
142.7
49.1
93.6
36.4
35.6
.8
143.6
49.0
94.6
40.8
39.9
1.0
94.4
25 4
69.0
32.9
32.6
.3
94.0
26.2
67.8
24.0
23.6
.4
96.5
26 6
69.9
25.7
25.3
.4
94.1
25.4
68.7
23.6
23.1
.4
89.2
26 1
63.1
20.4
20.1
.4
83 8
25 2
58 6
17.3
17 0
.2
80.3
23 5
56 8
17.5
17 1
.4
80 4
23 3
57 1
19.3
18 8
.5
15.4
11.4
4.0
14.2
11.9
2.3
13.5
10 4
3.1
8.7
6.6
2.1
17.8
17.5
.3
—19.2
-17.8
-1.4
-31.0
-30.6
-.4
-9.5
—10.6
1.2
10.8
8.9
1.8
8.7
7.4
1.2
8.2
6 4
1.8
5.0
3.9
1.1
10.9
10.7
.2
—11.7
—10 9
—.8
—17.1
— 16 8
—.2
-4.8
—5 4
.6
3.9
2.1
-1.5
-3.1
1.9
8.8
16.2
9.8
4.6
9.0
8.2
7.3
9.1
11.6
14.0
11.2
100.4
96.4
140.2
138.1
138.5
140.0
143.6
146.7
147.5
145.7
142.2
133.4
136.0
119.8
140.2
130.4
66.6
62.0
71.9
62.9
73.4
65.1
70.9
63.6
69.9
60.9
66 5
54.9
63 3
49.4
65 4
54.1
276.4
309.2
304.4
312.3
323.8
331.6
338.1
343.1
144.4
146.0
145.8
145.9
146.3
147 7
149.2
149.6
106.6
74.4
32.2
169.8
116.9
78.7
38.2
192.3
114.3
76.6
37.7
190.1
117.2
78.4
38.8
195.1
124.5
84.0
40.6
199.3
126.5
84.7
41.8
205.1
128.4
84.8
43.6
209.7
129.9
85.6
44.3
213.2
57.3
56.5
56.3
56.5
57.0
57.4
58.3
58.4
87.0
89.5
89.5
89.4
89.3
90.2
90.9
91.2
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
.
.
Final sales
Change in business inventories..
1, 294. 9 1, 397. 4 1,383.8 1, 416. 3 1, 430. 9 1,416.6 1,440.9 1,497.8
839.2
821.2
827.1
823.1
804.0
780.0
783.6
804.6
1, 279. 6 1,383.2 1 370.3 1, 407. 6 1, 413. 1 1, 435. 8 1, 471. 9 1, 507. 3
14.2
17.8 -19.2 -31.0
15.4
13.5
8.7
—9.5
828.4
10.8
812.5
8.7
818.9
8.2
818.1
5.0
793.1
10.9
791.8
—11.7
800.7
-17.1
809.4
-4.8
622.7
670.3
664.9
681.7
682.6
667 0
680.5
720.9
459.1
442.8
448.9
446.0
427.1
408.3
411.1
429.1
607.3
15.4
656.1
14.2
651 3
13 5
673.0
8.7
664.8
17.8
686.1
—19.2
711.5
-31.0
730.3
—9.5
448.3
10.8
434.1
8.7
440.8
8.2
441.0
5.0
416.3
10.9
420.1
-11.7
428.2
-17.1
433.9
-4.8
Durable goods
Final sales
Change in business inventories
250.3
240.9
9.4
256.9
249.2
7.7
246.6
248 5
—1.8
265.5
259.8
5.7
264.5
246.2
18.3
239.5
252.9
-13.4
247.0
261.7
-14.7
257.2
269.0
-11.8
206.0
198.5
7.5
195.9
191.0
4.9
195.4
196.6
-1.2
200.2
196.6
3.6
188.0
176.7
11.3
167.5
176.1
-8.6
169.7
177.8
-8.1
177.1
182.9
-5.8
Nondurable goods . .
Final sales
Change in business inventories
372.4
366.5
6.0
413.4
406.9
6.5
418 2
402.9
15 4
416.2
413.2
3.0
418.1
418.6
-.5
427.5
433.2
—5.7
433.5
449.8
—16.3
463.7
461.3
2.3
253.1
249.9
3.3
246.9
243.1
3.8
253.6
244.2
9.4
245.8
244.4
1.4
239.2
239.6
-.4
240.8
244.0
-3.2
241.4
250.3
-9.0
252.0
251.0
1.0
534 4
590.3
579 2
597.8
614.5
620.9
635.3
647.3
304.5
310.9
308.3
310.7
313.7
312.2
315.0
316.4
128 8
125.2
129.6
75.5
67.5
69.8
66.4
63.2
59.5
57.5
59.1
Goods output
Final sales
Change in business inventories
Services
Structures
..
137.8
136 8
139 7
136.7
133.9
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product..
Gross domestic product
Business—
Nonfarm.
Farm
Households and institutions..
General government..
Federal
State and local
Rest of the world
Addendum: Gross private product.
,294.9 1,397.4 1,383.8
1,416. 3 1i, 430.9 1,416.6 1,440.9 1,497.8
839.2
1,286.5 1,385.6 1,374.1 1,405.2 1,418.9 1,409.4 1,432.6 1,489.7
,096.8 1,177. 8 1,168.8 1,195.7 1,203.6 1,189.2 1,207.8 1,261.1
1,040.3 1,124.1 1,117. 8 1,144.4 1,151.5 1,142.9 1,159. 9 1,205. 2
56.5
51.3
51.1
52.1
47.9
55.9
53.8
46.3
753.1
725.8
27.4
821.2
827.1
823.1
804.0
780.0
783.6
816.9
824.1
819.8
800.0
777.7
780.8
733.8
706.3
27.5
741.4
712.7
28.7
736.6
708.0
28.6
716.5
690.8
25.7
666.0
27.5
696.0
669.6
26.5
41.3
47.0
46.5
48.0
48.8
50.0
51.1
52.2
18.5
18.9
18.8
18.9
18.8
18.9
19.1
148.5
52.8
95.7
160.8
55.7
105.1
158.8
55.0
103.9
161.6
55.3
106.3
166.5
57.9
108.7
170.2
58.1
112.2
173.7
58.2
115.6
176.4
58.5
117.8
62.3
21.3
41.0
64.1
21.1
43.0
63.9
21.1
42.8
64.2
21.0
43.2
64.8
21.0
43.7
65.2
21.0
44.3
65.7
20.9
44.8
8.4
11.9
9.7
11.1
12.0
7.2
8.3
8.1
5.2
4.3
3.0
3.3
4.0
2.3
2.8
1,146.5 1,236.6 1,225.0 1,254.7 1,264.4 1,246.4 1,267.2 1,321.4
776.9
757.1
763.2
758.8
739.2
714.8
718.0
v Preliminary.
Benchmark Revision of GNP
The benchmark revision of GNP which had been scheduled for completion in October will be published in the December SURVEY. An article describing new estimates of capital consumption allowances
that BEA intends to introduce in the benchmark revision is presented on page 14 of this issue.
SURVEY OF CURRENT BUSINESS
October 1975
1974
II
III
1974
1975
1974
1973
11
IV
I
II
1973
III*
1974
Table 4.—'Relation of Gross National Product, National Income,
and Personal Income (1.9)
1,294.9 1,397.4 1,383.8 1,416.3 1,430.9 1,416.6 1,440.9 1, 497. 8
Gross national product
Less: Capital consumption
110.8 119.5 118.6 120.7 122.9 125.2 127.4 130.0
allowances
Equals: Net national product.. 1,184.1 1,278.0 1,265.2 1,295.6 1,308.1 1,291.5 1,313.5 1,367.8
119.2
4.9
-5.0
126.9
5.2
.4
125.9
5.2
.3
129.5
5.3
3.0
129.8
5.3
4.8
132.2
5.4
1.6
135.4
5.5
—4.4
139.8
5.5
.6
-2.9
-3.7
-2.4
-2.7
-1.6
—1.6
-1.1
1,065.6 1,142.5 1,130.2 1,155.5 1,165.4 1,150.7 1,175.4
Less: Corporate profits & IV A. 105.1 105.6 105.6 105.8 103.4 94.3 104.9
Contributions for social in91.2 101.5 100.8 103.0 103.2 104.6 105.4
surance
Wage accruals less disburse.0
.0
.0
-.1 -.5 -.6 -1.5
ments
Plus: Government transfer
113.0 134.6 130.6 138.7 145.8 158.7 170.9
payments to persons
Interest paid by government
38.3 42.3 41.9 42.7 43.6 43.7 45.0
(net) and by consumers
29.6 32.7 32.5 33.2 33.3 33.8 34.0
Dividends
5.2
5.4
5.5
5.3
5.2
4.9
5.3
Business transfer payments..
Eauals* National income
107.6
.0
172.5
45.7
34.5
5.5
Table 5.— Gross Auto Product (1.15, 1.16)
Gross auto product
Personal consumption expenditures
Producers' durable equipment.
Change in dealers' auto inventories
Net exports
Exports
Imports
Addenda:
New cars, domestic *
New cars, foreign
Personal consumption expenditures
Producers' durable equipment.
Change indealers' auto inventories
Net exports. _ _
Exports
Imports
Addenda:
New cars, domestic *
New cars, foreign..
49.9
40.8
38.6
48.3
42.8
34.1
44.0
50.8
43.4
7.7
37.5
6.6
38.0
6.7
43.6
7.7
32.6
5.7
35.3
6.2
37.1
6.5
42.0
7.4
1.1
-2.7
3.8
6.5
-.9
-2.9
4.7
7.6
-2.9
-3.6
4.2
7.7
-.3
-3.2
5.0
8.2
5.4
-1.4
5.4
6.8
1.0
-6.3
-1.6 —1.0
5.2
4.7
6.3
6.3
3.4
-2.6
6.5
9.1
43.1
10.0
35.3
9.9
34.9
8.3
41.6
11.3
36.7
9.8
27.6
10.0
36.1
10.9
43.3
13.2
44.2
33.6
32.6
38.9
33.6
26.7
33.7
38.9
38.3
6.8
31.0
5.5
32.1
5.7
35.2
6.3
25.4
4.5
27.8
4.9
28.3
5.0
32.0
5.7
1.1
-2.4
3.4
5.7
-.9
-2.5
3.9
6.3
-2.7
-3.0
3.6
6.6
-.3
-2.6
4.1
6.7
4.5 -5.2
-1.1 -1.2
4.2
3.7
5.3
4.9
.8
—.8
4.0
4.8
2.8
-2.0
4.9
6.9
39.3
9.2
30.3
8.6
30.7
7.4
34.9
9.6
28.7
8.7
34.2
10.5
29.9
8.1
22.4
8.3
Table 6. — Inventories and Final Sales of the Business Sector in
Constant Dollars
Billions of 1958 dollars
Inventories 3
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods _
All other
4
^9*
107 59
OR*
59 45
•>«'
oq 88
fj' 3
ie'
45 52
19* 6
oc' 6
jg 5
Final sales, total
749 4
Nonfarm
71fi 8
Inventory-fina! sales ratios, total.
y
Nonfarm
*o«»
J2
228.1
31.2
196.9
101.5
63.6
37.9
31.5
15.3
16.2
47.0
20.2
26.8
17.0
228.4
31. 3
197.1
101.5
63. 5
38. 0
31. 8
15. 2
16. 6
46. 9
19. 6
27. 2
17. 0
National income
Compensation of employees
Wages and salaries..
Private...
Military
Government civilian
Supplements to wages and
salaries..
Employer contributions for
social insurance
Other labor income
II
III"
229.7 232.4 229.4 225.2
31. 6 31.6 31.4 31.4
198.1 200.7 198.0 193.8
102.4 103.7 103.4 101.4
64. 0 64.9 65.1 64.2
38. 4 38.8 38.3 37.2
31. 8 32.1 31.5
30.3
15. 4
15.9 15.7
15.2
16. 3 16.2 15.8 15.1
46. 7 47.6 45.9 45.1
19. 6 20.9 18.9
18.4
27. 1 26.6 27.0 26.6
17. 2 17.3 17.2
17.0
725.2 733.2 731.6 705.6 705.3 713.1
698.9 706.3 704.1 680.1 676.9 686.4
.315
.312 .314
.329
.325 .316
.282 . 279 . 281 .295
.293 .282
224.0
31.5
192.5
99.5
62.6
36.9
30.2
14.6
15.6
45.8
19.3
26.5
16.9
721 .4
693.3
.310
.278
1,065.6 1,142.5 1,130.2 1,155.5 1,165.4 1,150.7 1,175.4
786.0
855.8
848.3 868.2
877.7 875.6
885.4
691.6
750.7
744.6 761.5
769.2 765.1
773.0
791.3
545.1 592.4
20.6 21.2
126.0 137.1
588.3 602.5
20.9 20.8
135.4 138.2
605.1 597.4
22.0 22.0
142.1 145.7
601.9
21.9
149.2
617.3
22.0
152.0
103.7 106.7
108.6 110.5
94.4
105.1
48.4
46.0
53.6
51.4
53.2
50.5
54.5
52.3
906.4
112.4
115.2
54.6
54.0
55.2
55.3
55.7
56.7
57.0
58.2
96.1
93.0
89.9
92.1
91.6
84.9
86.1
94.6
Business and professional
Farm
57.6
38.5
61.2
31.8
60.7
29.1
62.3
29.8
62.5 62.7
29.1 22.2
63.4
22.7
64.7
29.9
Rental income of persons . .
26.1
26.5
26.3
26.6
26.8
27.0
27.1
27.4
105.1
105.6
105.6 105.8
103.4
94.3
104.9
122.7
140.7
139.0 157.0
131.5 101.2
113.3
49.8
72.9
29.6
43.3
55.7
85.0
32.7
52.4
55.9 62.7
83.1 94.3
32.5 33.2
50.5 61.1
52.0 39.0
79.5 62.3
33.3 33.8
46.2 28.5
43.0
70.3
34.0
36.3
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability .
Profits after tax
Dividends.
Undistributed profits
Inventory valuation adjustment
Billions of 1958 dollars
Gross auto product *
I
Table 7.— National Income by Type of Income (1.10)
Proprietors' income.
1,055.0 1,150.5 1,134.6 1,168.2 1,186.9 1,193.4 1,220.5 1,255.0
l
IV
Billions of dollars
Billions of dollars
Equals: Personal income
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Less: Indirect business tax and
nontax liability
Business transfer pay ments..
Statistical discrepancy
Plus: Subsidies less current
surplus of government enterprises
II
1975
Net interest. .
-17.6
52.3
34.5
-35.1 -33.4 -51.2 -28.1 -7.0 —8.4 — 11.5
61.6
60.1 62.8
65.9
68.9
71.9
75.9
Table 8.—National Income by Industry Division (1.11)
All industries, total
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods ..
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade...
Finance, insurance, and real estate
. . ..
Services
Government and government
enterprises
Rest of the world
1,065.6 1,142.5 1,130.2 1,155.5 1,165.4 1,150.7 1,175.4
50.6
66.5
45.6
72.0
287.2 306.1
108.9 124.0
178.3 182.1
40.4
21.1
43.4
22.6
42.7
72.1
43.7
73.2
304.2 313.2
123.1 129.0
181.1 184.2
43.6
22.2
44.4
22.6
37.6
70.3
38.8
69.0
310.2 294.2
125.2 120.3
184.9 173.9
303.1
125.4
177.8
43.7
72.2
43.3
23.8
41.8
23.0
42.5
24.4
19.1 19.4
155.9 166.2
19.1 19.7
167.0 167.6
20.3 22.0
168.9 172.8
21.8
176.9
117.8
134.6
127.3
150.1
125.8 128.3
148.4 152.7
131.0 133.5
155.6 159.5
135.5
162.6
164.1
8.4
177.9
11.9
175.5 178.9
9.7 11.1
184.4 188.6
12.0 7.2
192.5
8.3
Table 9.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
AH industries, total
105.1
105.6
94.3
104.9
Financial institutions
Federal Reserve Banks
Other financial institutions
19 6
45
15 1
20 8
57
15 0
20 7
5.7
15 0
20 7
60
14 7
20.9 20.7
6.0 5.7
14 9 15 0
20.8
5.7
15.1
Nonfinancial corporations
M anufacturing
Nondurable goods
Durable goods
Transportation, communication and public utilities
All other industries
85 5
47.6
21 5
26.1
84.9
47.0
30 0
17.0
84.9
46.8
29.7
17.1
85.1
48.6
33.3
15.3
82.5 73.6
46.3 41.1
30.1 27.3
16.2 13.8
84.1
48.3
30.4
18.0
92
28.7
78
30.1
80
30.1
86
28.0
75
28.7
8.1
27.8
105.6 105.8
103.4
6.8
25.7
p Preliminary.
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
3. Quarterly inventories are end of quarter; annual inventories are average of fourth quarter
of prior year and four quarters of current year.
SURVEY OF CURRENT BUSINESS
12
1975
1974
1973
1974
II
III
October 1975
I
IV
II
1974
III P
1973
1974
Seasonally adjusted at annual rates
Income originating in corporate business
Compensation of employees
Wages and salaries
Supplements
Net interest.
76.7
75.7
77.6
79.3
81.2
83.0
85.2
66.5
70.5
69.8
71.9
71.8
734
76.1
79.4
583.1 623.0 621.1 633.3 632.4 620.3 634.1
482. 5 524.1 520.2 533.1 535.4 527.3 531.3 545.4
416.6 451.0 448.0 458.8 460.0 451.0 453.9 466.0
65.9 73.1 72.2 74.3 75.4 76.3 77.4 79.4
3.2
3.2
3.3
Corporate profits and inventory
valuation adjustment.
97.8 95.8 97.7 97.1 93.8
Profits before tax
115.4 130.8 131.0 148.2 121.8
Profits tax liability
49.8 55.7 55.9 62.7 52.0
Profits after tax
65.6 75.1 75.1 85.5 69.9
Dividends
25.9 33.4 35.2 36.1 32.3
Undistributed profits
39.6 41.8 39.9 49.4 37.6
Inventory valuation adjustment... -17.6 -35.1 -33.4 -51.2 -28.1
Cash flow, gross of dividends
Cash flow, net of dividends
Gross product originating in
financial institutions
Gross product originating in
non financial corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Income originating in nonfinancial
corporations.
.
Compensation of employees
Wages and salaries
Supplements
Net interest
Personal income
71.2
3.2
3.3
3.4
3.5
89.7 99.4
96.6 107.7
39.0 43.0
57.6 64.8
31.2 30.9
26.5 33.9
-7.0 -8.4 -11.5
136.8 151.8 150.9 163.0 149.2 138.8 147.8
110.8 118.4 115.6 126.9 116.9 107.6 116.9
36.5
39.0
38.7
39.2
39.7
40.1
40.2
684.3 731.1 727.9 743.5 743.9 734.8 753.0
68.1
73.2
72.3
74.0
75.7
77.5
79.3
81.5
63.4
67.1
66.5
68.5
68.4
69.9
72.6
75.8
552.8 590.8 589.1 601.0 599.8 587.3 601.1
454.1 492.9 489.5 501.5 503.2 494.1 497.7 511.5
392.6 424.7 422.0 432.2 432.8 423.2 425.8 437.7
61.5 68.2 67.4 69.3 70.3 70.9 71.9 73.8
20.5
22.9
22.6
23.1
23.7
Corporate profits and inventory
valuation adjustment
78.2 75.0 77.0 76.4 72.9
Profits before tax
95.8 110.1 110. 4 127.5 101.0
Profits tax liability
40.7 45.6 45.8 52.5 41.6
Profits after tax
55.0 64.5 64.5 75.1 59.4
Dividends
23.7 30.7 32.5 33.2 29.7
Undistributed profits
31.3 33.9 32.0 41.9 29.7
Inventory valuation adjustment- -17.6 -35.1 -33.4 -51.2 -28.1
Cashflow,gross of dividends .. .
123.1 137.7 136.8 149.1 135.0
Cash flow, net of dividends
99.4 107.0 104.3 115.9 105.3
24.3
24.8
25.2
69.0 78.6
75.9 87.0
28.8 32.9
47.1 54.1
28.5 28.3
18.6 25.8
—7.0 -8.4 -11.5
124.6 133.4
96.1 105.2
516.4 503.7 507.9 505.2 491.8 473.8 481.2
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating ain nonfinancial
corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees.
Net interest
Corporate profits and inventory valuation adjustment-Profits tax liability
Profits after tax plus inventory valuation adjustment—
1.325 1.452
1.433 1.472
.132
.145
.142 .146
.123
.879
.040
.133
.979
.045
.131 .136
.964 .993
.045 .046
1.512 1.551 1.565
.154
.164
.165
.139 .148 .151
1.023 1.043 1.034
.048 .051 .051
.151
.079
.149
.090
.152 .151
.090 .104
.148
.085
.146
.061
.163
.068
.073
.058
.061 .047
.064
.085
.095
i' J£?ludes gross Product originating in the rest of the world.
^nUHto^
3. Personal saving as a percentage of disposable personal income.
4. On February 18, 1974, the U.S. Government granted to India $2,015 million (quarterly
?:?45 I??.ees1un5e.r Provisions of the Agricultural Trade Development and Adjustment
Act. 1 entatively, this transaction is beine treated as canital mints nairi t.n fnrotcrnprc in th«
an p r o u c accounts but as current unilateral transfers in the balance
S* s,ac<;gounts
' Accordingly, this transaction is excluded from Federal Government
£ f ? n , ° ?£ ?6ioS7f
'elated totals shown in tables 13, 14, and 16, and is included in
shown
in
Ubles
i
M
'and
(annual rate) in capital grants received by the U.S.
on n
esi an I?
whiSML^^
" Preliminary.
Hip
temporary Federal program
Wage and salary disbursements
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
,055.0 1, 150. 5 1,134.6 1,168.2 1, 186. 9 1,193.4 1,220.5 1,255.0
691.7
751.2
745.2
763.0
769.2
765.1
773.0
791.3
251.9
196.6
165.1
128.2
146.6
270.9
211.3
178.9
142.6
158.8
270.0
210.1
177.4
140.9
156.9
276.0
215.8
181.6
144.9
160.5
273.7
214.4
183.9
147.5
164.1
262.5
204.1
183.7
151.2
167.7
262.6
205.0
185.8
153.5
171.1
271.1
212.6
189.7
156.5
174.0
Other labor income
46.0
51.4
50.5
52.3
54.0
55.3
56.7
58.2
Proprietors' income
Business and professional _
Farm
96.1
57.6
38.5
93.0
61.2
31.8
89.9
60.7
29.1
92.1
62.3
29.8
91.6
62.5
29.1
84.9
62.7
22.2
86.1
63.4
22.7
94.6
64.7
29.9
Rental income of persons
Dividends
Personal interest income
26.1
29.6
90.6
26.5
32.7
103.8
26.3
32.5
102.0
26.6
33.2
105.5
26.8
33.3
109.5
27.0
33.8
112.6
27.1
34.0
116.9
27.4
34.5
121.6
117.8
139.8
135.8
144.0
151.1
164.1
176.3
178.0
60.4
69.8
68.7
72.5
74.5
76.2
77.5
83.9
4.2
13.9
39.3
7.1
16.1
46.9
6.3
15.2
45.7
7.3
16.6
47.7
9.4
17.4
49.9
15.9
18.0
53.9
19.4
18.1
61.3
18.8
19.0
56.3
Less: Personal contributions for social insurance
42.8
47.9
47.6
48.5
48.6
49.3
49.7
50.6
Less: Personal tax and nontax
payments
151.3
170.8
168.2
175.1
178.1
178.0
142.0
175.9
Equals: Disposable personal
income
903.7
979.7
966.5
993.1 1,008.8 1,015.5 1,078.5 1,079.1
829.4
902.7
894.9
927.6
922.3
939.5
964.7
996.3
805.2
22.9
876.7
25.0
869.1
24.8
901.3
25.3
895.8
25.5
913.2
25.4
938.6
25.2
970.0
25.4
Transfer payments
Old-age survivors, disability, and health insurance benefits
Government unemploy-5
ment insurance benefits .
Veterans benefits
Other
Less: Personal outlays
Personal consumption expenditures
Interest paid by consumersPersonal transfer payments
to foreigners
.8
1.3
1.0
1.0
.9
.9
.9
.9
74.4
77.0
71.5
65.5
86.5
75.9
113.8
82.9
Addenda:
Disposable personal income:
Total, billions of 1958 dollars. 619.6
Per capita, current dollars. .. 4,295
2,945
Per capita, 1958 dollars
8.2
Personal saving rate,* percent .
602.8
4,623
2,845
7.9
603.5
4,565
2,850
7.4
602.9
4, 681
2,842
6.6
594.8
4,745
2,798
8.6
591.0
4,768
2,775
7.5
620.2
5,055
2,907
10.6
610.6
504.5
285.5
7.7
Equals: Personal saving
Table 12.—Personal Consumption Expenditures by Major Type (2.3)
Billions of 1958 dollars
Gross product originating in
non financial corporations
II
Table 11.—Personal Income and its Disposition (2.1)
720.8 770.1 766.6 782.7 783.5 774.8 793.2
2.8
I
Billions of dollars
Table 10.—Gross Corporate Product * (1.14)
Gross corporate product
rv
III
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
II
1975
Personal consumption
expenditures
Durable goods
Automobiles and parts
Mobile homes
.
Furniture and household
equipment .
Other
Nondurable goods
Food and beverages
Clothing and shoes
Gasoline and oil
Other
Services
Housing
Household operation
Transportation
Other..
805.2
130.3
57.5
4.4
876.7
127.5
49.7
3.5
869.1
129.5
50.6
4.1
901.3
136.1
56.2
3.5
895.8
120.7
43.7
2.3
913.2
124.9
46.8
2.3
938.6
130.6
49.4
2.6
970.
139.
55.
2.<
55.0
17.8
338.0
165.1
70.2
28.3
74.4
336.9
116.4
47.3
23.4
149.9
58.8
19.1
380.2
187.7
74.1
35.9
82.4
369.0
126.4
52.9
26.1
163.6
59.5
19.4
375.8
183.5
74.4
36.8
81.1
363.8
124.9
51.7
25. 6
161.6
60.4
19.4
389.0
191.3
75.7
37.9
84.2
376.2
127.7
54.6
26.5
167.5
57.8
19.2
391.7
196.0
73.7
37.5
84.5
383.5
130.9
56.0
27.1
169.4
57.9
20.2
398.8
201.4
76.2
37.8
83.5
389.5
134.1
57.0
28.1
170.3
60.7
20.5
410.1
204.8
78.7
39.6
87.0
397.9
136.6
59.5
28.8
173.0
62.,
21. (
423.*
209. '
81.,
41."
90. «
407. J
139. i
ei. e
29.!
176. <
Table 13.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and servicesCapital grants received4 by the
United States (net)
Payments to foreigners
Imports of goods and servicesTransfers to foreigners
Personal
- Government
..
Net foreign investment
100.4
100.4
138.2
140.2
138.5
138.5
143.6
143.6
147.5
147.5
142.2
142.2
136.0
136.0
140.2
140.2
.0
100.4
96.4
3.9
1.3
2.6
.1
-2.0
138.2
138.1
3.6
1.0
2.6
-3.5
.0
138.5
140.0
3.7
1.0
2.7
-5.2
.0
143.6
146.7
3.3
.9
2.4
-6.5
.0
147.5
145.7
3.6
.9
2.7
-1.8
.0
142.2
133.4
3.6
.9
2.7
5.2
.0
136.0
119.8
3.6
.9
2.7
12.5
.0
140.2
130.4
3.5
.8
2.7
6.3
SURVEY OF CURRENT BUSINESS
October 1975
1974
1973 1974
II
III
13
1974
1975
I
IV
II
1973
III*
1974
II
Seasonally adjusted at annual rates
Less: Wage accruals less disbursements
Surplus or deficit (— ), national
income and product accounts
.0
-.5
1.3
1.5
.2
2.7 2.3 3.5 3.5 4. 1
2.5 2.0 2.4
2.3 2. 2
-. 1 -.3 -1.0 -1.2 -1.8
-.6 -1.5
.0
.0
.0
.0
193.5
Personal tax and nontax receipts
37.2
Corporate profits tax accruals
6.1
Indirect business tax and nontax
accruals
98.0
Contributions for social insurance. .. 11.7
Federal grants-in-aid
40.5
State and local government expenditures
184.4
Purchases of goods and services
169.8
20.1
Net interest paid. .
-.8
Subsidies less current suiplus of government enterprises
-4.7
Subsidies
.1
Current surplus
4.8
Less: Wage accruals less disbursements.0
Surplus or deficit (— ), national
income and product accounts
Addenda:
Surplus, social insurance funds
Surplus or deficit (— ) all other
State and local funds
207.7 205.3 210.9 213.9 219.8 226.2
39.5 38.8 40.3 41.2 41.8 42.9 44 i
6.7 6.7 7.3 6.2
5.5
4.9
104.9 104.0 107.0 107.6 109.2 111.6 m !
12.8 12.7 13.0 13.3 13.7 14.1 Jt'
43.8 43.2 43.4 45.5 50.2 52.2
*6
205.9 203.3 208.8 214.0 221.5 227.0 231.2
192.3 190.1 195.1 199.3 205.1 209.7 213 2
20.2 19.8 20.4 21.3 22.9 23.7
-1.6 -1.6 -1.6 -1.5 -1.4 -1.2 — 1.0
-5.0 -5.0 -5.0 -5.0 -5.1 -5.1 —5.2
1
.1
.1
.1
.1
.1
.1
5.1 5.1 5.1 5.2 5.2
5.3
.0
.0
.0
1.8
2.0
2.1
.0
.0
.0
-.1 -1.6
-.9
O
9.1 9.7
9.7
9.8 9.8 9.9 10.1
.1 -7.9 —7.7 -7.7 -9.9 -11.5 -11. 0
101
Table 16.— Sources and Uses of Gross Saving (5.1)
Gross private savins
210.9 213.8 207.3 196.2 227.5 222.6 269.2
Personal saving.
74.4 77.0 71.5 65.5 86.5 75.9 113.8 82.9
Undistributed corporate profits
43.3 52.4 50.5 61.1 46.2 28.5 36.3
Corporate inventory valuation adjustment--17.6 -35.1 —33.4 -51.2 -28.1 -7.0 -8.4 -11.5
Corporate capital consumption
71.2 76.7 75.7 77.6 79.3 81.2 83.0 85.2
Noncorporate capital consumption
allowances
39.6 42.8 42.8 43.2 43.6 44.0 44.4
Wage accruals less disbursements
.0
.0
.0
.0
.0
.0
.0
•0
Government surplus or deficit (-),
national income and product
accounts
3.5 -6.3 -1.0
.2 -24.6 -56.0 -104.2
Federal
-5.6 -8.1 -3.0 -1.9 -24.5 -54.4 -103.3
9.2
1.8 2.0 2.1 __ i -1.6 -.9
Capital grants received by the United
States (net) <
.0 -2.0
.0
.0
.0
.0
.0
•u
GroBB investment
209.4 205.9 206.6 199.3 207.7 168.2 160.7 181. 2
Gross private domestic investment.. 209.4 209.4 211.8 205.8 209.4 163.1 148.1 174.9
Net foreign investment
.1 -3.5 -5.2 -6.5 -1.8
5.2 12.5 6. 3
Statistical discrepancy
-5.0
.4
.3 3.0 4.8
1.6 -4.4
» Preliminary.
154.31 170. 18 167. 31 172.07 177. 97 181.62 183. 88 186. 15
145.9
114.7
147.9
160.5
162.5
123.7
170.0
173.5
160.2
121.3
168.0
171. 4
164.7
126.3
172.3
176.1
169.6
130.1
176.9
179.2
171.8
131.2
179.2
182.2
173.9
133.5
181.2
184.6
176.7
134.2
185.4
187.9
Gross private domestic investment
Fixed investment..
Nonresidential
Structures...
Producers' durable equipment...
Residential structures
Nonfarm
Farm
Change in business inventories
152.4
144.9
185.4
130.0
174.0
174.0
168.0
165.3
158.7
198.7
143.2
191.4
191.6
183.5
162.3
154.9
196.2
139.2
190.0
190.2
181.5
167.5
160.4
200.6
145.5
195.9
196.1
187.5
174.9
169.6
206.0
154.5
197.9
198.1
189.4
180.4
175.4
209.7
160.7
204.3
204.4
195.4
183.2
177.7
209.0
164.8
208.2
208.4
199.0
185.0
178.6
210.6
165.6
211.6
211.9
202.0
Net exports of goods and services . . .
Exports
Imports
150.6 195.0 188.7 202.5 210.9 213.9 214.8 214.6
155.6 219.7 214.9 230.8 239.3 243.2 242.8 241.0
Government purchases of goods and
services
..
Federal
Federal
State and
and local..
local
191.5 211.8 208.8 214.1 221.4 224.6 226.5 229.3
185.9 206.8 203.0 207.4 218.4 220.3 220.1 222.5
195.1 215.0 212.4 218.3 223.2 227.3 230.7 233.7
Table 18.— Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
154.31 170. 18 167. 31 172.07 177. 97 181.62 183. 88 186. 15
154.5 170.2 167.3 172.1 178.1 181.3 183.8 186.2
Final sales
Goods output
D urable goods
Nondurable goods. .
135. 6 151.4 148.1 152.9 159.8 163.3 165.5 168.0
121.5 131.1 126.2 132.6 140.7 143.0 145.5 145.2
147.1 167.5 165.0 169.3 174.8 177.5 179.6 184.0
Services
Structures
175.5 189.9 187.9 192.4 195.9 198.9 201.7 204.6
182.4 202.6 200.0 206.0 211.8 216.6 217.5 219.4
Addendum: Gross auto product
112.9
121.5 118.7 124.0 127.2 127.6 130.6 130.5
Table 19.— Implicit Price Deflators for Gross National Product by
Sector (8.4)
154.31 170. 18 167. 31 172.07 177. 97 181.62 183.88 186. 15
Gross national product
154.27 169. 62 166.75 171.41 177.36 181.23 183.48 185.78
145.6 160.5 157.7 162.3 168.0 171.5 173.5 176.0
143.3 159.1 156.8 161.6 166.7 171.6 173.2 175.2
206.1 195.4 177.8 179.1 203.1 168.3 ISO. 9 194.3
Gross domestic product
Business
Nonfarm
Farm
.
222.7 248.3
Households and institutions
9.2
III *
Personal consumption expenditures
Durable goods
Nondurable goods
Services
-5.6 -8.1 -3.0 -1.9 -24.5 -54.4 -103.3 ......
Table 15. — State and Local Government Receipts and Expenditures
(3.3, 3.4)
State and local government receipts
II
Table 17.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
2.1
2.0
I
Index numbers, 1958=100
Table 14.—-Federal Government Receipts and Expenditures
(3.1, 3.2)
5.3
4.2
-1.1
IV
Seasonally adjusted
Billions of dollars
ernment enterprises
Subsidies
Current surplus
III
1975
238.5
248.3
233.4
Federal
..
State and local
Addendum: Gross private product
250.9 248.5 251.5 257.1 260.9 264.6 267.2
264.5 260.7 263.0 275.0 277.1 278.5 285.9
244.2 242.5 245.9 248.5 253.3 258.1 261.0
147.56 163. 34 160.51 165.35 171. 04 174.38 176. 50 178. 91
Table 20. — Change from Preceding Period for
Selected Aggregates (7.7)
Percent
Gross national product:
Constant dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Gross domestic product:
Current dollars^
Constant dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Gross private product :
Current dollars
Constant dollars.....
Implicit price deflator
Chain price index
...
Percent at annual rate
11.8 7.9
7.6 9.7 4.2 -3.9
5.9 -2.1 -1.6 -1.9 -9.0 -11.4
5.6 10.3 9.4 11.9 14.4 8.4
6.0 10.0 9.8 12.7 11.7 7.8
7.5
6.3 10.7 11.1 12.7 12.5
7.0
1.9
5.1
5.4
5.5
16.7
11.2
5.0
7.2
7.2
9.3 9.4 4.0 -2.6
.3 -2.1 -9.3 -10.7
9.0 11.7 14.6 9.0
9.2 12.5 11.8 7.8
10.6 12.5 12.5 7.5
6.7
1.6
5.1
5.4
5.5
16.9
11.2
5.1
7.3
7.3
12.2
7.9 7.7 10.1 3.1 -5.6
6.2 -2.6 -2.0 -2.3 -9.9 -12.6
5.7 10.7 9.9 12.6 14.5 8.0
5.9 10.6 10.6 13.8 12.0 8.0
7.7
6.3 11.4 12.3 13.8 12.6
6.9
1.8
5.0
5.3
5.5
18.2
12.0
5.6
7.7
7.7
11.7 7.7
5.9 -2.0
5.5 10.0
9.7
5.9
6.2 10.4
BY ALLAN H. YOUNG
New Estimates of Capital Consumption ADowances
Revision of GNP in the Benchmark
JLN the upcoming benchmark revision
of the national income and product
accounts (NIPA's), BEA intends to
include in capital consumption allowances estimates of depreciation valued
in current prices and measured with
consistent accounting with respect to
the service lives of assets and the depreciation formula. This improvement
will be one of the most significant in the
benchmark revision; it will make possible meaningful measures of net national product, net domestic product,
and national income in current and
constant dollars. This article describes
the new measure of depreciation and
compares the resulting capital consumption allowances with those currently in
the NIPA's.1
In the present accounts, capital consumption allowances include primarily
depreciation as tabulated by the Internal Kevenue Service (IRS) from tax
returns filed by businesses. The major
exceptions are depreciation for the farm
sector and for housing that is owned
either by owner-occupants or by landlords who file individual tax returns
rather than business returns. For the
farm sector, BEA uses U.S. Department of Agriculture estimates that are
based on consistent accounting and
valued in current prices. For housing,
BEA prepares estimates based on consistent accounting and valued at historical costs.
Economists, including national economic accountants in the United States
and in other countries, have long recognized that tax return depreciation
has serious shortcomings for most types
1. In the NIPA's, capital consumption allowances consist
of depreciation and accidental damage to fixed capital. Accidental damage to fixed capital, which is a small part of the
total, will also be stated in current prices in the benchmark
revision. Accidental damage is included in the series shown in
charts 5 and 6, but is not discussed here.
14
of economic analysis and is not the
proper measure for inclusion in national
income and product accounts.2 The
two major shortcomings are:
(1) Tax return depreciation is based
on asset service lives and depreciation
formulas that may not reflect the using
up of fixed capital. This defect is
particularly serious if, as has been the
case in the United States, major
changes are made in regulations governing service lives and depreciation formulas. Such changes have resulted in
more rapid writeoffs of the value of
capital that, by and large, did not
reflect underlying changes in the rate
at which capital was used up.3
(2) Tax return depreciation is valued
in terms of the historical costs of assets;
it reflects a mixture of prices of the
various years in which investments
were made. This is not the proper concept for measuring production and
charges against production in the
NIPA's. Instead, these charges, including depreciation, should be valued in
prices of the current period or, in the
case of constant-dollar estimates, in
prices of a base period.
2. For instance, the System of National Accounts used by
the United Nations, which is also used by the Organization
for Economic Cooperation and Development, specifies consistent accounting and current-price valuation (see A System
of National Accounts, United Nations, 1968). Examples of
recent studies concerned with depreciation valued in current
prices are William Fellner, Kenneth W. Clarkson, and John
H. Moore, Correcting Taxes for Inflation, American Enterprise
Institute for Public Policy Research, 1975; and William D.
Nordhaus, "The Falling Share of Profits," Brookings Papers
on Economic Activity, No. 1,1974.
3. The major changes in regulations have been: (1) During
World War II and the Korean war, new investment in defense
facilities could be amortized over 60 months; (2) Starting in
1954, new investment could be depreciated with accelerated
methods as an alternative to the straight-line formula; (3) In
1962, reductions in tax service lives of about 30 to 40 percent
below previous lives were permitted for equipment; (4) In
1969, use of accelerated depreciation methods was limited for
nonresidential real estate; (5) In 1971, further reductions in
tax lives of about 20 percent were permitted for new
equipment.
For some time, BEA has been
engaged in research to prepare depreciation estimates that are based on consistent accounting and valued in current
prices. In 1968, BEA published a major
study that presented estimates, in current prices, that were based on several
depreciation formulas and service lives.
The study also presented estimates of
the amount of depreciation claimed on
corporate tax returns as a result of
changes in depreciation practices.4 Since
then, BEA has updated the alternative
4. Allan H. Young, "Alternative Estimates of Corporate
Depreciation and Profits: Parts I and II," SURVEY OF
CURRENT BUSINESS, April and May 1968.
CHART 5
Capital Consumption Allowances^ for
Nonfinancial Corporations, Tax
Return-Based and Historical-and
Current-Cost Valuations
Billion $ (ratio scale)
100
• T a x return-based
Straight-line depreciation, .85F service lives,
60
•
current-cost valuation
..
historical-cost valuation
30
10
1929
40
50
60
1. Excludes depreciation on residential properties
owned by nonfinancial corporations.
U.S. Department of Commerce, Bureau of Economics Analysis
70
October 1975
SUKVEY OF CURRENT BUSINESS
15
estimates (most recently in the May
1974 SURVEY OF CURRENT BUSINESS).
The BE A estimates of depreciation by cumulating gross investment in
that are based on consistent accounting prior years and then subtracting gross
are derived from stocks of fixed capital investment in the assets that have
5. The perpetual inventory method is explained in more
calculated by the perpetual inventory completed their service lives. Depreciadetail in BEA's Fixed Nonresidential Business Capital in
the United States, 1925-73, January 1974. This publication is
method.5 This method uses estimates tion charges are obtained by applying
available for $12.50 from National Technical Information
of gross investment and service lives depreciation rates to the investment
Service, 5285 Port Royal Road, Springfield, Va. 22151. When
ordering, please mention accession number COM 74-10422
to
derive measures of stocks and elements in the gross stock. The investand include remittance payable to National Technical
depreciation. Gross stocks are obtained ment estimates used to implement this
Information Service.
method are the flows for producers'
durable equipment, nonresidential
CHART 6
structures, and residential capital in
the GNP. Depreciation measures in
Capital Consumption Allowances^/ for Nonfinancial Corporations,
historical-cost valuation are derived
Historical-and Current-Cost Valuations
by using investment estimates in historical costs. Depreciation measures
Current-Cost Valuation
Historical-Cost Valuation
Billion $
valued in current prices are derived by
100
reflating
to
current-year prices
constant-cost depreciation measures
• Double-declining balance
that are estimated by using constant60
depreciation, .85F lives
dollar investment series. Depreciation
• Straight-line depreciation
.85F lives
measures by legal form of organization
are derived by allocating the invest30
ment flows in GNP between corporate
and noncorporate components.
20
The depreciation measure that will
be included in the NIPA's in the benchmark revision is based on current-cost
valuation and the straight-line depreciation formula. The service lives
used for investment in nonresidential
structures and equipment are 85 percent of the lives specified in the 1942
edition of Bulletin F issued by IRS
(.85F). The service lives used for new
residential structures are 80 years for
1 to 4 unit dwellings and 65 years for
100
5 or more unit dwellings.6
Tax return-based depreciation and
the new measure that will be included
in the NIPA's for nonfinancial corporations for 1929-74 are presented in
chart 5. (The small amount of depreciation on residential properties owned
by nonfinancial corporations is excluded.) The chart shows preliminary estimates of the new benchmark numbers;
however, final estimates probably will
not be much different.
10 The chart shows the separate effects
of adoption of consistent; accounting
based on the straight-line formula and
.85F service lives and adoption of
current-price valuation. The consistent
accounting measure valued at historiiiiIiiiiI iiiiiiiiiiiii
3l i i i i i i i i 1 1 i i i i i i i i i
1929
. 40
50
60
70
1. See footnote on chart 5.
U.S. Department of Commerce, Bureau of Economic Analysis
i iiiiii iiiiiM iiii iiii ii i11 iii iiiiiiii iiii
1929
40
50
60
70
6. Selection of service lives for investment in residential
structures is described in John C. Musgrave, "New Estimates
of Residential Capital in the United States, 1925-73,"
SURVEY OF CURRENT BUSINESS, October 1974.
16
cal costs is below the tax return-based
measure for most years after 1940.
Valued in current prices, the consistent
accounting measure is above the tax
return-based measure for most years
from 1929 to 1961 and again in 1974.
From 1962 to 1973, the tax returnbased measure is above the consistent
accounting measure valued in current
prices, because of the effect of the
reductions in tax service lives in 1962
and 1971, which are described later.
The new measure of depreciation will
not be appropriate for all uses. For
example, in studies of the effects of
tax policies, the old measure probably
would be required. Accordingly, in
addition to the new series, the NIPA's
will continue to show tax return-based
depreciation for corporations and nonfarm sole proprietorships and partnerships. Also, several variants based on
consistent accounting will be provided
regularly in the SURVEY OF CURRENT
BUSINESS so that users can judge the
effects of different depreciation formulas, service lives, and valuations and,
if they desire, substitute an alternative
for the NIPA measure.
As a result of changing the measurement of depreciation, the estimates of
business income arising from current
production will also be revised; however, the present before-tax measures
of income will continue to be shown in
the NIPA's. In the present accounts,
corporate profits and nonfarm proprietors' income arising from current
production are shown as the sum of
before-tax income and the inventory
valuation adjustment. The new presentation will be similar. Income arising
from current production will be shown
as the sum of before-tax income, the
inventory valuation adjustment, and
a new item, the capital consumption
adjustment, which represents the difference between the tax return-based
measure and the new measure of
depreciation.
Service lives and depreciation
formula
Service lives.—There is little direct
evidence concerning actual service lives.
To a large extent, they must be inferred
from the following information on
which tax return depreciation is based.
SUEVEY OF CURRENT BUSINESS
(1) For many years, the standard
reference for tax service lives was the
1942 edition of Bulletin F issued by
IRS. During the 1940's and 1950's,
IRS required businesses to use Bulletin
F lives unless they could demonstrate
that actual service lives were shorter.
(2) Studies conducted by IRS showed that tax service lives used for new
investment in 1954-59 were approximately .75F. (The previously mentioned
BEA study suggested that tax lives had
probably declined somewhat during the
1940's and 1950's.)
(3) The 1962 IRS guidelines permitted a reduction in tax service lives
for new and existing equipment to
about .6F or .7F. In addition, the
requirement for correspondence between
actual and tax service lives was relaxed
to some extent. Consequently, although
tax lives declined, it seems unlikely
that actual lives followed suit.
(4) The asset depreciation range
(ADR) adopted in 1971 allowed businesses to depreciate new equipment
over service lives in a range from 20
percent shorter to 20 percent longer
than the guideline lives. The effect of
ADR was to lower tax lives, and again
it seems unlikely that the reduction
reflected much, if any, decline in actual
lives.
The available information indicates
that neither tax nor actual service lives
in the 1940's were necessarily as long as
specified in Bulletin F, and the decline,
if any, in actual lives probably did not
match that in tax lives. Consequently,
BEA assumed that actual service lives
have changed little and have been somewhat shorter than those in Bulletin F
over the entire period included in the
depreciation calculations.
In chart 6, depreciation for nonfinancial corporations based on this assumption is compared with that based on
alternative assumptions. Use of Bulletin
F lives would result in depreciation
measures about 5 percent below those
based on .85F lives for recent years.
Allowing for declines in service lives
from F in 1940 to .75F in 1960 would
raise depreciation approximately 8 percent above the .85F measure in the
1970's.
Depreciation formula.—A depreciation formula specifies how the cost of an
October 1975
asset is allocated over its life. There is
no general agreement on some points
involved in selecting a depreciation
formula. The two most important
points at issue are the time path of the
services provided by an asset and
whether future services should be discounted in establishing the annual
depreciation charge. In other words:
Are the services provided each year
roughly equal over the asset's life, or do
they decline? And, should the depreciation charge be obtained by allocating
the cost of the asset over the service
life in proportion to the services provided each year, or should it be obtained
as the annual decline in the sum of the
remaining services discounted to present value? (In both cases depreciation
charges cumulated over the service life
equal the cost of the asset.)
The straight-line formula allocates
depreciation equally to each year over
the asset's service life. Selection of this
formula is based on the view that the
services provided each year are roughly
equal and that no discounting should
be used. It seems that for many, if not
all, types of assets, the service provided
remains fairly steady over much of the
service life, and that substantial decline usually does not occur until near
the end. Several empirical studies have
indicated this pattern, particularly for
long-lived assets such as buildings.
Possible exceptions are some types of
equipment for which secondhand prices
may indicate that services decline
substantially in the first years. However, it is not clear to what degree
secondhand prices can be used to
indicate the services that are provided
by assets that are retained by original
owners. Since the services provided by
an asset do decline before the end of
its service life, the straight-line formula
is a limit that, with an increasing
investment stream, understates depreciation to some extent. The understatement is probably less than the
difference between depreciation based
on the straight-line formula and that
based on the double-declining balance
formula. Thus, the double-declining
balance measures shown in chart 6
(Continued on page 35)
BY PAUL SCHNEIDERMAN
State and Loeal Government
Gross Fixed Capital Formation: 1958-78
and local government investment in facilities and equipment accounted for nearly 17 percent of the
total fixed investment (public and
private) in the United States from 1958
to 1971, and about 15 percent in 1972
and 1973. In spite of its magnitude, this
investment has not been examined in
detail.
This article presents detailed estimates of State and local government
investment spending and financing by
function for the period 1958-73. Estimates for 1974 and 1975, which are also
provided, are preliminary and incomplete; they are discussed separately in
the concluding section. The article
expands on information on government
gross fixed capital formation (GFCF)
published in the February 1973 SURVEY
OF CURRENT BUSINESS.1 As explained
there, GFCF ". . . is an estimate of
the government purchases of structures and durable goods that, if purchased by the private sector, would be
counted in gross private domestic fixed
investment. It includes Federal and
Table 1.—State and Local Government
Gross Fixed Capital Formation
[Billions of dollars]
Total
GFCF
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
-
Structures
Equipment and
other durable
goods
13.8
14 3
14.3
15 5
16 3
18.0
19 5
21.4
12 5
12 8
12 7
13 8
14 5
16.0
17 2
19.0
3
4
.6
7
g
2.0
2 3
2.5
23.8
26.0
28 5
29.2
29.8
31.4
32.2
34 9
21 0
23.0
25 2
25 6
25.8
27 0
27.2
29 3
28
3.0
33
3.6
4.0
4 5
5.0
56
State and local purchases of nonmilitary
new construction, used structures, and
new and used equipment."
The article is divided into four major
sections: (1) an overview of the growth
in aggregate State-local GFCF and its
financing, (2) a detailed analysis of
public investment decisions as related
to available sources of financing, (3) a
detailed review of State-local GFCF
for each of six functional categories:
highways, education, water and sewer
facilities, health and hospitals, airports
and water transport facilities, and all
other, and (4) an examination of the
financial and demographic forces likely
to affect future growth and composition
of State-local GFCF.
State-local GFCF grew from $13.8
billion in 1958 to $34.9 billion in 1973,
an average annual increase of more than
6 percent (table 1). The pattern of
growth was quite variable, as were the
various means of financing expenditures—-grants-in-aid, long-term tax-exempt bonds, tax and nontax receipts,
use of available liquid assets, and shortterm loans (chart 7).
In real terms (1972 dollars), GFCF
grew at an average annual rate of 2.5
percent from 1958 to 1973. However,
this overall rate masks two opposing
movements. Real GFCF rose steadily
for 10 years, from $21.7 billion in 1958
to $37.2 billion in 1968, an average
annual increase of 5.5 percent; over
the next 5 years it declined each year,
dropping to $32.0 billion in 1973, an
average annual decrease of 2.5 percent
(chart 8).2 Since constant-dollars estimates are unavailable for the functional components of GFCF, and because this article deals primarily with
NOTE.—Details may not add to totals because of rounding.
1. The estimates in this article are revised back to 1958 and
Source; U.S. Department of Commerce, Bureau of Eco- do not agree with estimates published in the February
nomic Analysis estimates based on data provided by the
SURVEY.
Bureau of the Census.
the relationship between GFCF and
its financing (a current-dollar concept),
the remainder of this article addresses
itself only to current-dollar GFCF.
State-local GFCF accounted for
from 78; to 90 percent of total government GFCF over the 1958-73 period
and from 16 to 20 percent of total
fixed capital formation in 1958-71
(chart 9). The State-local share of total
fixed capital formation diminished
somewhat, to about 15 percent in 1972
and 1973.
2. Deflators for capital purchases, particularly the structures component, are deficient in that they are based upon
prices of inputs rather than prices of outputs. A full discussion of the problem can be found in "Revised Deflators for
New Construction" in the August 1974 SURVEY OF CURRENT
BUSINESS beginning on page 18.
NOTE.—Donald L. Peters assisted in the preparation of
data. Barbara G. Hobson provided statistical assistance.
CHART 7
State and Local Government Gross
Fixed Capital Formation Financing
20 -
10 -
1958
60
62
64
66
68
74
70
75-10-7
U.S. Department of Commerce, Bureau of Economic Analysis
17
594-639 O - 75 - 3
SUEVEY OF CUREENT BUSINESS
18
CHART 8
State and Local Government Gross Fixed
Capital Formation in Constant Dollars
Billion (1972) $
1958
60
64
66
68
70
increasing tax capacity permitted governments to pursue capital spending
plans. Additionally, the long-term
growth trend of the market for State
and local bonds, though constrained
in several years, was instrumental in
financing GFCF growth. In specific
program areas, expanding Federal aid
provided additional stimulus. The following paragraphs highlight the influence that these financial factors had
on GFCF in 1958-68.
State-local own-source tax and nontax receipts rose from $33.5 billion to
$81.4 billion in 1958-68.3 While this
growth indicates the expanded availability of funds for capital and current
expenditures, it is not possible to distinguish between own-source receipts
that finance capital expenditures and
those that finance current expenditures.
October 1975
Long-term debt for financing GFCF
was variable. After borrowing $6.2 billion in 1958, State and local governments reduced their offerings in
response to tightened credit conditions
and floated about $5.3 billion in bonds
in both 1959 and 1960. It appears that
reduced borrowings were partially responsible for the slowdown of GFCF in
1960. By 1968 borrowings grew to $10.5
billion. For the most part, through 1968,
fluctuations in long-term debt financing
were in response to monetary policies
of credit restraint and ease.
3. Own-source receipts are the sum of total personal tax
and nontax receipts (such as personal income taxes and fines),
corporate profits taxes, and indirect business taxes and nontaxes (such as sales taxes, rents, and royalties). Contributions
for social insurance (retirement funds and temporary disability insurance funds) are omitted as a source of funds for
public capital outlays because they are generally earmarked
for benefit payments.
CHART 9
72
U.S. Department of Commerce, Bureau of Economics Analysis
Public and Private Gross Fixed Capital Formation
Billion $
250
Because State-local GFCF is a significant part of total demand and an
important determinant of economic
growth, it is useful to examine the factors that have affected State-local
capital planning and expenditure decisions and the effect of financial variables on those decisions.
Government
Gross Fixed
Capital
Formation
225 -
200 -
175 -
GFCF: 1958-68
After showing Httle growth from 1958
to 1960, State-local GFCF grew from
5 to 11 percent each year from 1961 to
1968. A number of factors stimulated
this growth. The population increased
more than 16 percent and enrollment
in elementary and secondary schools
increased 31 percent; thus, governments had to provide and equip additional facilities. Per capita disposable
income, in constant dollars, increased
more than 36 percent. As the standard
of living increased, governments responded to the demand for a broader
range of public services and facilities.
Also, rapid growth of the suburbs
resulted in expansion of GFCF.
The availability of resources facilitated GFCF growth in the decade.
The effects of general economic growth
on tax bases, and legislative actions
150 -
125 -
100 -
25 -
1958
60
62
64
U.S. Department of Commerce, Bureau of Economic Analysis
66
68
70
72
October 1975
SUEVEY OF CUKKENT BUSINESS
Federal capital grants-in-aid more educational facilities eased; growth in
than doubled; they rose from $2.7 bil- public school enrollment slowed to 2
lion in 1958 to $5.8 billion in 1968 andpercent a year from nearly 3 percent
amounted to about 20 percent of GFCF per year for the previous 11 years. Last,
financing. Highway grants accounted the growth of grants for capital purfor about 80 percent of Federal capital poses slowed in 1969 and 1970 to,
grants to State and local governments respectively, 3 and 5 percent compared
over the period; educational facilities with 10 percent in 1967 and 7 percent
grants accounted for about 6 percent in 1968. The slower growth of capital
(capital grants are Federal funds pro- grants, for such purposes as highway
vided to State and local governments construction, was a result of impoundfor construction and purchases of du- ments by the Federal Government.
rable goods).
The slowdown in growth in GFCF
functional
categories was concentrated
GFCF: 1969-70
in outlays for education and sewer and
GFCF growth dropped from about water facilities and, to a lesser extent,
10 percent a year in 1965-68 to only highway construction. The first two
about 2 percent in 1969 and 1970. Four types of outlays are typically financed
factors contributed to the drop. First, with proceeds from bond issues; thus,
interest rates paid by State and local they were affected by the credit regovernments on their long-term bor- straints that adversely influenced the
rowing rose sharply, from 4.42 percent State-local bond market in 1969-70.
in 1968 to 5.56 percent in 1969, and 6.29 Highway grants decreased in 1969; this
percent in 1970. Because many govern- partly accounted for the lack of growth
ments were legally restricted to interest in highway GFCF. When grants again
rate ceilings that were below these began to grow in 1970, so did related
market rates, or chose not to assume highway outlays.
the burden c f the rates, a number of
planned debt-financed projects were GFCF: 1971-75
either canceled or postponed. Second,
In 1971, State-local GFCF increased
in the last half of the 1960's, govern- to $31.4 billion, or more than 5 perments were shifting their priorities cent. This increase resulted because a
toward current operating outlays for number of projects that had been postsocial welfare programs; this somewhat poned in 1969 and 1970 were reinstated.
restricted current receipts available for Although increases in Federal aid were
capital projects. Third, the need for moderate, the recovery of the market
for State-local bonds resulted in record
borrowing. GFCF bond financing rose
Table 2.—State and Local Government
from $9.5 billion in 1969 to $15.2 billion
Gross Fixed Capital Formation Financing
in 1970 and to nearly $17.3 billion in
[Billions of dollars]
1971. In addition, as a result of legisTotal
Federal
LongAll
lated increases in taxes and a broad
GFCF
aidi
term,
other 2
debt
economic recovery, own-source receipts
increased
about 12 percent from 1970 to
27
1958 - 13 8
62
49
1959
14 3
34
54
54
1971.
This
large increase, nearly $12.2
I960
14.3
29
53
61
1961
15 5
31
61
63
billion,
enabled
many governments to
1962
16.3
34
62
66
1963
18 0
40
67
73
allocate a larger portion of their tax and
1964
19.5
47
66
83
7 5
1965
21 4
47
9 2
nontax receipts to capital projects than
1966
23.8
51
78
10 8
they had in previous years.
1967
26 0
52
98
11 0
1968
28 5
58
10 5
12 2
GFCF increased about 2 percent
1969
29.2
58
95
14 0
1970
29 8
15 2
66
80
from
1971 to 1972 as all types of capital
1971
31.4
72
17 3
69
32 2
1972
15 8
75
89
outlays
except highways increased. The
1973
34 9
15 7
10 4
88
slowdown resulted because more own1. Consists of Federal grants and loans.
source receipts were directed toward
2. Consists of tax and nontax receipts, short-term borrowing, and use of accumulated reserves.
welfare outlays. Long-term capital
NOTE.—Details may not add to totals because of rounding.
borrowing also fell in 1972. In addition,
Source: U.S. Department of Commerce, Bureau of Ecotwo functional categories—-highways
nomic Analysis estimates based on data provided by the
Bureau of the Census, Office of Management and Budget,
and sewers—suffered the impact of
and the Securities Industry Association.
19
Federal Government impoundment of
grants.
In 1973, GFCF spending turned
around; it increased more than 8 percent, to $34.9 billion. This occurred
because governments received revenuesharing grants in late 1972 and early
1973. A significant part of these grants
was used for capital spending in the last
half of 1973 and the first half of 1974.
The increase in GFCF would have been
larger if Federal impoundment of high
way grants had not continued.
In summary, the growth of Statelocal GFCF from 1958 to 1973 was
irregular. Although increases and shifts
in population, and the increased standard of living were key long-term factors,
shifts in Federal grant policy, bond
market conditions, and economic conditions accounted for a large part of the
year-to-year changes in GFCF.
Financing Gross Fixed Capitol
Formation
State and local GFCF is financed
from three principal sources: Federal
grants-in-aid, publicly offered long-term
bond issues, and current tax and nontax
receipts. In addition, there are minor
sources, such as liquid asset holdings,
short-term borrowing, and privately
Total and Capital Federal Grants-in-Aid
to State and Local Governments
1958
60
62
64
66
68
70
U.S. Department of Commerce, Bureau of Economic Analysis
72
75-10-10
SUEVEY OF CURRENT BUSINESS
20
placed long-term bonds. Table 2 shows
the financing of GFCF in 1958-73
(because of the lack of data, current
tax and nontax receipts have been
combined with short-term financing,
accumulated reserves, and other minor
sources of funds).
The following paragraphs provide a
general discussion of the more important sources of funds for GFCF. A
detailed discussion of each source of
funds is contained in the next section,
where the sources of financing are considered within the context of each of the
functional categories of GFCF.
Federal aid
Federal grants-in-aid increased more
than sevenfold from $5.6 billion in 1958
to $40.6 billion in 1973. Through 1965,
grants for State-local capital spending
accounted for about 45 percent of total
grants (chart 10). Capital grants continued to grow in the latter half of the
1960's, but their growth was outpaced
by that of grants for current expenditures, particularly for public welfare,
education, and health. Capital grants
averaged about 30 percent of total
grants from 1965 to 1970, and declined
to about 20 percent of grants in 1973.
Federal aid for State-local GFCF
amounted to nearly $2.7 billion in
1958, or about 20 percent of the $13.8
billion of GFCF (table 3). By 1973,
Federal aid, including general revenue
sharing (which was initiated in 1972)
amounted to nearly $8.8 billion or
24 percent.
Table 3.—Federal Financing of State and
Local Government Gross Fixed Capital
Formation
[Billions of dollars]
Total
GFCF
1958
1959
Federal
aid
Federal aid as a
percentage of
GFCF
1961
1962
1963
1964
1965 ._..
13 8
14 3
14 3
15 5
16 3
18 0
19 5
21 4
27
34
29
31
34
40
47
47
19 6
23 8
20 3
20 0
20 9
22 2
24 1
22 0
1966
1967
1968
1969
1970
1971
1972
1973
23 8
26 0
28 5
29 2
29 8
31 4
32.2
34 9
51
52
58
58
66
72
75
88
21 4
20 0
20 4
19 9
22 1
22 9
23 3
25 2
I960
-.
._
Source: U.S. Department of Commerce, Bureau of
Economic Analysis estimates based on data provided by the
Bureau of the Census and the Office of Management and
Budget.
October 1975
Table 4.—Functional Distribution of Federal Aid for State and Local Government Gross
Fixed Capital Formation
[Billions of dollars]
Total
2.7
1958
1959
1960
34
2.9
3.1
1961_.
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
34
.-
4.0
47
- -
.
4.7
5.1
5.2
5.8
5.8
6 6
_. .-
7.2
7.5
8.8
Highways Education Sewer and
water
2 3
30
2.5
2.7
29
3.4
39
3.8
4.1
3.9
4.2
3.9
4.5
48
4.5
4.3
02
2
2
.2
2
2
.i
.2
(*)
(*)
(*)
(*)
(*)
4
.5
.5
.4
.3
.3
.2
12
Health
Airports and
water terminals
o
(*\
01
01
1
1
1
1
1
2
3
3
4
7
8
1
.1
1
2
2
2
.2
1
1
1
1
1
1
1
1
2
3
All other
01
i
j
1
2
2
5
5
4
5
7
9
1i
15
17
21
*Less than $0.05 billion.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis estimates based on data provided by the Office
of Management and Budget.
The effect of specific grant programs
on various GFCF functions is discussed later. However, a brief summary
of the magnitude of the programs is
presented here. In 1958-73, the largest
part of Federal aid for capital projects was for highway GFCF (table 4).
Grants for highways grew from $2.3
billion in 1958 to about $4.3 billion
in 1973. Although highway grants
grew irregularly, they generally averaged about 40 percent of State-local
highway GFCF.
Federal grants for education GFCF
consist largely of grants to colleges and
universities and to localities that bear
the impact of Federal installations,
such as military bases. This aid
accounted for between 2 percent and
6 percent of education GFCF financing
during 1958-72; ranging from $0.2 billion to $0.5 billion over the period; it
accounted for 12 percent or $1.2 billion
in 1973 when revenue sharing was a
factor.
Through 1967, capital grants for
construction of sewer and water GFCF
were small, less than $0.1 billion a year
and averaged about 2% percent of that
type of GFCF. In the ensuing years,
these grants expanded considerably
and—because of Environmental Protection Agency grants to assist governments in meeting legislated standards
for the control of sewer emissions—
became quite important in the 1970's.
In 1973, sewer and water grants
amounted to nearly $0.8 billion, about
21 percent of that type of GFCF.
Aid for health GFCF has been provided primarily through the Hill-Burton program of grants for hospital
construction. From 1958 to 1966, these
grants amounted to around $0.1 billion
a year and financed from 20 to 25 percent of State-local outlays for health
GFCF. Subsequently, because of increases in other types of financing,
chiefly issuance of long-term debt, and
because Hill-Burton grants remained
flat (about $0.2 billion annually), only
9 percent of health GFCF in 1967-73
was financed by Federal aid.
Federal aid in the remaining functional categories is less important and
is discussed later in this article.
Table 5.—Long-Term Debt Financing of
State and Local Government Gross
Fixed Capital Formation
[Billions of dollars]
Total
GFCF
1958 .- _1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
- - - -
Long-term
borrowing
Long-term
borrowing as a
percentage of
GFCF
13.8
14.3
14.3
15.5
16.3
18.0
19.5
21.4
6.2
5.4
5.3
6.1
6.2
6.7
6.6
7.5
44.9
37.8
37.1
39.4
38.0
37.2
33.8
35.0
23.8
26 0
28.5
29.2
29.8
31.4
32.2
34.9
7.8
9.8
10.5
9.5
15.2
17.3
15.8
15.7
32.8
37.7
36.8
32.5
51.0
55.1
49.1
45.0
Source: U.S. Department of Commerce, Bureau of Economic Analysis estimates based on data provided by the
Bureau of the Census and the Securities Industry
Association.
SUEVEY OF CURKENT BUSINESS
October 1975
Table 6.—Functional Distribution of Publicly Offered Long-Term Debt to Finance State
and Local Government Gross Fixed Capital Formation
[Percent]
Total
1958
1959.
1960
1961_
1962
1963.
1964
1965
1966
1967
1968
19691970
1971
1972
1973
..
Highways Education Sewer and
water
Health
Airports and
water terminals
All
other
Addendum:
Total (billion $)
100.0
100.0
100.0
100.0
100 0
100.0
100 0
100.0
19 1
15.4
17 9
17.5
16 9
11.5
96
12 6
42 9
41 7
42 1
42 0
44 4
42.3
45 0
38 3
18 5
21 5
19 4
20 5
19 1
21 6
23 4
20 2
2 7
16
13
1i
16
2 4
13
39
12
52
54
46
47
38
49
51
15 6
14 6
13 9
14 4
13 4
18 4
15 8
19 9
6
5
5
6
6
6
6
7
2
4
3
1
9
7
6
5
100.0
100.0
100.0
100.0
100 0
100.0
100 0
100.0
18.1
12.5
14 0
18.1
12 4
18.1
12 2
12.3
43 0
42.7
43 4
40.5
40 8
36.4
36 2
37.5
19 5
19 4
18 0
15 7
15 7
15 9
16 4
18 9
2 3
34
2 7
28
30
41
56
55
19
39
35
29
48
34
36
2 3
15 2
18 2
18 3
20 0
23 3
22 1
25 9
23 4
7
9
10
9
8
8
5
5
IK
0
17 3
15 8
15 7
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis estimates based on data provided by the Securities
Industry Association.
Revenue sharing
In addition to the regular grant
programs, the Fiscal Assistance Act
passed in late 1972 provided for broad
functional areas of expenditures out of
Federal revenues disbursed to State and
local governments. Under this revenuesharing program, about $2.6 billion was
distributed to governments in December 1972 and another $7.1 billion in
1973. The latter allotment accounted for
about 17 percent of all Federal grantsin-aid in that year.
While data on the use of revenuesharing funds are sketchy, BEA, after
consulting with a number of governments and examining studies on the use
of revenue-sharing funds, estimated the
impact of these funds on State and
local purchases of structures and durable goods for 1973. Revenue-sharing
funds used to finance GFCF are
believed to have had a major effect on
such spending in the last half of 1973
and the first half of 1974. Governments
accumulated a significant part of their
revenue-sharing funds from December
1972 to June 1973 while they took time
to set priorities and to seek bids. By
the last half of 1973, many construction projects were underway. Nearly
$2.0 billion of revenue-sharing funds
were used to finance GFCF in the last
half of 1973. The bulk of the funds were
used for public safety, public transportation, education, and water and
sewer expenditures.
in the market for State-local bonds. In
periods of severe credit restraint—
1959-60, 1966, and 1969-70—sewer
and water GFCF was adversely affected
(table 7). Education and highway
GFCF showed marked sensitivity in
1959-60 and 1969-70, but appeared to
weather the credit squeeze of 1966.
In 1966, education GFCF was maintained because of strong public demand
for expanded and improved facilities
and equipment; highway GFCF reflected continued Federal funding of
the growing interstate highway system.
Own-source receipts
From 1958 to 1973, State and local
1958 to 1973, publicly offered State government own-source receipts grew at
and local government bonds financed an average annual rate of about 10
about 40 percent of GFCF, ranging percent, or from $33.5 billion to $141.0
from a low of 33 percent (1969) to a billion. Taken together, own-source
high of 55 percent (1971). Though long- receipts have provided a reliable flow
term borrowing grew over the period, of funds for budgeting outlays; howit was at an irregular pace, rising from ever, separately they have not grown
$6.2 billion in 1962 to $15.7 billion in in a smooth pattern (table 8). Changes
in the bases and rates of taxes, the
1973 (table 5).
The volume of long-term debt issued addition and repeal of taxes and nonby State and local governments is taxes, and changes in economic condidirectly related to conditions in capital tions have made any one source of funds
markets. In periods of tight credit, such somewhat volatile in year-to-year
as 1966 and 1969-70, interest costs in- growth.
creased and reliance on bond financing Short-term borrowing
slackened. An earlier study, based on
State and local governments rely on
Federal Reserve data on State-local
three
types of short-term borrowing.
borrowing plans and realizations, conTax
anticipation
notes (TANS) are
cluded that about one-fifth of the borused
to
bridge
the
gap between actual
rowing plans that were postponed or
expenditures
and
anticipated
receipts.
canceled because of high interest rates
Funds raised by TANS are primarily
led to postponements or cancellations
used for operating expenditures.
of capita] spending plans.4 This is beHousing authority notes and bond
cause many governments will turn to
anticipation
notes (BANS) are used as
alternative sources of financing, such as
temporary
sources
of financing for
floating short-term debt or using liquid
assets, rather than change capital
spending plans, which usually involve Table 7.—Growth Rates for Selected Functional Categories of State and Local
expensive preparation. The use of these
Government Gross Fixed Capital Formation During Periods of Credit Restraints
alternatives will be discussed in the
next section.
[Percent]
From 67 to 80 percent of the funds
Average annual growth rate
raised by the sale of long-term bonds
in 1958-73 financed education, high1959-74 1959-60 1966 1969-70
way, and sewer and water GFCF
0.0
2.8 22.4
7.2
E ducation
(table 6). These outlays proved some- Highways
3.5
-.1 11.0
5.0
-6.3
-3.9
3.3
8.0
Sewer and water
what sensitive to tightened conditions All
6.9
4.3 5.0
9.6
other
Long-term debt financing
Long-term bonds are the major means
of financing State-local GFCF. From
21
4. See John E. Petersen, "Response of State and Local
Governments to Varying Credit Conditions," FEDERAL
RESERVE BULLETIN, March 1971, pp. 209-32.
Memo:
All gross fixed capital
formation
7.0
Source: See footnote to table 1.
1.8
11.2
2.3
22
SURVEY OF CUEEENT BUSINESS
Table 8.—State and Local Government Tax and Nontax Receipts
(table 9). The largest category, highways, accounted for roughly 40 percent
of total State-local GFCF in most
years, but decreased in recent years.
[Billions of dollars]
Total
Personal
taxes and
nontaxes
Corporate
profits
taxes
Indirect
business
taxes
Percent change:
Total
Personal
taxes and
nontaxes
Corporate
profits
taxes
October 1975
Indirect
business
taxes
Highway GFCF
State and local government highway
construction programs are the largest
single functional GFCF category, although they have declined in relative
importance in recent years. From 1958
49.7
9.7
10.0
2.2
17.4
7.8
1966
64.7
12.8
to 1973, highway GFCF grew at an
13.6
54.0
14.6
9.7
14.1
2.5
8.7
71.0
1967
14.6
60.8
19.2
12.6
81.4
17.4
24.0
3.1
1968
average annual rate of about 4 percent.
67.4
18.4
3.4
9.7
10.9
91.4
12.3
20.6
1969
. _.
8.8
12.1
10.8
3.7
11.1
23.1
74.7
1970
101.5
In
1958, highway GFCF amounted to
26.4
4.2
83.1
12.0
14.3
13.5
11.2
1971
.
_ ..
113.7
24.6
13.4
91.0
19.0
5.0
9.5
32.9
128.9
1972
about
$5.9 billion (table 10). This was
9.4
99.0
10.0
36.2
14.0
8.8
5.7
141.0
1973
.
nearly 43 percent of total GFCF. In
"Less than 0.05 percent.
1971, it amounted to $11.2 billion, or
NOTE.—Details may not add to totals because of rounding.
36 percent of GFCF. Subsequently,
outlays declined to $11.0 billion in 1972
capital projects. Public housing authori- A number of governments pursued their and rose to $11.2 billion in 1973. A
ties often issue short-term nots in the capital spending plans by relying on significant factor was the partial imconstruction phase of a project, and short-term debt when long-term bor- poundment of Federal grants in 1972
refinance with long-term bonds when rowing plans were posponed or canceled. and 1973.
After 1967 and 1969-71, net new Financing highway GFCF
the project is completed.
BANS are issued for two reasons. offerings of short-term notes declined,
Much of the impetus for State and
First, BANS provide interim financing; as governments returned to their conin some jurisdictions long-term bonds ventional permanent financing sources. local government highway construction has come from the Federal intermay not be issued until the projects
state highway program, which was
they finance are substantially com- Liquid assets
pleted. Second, BANS are an alternaState and local governments main- initiated in 1956. Under this and other
tive to long-term borrowing when credit tain a portfolio of liquid assets (cash, smaller Federal programs, matching
market rates are high or are expected to demand deposits, time deposits, and grants to States grew from about $2.3
fall, as in 1967 and 1969-71 (chart II). 5 U.S. securities) to service their day-to- billion, or about 40 percent of all highday transaction needs and to provide way GFCF financing, in 1958 to nearly
5. The data plotted in chart 10 consist of BANS, TANS,
for
contingencies. The ratio of liquid
and housing authority notes. Studies by the Federal Reserve
Board show that most of the short-term borrowing in 1967
assets
to total expenditures is shown in
CHART 12
and 1969-71 was in the form of BANS.
chart 12.
In the years preceding 1968, the
State and Local Government
liquidity ratio ranged from 0.53 to 0.59.
Liquidity Ratios
CHART 11 In 1968, the ratio dipped toward levels
Ratio
sustained in 1970-74—between 0.42 .65 r~
Net Change in State and Local
and 0.48. This movement toward new
Government Short-Term Debt
liquidity levels was largely the result of .60
better asset management, which, in
Outstanding
many cases, resulted in lower government balances held at financial insti- .55
tutions.
In 1969, governments worked down .50
liquid asset ratios to their lowest level,
0.37. This was largely because reserves
were used in lieu of long-term borrowing .45
for GFCF.
1.0 -
1958
1959
I960
1961
1962
1963
1964
1965
5.6
6.1
6.7
7.4
8.2
8.8
10.0
10.9
33.5
36.5
39.9
43.1
46.7
49.9
54.4
59.0
1.0
.2
.2
.3
.5
.7
1.8
2.0
27.0
29.3
32.0
34.4
37.0
39.4
42.6
46.1
9.0
9.3
8.0
8.4
6.9
9.0
8.5
Functional
8.9
9.8
10.4
10.8
7.3
13.6
9.0
20.0
(*)
8.3
15.4
13.3
5.9
11.1
Distribution
GFCF
8.5
9.2
7.5
7.6
6.5
8.1
8.2
of
.40
I
1958
.35
-1.0
1958
60
62
64
66
68
U.S. Department of Commerce, Bureau of Economic Analysis
70
72
74
75-lO-u
The functional distribution of Statelocal GFCF changed from 1958 to
1973
I
I
60
I I
62
I I
64
I I
66
I I
68
I I
70
U.S. Department of Commerce, Bureau of Economic Analysis
I I
72
I
74
SURVEY OF CUERENT BUSINESS
October 1975
Table 9.—State and Local Government Gross Fixed Capital Formation by Function
[Billion of dollars]
Total
1958
1959..
1960
1961.
1962
1963
1964
1965
1966..... _
1967
1968
.
1969
1970
1971
1972.
1973
.
.
-. .
..
..
Highways Education
Sewer and
water
Health
Airports and
water terminals
All other
13 8
14.3
14 3
15.5
16.3
18.0
19.5
21.4
59
6 2
58
6 2
6 8
7.5
7 6
8.1
3
3
3
4
4
4
5
5
5
4
7
0
0
6
2
8
15
16
16
17
18
19
2 4
2 6
0 4
4
4
4
4
4
4
5
0 1
4
4
4
4
4
4
5
2
2
2
2
2
3
3
4
3
3
5
8
9
1
5
o
23.8
26 0
28.5
29 2
29.8
31 4
32 2
34 9
9.0
9 3
10.0
9 9
10.7
11 2
11 0
11 2
7
7
8
8
8
8
8
9
1
9
1
1
1
3
6
g
2 5
2 5
32
2 9
2 8
33
34
39
5
7
8
9
9
10
I i
11
5
6
8
8
9
7
8
8
4
5
5
6
6
6
7
8
2
1
6
6
4
8
3
2
NOTE.—Details may not add to totals because of rounding.
Source: See footnote to table 1.
$3.9 billion, or about 50 percent of all
highway financing, in 1964. By 1973,
Federal financing amounted to about
$4.3 billion, and, although it was
declining in importance, it still accounted for about 38 percent of the
outlays in that year.
Two State-supported construction
programs also influenced highway expenditures in the 1960's: (1) access highways between suburbs and urban
centers and (2) toll roads. Debt financing was a particularly important
source of funds for both. In the early
1960's, nearly 40 percent of highway
debt offerings were toll road revenue
bonds. This type of financing was particularly appropriate since toll roads
were planned to be self-supporting with
respect to debt service and maintenance. After the mid-1960's, the relative
growth of bond financing reflected an
overall trend for State and local
governments to debt-finance a larger
share of capital outlays in order to
release more current receipts for current outlays.
The bulk of the remaining financing
of highway GFCF is generated through
the imposition of levies on gasoline
and motor vehicles, although only about
one-half of those receipts, shown as
"all other" financing in table 10,
finance highway GFCF. The other half
finances highway maintenance and
other State and local programs. Total
revenue from both sources increased
from about $4.4 billion in 1958 to
$6.5 billion in 1965, an average annual
increase of more than 5 percent. Since
1965, the rate of increase has nearly
doubled, because of increases in gasoline purchases, motor vehicles registered, and rates and fees. In 1973,
these revenue sources produced $12.0
billion.
Education GFCF
State-local government spending for
elementary, secondary, and higher education structures, books, and equipment ranged from 24 to 30 percent of
total State-local GFCF over the 195873 period (table 11). Spending increased
from $3.5 billion in 1958 to nearly
$9.8 billion in 1973, an average annual
increase of about 7 percent. Purchases
of books and equipment were about 20
percent of outlays in 1958; in 1973,
they were 30 percent.
After a period of fairly level expenditures from 1958 to 1962, when educa-
23
tion GFCF rose from $3.5 billion to
$4.0 billion, outlays grew rapidly over
the next 6 years, amounting to $8.1
billion in 1968.
Elementary and secondary school
GFCF was particularly strong for three
reasons. First, there was an attempt
to alleviate a general shortage of
classroom space brought on by the
postwar baby boom. Second, the population shifted away from urban centers
to the suburbs. Last, there were increasing pressures to replace outdated
schools, many of which had been constructed before World War II.
Higher education GFCF also accelerated in the 1960's to meet the
increase in enrollment that began in
the mid-1960's and that did not taper
off until the early 1970's. Contributing
strongly to the demand for spending
was the growth in the college-age
population and the increase in the
percentage of that population enrolled
in public universities. Relatively lower
tuition costs at public universities
contributed to the increase.
A noticeable slowdown in enrollments
at public colleges and elementary and
secondary schools was reflected in
education GFCF in 1969-72. Education GFCF amounted to $8.1 billion in
1969 and rose to only $8.6 billion in
1972. However, in 1973, expenditures
showed a sharp increase of $1.2 billion,
with a large portion of education GFCF
for the renovation and replacement of
outdated facilities. Revenue-sharing
Table 10.—State and Local Government Highway Gross Fixed Capital Formation and
Financing
[Billions of dollars]
Financing
Gross fixed capital formation
Total
Structures
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973 ..
.
..
4
Federal aid
Durable goods
Long-term
debt
All other
5.7
6.0
5.6
6.0
6.5
7.3
7.3
7.9
0.2
.2
.2
.2
.2
.2
.3
.3
5.9
6.2
5.8
6.2
6.8
7.5
7.6
8.1
2.3
3.0
2.5
2.7
2.9
3.4
3.9
3.8
1.2
.8
1.0
1.1
1.1
.8
.6
.9
2.4
2.3
2.4
2.5
2.8
3.3
3.1
3.4
8.7
8.9
9.7
9.6
10.3
10,8
10.5
10.6
.3
.3
.3
.4
.4
.4
.5
.5
9.0
9.3
10.0
9.9
10.7
11.2
11.0
11.2
4.1
3.9
4.2
3.9
4.5
4.8
4.5
4.3
1.4
1.2
1.5
1.7
1.9
3.1
1.9
1.9
3.5
4.2
4.3
4.4
4.3
3.3
4.6
5.0
NOTE.—Details may not add to totals because of rounding.
Source: See footnote to table 2.
SUEVEY OF CUKEENT BUSINESS
24
Table 11.—-State and Local Government Education Gross Fixed Capital Formation and
Financing
[Billions of dollars]
Gross fixed capital formation
Structures
1958
1959
...
I960
1961
1962 _ .
1963
1964
1965
19661967
1968
1969
1970
1971 _
1672
1973
...
...
Financing
Total
Durable goods
Federal aid
Long-term
debt
All other
2.9
2.7
2.8
3.1
3.0
3.5
3.9
4.4
0.6
.7
.8
.9
1.0
1.0
1.3
1.4
3.5
3.4
3.7
4.0
4.0
4.6
5.2
5.8
0.2
.2
.2
.2
.2
.2
.1
.2
2.7
2.2
2.2
2.5
2.8
2.8
3.0
2.9
0.7
1.0
1.2
1.3
1.1
1.6
2.1
2.8
5.4
6.1
6.2
6.0
5.7
5.8
5.9
6.9
1.6
1.8
1.9
2.1
2.3
2.5
2.6
2.9
7.1
7.9
8.1
8.1
8.1
8.3
8.6
9.8
.4
.5
.5
.4
.3
.3
.2
1.2
3.4
4.2
4.6
3.8
6.2
6.3
5.7
5.6
3.3
3.2
3.1
3.8
1.5
1.8
2.6
2.7
Note.—Details may not add to totals because of rounding.
Source: See footnote to table 2.
funds financed a significant part of
the 1973 increase.
Financing education GFCF
Over the 1958-73 span, the bulk of
the financing for education GFCF was
done through long-term bonds. Bonds
financed from 45 to 75 percent of the
cost of outlays, Federal aid about 3 to
12 percent, and current receipts the
remainder.
For any government of moderate
size, capital investment in education is
uneven. As capacity of existing facilities
is reached or exceeded, new schools
must be constructed. In most cases,
spending for this construction is irregular, and is usually debt-financed to
avoid large changes in tax levels.
Bonds issued for education GFCF
have shown the same sensitivity to
credit market conditions that other
tax-exempt issues have. In 1966, a
period of credit restraint, expenditures
rose $1.3 billion, or 22 percent, while
long-term borrowing increased $0.5
billion, or 17 percent. In the credit
crunch of 1969, expenditures did not
grow and long-term borrowing fell
from the 1968 rate of $4.6 billion
$3.8 billion. Governments had to draw
on accumulated reserves, postpone
other expenditures, or use short-term
borrowing to maintain previous capital
outlays levels.
As noted earlier, Federal aid to education GFCF—largely to colleges and
universities and to local governments
impacted by the presence of Federal
installations—accounted for 2 to 6
percent of education GFCF over
the 1958-72 period. In 1973, Federal
grants increased to 12 percent of
education GFCF, largely because of
revenue sharing.
Sewer and water GFCF
The construction of sewer treatment
and water supply facilities accounted
for about 9 to 12 percent of State-local
GFCF over the 1958-73 period. Spending for water and sewer GFCF in 1973
amounted to about $3.9 billion, 2.5
times the 1958 level of $1.5 billion
(table 12). Equipment purchases ranged
from 3 to 7 percent of total outlays.
October 1975
A significant portion of sewer
GFCF in the late 1950's consisted of
installation of facilities in communities
that had none previously. The growth
of suburban areas in the 1960's resulted
in the expansion of existing facilities;
at the same time, in many of the older
urban areas, governments replaced outdated equipment and deteriorating facilities. An increased concern about the
environment in the late 1960's coupled
with higher Federal grants resulted in
increased spending for this function.
Financing sewer and water GFCF
Federal aid for water and sewer
GFCF was minimal through the mid1960's; it accounted for about 2.5
percent of the financing. In 1967,
Federal aid became more significant.
Initially, aid came from the Department
of Housing and Urban Development's
program of grants for basic water and
sewer facilities. In the 1970's, Environmental Protection Agency grants for
controlling sewage emissions were important, although their impact was
somewhat dampened by Federal impoundments. Overall, Federal aid
ranged from about 5 to 15 percent of
sewer and water GFCF in 1967-73.
Most of the sewer and vGFCF
has been financed throng
ads. Although bond issues showed only minor
sensitivity to the 1966 period of credit
restraint, they reacted strongly in
1969.
Table 12.—State and Local Government Sewer and Water Gross Fixed Capital Formation
and Financing
[Billions of dollars]
Financing
Gross fixed capital formation
Structures
Total
Durable
goods
Federal aid
1958
1959
1960
1961
1962
1963
to1964
1965
1.4
1.5
1.5
1.6
1.8
1.9
2.3
2.5
0.1
.1
.1
.1
.1
.1
.1
.1
1.5
1.6
1.6
1.7
1.8
1.9
2.4
2.6
1966.
1967
1968
1S69
1970
1971
1972
1973
2.4
2.4
3.1
2.8
2.7
3.1
3.2
3.7
.1
.1
.1
.1
.1
.1
.2
.2
2.5
2.5
3.2
2.9
2.8
3.3
3.4
3.9
*Less than $0.05 billion.
NOTE.—Details may not add to totals because of rounding.
Source: See footnote to table 2.
(*)
(*)
(*)
(*)
(*)
Long-term
debt
All other
0.1
.1
.1
1.2
1.2
1.0
1.2
1.2
1.4
1.5
1.5
0.3
.4
.5
.4
.6
.4
.8
1.0
.1
.1
.2
.3
.3
.4
.7
.8
1.9
1.9
1.9
1.5
2.4
2.7
2.6
3.0
.9
.4
1.1
1.1
.1
.1
.1
.1
October 1975
SURVEY OF CUERENT BUSINESS
25
about 2 percent of total State-local
GFCF. Construction accounted for
[Billions of dollars]
about 97 percent of airport and water
Financing
Gross fixed capital formation
terminal GFCF and durable goods
Total
purchases
about 3 percent. Capital
Long-term
All other
Structures
Durable goods
Federal aid
debt
outlays for airport and water terminals
were fairly level in the first half of the
1958
0.4
0.4
0.2
0.2
0.1
01
.4
.4
1959
1960's, and amounted to about $0.4
.1
.1
.3
1
.4
1960
.4
.1
.1
1
.3
1961
.4
.1
.2
.3
1
billion in each year. In 1965, outlays
1962
.4
.3
.2
.1
1
1963
.4
1
.2
.3
.2
began to advance and by 1970 had
1964
.4
.4
.1
1
'.3
1965
.1
1
.4
.5
.3
reached about $0.9 billion (table 14).
1966
.4
1
.5
.2
.2
.1
They decreased to about $0.8 billion
1967
.6
.7
.1
1
.2
.3
1968
.7
.4
.1
1
.8
.3
annually
in 1971-73.
1969
.8
1
.9
.2
.3
.5
1970
.8
.5
1
.9
.2
.3
Outlays
in the 1960's and 1970's
1971
.9
1.0
2
.2
.7
.1
_2
1972
.9
2
.9
1.1
were
for
renovation
and expansion of
(*)
2
1973
.9
1.1
.'l
.1
.9
old facilities and construction of new
* Less than $0.05 billion.
facilities. Air traffic grew rapidly; pasNOTE.—Details may not add to totals because of rounding.
senger air miles doubled from 1960 to
Source: See footnote to table 2.
1967. The introduction of jet aircraft
resulted in development plans for
expanded terminals and runways and
Direct user charges based on water in 1965 amounted to the total offerings modernized air traffic control facilities
consumption, or related taxes, provided of the previous 2 years, $0.3 billion. in many urban centers, such as Los
most of the remaining financing. Re- They held this level through 1969 and, Angeles and New York City. Furtherliance on these sources prevented a in 1971-73, grew to an annual level of more, in the 1970's, the introduction of
large number of abandonments or about $0.9 billion. This growth re- jumbo jets required many authorities to
postponements of projects in 1969. sulted from broadened State authority expand runways and terminals to
for local governments to offer hospital handle the large volume of passengers
Health care GFCF
bond issues and from favorable market associated with each flight.
In 1958-73, State-local capital out- conditions. The growth of prepaid
Water terminal GFCF also increased,
lays for health care GFCF, which hospital and medical care plans, which largely because of expansion and, since
accounted for 3 to 4 percent of total insured a more dependable cash flow to the mid-1960's, renovation to accomGFCF, grew at an average annual hospitals, was an important factor in modate the shift toward the use of
rate of about 7 percent. From 1958 to improving the marketability of hospital containers in cargo handling.
1966, outlays ranged from $0.4 billion bonds.
Financing airport and water terminal
to $0.5 billion annually (table 13).
Airport
and
water
terminal
GFCF
GFCF
Durable goods purchases accounted
for about 25 percent of outlays. By
Funds for airport and water terminal
Over the 1958-73 period, airport and
1971, health care GFCF amounted to water terminal GFCF accounted for GFCF are usually raised through longabout $1.0 billion, more than triple
Airport and Water Terminal Gross Fixed Capital
the levels of the early 1960's. Outlays Table 14.—State and Local Government
Formation and Financing
grew slightly in 1972 and showed no
[Billions of dollars]
change in 1973.
Table 13.—State and Local Government Health Care Gross Fixed Capital Formation and
Financing
Federal aid for mental health and
other medical care facilities began to
grow in the mid-1960's and was stimulated by Hill-Burton grants, which
rose from about $65 million in 1961 to
more than $225 million in 1970. In
1971-73, Hill-Burton grants grew only
moderately because governments could
not get Federal approval for their
projects.
In recent years, health care GFCF
has been financed increasingly by the
sale of long-term bonds. Bond offerings
594-639 O - 75 - 4
Financing
Gross fixed capital formation
Financing health care GFCF
Structures
Durable goods
Total
Federal aid
1958 _ . ...
1959
I960
1961
1962
1963
1964
1965 --
0.1
.3
.4
.4
.4
.4
.4
.4
8
(*)
8
0.1
.4
.4
.4
.4
.4
.4
.5
1966 .
1967
1968
1969
1970--. --1971
1972
1973
.5
.6
.7
.8
.9
.7
.8
.8
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
.5
.6
.8
.8
.9
.7
.8
.8
(*)
(*)
(*)
*Less than $0.05 billion.
NOTE.—Details may not add to totals because of rounding.
Source: See footnote to table 2.
(<>
o.
!i
.1
.1
.1
.1
.1
.1
.1
.2
.3
All other
Long-term
debt
0.1
.3
.3
.3
.3
.3
.3
.4
.1
.4
.4
.3
.7
.6
.6
.4
(*)
(*)
(*)
(*)
(*)
0.1
(*)
(*)
.3
.2
.3
.4
.1
(*)
(*)
26
term reveDue bonds, and income generated by the operations of the facilities is used to meet debt service. This
type of financing is sensitive to capital
market conditions. In response to high
interest rates in 1966 and 1969, financing provided by long-term debt fell
sharply. In 1966, bond sales fell from
$0.4 billion to about $0.1 billion. Capital outlays were only marginally affected; temporary short-term taxexempt notes were issued in anticipation
of bond issues to be offered when
long-term rates declined.
In the 1970's, borrowing averaged
about $0.6 billion annually. Financing
of the new Dallas-Fort Worth airport
was a major factor in these years.
All other GFCF
The remainder of GFCF consists of
outlays for environmental conservation
and development, housing and urban
development, general administrative
facilities, mas? transit, and facilities
for public safety. Although these outlays have traditionally been small, an
exceptional growth in outlays for mass
transit facilities and equipment is
likely. Outlays for public safety equipment and facilities are also growing in
importance. The Department of Justice,
through the Law Enforcement Assistance Administration, has supplied
large amounts of capital expenditure
funds to police departments. Also,
early reports on the use of revenuesharing funds indicate that the funds
are having an impact on public safety
spending.
GFCF in 1974-75
Preliminary estimates indicate that
GFCF grew rapidly in 1974, and slowed
in the first half of 1975. Purchases of
structures increased over 19 percent
from 1973 to 1974, or nearly $5.7
billion; equipment spending rose 9
percent or about $0.5 billion. While
data for the first half of 1975 are
tentative, it appears that there has
been only moderate growth in GFCF;
SUEVEY OF CUEEENT BUSINESS
October 1975
structures purchases were about $1.5
billion (seasonally adjusted annual rate)
above 1974 levels and little growth has
occurred in durable goods pruchases.
The outlook for the remainder of 1975
is for continued modest growth or a
leveling off.
Several factors contributed to the
strong growth in 1974. First, the
revenue-sharing distributions, although
leveling off by mid-1974, provided an
important impetus to capital spending.
Second, the Federal Government sharply increased capital grants, releasing
funds impounded in previous years.
Third, State-local governments found
financial markets highly receptive to
their long-term bond offerings.
In the first half of 1975, these factors
became somewhat less significant. First,
a smaller proportion of revenue-sharing
monies was devoted to capital programs
as governments reverted to a more
traditional allocation of these funds.
Second, except for sewer and water
programs, no significant growth occurred in Federal capital grant programs. Third, long-term bond offerings
faced a less accommodating market
than in 1974. Fourth, as a result of the
recession, growth in own-source receipts slackened in late 1974 and early
1975 and sharply reduced the availability of funds for capital programs.
Highway GFCF increased 15 percent,
or about $1.6 billion in 1974. Eelease
of impounded Federal highway aid
funds provided the major impetus. In
the first half of 1975, highway outlays
showed no growth.
Education GFCF increased about
10 percent, or $1.0 billion in 1974, but
declined slightly in 1975. Education
outlays were a major beneficiary of the
initial revenue-sharing distribution, but
declined after mid-1974, reflecting demographic factors and lower college
attendance rates.
Sewer and water GFCF increased
about 35 percent, or nearly $1.8 billion
in 1974, and remained near the 1974
level in the first half of 1975. Increased
Federal aid for sewer treatment and
water supply facilities was a key factor
in 1974. Funds impounded in earlier
years were released in 1974, and
although some funds were for reimbursement of outlays made in previous periods, a substantial amount
was available for new GFCF. Grant
levels were maintained in the first
half of 1975.
Health and hospitals GFCF increased
26 percent, or about $0.3 billion in 1974,
but showed little further growth in the
first half of 1975. As in earlier periods,
easy access to bond market financing
helped stimulate growth in 1974 and
sustain the levels of 1975.
Outlook for 1976
The outlook for GFCF in 1976 is
uncertain. While pressure on State
and local governments to increase
spending can be expected to rise as real
iricomes grow and environmental concerns continue, a number of other
factors may limit growth. First, many
governments are operating under tight
budgets. Eenewed inflation may force
them to curtail capital spending plans
in order to maintain current operating
levels; this apparently was a factor in
limiting GFCF in 1975. Unlike its
impact on the Federal budget, inflation
tends to increase State-local expenditures faster than receipts in the shortrun. This is largely because important
types of State-local receipts, such as
property taxes and nontaxes, do not
rise at the same rate as money incomes.
Second, fiscal crises in several large
jurisdictions have cast doubt on the
part of investors in the ability of governments to carry present levels of debt.
This investor uncertainty disrupted
State and local bond markets in mid1975 and caused interest rates to rise.
In some cases, bond issues could not be
sold, despite very high interest rates.
Should these conditions continue in
1976, growth in GFCF will be limited.
Last, given present budget stringency,
Federal grants to State and local
governments for GFCF are expected
to show only a modest increase in 1976.
By ROBERT B. BRETZFELDER
Changes in State Personal Income,
First to Second Quarters of 1975
Table A.—Total Personal Income and Selected Components, Change First to Second
Quarters 1975
Percent change
Ranked by percent
change in total
Total
United States
Farm
income
Index, U.S. percent change =100
Wages and salaries
ManuConfacturing struction
Mining
Total excluding:
Transfer
payments
Total
Manu- Farm and
Farm facturing manufacturing
2.3
2.8
.4
-2.7
1.6
7.5
100
100
100
100
6.9
5.1
4.9
3.8
3.8
3.7
3.6
3.5
3.4
3.4
4.7
-2.0
.0
21.5
-3.8
14.5
-1.2
12.3
13.5
1.6
-9.7
17.0
-1.3
5.3
7.8
2.7
6.2
.5
-4.2
2.3
21.6
-6.5
-6.6
-3.0
-5.9
-16.4
2.6
-.1
-16.9
2.2
18.2
5.8
5.8
5.8
2.2
10.2
5.8
-15.4
8.6
3.7
3.5
9.9
5.1
6.4
5.6
8.7
7.2
9.7
8.4
6.2
300
222
213
165
165
161
157
152
148
148
300
230
213
143
170
104
183
117
100
148
300
69
200
131
100
146
123
150
150
131
300
77
200
108
104
88
150
115
104
135
4.1
6.8
3.1
-2.5
5.0
7.3
178
165
146
131
3.2
3.2
3.1
3.0
3.0
2.8
2.8
2.6
2.6
2.5
2.5
2.5
2.4
2.2
2.2
2.2
2.1
2.1
2.1
2.1
2.1
2.0
2.0
2.0
2.0
1.9
1.8
1.7
1.7
1.7
1.6
1.6
1.6
1.5
1.4
1.4
25.3
12.6
40.2
27.9
-.8
15.3
19.3
16.5
3.7
12.1
11.4
3.0
-12.8
-7.8
5.3
-1.7
6.7
15.3
1.7
1.1
-7.3
3.7
-5.3
-6.9
2.0
3.7
-9.1
7.2
-11.1
-.7
-14.9
-7.5
-9.1
-22.1
-9.9
8.3
-.8
4.1
2.8
2.0
2.2
.9
1.1
.2
-3.6
-1.4
-2.6
1.4
-.3
3.4
.2
-2.5
.6
-2.4
-.9
-1.5
-1.7
2.0
-1.9
-.8
-1.6
-1.5
.2
.7
2.8
-.5
-1.0
.1
-.8
-2.5
-1.0
-4.5
-4.6
-5.3
-4.3
-4.4
7.5
-.1
-10.5
-2.7
-1.1
-4.2
.0
-5.5
1.2
-6.4
1.6
4.1
-3.4
-5.7
.9
-1.7
2.5
-2.9
6.2
-1.2
2.9
.6
.7
-2.6
-5.8
-.9
-6.0
-2.3
-15.2
2.9
-9.2
-5.6
5.5
3.4
7.3
1.5
-1.2
7.6
2.6
4.6
5.7
4.8
-5.2
8.7
.6
-10.9
.9
2.3
4.1
-.9
-4.3
-4.9
5.8
-1.3
-5.7
-5.4
41.0
.0
2. 7
-9! 5
-6.5
-1.0
-1.5
2.9
-4.2
5.8
4.8
5.8
8.4
9.8
7.2
7.7
9.1
7.5
9.2
7.1
8.7
7.9
10.3
6.9
8.6
6.3
5.5
9.6
5.9
8.4
8.7
8.3
7.7
7.7
8.6
6.9
6.9
7.5
6.1
8.4
9.2
9.7
9.7
8.6
5.7
3.1
7.7
9.5
139
139
135
130
130
122
122
113
113
109
109
109
104
96
96
96
91
91
91
91
91
87
87
87
87
83
78
74
74
74
70
70
70
65
61
61
109
135
109
91
135
100
87
96
113
78
100
109
113
109
96
109
87
70
96
91
104
87
91
91
87
78
100
70
100
78
117
91
70
70
74
61
142
112
123
123
123
115
119
104
154
119
162
104
131
73
88
127
92
100
108
119
108
77
115
88
112
77
81
69
54
96
77
73
85
92
62
112
112
108
96
85
127
96
81
85
154
88
154
104
138
89
89
142
88
81
112
119
127
77
123
92
112
77
100
65
81
100
131
96
85
92
73
112
2.2
3.2
-.3
-2.2
1.7
7.9
96
96
104
104
1.0
.7
.2
.2
-.3
-1.9
14.3
-25.8
-5.0
1.2
-3.3
-4.9
-2.0
.6
-5.2
-4.8
-12.2
-13.0
5.8
-4.7
6.1
12.0
-10.4
8.9
9.3
8.1
7.7
7.9
43
30
9
9
43
13
78
61
88
73
19
8
27
88
54
88
58
27
.4
-3.4
-3.0
-10.0
1.8
8.4
17
35
42
62
States with above average
gains:
1. Alaska
. .
2. Delaware
Dist. of Colombia
3. South Carolina. .. . .
4. Michigan
5. South Dakota
6. Idaho
7. Nebraska
8. Montana ..
9. New Mexico
Average ! .
States with near-average
gains:
10. Oklahoma
11. Tennessee
12. Texas
13. Georgia
14. Missouri
15. Colorado
16. Mississippi
...
17. Wyoming
18. Vermont
19. Kansas
20. Wisconsin
21. New York.
22. Ohio
23. Oregon
. .
24. Nevada.
25. Iowa
26. California
27. Arizona
28. Alabama
29. Pennsylvania.
30. Maine
31. Virginia
32. Illinois
33. Maryland
34. New Hampshire
35. Hawaii
36. Washington
37. Utah
38. North Carolina
39. Indiana
40. Arkansas .
41. Minnesota
42. New Jersey
43. Massachusetts
44. Florida . .
45. Rhode Island
..-
-_.
..
.-
Average
States with below average
gains:
46.
47.
48.
49.
50.
Connecticut
Kentucky
Louisiana
North Dakota
West Virginia
Average.
. .
1. Excludes District of Columbia.
-ie!7
j ATIONALLY, personal income rose
2% percent in the second quarter of
1975. Consumer prices (as measured by
the implicit price deflator for personal
consumption expenditures) rose 1% percent; real income was up about 1 percent. This was the first significant
quarterly gain in real income since the
recession began in late 1973. Currentdollar income rose in 45 States and in
the District of Columbia. It changed
little in five States. The gain in each of
the 45 States and the District was above
the national rise in consumer prices, and
real income apparently increased, at
least moderately.
Much of the national rise in income
was due to transfer payments, which
increased 7% percent; income, excluding
transfers, was up only 1% percent. The
sharp increase in transfers reflected a
one-time special payment, in June, of
$50 to recipients of social security, railroad retirement, and supplemental security incomes, and an advance of more
than one-fifth in unemployment insurance benefits. The increases in transfers
were spread fairly evenly among the
States.
Other income components
Differential State changes in manufacturing payrolls and farm labor and
proprietors' incomes explain much of
the State differences in total income
changes; payrolls in construction, mining, Federal Government, and servicetype industries also contributed. The
role of manufacturing and farming can
NOTE.—The quarterly estimates of State personal income
were prepared by Kenneth P. Berkman and Robert L. Brown
with the substantial assistance of Q. Francis Dallavalle and
Wallace K. Bailey, Jr. in the Regional Economic Measurement Division. The analysis was written by Robert B.
Bretzfelder in the Regional Economic Analysis Division.
27
SURVEY OF CURRENT BUSINESS
28
October 1975
Table 1.—-Total Personal Income, States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1973
1972
1974
1975
State and region
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
United States
913,395
930, 736
949,819
984,390
1,012,364
1,037,540
1,066,790
1, 099, 630
1,107,319
1, 137, 797
1,171,555
1,189,621
1,195,812
1,222,918
New England
56, 164
57, 190
58, 117
60, 103
61, 137
62, 707
64,015
65,594
66,859
68,494
70, 169
71,499
72,604
73,665
16, 134
3,627
27, 311
3,116
4,258
1,717
16, 414
3,723
27,804
3,173
4,324
1,752
16, 615
3,821
28, 251
3,269
4,354
1,807
17, 149
3,985
29, 165
3,392
4,543
1,870
17,500
4,090
29, 594
3,484
4,578
1,890
17, 945
4,247
30,304
3,593
4,681
1,938
18, 345
4,380
30, 875
3,683
4,740
1,991
18, 835
4,538
31, 586
3,823
4,757
2,055
19, 205
4,681
32, 210
3,871
4,844
2,048
19, 721
4,740
32, 973
3,969
4,964
2,128
20, 239
4,791
33, 877
4,034
5,069
2,160
20, 568
5,015
34, 478
4,099
5,146
2,193
20, 833
4,964
35, 208
4,118
5,257
2,224
21,044
5,066
35, 740
4,202
5,331
2,282
211,889
213,713
218, 094
223,818
227,501
231,277
235, 903
241,400
245,539
252, 190
258,444
263,381
266, 188
272,270
2,865
4,382
19, 473
37, 866
. . 94, 779
52, 525
2,954
4,408
19, 805
38, 586
95, 228
52, 733
3,019
4,512
20, 376
39, 178
96, 562
54, 446
3,095
4,627
20, 829
40, 228
99, 037
56,002
3,198
4,620
21, 386
40, 859
100, 493
56, 946
3,278
4,672
21, 759
41, 398
102, 128
58,041
3,419
4,774
22, 476
42, 107
103, 778
59, 350
3,493
4,818
23, 058
43, 209
105, 919
60, 903
3,452
4,884
23, 419
44, 181
107, 693
61,911
3,536
5,044
23, 971
45, 456
110, 524
63, 660
3,688
5,210
24,700
46, 369
113, 022
65, 455
3,781
5,346
25, 268
47, 159
114, 938
66, 888
3,631
5,453
25,500
47, 165
117, 141
67, 299
3,816
5,718
26,008
47, 928
120, 116
68, 685
186,887
191,386
194,717
202,227
208, 723
212,821
217,867
225,093
224,943
230,719
239, 510
239,855
238,082
244, 127
55, 849
22, 305
42,810
47, 313
18, 610
57, 168
22, 824
43, 953
48, 303
19, 139
57, 741
23, 257
44, 936
49, 217
19, 565
60, 026
24, 022
46, 767
51, 067
20, 346
61,916
25, 348
48, 092
52, 439
20, 929
63,002
25, 663
49, 323
53, 465
21, 369
64, 475
26, 212
50, 305
54,871
22,004
66, 695
27, 343
51, 826
56, 240
22, 988
67, 089
26, 442
51, 327
56, 930
23, 154
68, 768
27, 239
52, 546
58,348
23, 818
71,414
28, 433
54,883
60, 545
24, 234
70, 325
28,406
55, 328
61, 163
24, 633
70, 558
28,043
53,496
60, 882
25, 103
71, 943
28,524
55, 552
62, 372
25, 735
68,497
70,388
71,834
76,296
79,676
82, 101
87,028
89,004
84,524
88,011
89,699
88,758
89,035
91,205
11, 903
9,763
16, 137
19, 583
6,444
2,288
2,378
12, 231
10, 313
16, 405
20, 288
6,674
2,032
2,445
11, 965
10, 464
16, 729
20, 474
6,849
2,748
2,604
13, 471
10, 644
17, 826
21, 181
7,174
3,115
2,884
13, 777
11,008
18, 691
22, 447
7,514
3,167
3,073
14, 666
11, 052
19, 433
22, 230
7,596
3,909
3,215
16, 674
12, 421
20, 350
22, 567
7,971
3,709
3,335
15, 476
12, 836
20, 969
23, 382
8,715
3,821
3,806
14, 182
12, 191
20, 248
23, 348
7,665
3,643
3,247
14, 847
12, 266
21, 727
23, 814
8,168
3,969
3,219
16, 240
12, 479
21,668
24,600
8,357
3,071
3,284
15, 022
12, 993
21, 305
24, 470
8,395
3,543
3,030
15, 228
13, 014
21, 526
24,568
8,329
3,312
3,058
15, 570
13, 340
21, 876
25, 310
8,620
3,319
3,171
167, 806
171,751
177,369
184,616
191,064
195,731
201,900
208,981
212,565
218, 736
224, 141
227,860
229,594
233,869
11,860
6,406
31, 153
18, 083
11,421
12, 769
12,001
6,532
32, 301
18, 289
11, 676
13, 238
12, 285
6,812
33, 520
19,006
12, 022
13,542
12, 762
7,102
35, 590
19, 754
12, 593
13,877
13, 153
7,549
36, 802
20, 339
12, 977
14, 249
13, 570
7,907
38, 288
20, 886
13, 121
14, 359
13, 949
7,908
39, 915
21, 572
13, 491
15, 090
14, 451
8,237
41, 185
22, 038
13, 778
15, 359
14, 612
8,534
42,014
22, 388
14, 151
15, 715
14,928
8,714
43,543
22, 834
14, 907
16, 258
15, 250
8,881
44, 723
23, 473
15, 236
16, 664
15, 527
8,504
44, 978
24, 107
15, 350
17, 467
15,642
8,624
44, 905
23, 878
15, 758
18, 129
15, 978
8,759
45, 531
24,600
15, 876
18, 161
6,817
19, 374
9,015
14,412
20, 230
6,265
7,046
19,758
9,205
14, 871
20,500
6,335
7,319
20, 382
9,571
15, 238
21, 148
6,524
7,573
20, 954
9,918
15, 874
21, 880
6,741
7,968
21, 713
10, 202
16, 499
22, 665
6,949
7,995
22, 187
10, 496
16, 737
23, 178
7,007
8,070
22, 676
10,804
17, 292
23, 941
7,193
8,792
23, 924
11,371
17, 835
24, 656
7,356
8,436
24, 332
11, 631
18, 088
25, 158
7,507
8,867
24, 503
11,874
18,542
26,007
7,760
9,046
25, 022
12, 086
19, 315
26, 476
7,971
9,010
26, 188
12, 390
19, 207
27,042
8,090
9,109
26, 530
12, 263
19, 292
27, 114
8,350
9,363
26, 984
12, 725
19,904
27, 666
8,322
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
-
.
. - .-
Mideast
Delaware
District of Columbia
Maryland
New Jersey
.
New York
.
Pennsylvania
Great Lakes
_.
Illinois
Indiana
Michigan
Ohio...
Wisconsin
Plains .
Iowa
Kansas
Minnesota.. .
Missouri
Nebraska
North Dakota
South Dakota
Southeast
AlabamaArkansas ._ -.
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
.
. . ..
67,827
69,415
70, 008
72,705
74, 995
77, 896
81, 135
84, 116
84,553
85,899
89, 191
91,405
92,302
95,091
Arizona
New Mexico
Oklahoma
Texas.
8,163
3,722
9,806
46, 135
8, 257
3,725
10, 052
47, 381
8,610
3,766
10, 177
47, 456
8,992
3,929
10, 343
49, 442
9,274
4,020
10, 748
50, 953
9,712
4,185
11,054
52, 945
10, 074
4,367
11,888
54,806
10, 443
4,446
11, 698
57, 529
10, 609
4,449
12, 037
57, 459
10, 853
4,566
12, 037
58, 444
11, 237
4,763
12, 626
60, 565
11, 452
4,786
12, 937
62, 229
11, 393
4,861
13,008
63, 039
11, 632
5, 025
13, 423
65, Oil
Rocky Mountain
21,302
21,858
22,589
23, 720
24,210
25, 776
25,947
27,254
27,615
27,863
28,916
29,702
29,558
30,368
10, 370
2,713
2,735
4,062
1,422
10, 653
2,789
2,844
4,143
1,430
10, 949
2,934
2,9,58
4,242
1,505
11, 622
2,997
3,120
4,418
1,562
11, 826
3,128
3,079
4,540
1,637
12, 439
3,366
3,593
4,665
1,714
12, 574
3,441
3,409
4,835
1,689
13,088
3,548
3,761
4,995
1,863
13,200
3,953
3,566
4,994
1,903
13, 379
3,853
3,550
5,181
1,900
14, 132
3,897
3,640
5,342
1,905
14,350
4,017
3,813
5,465
2,056
14, 157
3,968
3,717
5,612
2,104
14, 548
4,110
3,843
5,708
2,159
Southwest
Colorado
Idaho
Montana
Utah
Wyoming
Far West
California
Nevada
Oregon
Washington
Alaska
Hawaii
...
127,424
129,342
131,270
134,865
138,742
142, 752
146,391
151,390
153,791
158, 684
163,883
169, 143
170, 147
173, 723
100,658
2,644
9,084
15, 038
101, 891
2,704
9,314
15, 433
103, 347
2,749
9.530
15, 644
105,906
2,857
9,899
16,204
108, 652
2,977
10, 297
16, 816
111, 880
3,088
10, 519
17, 264
114,457
3,185
10, 738
18, 012
118, 625
3,312
11, 146
18,307
120, 280
3,360
11, 344
18, 807
124, 135
3,437
11, 765
19, 347
128, 109
3,453
12, 202
20, 119
131, 916
3,536
12, 578
21, 113
132, 762
3,659
12, 513
21, 213
135, 608
3,740
12, 782
21, 593
1,642
3,958
1,366
4,056
1,700
4, 123
1,774
4,264
1,857
4,459
1,941
4,537
1,986
4,619
2,045
4, 753
2,090
4,840
2,228
4,973
2,461
5,141
2,740
5,280
2,864
5,438
3,061
5, 539
66, 859
213, 784
224, 943
84, 524
164, 784
55, 287
93, 744
46, 032
157, 362
68,494
219, 639
230, 719
88,011
169, 072
57, 243
95, 452
46, 719
162,447
70, 169
224, 847
239, 510
89, 699
173, 348
58,846
98, 736
48, 368
168, 033
71, 499
228, 985
239, 855
88,758
177, 191
59,094
101, 137
49, 476
173, 627
72,604
231, 605
238, 082
89, 035
177, 623
59, 801
102, 800
49, 472
174, 789
73, 665
236, 729
244, 127
91, 205
181,369
61, 122
105, 353
50,765
178, 583
Census regions
Addenda:
New England
Middle Atlantic. .
East North Central..
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
.
56, 164
185, 170
.. 186, 887
68,497
130, 840
44, 511
75, 115
35, 832
130, 380
57, 190
186, 546
191, 386
70, 388
133, 554
45,594
77,203
36,544
132, 330
58, 117
190, 186
194, 717
71, 834
138, 058
46, 864
77, 987
37, 713
134, 343
60, 103
195, 267
202, 227
76,296
143,388
48,800
80,764
39, 497
138, 047
61, 137
198, 297
208, 723
79, 676
147, 873
50,596
83,500
40, 481
142, 081
62, 707
201, 567
212, 821
82, 101
151, 753
51, 422
86, 265
42, 761
146, 141
NOTE.—Detail may not add to totals because of rounding. Quarterly totals for the State
personal income series will not agree with the personal income measure carried in the National
Income and Product Accounts. The 1972-74 quarterly estimates of State personal income have
been revised to incorporate the regular revisions of State annual totals and the biennial
64, 015
205, 234
217, 867
87, 028
156, 769
52, 801
89, 692
43, 573
149, 811
65, 594
210, 031
225, 093
89,004
161, 898
54,856
92, 823
45. 455
154, 876
update of the seasonal factors. Estimates for 1974 for the District of Columbia, Maryland,
Virginia and Hawaii will not agree with the annual estimates appearing in the August 1975
SURVEY owing to subsequent corrections.
October 1975
be seen in table A. In this table, States
are ranked by percent change (first to
second quarter, 1975) in total personal
income. Percent changes are also shown
for key industrial and other sources of
income. Indexes (U.S. percent change
equals 100) of percent changes in total
income and in income excluding farming
and manufacturing are also provided.
These indexes show that, on the average, the gain in total income in the nine
fast-advancing States exceeded the U.S.
gain by nearly 80 percent; excluding
farming and manufacturing, the excess
was about 30 percent. Similarly, the
shortfall in total income among the five
well-below-average States was more
than 80 percent; it was only about 40
percent when farming and manufacturing are excluded.
States well above average
In Delaware and Michigan, a turnaround in auto payrolls was the main
factor in the strength of manufacturing
payrolls. Farm income was up substantially in South Carolina, South
Dakota, Montana, and Nebraska. High
prices for livestock were important
factors in the latter three States.
In Alaska, accelerated work on the
oil pipeline and the resulting large
gains in construction and mining and
in most service-type industries accounted for the very vigorous rise in
total income. In Idaho and New
Mexico, there were large gains in
mining construction, and Federal civilian payrolls. Six of the nine States
also had vigorous gains in service-type
industries; the exceptions were Delaware, South Dakota, and Nebraska.
In the District of Columbia, Federal
payrolls spurted.
SUKVEY OF CURRENT BUSINESS
same as for total GNP. In the third
quarter, residential construction, which
was discussed above, and auto product,
which registers the combined effect of
final sales of autot to all sectors and
auto inventory increase, were responsible for a considerable part of the
increase in nonfarm business product,
$7 billion out of $18% billion. The
slowing of nonauto inventory liquidation from the second quarter to the
(Continued from page 9)
third accounted for almost all of the
vantages of this approach is that it remaining increase. Nonauto inventory
makes it possible to focus on the change is included in the residual
business economy.
"other" category, and its swing conFarm product was up sharply in the tributed $9% billion to this category's
third quarter, due to increased cash $11% billion third-quarter increase.
receipts (from farm marketing and The increase in final sales contributed
Commodity Credit Corporation loans). only $2 billion.
This increase in farm product, the first
The Federal Reserve Index of Indussubstantial one since a sharp drop trial Production (IIP) is an alternative
1% years ago, was reflected in the to the measure of real nonfarm business
increase in farm proprietors' income product shown in table 10. The two
referred to earlier. The price of farm measures differ in coverage, however,
product increased at a 33 percent so that exact correspondence should not
annual rate, and real farm product was be expected. For example, the IIP omits
up 39 percent (table 10). In the second the value added in construction, and
quarter, a similar rate of price rise had there are similar differences in the
been associated with a decline in real distributive and service industries. It
product.
is not possible to strip down GNP to
Real nonfarm business product was make it exactly comparable with the
up 11% percent, compared with 2 IIP. So far this year, the IIP was
percent in the second quarter. These weaker than GNP, with the gap
rates of increase were virtually the narrowing as the year progressed
cause weakness in the steel industry
induced a decline in metallurgical coal.
Payrolls in construction dropped sharply
in each of the five States that were
well below the average. In four of
them, payrolls in service-type industries were also weak.
Table 10.—Gross National Product by Sector of Origin in Constant (1958) Dollars
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
(annual rate)
Billions of dollars
1974
Gross national product _
States well below average
Less: Households and institutions, rest of the world, and general
government
Manufacturing payrolls were off substantially in West Virginia, Connecticut, and Kentucky. In West Virginia,
steel payrolls accounted for the decline.
Large declines in farm income were
registered in Louisiana and North
Dakota. In Louisiana, the decline was
due to a drop in the marketings of
sugar; in North Dakota, it was due
to wheat. Mining payrolls were off
in Kentucky and West Virginia, be-
Equals: Business product
29
Less: Farm
Equals: Nonfarm business product
Auto
Residential structures
Other . .
_ . . .
1975
IV
I
804.0
780.0
II
783.6
1975
III
I
II
804.6
-11.4
1.9
III
11.2
87.6
86.5
87.6
87.9
-4.8
5.2
1.7
716.5
693.5
696.0
716.7
-12.2
1.5
12.4
39.2
25.7
27.5
26.5
28.8
32.1
-14.4
690.8
666.0
669.6
687.9
-13.6
2.2
11.4
33.6
20.4
636.7
26.7
17.3
622.0
33.7
17.5
618.3
38.9
19.3
629.7
-60.1
-49.0
-8.9
153.8
5.4
-2.3
76.6
48.2
7.6
By RUSSELL B. SCHOLL
The International Investment Position
of the United States: Developments in 1974
THE net international investment
position of the United States increased
$15.7 billion in 1974, following an
increase of $12.2 billion in 1973. Net
reinvested earnings and net valuation
adjustments—mainly downward adjustments in the value of foreign-held
U.S. securities—accounted for $14.5
billion of the increase. Balance of
payments factors accounted for $1.2
billion; a $4.6 billion net inflow on
unrecorded balance of payments transactions was partly offset by a $3.4
billion deficit on current account.
At yearend 1974, the net investment
position was $77.6 billion, compared
with $61.9 billion in 1973. Total U.S.
assets abroad increased $39.3 billion,
to $264.6 billion; total U.S. liabilities to
foreigners increased $23.6 billion, to
$187.0 billion.
payments could be identified, part
would be recorded in the current
account and part in capital flows; the
current account plus allocations of
SDR would then equal net balance of
payments capital flows.
The second group is not included in
balance of payments transactions. In
this group are net reinvested earnings—
that is, U.S. companies' share in
retained earnings of their foreignincorporated affiliates less foreign companies' share in retained earnings of
their U.S.-incorporated affiliates—-and
net valuation and other adjustments
to outstanding U.S. investment abroad
and foreign investment in the United
States, including adjustments for
changes in market prices, in exchange
rates, and in coverage. (See table 2.)
Balance of payments factors
Changes in the Net International Investment Position
The major factors that determine the
change in the U.S. net investment
position are shown in table 1. The first
group measures the effects of balance
of payments transactions; it is the sum
of the balance on current account
(goods and services and unilateral
transfers), allocations of SDR, and
an adjustment for errors and omissions.
This sum, in balance of payments
accounting, equals the net recorded
balance of payments capital flows—
that is, the net change in U.S. assets
and liabilities resulting from recorded
balance of payments transactions. If
the unrecorded flows in the balance of
NOTE.—Statistical material for this article
was prepared under the supervision of
Nancy R. Keith, with significant contributions from Julius N. Freidlin and E. S. Kerber.
30
accounted for $1.2 billion, or 8 percent,
of the increase in the net international
investment position in 1974. The deficit
on current account was $3.4 billion,
mainly due to extraordinary U.S.
Government grants to India and Israel. 1 These grants, totaling $2.6 billion, were fully offset in the U.S. Government capita] account: there was
an equivalent reduction in U.S. Government assets abroad. Excluding these
grants, the deficit on current account
was $0.8 billion in 1974, compared with
a $0.3 billion surplus in 1973.
The deficit occurred as enormous
payments for more costly petroleum
imports were largely offset by expanded
merchandise exports and increased net
investment income, especially from
U.S. petroleum affiliates abroad. The
deficit on current account was more
1. See "Special U.S. Government Transactions" in June
1974 SURVEY OF CURRENT BUSINESS, page 27.
Balance of payments transactions
Table 1.—Factors Accounting for Changes in the Net International Investment
of the United States 1
Position
[Millions of dollars]
Ave rage
Item
1961-65
1970
1971
1972
1973
1974?
1966-70
Balance of payments factors:
1.
Balance on current account (deficit (— ))
2. Plus:
Allocations of SD R
3. Plus:
Adjustment for errors and omissions (payments (— ))
-813
-227
4.
Sum of lines 1, 2, and 3 equals net recorded
balance of payments capital flows (inflows (— )). .
2,936
—182
3,749
-128
173
335
-3,357
—1,884 -2,436
4,593
109 —12,859 -10, 885 -2,100
1,235
-281
867
-476
-3,879
-9,710
717
710
-9, 698
Other factors:
5. Plus:
Net reinvested earnings
6. Plus:
Net valuation and other adjustments
7. Equals :
Change in net international investment position of the United States
2,634
3,963
7,133
5,954
-1,421
441
7 f 173
8,535
2,120 -11,646
—6, 482
12,207
15, 726
56,135
49, 653
61, 860
77, 586
1,072
2,399
2,742
-1,095
—71
-731
2,914
2,146
8. Addendum: Net international investment position of the
United States at end of period
"Preliminary.
1. Revised.
NOTE.—Details may not add to totals because of rounding.
67, 781
SUEVEY OF CUKBENT BUSINESS
October 1975
31
Table 2.—Changes in the International Investment Position of the United States Reconciled with Balance of Payments Capital Flows
[Millions of dollars]
Lines
in
table 3
Net International Investment Position and U.S. Assets
Abroad
1973 '
Item (decrease (— ))
1 Net international investment position of the United States
Balance of payments capital flows
Other changes .
.. ..
2
3
4
7
8
15, 726
1,235
14, 489
25, 773
39, 278
16 549
8 158
1 066
32 933
7 508
—1 164
Nonliquid assets
22, 593
31,660
14 807
8 158
372
25 386
7 508
1 235
2 703
—518
2 082
2 043
79
180
—99
..-
U.S. Government
...
Long-term credits
Capital flows
Exchange rate adjustments
Valuation adjustments Changes in coverage..
l
.. _
..
...
Foreign currencies and other short-term assets
Capital flows
Exchange rate adjustments *
Statistical discrepancies
Private, long-term
..
Capital flows
Reinvested earnings
Other changes
9
12, 207
—2 100
14 306
Capital flows
Reinvested earnings
Other changes
U S. assets abroad
Capital flows
Reinvested earnings
Other changes
5 6
Lines
in
table 3
1974 P
... .
55
35
19
621
601
21
1
597
588
—16
6
14 822
17 389
7 094
8 158
-
9
9
34
Other liabilities, reported by U.S. nonbanking concerns
Capital flows
332
332
-347
—347
35
Private, short-term nonliquid, reported by U S nonbanking
concerns
Capital flows
Statistical discrepancies. ...
830
831
—1
1 841
1,840
1
36
Liquid liabilities to private foreigners and liquid, other readily
marketable, and nonliquid liabilities to foreign official
agencies
9 575
26 575
9,393
182
26, 590
-15
15
Claims reported by U.S. banks
Capitalflows. .
3 886
3 886
12 186
12 186
16
Claims reported by U.S. nonbanking concerns
Capital flows.Statistical discrepancies
1 182
1 183
2 603
2 603
3 180
7 gig
1 742
1 438
7 547
71
1 953
6 113
1 161
1 161
5 980
5*980
792
790
2
133
133
1 227
1 505
Convertible currencies
Capitalflows... .
Exchange rate adjustments l _
25
Gold tranche position in IMF
Capital flows ._ .
Par value adjustments 2 . l
Exchange rate adjustments
1
1 165
1 165
208
—9
217
208
172
—233
—233
(*)
-3
—3
87
33
54
1,300
1 265
Capital flows
Other changes.
37
To private foreigners
4 294
16 772
3,028
3 028
12, 636
12, 636
38
To foreign commercial banks
Capital flows
39
To international and regional organizations
Capital flows
Statistical discrepancies
377
377
1 285
1,295
-10
40
To other foreigners
Capital flows
889
889
2,851
2,851
.
5,281
9,803
42
Liquid
Capital flows
Exchange rate adjustments *
4,599
4,456
143
8,481
8,481
43
Other readily marketable liabilities
Capital
flows
1,118
1,118
672
672
44
Nonliquid, reported by U.S. Government
Capital flows
Exchange rate adjustments 1
Statistical discrepancies
-436
-475
39
(*)
650
655
41
To foreign official agencies
. .
—5
36
.
.
35
f Revised.
*> Preliminary.
*Less than $500,000 (±).
1. In lines 5, 6, 7, and 11, represent changes in the dollar value of foreign currencies as indicated by exchange market movements; in lines 23 and 25, represent changes in the dollar
value of SDR—beginning July 1974, the IMF values SDR on the basis of a weighted average
of exchange rates for currencies of 16 member countries; in lines 24, 28, 42, and 44, represent
changes from revaluations of foreign currencies due to the dollar devaluation in the first
quarter 1973.
2 558
1 554
—9 686
227
227
14 789
24
7 271
1 025
—6 301
Capital flows
Reinvested earnings
Other changes
1
Other liabilities, reported by U.S. banks
Capital flows
5 068
SDR
Capital flows..
Par value adjustments 2
Exchange rate adjustments *
—5 574
33
401
401
23
1 995
—6 869
544
—7 413
433
433
Gold
Capital flows
Par value adjustments 2 _ .
Private, long-term
—2 979
2*763
—5 742
Other claims, reported by U.S. nonbanking concerns
Capital flows
22
29
Corporate stocks
Capital flows
Price changes
13
U.S. monetary reserve assets
710
710
32
1 159
1 159
21
1 166
1 154
13
(*)
82
933
933
Claims reported by U.S. nonbanking concerns
Capital flows _ _
Statistical discrepancies.
_
U.S. Government
Capital flows
Exchange rate adjustments!
Statistical discrepancies. .. _.
14 938
7 455
7 508
26
Other claims, reported by U.S. banks.
Capital flows
20
28
13 208
4 968
8 158
12
Claims reported by U.S. banks
Capital
flows
_
5 108
1 554
—9 684
....
—1 829
128
—1, 957
1 015
250
1 322
557
19
—3, 023
9 256
1 025
—6 289
Capital
flows
Reinvested earnings
Other changes
999
1 293
-294
511
199
697
385
Private
3,991
Nonliquid liabilities to other than foreign official agencies
Corporate and other bonds .
Capital flows
Price changes
Foreign corporate stocks .
C apital flows
Price changes
Exchange rate adjustments *
18
31 698
1 554
—9 699
31
11
Capitalflows.
Other changes. _ .
23 552
18 649
1 025
—6 107
11 005
7 508
1 125
1 906
2 240
'334
Liquid assets
13 566
Capital flows
Reinvested earnings
Other changes
3 462
2 224
1 554
—316
759
959
200
17
U.S. liabilities to foreigners
3 416
2 656
1 025
—265
Foreign bonds
Capitalflows. .
Price changes
Private, short-term nonliquid
1974 P
Direct investments in the United States
Capital flows
Reinvested earnings . ,
Valuation adjustments . _
10
14
27
1973'
30
430
Direct investments abroad.
Capital flows
Reinvested earnings
Valuation adjustments
I
26
U.S. Liabilities to Foreigners
Item (decrease (— ))
2. Represents the change in the official dollar/gold parity as officially implemented on
October 18, 1973.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
32
October 1975
Table 3.—International Investment Position of the United States at Yearendt
[Millions of dollars]
Western Europe
Total
Line
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
36
37
38
39
40
41
42
43
44
Latin American Republics and
other
Western
Hemisphere
Japan
Type of investment
1 Net international investment position
of the United States .
2 U.S. assets abroad .
3
4
Canada
Nonliquid assets
U S Government
Long-term credit:
Repayable
in dollars !
Other 2
Foreign currencies and other
short-term 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.
non-banking concerns *
Private, short-term nonliquid
Claims, reported by U.S. banksClaims, reported by U.S. nonbanking concerns ._
1974 v
1974 P
1970 r
1971 r
67,781
65,441
56, 135
79,464
49,653 61,860
99,546 225,319
48, 588
32, 145
63, 333
34, 163
80, 648 203, 241 234, 902
36, 130 38, 834 38, 315
57,354
8,087
65,817
8,387
23, 511
6,185
25, 590
6,184
28, 440
5,696
30, 647
5,571
33, 056
3,241
7,122
842
7,457
788
2,449
03, 611
75, 456
2,389
14,543
83, 033
1,994
2,615
27, 820 142, 642
90, 467 103, 675
2,018
60, 031
18, 613
123
44, 602
38, 255
14, 397
6,573
15,904
7,641
17, 095
10, 537
17,854
10, 026
19, 760
9,011
461
3,163
751
2,555
3,035
3,647
5,063
5,996
7,155
988
1,497
4, 150
12, 832
9,592
4,318
14, 627
10, 872
1972'
4,658
16, 698
12, 355
1973 r
5,091
21, 766
16, 241
1973 r
77, 586 -44,913 -40,260
60,047
69,845
64,598
1973 r
1974 P
1973 r
1974 P
1973 r
1974 v
Other foreign
countries
1973 r
1974 P
32,433
45,004
23, 748 20,222
47,854 24, 156
22,426
27,040
5,609 50, 269
142
230
16, 833 34, 938 43, 617
619 7,590 8,307
44, 537
20, 735
47, 207
18, 789
9,786
1,646
11, 162
1,984
6,894
651
7,631
629
14, 295
4,038
15, 199
1,791
1,641
1,980
23
45
47
4,488 21,106 25, 115
3,337 16, 484 19, 620
2,402
20,458
14,528
1,798
21, 939
15, 432
11, 018
634
227
554
40
2
4
142
50, 996 4,027 48, 316
44, 505 25, ,541 28, 378
40
4,309
2,671
1,183 12, 460
5,442 5,500
247
1,014
222
560
1,224
153
1,325
141
2, 795
254
3,169
255
1,944
490
486
251
258
2,121
2,606
2,146
2, 305
(*)
1,371
1,440
948
1,492
1,722
1,053
126
6,075
5,469
111
11, 725
10, 952
1,124 1,423
6,242 10, 195
4,992 8,274
735
3,344
2,394
778
6,479
4,814
(*)
(*)
5,492
36, 555
28, 427
1,735
4,665
2,438
1,688
6, 434
3,334
140
563
34
3,755
4,343
5,525
8,128
2,227
3,100
492
669
606
773
1,250
1,921
950
16, 131
3,964
2,400
18, 898
5,747
3,321
22, 078
7,700
4,482
29, 696
13, 813
10, 462
2,693
2,686
1,444
4,028
4,024
2,599
1,788
1,788
1,006
2,678
2,678
1,720
1,230
1,229
929
1,945
1,944
1,562
1,530
1,530
908
4,520
4,520
4,089
467
467
195
1,564
12, 167
10,206
1,100
276
585
3,218
2,426
3,351
13,151 «6 14,378 » 15,883
10, 487 11,652 « 11,652
« 1, 958 a 2, 166 « 2, 374
8
241
5
«552 « 1,852
«465
s 1, 242
7
« 1, 425
4
782
(*)
958
(*)
300
1
382
1
«622
«431
«272
7
4
(*)
(*)
1
1
110, 105 14,661 14,641
14,503 17,074
12,829 16,472
97, 660 123,329 149,893 163,459 187,012
104,960
55, 482
67,002
70, 994
67, 971
49, 777
46, 356
7,912
7,885
2,215
4,800
1,496
U.S. Government 7
1,978
Private long-term
44, 785 50, 051
Direct investments in the
13, 270 13, 914
United States
.
U.S. securities:
Corporate and other bonds
8,647
6,878
Corporate stocks
18, 689 21, 429
Other liabilities, reported by
758
U S. banks
- 1,008
Other liabilities, reported by
U.S. nonbanking concerns
5,303
4,940
Private, short-term nonliquid, reported by U.S. nonbanking
3,935
3,891
concerns
1,729
60, 782
2,896
62, 777
3,606
57,203
1,625
44, 913
1,730
40, 257
30
7,594
64
7,507
332
1,585
378
1,453
56
3,969
14,868
18, 284
21, 746
12,504
14,098
4,044
4,806
259
480
10, 939
27, 827
11, 938
24, 848
10,109
17, 979
9,552
17, 851
8,431
12, 772
414
2,883
393
2,045
177
644
50,654
Liquid liabilities to private foreigners and liquid, other readily
marketable, and nonliquid liabilities to foreign official agencies - 47,006
To private foreigners
To foreign commercial banks 9 _ _
To international and regional
organizations
To other foreigners
To foreign official agencies
Liquid
Other readily marketable
Nonliquid, reported
by U.S.
Government 7
67,847
3
5
8,140
6,196
3
5
9,177
7, 341
1,833
3
1,665
647 14, 370
647
492
15, 878
«155
14, 370
11, 652
2,166
15, 878
11, 652
2,374
552
1,852
12,571
24, 106
3,934
4,614
4,047
3,983
5,848
2,306
1,658
136
3,047
852
2,410
1,298
3,281
2,306
1,658
438
548
1,039
1,814
151
462
337
2,268
324
1,585
24
881
41
878
1,434
321
769
237
551
652
2,177
925
1,152
1,161
272
225
8
19
4
1
198
153
119
111
6,223
6,555
6,208
4,734
4,731
245
244
501
359
728
437
347
437
4,491
5,321
7,162
3,239
4,369
288
314
298
346
775
864
721
1,269
92,465 119,041
55, 183
63, 749
6,749
6,756
11,288
14, 897
8,029 12, 425
8,588
18,258
1,628
2,956
9,444
7,816
19,582
16, 948
2,896
2,439
3,094
2,579
n.s.s.
n.s.s.
n.s.s.
n.s.s.
7,974
3,257
n.s.s.
n.s.s.
n.s.s.
n.s.s.
1,628
2,956
n.s.s.
n.s.s.
263
319
n.s.s.
n.s.s. 1,628
n.s.s.
n.s.s. 3,061 4,454
n.s.s.
n.s.s.
n.s.s.
n.s.s. 2,551 4,451
n.s.s.
n.s.s.
n.s.s. | n.s.s.J2, 551 J4, 451 | n.s.s.| n.s.s.
2,956
82, 891
22, 619
17, 169
16, 613
10, 949
21, 335 825,629 842,401
14, 666 817,694 830,330
846
4,604
24, 387
20, 623
695
1,523
4,141
51, 234
47, 610
144
7
25
1,626 82,003 83,288
515
457
1,621
2,609
5,043 s 5, 932 s 8, 783
44, 167 3,853 3,662
45, 739
61, 556 866,836 876,640
57, 344 861,943 8 70, 424 | 45,047 | 42,824 ]l,313 |l, 122 J
543 s 1, 661 s 2, 333
3,069
3,480
3,669
3,232
3,883
t Includes U.S. gold stock.
r Revised.
* Preliminary.
*Less than $500,000 (±).
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. Country detail for Western Europe includes the six countries of the European Economic
Community, United Kingdom, and Switzerland only, and for Latin American Republics
and other Western Hemisphere includes only Bahamas and Bermuda. Remaining countries
1974 P
1,704 23, 639 31, 665
18, 778 36, 468 48, 137
3,240
Nonliquid liabilities to other than
foreign official agencies
1973 r
2,736 38,306 -2,255
7,397 52,947 12,248
16, 853
Liquid assets
2,366
Private
Claims, reported by U.S. banks- 1,210
Claims, reported by U.S. nonbanking concerns 1,156
14, 487
U S monetary reserve assets
Gold
--- 11, 072
851
SDR
Convertible currencies .
629
1,
935
Gold tranche position in IMF.. .
U.S. liabilities to foreigners
International
organizations
and
unallocated^
692
1,343
2,540
2,540
5,478
2,098
}
n.s.s.
n.s.s.
n.s.s.
}
n.s.s.
are not separately identified due to insignificant amounts and are included in other foreign
countries.
6. Total reserve assets include increases from changes in the par value of the dollar, as
officially implemented: on May 8, 1972, the increase totaled $1,016 million, consisting of $828
million gold stock, $155 million SDR, and $33 million gold tranche position in IMF; on October 18,1973, the increase was $1,436 million, consisting of $1,165 million gold stock, $217 million
SDR, and $54 million gold tranche position in IMF: and beginning July 1974, the IMF values
SD R on the basis of a weighted average of exchange rates for currencies of 16 member countries.
7. U.S. Government liabilities are broken down into those to foreign official reserve agencies
in line 44 and those to others, including foreign official agencies other than reserve agencies,
in line 28.
8. The regional breakdown for these liability lines may not add to the world total since
certain items cannot be shown separately.
9. As reported by U.S. banks; ultimate ownership is not identified.
NOTE.—Details may not add to totals because of rounding.
October 1975
SURVEY OF CURRENT BUSINESS
33
issues were placed in the United States,
although the interest equalization tax
The increase in both U.S. assets on U.S. investment in securities of
abroad and U.S. liabilities to foreigners industrialized countries was removed
was largely due to the sharp rise in early in the year. (Canadian new issues
petroleum prices and the enormous had been exempt from the tax.)
increase in worldwide financial flows
Partly offsetting the increase in U.S.
that was associated with this rise. holdings of foreign bonds was a $1.0
Assets rose 17 percent and liabilities 14 billion drop in the value of U.S.-held
percent, compared with 13 and 9 foreign stocks to $9.0 billion. This drop
percent, respectively, in 1973. (See was primarily the result of a $1.3 biltable 3.) Facilitated by the removal of lion downward adjustment reflecting
U.S. capital controls on lending and lower stock prices in foreign markets;
Other factors
investment abroad in January 1974, net U.S. sales, largely of Japanese
Most of the rise in the net invest- U.S. loans to foreigners rose to a
ment position in 1974 was due to record level, in response to strong stocks, amounted to $0.3 billion. Partly
factors other than balance of payments demand for funds by petroleum- offsetting was an exchange rate adjusttransactions. Over one-third of the importing countries. Contributing to ment of $0.6 billion for foreign currency
rise was accounted for by net reinvested the rise in U.S. liabilities to foreigners appreciation.
Assets in the form of long- and shortearnings, and more than one-half was was a large increase in the inflow of
term
claims reported by U.S. banks and
accounted for by net valuation and short-term funds to the United States
nonbanking
concerns increased an exother adjustments.
frcm petroleum-exporting countries.
traordinary $22.5 billion in 1974. InterNet reinvested earnings were $6.0
national petroleum developments were
billion, compared with a record $7.1 Assets
a major factor contributing to the
2
billion in 1973. Foreign affiliates of
U.S. assets abroad increased $39.3 increase, as demand for loans to finance
U.S. companies reinvested $7.5 billion billion, to $264.6 billion, in 1974. Cap- deficits of petroleum-importing counlast year, compared with $8.1 billion ital outflows accounted for $32.9 billion tries rose sharply.
in 1973. The funds helped finance of that rise, and reinvested earnings,
U.S. bank-reported claims on foreignincreased plant and equipment ex- $7.5 billion. Partly offsetting were
ers increased $19.3 billion; short-term
penditures abroad. Reinvested earnings downward valuation adjustments of claims increased $18.2 billion. The rapid
of U.S. affiliates of foreign companies $1.2 billion. (See chart 13.)
expansion in claims was facilitated by
were $1.5 billion, compared with $1.0
U.S. Government assets declined the removal of U.S. controls on capital
billion in 1973. The rise largely re- $0.5 billion to $38.3 billion. The $2.6 outflows and stimulated by the lesser
flected a petroleum-exporting country's billion reduction due to the extra- rise in U.S. short-term interest rates
share in the earnings of a major U.S.- ordinary transactions with India and than in Eurodollar rates of comparable
incorporated petroleum company. Re- Israel, previously mentioned, was maturity. U.S. bank-reported claims on
invested earnings of all other U.S. largely offset by other transactions that Japan alone increased $6.1 billion, as
affiliates rose slightly, after nearly resulted in a rise in U.S. Government that country encouraged its banks and
doubling in 1973.
assets.
traders to borrow dollars abroad to
Net valuation and other adjustments
Assets associated with U.S. direct avoid a drain on its official reserves.
contributed $8.5 billion to the increase investment abroad rose $14.9 billion to There was also a large increase in liquid
in the net investment position. U.S. $118.6 billion. The rise was equally claims on the Bahamas, in part on
liabilities to foreigners were reduced divided between capital outflows frcm branches of U.S. commercial banks;
$9.7 billion, due almost entirely to a the United States and reinvested earn- these funds were often rechanneled for
downward adjustment in the value ings of foreign affiliates abroad.
lending in the Eurodollar market.
of foreign-held U.S. securities; this
By yearend 1974, U.S. bank-reported
Holdings of foreign bonds rose $1.9
reflected the sharp decline in U.S. billion to $19.8 billion. Canadian bond claims on foreigners amounted to $46.0
stock and bond prices. U.S. assets placements (primarily Provincial issues) billion and were 5.0 percent of total
abroad were reduced $1.2 billion; ad- in the United States doubled to $1.7 assets (domestic and foreign) of U.S.
justments for price changes in U.S.- billion, as heavy demand by the Gov- commercial banks. From 1970 to 1973,
held foreign securities were relatively ernment of Canada for domestic funds this ratio had increased gradually from
placed strains on the Canadian market 2.4 percent to 3.2 percent.
moderate and partly offset by exchange
Claims reported by U.S. nonbanking
and a widening cost differential favored
rate adjustments.
borrowing in the United States. New concerns rose $3.1 billion to $17.0
issue activity of other countries in billion. Most of the rise was concentrated in short-term, nonliquid assets.
2. Reinvested earnings by foreign affiliates of U.S. com- international bond markets was depanies have been revised based on the results of the 1966
Lower
cost financing in the United
pressed
due
to
tight
credit
conditions
benchmark survey of U.S. direct investment abroad. See
and high interest rates, and few new States and increased financing require"U.S. Direct Investment Abroad in 1974," page 23.
than offset by the net inflow of $4.6
billion through unrecorded transactions.
The net inflow followed 5 years of net
outflows that had been especially large
during periods of exchange market
crises. Part of the 1974 shift was due to
a reflux of some earlier speculative
outflows. In addition, the exceptionally
large and sudden change in international
petroleum-related transactions contributed to the shift.
U.S. Assets and Liabilities
SUEVEY OF CUEEENT BUSINESS
34
Foreign direct investment in the
ments for sharply expanded U.S. exports
United States rose $3.5 billion to $21.7
contributed to the rise.
U.S. monetary reserve assets in- billion; $2.2 billion was accounted for
creased $1.5 billion to $15.9 billion by capital inflows and $1.5 billion by
principally due to an increase in the reinvested earnings, partly offset by a
U.S. gold tranche position in the $0.3 billion downward valuation ad3
International Monetary Fund (the justment. Investment in the petroleum
tranche position represents uncondi- industry rose $1.3 billion; unusual
tional drawing rights normally equal transactions involving the previously
to a member country's IMF quota less mentioned company accounted for most
IMF holdings of its currency). The of the increase. Investment in other
change resulted from a drawing down industries rose $2.2 billion. In 1974, as
of IMF holdings of U.S. dollars by in 1973, the depreciation of the dollar
by foreign countries, largely due to against many leading currencies and
their petroleum import financing lower U.S. equity prices may have
stimulated foreign investment in the
requirements.
United States.
Liabilities
The value of U.S. securities held by
U.S. liabilities to foreigners rose foreigners fell $8.7 billion, to $28.1
$23.6 billion, to $187.0 billion. Capital billion, as U.S. stock and bond prices
inflows totaled $31.7 billion, and rein- dropped sharply. The decline in U.S.
vested earnings, $1.5 billion. Partly stock prices resulted in downward valuoffsetting these increases were down- ation adjustments of $7.4 billion; partly
ward valuation adjustments that re3. See "Foreign Direct Investment in the United States in
duced liabilities $9.7 billion.
1974," page 36.
October 1975
offsetting were net foreign purchases
of U.S. stocks of $0.5 billion, down from
a record $2.8 billion in 1973.
The value of foreign holdings of U.S.
bonds declined $1.8 billion; a $1.9
billion downward price adjustment was
only slightly offset by net foreign
purchases of $0.1 billion. There were
virtually no new bond issues abroad by
U.S. corporations, due to high longterm interest rates and the removal of
U.S. restrictions on U.S. capital outflows for investment abroad. These
bond issues had been an important
source of funds for U.S. direct investments abroad in previous years; they
accounted for four-fifths of the $10.1
billion market value of U.S. bonds held
by foreigners at yearend 1974.
Influenced by the same factors that
caused curtailment of their new bond
issues abroad, U.S. corporations repaid
some of their other foreign long-term
debt and shifted to shorter term debt
last year. Long-term liabilities of nonCHART 13
Changes in the International Investment Position of the United States, 1970-74
Changes in U.S. Liabilities to Foreigners
Changes in U.S. Assets Abroad
Changes in the Net International Investment Position
Billion $
50 f~
Billion $
1 50
40
40
30
30
Total
20
20
10
10
Valuation Adjustments
-10
-20
1970
-10
72
U.S. Department of Commerce, Bureau of Economic Analysis
73
74 1970
71
72
73
Change From Preceding Yearend
74 1970
71
72
73
-20
74
75-10-13
October 1975
SURVEY OF CUKEENT BUSINESS
banking concerns dropped $0.3 billion
to $6.2 billion, and their short-term
liabilities rose $1.8 billion to $7.2
billion.
The increase in U.S. liquid liabilities
to private foreigners and all liabilities
to foreign official agencies was $26.6
billion. A larger rise in short-term
interest rates in the United States than
in Europe in the first half of the year
and the broad U.S. market for liquid
financial instruments helped attract
these funds. Liabilities to OPEC countries alone rose $10.7 billion. Most of
the remaining increase was in liabilities
to foreign commercial banks, particularly Eurobanks, and probably included
some OPEC funds channeled here
through these foreign financial intermediaries.
At yearend 1974, liquid liabilities to
private foreigners and liabilities to
foreign official agencies were $119.0
billion, and constituted almost twothirds of all U.S. liabilities to foreigners.
Liabilities to OPEC countries were
$14.6 billion, or 7.8 percent of all U.S.
liabilities abroad, compared with $3.9
billion, or 2.4 percent at the end of 1973.
U.S. direct investment abroad was
made in 1966. A new survey of foreign
direct investment in the United States
for 1974 is now being conducted; the
last one was in 1959.
The values of security holdings are
based on data from benchmark surveys
plus data on subsequent purchases
or sales (reported on a monthly basis),
with appropriate adjustments for valuation changes. Foreign holdings of U.S.
securities are revalued on the basis of
changes in Standard and Poor price
indexes for stocks and bonds. The
value of U.S.-held foreign bonds is
adjusted for changes in a price index
of a selected sample of foreign bonds
actively traded in the New York
market, and the value of U.S.-held
foreign stocks is adjusted for changes
in stock indexes in leading foreign
markets. A new benchmark survey
of foreign holdings of U.S. securities
for 1974 is now being conducted—the
last survey was in 1949. The last survey
of U.S. holdings of foreign securities
was in 1943.
Technical Note
(Continued from page 16)
The value of U.S. international
assets and liabilities is derived from
data obtained through the U.S. balance
of payments reporting system, supplemented by valuation adjustments and
periodic benchmark surveys.
Outstanding international assets and
liabilities of the U.S. Government and
of U.S. banks and nonbanking concerns
with unaffiliated foreigners are reported regularly on a monthly or
quarterly basis. Outstanding assets
and liabilities with affiliated foreigners—U.S. direct investment abroad
and foreign direct investment in the
United States—are based on quarterly
sample surveys and on periodic benchmark surveys. The last survey of
help users judge the amount of
understatement.7
Discounting does not seem to be
called for in measuring depreciation
within the context of the NIPA's. Depreciation and net product should be
viewed as flows that apply to a specific
year that are not influenced by considerations of expected earnings in
future years. In comparison with depreciation measured without discounting, discounting of future services wculd
reduce the depreciation charge in the
first years of the service life and raise
it in later years. With an increasing
7. A detailed review of the allocation of depreciation over
the service life, including points not considered in this article,
such as the treatment of obsolescence, is contained in Edward
F. Denison, "Final Comments," SURVEY OF CURRENT
BUSINESS, May 1972, Part II, especially pp. 99-108.
35
investment stream, discounting would
lower depreciation. Incorporation of a
discount rate would tend to offset the
difference noted between a depreciation
formula that allows for a decline in
service before the end of the service
life and the straight-line formula.
Valuation in current prices
Depreciation in current prices is
obtained by adjusting for the change in
the price of a capital good between the
year in which the investment occurred
and that in which the depreciation
deduction on it is taken. In the case of
equipment, this procedure measures the
resources required to replace used-up
assets with identical assets.8
Because of deficiencies in the price
indexes used for structures, depreciation
charges for structures may overstate
the resources required to replace usedup assets with identical ones. Some of
the price indexes measure the price of
inputs to the construction industry
rather than output prices. To the extent
that there have been efficiencies in
input use that have not been reflected
in these indexes, the depreciation charge
valued in current prices will be more
than is necessary to replace used-up
assets with identical ones. However,
in comparison with the present accounts, the new benchmark estimates
reduce the degree of possible overstatement by incorporating improved price
indexes in which the use of input prices
has been reduced.9
8. The concept of capital stock involved here is that of
capital measured by its cost of replacement. Alternatively,
it is sometimes suggested that capital be measured by its
productive capacity. Because of increasing efficiency of capital
goods over time, depreciation charges arising from the first
concept exceed the resources required to replace used-up
assets with new ones of equal productive capacity. These
concepts are discussed more fully in Edward F. Denison,
"Theoretical Aspects of Quality Change, Capital Consumption, and Net Capital Formation," Problems of Capital
Formation, Studies in Income and Wealth, Vol. 19, National
Bureau of Economic Research, 1957, pp. 215-61.
9. The improved price indexes are described in "Revised
Deflators for New Construction, 1947-73," SURVEY OF
CURRENT BUSINESS, August 1974, Part I.
By IDA MAY MANTEL
Foreign Direct Investment in the
United States in 1974
LAJOR developments related to extraordinary increases in reinvested In addition, the very high dividend
foreign direct investment in the United earnings, adjusted earnings, and bal- payout ratio of the petroleum company
States in 1974 were:
ance of payments income of all affiliates. dominates the ratio for all affiliates.
(1) The foreign direct investment
position in the United States rose $3.5
billion, to $21.7 billion.1 The 19 percent
CHART 14
increase was less than the 23 percent
Foreign Direct Investment in the United States, 1974
increase in 1973.
(2) Adjusted earnings—the return
BY INDUSTRY OF AFFILIATE
BY COUNTRY OF FOREIGN DIRECT INVESTOR
on the investment position—were $7.0
Distribution of Position: $21.7 Billion
billion, compared with $2.0 billion in
1973.
(3) Income paid on direct investment, as measured for balance of payments purposes, was $5.4 billion, compared with $1.0 billion in 1973.
These developments were strongly influenced by the transactions of a large
U.S.-incorporated petroleum company
with a Middle East country that obtained participation in the company in
1973. The participation payment was
treated, for balance of payments purposes, as a net capital inflow on foreign
direct investment in the United States.
In addition, for 1973 and 1974, BEA
made imputations to income payments,
Distribution of Addition to Position: $3.5 Billion
to earnings, and to net capital inflows
on intercompany account.2 Excluding
these unusual transactions, the increase
in the direct investment position was
approximately 16 percent in each year.
The earnings of the above-mentioned
petroleum company in 1974 accounted
for nearly 75 percent of the earnings of
all affiliates, and for nearly all the
1. The position is the value of foreign parents' net equity
in, and outstanding loans to,U.S. affiliates at yearend.
2. An explanation of BEA's imputations to balance of
payments accounts was provided in "U.S. Balance of Payments Developments: First Quarter 1974," SURVEY OF
CURRENT BUSINESS, June 1974, p. 28.
NOTE.—Gregory G. Fouch prepared the
estimates and made a significant contribution
to the analysis.
36
U.S. Department of Commerce, Bureau of Economic Analysis
SUEVEY OF CUREENT BUSINESS
October 1975
The direct investment position
The 1974 increase in the foreign direct
investment position in the United
States consisted of net capital inflows
of $2.2 billion, reinvested earnings of
$1.6 billion, and valuation adjustments
of —$0.3 billion.3 By area of location of
investor, 22 percent of the addition to
the position was accounted for by
Canada, 46 percent by Europe, and 32
37
percent by all other areas combined
(table 1 and chart 1).
The position of Canada rose 19 percent, to $4.8 billion; both net capital
inflows from Canada and reinvested
earnings of Canadian-owned U.S. affiliates showed large increases. The position of Europe increased 13 percent, to
3. The major valuation adjustments are capital gains and
losses not carried through the affiliate's income account, and
the difference between the market value and book value of
transactions in the affiliate's equity shares by the foreign
parent with persons other than the affiliate.
Table 1.—Foreign Direct Investment Position in the United States, 1972-74, Area by Industry
[Millions of dollars]
Addition in 1974 »
Addition in 1973 '
Position,
yearend *
1972"
Area and industry
Total
Net capital
inflows
Reinvested
earnings
Valuation
adjustments
Position,
yearend 1
Total
1973 r
Net capital
inflows
Reinvested
earnings
Valuation
adjustments
Position,
yearend 1
1974 v
_.
14,868
3,272
7,262
4,333
3,417
1,377
1,297
743
2,656
1,120
748
788
1,025
257
464
304
-265
0
85
-349
18,284
4,649
8,559
5,076
3,461
1,279
1,745
437
2,224
649
1,010
564
1,554
562
717
274
-316
67
19
-402
21,746
5,928
10, 305
5,513
Canada .
_.-,_.
Petroleum
Manufacturing
Other
3,466
243
2,201
1,022
578
53
229
296
386
19
27
340
203
34
127
42
-11
0
76
-87
4,044
296
2,430
1,318
762
171
497
94
489
93
328
67
304
11
158
135
-31
67
11
-108
4,806
467
2,927
1,412
11,087
3,011
4,836
3,240
1,417
427
992
-1
1,133
319
679
136
531
108
304
119
0
9
-256
12,504
3,438
5,828
3,238
1,593
382
988
223
1,250
280
498
472
602
102
482
17
-258
0
8
-266
14,098
3,820
6,816
3,461
314
18
225
71
1,421
897
76
448
1,137
782
42
312
292
115
34
143
-7
0
0
-7
1,736
916
301
519
1,106
725
260
121
485
276
184
25
648
449
77
123
-27
0
0
-27
2,842
1,641
561
640
All areas
Petroleum _
Manufacturing
Other
Europe
Petroleum
Manufacturing
Other
Other
Petroleum
.
Manufacturing
Other
r
Revised.
. ...
-247
NOTE.—Details may not add to totals because of rounding.
*> Preliminary.
1. Same as "book value at yearend" used in previous SURVEY or CURRENT BUSINESS
articles on foreign direct investment in the United States.
Table 2.—Net Capital Inflows for Foreign Direct Investment in the United States, 1971-74, Country and Industry
[Millions of dollars; outflows (—)]
1971 '
Area and industry
Total
1972'
1974 P
1973'
Equity
investment,l
acquisitions
Total
Equity
investment,
acquisitions 1
Other 2
Total
— 175
258
433
380
785
405
2 656
1 581
1 075
82
221
3
220
118
90
79
1
77
—22
540
125
24
87
10
46
290
9
41
—55
51
10
5
_3
13
22
12
—3
12
386
1 133
589
307
259
146
168
34
12
2
9
1
18
2
13
37
—55
16
—71
1
250
133
65
32
51
—2
31
10
43
36
23
(*)
12
256
708
326
271
127
78
17
1
49
111
130
425
263
35
132
68
— 185
5
15
127
20
117
— 10
—556
21
577
19
116
97
287
104
58
20
3
H
55
9
—22
(*\
2
3
—24
3
78
771
3
511
76
260
50
232
—565
81
—9
10
206
33
40
26
598
81
—12
30
24
192
—83
56
—2
192
31
139
127
_7
53
209
56
_5
292
1 120
693
369
119
Equity
investment,
acquisitions l
Other 2 Total
Other 2 Total
Equity
investment,
acquisitions l
Other 2
2 224
1,477
747
489
348
717
9
137
267
10
294
185
57
121
6
390
805
333
321
2
111
80
3
125
150
68
73
9
99
445
14
396
7
27
187
7
168
35
-10
48
-3
130
277
-146
By area:
Canada
Europe.
United Kingdom
European Economic Community (6) .
Belgium and Luxembourg
France
_. ..
Germany _ _
Italy
...
Netherlands .
Other Western Europe. _
Sweden
Switzerland
.
Other
195
69
17
28
48
13
—4
—43
18
—62
(*)
Japan
.. .
Latin American Republics and other Western
Hemisphere
_
Other
c*\
(*\
17
(*\
/*\
3
36
13
30
14
H
3
Q
63
238
26
222
— 10
Q
105
(*)
1 250
184
45
309
1
5
44
304
649
306
729
173
126
144
343
281
-9
111
-11
32
664
409
By industry:
Petroleum
M anuf acturing
Trade. ....
Insurance
Other finance
Other. _ .
....
Addenda:
European Economic Community (9) 8 _
36
3
7
.
' Revised.
P Preliminary.
* Less than $500,000 (±).
1. Relates only to incorporated affiliates and consists of capital inflows to establish or to
acquire a new company in the United States, the acquisition cost of additional shares of, and
additional paid-in capital contributions to, existing U.S. affiliates, and the capitalization of
intercompany accounts.
2. Consists of partial and total liquidations of equity holdings in incorporated U.S. affiliates
3
484
748
238
137
74
339
66
333
427
378
119
137
8
6
895
598
298
1 010
164
111
114
176
1,073
by foreign parents, plus changes in intercompany, accounts of incorporated and unincorporated U.S. affiliates with their foreign parents.
3. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CUEEENT BUSINESS
October 1975
billion decrease in net intercompany
account financing.
Net equity investment by foreign
parents in their U.S. affiliates totaled
$1.4 billion; acquisitions were $1.5 billion and liquidations $0.1 billion (tables
2 and 3). Acquisitions—purchases of
shares and additional paid-in capital
in new or existing affiliates—were 7
percent below 1973. By country of
foreign investor, the largest acquisitions
were by the United Kingdom, Canada,
and Japan. By industry of the U.S.
affiliate, nearly half the acquisitions
were in manufacturing.
Acquisitions of equity were approxiNet capital inflows
mately one-third in newly established
Net capital inflows were $2.2 billion, affiliates and two-thirds in existing
down 16 percent from 1973. The decline affiliates. A substantial portion of the
consisted of a $0.2 billion decrease in latter probably financed affiliates' purnet equity investment and a $0.3 chases of other U.S. companies; there
were significant takeovers of, and
purchases of shares in, U.S. manufacturing companies by existing U.S.
affiliates of Canadian, continentalEuropean, and Japanese parents.
Financing for these purchases obtained
from foreign parents was a capital
inflow to the purchasing affiliate, while
the purchase itself was a domestic
transaction not included in net capital
inflows.4
Parents in the United Kingdom and
the Netherlands significantly increased
their equity in existing petroleum
affiliates. There was also substantial
equity investment by parents in other
European countries in both new and
38
$14.1 billion; most of the increase was
from the United Kingdom, Germany,
and the Netherlands. The position of
the United Kingdom rose 8 percent,
while the position of all other European
countries combined rose 16 percent.
The position of other geographic
areas combined increased 64 percent,
less than the rate of increase in 1973.
The slower rise resulted primarily from
decreases in both net capital inflows
and reinvested earnings from Japan,
and in net capital inflows from the
Middle East.
4. U.S. companies in which shares are purchased by existing affiliates become part of the universe of U.S. affiliates,
even though transactions to acquire these companies are not
included in net capital inflows.
Table 3.—Net Capital Inflows for Foreign Direct Investment in the United States, 1971-74, Country by Industry
[Millions of dollars; outflows (—)]
Petroleum
All industries
Area and
year
Manufacturing
Equity investment
Equity investEquity investEquity investInterInterInterment
ment
ment
comcomcomTotal
pany acpany ac- Total
pany ac- Total
Total
Acqui- Liqui- counts 3
Acqui- Liqui- counts 3
Acqui- Liqui- counts 3
Acqui- Liquisida- 2
dasida- 2
sidasi1
tions
tions
tions i tions 2
tions i tions
tions l tions 2
AH areas:
1971 '
-175
1972 r
380
1973 r
2,656
1974 P.... 2,224
Canada:
1971'
82
1972'
250
1973 f
386
1974 P
489
Europe :
United Kingdom:
1971 r
195
1972 r
65
1973 r
589
1974 P
348
Netherlands:
-4
1971'
1972'
43
1973'
63
1974 P
294
Switzerland:
-62
1971'
1972'
(*)
1973'
222
1974 P.
121
Other:
1971'
91
1972'
25
1973'
259
1974 P
487
Japan:
1971'
-556
1972'
19
1973'
287
1974 P
130
Other:
1971'
78
1972'
-22
1973'. ..
849
1974 P
355
-21
4
47
48
18
141
290
4
2
467
253
24
0
-5
0
0
16
-320
37
-19
0
(*) 0
38
22
46
-7
-18
21
79
117
2
4
103
134
-1
-1
-3
-45
-19
19
-22
28
0
0
0
0
-18
0
0
0
-1
5
2
3
1
(*)
(*)
-2
0
0
0
0
0
0
0
0
"-i
23
-2
18
17
0
0
5
5
0
0
0
0
23
-2
13
12
7
5
3
31
3
0
0
2
0
0
-1
0
4
5
2
29
28
98
29
60
17
4
37
3
0
0
30
1
0
0
0
0
17
3
7
3
10
-86
-64
236
18
23
12
91
0
0
0
0
-8
-109
-76
145
0
0
0
0
-7
-3
31
-1
1
-2
15
33
0
0
12
26
0
0
0
0
1 -560
23
-2
234
3
8 -87
11
116
83
66
0
0
0
0
-571
-93
150
-153
0
0
0
0
14
-31
1
-1
30
24
27
39
0
3
0
5
0
-2
0
13
5
36
40
3
2
0
0
0
10
3
36
40
77
86
27
328
0
41
(*)
269
0
0
0
-9
76
45
27
68
-21
4
50
63
27
17
15
48
143
20
400
17
110
20
173
26
0
0
0
0
33
(*)
227
-9
40
22
62
66
3
0
16
73
0
0
0
0
(*)
(
*>3
1
8
39
10
167
28
30
0
0
0
0
0
0
-21
9
10
167
-18
5
2
3
0
0
0
0
0
0
0
0
0
0
0
0
-92
-3
202
72
6
3
100
66
-4
-2
0
0
-94
-4
102
6
-5
23
218
7
0
0
100
0
0
0
0
0
-5
23
118
7
69
85
68
242
41
46
86
181
0
-59
-47
0
-577
-97
184
-146
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
-3
38
184
10
0
8
185
64
-25
336
349
-20
782
276
11
0
0
511
0
0
0
0
0
-20
271
276
11
25
-31
4
(*)
11
0
3
1
3
540
256
390
0
-5
0
-57
79
-284
130
156
118
24
326
333
-2
-16
-3
-45
34
30
49
125
8
19
19
93
0
31
0
81
0
0
0
-48
8
-13
19
60
79
57
266
60
30
2
49
147
4
0
34
100
-1
-14
0
0
-18
0
0
0
-20
13
15
168
6
(*)
52
126
6
0
49
125
9
3
105
73
-4
-2
0
0
-67
(*)
117
48
0
0
0
0
60
69
228
273
0
-59
-47
0
32
15
78
214
21
116
104
277
0
0
0
0
14
4
513
6
(*)
-2
0
(*)
232
41
192
7
427
748
391 1,010
' Revised.
9 Preliminary.
*Less than $500,000 (±).
l. Kelates only to incorporated affiliates and consists of capital inflows to establish or to
acquire a new company in the United States, the acquisition cost of additional shares of,
and additional paid-in capital contributions to, existing U.S. affiliates, and the capitalization
of intercompany accounts.
-567
-496
128
68
72
54
211
224
-1
-14
(*)
-48
-1
-7
-3
-45
29
114
426
290
10
31
693
306
-409
50
-321
24
1,125 1,120
849
649
Intercompany accounts 3
39
611
452
317
-4
-61
-47
-9
-24
-83
-50
-102
Equity investment
IntercomTotal
pany acAcqui- Liquicounts 3
dasitions 1 tions 2
88 -529
53
109
578
145
340
100
206
139
369
729
258
785
1,581
1,477
Other
Insurance and other finance
3
3
66
125
-18
2
(*)
(*)
0
0
0
0
0
-1
(*)
3
15
(*)
30
23
27
34
(*)
(*)
(*)
1
(*)
2. Consists of partial and total liquidations of equity holdings in incorporated U.S. affiliates
fchanges in intercompany accounts of incorporated and unincorporated U.S.
affiliates with their foreign parents.
NoTE.—Details may not add to totals because of rounding.
SUEVEY OF CURRENT BUSINESS
October 1975
existing manufacturing affiliates, particularly in the chemical industry. Canadian equity acquisitions were dominated
by financing for a single existing manufacturing affiliate. About half the equity
investment from Japan financed a new
joint venture with a U.S. aluminum
manufacturer; the remainder primarily
provided financing for existing manufacturing and trade affiliates.
Net intercompany account financing
of U.S. affiliates was $0.8 billion, down
25 percent from 1973. (Intercompany
account financing consists of debt
transactions between foreign parents
and their U.S.-incorporated affiliates,
and all transactions between foreign
parents and their unincorporated U.S.
affiliates.) A major factor was the
increase in receivables (a capital outflow) of U.S. trade affiliates due from
their Japanese parents.
Intercompany account financing by
European parents increased slightly;
there were offsetting flows from several
countries. Financing from the United
Kingdom and Switzerland decreased,
following the large increase in intercompany loans in 1973 that probably
financed U.S. affiliates' purchases of
other U.S. companies. A shift to net
inflows from Germany reflected repayments by a German parent of loans
from its U.S. trade affiliate.
Reinvested earnings
Reinvested earnings of incorporated
U.S. affiliates were $1.6 billion, up
52 percent from 1973. Most of the increase was accounted for by petroleum
affiliates, particularly of investors in
the Middle East and the United Kingdom, and by manufacturing affiliates,
particularly of investors in Switzerland.
The dividend payout ratio increased
from 0.41 in 1973 to 0.77 in 1974 (table
4). Therefore, the proportion of earnings reinvested declined; this decline
was largely in nonmanufacturing affiliates. For petroleum, the decrease reflected a faster rise in dividends than in
earnings. For the combined affiliates
in other nonmanufacturing industries—
such as mining and smelting, trade,
finance, and insurance—dividends increased substantially although earnings
decreased. Dividends from these affiliates provided financing for parents in
Japan and Europe, where tight credit
conditions prevailed.
The payout ratio for U.S. manufacturing affiliates was 0.27, compared
with 0.37 in 1973. The decline, together
with an increase in earnings, accounted
for the 55 percent increase in reinvested
earnings of these affiliates. Because of
the high rate of inflation in 1974, a
substantial part of reinvested earnings
may have represented book profits on
inventories, which were not available
for payout as dividends.
39
holding taxes on dividends paid to foreign parents, plus interest payments to
foreign parents on intercompany accounts. In 1974, adjusted earnings were
$7.0 billion, more than triple the 1973
total (tables 5 and 6).
The rate of return on the position
is the percent ratio of adjusted earnings
to the average of the beginning- and
end-of-year direct investment positions.
The rate of return increased markedly—
from 11.9 percent in 1973 to 34.9 percent in 1974; this was largely the result
of transactions of the petroleum company mentioned above (table 7). The
rate of return for all other affiliates
combined was 9.5 percent, a slight
decrease from 1973. The decrease reflected lower rates of return for petroleum and other nonmanufacturing affiliates. The rate of return for manufacturing affiliates rose from 9.7 percent
in 1973, to 11.1 percent in 1974; this
primarily reflected the increased return
on European investment in the United
States.
Current-account
merits items
of pay-
Two types of payments by U.S.
affiliates to foreign parents are included
in the current account of the U.S.
balance of payments—income on direct
investment, and fees and royalties. InReturn on the position
come consists of dividends (after deducThe return on the investment position tion of U.S. withholding taxes) and
is measured by adjusted earnings, which interest paid to foreign parents, and
consist of foreign parents' share in their unincorporated affiliates' earnings; unU.S. affiliates' earnings, less U.S. with- like adjusted earnings, it excludes
Table 4.—Dividend Payout Ratios of Incorporated Affiliates, 1973 and 1974, Area by Industry
[Millions of dollars or ratio]
1973
Payout ratio (Gross
dividends/earnings)
1974
Area and industry
Earnings
All areas
Petroleum
Manufacturing
Other.
balance
Gross
dividends
Earnings
Gross
dividends
1973
1974
1,750
636
734
380
725
379
270
76
6,792
5,439
5,237
4,876
266
95
0.41
.60
.37
.20
0.77
.90
.27
.26
Canada
Petroleum
M anuf acturing
Other
277
51
166
60
74
17
39
18
399
26
210
164
95
14
52
29
.27
.34
.23
.30
.24
.56
.25
.18
Europe
Petroleum
Manufacturing
Other.
907
214
528
164
376
106
224
45
967
217
688
62
366
115
206
45
.41
.50
.42
.28
.38
.53
.30
.73
Other
Petroleum .
Manufacturing. _ .
Other
566
371
40
155
275
256
7
12
5,425
4,777
4,747
.49
.69
.17
.08
.88
.91
.10
.14
NOTE.—Details may not add to totals because of rounding.
984
369
5,196
86
143
9
21
SUEVEY OF CUEEENT BUSINESS
40
reinvested earnings of incorporated
affiliates.
Income payments rose from $1.0
billion to $5.4 billion in 1974. This
extraordinary rise was entirely in petroleum; income payments to foreign
parents by nonpetroleum affiliates were
$0.6 billion in both 1973 and 1974.
Fees and royalties consist of patent,
production, and copyright royalties;
license fees; professional, administrative, and management service fees;
October 1975
rentals; and similar payments to foreign
parents. Fees and royalties in 1974
were $0.2 billion, virtually unchanged
from 1973 (table 8). More than half of
the payments went to parents in continental Western Europe.
Table 5.—Foreign Direct Investment in the United States, Selected Data Items, 1971-74, Country and Industry
[Millions of dollars]
Direct investment position 1
Balance of payments income 2
Reinvested earnings
Area and industry
Total.
1971'
1972'
1973'
1974
13,914
14,868
18,284
3,335
10,336
4,583
3,828
341
346
802
116
2,224
1,925
3,466
11,087
4,987
4,030
1971'
1972'
1973'
21,746
542
569
1,025
4,806
14,098
6,126
5,380
693
726
1,076
113
2,771
2,591
354
2,103
134
111
330
118
140
19
12
45
-11
75
72
(*)
70
2
137
367
123
162
19
23
42
-12
90
81
2
76
3
203
531
248
224
35
18
89
-13
1,576
122
881
114
2,357
2,070
256
1,675
138
4,044
12,504
5,649
4,549
602
533
795
105
2,514
2,306
286
1,889
131
-227
321
150
-154
318
150
259
438
1,039
480
548
1,814
82
n
3,139
6,722
562
* 2,553
(fi)
938
3,272
7,262
550
4,649
8,559
78
331
112
<2,854
(5)
1,289
5,928
10,305
1,156
* 2,726
(5)
1,631
10,236
11,547
1974
1971
1972'
1973'
621
715
955
5,435
48
4
304
602
329
115
75
58
16
-1
-34
158
17
142
-1
88
465
236
134
3
10
19
5
97
96
11
83
2
91
534
272
158
6
23
21
6
102
104
7
94
3
546
263
155
5
31
10
8
101
128
13
112
4
531
274
166
7
34
11
5
109
90
8
79
3
53
13
117
57
118
95
93
461
40
28
(*)
58
30
1
22
28
263
10
34
4,763
109
347
70
257
464
142
563
717
51
116
217
50
185
39
14
114
258
47
215
64
17
385
301
-7
132
126
17
4,874
332
10
20
168
31
420
442
1,554
1974 *>
By area:
Canada
Europe
United Kingdom
European Economic Community (6).
Belgium and Luxembourg
France
Germ any
Italy
Netherlands
Other Western Europe
Sweden
Switzerland
Other
111
Japan
Latin American Republics and other Western Hemisphere.
Other
By industry:
Petroleum
Manufacturing.
Trade
Insurance
Other finance...
Other
872
934
28
-7
57
166
Addenda:
European Economic Community (9) 6 _.
440
473
Adjusted earnings 3
1972'
1971'
Earnings
1974 P
1973'
1,163
1,284
Canada
Europe
United Kingdom...
European Economic Community (6).
Belgium and Luxembourg
France
Germany
Italy
Netherlands
—
Other Western Europe
Sweden
Switzerland
-Other
199
796
354
274
22
22
64
-6
172
168
11
153
4
228
901
396
320
25
46
63
-7
192
185
9
170
1,077
511
379
40
49
98
-5
197
187
20
159
Japan
Latin American Republics and other Western Hemisphere.
Other
-
122
39
111
43
2
194
548
162
185
67
7
224
605
117
215
95
29
Total.
1972'
1971'
1973'
1974
1,161
1,308
2,008
6,991
402
1,132
603
281
83
92
27
4
75
248
25
221
2
197
796
364
274
22
22
61
-6
176
158
10
143
5
230
909
403
323
25
46
63
-6
195
183
8
169
302
1,067
392
40
48
109
-5
199
178
19
151
8
402
1,083
586
274
80
86
27
5
77
223
23
197
2
138
85
382
105
126
5,224
121
39
125
42
2
173
84
382
159
125
5,222
642
765
135
132
219
87
5,437
1,049
1
20
226
197
204
535
168
185
65
4
233
600
140
215
92
27
639
754
178
132
219
5,443
1,000
114
20
221
194
893
882
892
858
By area:
497
By industry:
Petroleum
M anufacturing
Trade...
Insurance
Other finance
Other
-
-
-
Addenda:
European Economic Community (9) '
' Revised.
* Preliminary.
* Less than $500,000 (db).
1. Same as "book value at yearend" used in previous SURVEY OF CURRENT BUSINESS
articles on foreign direct investment in the United States.
2. Consists of interest, dividends, and earnings of unincorporated affiliates paid or credited
to the account of foreign direct investors.
3. Consists of foreign direct investors' share in earnings of their U.S. affiliates less withholding taxes on dividends plus interest payments on intercompany accounts.
4. Include market revaluation of securities held by insurance companies.
5. Included in "insurance."
6. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
NOTE.—Details may not add to totals because of rounding.
SUEVEY OF CURRENT BUSINESS
October 19T5
41
Table 6.—Foreign Direct Investment in the United States, Selected Data Items, 1971-74, Country by Industry
[Millions of dollars]
Area and year
All areas:
Petroleum
Total
Manufacturing
Manufacturing
Insurance and
other
finance 4
6,722
7,262
8,559
10,305
2,553
2,854
2,726
2,222
2,787
1,500
1,422
542
569
1,025
1,554
78
109
257
563
331
347
464
717
105
83
211
217
621
715
955
116
114
385
5,435
2,013
2,201
330
353
320
279
785
1,133
111
137
203
304
10
17
34
11
99
103
127
158
-1
14
39
131
88
91
96
98
15
11
33
59
Other
Total
Petroleum
13,914
14,868
18,284
21,746
3,272
4,649
5,928
3,335
3,466
4,044
4,806
207
243
296
467
2,430
2,927
1971'
1972'
1973'
1974 v
4,583
4,987
5,649
1,270
1,297
,377
,649
2,250
2,402
1,326
1,567
1,506
1,383
372
405
516
118
123
248
20
24
32
124
81
84
127
135
1971'
1972'
1973'
1974 v
2,224
2,357
2,514
2,771
,407
,508
1,548
697
769
821
1,038
41
46
44
43
133
136
141
141
75
90
96
-34
36
93
50
37
94
41
50
1971'
1972'
1973'
1974 v
1,576
1,675
1,889
2,103
0
0
0
0
1,124
1.194
1,437
1,648
394
416
375
345
58
66
75
109
70
76
48
142
0
0
0
0
66
73
42
138
1971'
1972'
1973'
1974"
2,068
2,453
3,099
1,953
270
308
553
623
1,019
1,154
1,320
1,729
287
307
336
343
378
298
245
404
66
78
139
165
12
15
27
63
1971'
1972'
1973'
-227
-154
259
0
0
0
0
76
72
129
50
57
81
118
-353
-283
48
4
82
53
117
95
1971'
1972'
1973'
1974 P
471
468
1,477
18
916
1,641
179
153
171
203
126
166
191
215
127
131
199
303
19
13
175
553
1971 '
1972 '
1973 '
1974 v
Canada:
1971'
1972"
1973'
1974 P
Europe:
United Kingdom:
3,139
6,126
Netherlands:
Switzerland:
Other:
Japan:
1974*
Other:
1,615
1,719
,353
2,362
Balance of payments income 2
Reinvested earnings
Direct investment position 1
2,911
Insurance and
other
finance4
Total
Other
AH areas:
1,163
1971'
1972'
1973'
1974 P
Manufacturing
Pe-
troleum
Insurance and
other
finance4
Other
4,874
217
258
301
332
224
279
259
188
64
64
10
41
10
13
15
12
37
35
40
52
24
27
24
2
17
16
17
31
236
272
263
274
41
43
56
49
78
76
83
136
104
141
106
72
13
13
18
17
2
3
5
2
97
102
101
109
64
59
58
65
31
40
38
38
1
3
5
5
1
1
4
2
6
3
94
112
79
0
0
0
0
49
59
84
52
32
33
25
9
34
50
95
160
11
7
7
-79
50
65
71
69
0
0
0
0
3
-1
19
45
73
47
89
42
40
58
22
10
0
0
0
0
0
0
115
449
12
5
14
32
-1
-2
32
60
28
31
291
0
0
256
4,796
4,747
8
(*)
(*)
(*)
Adjusted earnings3
Total
Manufacturing
Petroleum
17
12
24
15
(*)
(*)
(*)
(*)
(*)
(*)
(*)
1
2
3
18
16
14
(*)
13
19
37
45
47
16
15
-30
-45
28
1
3
2
7
37
Earnings
Insurance
and other
finance 4
Other
Insurance
and other
finance
«
Other
5,443
535
600
754
1,000
250
307
351
241
172
167
265
6,991
204
233
639
197
230
302
402
21
31
51
134
137
167
211
27
30
28
15
31
56
159
364
403
497
586
67
72
79
174
164
163
209
251
106
145
165
85
176
195
199
77
104
115
111
-17
74
78
87
2
2
4
5
252
310
351
245
221
258
2,008
27
30
28
6
16
30
55
162
106
145
162
169
146
Manufacturing
Petroleum
Total
199
228
299
402
20
29
49
24
548
605
765
1,049
136
138
166
210
354
396
511
61
67
88
174
159
160
210
271
1973'
1974 P
172
192
197
75
100
112
108
-20
1971'
1972'
1973'
1974 P
153
170
199
221
0
0
0
0
115
133
126
190
143
169
151
197
0
0
0
0
105
131
119
168
20
1971'
1972'
1973'
1974 P
116
143
210
12
15
27
51
89
141
201
113
142
220
223
12
15
27
47
86
142
198
24
17
-71
1971'
1972'
1973'
1974 P
122
111
138
105
0
0
0
0
121
125
173
159
0
0
0
0
5
2
22
49
92
81
99
57
1971'
1972'
1973'
1974 P
47
44
466
0
0
371
5,196
47
44
465
0
0
371
5,196
12
7
18
1
1
34
66
1,284
1,980
5,437
Canada:
1971'.
1972'
1973'
1974 P
Europe:
United Kingdom:
1971'
1972'
1973'...
1974 P
Netherlands:
1971'
1972'..
Switzerland:
Other:
Japan:
194
224
642
_..
Other:
»,350
' Revised.
» Preliminary.
*Less than $500,000 (±).
1. Same as "book value at yearend" in previous. SURVEY or CURRENT BUSINESS articles
on foreign direct investment in the United States.
2. Consists of interest, dividends, and earnings of unincorporated affiliates paid or credited
to the account of foreign direct investors.
63
58
-3
1,161
1,308
5,347
37
26
45
75
3. Consists of foreign direct investors' share in earnings of their U.S. affiliates, less withholding taxes on dividends, plus interest payments on intercompany accounts.
4. Includes market revaluation of securities held by insurance companies.
NOTE,—Details may not add to totals because of rounding.
SUEVEY OF CUERENT BUSINESS
42
Table 7.—Adjusted Earnings Return on
Foreign Direct Investment in the United
States, 1973 and 1974, Area by Industry
Area and industry
Millions of
dollars
1973'
1974 P
1,980
642
765
573
6,989
5,437
Canada
Petroleum
Manufacturing
Other
299
Percent rate
of return *
1973
1974
1,049
503
11.9
16.2
9.7
12.2
34.9
102.8
11.1
9.5
49
166
83
402
24
210
168
7.9
18.2
7.2
7.1
9.1
6.2
7.8
12.3
Europe
Petroleum
Manufacturing
Other
1,077
222
556
299
1,132
217
750
166
9.1
6.9
10.4
9.2
8.5
6.0
11.9
4.9
Other
Petroleum
Manufacturing
Other
605
371
43
191
5,455
59.0
79.4
16.5
64.5
238.3
406.6
20.7
29.3
All areas
Petroleum
Manufacturing
Other
5,196
89
170
r
Revised.
p Preliminary.
1. Adjusted earnings divided by average of beginning-and
end-of-year direct investment position.
NOTE. —Details may not add to totals because of rounding.
Technical Note
Universe estimates
The estimates presented in this
article were based on a sample of
approximately 450 large U.S. affiliates
of foreign parents. U.S. affiliates are
companies in which 25 percent or more
of the voting stock or an equivalent
interest is held by a foreign owner.
Estimates of the direct investment
position, adjusted earnings, reinvested
earnings, balance of payments income,
earnings, and fee and royalty payments
were prepared by matching data for
the sample against data for the universe
of foreign-owned affiliates in the United
States, as reported in the 1959 benchmark survey. The data on net capital
inflows, however, were those reported
by the affiliates in the sample.
A new benchmark survey for 1974
is now being conducted, and will
provide actual universe data for 1974.
October 1975
Estimates in this article are for
1971-74. Estimates for 1950-61 were
published in Foreign Business Investments in the United States, 1962, and
for 1962-70, in the February 1973
issue of the SURVEY OF CURRENT
BUSINESS.
Revisions for 1971-73
Estimates of the direct investment
position, earnings, and reinvested earnings for 1971-73 were revised to include
investments not previously reported.
Also, the direct investment position was
revised to include market revaluation
of securities held by insurance affiliates.
The revision is included among valuation adjustments to the position. As a
result of all revisions, estimates of the
position were raised for 1971-73. The
largest revisions by geographic area
were in investment from Europe and,
by industry, in investment in the U.S.
insurance industry.
Earnings and reinvested earnings
were also revised to make them conform
more closely to a calendar- rather than
a fiscal-year basis. Before 1971, earnings
were reported annually, and some
affiliates reported fiscal- instead of
calendar-year data. Beginning in 1971,
earnings were reported quarterly; this
Table
8.—Direct Investment
Royalties, 1971-74
Fees
and
[Millions of dollars]
Europe
Total Canada
1971
1972
1973'
1974*
r
118
155
209
219
64
60
73
82
Total United Other
Kingdom
50
93
133
135
11
15
20
16
39
78
113
119
Other
4
2
2
1
Revised.
* Preliminary.
NOTE.—Details may not add to totals because of rounding
Table
9.—Earnings and Related Items:
Derivation and Relationship
[Millions of dollars]
1974 amount and
source
1. Earnings
of
incorporated
affiliates ..
2. Earnings of unincorporated
affiliates
3. Earnings
4. Gross dividends (on common
and preferred stock)
5. U.S. withholding tax on
dividends
6. Dividends (on common
preferred stock)
7. Interest .
8. Reinvested earnings
9. Balance of payments income
10. Adjusted earnings
6,792
Reported.
200
6,991
Reported.
= 1+2.
5,238
49
=5+6.
Derived.
and
5,188
47
1,554
5,435
6,989
Reported.
Reported.
= 1-4 or
10-9.
=2+6+7 or
10-8.
=3-5+7 or
8+9.
NOTE.—Figures are preliminary estimates derived from
sample data. Details may not add to totals because of
rounding.
made possible the revision to a calendaryear basis. A very small increase in
earnings resulted from a change in
definition. For 1971-74, earnings are
shown before dividends on both common and preferred stock; prior to
1971, earnings are shown before dividends on common stock but after dividends on preferred stock. All revisions
combined raised estimates of earnings
and reinvested earnings for 1971-73.
Derivation of adjusted earnings
Table 9 shows the derivation of the
adjusted earnings return on the foreign
direct investment position. Adjusted
earnings focuses on the shares in affiliates' earnings realized by foreign parents, rather than total earnings of the
affiliates. Thus, U.S. withholding taxes
on dividends are excluded. Interest
payments are part of adjusted earnings
because they represent the return on
outstanding intercompany loans from
foreign parents, which are included in
the direct investment position.
BY LEONARD A. LUPO AND JULIUS N. FREIDLIN
U.S. Direct Investment Abroad in 1974
JL HIS article presents revised universe
estimates of the U.S. direct investment
position abroad at yearend, the return
on the position, and associated U.S.
balance of payments flows.1 The series
in this article were revised for 1966-73.
The procedure by which universe
estimates are prepared was refined, and
the series were benchmarked to BEA's
1966 census of U.S. direct investment
abroad. The previously published series
for 1966-73 were benchmarked to
BEA's 1957 census.2
Developments in 1974
the U.S. direct investment position—
were $25.2 billion in 1974, up 48 percent
from 1973 (chart 17) .3 Almost all of
this increase was accounted for by
earnings of unincorporated petroleum
affiliates in the Middle East, and
reflected higher production and higher
prices. Adjusted earnings cf manufacturing affiliates declined, as economic activity in most developed
countries slowed markedly.
By industry, manufacturing affiliates
accounted for $50.9 billicn, or 43 percent, of the position; petroleum for
$30.2 billion, or 25 percent; and "other
industries77—where the positions in the
finance and insurance, trade, and mining and smelting industries were the
largest—for $37.5 billion, or 32 percent.
By area, developed countries accounted
for $82.8 billion, or 70 percent, of the
position; developing countries for $28.5
billion, or 24 percent; and "international and unallocated77 for $7.3 billion,
or 6 percent.
Adjusted earnings—the return on
3. Adjusted earnings consists of U.S. parents' share in their
foreign affiliates' earnings, less foreign withholding taxes on
dividends paid to the parents by their affiliates, plus interest
received from affiliates on intercompany accounts.
Highlights
CHART 15
The U.S. direct investment position—the value of U.S. parents' net
equity in and loans to foreign affiliates—increased 14.4 percent to $118.6
billion at yearend 1974 (charts 15 and
16). Of the $14.9 billion increase, net
capital outflows and reinvested earnings accounted for $7.5 billion each,
partly offset by a small negative valuation adjustment.
1. These estimates cover the accounts of U.S. direct investors (U.S. parents) with their foreign affiliates; they do
not cover the accounts of the foreign affiliates. For example,
dividends refer only to dividends distributed by the affiliates to their U.S. parents, not to all dividends distributed by the affiliates. The most recent universe estimates of
affiliate accounts are given in U.S. Direct Investment Abroad,
1966, Final Data, Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402; price
$5.15; specify catalog number C 56.109 when ordering.
2. Revised country/industry detail for 1973 and 1974 for
selected series are given in this article. A forthcoming supplement will include country/industry detail for these and other
direct investment series for 1966-74 and a description of the
revisions to the series. For a copy of the supplement, write
to the Bureau of Economic Analysis (BE-50), U.S. Department of Commerce, Washington, D.C. 20230.
NOTE.—Smith W. Allnutt III designed and
supervised
the
benchmarking procedure.
Robyn Hamilton, Ralph Kozlow, Ronald
Reed, John Rutter, Richard L. Smith,
Seiko Wakabayashi and Patricia C. Walker
were importantly involved in the benchmarking or in the preparation of this article.
U.S. Direct Investment Position Abroad at Yearend
Billion $
140
(Ratio scale)
DEVELOPED
COUNTRIES
DEVELOPING COUNTRIES
100
80
60
40
30
20
2 -
j
1966
68
70
72
74
1966
I j
I
68
I
I
70
72
I
74 1966
*Data for "international and unallocated" are not shown; therefore, area detail do not add to "all areas" total.
U-S. Department of Commerce, Bureau of Economic Analysis
I
68
I 11
I
70
I
72
I
74
SUEVEY OF CURRENT BUSINESS
44
Balance of payments income from
U.S. direct investment abroad rose
from $8.8 billion in 1973 to $17.7
billion.4 The increase was largely due
to the surge in earnings of unincorporated petroleum affiliates. Balance
of payments income from incorporated
petroleum and other nonmanufacturing
affiliates also increased, as dividend
payout ratios and earnings rose. Income from manufacturing affiliates was
virtually unchanged, as increased dividend payout ratios offset a decrease in
earnings.
The
1974 addition to
investment position
tion of the addition to the position last
year changed significantly (table 1).
By industry, petroleum affiliates accounted for 20 percent of the addition
(compared with 25 percent in 1973),
manufacturing affiliates for 44 percent
(46 percent), and "other industries7'
for 37 percent (29 percent). Half of the
"other industries" increase was in
finance and insurance, as discussed
below. By area, developed countries
accounted for 71 percent of the addition
(compared with 77 percent in 1973);
the decline in the percentage was
accounted for by European petroleum
and manufacturing affiliates.
The components of additions to the
position for incorporated affiliates differ
from those for unincorporated affiliates.
Additions for incorporated affiliates
consist of reinvested earnings and net
capital outflows, as shown in table 2.
direct
the
By industry and area, the distribu4. Balance of payments income consists of U.S. parents'
receipts of dividends from their foreign affiliates (after deducting foreign withholding taxes), interest received from
affiliates on intercompany accounts, and earnings of unincorporated affiliates.
October 1975
Additions for unincorporated affiliates
equal net capital outflows (table 3).
No reinvested earnings are shown
for unincorporated affiliates, as the
U.S. balance of payments accounts
treat such earnings as remitted to the
United States. To the extent that earnings of unincorporated affiliates are
reinvested, they are included (but not
separately shown) in net capital outflows to such affiliates.
Addition to position of incorporated
affiliates
Incorporated affiliates accounted for
$13.4 billion, or 90 percent of the addition to the U.S. direct investment
position in 1974. Reinvested earnings
were $7.5 billion, down $0.6 billion from
1973; net capital outflows were $5.7
billion, up $2.0 billion; and there were
small valuation adjustments.5
CHART 16
Annual Additions to Direct Investment Abroad
I
15
Billion $
(Ratio scale)
Billion $
I
I
I
I
I
I
I
I
\f
T
T
I
I
I
I
DEVELOPED COUNTRIES
ALL AREAS*
'
I
•
Other Industries
Petroleum
.1
.08
.06
.05
1966
68
70
72
74
1966
68
70
72
74
1966
*Data for "international and unallocated" are not shown; therefore, area detail do not add to "all areas" total.
**Petroleum addition in 1974 was reduction of $175 million.
U.S. Department of Commerce, Bureau of Economic Analysis
68
72
74
SURVEY OF CURRENT BUSINESS
October 1975
inventories of petroleum-based raw materials and intermediate products after
the petroleum embargo. For all other
industries combined, reinvested earnings were slightly lower than in 1973,
as dividends increased somewhat more
than earnings (table 4).
Despite their decline in 1974, reinvested earnings remained high. For the
third successive year, they accounted
for a larger share of the addition to the
direct investment position than did net
capital outflows. In earlier years the
greater part of the addition usually
had been financed by net capital
outflows.
Several factors contributed to the
relatively high level of reinvested earnings in 1974. As in the previous two
years, the depreciation of the dollar
against a number of leading currencies
since 1971 increased the dollar value
of affiliates' earnings in those currencies, and reduced the proportion
Reinvested earnings.—The decline in
reinvested earnings in part reflected
negative reinvested earnings of affiliates
manufacturing transportation equipment in Europe and Latin America, as
dividends exceeded earnings. Some of
these affiliates increased dividends despite decreased earnings; others registered losses, mainly because of declines
in auto sales.
Reinvested earnings of chemical affiliates rose, as their earnings increased
and dividend payout ratios declined.
These affiliates needed funds to finance
exceptionally large plant and equipment
expenditures in 1974,6 and to finance
5. The major valuation adjustments are capital gains
and losses not carried through the affiliate's income account,
and the difference between the market value and book value
of transactions in the affiliate's equity shares by the U.S.
parent with persons other than the affiliate.
6. "Property, Plant, and Equipment Expenditures by
Majority-Owned Foreign Affiliates of U.S. Companies:
Projections for 1975 and 1976" in the September 1975 SURVEY
OF CURRENT BUSINESS.
45
of such earnings needed to make dollar
remittances to U.S. parents. Also,
larger reinvested earnings were required by affiliates to finance inflated
costs of their property, plant, and
equipment expenditures from internal
funds; external funds were either too
costly or, in some cases, unavailable.
Finally, because of the rapid inflation,
a good part of affiliate earnings probably represented book profits on
inventories, which were not available
for payout as dividends.
Net capital outflows.—-All of the
$2.0 billion increase, to $5.7 billion, in
net capital outflows was in short-term
intercompany loans from U.S. parents
to their foreign affiliates. Long-term
intercompany loans were small, and
net equity investment was $1.8 billion,
about the same as in 1973 (table 3).
Some of the increase in short-term
intercompany loans apparently was
related to worldwide inflation, which
CHART 17
Adjusted Earnings
Billion $
(Ratio scale)
1
1
1
1
1
T
'DEVELOPED COUNTRIES
—I
1
1
1
1
1
1
BillionS
T
30
'DEVELOPING COUNTRIES
20
10
I
1966
68
70
72
74
1966
I
68
I
I
70
I
I
72
I
i
I
74
1966
*Data for "international and unallocated" are not shown; therefore, area detail do not add to "all areas" total.
U.S. Department of Commerce, Bureau of Economic Analysis
i
68
i
i
70
i
i
72
i i
74
SUEVEY OF CUEKENT BUSINESS
46
October 1975
Table 1.—U.S. Direct Investment Position Abroad, 1972-74
[Millions of dollars]
Addition in 1973
Position,
yearend
1972
Area and industry
Total
Net capital
outflows 1
Reinvested
earnings
Valuation
adjustments
Position,
yearend
1973
Addition in 1974
Total
Net capital
outflows l
Reinvested
earnings
Valuation
adjustments
Position,
yearend
1974
90,467
23, 974
38,325
28, 168
13,208
3,339
6,045
3,824
4,968
1,442
1,863
1,663
8,158
1,925
4,107
2,126
82
-28
75
35
103,675
27, 313
44, 370
31,992
14,938
2,935
6,545
5,458
7,455
1,158
2,712
3,585
7,508
1,814
3,786
1,907
-26
-37
46
-34
118,613
30, 248
50,915
37, 450
62,060
13, 542
31,558
16,959
10,154
2,369
4,992
2,794
3,810
1,109
1,420
1,280
6,177
1,240
3,488
1,449
167
19
84
64
72,214
15,911
36, 550
19,753
10,578
2,441
5,243
2,894
5,042
1,292
2,103
1,647
5,523
1,180
3,082
1,261
13
-30
57
-14
82, 792
18,352
41,793
22, 647
_ -..
22, 985
4,764
10, 491
7,730
2,556
556
1,264
737
581
106
148
327
1,867
452
1,008
406
109
-2
107
3
25, 541
5,320
11,755
8,467
2,837
396
1,691
748
629
-107
415
321
2,202
512
1,289
400
5
-9
-13
27
28,378
5,716
13, 446
9,215
Europe
Petroleum
M anuf acturing
Other
...
31,696
6,872
17, 529
7,295
6,559
1,652
3,248
1,659
3,070
1,057
1,225
788
3,507
575
2,071
861
-17
21
-48
10
38, 255
8,524
20, 777
8,954
6,250
1,470
2,988
1,792
3,563
974
1,515
1,074
2,721
517
1,448
757
-34
-21
26
-39
44, 505
9,994
23, 765
10, 746
Other developed
Petroleum
Manufacturing . .
Other
7,378
1,906
3,538
1,934
1,039
160
481
398
159
-53
47
165
804
213
409
182
76
25
51
8,417
2,066
4,019
2,332
1,492
576
562
354
850
425
173
252
600
151
345
105
42
.
44
-3
9,909
2,642
4,581
2,686
22,863
7,965
6,767
8,130
2,403
471
1,053
880
921
24
443
454
1,568
494
619
454
-85
-47
-9
-29
25,266
8,436
7,820
9,010
3,213
-175
1,302
2,087
1,718
-592
609
1,701
1,558
423
705
430
-63
-7
-11
-45
28,479
8,261
9,122
11,097
14, 897
2,979
5,620
6,297
1,587
64
836
687
654
-54
360
348
991
155
476
360
-59
-37
-22
16, 484
3,043
6,456
6,984
3,136
514
1,031
1,592
2,270
421
503
1,346
915
85
534
295
-48
8
-8
-49
19, 620
3,557
7,487
8,576
7,966
4,986
1,147
1,833
816
406
215
194
266
78
83
106
576
339
143
94
-26
-10
-10
-7
8,782
5,392
1,362
2,027
77
-689
272
494
-552
-1,013
105
356
643
338
170
135
-15
-14
-4
3
8,859
4,703
1,634
2,521
5,545
651
238
413
6,196
1,145
694
426
25
7,341
All areas
Petroleum
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
_ _ ..
-
Canada
.
Petroleum
M anuf acturing
Other
Developing countries
Petroleum
Manufacturing
Other
-. . _
Latin America.
Petroleum
Manufacturing ._ ...
Other
Other developing
Petroleum
Manufacturing ..
Other
International and unallocated
(*)
(*)
(*)
*Less than $500,000 (±).
1. These estimates, by area, are in line 39 of table 9 in the U.S. balance of payments articles
in the March, June, September, and December issues of the SURVEY.
(*)
NOTE.—Details may not add to totals because of rounding.
Table 2.—U.S. Direct Investment Position Abroad—Incorporated Affiliates, 1972-74
[Millions of dollars]
Addition in 1974
Addition in 1973
Position,
yearend
1972
Area and industry
Total
Net capital
outflows
Reinvested
earnings
Valuation
adjustments
Position,
yearend
1973
Total
Net capital
outflows
Reinvested
earnings
Valuation
adjustments
Position,
yearend
1974
75,579
16, 247
37, 414
21, 918
11,967
2,648
5,965
3,354
3,692
721
1,779
1,192
8,158
1,925
4,107
2,126
117
3
79
36
87,546
18, 895
43, 379
25, 272
13,409
3,191
6,426
3,793
5,736
1,282
2,595
1,859
7,508
1,814
3,786
1,907
166
94
45
27
100,955
22, 086
49, 805
29, 065
56,281
11, 633
31, 131
13, 517
9,422
2,050
4,925
2,446
3,070
788
1,350
932
6,177
1,240
3,488
1,449
175
22
88
65
65,703
13,683
36, 056
15, 963
9,621
1,746
5,172
2,704
4,005
532
2,032
1,442
5,523
1,180
3,082
1,261
93
34
58
1
75,324
15, 429
41, 223
18, 687
Canada
Petroleum
...
M anuf acturing
Other
19, 657
3,679
10,400
5,579
2,453
540
1,251
661
473
85
135
252
1,867
452
1,008
406
113
3
107
3
22, 110
4,219
11,651
6,240
2,853
435
1,671
748
598
-117
395
321
2,202
512
1,289
400
53
39
-13
27
24, 963
4,654
13, 322
6,988
Europe
Petroleum
Manufacturing
Other
30, 266
6,363
17, 257
6,646
6,114
1,344
3,201
1,570
2,622
747
1,176
699
3,507
575
2,071
861
-14
21
-45
10
36, 380
7,707
20, 458
8,216
5,287
645
2,951
1,690
2,568
133
1,477
959
2,721
517
1,448
757
-3
-5
27
-25
41, 667
8,352
23, 409
9,906
6,358
1,591
3,474
1,293
854
166
473
215
-25
-45
39
19
804
213
409
182
75
-2
25
52
7,212
1,757
3,947
1,508
1,482
667
550
265
838
516
160
162
600
151
345
105
43
0
45
-1
8,694
2,424
4,497
1,773
14,097
2,337
6,284
5,476
1,986
191
1,038
757
476
-284
429
331
1,568
494
619
454
-57
-20
-9
-29
16,083
2,528
7,322
6,233
2,687
822
1,254
611
1,082
339
563
179
1,558
423
705
430
48
60
-13
1
18,770
3,350
8,576
6,844
10, 061
759
5,189
4,114
1,471
-17
828
659
518
-155
353
320
991
155
476
360
-39
-17
1,872
647
1,001
224
910
502
473
-66
915
85
534
295
48
60
-8
-22
11, 532
742
6,017
4,773
13, 404
1,389
7,018
4,997
4,035
1,578
1,095
1,362
516
208
209
98
—42
-129
76
11
576
339
143
94
-18
-2
-10
-7
4,551
1,786
1,304
1,460
815
175
254
387
172
-163
90
246
643
338
170
135
8-!
5,366
1,961
1,558
1,847
426
25
All areas
Petroleum ._
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
Other developed
Petroleum
M anuf acturing
Other
.
__
Developing countries
Petroleum
Manufacturing.
.
Other
Latin America . .
Petroleum
._
M anuf acturing
Other
Other developing
Petroleum
Manufacturing _ _
Other
International and unallocated
*Less than $500,000 (±).
.
_
5,201
559
146
413
(*)
(*)
5,760
1,101
649
NOTE.—Details may not add to totals because of rounding.
6
6,861
SUKVEY OF CUKKENT BUSINESS
October 1975
47
Table 3.—Net Capital Outflows, 1973-74
[Millions of dollars]
1973
1974
To incorporated affiliates
Area and industry
To incorporated affiliates
To unincorporated
affiliates
Net intercompany account
Total
Net
equity
Total
Total
Longterm
Shortterm
Total
Net intercompany account
Total
Net
equity
Total
Shortterm
To unincorporated
affiliates
Longterm
4,968
1,442
1,863
1,663
3,692
721
1,779
1,192
1,882
227
975
681
1,810
495
804
511
1,724
578
698
449
86
-84
107
62
1,276
721
84
471
7,455
1,158
2,712
3,585
5,736
1,282
2,595
1,859
1,793
106
940
747
3,943
1,176
1,655
1,112
3,705
1,599
1,389
716
238
-423
266
396
1,719
-125
117
1,726
3,810
1,109
1,420
1,280
3,070
788
1,350
932
1,480
229
801
450
1,590
558
549
483
1,420
606
490
324
170
-47
58
159
740
322
70
348
5,042
1,292
2,103
1,647
4,005
532
2,032
1,442
1,415
74
740
601
2,590
458
1,292
841
2,624
907
1,107
610
-34
-449
185
230
1,037
760
72
206
581
106
148
327
473
85
135
252
133
8
56
69
339
77
79
183
62
-35
50
47
278
113
29
136
108
20
13
75
629
-107
415
321
598
-117
395
321
191
7
93
90
408
-124
302
230
248
-115
289
73
160
-9
12
157
31
10
21
1
Europe
Petroleum
Manufacturing
Other
3,070
1,057
1,225
788
2,622
747
1,176
699
1,372
216
740
417
1,250
532
436
282
1,373
745
370
258
-123
-213
66
24
448
309
50
89
3,563
974
1,515
1,074
2,568
133
1,477
959
1,120
66
624
430
1,448
66
853
529
1,644
511
685
448
-196
-445
168
81
995
841
38
116
Other developed
Petroleum .
M anuf acturin g
Other
159
-53
47
165
-25
-45
39
-19
-25
6
6
-37
(*)
-51
34
17
-15
-104
70
19
15
53
-36
-1
184
-8
8
184
850
425
173
252
838
516
160
162
104
0
23
81
734
516
137
82
732
510
133
89
2
6
4
-7
12
-91
13
89
... _ . - . . . -
921
24
443
454
476
-284
429
331
399
-21
173
246
77
-263
256
85
172
-174
207
139
-95
-89
49
-54
445
308
14
123
1,718
-592
609
1,701
1,082
339
563
179
308
9
200
99
774
330
364
80
526
304
283
-61
248
26
81
142
637
-931
45
1,522
_ _. ...
654
-54
360
348
518
-155
353
320
364
-1
166
199
154
-154
187
121
132
-165
142
154
22
11
44
-33
136
101
8
28
2,270
421
503
1,346
910
502
473
-66
227
5
168
54
683
497
306
-120
515
439
232
-157
168
58
74
37
1,360
-81
30
1,412
266
78
83
106
-42
-129
76
11
35
-20
7
48
-77
-109
69
-37
40
-9
65
-16
-117
-100
4
-21
308
207
6
95
-552
-1,013
105
356
172
-163
90
246
81
4
32
45
91
-167
58
201
11
-135
50
96
80
-32
7
105
-724
-849
16
110
238
146
3
143
133
11
92
694
649
70
579
556
24
45
All areas .
_
Petroleum.
M anuf acturing
Other
.Developed countries
Petroleum
Manufacturing.
Other
_.
_ ... _
Canada
Petroleum
Manufacturing
Other
-
Developing countries
Petroleum ._.
M anuf acturing
Other
.. .
Latin America
Petroleum .
Manufacturing
Other
Other developing
Petroleum
M anuf acturing
Other
..
.
International and unallocated
*Less than $500,000 (±).
NOTE.—Details may not add to totals because of rounding.
Table 4.—Dividend Payout Ratios of Incorporated Affiliates, 1973-74
[Millions of dollars, or ratio]
1973
1974
1974
1973
Area and industry
Earnings
All areas
Petroleum
.
M anuf acturing
Other
Gross
dividends
Earnings
Gross
dividends
Payout ratio (gross
dividends/earnings)
13,020
3,260
6,584
3,175
4,862
1,335
2,477
1,049
14, 049
4,088
6,279
3,682
6,541
2,274
2,493
1,774
0.373
.410
.376
.330
0.466
.556
.397
.482
9,376
1,596
5,638
2,142
3,199
356
2,150
692
9,630
1,977
5,278
2,375
4,106
796
2,196
1,114
.341
.223
.381
.323
.426
.403
.416
.469
2,567
596
1,441
531
700
144
432
125
3,071
675
1,774
623
869
162
484
223
.273
.242
.300
.235
.283
.240
.273
.358
5,544
750
3,464
1,331
2,038
176
1,393
470
5,441
1,078
2,887
1,476
2,719
561
1,439
719
.368
.235
.402
.353
.500
.520
.498
.487
1,265
250
734
280
461
38
325
98
1,118
224
618
276
518
74
273
171
.364
.152
.443
.350
.463
.330
.442
.620
3,014
1,334
945
735
1,446
840
327
280
3,613
1,701
1,001
912
2,055
1,278
297
482
.480
.630
.346
.381
.569
.751
.297
.529
Latin America
Petroleum _ .
Manufacturing
Other
1,519
221
730
567
527
65
254
207
1,597
161
767
669
683
76
232
374
.347
.294
.348
.365
.428
.472
.303
.559
Other developing
Petroleum
Manufacturing
Other
1,495
1,112
215
167
918
773
72
73
2,016
1,539
234
243
1,373
1,201
64
108
.614
.695
.335
.437
.681
.780
.274
.444
630
217
806
379
.344
.470
Developed countries
Petroleum
Manufacturing. . .
Other
.
__
Canada
Petroleum
Manufacturing
Other
Europe. .. ..
Petroleum
Manufacturing
Other
. .
Other developed .
Petroleum
M anuf acturing
Other
Developing countries
Petroleum
... .. ..
Manufacturing
Other
.
International and unallocated
NOTE.—Details may not add to totals because of rounding.
boosted working capital requirements
for carrying manufacturing inventories
and trade receivables. Rebuilding of
petroleum inventories, at sharply higher
prices after the embargo, was another
factor.
Virtually all the $1.8 billion in net
equity investment resulted from transactions of U.S. parents with existing
affiliates, largely those in manufacturing and in finance and insurance,
particularly in Europe. Net equity investment resulting from transactions
with unaffiliated foreigners was negligible, as equity acquisitions of $0.4
billion were offset by sales of about
the same amount (table 5).
Another factor in the overall increase
in net capital outflows to incorporated
affiliates was the termination, early in
1974, of mandatory U.S. controls on
direct investment abroad and the relaxation of some foreign regulations
on capital inflows. U.S. controls had
restricted financing of affiliates by
U.S. parents with funds raised in the
United States and had encouraged
them to finance affiliates with funds
raised abroad. With the end of the
SUEVEY OF CURRENT BUSINESS
48
Table 5.—Acquisitions From and Sales
to Unaffiliated
Foreigners of Voting
Stock—Incorporated Affiliates, 1973-74 1
Table 7.—Adjusted Earnings Return on
U.S. Direct Investment Abroad, 1973-74
October 1975
Table 9.—Adjusted Earnings and Related
Items: Derivation and Relationship
[Millions of dollars]
Millions of
dollars
[Millions of dollars}
Percent rate of
return 1
1974 amount
and source
Area and industry
Sales
Acquisitions
1973
Area and industry
1973
1974
1973
1974
666
12
425
229
370
2
292
76
627
99
275
253
399
36
210
152
575
10
366
198
306
1
248
57
343
65
176
102
254
27
173
53
Canada. _
Petroleum
Manufacturing
Other
26
6
12
8
85
1
80
4
27
5
15
7
Europe
Petroleum
Manufacturing
Other
517
(*)
329
187
186
0
144
49
156
60
93
3
175
27
133
15
Other developed
Petroleum
Manufacturing
Other
32
4
25
3
35
0
23
11
160
0
68
92
25
0
24
Developing countries
Petroleum
Manufacturing
Other
91
2
59
31
63
0
44
20
70
(*)
49
21
55
0
44
11
All areas
Petroleum
Manufacturing..
Other .
Developed countries
Petroleum
M anuf acturing
Other
_
Latin America
P etroleum
Manufacturing _ _
Other..
Other developing
Petroleum
M anufacturing
Other
International and unallocated
....
(
54
(*)
16
38
(*)
\
99
145
9
36
99
85
2
75
8
76
0
27
49
69
9
9
50
(D)
D
21
2
10
10
8
0
0
8
( )
32
24
D
( )
0
0
(°)
(*)
1974
1974
1973
1.
2.
3.
4.
25,186
13, 513
6,422
5,251
17.5
24.1
15.9
14.1
22.7
47.0
13.5
15.1
10,052
1,739
5,607
2,707
10,341
1,958
5,337
3,046
15.0
11.8
16.5
14.8
13.3
11.4
13.6
14.4
6.
7.
8.
2,844
648
1,450
746
3,385
760
1,786
839
11.7
12.9
13.0
9.2
12.6
13.8
14.2
9.5
9. Balance of payments income.
Developed countries
Petroleum
Manufacturing
Other
Canada
- .
Petroleum
M anuf acturing
Other
.
5.
Europe
Petroleum
M anuf acturing _ . ...
Other
5,751
771
3,429
1,551
5,609
882
2,929
1,798
16.4
10.0
17.9
19.1
13.6
9.5
13.2
18.3
Other developed
Petroleum
- -.
M anuf acturing
Other
1,458
320
728
410
1,347
316
621
409
18.5
16.1
19.3
19.2
14.7
13.4
14.4
16.3
Developing countries
Petroleum
... .
Manufacturing
Other
6,297
4,089
972
1,235
14, 023
11, 135
1,085
1,803
26.2
49.9
13.3
14.4
52.2
133.4
12.8
17.9
Latin America
Petroleum
..
Manufacturing
Other
2,511
805
751
955
2, 882
758
841
1,284
16.0
26.7
12.4
14.4
16.0
23.0
12.1
16.5
Other developing
Petroleum
Manufacturing
Other
3,785
3,284
221
280
11,141
10, 377
244
519
650
822
International and unallocated
45.2
63.3
17.6
14.5 •
11.1
126.3
205.6
16.3
22.8
12.1
1. Adjusted earnings divided by the average of the beginning- and end-of-year direct investment positions.
D
*Less than $500,000.
Suppressed to avoid disclosure
of data of individual companies.
1. Acquisitions and sales are components of net capital
outflows to incorporated foreign affiliates.
Acquisitions include partial and total purchases of voting
securities of existing foreign corporations from unaffiliated
foreign owners. Sales include partial and total sales of voting
securities of foreign corporations by U.S. owners to unaffiliated foreign purchasers. Liquidations through the sale of
assets, as distinct from sale of ownership interests, are not
included. Changes in the share of ownership resulting from
transactions between a parent and an affiliate —such as the
purchase of Treasury stock from an affiliate by a parentare not included; only changes involving outside owners or
purchasers are included.
Earnings of incorporated affiliates
Earnings of unincorporated affiliates.
E arni ngs
_
Gross dividends (on common and
preferred stock).
Foreign withholding tax on dividends.
Dividends...
Interest
Reinvested earnings...
16, 999
All areas
6,174
Petroleum
.
Manufacturing . ... 6,579
4,246
Other
14,049 reported.
11,091 reported.
25,141 =1+2.
6,541 =5+6.
691 derived.
5,850 reported.
737 reported.
7,508 =1-4 or
10-9.
17,678 =2+6+7
or 10-8.
10. Adjusted earnings
25,186 =3-5+7
or 8+9.
NOTE.—Details may not add to totals because of rounding.
"Reported" refers to universe estimates derived from reported sample data.
controls, there was less incentive for
U.S. parents to borrow abroad; in 1974,
foreign borrowing by U.S. corporations—most of which were U.S.
parents—declined nearly $1.0 billion
(table 6).
Addition to position of
porated affiliates
unincor-
Unincorporated affiliates accounted
for $1.5 billion, or 10 percent, of the
(Continued on page 64)
NOTE.—Details may not add to totals because of rounding.
Table 8.—Balance of Payments Income on U.S. Direct Investment Abroad, 1973-74
[Millions of dollars]
1974
L973
Area and industry
Total i
Interest
Dividends
Earnings of
unincorporated affiliates
Total i
Interest
Dividends
Earnings of
unincorporated affiliates
NOTE.—Details may not add to totals because of rounding'
Balance of payments sign (Credits +;
debits -)
Corporate borrowing
New issues of securities
sold abroad by
U.S. Corporations 2
Other long-term liabilities .
Short-term liabilities
Corporate claims
1973
2 424
1974
1 472
1 222
116
332
—524
870
1 880
-2, 579
-3, 175
1. Excludes claims and liabilities of U.S. banking and
brokerage institutions.
2. Includes proceeds from new issues of stock as well as
bonds sold abroad by U.S. corporations. Excludes funds obtained abroad by U.S. corporations through bank loans and
other credits and also excludes securities issued by subsidiaries incorporated abroad. However, securities issued by
finance subsidiaries incorporated in the Netherlands Antilles
are treated as if they had been issued by U.S. corporations to
the extent that the proceeds of such issues are transferred to
U.S. parent companies.
Source: Table C in "U.S. Balance of Payments Developments: First Quarter 1975," in the June 1975 SURVEY.
612
207
203
202
4,309
3,875
2,179
956
17, 678
11, 699
2,636
3,343
737
260
217
260
5,850
2,014
2,200
1,636
11,091
9,425
219
1,447
438
152
168
118
2,838
317
1 898
623
599
30
53
516
4,817
778
2 255
1 784
503
194
168
140
3,674
724
1,945
1 005
640
-141
142
639
977
196
442
339
140
8
57
75
609
125
376
109
228
63
9
156
1 183
248
497
439
165
9
58
99
756
141
421
194
262
98
18
146
2 244
196
1,358
690
227
109
95
23
1 828
160
1,239
430
189
—72
24
237
2 888
365
1,482
1 041
258
144
94
20
2 468
520
1,286
662
162
-298
101
359
654
107
319
228
71
35
16
20
401
33
283
85
183
39
20
123
746
165
276
305
80
42
17
22
450
64
237
149
216
60
22
134
4,729
3 595
353
781
148
35
34
79
1 255
718
281
257
3,326
2,842
38
445
12, 465
10 712
381
1 373
193
32
49
112
1,797
1,090
255
453
10, 476
9,590
78
808
Latin America
Petroleum .
Manufacturing .
Other
1 520
650
275
595
99
2
30
68
461
56
217
187
960
592
29
340
1 968
673
307
988
148
4
41
103
616
68
197
350
1,204
600
68
536
Other developing _
Petroleum...
M anuf acturing
Other
3,209
2,945
78
186
49
33
5
10
794
661
63
70
2,366
2,251
9
106
10 498
10, 039
74
384
44
28
8
9
1,181
1,021
57
103
9,272
8,990
10
273
237
26
216
-5
396
42
378
-24
Developed countries
Petroleum
Manufacturing .
Other
Table 6.—U.S. Corporate Foreign Borrowing
and Claims Other Than Direct Investment l
[Millions of dollars]
8,841
4,249
2,472
2,120
3,920
2,868
91
962
All areas..
- . -.
Petroleum .
Manufacturing . . ...
Other
Canada
Petroleum
Manufacturing .
Other
499
2,119
1 257
-. -..
Europe. .
Petroleum
Manufacturing
Other
Other developed
Petroleum .
Manufacturing . .
Other
Developing countries
Petroleum
M anufacturing
Other
International and unallocated.
1,174
1. These estimates, by area, are in line 11 of table 9 in the U.S. balance of payments articles in the March, June, September,
and December issues of the SURVEY.
NOTE.—Details may not add to totals because of rounding.
SUEVEY OF CURRENT BUSINESS
October 1975
49
Table 10.—Direct Investment Receipts of Fees and Royalties, 1973-74
[Millions of dollars]
1974
1973
Area and item 1 2
Manufacturing
PetroTotal leum
145
31
113
473
261
211
139
103
37
571
98
473
3,023
1,614
1,409
286
9
277
1,855
1,365
490
404
293
111
702
719
-16
203
28
175
545
325
220
178
120
57
705
120
586
279
211
68
574
601
-28
132
24
108
381
225
157
113
84
29
359
88
27.1
2,360
1,450
910
128
6
122
1,662
1,244
419
347
250
97
670
689
-19
190
22
169
454
283
172
138
98
40
432
103
329
298
128
170
41
26
15
74
52
22
90
8
82
94
42
52
21
9
12
71
5
67
525
167
358
27
1
26
388
151
237
51
30
21
86
65
21
147
6
141
105
51
54
29
8
21
80
6
74
848
755
93
199
157
42
398
449
-51
28
8
20
223
141
82
71
60
11
190
66
124
1,420
1,043
377
85
5
80
1,005
888
117
240
184
56
465
516
-51
31
12
19
269
177
92
86
71
15
245
79
166
25
193
59
138
1,231
75
918
221
434
29
234
66
173
48
11
22
116
913
318
5
70
829
89
167
54
498
-64
11
18
153
82
53
13
26
146
18
53
382
32
269
69
96
15
89
14
67
14
4
3
50
230
152
3
28
210
59
49
20
103
-7
5
10
53
36
13
1
3
64
(D)
92
30
53
1
(D)
65
27
18
11
36
17
1,552
1,168
384
326
248
78
1,949
1,238
711
111
4
106
1,366
1,061
304
416
142
274
25
1
24
Europe
1,180
Royalties & license fees- 885
295
Other
- -
70
3
67
European Economic
Community (9)__. 1,028
Royalties & license
fees
.
776
Other
252
United Kingdom..
Royalties & license fees
Other
Belgium and Luxembourg
Royalties & license fees
Other
France
Royalties & license fees
Other
62
769
183
369
3
59
702
67
143
40
432
-63
330
24
234
57
88
198
132
2
22
178
56
40
17
90
-2
85
3
68
24
38
(D)
77
12
(D)
(D)
(D)
(D)
1
6
12
2
112
1
5
2
76
36
62
4
(*)
43
8
4
96
-34
3
0
3
176
13
132
24
163
13
1
12
151
-19
21
3
(*)
47
21
(D)
(D)
(D)
57
28
28
10
14
10
(*)
30
12
7
197
15
149
26
66
4
53
1
23
180
16
1
15
170
-21
22
3
102
-36
4
41
12
9
1
184
28
123
(D)
(D)
9
193
32
(*)
(D)
181
3
25
3
143
-20
(*)
(D)
14
(D)
7
2
Italy
Royalties & license fees
.
Other
116
83
19
18
84
31
(*)
77
5
15
4
Netherlands
Royalties & license fees.. ..Other
76
(D)
60
29
3
Other
Royalties & license fees.. .Other
Other
Royalties & license
fees
Other
66
10
(D)
21
15
6
0
(*)
Japan
..._..
Royalties & license fees .
Other .
170
139
31
(*)
Australia, New Zealand,
and South Africa. _ ...
Royalties & license fees.
Other
183
72
111
(*)
( )
(D)
11
(D)
4
225
42
a
209
5
27
10
162
-26
1
6
20
15
9
1
(D)
(D)
111
19
71
2
19
10
(D)
(*)
(D)
92
19
13
6
68
3
1
1
10
9
5
4
(D)
5
73
38
11
1
24
6
13
5
77
-4
34
4
26
-15
(*)
16
7
5
1
2
11
1
10
4
1
(*)
6
4
3
1
1
(D)
(*)
(D)
(D)
3
D
D
3
(*)
97
(D)
(D)
2
84
13
(*)
7
13
2
3
2
5
10
3
2
35
20
72
24
11
18
2
53
20
3
3
35
32
3
7
8
-1
27
1
26
18
12
6
10
1
9
45
24
22
16
10
6
80
17
63
2
11
31
(*)
0
3
1
1
1
9
2
18
12
30
13
52
189
10
87
19
(*)
32
(*)
3
12
1
44
8
130
59
1
9
59
28
17
3
18
14
(*)
7
7
20
1
20
203
157
46
8
(*)
161
148
13
22
17
5
102
96
5
36
18
18
14
8
6
77
17
60
212
84
128
(*)
8
108
57
51
35
20
15
8
79
16
29
8
53
26
14
2
17
12
134
131
3
14
12
2
86
89
-3
86
48
38
25
17
8
16
12
5
8
1
7
(D)
(D)
(D)
(I>)
6
6
(*)
28
24
5
(*)
(*)
8
8
1
5
4
1
1
6
0
(*)
1
7
36
99
46
2
1
9
6
145
3
9
136
1
17
( )
(D)
1
22
36
18
( )
(D)
23
214
5
2
8
(*)
109
42
26
3
2
(D)
(D)
8
5
2
1
152
62
-2
11
D
(*)
(D)
268
(D)
(D)
(D)
1
9
9
10
-3
(D)
45
(*)
(*)
9
10
-1
(*)
10
224
(D)
(D)
1
Ma- Transporchintation
Other
ery equipment
(*)
24
Germany.
Royalties & license fees
.
Other
7
Trade Other
608
627
-19
251
7
245
Canada
Royalties & license feesOther
...
.
Chemicals
Total and allied
products
Other
Chemicals
and allied
products
Developed countries Royalties & license fees
Other
Manufacturing
Ma- Transportation
chinery equipment
Total
All areas
2,513
Royalties & license fees- 1,376
Other
1,138
PetroTrade Other Total leum
(*)
519
131
388
123
2
121
186
107
79
47
37
11
34
26
8
13
7
5
91
37
55
11
13
-2
200
10
190
611
156
455
136
3
134
192
121
71
57
43
15
32
29
2
12
7
6
91
42
48
23
16
7
260
16
243
Latin America
...
Royalties & license fees.
Other
269
102
168
25
1
24
135
81
54
40
30
10
17
13
3
12
7
5
67
31
36
2
11
107
9
99
332
110
216
31
1
29
147
91
55
52
35
16
13
15
-2
11
6
5
71
34
36
140
8
131
of which, Mexico
Royalties & licensefees Other
80
55
25
1
73
51
22
29
23
6
7
8
-1
5
4
1
32
16
16
-5
3
-8
11
1
10
95
66
29
1
(*)
85
59
27
38
25
13
6
9
-4
6
4
1
36
20
16
13
11
(*)
-4
5
-9
Other Africa
Royalties & license fees.
Other ..
80
(*)
80
45
(*)
45
3
1
2
0
0
0
0
2
(*)
30
-1
31
61
3
59
43
(*)
43
3
1
2
(*)
(*)
°0
0
0
0
2
(*)
(*)
14
2
12
Middle East
Royalties & license fees.
Other
63
3
60
25
(*)
24
4
2
2
34
(*)
0
"«
*k
124
7
117
38
(*)
38
5
3
2
(*)
Other Asia and Pacific
Royalties & license fees.
Other
108
27
81
28
1
27
44
22
22
(*)
6
1
5
29
2
27
94
30
64
24
(*)
24
37
25
12
International and unallocated..
46
17
16
12
52
22
Developing countries .
Royalties & license fees
Other
*Less than $500,000 (±).
uuiiipaiiieo.
companies.
D
(*)
1
(*)
(*)
2
1
5
5
(
\
(*)
17
12
5
(*)
(*)
2
1
1
20
5
15
Suppressed to avoid disclosure of data of individual
1. These estimates, by area, are in line 7 of table 9 in the U.S. balance ot payments article:
in the March, June, September, and December issues oi the SURVEY.
2
2
1
Q
(*)
(*)
(*)
(*)
(
1
(*)
2
1
3
5
-2
1
1
(*)
(*)
18
14
4
(*)
(*)
0
1
2
(*)
2
3
1
2
15
5
9
(*)
2
12
1
11
1
80
4
76
7
2
5
26
2
23
17
14
(*)
2. Royalties and license fees consists of payments for the sale or use of intangible property
such as patents, processes, trademarks and copyrights; "other" consists of management fees,
service charges, film and television tape rentals, and rentals for tangible property.
3. Other includes Denmark and Ireland.
NOTE.—Details may not add to totals because of rounding.
SUEVEY OF CUKRENT BUSINESS
50
October 1975
Table 11.—U.S. Direct Investment Abroad,
[Millions
1967
1966
1968
1969
Area and industry
Line
1970
1971
1972
1973
1974
Direct investment position
1
2
3
4
All areas
Petroleum
Manufacturing
Other
5
6
7
8
Developed countries
Petroleum
Tvl anuf acturing
Other
9
10
11
12
Canada
Petroleum
Manufacturing
Other
13
14
15
16
Europe
Petroleum
Manufacturing
Other
17
18
19
20
Other developed
Petroleum
Manufacturing
Other
21
22
23
24
Developing countries
Petroleum
Manufacturing
Other
25
26
27
28
Latin America
Petroleum
Manufacturing
Other
29
30
31
32
0 ther developing
Petroleum
Manufacturing
Other
33
56,583
15, 189
22, 803
18, 591
61,955
16, 622
25, 160
20, 174
68, 201
17, 720
28, 332
22, 149
75,456
19, 730
31,049
24,677
83,033
22, 067
34, 359
26, 607
90,467
23. 974
38, 325
28, 168
103, 675
27,313
44,370
31, 992
118,613
30, 248
50, 915
37, 450
—
_ __
- _- - -
35, 290
7,661
17, 214
10,415
38,708
8,493
18,912
11,303
42,088
9,159
20, 721
12, 208
46,658
9,859
23, 285
13,513
51,819
11,205
25, 572
15,042
56, 950
12,544
28,320
16, 086
62,060
13, 542
31,558
16,959
72,214
15,911
36, 550
19,753
82,792
18,352
41, 793
22,647
-
- - _ -_
_ _ _
-
15, 713
3,171
6,697
5,845
16, 703
3,372
7,059
6,272
17, 952
3,625
7,535
6,792
19,578
3,881
8,404
7,293
21,015
4,337
8,971
7,708
21,818
4,643
9,504
7,671
22,985
4,764
10,491
7,730
25, 541
5,320
11,755
8,467
28, 378
5,716
13,446
9,215
- -- - _ - - . - - - - ______
__
. _ . _ - - - __
-- —
-- - - - - - - ---- -
16, 390
3,627
8,906
3,858
18, 231
4,158
9,867
4,206
19, 851
4,434
10, 940
4,478
22, 246
4,756
12,372
5,118
25, 255
5,481
13, 819
5,955
28, 654
6,247
15, 628
6,779
31, 696
6,872
17, 529
7,295
38, 255
8,524
20, 777
8,954
44,505
9,994
23, 765
10, 746
3,187
863
1,611
712
3,774
963
1,986
824
4,284
1,100
2,247
938
4,834
1,223
2,509
1,102
5,549
1,387
2,783
1,379
6,478
1,654
3,188
1,636
7,378
1,906
3,538
1,934
8,417
2,066
4,019
2,332
9,909
2,642
4,581
2,686
13,866
5,051
3,525
5,290
14,928
5,312
3,891
5,725
16,545
5,900
4,439
6,206
17, 735
6,140
5,047
6,548
19, 168
6,620
5,477
7,072
20,992
7,300
6,038
7,654
22,863
7,965
6,767
8,130
25, 266
8,436
7,820
9,010
28,479
8,261
9,122
11,097
--
9,752
2,456
2,973
4,323
10, 290
2,391
3,238
4,661
11,342
2,551
3,723
5,068
12, 039
2,533
4,202
5,304
12, 961
2,703
4,541
5,717
14, 013
2,939
4,995
6,080
14, 897
2,979
5,620
6,297
16,484
3,043
6,456
6,984
19, 620
3,557
7,487
8,576
--- -- - -
4,114
2,595
552
967
4,638
2,921
653
1,064
5,202
3,348
716
1,138
5,695
3,607
845
1,244
6,207
3,917
936
1,354
6,979
4,361
1,044
1,574
7,966
4,986
1,147
1,833
8,782
5,392
1,362
2,027
8,859
4,703
1,634
2,521
2,635
2,947
3,323
3,809
4,469
5,091
5,545
6,196
7,341
-
-
-- -
-
51, 792
13,893
20, 740
17, 160
_
-
- -
__
_ _ _
--
-.- ---
-
..
- ..
- _ _
_
__
-.-.
.
--
-_
--—
. _. . _
._ _ _ _ _ -_ _
-
- -- - ----- - - - _ ._
- - - - - - - --- --- --
- - .
--_
---
-- -
_ _ _
_ .
_ _ _ - . _ _
__
_
--
_ __
-_ _ _.
_ _ _
_ _ —
- - - - - - --- - ---
-
-
-_ --
-
-
-
--
- -
_
__ _
- -
-
-
--
_ . _
- - - - -
-
--
--- -
-
- - - -
International and unallocated
-
-
--
Balance of payments income
34
35
36
37
AH areas
Petroleum
Manufacturing
Other
38
39
40
41
Developed countries
Petroleum
M! anuf acturing
Other
42
43
44
45
Canada
Petroleum
Manufacturing
Other
46
47
48
49
Europe
Petroleum
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
--
_-
-
_ --
-
--
- - --
-
—
-
-
._ _
---
-
- __
- -
-- --
Developing countries
Petroleum
Manufacturing
Other
-- -
-
-
-
-
—
- -
-- —
- ---
Petroleum
Manufacturing
Other
- --
- -
P trolpnrn
Manufacturing
Other
Other
---
- -
Other
Other developing
-
__
-
-
-- - — --
-
—
- ---
---
-_ _ . _ _ __
--------------
_-_
- -- -
_-------
Internationa
1 The data for 1966 are as reported in the 1966 census of U.S. direct investment abroad
except for net capital outflows. Net capital outflows include census data only for companies
which filed in both the 1966 sample survey and in the 1966 census.
3,467
1,339
950
1,177
3,847
1,559
1,018
1,270
4,152
1,735
1,055
1,362
4,819
1,997
1,126
1,696
4,992
1,881
1,605
1,507
5,983
2,457
1,696
1,830
6,416
2,739
1,910
1,767
8,841
4,249
2,472
2,120
17, 678
11, 699
2,636
3,343
1,452
88
818
546
1,579
116
850
613
1,657
127
851
679
1,846
162
920
765
2,436
216
1,357
863
2,775
288
1,437
1,050
2,911
204
1,621
1,086
3,875
499
2,119
1,257
4,817
778
2,255
1,784
665
98
280
288
691
108
231
352
733
130
224
379
641
123
178
341
819
150
278
391
848
121
311
416
795
135
351
309
977
196
442
339
1,183
248
497
439
637
-16
453
200
730
5
526
200
735
-7
520
222
955
29
602
323
1,266
36
901
328
1,505
127
922
456
1,686
10
1,084
591
2,244
196
1,358
690
2,888
365
1,482
1,041
151
6
85
59
157
3
93
62
190
4
108
78
251
10
140
101
351
29
178
144
422
40
204
178
430
59
186
185
654
107
319
228
746
165
276
305
1,946
1,229
132
584
2,171
1,382
168
621
2,430
1,580
203
646
2,652
1,684
206
762
2,340
1,496
248
596
2,712
1,895
258
559
3,079
2,213
289
576
4,729
3,595
353
781
12,465
10,712
381
1,373
1,017
437
108
472
1,120
459
141
521
1,186
472
164
550
1,237
440
171
626
967
316
205
447
1,061
422
208
431
915
227
236
452
1,520
650
275
595
1,968
673
307
988
929
793
24
113
1,051
923
27
100
1,244
1,108
40
96
1,415
1,244
35
136
1,372
1,180
43
149
1,651
1,473
50
128
2,164
1,987
53
124
3,209
2,945
78
186
10, 498
10, 039
74
384
69
97
65
320
217
495
427
237
396
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
October 1975
51
Selected Items, 1966-74 *
of dollars]
1966
1967
1968
1970
1969
1971
1972
1973
1974
1966
1967
1968
1969
1970
1971
1972
1973
1974
Line
Reinvested earnings
Net capital outflows
3,625
787
1,611
1,227
3,073
1,102
1,224
746
2,880
1,174
946
760
3,190
924
1,210
1,056
4,281
1,492
1,263
1,527
4,738
1,940
1,564
1,234
3,530
1,613
1,163
754
4,968
1,442
1,863
1,663
7,455
1,158
2,712
3,585
1,791
156
918
717
1,757
206
845
707
2,440
248
1,357
836
2,830
29
1,987
814
3,176
575
1,528
1,073
3,176
421
1,796
959
4,532
356
2,830
1,346
8,158
1,925
4,107
2,126
7,508
1,814
3,786
1,907
4
3,064
743
1,374
948
2,198
736
960
502
1,627
595
638
393
2,044
487
924
633
3,071
1,083
1,106
883
2,895
1,097
1,280
518
1,989
648
840
501
3,810
1,109
1,420
1,280
5,042
1,292
2,103
1,647
1,206
45
719
442
1,266
90
729
447
1,699
64
1,116
519
2,344
62
1,665
616
2,141
270
1,206
665
2,538
254
1,499
785
3,692
390
2,396
906
6,177
1,240
3,488
1,449
5,523
1,180
3,082
1,261
5
6
7
8
985
113
439
433
372
106
11
255
384
147
-4
241
582
152
260
170
763
301
234
228
64
73
-39
29
376
-96
227
245
581
106
148
327
629
-107
415
321
627
85
285
257
650
91
334
224
834
108
442
285
1,002
111
610
280
699
159
339
201
1,023
234
574
214
1,379
276
770
333
1,867
452
1,008
406
2,202
512
1,289
400
9
10
11
12
1,835
593
851
392
1,435
574
684
177
984
358
543
83
1,197
261
587
349
1,894
676
787
430
2,209
822
1,091
296
1,139
588
528
23
3,070
1,057
1,225
788
3,563
974
1,515
1,074
414
-65
338
141
423
-42
285
180
617
-86
514
189
1,054
-103
870
286
1,136
49
679
407
1,215
-52
747
520
1,891
18
1,366
507
3,507
575
2,071
861
2,721
517
1,448
757
13
14
15
16
244
37
84
124
391
56
265
70
258
90
99
70
265
75
76
114
415
105
85
225
623
202
228
193
474
156
85
233
159
-53
47
165
850
425
173
252
165
25
96
44
193
41
110
43
248
42
161
44
288
54
185
50
306
62
187
57
300
71
178
51
422
96
259
67
804
213
409
182
600
151
345
105
17
18
19
20
499
-4
237
265
757
245
264
247
1,151
531
308
313
798
309
286
202
984
458
157
368
1,302
590
284
428
1,132
645
323
164
921
24
443
454
1,718
-592
609
1,701
427
68
199
160
297
33
116
148
480
51
240
188
420
-62
321
161
601
71
322
208
557
102
297
158
795
42
435
319
1,568
494
619
454
1,558
423
705
430
21
22
23
24
303
-107
187
223
311
-76
197
191
708
141
275
292
385
32
215
138
579
136
132
311
696
210
228
258
272
21
288
-37
654
-54
360
348
2,270
421
503
1,346
309
23
174
113
202
11
83
108
361
19
209
132
331
-51
263
118
453
41
259
153
373
26
246
101
645
20
364
262
991
155
476
360
915
85
534
295
25
26
27
28
196
104
50
42
446
321
68
57
444
390
33
21
412
277
71
64
405
323
25
57
606
379
56
170
860
624
35
201
266
78
83
106
-552
-1,013
105
356
118
45
25
47
96
22
33
41
119
32
31
56
89
-12
58
43
148
30
63
55
183
77
50
56
150
21
71
58
576
339
143
94
643
338
170
135
29
30
31
32
62
117
102
348
226
541
409
238
694
157
194
261
67
434
81
45
413
426
33
Adjusted earnings
1
2
3
Earnings
5,259
1,496
1,868
1,895
5,605
1,765
1,863
1,977
6,592
1,983
2,411
2,198
7,649
2,026
3,113
2,510
8,169
2,456
3,133
2,580
9,159
2,878
3,492
2,790
10,949
3,095
4,740
3,113
16,999
6,174
6,579
4,246
25,186
13, 513
6,422
5,251
5,231
1,482
1,909
1,840
5,522
1,751
1,860
1,912
6,486
1,963
2,395
2,128
7,485
1,996
3,071
2,418
8,023
2,405
3,141
2,477
9,002
2,835
3,517
2,649
10,800
3,063
4,761
2,976
16,940
6,128
6,674
4,137
25, 141
13, 513
6,498
5,129
34
35
36
37
2,660
133
1,537
990
2,845
206
1,579
1,060
3,357
192
1,968
1,198
4,190
224
2,585
1,381
4,577
485
2,563
1,528
5,313
541
2,937
1,835
6,603
594
4,017
1,992
10,052
1,739
5,607
2,707
10,341
1,958
5,337
3,046
2,665
126
1,580
959
2,792
189
1,583
1,020
3,277
164
1,954
1,159
4,065
180
2,557
1,328
4,458
404
2,579
1,475
5,181
460
2,964
1,757
6,465
502
4,036
1,927
9,975
1,626
5,691
2,658
10,270
1,836
5,420
3,014
38
39
40
41
1,294
183
565
546
1,341
199
565
576
1,567
237
665
664
1,643
234
788
621
1,518
309
617
592
1,871
355
885
630
2,174
411
1,121
642
2,844
648
1,450
746
3,385
760
1,786
839
1,288
188
583
517
1,301
201
558
542
1,514
239
649
625
1,570
236
766
568
1,452
303
605
543
1,803
354
882
568
2,113
416
1,110
587
2,795
659
1,449
687
3,333
772
1,792
769
42
43
44
45
1,050
-81
791
341
1,153
-37
811
379
1,352
-93
1,033
412
2,008
-74
1,473
610
2,401
85
1,581
735
2,721
75
1,670
976
3,577
28
2,451
1,098
5,751
771
3,429
1,551
5,609
882
2,929
1,798
1,062
-90
809
342
1,141
-52
817
376
1,329
-116
1,033
412
1,971
-104
1,466
609
2,374
33
1,605
736
2,680
14
1,693
972
3,530
-47
2,478
1,098
5,733
678
3,487
1,568
5,603
780
2,988
1,835
46
47
48
49
316
31
181
104
351
43
203
105
438
47
269
122
539
64
325
150
658
91
366
201
722
111
381
229
852
155
445
252
1,458
320
728
410
1,347
316
621
409
315
28
187
100
351
40
208
103
435
41
272
122
523
49
324
150
632
67
369
196
697
92
389
217
823
133
448
242
1,447
290
754
403
1,334
284
640
410
50
51
52
53
2,373
1,297
331
744
2,469
1,415
284
769
2,909
1,632
444
834
3,072
1,622
528
923
2,941
1,567
570
805
3,269
1,997
555
717
3,874
2,255
724
895
6,297
4,089
972
1,235
14, 023
11, 135
1,085
1,803
2,352
1,297
330
725
2,452
1,424
111
751
2,889
1,641
441
807
3,044
1,640
515
889
2,926
1,601
562
763
3,264
2,047
554
663
3,888
2,327
725
836
6,339
4,176
983
1,180
14,089
11, 291
1,078
1,720
54
55
56
57
1,326
460
282
584
1,322
470
224
628
1,546
492
373
682
1,568
389
434
744
1,421
357
464
600
1,434
447
455
532
1,560
247
600
713
2,511
805
751
955
2,882
758
841
1,284
1,306
461
278
567
1,297
472
215
611
1,519
494
366
659
1,526
393
419
715
1,375
359
454
562
1,384
447
452
485
1,509
248
599
662
2,479
813
759
907
2,801
761
835
1,205
58
59
60
61
1,047
838
49
160
1,147
946
60
141
1,363
1,140
70
152
1,504
1,232
93
179
1,521
1,210
106
205
1,834
1,550
100
184
2,314
2,008
124
182
3,785
3,284
221
280
11, 141
10, 377
244
519
1,045
836
51
158
1,154
952
62
140
1,370
1,147
75
148
1,517
1,247
96
175
1,551
1,242
108
201
1,880
1,600
102
178
2,379
2,079
126
174
3,861
3,363
224
273
11,288
10, 529
243
515
62
63
64
65
226
291
326
387
650
577
472
650
822
215
278
319
376
639
557
448
625
782
66
SUEVEY OF CUEEENT BUSINESS
52
October 1975
Table 12.—U.S. Direct Investment Position Abroad at Yearend—1973
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
_
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
Transportation,
communication, and
public
utilities
Trade
Finance
and
insurance
Other
industries
103,675
6,038
27,313
44,370
3,781
8,415
2,971
11,811
7,544
9,848
2,837
9,313
9,726
4,079
72,214
3,773
15,911
36,550
3,042
6,488
2,295
10,259
6,469
7,997
839
6,784
6,107
2,250
Canada
25,541
2,666
5,320
11, 755
1,102
1,767
779
2,325
2,249
3,532
665
1,606
2,752
778
Europe
38, 255
56
8,524
20,777
1,577
3,814
1,368
6,743
3,514
3,757
136
4,519
3,065
1,178
2,457
4,575
(D)
639
2,250
(D)
854
6,611
11,509
1,497
2,946
4,449
1,413
1,204
576
742
62
186
244
130
120
1,042
2,251
467
453
578
350
402
343
703
72
119
291
73
148
2,008
4,066
518
1,011
1,683
586
267
1,186
2,069
(D)
481
1,299
101
(D)
1,456
1,678
(D)
693
345
149
(D)
49
31
3
4
18
5
1
741
1,650
371
(D)
372
(D)
207
854
944
265
130
474
72
2
1,492
334
18
200
87
(D)
79
(D)
2,657
72
309
209
571
429
702
364
259
(D)
(D)
(*)
110
(D)
68
(D)
525
12
173
(D)
124
31
73
(D)
321
5
17
(DD)
( )
30
53
44
669
D
(D
)
( )
(D)
165
236
100
(D)
259
(D)
624
D
(D
)
( )
34
74
103
(D
)
(D)
57
1
2,129
(D
)
(D)
15
128
72
1,716
123
1,267
1
3
1
47
8
1,105
101
Developed countries
United Kingdom
. _ _ _
.
European Economic Community (6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Europe - - - - Denmark
Ireland
Norway
_ _ _ . - _ _
Spain
Sweden
Switzerland.
Other
. _
.
_. .. .._ _
.
_ .
Liberia
Libya
Nigeria
Other
_
116
(D)
5,746
1,052
1,198
2,619
D
( )
602
137
458
590
D
4,319
260
1,167
844
D
(D
)
( )
842
D
(D
)
( )
2,025
93
501
195
(D)
69
498
18
85
102
(*)
35
363
5
91
483
D
(D
)
( )
384
10
D
( )
25,266
2,265
8,436
7,820
739
1,927
676
1,552
1,075
1,851
16,484
1,682
3,043
6,456
603
1,584
566
1,163
1,015
1,526
13, 527
1,144
2,885
643
608
2,379
1,549
859
2,051
578
832
1,194
44
81
(DD)
( )
85
1
466
(D)
21
5
2,162
141
198
(D)
76
10
D
( )
149
(D)
100
361
5,992
781
2,033
50
325
1,798
89
164
523
137
91
578
65
133
(*)
(D)
169
(D)
42
45
61
41
1,422
171
343
21
107
503
73
29
130
28
19
(DD)
1,118
124
512
1
44
359
2
6
57
8
7
1,015
218
479
-5
D
( )
212
(D)
22
74
(*)
(*)
(D
)
D
488
3
0
D
(D
)
( )
882
90
91
29
671
465
91
( )
214
(D)
24
3
6
10
5
161
D
(D
)
( )
10
75
(D)
45
-2
( )
2
(D)
(*)
(D
)
(D)
--.
2,957
632
504
618
1,202
-
2,376
408
1,589
143
16
25
56
1
(D)
209
537
458
1,171
19
0
(*)
388
(D)
529
429
(D)
4
(*)
18
124
0
0
1
15
3
.._
._
* >175
0
0
2
55
0
1
D
2,588
3
2,139
109
3
34
6
29
64
2,075
36
73
3
3
7
27
0
6
4
25
()
(*)
172
1,665
1,109
118
285
48
358
47
18
(D)
-3
(D)
64
2
20
272
- _ - - - .
..-
Middle East
IranOther
.
-
Other Asia and Pacific
India
Indonesia
Philippines
Other
129
2,459
3,818
_
__
International and unallocated
Addendum.
European Economic Community (9)1
...
337
797
656
2,028
(<)
(*)
(D
)
(D)
11
( )
573
118
(D)
216
38
295
561
(*)
8
0
87
22
(
83
7
84
110
( )
84
7
11
162
(D)
15
32
9
12
(D)
0
0
D
(*)
(*)
(*)
()
(D)
0
0
0
( )
(D)
7,385
18,501
1,355
3,478
1,069
6,134
(*)
(*)
9
4
2
42
260
31
(D)
( )
398
258
(D)
D
241
44
113
226
D
(D
)
( )
(DD)
( )
652
2,010
2,309
1,774
( )
(*)
(*)
( DD)
( )
3,258
4£
454
1,563
2,108
1,177
1,340
54
212
28
45
305
375
42
214
29
35
D
( )
61
229
(*)
(D)
61
699
10
129
(D)
175
(D)
(D)
101
If
1^
8*
(D)
3$
7(
(D)
10*
77
11
18
223
(D
)
(D)
5
39
(D)
255
(D)
9
(D)
35
57
34
2
7
(D)
10
(D)
8
17
43
26(
15
3
5
3
14
9
34
1<
25,
254
155
374
124
(*)
D
(D
)
( )
114
5
1
94
273
6
4
48
65
1,346
518
1,310
80
2,465
1,803
( )
495
23
133
396
(D)
47
181
29
23
2
(D)
-5
1
(D)
(D)
4
(DD)
( )
(D
)
D
(D
)
(D
)
( )
211
(D)
D
(D
)
D
( )
0
8
%
(D)
(D)
D
95
59
(D)
(D)
(D)
0
0
0
(D
)
(D
)
(D
)
(D)
377
(D)
16
131
D
( )
31
42
-2
30
69
47
(D)
(D)
39
96
2,967
6,196
30,919
D
D
'Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
15
732
.. .
.. - ... ._
.__
D
11
_.
__
()
0
0
301
Latin America
Other Africa
D
8
$
( )
(D)
Developing countries
-.-
(*)
(D)
(D)
1,399
.
Other Western Hemisphere
Bahamas
Bermuda
- -._ -..
Jamaica
Other
(D)
868
Australia, New Zealand, and South Africa-
Latin American Republics..Argentina
Brazil
Chile
Colombia
-.. ..
Mexico
Panama
Peru
_
Venezuela
Other Central America
Other
0
-1
-1
3
(D)
0
.. _
..
8,194
514
344
466
982
859
3,814
1,215
(D)
(D)
2,671
Japan
Australia
New Zealand- -.
South Africa
11,040
19, 022
2,512
4,295
7,650
2,212
2,352
3,207
NOTE.—Details may not add to totals because of rounding.
(D)
1
(*)
(D)
(D)
(D)
22<
55
10<
(D)
(*)
(D)
5'
21
D
( )
(D)
2'
55
5,
(D)
SURVEY OF CURRENT BUSINESS
October 1975
53
Table 13.—U.S. Direct Investment Position Abroad at Yearend—1974
[Millions of dollars]
Manufacturing
All
industries
By country
AH countries
Developed countries
Canada
-
Europe
-
United Kingdom
European Economic Community (6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Europe
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
-
-
--
.
Japan
-
Australia New Zealand, and South Africa
Australia
New Zealand
South Africa
--
- --
Developing countries
Latin America
-
Latin American Republics
Argentina
Brazil
Chile
.
Colombia
Mexico
--Panama
Peru
Venezuela _ . - - Other Central America
Other
..
Other Western Hemisphere. . .
B ahamas
Bermuda
Jamaica
. ..
Other
- .---
-
- ..- -._..-
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
6,124
30,248
50,915
4,408
10,166
3,389
13, 747
7,722
11,483
3,100
11,293
12,462
4,471
4,024
18,352
41, 793
3,577
7,809
2,615
11,800
6,658
9,335
900
8,065
7,219
2,439
28,378
2,793
5,716
13,446
1,245
2,044
911
2,669
2,540
4,036
714
1,854
3,120
735
44, 505
47
9,994
23, 765
1,871
4,750
1,546
7,774
3,341
4,483
157
5,422
3,727
1,392
(DD)
( )
12, 461
21,741
2,878
4,886
7,998
2,769
3,209
( DD)
( )
2,915
4,847
371
637
2,038
634
1,168
7,201
13, 337
1,817
3,411
4,804
1,764
1,541
684
898
76
212
320
138
152
1,232
2,829
670
551
667
399
542
393
797
76
136
333
90
163
2,130
4,820
583
1,193
1,943
773
329
1,132
1,902
(D)
507
1,102
107
(D)
1,630
2,091
(D)
810
431
235
(D)
60
39
3
10
15
10
1
825
2,008
430
610
445
227
295
1,049
1,157
199
161
607
75
115
10,303
689
468
710
1,354
1,019
4,538
1,525
D
2,231
481
23
393
210
392
76
656
3,227
88
416
248
735
526
798
416
289
35
18
(*)
126
20
65
24
690
11
248
(D)
156
47
86
(D)
356
6
19
142
63
36
53
36
824
29
39
(D)
214
277
127
(D)
307
2
-2
(*)
68
(DD)
( )
12
763
6
94
40
108
(D)
(D)
130
59
-1
(*)
2,589
74
22
17
168
80
2,094
135
1,521
1
4
2
60
9
1,315
130
0
-4
-1
5
(D)
( )
(DD)
( )
1
1
0
0
3
1,368
1,533
88
336
16
787
129
178
31
275
58
72
3,048
373
679
142
569
648
637
-2
514
314
240
4,773
342
1,457
960
(DD)
( )
782
(DD)
( )
2,306
117
624
265
27
81
543
25
111
104
1
38
439
8
122
516
(D)
(D)
439
(DD)
( )
-2
307
52
156
272
5
37
148
41
51
28,479
2,100
8,261
9,122
831
2,357
774
1,947
1,064
2,148
691
2,619
3,718
1,970
19,620
1,439
3,557
7,487
679
1,951
639
1,458
980
1,779
474
1,987
3,410
1,266
14, 704
1,155
3,658
600
629
2,825
1,549
895
1,772
681
940
1,037
50
84
343
17
84
-1
411
21
22
5
2,036
146
243
(D)
58
17
55
239
659
(D)
447
6,996
772
2,502
43
375
2,146
115
159
609
174
101
652
61
161
(*)
18
197
6
46
54
64
45
1,784
198
451
17
147
635
94
24
145
50
22
1,395
136
685
(*)
51
432
7
6
67
4
8
980
152
489
-8
4
233
-2
20
90
1
(*)
(D)
155
622
22
143
461
10
43
208
(D)
20
398
11
18
129
15
34
43
-2
31
68
51
1,713
67
350
27
53
400
440
52
245
41
38
1,480
55
282
(*)
94
65
629
9
125
53
167
1,043
68
164
(D)
16
76
267
30
87
D
( )
119
4,916
721
2,311
612
1,272
402
4
0
284
114
1,521
175
(DD)
( )
992
491
87
136
217
50
27
3
7
10
7
(>)
(D)
(DD)
( )
16
_2
76
11
19
273
86
133
7
48
1,930
214
1,676
7
33
223
142
(D)
26
(D)
(D)
42
73
53
113
(>)
31
2
9
7
2
14
49
34
1
(DD)
( )
(D)
12
38
70
259
(D)
3
8
5
33
13
57
-25
284
296
163
521
185
332
44
(*)
(DD)
( )
132
5
-1
97
420
7
6
56
115
14
35
60
223
1,509
609
1,526
62
98
2,928
2,211
167
(DD)
(D )
( )
(D)
58
107
8
13
191
1
17
40
(D)
16
(D)
D
39
0
0
( )
63
-2
58
2
5
(*)
o
0
0
D
()
258
542
238
1,185
19
0
(*)
423
103
534
209
493
2
3
(*)
20
140
0
0
1
17
6
16
0
0
2
60
Middle East
2,129
3
1,618
130
4
48
7
35
Iran
Other
-576
2,705
"s
-622
2,240
50
80
3
17
31
1
6
5
29
4,507
216
1,746
1,344
131
333
65
451
68
85
408
135
1,118
234
72
340
699
8
90
13
97
133
16
73
5
22
351
3
Addendum:
European Economic Community (9) 1
345
705
727
2,729
(*)
(D)
(D)
22
35,359
(*)
(*)
98
24
(*)
D
( )
(*)
(D)
4
(*)
0
2
2
D
()
(D)
(D)
(*)
0
0
0
(*)
<D)
(D)
(D)
(DD)
o
8
(D)
8,267
21,041
1,635
4,320
1,215
7,018
3,033
(*)
(DD)
( )
(*)
13
( )
110
3,635
7,341
*Less
than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
253
141
1,274
62
International and unallocated
45
3
0
25
India.
Indonesia
Philippines
Other
2
43
(D)
(D)
1,184
18
Other Asia and Pacific .
io4
(D)
6,572
160
. . . .
r)
(D)
55
64
99
76
3,337
1,340
-
Other
industries
82, 792
442
Liberia
Libya
Nigeria
Other
Finance
and
insurance
118, 613
2,223
Other Africa
Other
manufacturing
Transportation,
communicaTrade
tion, and
public
utilities
3,820
NOTE.—Details may not add to totals because of rounding.
(D)
(D)
(D)
61
5
SUEVEY OF CUEEENT BUSINESS
54
October 1975
Table 14.—Net Capital Outflows—1973
[Millions of dollars]
Manufacturing
All
industries
By country
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
Transportation,
communicaTrade
tion, and
public
utilities
Finance
and
insurance
Other
industries
169
4,968
220
1,442
1,863
189
354
54
357
495
414
-175
552
896
3,810
217
1,109
1,420
142
268
55
214
348
393
9
451
567
36
Canada
581
191
106
148
10
39
29
-27
45
52
4
-9
146
-5
Europe
3,070
9
1,057
1,225
115
194
48
272
296
300
1
370
384
23
191
785
D
( )
(D)
403
(D)
134
490
606
68
134
305
103
-5
40
52
1
13
17
13
8
81
113
8
19
91
18
-23
3
35
-2
11
9
10
7
123
151
(*)
24
(D)
(D)
(*)
168
85
17
36
D
( )
43
171
45
(D)
6
la
102
233
-76
43
203
6
58
81
(D)
(D)
56
-55
24
15
3
129
13
-10
9
-1
14
89
15
23
8
( )
%
(>)
(
-7
\
-4
( )
10
75
169
44
31
46
48
(*)
28
(D)
(DD)
( )
8
4
(D)
155
D
(D
)
( )
2
11
18
101
15
49
(*)
(*)
(*)
4
(*)
51
-7
26
2fi
(DD)
( D)
( D)
( )
(D)
-27
-3
-1
2
7
(*)
-33
1
All countries
Developed countries
United Kingdom
European Economic Community (6)
Belgium and Luxembourg ..
France
Germany
Italy
.Netherlands
Other Europe. _-.
Denmark
Ireland
Norway
Spain
Sweden .. .. . _. ..
Switzerland.
Other
Japan. ...
_.
403
50
-3
72
-31
56
223
37
-.
. .. .
.. .-.
Australia, New Zealand, and South Africa. ..
Australia ... .-- -New Zealand
South Africa - Developing countries
-_
-
-- .
Latin American Republics Argentina
.
Brazil
Chile
Colombia
Mexico _ .
. - . _ Panama
Peru
Venezuela
Other Central America
Other
Other Western Hemisphere
Bahamas. Bermuda
- - - - - - Jamaica
Other
.--
..
.
.
.
. ______
Other Africa .
Liberia
Libya
.Nigeria
Other
-
.
Other Asia and Pacific
International and unallocated
Addendum:
European Economic Community (9) *
8
(D)
(*)
3
1
0
D 0
()
D
(DD)
( )
-1
1
(*)
(*)
(D)
(D)
(*)
(D)
22
( )
(*)
w(( ))
48
(D)
(DD)
(D)
( )
D
D
3
2
46
(D)
< •>' ;
<•s >,.
:!
(•)
((*)DD)
(D )
( D)
()
(D
-75
41
2
16
-5
16
1
11
22
6
15
19
-16
-48
6
29
-3
9
16
-31
8
28
12
2
4
-13
-4
1
-42
1
-7
-3
(D)
(D)
17
24
443
-3
(D)
(D)
46
86
-2
143
147
22
-25
103
236
-9
103
125
-2
-29
87
170
-9
(D)
100A
125
31
71
-1
-4
20
-3
(D)
26
(*)
2
-32
-26
(*)
69
D
( )
(*)
(D)
3
654
6
-54
360
35
108
371
7
346
-3
-26
55
9
81
-124
20
6
21
-199
(D)
-6
(*)
-32
-1
30
56
D
( )
-12
-21
338
26
233
-2
10
19
-6
2
35
8
12
29
(D)
(D
95
8
33
-1
14
18
-2
1
20
3
1
145
2
22
3
D
( )
284
50
40
-9
203
(D)
28
(*)
-4
1
22
D
( )
4
-6
-15
3
0
-17
(*)
-9
33
(D
)
(D)
-15
(D)
577
(*)
(D)
(*)
7
211
5
121
0
(D)
3
(D)
-627
(D)
(D
)
D
(D
)
( )
515
0
D
(D
)
( )
6
0
8
190
(D
)
D
( )
-46
50
(D)
-19
lx
(*)
D
()
2
4
10
6
2
1
1
2
3
-23
(*)
(D)
(*)
(D)
(t)
0
0
-!
8
-2
-2
(
*>o
0
(*)
(*)
°i
(D)
18
(D)
(D)
12
7
D
( )
(*)
1
0
8
84
1
-1
8
14
63
1
0
(*)
0
0
4
1
2
9
(t)
2
0
(*)
(D)
(*)
(D)
-1
-1
1
!
5
1
1
33
2
5
D
()
(D)
(D)
(D)
(D)
-i1
1
4
0
0
0
0
0
0
0
0
n
41
(°)
(*)
3
0
6
(*)
(D)
(<>
(*)
(*)
11
-1
-2
(*)
«1 -l
(*)
(D>
-162
°-3
(D)
(D)
(D)
(<)
13
8
89
(DD)
( )
1
1
(*)
(*)
(*)
0
0
0
1
0
2
(D)
(D)
o
(D>
16
9
(*)
(*)
(D
)
(D)
2
-7
(D)
(D)
1,014
1,099
83
205
38
244
281
8
w
-i
15
22
(
(D)
-3
-3
3
-3
(*)
18
( )
(D
\
4
(D)
3
-10
(*)
(
'>-l
D
(D
)
( )
D
.
6
-16
1
19
%
(D)
23
(°)
(D)
5
3
D
°~_
(D
DA2
"-1
((DD))
(*)
( )
()
(*)
(D)
16
10
(D)
(D)
(DD)
( )
(D)
136
114
D
-3
(D)
-i
2
\ 8
54
n
7
21
4
5
D
( )
-2
5
0
( )
(')
12
1
D
( )
12
7
-6
36
(DD)
( )
®
(D)
(D)
,
(D)
(D)
-14
(*)
IS
5
14
4
11
8
47
(D)
~3
6
4
1
3
27
16
-159
-2
92
(D)
(DD)
(D )
( )
-2
(D)
222
336
47
(°)
1
(D)
(D)
17
247
50
40
22
4
14
(D)
(D)
309
238
2,713
o
(D)
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
D
(DD)
(D)
1
0
344
. -.
0
( )
(D>
17
-200
778
..
India
Indonesia
Philippines
Other
(*)
0
D
40
-655
Middle East
Iran
Other
( )
921
_ __
.
D
(D
)
119
9
28
82
-
Latin America
847
1,819
111
404
920
197
187
NOTE.—Details may not add to totals because of rounding.
(*)
SURVEY OF CURRENT BUSINESS
October 1975
55
Table 15.—Net Capital Outflows—1974
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
Developed countries
.
Canada
- - -
Europe
Australia
New Zealand
South Africa
__
Latin America
-
Latin American Republics -.
Argentina.
Brazil
Chile
.Colombia
Mexico
Panama
Peru .
.
--Venezuela
Other Central America Other
.
-.
-. -.
Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other -.
.
-
. ...
-
. ..
Other Africa
Liberia
Libya
Nigeria
Other
311
702
5
1,076
2,293
5,042
112
1,292
2,103
259
268
82
660
265
570
-8
679
780
84
629
46
415
44
29
31
94
79
139
-15
65
241
_15
3,563
6
974
1,515
181
245
57
484
149
399
15
510
444
99
0
-1
0
339
97
(DD)
( )
-338
152
217
399
873
141
277
211
137
106
54
123
11
29
48
5
28
58
147
98
15
-1
5
31
27
37
-4
7
20
7
7
138
300
20
119
86
78
-3
27
27
95
241
(DD)
( )
78
40
(D)
7
7
29
287
52
82
69
34
49
77
215
-33
27
107
4
109
538
97
6
183
114
(D)
243
13
38
7
83
25
69
7
5
41
-5
38
1
3
-2
9
-4
-7
(*)
(*)
(D)
(D)
-2
-2
(D)
194
(D)
(D)
152
-1
(*)
(*)
(*)
(*)
1
(*)
6
(*)
8,0
D 0
()
0
-107
( D )*
424
1
60
51
1
8
-85
(DD)
( )
-592
1,718
-148
2,270
-223
375
17
462
-61
-11
200
-135
110
-367
90
70
-136
-190
(D)
(DD)
15
158
92
11
55
(D)
8
%
( )
D
D
D
35
( )
(DD )
( )
3
(D)
4
-41
( )
(DD )
( D)
( )
46
13
11
3
-11
96
0
41
63
(DD )
( )
8
ft
( )
28
17
5
13
-9
(*)
-2
49
1
17
17
-2
13
D
( )
(D)
16
(D)
(D)
1
-1
(*)
(*)
(*)
°1
D
9
66
18
4
149
7
(D)
( )
94
69
(D)
D
53
7
34
58
(D
)
(D)
(D)
(D) *
161
( )
(*)
(*)
148
46
133
1
361
1,327
145
21
105
9
241
1,248
16
2
3
18
( )
-25
-1
-5
(D)
2
(*)
5
-2
1
246
10
129
1
9
62
19
6
-2
10
2
(D)
2
-16
3
(D)
101
(D)
36
(D)
507
14
221
-7
14
162
18
5
40
24
16
1,895
166
1,725
-9
14
-86
2
0
D
( )
(D)
611
(DD)
(D)
( )
(D)
-3
-6
(D)
(*)
(D)
-2
(D)
(D)
-8
-1
(DD)
(D)
( )
-5
-8
-7
1
9
-364
(D)
-416
8
(D)
(D)
3
32
4
o
0
30
( DD)
( )
3
(*)
«,
<°>4
(
14
50
-4
21
79
(D)
2
\
8
(*)
1
2
13
4
(D)
-3
>3
(*)
8
(*)
(*)
3
(D)
(D)
(°)
2
105
(*)
(D)
30
(D)
(D)
°3
3
o
0
(*)
(*)
(D)
-i
-i
(D)
(*)
25
9
(D)
(°)
(D)
2
—1
(D)
4
(*)
-6
3
3
9
(D)
0
0
0
0
0
0
0
0
3
3
0
(D)
(*)
(*)
(D)
(*)
-2
°-5
°3
9
2
3
-723
237
(*)
(D)
(D)
10
3
(*)
(*)
7
1
1
1
Other Asia and Pacific
299
(D)
-65
84
India
Indonesia
Philippines
Other
... ..
-.
-7
-195
30
470
(D)
-260
11
(D)
1
26
16
40
International and unallocated . _
-
694
2,567
8
-2
(*)
1
8,
21
1
0
0
0
0
0
0
0
-4
5
(*)
17
(*)}
(°)
13
0
32
(D)
11
-4
(
-531
0
(D)
-1
D 0
()
ft
(*)
0
0
(D
31
C )
6
6
19
(*)
(D)
D
(*)
(*)
6
2
°0
14
-2
21
20
2
3
1
1
-8
( )
(*)
0
ft
8
(D)
13
538
1,323
*Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Econgic Community (6)," Denmark, Ireland, and the
United Kingdom.
182
238
64
441
59
(D>
6
-149
(D)
51
(D)
"-,
(D)
3
14
8
10
°-11
(D)
(D)
5
(°)
-2
(D)
7
ft
m
i
-27
15
3
D
(*)
( )
^1
(D)
(D)
0
4
(DD)
(D
)
( )
20
°3
2
18
(D)
92
41
810
(*)
-2
-3
98
2
2
7
31
13
36
186
2
13
331
292
68
(*)
458
1
50
(*)
70
(D)
3
(*)
1
-1
(*)
2
24
26
17
1
7
(°)
10
27
(D)
<D)
D
199
21
ft
( )
237
(D)
29
(D)
17
(D)
23
16
(*)
D
16
(D)
13
57
(DD)
( )
1
122
22
609
421
(*)
(DD)
(D )
15
-487
Addendum:
European Economic Community (9) L. . . -
(DD)
( )
(*)
6
-3
5
-1
503
(DD)
( )
___
(DD)
( )
-20
2
(D)
( )
(*)
(*)
Iran
Other
247
808
-
Middle East .
Other
industries
109
173
60
153
Developing countries
Finance
and
insurance
505
386
..
Other
manufacturing
277
464
Australia, New Zealand, and South Africa-
Machinery
Transportation
equipment
2,712
1,162
115
51
199
226
65
366
140
..
Primary
and
fabricated
metals
1,158
Other Europe
Denmark
Ireland
Norway
Spain
.
Sweden
Switzerland
Other
-
Chemicals and
allied
products
-36
364
1,536
249
386
70
350
481
Japan
Total
Food
products
Transportation,
communicaTrade
tion, and
public
utilities
7,455
United Kingdom
European Economic Community (6)
Belgium and Luxembourg
France
- ..
Germany
Italy
. . .- -.
Netherlands
_ -
Mining
and
Petrosmelt- leum
ing
340
NOTE.—Details may not add to totals because of rounding.
23
(DD)
( )
-15
-39
24
103
(D)
(D)
6
10
SUEVEY OF CURRENT BUSINESS
56
October 1975
Table 16.—Reinvested Earnings -1973
[Millions of dollars]
Transportation,
commu- Trade
nication, and
public
utilities
Manufacturing
All
industries
By country
Mining
and
Petroleum
smelting
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
Finance
and
insurance
Other
industries
8,158
138
1,925
4,107
230
834
185
1,357
745
756
160
969
646
213
6,177
106
1,240
3,488
188
735
144
1,128
686
607
38
706
413
186
Canada
1,867
67
452
1,008
107
146
38
243
263
212
33
168
110
28
Europe
3,507
(*)
575
2,071
66
496
83
756
376
293
5
463
284
109
562
1,884
309
399
779
151
247
(*)
(*)
81
338
41
10
243
-6
50
350
1,366
185
365
499
160
157
26
17
4
12
-9
4
6
91
317
80
45
64
66
63
5
52
8
5
28
3
8
90
577
60
146
249
74
48
52
264
4
109
140
4
7
87
139
29
49
27
10
25
41
100
26
31
23
-10
31
43
80
55
-1
24
5
-3
(*)
(*)
(*)
(*)
(D)
321
11
2
3
19
(*)
285
1
160
(*)
0
(*)
3
(*)
146
10
AH countries
-
- -
Developed countries
United Kingdom
_
European Economic Community (6)
Belgium and Luxembourg
France
.Germany
Italy
- -.- --Netherlands
- -
1,060
56
79
32
104
44
583
162
Other Europe
Denmark
Ireland
Norway
_
Spain .
Sweden
Switzerland
__
Other
..
0
-1
0
1
(*)
(*)
0
0
0
(*) 0
0
(*)
156
(D)
(D)
9
-5
15
1
102
355
8
76
16
62
30
122
39
26
1
1
61
-3
-1
0
(DD)
( )
(*)
8
#
D
(D)
(D)
3
-6
"I
11
23
4
1
(*)
16
-1
(
*>3
89
3
52
2
9
6
5
12
1
38
2
83
^9
31
(*)
33
3
1
22
45
37
71
(*)
42
16
48
17
34
1
10
53
(*)
(*)
(D)
89
4
1
3
26
20
22
13
10
1
5
(D)
67
(*)
22
(D)
4
(D)
(D)
6
( )
(*)
0
(°)
(°)
(°)
21
-2
30
(D)
Japan
298
0
97
164
Australia New Zealand, and South Africa
505
39
116
245
14
55
320
40
145
26
(*)
12
64
(D)
(D)
172
13
60
8
2
4
43
3
9
1,568
32
494
619
42
99
41
229
59
149
23
194
181
991
23
155
476
32
89
37
120
60
138
11
135
180
11
Latin American Republics
-Argentina
Brazil
.-Chile
Colombia
Mexico
.
Panama
Peru
--- -Venezuela
-Other Central America
Other
- -
807
4
356
4
23
170
190
12
3
15
31
23
5
7
-1
1
9
70
(D)
40
3
30
-8
18
-1
3
15
2
81
1
21
36
-1
14
8
110
3
12
2
(*)
22
54
5
10
1
1
132
(D)
26
(*)
22
(D)
-5
-16
-3
6
442
1
259
(*)
20
138
7
7
-6
14
2
Other Western Hemisphere
Bahamas
Bermuda
- -- Jamaica
Other
-.
184
49
98
4
33
86
17
(D)
1
(D)
34
6
22
2
4
25
14
9
(*)
48
18
Australia
New Zealand
South Africa
---- ---
Developing countries
Latin America
--
Liberia
Libya
Nigeria
Other
-
Middle East
-
-
_.
- _.. -
Other Asia and Pacific
India
Indonesia
Philippines
Other
.
-
--
(DD)
( )
12
31
2
8
(*)
(*)
0
0
(
\
202
Other Africa
Iran
Other
(>)
12
D
( )
0
D 0
()
98
0
17
81
0
0
276
-3
5
22
20
229
(*)
8-3
*Less
D
2,581
4
(D
)
(D)
14
90
(D
)
(D)
-1
0
(*)
2
2
4
135
1
4
3
11
117
(D)
(*)
451
1,801
than $500,000 (db).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
(*)
(*)
2
8
5
(*)
(*)
(*)
1
3
(*)
0
0
<*>»
(*)
0
1
2
1
(*)
2
1
2
(*)
2
3
(*)
60
-2
60
0
(*)
15
(*)
0
-12
(*)
0
135
9
79
1
7
26
1
2
9
1
1
21
3
1
(*)
(*)
0
0
0
0
0
(*)
2
(*)
21
(*)
(*)
48
462
l
2
1
(*)
2
(*)
4
1
3
(*)
-4
(D)
0
0
0
-2
-1
0
-1
—1
D
2
-1
2
1
2
-1
(*)
*>2
1
1
108
1
12
(D)
8t
2
1
-1
106
0
1
3
4
4
(*)
(D)
4
0
0
(*)
3
0
0
(*)
(*)
0
(*)
(t>
7
98
3
67
0
3
26
1
1
-3
1
(*)
0
(*)
(*)
(*)
o
(D
)
(D)
1
7
7
0
0
(*)
(*)
(*)
1
(*)
(t)
i
14
"•3
1
2
6
71
(D)
*142
2
2
( }
' .
(
1
178
.
43
r)
17
(DD)
( )
(*)
(*)
-1
2
(
( )
59
673
311
248
0
0
(D)
NOTE.—Details may not add to totals because of rounding.
<<
-2
(*)
(*)
24
6
11
2
(*)
190
413
Addendum:
European Economic Community (9)l . _ ^
P>
w
(*)
13
(t)
3
(>)
3
77
(*)
15
2
(D)
(D)
1
(V
59
(*)
21
24
(
*>ii
<
(D)
2
-2
8
-11
-7
-3
(*)
-2
(D)
-2
0
3
(*)
-4
(D)
(*)
(*)
-2
(D
)
(D)
(D)
(D)
1
(*)
(*)
0
2
(D)
(*)
(
*>3
(*)
l
2
57
98
69
52
155
124
-1
(D)
2
1
3
(D)
SURVEY OF CURRENT BUSINESS
October 1975
57
Table 17.—Reinvested Earnings -1974
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
Developed countries
Canada
Europe
..-
United Kingdom
. ... ..
European Economic Community (6)
Belgium and Luxembourg
France
._
Germany
Italy
. ..
Netherlands
Other Europe _
Denmark
Ireland
Norway
Spain .
Sweden.. Switzerland
Other..
..
. _. . _ . . _ - - . .
...
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
1,814
3,786
346
1,173
291
1,130
979
213
925
433
1,180
3,082
272
979
219
891
-77
798
51
625
324
109
2,202
82
512
1,289
99
248
102
250
212
379
44
185
127
-38
2,721
-2
517
1,448
111
659
102
554
-323
346
7
414
209
130
528
1,214
111
202
306
217
379
(*) 2
C
-2
0
1
(*)
119
191
-40
D
( )
141
(D)
97
173
956
177
185
141
222
231
54
33
3
-4
27
3
4
116
419
105
83
89
32
109
23
45
5
-14
459
45
69
173
106
66
-83
-193
(DD)
( )
-179
7
1
77
193
(DD)
( )
9
64
44
4
2
54
84
7
(D)
14
(D)
39
109
-2
-37
4
29
-2
4
70
-14
4
-6
-19
(*)
979
62
70
46
150
95
380
175
-1
0
(*)
0
207
51
-1
9
13
20
-4
119
319
4
66
32
80
72
28
37
23
4
4
(*)
15
2
-3
2
124
4
37
4
28
19
4
28
-48
(D)
76
(D)
109
3
2
D
( )
36
30
24
(D)
276
1
4
2
22
5
238
5
102
(*)
(•)
(*)
6
(*)
88
7
75
6
1
3
29
-2
31
7
(*)
-1
(*)
0
0
76
77
-12
31
441
74
75
268
74
41
282
23
136
66
(*)
8
25
D
(D
)
( )
188
13
67
67
D
(D
)
( )
27
1
13
1,558
32
423
705
74
915
27
85
534
59
882
-8
304
9
39
245
135
4
88
14
53
27
5
-4
-1
83
(D)
44
(D)
(*)
5
3
-2
—1
(D)
(D)
506
-23
241
-1
38
185
8
-3
47
13
1
57
-7
25
-1
2
26
2
(*)
6
4
(*)
3
(D)
54
D
(D
)
( )
29
2
22
3
2
174
9
2
1
2
-4
0
2
11
0
0
. . -.
. .-
. .- .
._
Other Western Hemisphere . . . - - . .
Bahamas
Bermuda
.. ...
Jamaica
Other
33
-77
77
7
25
220
Other Africa
Liberia
Libya
Nigeria
Other
(DD)
( )
20
1
(t)
25
°2
(*)
(*)
1
(*)
0
0
(*) 0
(DD)
( )0
0
6
Middle East
25
0
Iran
Other
19
6
0
0
. .
Other Asia and Pacific .
India
Indonesia
Philippines
Other
..
.. ... .. .
International and unallocated _
Addendum:
European Economic Community (9)1
(D)
(°)
13
(D
)
D
( )
34
1
2
11
8
2
(*)
5
1
63
(*)
22
-12
10
28
2
15
16
40
1
21
(*)
5
0
0
12
1
9
-12
(*)
194
72
240
-56
181
36
245
78
169
57
141
-56
163
9
181
51
27
-56
(D
)
(D)
0
(*)
4
-1
1
127
3
9
-2
-1
32
47
4
32
2
(*)
117
-9
4
(*)
i
79
-1
20
(*)
-2
-4
(*)
0
163
(D
)
(D)
(*)
12
37
2
2
19
3
-1
(D)
(D)
0
0
0
0
0
1
-1
(*)
1
1
(D)
(D)
55
(D
)
(D)
(*)
<*)
-65
-46
-23
1
3
(D)
13
58
1
20
54
(D)
-6
13
9
(*)
(D)
3
C )
(D)
3
20
(t)
2
22
(D)
(D)
o
0
(°)
(*)
(D)
(°)
2
(•)
2
5
2
2
15
104
45
234
(*)
(D)
(*)
(*)
-1
95
11
48
17
8
29
100
(}
' o
11
(*)
(*)
10
61
m
3
41
i
8
-3
(*)
(D)
(*)
(D)
(*)
(D)
°"-32
1
2
1
1
5
1
-1
-2
-4
(D)
9
3
0
0
0
0
0
0
0
-2
-4
0
(*)
C)
(D)
1
4
0
(*)
(*)
(D)
(D
)
(D)
11
2
2
12
(*)
(*)
(*)
(*)
(*)
11
4
153
13
8
(*)
1
3
0
1
2
19
3
96
8
1
6
5
-2
(*)
6
1
1
88
5
(*)
<•)
(*)
1
22
D
0
6
6
9
2
1
360
1,198
95
576
70
450
-284
(*)
4
1
(*)
-1
1
(*)
0
0
(*)
54
<(;
291
NOTE.—Details may not add to totals because of rounding.
U
(*)
(*)
1
16
(D)
(D)
3
38
(D)
(D)
10
1
-3
2
4
3
1
1
7
-3
(D)
(')
(D)
1
(*)
-3
5
(*)
(*)
4
1
(*)
( )
210
-2
0
4
1
152
(D)
6
1
30
1
( )
(D)
(D)
(*)
(*)
45
3
5
(*)
()
(*)-9
(D
)
(D)
(*)
42
8
(*)
(D)
D o
(*)
(*)
152
16
(*) 11
398
1,875
1
1
(D)
22
10
7
0
1
1
D
426
3
(*)
(*)
2
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
Other
industries
185
Australia, New Zealand, and South Africa
Latin American Republics
Argentina
Brazil
Chile
Colombia
Mexico ...
-. .
Panama
Peru
. .Venezuela
Other Central America
Other
..
Finance
and
insurance
153
0
Latin America
-133
Trade
5,523
159
Developing countries
Other
manufacturing
7,508
Japan
Australia
New Zealand
South Africa
Machinery
Transportation
equipment
Transportation,
communication, and
public
utilities
D
(D
)
( )
-2
«-,
12
20
(*)
(*)
(*)
8
5
50
19
°n
126
55
30
5
6
143
107
62
SUEVEY OF CUEEENT BUSINESS
58
October 1975
Table 18.—Balance of Payments Income -1973
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
Developed countries
Canada
- -
Europe
-- -
United Kingdom
European Economic Community (6)
Belgium and Luxembourg. _ _ .
France
Germany
Italy
Netherlands
Other Europe
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
-
__
Total
2,472
298
513
113
714
391
444
42
479
798
2,119
247
413
96
649
356
358
-2
298
499
977
134
196
442
26
75
43
71
108
118
26
120
2,244
2
196
1,358
158
273
42
478
206
201
-1
231
312
146
716
1,180
116
187
636
74
166
-1
(*)
0
0
0
(*)
0
68
156
1
4
84
1
66
406
843
102
151
452
64
75
43
96
6
7
73
6
4
56
196
32
39
77
21
28
16
21
1
4
13
2
2
158
290
36
54
138
29
33
2
-3
(*)
-3
(*)
0
(*)
56
68
2
13
30
8
15
154
89
10
14
63
3
-1
31
26
1
9
7
-2
11
-28
-24
2
2
(*)
12
109
2
2
7
25
22
38
12
19
1
1
1
4
1
(D)
(D)
2
0
(*)
0
°0
0
3
(D)
(D)
0
13
140
94
179
351
17
70
75
"»
84
(D)
(D)
149
5
26
4,729
267
3,595
353
- --
Latin American Republics
Argentina
Brazil
- .
Chile
Colombia
Mexico
Panama
-Peru
Venezuela
Other Central America
Other
0 ther Western Hemisphere
Bahamas
Bermuda
Jamaica
Other
- -- -- --
--
5
0
(DD)
( D)
( )
11
42
3
8
(*)
11
96
0
0
D
(D)
( )
105
2
0
2
102
14
294
82
76
(
\8
2
1
45
41
35
62
6
11
6
81
(*)
6
(*)
2
9
38
1
21
1
2
129
6
15
6
3
(D)
5
-4
(*)
(D)
6
18
1
1
460
69
6
21
6
444
-4
14
13
2
14
40
1
0
4
1
5
1
2
14
India
Indonesia
Philippines
Other
-.
. -.
- --
655
()
22
476
29
127
(D)
(*)
(*)
0
237
Addendum:
European Economic Community (9)1
1,892
0
0
0
0
(*)
(*)
1
(*)
(*)
(D)
(*)
(*)
8
0
(*)
(*)
0
(*)
0
(*)
(*)
(*)
0
2
1
1
0
0
2
16
0
«•
(*)
(*)
(*)
(*)
0
(*)
(*)
(*)
-1
204
1,254
140
252
38
448
(D)
2
6
2
0
3
1
13
2
(D)
(D)
1
2
2
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
0
0
0
0
0
0
4
1
(*)
1
1
0
0
0
21
0
7
15
" 20i
0
0
0
0
0
0
1
(*)
(*)
(*)
(*)
°o
8
(*)
(*)
(D)
(*)
(*)
(*)
(*)
(*)
0
0
(*)
(*)
(DD)
( )
(*)
(D)
(>)
«1
(D)
9
2
91
70
1
3
18
72
11
-1
(°)
(D)
(*)
4
(D)
0
(*)
9
3
0
0
1
2
7
\
(*)
7
(D)
9
(*)
33
56
(D)
2
0
0
4
(*)
(*)
6
27
2
6
7
41
(D)
28
41
12
(*)
-1
127
245
(*)
(D)
NOTE.—Details may not add to totals because of rounding.
2
3
3
8
8
4
(°)
9
(
10
(D)
19
155
*Less than $500,000 (±).
D Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
°o
(*)
Iran
Other
(*)
(*)
(*)
(*)
0
0
0
3
3
9
0
2
15
(D)
1
1
( )
!•>,
(*)
406
1,659
-
",
D
(*)
(D)
(*)
0
0
Other Asia and Pacific
19
(D)
(D)
220
409
1,680
(*)
31
287
Middle East
D
12
1
4
94
5
- --
°0
0
12
4
6
139
1
0
17
12
(*)
(*)
(D)
(*)
63
D
1
50
15
2,065
0
1
3
20
21
28
44
77
0
(D)
(*)
(*)
9
16
2,089
-
(D)
857
2
7
86
(*)
294
80
47
- ..
2
89
(D)
(D)
35
8
( )
(*)
(*)
\
o
35
0
0
0
0
0
(*)
2
27
2
69
(
65
7
0
0
Liberia
Libya
Nigeria
Other
(D)
(D)
107
3
1
1
6
4
72
20
232
(D)
42
8
22
2
6
4
421
(D)
1
2
4
11
0
304
17
(DD)
( )
(*)
(*)
(*)
99
51
(DD)
( )
45
(*)
17
74
1
5
75
6
8
( )
i
40
38
544
13
(D)
(*)
-5
3
2
(D)
484
(D)
36
466
Other Africa
67
33
31
1
(*)
(*)
(D)
9
(D)
(D)
(*)
ai
29
2
8
14
42
31
5
8
2
(D)
2
(D)
(D)
(D)
(*)
(*)
(*)
(*)
(*)
5
15
4
2
10
128
D
(*)
0
(*)
1,192
67
70
2
24
98
97
78
621
38
98
(D)
(*)
(*)
(DD)
( )
(D)
39
44
(*)
5
122
1
1
27
275
1
31
1
(*)
(D)
(D)
650
2
5
(*)
(*)
(D)
° i1
223
(D>
21
(*)
(*)
(*)
(D)
(D)
11
2
5
3
1,520
328
80
8
79
160
-
.
Other
industries
499
95
Latin America
Finance
and
insurance
4,249
216
Developing countries
Other
manufacturing
230
438
- -- ---
Machinery
Transportation
equipment
497
Australia, New Zealand, and South Africa
- -
Chemi- Primary
and
cals and
allied
fabriprodcated
ucts
metals
3,875
Japan
Australia
New Zealand
South Africa
Food
products
Transportation,
communicaTrade
tion, and
public
utilities
8,841
348
8
-12
-14
41
29
195
100
-
- --
Mining
and
Petrosmelt- leum
ing
9
1
3
5
65
SURVEY OF CURRENT BUSINESS
October 1975
59
-1974
Table 19.—Balance of Payments Income
[Millions of dollars]
Manufacturing
By country
All countries
All
industries
_
-
Developed countries
Canada .
_
_
..
Europe
-
-
_ __ .
United Kingdom
European Economic Community (6) _ ... _
Belgium and Luxembourg
France
Germany
_ .
.. . _ . Italy
Netherlands
Other Europe
Denmark
Ireland Norway
Spain
Sweden
Switzerland
Other
-
-
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Other
manufacturing
Transportation,
communicaTrade
tion, and
public
utilities
Finance
and
insurance
636
11,699
2,636
256
654
87
739
454
445
4,817
272
778
2,255
211
486
73
678
453
355
(*)
1,183
122
248
497
82
24
80
129
(D)
83
120
2,888
-8
365
1,482
108
347
36
513
294
184
(*)
356
581
111
498
1,681
242
163
831
61
384
80
-47
420
(D)
13
25
59
5
9
37
4
3
55
233
68
20
56
43
46
7
25
2
3
14
3
2
126
347
27
63
190
43
24
12
217
55
104
(D)
26
(D)
6
8
2
-2
0
-2
(*)
0
(*)
43
69
(D)
15
(D)
(D)
12
207
188
101
9
68
12
-3
13
23
279
280
984
125
123
551
100
86
709
5
24
-7
0
-8
-9
-17
-8
4
4
3
17
217
3
38
6
29
20
109
12
24
(*)
4
40
1
(*)
(*)
245
(D)
186
(*)
(D)
(D)
(D)
( )
* 4V
27
527
80
0
0
(*) 0
"-,-1
0
0
-4
(D)
(D)
(D)
59
1
5
(*)
(D)
(D)
(*)
12
(*)
(*)
(*)
(*)
n
(D)
^ l
(D)
22
(*)
(D)
(D)
(D)
(*)
3
2
65
2
0
0
2
0
3
6
2
(*)
(D)
(D)
11
(D)
(D)
60
(D)
25
(D)
(D)
88
2
2
1
13
3
(*)
(*)
(*)
(*)
(*)
0
889
1,401
3SO
486
783
243
(D)
3
6
3
208
18
(*)
1
(*)
168
16
Japan
216
0
23
127
8
(D)
18
62
Australia New Zealand, and South Africa-
530
158
142
149
25
35
13
25
19
34
(*)
29
19
401
12
117
129
1
28
12
28
1
6
11
23
15
25
2
7
(*)
(*)
(D)
115
6
29
0
0
15
4
10
14
1
5
12,465
363
10,712
381
8
310
605
1,968
263
673
1,237
66
97
7
60
110
162
29
466
67
173
161
466
21
21
0
-8
3
(*)
-44
333
27
114
Australia,
New Zealand
South Africa
_
_-_
Developing countries
Latin America
_
Latin American Republics
Argentina
_ _
Brazil
Chile
_ _Colombia..
Mexico
Panama
_
Peru
.
_-_
Venezuela
Other Central AmericaOther
_
_ _
_
Other Western Hemisphere .
Bahamas .
Bermuda >
. ..__
Jamaica. ...
Other
Other Africa
Liberia
Libya
Nigeria
Other
_
_
Middle East .
Iran
Other
Other Asia and Pacific
India
Indonesia..
Philippines
Other
._
_
. _-_
.
. _.
_
_ _
Intern&tion&l and un&lloc&ted
Addendum:
European Economic Community (9) l
_.
%
-1
10
0
51
D
(D )
( )
(D)
(D)
( )
22
34
1
21
74
(D)
12
40
6
4
793
(D)
743
28
359
346
60
D
0
0
10
5
356
346
37
8,482
0
8,434
6
661
7,821
0
0
657
7,777
2
4
862
66
-2
897
-30
-3
8
3
13
42
10
989
18
205
( )
(D)
0
(D)
(*)-5
( )
1
D
( )
(D)
6
5
(*)
(*)
(*)
1
*'o
(*)
0
0
0
(
1
(*)
8
148
12
39
8
36
4
10
0
2
15
1
D
( )
5
14
1
10
21
(D>
8
9
2
2
n
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
( )
a((*>)
-i
(*) 0
(*)
4
2
14
17
173
497
(
13
194
20
D
( )
1
1
3
151
4
16
1
(D)
12
79
5
21
(D)
3
1
1
0
1
4
1
0
2
1
1
1
%
(D)
8,
0
8
(*> 0
(*)
(*)
(*)
0
0
(*)
(*)
(*)
15
(*)
l
(*)
(*)
D
( )
(*)
0
0
0
0
1
0
3
0
0
1
2
2
17
-10
0
1
1
8
6
0
2
1
-13
22
2
1
(*)
%\
(*)
(')
(*)
0
0
0
(*)
1
20
69
68
(*)
(*)
90
(*)
0
0
0
0
0
(*)
(*)
1
3
0
3
0
0
0
0
-1
1
(*)
3
4
0
0
4
0
(D)
(D)
62
,
(*)
D
5
2
14
(*)
(*)
1
0
3
1
(*)
168
D
2
18
(*)
(*)
(*)
(*)
0
(*)
-1
347
0
0
1,305
85
320
32
474
231
163
(*)
NOTE.—Details may not add to totals because of rounding.
(*)
8
(*)
(D)
11
76
(D>
(*)
2
7
39
21
(D)
32
(D)
(D)
l
86
39
D
( )
(*)
(*)
(D)
15
(D)
22
7
8
1
6
303
137
( )
(D)
(D)
(*)
(*)
(*)
5
3
(D)
0
(D)
5
2
0
0
1
7
17
17
(*)
17
2
15
(*)
(*)
(*)
(*)
(*)
(*)
(D)
(D)J
4
71
2
(D)
(*)
80
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
39
34
3
9
1
1
12
(*)
2
3
3
1
(*)
210
396
2,207
45
D
102
0
0
D
(D
)
( )
207
(DD)
(D)
(D )
( )
(D)
(D)
307
D
730
186
229
92
223
1,223
_ _.
Other
indus •
tries
17,678
_____
_
Mining
and
Petrosmelt- leum
ing
D
a
(D)
9
115
3
(DD)
( )
60
(*)
(DD)
( )
93
13
(*)
118
396
(*)
2
3
8
2
-1
6
88
125
?
9
42
SUEVEY OF CUEEENT BUSINESS
60
October 1975
Table 20.—Adjusted Earnings -1973
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Transportation,
communication, and
public
utilities
Other
manufacturing
Trade
Finance
and
insurance
Other
industries
16,999
636
6,174
6,579
528
1,347
298
2,071
1,136
1,199
202
1,448
1,444
51'
10,052
336
1,739
5,607
434
1,149
240
1,777
1,042
965
36
1,005
912
41'
Canada .
2,844
201
648
1,450
133
221
81
314
371
330
Europe
5,751
2
771
3,429
224
769
125
1,234
582
495
1,278
3,064
426
585
1,415
225
413
-1
(*)
0
i
0
149
494
42
14
326
-4
116
756
2,210
286
516
952
224
231
68
113
10
19
64
10
10
147
512
111
83
140
87
91
21
73
9
9
41
5
9
248
867
96
200
386
104
81
(D
)
(D)
(D)
114
262
5
8
128
(D)
110
3
52
3
20
8
11
15
(D)
121
0
3
42
4
2
1
19
(*)
(D
)
(D)
31
1
2
?M
-2
17
1
114
464
11
78
23
88
52
160
51
119
5
1
7
30
35
26
15
0
110
303
(D)
65
2
D
Developed countries
_ _ _ _ _
United Kingdom
European Economic Community (6)
Belgium and Luxembourg
France
Germany
Italy
Netherlands
Other Europe . - Denmark
Ireland
Norway
.
.
Spain
Sweden
Switzerland _ _ _
Other
Japan
.
_
1,408
64
67
19
146
72
779
262
_
_
..
_ _ _
Australia New Zealand and South Africa
Australia
N e w Zealand
South Africa
,,
_ _
Developing countries
Latin America
_
Latin American Republics
Argentina
_ ..
Brazil
Chile
Colombia
_ _
Mexico
_ __
Panama
Peru
Venezuela
.- -_
Other Central America
Other
. .
Other Western Hemisphere
Bahamas _
_
Bermuda
_. _
Jamaica
Other
.
_
__
Other Africa
Liberia
Libya
Nigeria
Other
-
-
__ _
.
_
\
(*) 0
8
150
22
8
8
(D)
D
1
203
20
(D)
53
53
(D)
™.
a
(*)
8
( )
11
(D
)
(D)
D
(D)
(*)
(*)
(*)
424
( )
94
32
79
77
23
3
(D)
72
5
17
26
65
1
13
55
6,297
299
4,089
972
94
198
58
294
95
234
2,511
247
805
751
76
166
52
161
96
201
23
2,000
71
426
6
46
268
288
90
623
53
129
151
(D)
9
1
1
14
(*)
(D
)
(D
)
(D)
11
614
(D
)
(D)
3
-4
4
(D)
(D)
468
(D)
42
(D)
(D)
304
(*)
37
213
8
12
69
20
10
73
-~5
26
-1
3
26
3
2
7
7
6
(®)
(D)
51
5
18
140
(D)
76
0
5
42
1
96
197
15
90
1
14
40
1
3
29
3
1
14
512
129
106
83
193
96
0
0
(D
)
D
( )
191
19
( )
2
(D)
(D)
3
(D)
2
(*)
D
(D
)
( )
668
(D)
D
6
22
(D)
(D)
3
4
0
0
D 0
(D
)
(D)
61
-1
0
1
6
( )
0
()
(*)
5
D
(*)
(*)
599
28
13
65
2
4
18
8
1
(*)
(*)
5
3
1
2
1
204
13
28
7
17
5
25
157
1
0
11
1
6
1
4
17
D
( )
2
D
( )
(•)
( )
(D)
67
B.
(*)
(*)
(D)
(<)
(*)
o
( )
(D)
(D)
80
(*)
(*)
0
0
0
0
0
(*)
-2
-2
-i
0
0
0
-2
-1
0
-1
(*)
(*)
21
m
0
0
n
-1
656
0
40
333
468
229
400
191
3
19
2
3
31
92
6
30
3
3
261
15
2
9
3
3
3
1
(D)
188
713
D
0
0
6
2
(*)
-1
(*)
2
3
1
1
(D)
(D)
2
129
1
31
( )
0
-1
2
3
4
12
12
(*)
(D)
2
6
2
-1
122
97
1,121
(D)
(D)
(D)
NOTE.—Details may not add to totals because of rounding.
(D>
4
(D)
(D)
(D)
1
(D)
(D)
( )
1
0
-1
(*)
139
88
1
1
3
(*)
(D)~
3
120
1
24
4
(D)
1
(*)
54
(D)
(D)
11
4
D
8
9
D
( )
D
126
3,054
38
16
( )
D
0
(*)
(*)
51
8
1
(*)
3
4(
2
11
4
( )
( )
34
(<)
1
21
25
1
8
2
(*)
^
1
( ) *
D
63
i
3
1
25,
36
10
17
(*)
346
650
4,473
530
D
(D)
(D)
22
0
0
(*)
1
((*)D)
(*)-3
(*)
0
1
5
7
27
499
50
355
2
2
0
0
(
*>4
(')
(*)
* >17i
w
,4
4
11
(D)
(
5
8
(D
)
(D)
931
(*)
1
2,155
*Less
than $500,000 (±).
D
Su ppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
(D
)
229
1
1
(*)
321
17
86
0
0
_
(*)
428
14
3
4
26
4
357
21
148
7
54
0
Addendum:
European Economic Community (9) l
(D)
-2
(D)
(D)
210
426
1,761
International and unallocated
(*)
197
170
65
13
88
7
-4
134
2,187
India
Indonesia
Philippines
Other
(D)
( )
-3
8-3
8
(*)
97
168
28
43
53
-2
46
101
(*)
32
_
Other Asia and Pacific
6
D
(D)
596
671
57
215
... .. _.
Middle East
Iran
Other
_
(
230
694
(D)
91
58
14
33
(D)
195
4
943
(DD)
( )
107
_
1
2
0
514
26
.
- __
(*)
(D
)
(D)
(D)
(D)
3
7
(*)
C)
(D)
(*)
(D)~
1
8
(t)
8
(#)
58
D
( )
8
84
2
6
10
40
(D)
111
64
282
368
92
(*)
(*)
(D)
(D)
1
SUEVEY OF CURRENT BUSINESS
October 1975
61
Table 21.—Adjusted Earnings—1974
[Millions of dollars]
Manufacturing
All
industries
By country
All countries .
Developed cou ntries
_ -
25,186
-
-
Canada
- _
-
.-
--
--
United Kingdom
European Economic Community (6)
Belgium and Luxembourg
France
Germany
..
-- Italy
Netherlands --_
.-
.-.
-- -- -
--
- .
-
- --
-
-
-
---
821
Total
Primary
and
fabricated
metals
Machinery
13,513
6,422
602
1,827
378
1,870
321
1,424
300
1,814
1,834
482
483
1,464
292
1,568
376
1,153
51
1,111
1,107
352
330
126
330
268
248
425
1,958
5,337
3,385
203
760
1,786
(D)
Transportation
equipment
Other
manufacturing
(D)
607
-10
882
218
1,005
137
1,068
-29
530
7
770
790
241
<!.0
453
1,940
302
308
692
322
317
79
92
8
5
64
7
8
171
652
174
103
145
75
155
30
69
7
3
36
13
10
112
806
71
132
363
149
90
-71
25
-11
(DD)
( )
132
297
53
(D)
(D)
71
52
7
(*)
(*)
72
611
(DD)
( D)
( )
(D)
376
(*)
(*)
-2
(*)
(*)
96
152
(DD)
(D)
( D)
( )
51
316
185
64
13
97
11
1
82
8
4
-2
-11
(*)
18
1,688
67
94
46
197
123
907
255
-8
0
(*)
-2
-1
0
0
-4
199
42
-18
1
17
24
-1
136
536
6
104
38
110
92
137
49
47
4
5
1
20
2
(DD)
( )
183
(DD)
( )
38
1
2
150
4
2
(D)
42
(D)
36
(D)
17
101
(D)
(*)
(*)
521
(DD)
( )
4
28
8
446
23
288
(*)
151
(D
)
(D)
5
37
-2
70
28
-2
0
(D)
(D)
(D)
41
15
(D)
u
8
3
(D)
3
(DD)
( )
0
(D)
(D)
(°)
8
( )
D
(D)
D
8
(*)
8
19
D
0
99
204
53
1
102
232
217
417
99
76
28
69
49
96
683
35
253
195
1
36
(D)
(D
)
(D)
303
19
96
80
(DD)
( )
55
2
19
21
31
7
51
2
17
65
3
28
14,023
396
11,135
1,085
119
362
86
301
-55
2,882
291
758
841
99
317
70
180
2,119
58
401
16
99
355
296
33
554
81
226
188
5
549
(D)
65
(D)
-8
7
3
-46
332
Developing countries
-
.
...
__.
Latin America
-
Latin American Republics .
Argentina
__- Brazil
Chile
- - - - - Colombia
Miexico
Panama
-- - Peru
- Venezuela
- Other Central America
Other -.Other Western Hemisphere .
Bahamas
_
Bermuda
Jamaica
Other
-
-
-
- -
- -
Other Africa
Liberia
Libya
Nigeria
Other
1,013
- -
-
Other Asia and Pacific -
- -
-_
-
India
Indonesia
Philippines
Other
_
_
Addendum:
European Economic Community (9) *
102
0
0
(DD)
( )
D
_ _ _ _ _
ft
209
-39
D
(D)
( )
170
917
( )
D
( )
(D)
3
0
8,447
14
680
7,826
0
0
(D)
(D)
5
9
1
5
0
0
(
*>3
1
1
(*)
219
16
(*)
(D)
25
11
42
141
1
0
14
2
*15
( )
D
18
72
1
30
75
(D)
3
22
10
1
D
( )
( )
(t)
2
25
(D)
26
2
2
D
3
(D)
( )
(D)
2
r)
(D)
o
1
1
5
3
2
39
11
1
8
19
!3
71
23
( )
3
-3
992
-19
44
(
D
D
1,014
(*)
(D)
11
-3
(*)
0
0
4
0
0
(*) 11
(*)
0
7
0
0
27
4
19
2
1
4
271
44
556
684
-56
232
26
354
548
-56
(DD)
( )
(*)
(*)
12
(*)
230
(DD)
( )
16
277
7
25
-1
(D)
44
125
9
53
311
11
D
( )
(*)
(D)
3
150
1
(DD)
(D)
( )
(DD)
( )
(D)~
n
*>-l
0
0
0
-2
4
1
1
3
1
5
118
8
2
2
106
6
(*)
W
-1
1
3
4
1
2
2
4
2
3
(D)
-2
(*)
°M
53
o
0
0
-2
(*)
-3
707
2,504
180
896
102
924
256
23
62
( )
(*)
(D)
(*)
(D)
(
*\I
50
0
0
0
0
0
-1
( )
(*)
(*)
(
23
D
11
(*)
5
56
8
4
1
2
-1
(*)
1
(DD)
( )
-3
( )
-4
0
D
(*)
( )
3
(D)
D
3
77
( )
(D)
0
0
(D)
14
6
1
6
0
(*)
9
1
237
91
( )
D
26
(*)
3
(*)
9
2
1
D
8
(*)
<\
(D)
47
(DD)
( D)
( )
124
65
D
( )
(D)
6
(°)
(*)
5
(D)
5
6
9
(D)
(D)
(D)
8
(D)
(D)
-3
11
(*)
21
15
(D)
(D)
2
13
2
39
(D)
179
109
(D)
o
1
1
7
7
17
8
(*)
8-5
(*)
(*)
14
165
3
(DD)
( )
79
8
206
148
43
6
6
261
503
104
420
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
(*)
(D)
822
4,082
8
11
8,507
26
1,093
63
439
*>2
38
2
2
10
6
1
8
( )
1,621
(
(°)
-4
0
2
13
5
359
91
-4
34
D
(DD)
( )
( )
.
Iran
Other
34
(*)
53
(DD)
(D )
( )
( )
-2
275
1
58
259
(D)
9
87
20
5
0
0
16
49
360
- -
3
-1
(DD)
Middle East
International and unallocated
763
109
306
100
248
(D)
D
(t)
( )
0
14
21
376
--
(D)
1,026
2,895
353
365
1,137
278
762
971
.
(D)
Other
industries
2,929
--
Australia
New Zealand
South Africa
Finance
and
insurance
Chemicals and
allied
products
Australia New Zealand, and South Africa-
Japan
Transportation,
communicaTrade
tion, and
public
utilities
Food
products
10,341
5,609
Europe
Other Europe
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
Mining
and
Petrosmelt- leum
ing
-53
455
NOTE.—Details may not add to totals because of rounding.
(D)
ao
SUEVEY OF CURRENT BUSINESS
62
October 1975
Table 22.—Earnings—1973
[Millions of dollars]
Manufacturing
All
industries
By country
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery
Transportation
equipment
Transportation,
communicaTrade
tion, and
public
utilities
Other
manufacturing
Finance
and
insurance
Other
industries
16, 940
617
6,128
6,674
548
1,353
302
2,117
1,150
1,204
190
1,447
1,378
50,
9,975
326
1,626
5,691
453
1,149
243
1,825
1,057
963
34
1,010
869
41
Canada
2,795
197
659
1,449
134
218
85
317
380
316
49
194
177
7
Europe
5,733
2
678
3,487
234
766
127
1,270
587
503
2
702
608
25
1,278
3,056
432
582
1,433
223
386
-1
(*)
0
-1
0
1
(*)
123
442
42
12
295
-6
99
780
2,244
289
517
1,002
224
212
68
123
10
19
75
10
9
149
508
112
84
151
87
74
22
74
8
9
43
5
9
263
887
98
201
404
104
81
102
415
22
113
268
5
8
176
236
39
91
61
14
31
4
-2
(*)
-3
1
(*)
(*)
104
167
27
42
54
-2
46
193
184
72
13
86
7
6
7
2
1,398
57
66
12
150
69
783
260
2
0
113
(D)
(D)
-21
-2
15
1
114
464
10
78
23
91
52
160
50
43
4
2
1
20
-1
12
4
109
3
52
3
21
8
11
14
31
1
2
120
5
1
D
( )
31
36
26
D
( )
69
-3
-1
(*)
-2
(*)
(DD )
( )
91
231
1
1
(*)
15
(D)
(D
)
(D)
3
(D
)
(D)
431
13
3
D
( )
26
4
359
D
( )
11
(D)
(D)
80
D
D
All countries --
-
Developed countries
-
-
United Kingdom.
European Economic Community (6)
Belgium and Luxembourg
France
Germany
Italy
- - - -- --- Netherlands
Other Europe
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
- _._-
...
-.
-..
- - - --
--
(*)
(*)
0
0
0
3
(D)
D
12
1
6
( )
(*)
22
7
8
8
(*)
0
(*)
(*)
(•)
(*)
(
2
*i
18
(D)
55
52
(D)
60
32
(D)
23
1
8
(D)
(D)
5
Japan
525
0
102
321
(D)
68
2
158
Australia New Zealand and South Africa
922
128
188
434
D
( )
97
29
81
646
58
218
95
(*)
33
125
(D
)
D
( )
330
18
86
24
3
D
( )
74
5
18
23
.
68
1
13
0
33
10
17
6,339
291
4,176
983
96
204
59
292
92
241
34
328
445
8
2,479
238
813
759
78
169
52
161
94
205
18
225
377
4
1,992
73
427
5
47
268
273
90
632
51
128
146
-6
9
(*)
623
20
60
3
-4
5
(D)
-21
470
(D)
43
718
35
303
(*)
38
215
8
13
77
20
10
75
-5
27
-1
3
25
3
2
7
7
6
156
14
27
52
5
18
140
6
74
0
6
42
1
1
9
1
(*)
94
202
15
92
1
15
40
1
3
31
2
1
13
188
2
18
2
(D)
30
91
(D)
32
2
3
248
18
29
5
106
1
24
4
(D)
(D)~
(DD)
( )
190
19
41
6
22
3
9
Australia
New Zealand
South Africa
-
-
--
Developing countries
-
Latin America
Latin American Republics
Argentina
Brazil
Chile
Colombia
__-.
_.
^Mexico
Panama
Peru
Venezuela
Other Central America
Other
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Other
._.
-
486
124
105
76
181
-
(D)
H
92
0
0
(DD)
( )
32
662
Other Africa
Liberia
Libya
Nigeria
Other
15
(*)
(DD)
( )
-
-
Middle East
24
330
202
105
-
-
Iran
Other
-
Other Asia and Pacific
India
Indonesia
Philippines
Other
-
-
D
( )
(D)
0
0
(D)
2
596
5
4
330
203
60
-1
0
1
5
3
(*)
8
2
(*)
(*)
13
5
(*)
8
0
0
(*)
\
(*)
(*)
(*)
2,157
11
1
3
0
0
417
1,739
5
6
1
2
1
1,012
20
611
209
14
8
552
-3
55
19
5
28
156
1
0
11
1
&
(*)
(D)
4,458
(*)
(*)
31
7
(*)
19
3
4
2
1
59
(D)
(D)
(*)
(*)
65
0
23
(*)
0
(t)
21
l
0
0
0
-2
-1
0
-1
(*)
5
-1
1
2
-1
2
3
1
33
*'o
-1
4
3
14
12
2
(*)
2
(D)
(*)
571
3,111
197
711
98
1,156
514
o
0
1
1
1
129
88
(DD)
( )
22
1
1
0
(*)
(*)
(*)
(D)
8
(*)
(*)
(D)
(*)
8
(*)
(D)
9
81
2
6
10
40
(D)
122
110
64
2
287
379
2
4
(D)
NOTE.—Details may not add to totals because of rounding.
3
8
(*)
4
(D)
58
(*)
435
s.
1
(*)
90
(D)
326
-1
2
1
3
5
2
3
3
1
(*)
3
(
2
4
(*)
12
0
0
(*)
-1
7
2
-1
121
(*)
(D)
0
0
128
(*)
-2
21
2
0
(D)
-2
(*)
(*)
(*)
25
(*)
(*)
4
0
83
1
(*)
(*)
(*)
(D)
( )
37
15
15
1
6
0
0
0
0
0
0
0
(*)
(*)
0
1
0
30
589
52
341
17
1
3
(
(*)
2
4
20
7
1
423
1,764
*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
D
»67
2,187
625
Addendum:
European Economic Community (9) l
(D)
w
n
( )
(D)
10"
SURVEY OF CURRENT BUSINESS
October 1975
63
Table 23.—Earnings—1974
[Millions of dollars]
Manufacturing
All
industries
By country
All countries
Developed countries
_
Canada
-
-
Europe
United Kingdom
European Economic Community (6)
Belgium and Luxembourg
France
Germany
Italy
.
_-_
Netherlands
Other Europe
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
_ _ ___
- - - - - - _ _ _ _
-
Japan
- - - -
Australia New Zealand, and South Africa
Australia
New Zealand
South Africa
Developing countries
Latin America
Latin American Republics
Argentina
Brazil
Chile
Colombia
IVtexico
Panama
Peru
-Venezuela
Other Central America
Other
- __
-
-
-
--
Liberia
Libya
Nigeria
Other
-...
_
Middle East
Iran
Other
India
Indonesia
Philippines
Other
_.
-
-
-_
International and unallocated
Addendum:
European Economic Community (9) l
Finance
and
insurance
Other
industries
6,498
608
1,837
375
1,908
350
1,420
287
1,795
1,773
480
1,836
5,420
490
1,469
289
1,613
409
1,149
47
1,117
1,068
364
3,333
197
772
1,792
146
328
127
333
363
495
64
266
183
5,603
-10
780
2,988
216
1,008
137
1,102
-10
535
(D)
779
818
(D)
963
2,954
371
355
1,199
271
758
(*)
-2
0
-2
0
(*)
(*)
36
574
-39
21
304
-78
365
447
2,001
305
305
768
322
301
72
96
8
5
69
6
7
170
655
177
103
158
76
141
28
70
7
3
38
13
9
119
832
72
131
388
149
90
-78
50
( )
135
298
( )
62
65
69
(D)
(D)
99
148
16
23
43
16
50
294
228
85
13
96
11
23
(DD)
( )
1,686
60
95
23
202
117
933
255
-8
0
(*)
-2
-1
0
0
-4
169
38
-18
-22
17
20
-2
137
540
4
105
38
113
91
141
48
49
4
4
1
21
2
13
3
183
3
70
4
42
20
16
29
38
1
2
18
532
(D)
296
(*)
(D)
151
4
2
D
( )
43
48
35
D
( )
(*)
(D)
H
8
3
D
0
«
7
(D)
(D)
(D)
D o
()
(*)
<D)
-3
D
102
(DD)
( )
8
(D)
13
(D)
15
0
88
219
(D)
56
108
7
951
232
196
421
D
( )
78
25
71
49
654
35
262
194
1
37
99
(DD)
( )
306
18
96
80
3
D
( )
57
2
19
18
32
".
52
2
17
14,089
376
11, 291
1,078
118
368
86
295
-59
2,801
271
761
835
97
321
70
175
-60
175
5
2
-1
-1
36
556
40
70
(DD)
( )
8
3
-46
332
22
123
721
-4
275
1
60
257
13
12
85
18
5
89
-4
35
243
18
72
1
30
77
7
5
22
10
1
-60
231
(D)
91
(*)
20
2,069
55
405
11
99
348
288
28
533
78
223
(
\
816
96
0
0
P)
(D)
(D)
D
206
-39
75
3
167
113
2
(DD)
( )
19
915
10
0
0
16
5
358
491
60
-4
0
2
12
8,512
0
8,455
678
0
0
( )
(t)
2
36
2
2
9
6
1
8
(*)
(D)
( DD)
( )
(D)
l
D
( )
( )
23
< • >25_
(
*>3
(°)
2
2
D
( )
(*)
0
0
%
1
3
0
0
78
3
D
11
(*) 11
14
1
5
(*)
668
7,786
5
8
1
3
2
-3
(*)
(*)
0
8
(
'U3
(t)
-1
0
0
0
o
40
4
117
26
1,251
70
420
(*)
(D)
(*)
-5
-3
1,152
-17
28
25
9
45
141
1
0
14
2
11
1
9
20
-2
(*)
6
8
2
1
105
630
2,557
176
898
102
957
(*)
264
23
5
38
-2
75
28
(D)
47
29
24
5
18
271
40
531
663
111
231
21
330
528
65
15
254
6
25
-1
3
39
127
9
38
6
3
300
12
28
(*)
48
-3
5
(D)
(D)
67
(*)
(*)
(D)
2
4
1
2
2
3
2
3
35
3
1
-4
0
8
( )
6
3
3
3
140
1
13
(D)
52
(t)
21
6
(D>
8
21
(DD)
( )
(*)
(*)
14
6
(D)
1
6
0
(D)
7
i
8
20
14
\
1
19
2
12
179
108
(D)
3
10
16
78
(*)
(D)
-5
\
164
200
147
42
259
523
0
0
(*)
(D)
0
1
1
7
6
19
8
(*)
(D)
(D)
NOTE.—Details may not add to totals because of rounding.
(D)
(DD)
( )
227
90
114
1
22
(*)
9
1
40
460
4
76
48
21
2
5
(*)
3
(<)
(*)
51
31
1
-3
11
2
-36
(D)
(*)
0
0
0
( )
387
-3
157
(D)
6
D
(*)
8
62
(D)
(*)
4
29
8
456
23
3
-3
-12
25
-4
1
(D)
59
0
D
-2
1
3
17
(D)
(D)
1
220
(*)
8
1
4
1,160
"o
R
(D)
-!
(D)
(*)
1
-1
(*)
0
0
0
-2
(t)
(D)
0
0
0
0
0
&
1,767
4,072
lu
(°)
0
0
3
(*)
<D)
(D
8
0
1
1
(*)
13
67
(
*>5
56
3
(DD)
( )
'?!<l,
(D)
383
* Less than $500,000 (±).
D Suppressed to avoid disclosure of data of individual companies.
1. Consists of the "European Economic Community (6)," Denmark, Ireland, and the
United Kingdom.
Other
manufacturing
13,513
782
...
Machinery
Transportation
equipment
418
7,834
Other Asia And Pacific
Primary
and
fabricated
metals
794
47
360
493
110
_
Chemicals and
allied
products
10,270
1,010
Other Africa
Total
Food
products
Transportation,
communicaTrade
tion, and
public
utilities
25,141
731
102
305
90
235
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Other
Mining
and
Petrosmelt- leum
ing
(
(*)
(
w
10
19
6
(D)
64
(Continued from page 4$)
addition to the U.S. direct investment
position. This addition was in finance
and insurance; the position in extractive industries decreased.
Net capital outflows were $1.7 billion
(table 3) and there was a small negative
valuation adjustment. Most of the
outflows went to Latin American finance affiliates of U.S. petroleum parents. The net capital outflow resulted
from a complicated shift in the area
and industry distribution of trade receivables held by U.S. petroleum parents and their foreign affiliates. Essentially, U.S. parents: (i) reduced their
trade receivables (claims) due from
their incorporated petroleum distribution and marketing affiliates in petroleum importing areas (a U.S. net
capital inflow); and (ii) increased claims
on their unincorporated finance affiliates in Latin America (a U.S. net
capital outflow). As a result, unincorporated finance affiliates, rather than
U.S. parents, held the trade receivables
due from affiliates in petroleum importing areas.
There were other large, and mostly
offsetting, capital flows involving unincorporated petroleum affiliates. Substantial capital outflows to affiliates
operating in the North Sea and other
petroleum development areas, to finance development of new supply
sources and to build terminals and
distribution facilities, were offset by
capital inflows from petroleum affiliates
in established petroleum extraction
areas.
Adjusted earnings
Adjusted earnings—the return on the
U.S. direct investment position—were
$25.2 billion, up 48 percent from 1973
(table 7). The adjusted earnings rate of
SURVEY OF CURRENT BUSINESS
October 1975
return, which is the ratio of adjusted
earnings to the average of the beginning- and end-of-year direct investment
positions—was a record 22.7 percent.
This exceptional rate of return mainly
reflected the earnings of petroleum affiliates, which accounted for 54 percent
of total adjusted earnings in 1974 but
only 26 percent of the average direct
investment position. The adjusted earnings rate of return estimates were
strongly affected by the very large
adjusted earnings of an unincorporated
petroleum affiliate in the Middle East,
part of which ultimately accrue to the
host country.7 The rate of return for
petroleum was 47 percent in 1974, up
from 24 percent in 1973. Excluding the
earnings accruing to the above mentioned affiliate's host country in both
years, the 1974 rate of return for petroleum showed only a moderate rise. The
area pattern of rates of return also was
substantially affected by this special
case.
Annual additions to the U.S. direct
investment position were translated into
dollars at foreign exchange rates prevailing when the additions were made;
additions made in past years were not
adjusted upward to take account of
subsequent depreciations of the dollar,
because the necessary data were not
available. Accordingly, the rate of
return—adjusted earnings divided by
the direct investment position—is biased upwards.
in the current account of the U.S.
balance of payments—income on direct
investment, and fees and royalties.
Income was $17.7 billion, double the
1973 level (table 8). Petroleum affiliates
accounted for $11.7 billion of the total;
a substantial portion was accounted for
by the previously-mentioned Middle
East affiliate. The increased earnings
reflected higher prices, higher crude
production, and higher per-barrel profits, because tax and royalty rates in
important producing countries were
left essentially unchanged for most of
1974. However, late in the year, perbarrel profits were sharply curtailed by
increased tax and royalty rates by host
countries; reduced imports of petroleum
by consuming countries—a result of
high petroleum prices and the deepening recession—contributed to the decline in earnings.
Income from manufacturing affiliates
increased slightly, despite a decrease
in earnings, because their dividend
payout increased; the increased payout
apparently was related to their large
earnings in the previous year.
Table 9 shows the derivation of
adjusted earnings and their relationship to the various income items.
Fees and royalties were $3.0 billion
in 1974, up $0.5 billion (table 10).
Fees and royalties are not included in
adjusted earnings or balance of payments income on direct investment
because
they are not returns on invested
Current-account
capital. They consist of payments for
balance of payments items
Two types of payments by foreign services rendered, including manageaffiliates to U.S. parents are included ment fees and service charges, film and
television rentals, rentals of tangible
property,
and payments for the sale
7. See "Foreign Direct Investment in the United States
in 1973" in the August 1974 SURVEY OF CURRENT BUSINESS,
or use of intangible property provided
Part II, and "Foreign Direct Investment in the United
by U.S. parents to their affiliates.
States in 1974" in this issue of the SURVEY.
U.S. GOVERNMENT PRINTING OFFICE :1975 O - 594-639
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1973 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1969 through 1972 (1962-72 for major quarterly
series), annually, 1947-72; for selected series, monthly or quarterly, 1947-72 (where available). Series added or significantly revised after the 1973
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1972 issued too late for
inclusion in the 1973 volume appear in the monthly SURVEY beginning with the August 1973 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1973 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
1974
1972
III
Annual total
IV
I
II
1975
1974
1973
III
IV
I
II
III
| IV
I
II
IIlP
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
1,430.9 1,416. 6
1,440.9 1, 497. 8
1,158.0
1,294.9
1, 397. 4
Personal consumption expenditures, total.. do
729.0
805.2
876.7
736.8
757. 2
781.7
799.0
816.3
823.9
840.6
869.1
901.3
895.8
913.2
938.6
970.0
Durable good" total 9
do
Automobiles and parts
do
Furniture and household equipment. --do
118.4
53.1
48.7
130.3
57.5
55.0
127.5
49.7
58.8
121.2
55.3
49.3
124.3
56.4
50.7
132.4
60.4
54.3
132.1
59.2
54.9
132.4
59.3
55.5
124.3
51.2
55.4
123.9
48.0
57.5
129.5
50.6
59.5
136.1
56.2
60.4
120.7
43.7
57.8
124.9
46.8
57.9
130.6
49.4
60.7
139.0
55.0
62.3
Nondurable goods, total 9
Clothing and shoes
Food and beverages .
Gasoline and oil
Gross national product totalf
bil $
1,169.3 1,204.7 1,248.9 1,277.9 1,308.9
1,344.0
1,358.8 1,383.8
1,416.3
-.
do
-do
do
do
299.7
63.0
143.7
25.0
338.0
70.2
165.1
28.3
380.2
74.1
187.7
35.9
302.0
63.7
144.7
25.1
310.9
66.0
148.5
25.8
323.3
69.1
155.9
26.8
332.7
70.1
160.9
28.0
343.8
70.6
169.1
28.7
352.1
70.9
174.5
29.8
364,4
72.8
180.1
31.5
375.8
74.4
183.5
36.8
389.0
75.7
191.3
37.9
391.7
73.7
196.0
37.5
398.8
76.2
201.4
37.8
410.1
78.7
204.8
39.6
423.8
81.5
209.7
41.7
._ ..
do
do
do
do
310.9
43.3
107.9
21.8
336.9
47.3
116.4
23.4
369.0
52.9
126.4
26.1
313.6
43.9
108.9
21.9
322.0
45.5
110.7
22.3
325.9
45.6
113.1
22.8
334.2
46.6
115.6
23.1
340.1
48.3
117.0
23.6
347.4
48.7
119.7
24.1
352.4
49.2
122.2
25.0
363.8
51.7
124.9
25.6
376.2
54.6
127.7
26.5
383.5
56.0
130. 9
27.1
389.5
57.0
134.1
28.1
397.9
59.5
136.6
28.8
407.2
61.6
139.2
29.5
Gross private domestic investment, total.. .do
179.3
209.4
209.4
182.1
190.2
199.0
205.1
209.0
224.5
210.5
211.8
205.8
209.4
163.1
148.1
174.9
170.8
116.8
41.1
75.7
54.0
53.4
8.5
7.8
194.0
136.8
47.0
89.8
57.2
56.7
15.4
11.4
195.2
149.2
52.0
97.1
46.0
45.2
14.2
11.9
171.9
117.5
40.6
76.8
54.5
53.9
10.2
9.6
179.2
122.5
42.2
80.3
56.7
56.2
11.0
10.4
189.0
130.5
44.6
85.9
58.5
58.0
10.0
6.5
194.4
135.6
46.2
89.4
58.7
58.4
10.7
7.7
197.1
139.0
47.9
91.1
58.1
57.6
11.8
7.4
195.5
141.9
49.3
92.6
53.6
53.0
28.9
24.0
193.6
145.2
51.3
93.9
48.4
47.8
16.9
13.1
198.3
149.4
52.2
97.2
48.8
48.0
13.5
10.4
197.1
150.9
51.0
99.9
46.2
45.4
8.7
6.6
191.6
151.2
53.7
97.5
40.4
39.7
17.8
17.5
182.2
146.9
52.8
94.2
35.3
34.8
-17.8
179.1
142. 7
49.1
93.6
36.4
35.6
-31.0
30.6
184.4
143.6
49.0
94.6
40.8
39.9
-9.5
-10.6
-6.0
72.4
78.4
3.9
100.4
96.4
2.1
140.2
138.1
-4.8
73.3
78.1
-5.3
78.5
83.8
-.8
88.8
89.5
.5
95.4
94.9
6.7
103.7
96.9
9.3
113.6
104.3
11.3
131.2
119.9
-1.5
138.5
140.0
-3.1
143.6
146.7
1.9
147.5
145.7
8.8
142. 2
133.4
16.2
136.0
119.8
9.8
140.2
130.4
255.7
104.9
74.8
150.8
276.4
106.6
74.4
169.8
309.2
116.9
78.7
192.3
255.1
102.7
72.6
152.4
262.6
105.2
74.7
157.4
269.0
106.4
75.0
162.6
273.3
106.2
74.0
167.1
276.9
105.3
73.3
171.6
286.4
108.4
75.3
177.9
296.3
111.5
75.8
184.8
304.4
114.3
76.6
190.1
312.3
117.2
78.4
195.1
323.8
124.5
84.0
199.3
331.6
126.5
84.7
205.1
338.1
128.4
84.8
209.7
343.1
129.9
85.6
213.2
1,149.5 1,279.6
535.2
607.3
214.3
240.9
321.0
366.5
488.1
534.4
126.1
137.8
1, 383. 2
656.1
249.2
406.9
590.3
136.8
Services total 9
Household operation
Housing
..
Transportation
--
Fixed investment
. . .
..
Nonresidential
..
Structures
Producers' durable equipment
Residential structures
Nonfarm
_
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports
..
do
do . .
do
do
__do
do
do
do
do
do
. . . do .
Govt. purchases of goods and services, total, do
Federal
- -do
National defense
do
State and local
- do
By major type of product:f
Final sales, total
Goods total
Durable goods
_
Nondurable goods
Services
Structures
_
-
do
do
do
do
do ._
do
1,159.1 1,193.7 1,238.9 1,267.2 1,297.0 1,315.1 1,341.9 1,370.3
635.0 651.3
624.7
618.0
556.2
541.0
585.8 600.9
242.3 248.5
243.9 240.6
223.6
237.8 241.2
218.3
374.2 384.1 392.8 402.9
332.6 347.9 359.7
322.7
579.2
569.7
540.2 553.2
506.5
516.0 528.3
492.4
137.1
139.7
137.2
130.9
137.1
138.0
138.8
125.6
1Q O
1,407.6 1,413.1 1,435. 8 1,471.9 1, 507. 3
686.1
711.5
673.0
730.3
664.8
252.9
261.7
269.0
259. 8
246.2
433.2
449.8
461.3
413. 2
418.6
635.3 647.3
620.9
597.8 614.5
125.2
128.8
129.6
136.7
133.9
8.5
7.1
1.4
15.4
9.4
6.0
14.2
7.7
6.5
10.2
6.8
3.4
11.0
13.2
-2.2
10.0
6.1
3.9
10.7
7.7
3.0
11.8
9.0
2.9
28.9
14.8
14.1
16.9
8.7
8.2
13.5
-1.8
15.4
8.7
5.7
3.0
17.8
18.3
-.5
-19.2
-13.4
-5.7
-31.0
-14.7
16 3
792.5
839.2
821.2
798.1
814.2
832.8
837.4
840.8
845.7
830.5
827.1
823.1
804.0
780.0
783.6
804.6
527.3
552.1
539.5
531.2
542.2
552.9
553.7
555.4
546.3
539.7
542.7
547.2
528.2
531.5
539.7
548.9
do
do
do
104.9
220.2
202.2
113.6
228.6
209.9
103.1
223.7
212.6
106.8
221.3
203.0
110.1
225.4
206.6
117.2
228.7
207.1
115.7
228.3
209.7
114.3
230.0
211.2
107.2
227.4
211.7
105.2
223.9
210.6
106.8
223.6
212.2
107.8
225. 8
213.7
92.8
221.4
214.1
95.2
222.5
213.7
97.9
226.4
215.5
103.5
228.6
216.8
Gross private domestic investment, total.. .do
Change in business inventories...
Durable goods
.
Nondurable goods
do
do
do
-9.5
-11.8
2.3
GNP in constant (1958) dollarsf
Personal consumption expenditures, total. -do
Durable goods
Nondurable goods
Services
125.0
138.1
126.7
126.6
130.9
134.4
136.3
135.8
145.8
133.3
130.3
122.7
120.5
89.3
80.7
94.9
Fixed investment
Nonresidential
..
Residential structures
Change in business inventories
do
do
do
do
118.0
83.7
34.3
7.0
127.3
94.4
32.9
10.8
118.0
94.0
24.0
8.7
118.1
83.8
34.3
8.5
122.0
87.2
34.8
8.8
127.1
92.2
35.0
7.3
128.4
94.3
34.1
7.8
127.7
95.1
32.6
8.0
125.8
96.0
29.8
20.0
122.7
96.3
26.4
10.6
122.2
96.5
25.7
8.2
117.7
94.1
23.6
5.0
109.6
89.2
20.4
10.9
101.0
83.8
17.3
-11.7
97.8
80.3
17.5
-17.1
99.7
80.4
19.3
-4.8
Net exports of goods and services
do
-3.0
4.6
9.0
-1.4
-1.9
1.4
3.5
5.8
7.9
11.5
8.2
7.3
9.1
11.6
14.0
11.2
143.0
Govt. purchases of goods and services, total _ do
141,8
143.1
144.4
146.0
59.2
61.0
56.5
Federal
do
59.5
57.3
82.1
82.4
83.8
89.5
State and local .
.
..do
87.0
'Revised.
» Preliminary.
j Re vised seri es. E stimates of nation al income and prod uct
and personal income have been revised back to 1971 (see p. 11 ff. of tlle July 19 74 SURVI:Y);
revisions prior to May 1973 for personal income appe ar on pp. 22-23 of the July 1974 SURV EY.
149.6
147.7
149. '2
145.9
145.8
145.7
146.0
143.7
144.1 143.9
58.4
57.4
58.3
56.3
56.5
56.4
56.3
56.2
57.7
58.9
91.2
90.2
90.9
89.4
89.5
89.3
89.7
87.5
86.2
85.2
Revi sed data for nati anal income and product and perso nal incortie custoinarily piiblished
inJu ly issues of the SiJRVEY ha ve been postpone d until la Ler;seeb ax note o a p. 10 of the Oct.
9 Iricludes d ata not s aown setmrately.
1975 SURVEY.
146.3
57.0
89.3
S-l
594-639 O - 75 - S-l
S-2
October 1975
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
1972
1 1973 | 1974
Annual total
1972
IV
1973
I
II
1975
1974
IV
III
II
I
IV
III
II
I
III*
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
Implicit price deflators:!
Gross national product
Index, 1958=100..
Personal consumption expenditures
do
Gross private domestic investment:
Fixed investment
-do .
Nonresidential
do
Residential structures
do
Govt. purchases of goods and services
do
National income totalf
Compensation of employees, total
Wages and salaries, total
Private
Military
.
Government civilian _
Supplements to wages and salaries
Proprietors' income total 9 - -Business and professional 9
Farm
Rental income of persons
-
46.12
138.2
154. 31
145.9
170. 18
162.5
47.96
139.7
149. 95
141.4
152. 61
144.3
155. 67
147.0
158. 93
150.8
63.61
155.8
167.31
160.2
72.07
164.7
177.97
169.6
181.62
171.8
83.88
173.9
86.15
176.7
144.8
139.6
157.4
178.6
152.4
144.9
174.0
191.5
165.3
158.7
191.4
211.8
146.9
140.5
162.8
183.6
148.7
141.7
167.1
186.7
151.4
143.9
172.1
189.9
154.3
146.1
178.1
192.6
155.4
147.9
179.7
196.5
157.8
150.7
183.8
202.9
162.3
154.9
190.0
208.8
167.5
160.4
195.9
214.1
174.9
169.6
197.9
221.4
180.4
175.4
204.3
224.6
183.2
177.7
208.2
226.5
185.0
178.6
211.6
229.3
bil $
946.5
1,065.6
,142. 5
987.0
,027.6
,051.2
,077.3
,106.3
,118.8
,130.2
,155.5
1, 165. 4
.150.7
,175.4
do
707.1
786.0
855.8
732.9
759.1
776.7
793.3
814.8
828.8
848.3
868.2
877.7
875.6
885.4
906.4
do ..
do
do do
do
626.8
491.4
20.5
114.8
80.3
691.6
545.1
20.6
126.0
94.4
750.7
592.4
21.2
137.1
105.1
649.6
508.7
21.2
119.7
83.4
667.6
525.0
20.8
121.9
91.5
683.6
538.7
20.3
124.5
93.1
698.2
550.8
20.2
127.2
95.1
717.0
565.8
21.0
130.2
97.7
727.6
573.8
21.0
132.8
101.2
744.6
588.3
20.9
135.4
103.7
761.5
602.5
20.8
138.2
106.7
769.2
605.1
22.0
142.1
108.6
765.1
597.4
22.0
145.7
110.5
773.0
601.9
21.9
149.2
112.4
791.3
617.3
22.0
152.0
115.2
do .do
do
do
75.9
54.9
21.0
25.9
96.1
57.6
38.5
26.1
93.0
61.2
31.8
26.5
80.1
56.1
24.0
26.7
89.1
57.0
32.1
26.3
92.8
57.1
35.6
25.7
99.3
57.7
41.5
26.2
103.2
58.4
44.9
26.4
98.4
59.3
39.1
26.4
89.9
60.7
29.1
26.3
92.1
62.3
29.8
26.6
91.6
62.5
29.1
26.8
84.9
62.7
22.2
27.0
86.1
63.4
22.7
27.1
94.6
64.7
29.9
27.4
92.2
105.1
105.6
99.8
103.9
105.0
105.2
106.4
107.7
105.6
105.8
103.4
94.3
104.9
18.7
85.2
48.6
20.9
27.6
19.4
85.6
48.4
21.5
26.9
19.8
85.4
47.1
21.4
25.7
20.4
86.0
46.4
22.1
24.3
20.8
87.0
46.2
26.9
19.3
20.7
84.9
46.8
29.7
17.1
20.7
85.1
48.6
33.3
15.3
20.9
82.5
46.3
30.1
16.2
20.7
73.6
41.1
27.3
13.8
20.8
84.1
48.3
30.4
18.0
Corporate profits and inventory valuation adjustment total
bil $
By broad industry groups:
Financial institutions
do
Nonflnancial corporations, total
do
Manufacturing, total
.do
Nondurable goods industries
do
Durable goods industries
do
17.6
74.5
40.8
19.0
21.8
19.6
85.5
47.6
21.5
26.1
20.8
84.9
47.0
30.0
17.0
18.3
81.5
45.1
20.0
25.1
9.2
24.6
9.2
28.7
7.8
30.1
9.9
26.6
9.4
27.2
8.8
28.4
9.5
28.8
9.2
30.3
7.1
33.7
8.0
30.1
8.6
28.0
7.5
28.7
6.8
25.7
8.1
27.8
do
do
do
do
do
99.2
41.5
57.7
27.3
30.3
122.7
49.8
72.9
29.6
43.3
140.7
55.7
85.0
32.7
52.4
108.2
45.2
63.1
28.2
34.9
120.4
48.9
71.5
28.7
42.8
124.9
50.9
74.0
29.1
44.9
122.7
49.9
72.9
29.8
43.1
122.7
49.5
73.2
30.7
42.5
135.4
52.2
83.2
31.6
51.6
139.0
55.9
83.1
32.5
50.5
157.0
62.7
94.3
33.2
61.1
131.5
52.0
79.5
33.3
46.2
101.2
39.0
62.3
33.8
28.5
113.3
43.0
70.3
34.0
36.3
do
do
-7.0
45.6
-17.6
52.3
^35. 1
61.6
-8.4
47.5
-16.5
49.2
-20.0
51.1
-17.5
53.2
-16.3
55.5
-27.7
57.5
-33 4
60.1
-51.2
62.8
-28.1
65.9
-7.0
68.9
-8.4
71.9
944.9
142.4
802.5
749.9
52.6
1,055.0 1, 150. 5
151.3
170.'8
903.7
979.7
829.4
902.7
74.4
77.0
Transportation, communication, and public
utilities
bil. $..
All other industries
do
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
34.5
-11.5
75.9
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§
bil. $..
do
do
-do
do...
1, 255. 0
985.0 1,013.6 1,039.2 1,068.0 1,099.3 1,112.5 1,134.6 1,168.2 1,186.9 1,193.4 1,220.5
142.0
178.0
178.1
175.1
168.2
147.2
159.9
154.2
161.9
147.0
144.1
993.1 1,008.8 1,015.5 1,078.5 1, 079. 1
939.4
966.5
892.1
913.9
950.6
838.1
869.5
964.7 996.3
927.6
922.3 939.5
894.9
850.1
822.5
840.7
779.2
866.2
804.2
113.8
75.9
82.9
86.5
65.5
71.5
73.2
89.3
69.6
84.4
58.9
65.3
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods Industries J
Nondurable goods industries!
Nonmanufacturing. _
bil. $
do
do
do ..
88.44
31.35
15.64
15.72
99.74
38.01
19.25
18.76
112. 40
46.01
22.62
23.39
25.20
9.38
4.77
4.61
21.50
7.80
3.92
3.88
24.73
9.16
4.65
4.51
25.04
9.62
4.84
4.78
28.48
11.43
5.84
5.59
24.10
9.49
4.74
4.75
28.16
11.27
5.59
5.69
28.23
11.62
5.65
5.96
31.92
13.63
6.64
6.99
25.82
10. 84
5.10
5.74
28.43
12.15
5.59
6.55
do ...
57.09
61.73
66.39
15.83
13.69
15.57
15.42
17.05
14.61
16.89
16.61
18.29
14.98
16.28
16.22
17.58
91
.78
.48
.71
91
.59
.44
.62
.97
.71
.47
.77
.91
.60
.51
.72
.99
.66
.43
.62
4.94
4.15
.79
3.22
5.19
5.24
4.34
.90
5.64
4.70
.94
28.24
29.25
1 28. 08 131.18
13.60
11.86
6.17
5.36
7.43
6.49
Mining
Railroad
.
Air transportation..
Other transportation .
do ..
do
do ..
do
2.42
1.80
2.46
1.46
2.74
1.96
2.41
1.66
3.18
2.54
2.00
2.12
.63
.47
.63
.40
.63
.46
.52
.32
.71
.46
.72
.43
.69
.48
.57
.44
.71
.56
.60
.47
.68
.50
.47
.34
.78
.64
.61
.49
.80
.64
.43
.58
Public utilities
Electric Gas and other
Communication
Commercial and other.
do
do .
do...
do
do ..
17.00
14.48
2.52
11.89
20.07
18.71
15.94
2.76
12.85
21.40
20.55
17.63
2.92
13.96
22.05
4.74
4.01
.73
3.39
5.57
3.95
3.45
.50
2.87
4.94
4.59
3.91
.68
3.27
5.40
4.82
4.04
.77
3.19
5.24
5.36
4.54
.82
3.53
5.83
4.38
3.85
.52
3.19
5.05
5.30
4.56
.75
3.60
5.46
5.20
4.42
.78
3.39
5.57
5.67
4.80
.87
3.78
5.97
4.42
3.84
.58
do
do
do
91.94
33.64
16.86
16.78
96.19
35.51
17.88
17.63
97.76
36.58
18.64
17.94
100.90
38.81
19.73
19.08
103.74
40.61
20.48
20.13
107. 27
42.96
21.43
21.53
111.40
45.32
22.50
22.82
113.99
47.04
23.08
23.96
116. 22
48.08
23.28
24.80
114.57
49.05
22.86
26.20
112.46 U13.48 i 113.70
48.00
48.78
48.13
21.80
22.59
21.83
26.20
26. 19
26.30
do
58.30
60.68
61. 18
62.09
63.12
64.31
66.08
66.94
68.14
65.52
63.68
65.35
65.70
2.77
1 75
2.72
1.62
2.82
1.95
2.49
1.79
2.76
2.05
2.2
1.7
2.80
2.10
2.13
1.63
3.07
2.42
2.21
1.84
3.27
2.68
1.84
2.1
3.56
3.05
1.81
2.7
3.76
2.39
2.09
2.82
3.78
2.70
1.60
2.75
3.68
2.67
2.18
2.64
3.89
2.56
1.65
2.56
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries ^
Nonmanufacturing
Atr transportation
_.
do
2.46
1.71
2.33
1.42
2.59
2.11
2.21
1.53
18.38
17.53
Public utilities
do
15.40
14.67
Electric
do
2.98
2.86
Gas and other
do
12.34
12.63
Communication
do
20.21
21.53
Commercial and other
do...
' Revised.
P Preliminary.
1 Estimates (corrected for systematic biases) for JulySept, and Oct.-Dec. 1975 based on expected capital expenditures of business. Expected
2
expenditures for the year 1975 appear on p. 28 of the Sept. 1975 SURVEY.
Includes communication,
f See corresponding note on p. S-l.
9 Includes inventory valuation
4.88
20.66
20.4
19.5
20.93
20.28
20.16
20.97
20.12
19.80
18.58
18.08
17.38
16.4
17.3
17.7
17.03
17.4
18.10
17.12
16.7
16.00
15.55
3.29
3.1
3.1
3.1
3.25
2.6
2.87
3.00
3.0
2.52
2.58
14.0
12.5
13.3
14.0
13.9
13.83
13.2
13.12
12.70
234.38
22.04
233.6
20.8
20.8
22.8
21.63
21.69
21.3
21.36
21.55
adjustment.
0 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.
llData for individual durable and nondurable goods industries components.appear in tna
Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
October 1975
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1974
II
Annual total
III
S-3
1973
IV
I
II
1974
III
IV
I
II
1975 *
III
IV
37,187
25,034
38,413
26,593
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S.
BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits +: debits -)
Exports of goods and services (excl. transfers under
72,600
military grants)
mil. $
Merchandise adjusted excl. military
do _ _ 49, 388
Transfers under U.S. military agency sales contracts
mil. $._ 1,163
Receipts of income on U.S. investments
10, 161
abroad
mil. $
11,888
Other services
__ . do
102,051
71, 379
17,275
11, 699
18,349
12,496
19, 729
13,395
22,329
15,423
24, 144
16, 958
26, 282
18, 451
29, 298
20,547
33,337
22,464
35,510
24,218
37, 097
27, 188
35,418
25,694
2,342
2,944
281
255
295
347
455
531
1,009
663
678
766
837
954
804
13,998
14,333
26,068
17, 126
2,387
2,908
2,595
3,003
2,905
3,134
3,123
3,436
3,304
3,427
3,576
3,724
3,995
3,747
6,129
4,081
6,447
4,167
7,054
4,333
6,438
4,545
4,304
4,651
4,445
4,475
-78,531 -97, 875 -140,623 -18,932 -19,594 -20,972 -22,690 -23,978 -24,729 -26,478 -30,345 -35,432 -37,422 -37,424 -33,919 -30,159
-55,797 -70, 424 -103,586 -13,296 -14,027 -14,985 -16,334 -17,189 -17,737 19 161 -22,587 -25,677 27 349 27 973 -25,358 -22,349
-4, 784 -4, 658 -5, 103 -1,272 -1, 105 -1, 185 -1,174 -1,236 -1,072 -1,177 -1, 166 -1, 324 -1, 279 -1,335 -1,303 -1, 216
Imports of goods and services 11
do
Merchandise adjusted excl. military
do
Direct defense expenditures 11 .. _
...do
Payments of income of foreign investments in the
U S
mil. $
Other services
do
-5, 841 -8,819 -15,946 -1,403 -1,462 -1,612 -1,799 -2,096 -2,413 -2,511 -2, 884 -4,483 -4,700 -3, 879 -3, 128 -2, 816
-12,109 -13,973 -15,988 -2, 961 -3,000 -3, 190 -3, 383 -3,457 -3, 507 -3, 626 -3,708 -3, 948 -4,094 -4, 237 -4, 130 -3, 778
. _ do. . -5,930
-6,409
do
Balance on goods and services, total
Merchandise, adjusted, excl. military
144,448
98,309
Unilateral transactions (excl. military grants), net
mil. $._
Balance on current account.
do
Long-term capital, net:
U S Government
..do Private
do
Balance on current account and long-term capital
mil. $..
Non-liquid short-term private capital flows, net
mil. $__
Allocation of special drawing rights (SDR) do
Errors and omissions net
do
4,177
955
3,825 -1,657 -1,245 -1,243
-5, 277 -1,597 -1,531 -1,590
-361
-911
166
-231
-3,779
-9,710
-3,841
335
-7, 182
-888
-953
-755 -1,015
-951
-3,357 -2,608 -2, 198 -2, 131 -1,116
-849
-1,335
-69
-1,490
177
1,119
-8,447
-977
-11,113
-1,542
710
-1,884
-13,829
Net liquidity balance
do
3,475
Liquid private capital flows net
dl
-10,354
Official reserve transactions balance
do
Changes in liabilities to foreign official agencies:
Liquid
.
.mil. $.. 9,734
399
Other readily marketable
do
189
Nonliquid
do .
32
Changes in U.S. official reserve assets, net
do
-15,786
Gross liquidity balances, excluding SDR
do
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1973
-521
797
-334
57
-442
1,706
-10,686 -2,338 -2, 966 -1, 855 -1,393 -1,085
1,917
4,593
-135
405
301
-420 -1,000 -1,543 -1,497
178
177
177
-428 -1,361
-833 -3, 875
863
*
-769
-1, 297
-419
1,411
264
Aug.
Sept.
Oct.
78
-1,459
-235
-2,315
3,178
1,830
989
-1,380
1,701
484
83
-999 -2, 157
5,259
3,345
-2,302
-3,574
-474
-860
-365
-5,554 -2, 202 -2,085
-673
-6,513
59 -1,257 -3, 908 -5, 248 -1,462 -2, 331
-150
726
1,611
1,911 -1,036
1,007
1,332
1,126
-1,200
1,751
551
-6,218
2,020
-4,198
-3,910
4,028
118
-994 -1,864 -1,933
11
-354
259
-452
-147
167
-15
17
-13
1,306 -1,507
-835
-62
-277
-2
-210
-3,820
3,864
3,930
751
2,758 i 1, 347
841
321
183
135
631
-1
443
215
-6
!-l
-51
137
-326
-358 -1,003
-7,515 -4,138 -9,685 -1,647 -1,338
1,826
492
2,318
1,127
1,870
451
-7,717
3,108
1,026
2,870 -6, 375 -2, 642
-4,847 -3, 267 -1, 616
1975
1974
1974
Annual
2,992
-123
-950
3,399
2,449
-7, 651 -19,043 -2,287 -4,570 -3,511 -6,811 -1,719
2,343
10, 669
-111
2,026 -3, 818
2,270
1,663
-5,308 -8,374
-624 -4, 681 -1,485 -10,629
551
4,456
830
4,624
1,646
8,481
9,250
1,118
672
34
1,202
27
117
-2
78
-475
655
-167
-43
209 -1,434
-231
-55
-111
220
-9, 602 -25, 156 -2,309 -5, 329 -3, 910 -8, 569
2,820
1,383
-900 -1, 173 -2,966 -1, 865 -1, 265 -1,088 -1, 175 -1, 198
653
1,647
26 -1,787 -1,500
-99
2,003
4,061
54
-290
-4, 238 -12,949
-2,436
-377
-391
1,553
714
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. *
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:f
Total personal income
1,244.1 1, 238. 9 1,255.9 1, 270. 3
1,167.2
1,178.0
1,185.0
1,184.5
1,193.4
1,195.7
1,203.1
1,214.3
Wage and salary disbursements, total
do
Commodity -producing industries, total-do
Manufacturing
do
Distributive industries
.
do _
691.7
251.9
196 6
165 1
751.2
270.9
211.3
178.9
761.6
276.5
215.5
180.7
767.7
278.3
217.8
183.1
773.0
279.5
219.4
183.8
767.8
272.3
214.2
183.9
766.6
269.3
209.7
183.8
765.7
266.4
206.4
183.2
763.6
260.7
202.9
184.0
766.0
260.5
203.1
183.8
768.0
261.2
203.8
184.3
772. 9
262.2
204.5
186.1
778.1
264.6
206.7
187.0
782.2 r
266.4 r
208.4 r
187.8 r
Service industries .
Government
-Other labor income
Proprietors' income:
Business and professional
Farm
- _do__ _
_ do_.
do _
128.2
146 6
46 0
142.6
158.8
51.4
144.9
159.5
52.3
146.4
159.9
52.9
146.9
162.8
53.5
147.4
164.2
54.0
148.3
165.2
54.5
149.8
166.2
54.9
151.2
167.6
55.3
152.6
169.2
55.7
152.4
170.3
56.2
153.5
171.1
56.7
154.6
171.9
57.2
-do
do__
57.6
38.5
61.2
31.8
62.5
30.6
62.5
30.7
62.5
29.2
62.5
29.1
62.5
29.0
62.7
26.0
62.8
22.2
62.5
18.4
63.0
20.6
63.4
23.0
63.9
24.5
26.5
Rental income of persons
do_.
26.1
Dividends
.
._
do....
32.7
29.6
103.8
90 6
Personal interest income
do__
139.8
Transfer payments
..do
117.8
Less personal contributions for social insurance
bil. $..
47.9
42.8
Total nonagricultural income
do.... 1,008.0 1,109.0
26.6
33.2
105.3
143.6
26.6
33.4
106.9
146.0
26.7
33.5
108.0
147.6
26.8
33.6
109.5
149.8
26.9
32.7
111.1
156.1
27.0
33.9
111.9
158.6
27.0
33.8
112.5
165.5
27.0
33.7
113.3
168.3
27.1
33.9
114.8
168.9
27.1
34.0
116.9
169.9
27.2
34.0
119.0
190.2
48.4
1,126.8
48.6
1,137.4
48.9
1,145.7
48.5
1,145.2
48.4
1,151.4
49.5
1,154.3
49.2
1,160.1
49.3
1,166.2
49.4
1,171.1
49.7
1,179.7
7,479
8,103
11,876
10,128
8,100
8,958
5,958
5,855
5,628
5,734
5,929
7,939
8,818
5,479
3,339
755
2,025
5,808
2,797
3,011
719
1,789
5,759
2,602
3,157
811
1,822
5,571
2,135
3,436
807
2,130
5,702
2,008
3,694
845
2,300
5,915
2,394
3,521
790
2,174
7,913
r 7, 361
4,211 '3,717
' 3, 644
793
'779
' 2, 204
'625
8,700
4,700
4,000
800
2,600
bil. $_.. 1,055.0 1,150.5
__
-
1,191.0 1,191.1
271. 4
212. 9
190. 4
799.2
275.6
216.3
190.8
155.0
173.0
57.7
'156.7
173.8
58.2
157.7
175.1
58.7
64.1
27.5
'64.8
'29.9
65.2
32.3
27.2 '27.4
34.2
34.5
119.8 '121.4
176.3 r 178. 0
27.7
34.8
123.6
179.8
792. 3
50.2 '50.7
51.0
50.0
1,207.9 1, 199. 5 '1,214.0 1, 225. 8
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments totalt
mil $
89 482
86, 875
Farm marketings and CCC loans, total-, -do
Crops
do__4.. 41,051
45, 824
Livestock and products, total 9
do
8,080
Dairy products
do
Meat animals
- -- -do . . 30, 403
6,824
Indexes of cash receipts from marketings and CCC
loans, unadjusted :f
All commodities
1967=100..
Crops
.. .
do
Livestock and products
do
203
223
188
94 051
8,043
4,792
3,251
704
1,979
10,044
6,838
3,206
719
1,916
7,975
4,850
3,125
745
1,785
526
534
11, 767
8,048
3,719
735
2,367
540
559
523
469
209
262
169
225
312
160
330
524
183
281
445
158
224
316
154
247
357
164
137
116
130
93, 521
52, 097
41,424
9,399
25, 257
6,285
7,444
4,020
3,424
723
2,139
218
283
170
582
Indexes of volume of farm marketings, unadjusted :t
159
108
119
112
111
All commodities
1967=100..
217
122
144
115
125
Crops
do
119
102
104
103
104
Livestock and products
do
r
Revised.
* Preliminary.
t See corresponding note on p. S-l.
t Series revised
beginning 1959; revisions for periods prior to May 1974 are available from the U.S. Dept. of
Agr., Economic Research Service.
<? More complete details, as well as revisions back to
1960, appear on p. 26 ft of the June 1975 issue of the SURVEY.
1f Annual data in the 1973
BUSINESS STATISTICS should read as follows (mil. dol.) 1956 total imports of goods and services,
182
105
137
102
159
110
7,405
493
461
510
517
163
182
148
161
169
155
156
139
169
160
131
182
166
156
173
222
274
182
206
242
179
244
304
95
93
91
90
91
117
110
127
65
107
99
104
105
89
99
77
103
68
107
1 1Q
600
IKfi
-19 627- 1953-59 direct defense expenditures, -2,615; -2,642; -2,901;
-2,949; -3,216; -3,435;
l
-3 107
9 Includes data for items not shown separately.
All nonmarketable U.S.
Treasury securities issued to foreign official reserve agencies are included in U.S. liquid
liabilities to foreign official agencies beginning second quarter 1975.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1973
1974
1974 P
Aug.
Annual
October 1975
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept. P
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^
Federal Reserve Board Index of Quantity Output
Not seasonally adjusted:
Total index cf
By market groupings:
Products total
-Final products
.
Consumer goods
Autom oti ve products
Home goods and clothing. _
Equipment
125.6
124.8
126.2
130.1
128.0
121.6
113.9
110.7
111.4
110.6
110.4
110.6
r 114.
5
109.4
115.1
119.9
do
do
do . _
do
do
do
123.4
121.3
131.7
136.6
129.1
106.7
123.1
121.7
128.8
110.0
124.6
111.7
125.7
123."
133.6
94.6
128.2
109.8
130.2
129.2
138.8
120.6
132.8
115.8
127.3
126.3
134.1
128.1
126.8
115.5
121.4
120.4
125.2
106.8
118.6
113.8
114.1
113.1
116.1
74.1
106.0
109.0
111.9
112.5
116.7
79.4
102.3
106.5
112.8
112.9
117.9
80.3
106.7
106.0
112.3
112.2
117.4
90.3
103.8
104.9
112.5
112.0
118.7
101.4
105.4
102.8
112.7
112.4
119.4
103.7
106.3
102.7
117.7
'117.7
1
9
2
6
113.7
113.3
122.5
••89.4
102.6
100.3
118.7
118.3
130.7
'97.3
116.6
101.2
123.3
123.4
135.8
114.7
121.8
105.9
do
do
131.0
129.3
128.3
127.4
133.5
127.0
133.9
129.9
130.6
129.3
124.8
121.9
117.8
113.4
109.6
108.6
112.5
109.0
112.5
107.8
114.2
106.9
113. 5 ' 117. 5
107.2 r 109. 2
114.9
102.4
120.1
109.3
123.1
114.3
-do
do
-do
125.1
122.0
129.7
124.4
120.7
129.7
125.1
119.0
134.0
129.4
124.7
136.2
128.2
124.0
134.2
121.6
118.3
126.4
112.4
109.5
116.5
108.6
105. 9
112.6
109.8
106.4
114.8
108.5
105.7
112.6
109.0
105.0
114.7
113.3
109.1 r 113. 0
106.8
104.1 ' 106. 7 '99.1 ' 104. 0
116.5 r 122. 2 ' 118. 0 ' 126. 8
117.9
109.6
130.0
do
129.0
127.3
134.1
133.8
127.5
122.4
125.7
128.7
126.8
126.1
124.2
122.7
r 127. 1
' 130. 1 ' 133. 1
133.5
'112.2
1967=100 .
Intermediate products
Materi als
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures
Mining and utilities
..
Seasonally adjusted:
r
r
r
r
127.
109.
113.
104.
125.6
124.8
125.2
125.6
124.8
121.7
117.4
113.7
111.2
110.0
109.9
110.1
r 111.1
do
- do. __
do
123.4
121.3
131.7
123.1
121.7
128.8
123.5
122.1
129.8
123.6
122.6
128.8
122.9
122.3
128.2
121.4
120.9
126.3
118.7
118.2
123.4
115.4
114.9
120.1
113.7
113.4
118.9
112.4
112.2
118.2
113.0
112.6
119.6
113.4
113.7
121.2
do
do
do
do
138.9
136.6
125.4
158.2
127.9
110.0
94.9
139.0
131.8
114.9
103.1
137.6
129.1
111.6
99.6
134. 5
126.5
114.7
108.4
126.9
119.7
102.1
91.0
123.6
110.1
87.5
69.8
121.5
104.0
80.3
62.6
114.4
101.0
78.2
58.9
115.5
103.1
86.8
73.1
113.2
107.8
93.6
82.4
115.2
110.5
97.6
86.3
119.3
Home goods 9
do
Appliances, TV, home audio... do
Carpeting and furniture
do
140.1
144.6
149.8
138.0
132.0
153.5
141.2
139.1
157.1
139.0
133.2
155.4
133.2
120.9
151.8
129.7
115.3
144.7
123.0
102.5
143.8
117.5
94.4
135.1
114.0
89.0
132.3
112.3
85.0
127.9
115.9
96.7
127.8
117.8
Nondurable consumer goods
do
Clothing
do
Consumer staples
do
Consumer foods and tobacco.. .do
Nonfood staples.
do
129.0
116.2
132.4
122.1
143.2
129.2
109.0
134.5
125.4
144.0
129.1
106.4
135.1
124.4
146.5
128.7
106.0
134.8
124.4
145.7
128.9
104.5
135.4
125.2
146.1
128.8
103.1
135.6
126.2
145.3
128.5
102.0
135.4
125.3
146.1
126.3
95.0
134.5
123.3
146.4
125.6
94.5
133.6
123.2
144.5
124.2
90.9
132.7
120.7
145.3
124.0
125.3
89.2
94.4
133.3 ' 133. 4
122.7
122 .4
144.3
145.3
r 127. 2
'97.7
106.7
122. 6
120.1
120.4
113.0
111.7
129.4
128.7
136.0
121.7
111.4
128.8
129.6
136.5
123.1
113.8
132.3
132.0
139.8
124. 4
114.0
1S2.0
130.9
141.2
122.5
113.2
131.0
129.3
140.1
119.4
110.7
127.1
126.7
137.4
116.5
107.8
122.3
122.9
138.4
111.8
105.3
119.3
120.4
137.0
109. 4
103.9
117.0
118.8
137.7
106.6
103.0
115.4
116.4
132.3
105.6
1C2. 9
115.0
115. 3
131.7
105.0
r 102. 2
r 113.9
125. 5
135.0
109.7
130.3
141.1
109.6
127.6
134.0
109.3
132.8
143.3
111.8
133.2
144.1
111.2
132.9
143.1
109.8
127.6
139 3
102.9
121.6
135.2
91.8
118.0
130.4
91.5
115.1
127.8
88.8
114.2
123.2
92.2
114.7
121.5
98.6
'113.9
r 120. 7
83.1
84.1
By market groupings:
Products total
Final products
Consumer goods
-
Durable consumer goods
Automotive products
Autos
Auto parts and allied goods
Equipment
-do .Business equipment...
.do
Industrial equipment 9do
Building and mining equipment-do
Manufacturing equipment
do
Commercial transit, farm eq9
Commercial equipment
Transit equipment
do
do ..
do
r 102. 3
128.6
'114.0
116.2
2
"115.4 ' 116. 3
114.5 '115.7 ' 116. 5
' 123. 3 ' 125. 4 ' 126. 3
117.6
117.7
127.4
113.2
116.9
115.4
119.0
108.4
' 106. 9 ' 106. 6
96.8
99.2
97.7
' 124. 8 ' 125. 3 126.0
r 114.
r 103.
4
93.2
r 122. 8
r 118.
8
103.5
r 131.
1
134.9
' 124. 1
r 146. 4
114.0
127.7
r 104. 3
98.0
' 120. 1 ' 122. 8
107.6
104.3
140.6
' 133. 5
125.0
110.3
' 129. 9
130.6
' 137. 1
' 125. 3
' 149. 6
137.6
125.5
150.1
102. 8
115. 1
113. 7
128. 3
104. 9
104.3
116.6
114.8
131.0
105.0
' 129. 1
101.6
' 136. 4
' 125. 6
' 147. 8
102.2
114.0
113.3
126.9
105.5
'
'
'
'
'
114.8 ' 116. 5
123.0 ' 123. 1
98.0 ' 101. 6
118.7
124.6
105.1
83.7
83.4
83.8
82.4
82.1
82.4
82.7
82.9
128.0
129.2
125.3
123.0
127.6
127. 4 ' 123. 5 121.3
126.8
124.2
127.8
120.5
118.3
122.5
117.6
115.7
119.2
115.1
112.1
118.4
112.7
109.1
115.6
113.4
110.1
116.1
112.4
107.6
116.2
r 112. 8
r 106. 8
r 117. 5
127.4
127.3
112.1
123.8
128.5
139.8
122.6
128.5
128.1
117.5
125.8
130.4
143.2
123.5
129. 3
129.2
117.2
125.0
129.3
142.2
129.0
128.1
129.3
115.2
124.0
126.8
138.1
126.4
122.1
123.5
104.1
122.2
122.1
131.1
112.7
114.8
114.2
91.7
118.3
116.2
122.9
113.0
110.5
110.3
83.7
116.9
109.2
112.9
117.8
107.4
107.0
82.1
112.0
105.7
108.5
118.1
105.9
104.7
84.7
108.7
105.3
106.2
118.0
105.2
101.6
86.0
104.6
107.9
110.4
117.5
106.8
104.9 r 106. 0
100.2
99.8
100.2
87.7 '90.8 '92.9
102.1 '97. 3 '96.7
113.9
109.5 ••112.3
113.2 r 117.0 ' 118. 8
118.0 ••119.5 '121.0
'
'
'
'
'
'
'
110.6
105. 7
101. 3
100. 0
116. 5
122. 9
117. 3
114.0
109.2
104.8
101.8
119.9
127.0
121.0
125.2
122.0
128.7
127.0
121.7
136.5
130.5
124.4
120.7
127.5
124.1
119.9
131.2
131.4
125.2
121.6
126.5
121.9
120.7
123.4
131.6
125. 5
122.1
127.2
123.0
119.1
129.2
132.0
124.6
121.6
127.6
126.0
123.9
132.4
129.6
120.9
117.9
124.4
121.0
117.7
129.4
128.2
116.1
112.2
116.0
108.6
107.9
108.2
124.1
111.8
108.2
112.4
107.2
110.6
100.9
118.2
109.3
104.8
107.7
102.1
105.0
97.4
113.7
107.7
103.5
105.1
98.1
103.1
89.7
112.9
107.9
103.3
103.2
95.0
99.4
89.6
112.4
108.2 r 109. 5 ' 110. 5
102.5 ' 103. 2 ' 103. 5
99.8 ' 100. 8 '100.8
89.9 '91.8 '93.0
90.1 "88.7 '87.0
97.0 ' 103. 7
91.9
110.9 r 110. 9 ' 109. 7
'112.7
' 105. 4
' 104. 2
'96.4
'90.1
107.7
' 113.0
114.7
108.0
107.7
100.5
96.0
do
do
do ..
do
117.3
125.8
125.0
126.8
116.3
128.1
133.8
125.2
117.8
130.5
136.4
123.8
118.8
132.5
137.8
126.4
118.4
131.1
137.4
124.0
114.9
128.9
135.1
121.7
109.6
124.8
132.5
116.3
105.4
119.6
126.7
111.5
102.4
115.6
123.6
1C6.6
101.5
112.2
119.3
104.3
101.9
110.8
104.0
102.3
101.7
109.0 ' 108. 2
113.7 ' 112. 3
103.8 r 103. 8
'103.7
' 109. 8
' 114.7
' 104. 2
106.0
111.7
116.7
106.1
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
do
do
do...
do
109.1
138.1
81.2
138.3
96.9
113.2
81.1
143.9
99.9
117.8
82.6
146.7
100.4
118.6
82.8
144.9
102.1
123.0
81.9
142.0
93.7
107.1
80.9
142.3
83.6
86.4
80.9
139.5
78.9
78.2
79.5
139.1
77.1
77.6
76.6
134.2
81.0
85.4
76.7
130.6
84.7
93.1
76.6
131.1
87.6
95.0
80.4
129.7
90.5 '91.0 '93.0
100.0 ' 103. 2 ' 107. 3
81.3 '79.3 '79.3
' 132. 0 ' 131. 5
r 130. 9
96.3
112.3
81.0
133.7
Lumber, clay, and glass
Lumber and products.
Clay, glass, and stone products
do...
do...
do...
129.1
127.9
129.8
123.6
120.1
125.7
123.4
121.5
124.6
120.6
116.6
123.0
117.8
109.3
122.9
113.7
105.2
118.8
111.0
101.3
116.9
109.6
99.9
115.3
104.6
99.6
107.8
102.6
99.8
104.2
104.8
104.1
105.4
105.9
108.0
104.7
r 107. 0
' 108. 0 ' 109. 3
112.6
' 110.3 '112.0
107.2
' 105. 1 ' 105. 7
110.5
Furniture and miscellaneous
Furniture and
fixtures
Miscellaneous manufactures
do
do
do . . .
135.1
126.1
143.2
136.1
126.9
144.4
140.1
130.5
148.8
138.8
129.4
147.5
136.7
125.5
146.9
129.0
120.5
136.9
128.4
120.4
135. 7
120.0
110.6
128.9
119.6
110.6
128.0
118.7
106.7
129.7
117.6
105.6
128.5
119.7
109.6
129.0
' 120. 1 ' 121. 1 ' 123. 9
' 110. 1 112.9
r 107. 9
133.9
131.2
r 131. 1
126.2
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
do
do...
do...
do...
do...
129.7
115.0
127.3
113.2
83.7
129.7
108.9
122.7
105.4
77.3
130.4
107.4
124.3
102.5
73.4
130.5
106.5
121.9
102. 5
'74.2
128.9
105.1
119.1
102.8
70.6
125.4
101.9
112.8
100.1
74.7
121.9
96.3
102.9
98.0
69.7
117.2
88.9
95.6
94.0
66.1
115.6
89.6
93.3
92.6
66.7
113.7
87.5
96.8
86.4
63.5
114.8
90.4
100.4
88.2
68.0
Paper and printing
Paper and products
Printing and publishing
do .
do...
do...
122.2
121.0
121.0
122.7
120.8
132.2
135.4
134.0
135.3
133.9
113.2
112.3
113.4
114.4
111.9
' Revised.
p Preliminary.
cf Monthly revisions for 19 72 are ava ilable upon requeSt.
c
y Includes data for items not shown separately.
Corre 3ted,
115.7
124.3
110.0
do ..
80.4
82.3
82.7
do ..
do
do
131.0
133.8
128.7
128.3
129.6
127.3
r 128. 6
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
129.3
130.0
127.6
119.3
129.2
139.9
124.2
do
do
do
do ..
do
do
do . .
Defense and space equipment
Intermediate products
.
Construction products
Misc. intermediate products
By industry groupings:
Manufacturing, total
Durable manufactures
Primary and fabricated metals
Primary metals
.
Iron and steel
Nonferrous metals. _
Fabricated metal products .
Machinery and allied goods 9 ._
Machinery
Nonelectrical machinery.. . .
Electrical machinery
r 116.
8
r 116.
2
93.2
103. 8
90.9
70.0
'82.5
83.6
115.6
114.3
107.9 ' 109. 3
120.7
119.4
117.1
110.8
82.6
' 102. 4
' 108. 4
' 112. 9
' 103. 4
' 120. 8 ' 123. 1
'97.3 '99.6
' 110. 6 114.5
92.8
'91.5
75.2
71.2 '73.6
r 118.
6
••94.9
r 106.
115.9
124.6
103.0
9
112.5
103.9 r 107. 3 ' 107. 3 ' 110. 8
108.2
104.2
102.4
106.6
112.3
117.3
105.8 ' 109. 5 '111.7
114.3
109.5
104.5
105.8
116.1
107.7
106.5
'
104.4
r
105.
9
102.6
100.2
104.7
104.0
109.8
104.1
AI)ata refle ct updat ing of seeis. factor 3 for the automoti ve indus ;ry; revis ions bac k to Jan.
1972 are avail*ible from the Bur eau of tl le Censu s, Wash. D.C. 20233.
SURVEY OF CURRENT BUSINESS
October 1975
1975
1974
1974 P
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
S-5
Annual
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
131.0
132.8
120.2
133.5
' 132. 4
135.7
118.5
132.7
'136.2
' 138. 2
' 122. 4
' 140. 1
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PROD GCTIONJ— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally ad justed— Continued
By industry groupings— Continued
Manufacturing, total— Continued
Nondurable manufactures— Continued
Chemicals, petroleum, and rubber 1967 = 100.
Chemicals and products
do
Petroleum products
do
Rubber and plastics products __ _ do
Foods and tobacco
Foods
Tobacco products
_ ..
Mining and utilities
Mining
Metal mining
Stone and earth minerals
Coal oil and gas .
Coal
Oil and gas extraction
Crude oil
.
_ _
Utilities
Electric
Gas
149.3
150.2
127.4
163.8
151.7
154.3
124.0
164.4
154.4
156.7
125.8
169.0
154.7
158.3
121.9
168.6
152.4
155.9
125.4
161.8
146.5
148.3
127.0
155.7
141.6
143.1
125.8
148.9
136.5
139.0
126.8
135.4
132.4
134.6
123. 7
132. 0
130.2
133.6
120.1
126.8
do
do
do _
121.9
122.7
110.7
124.8
126.2
106.4
124.8
126.3
104.2
124.3
125.7
106.0
123.7
124.8
110.3
123.8
125.4
103.8
123.5 ' 121.1
125.7 ' 122. 3
104.7
96.2
121.3
122.3
108.4
120.0
121.3
102.6
do
do
do
do
do
do
do
do
129.0
110.3
130.8
109.5
108.3
104.4
108.9
104.4
127.3
1C9.3
129.2
109.1
107.3
105.1
107.7
99.8
127.4
107.3
110.0
109.9
106.7
99.4
107.9
99.5
128.7
109. 2
130.5
105.0
107.7
112.1
107.1
98.8
128.5
110.6
141.4
107.5
107.8
110.3
107.4
97.5
125. 9
105.0
136.8
1C9.8
101.2
67.6
106.4
<= 97.6
125.7 ' 127. 0 127.3
108. 6
104.4
107.0
131.1
133.8
134.7
106.1
106.4
109.0
106.8
103.9
101.1
117.5
111.3
85.3
103.6. 102.9 ' 105. 0
97.7
95.3
95.3
do
do
do
152.6
161.1
124.2
149.9
159.5
117.9
152.7
' 162. 9
153.1
162.4
151.2
161.2
152.3
162.9
152.6 ' 152. 1 150.9 ' 154. 1 153.1
165.3 ' 164. 2
163.0 ' 162. 5 161.1
128.8
108.9
125.4
105.1
107.7
117.4
106.1
95.9
'
'
'
'
140. 6 '143.7
144.5
143. 7 ' 146 6 146 9
125 6 ' 127 4 127 7
141 6 146 6
' 122. 5 122 A ' 123. 5 ' 124 7 r 124 7
122.9 ' 123. 7 ' 125. 1 ' 126 2 r 126 0
115.9
102.2
103.8
104.8
128.0
108.5
125.8
104.7
107.4
112.2
106.6
95.0
126.5
105.9
114.8
100.4
105.8
113.6
104.5
94.3
' 126. 8 ' 127. 4 r
' 106. 3 ' 106. 5 '
110.6 ' 110 1
'95.3 ' 100. 5
' 1C7. 6 ' 107. 0 '
' 120. 4
120 6
' 105. 5 ' 104 9 r
' 95 7 r 96 0
152.3
163.0
152.6
' 163. 3
r
153. 6
164.5
126 9
105 3
121 5
101.2
104 3
102 1
104 6
95 1
r 154 1
125 5
126 8
127 g
106 7
106 2
113 6
105 0
154 4
BUSINESS SALES §
Mfg. and trade sales (unadj.), total cf©
mil. $_. 1,724,898 1,966,586 171,197 170, 735 176, 582 168, 952 164, 866 150,959 153, 736
Mfg. and trade sales (seas. adj. ), total cf
.-do
Manufacturing, total cf A
Durable goods industriescf A~
Nondurable goods industries..
Retail trade, total
Durable goods stores
_
Nondurable goods stores
Merchant wholesalers, total O
Durable goods establishments
Nondurable goods establishments
_-
do
do
do
do
do
do
.
__
.do
do
do
161,057 163,758 167,884 170,934 '163,858 170, 635
1,724,898 1,966,586 '171,229 '170,355 '170,997 '167,918 '162,347 '161,915 '163,248 '159,050 '162,374 '163,038 '165,504 '169,124 171 981
1
1,724,898
980, 677 85,481 85,749 87,402 85,675 79,737 79,234 79,214 77,509 80,333 79,423 80,740 ' 82,902 85 103
1
856, 758 511,614 44,546 44,828 45,857 44,275 40,799 40,247 39,992 39,124 40,851 40,183 40,458 ' 41,227 42 347
392, 092 469, 063 40,935 40,921 41, 545 41, 400 38,938 38,987 39, 222 38,385 39, 482 39,240 40,282 ' 41,675 42, 756
1
503, 317
170, 275
333, 042
1
1
537, 782 ' 46,920 ' 45,858 ' 45,844 ' 44,529 ' 45,109 ' 46,006 ' 46,914 ' 45,951 ' 46,813 ' 48,173 ' 48,578 ' 49 655 49 827
167,313 ' 15,245 ' 14,100 ' 13,686 ' 13,035 ' 13,554 ' 14,126 ' 14.664 ' 13,378 ' 14,165 ' 14,703 ' 14,965 ' 15 432 15* 427
370, 469 31,675 31,758 32, li>8 31, 494 31,555 31,880 32, 250 32,573 32, 648 33470 33,613 ' 34,223 34 400
364,803 i 448,127
168,074 202, 341
196,729 245, 786
38,828
17,502
21,326
38,748
17,691
21,057
37, 751
17, 245
20, 506
37, 714
16, 609
21, 105
37,501
16,400
21,101
36,675
16,020
20,655
37, 120
16, 025
21,095
35,590
14,992
20,598
35, 228
15, 007
20, 221
35,442
15,024
20418
36, 186 ' 36,567 37, 051
14,995 ' 15 329 15 096
21,191 ' 21 238 21 955
BUSINESS INVENTORIES}
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f ©
mil. $ ' 222,531 ' 268,513 ••249,621 '255,426 '264,034 '269,561 '268,513 '269,553 '270,157 '270,344 '269,779 '266 735 '264,342 '262 275 260 909
Mfg. and trade inventories, book value, end of year
or month (seas, adj.) .total t © - ..mil. $.. ' 224,401 ' 271,050 '253,053 '258,175 '263,791 '267,075 '271,050 '271,148 '270,252 '268,449 '266,970 '264,335 '263,749 '263,345 264, 638
150,404 151,624 151,993
97,967 99,124 100,082
52,437 52,500 51,911
151,194 150,184 148 951 148,059 '147 189 146 342
99,879 99, 803 99 378 98,796 ' 98 189 97 093
51,315 50, 381 49 573 49,263 ' 49 OCO 49 249
Manufacturing, total
Durable goods industries
Nondurable goods industries
do
do
do
120, 870
79, 441
41, 429
Retail trade, totalf
Durable goods stores
Nondurable goods stores
do
do
do
' 65, 229 ' 74, 082 ' 69,622 ' 70,700 ' 73,087 ' 73,964 ' 74,082 ' 73,327 ' 72,308 ' 71,728 ' 71,483 ' 70 826 ' 70,840 ' 71 503 72 578
29, 593
34, 649 30, 735 31, 275 33, 190 34, 251 34, 649 34, 267 32, 956 32, 460 32, 375 32, 086 31, 909 ' 32 270 33 324
35, 636
39, 433 38, 887 39, 427 39, 897 39, 713 39, 433 39,060 39, 352 39, 268 39, 108 38, 740 38, 931 ' 39 233 39, 254
Merchant wholesalers, total O...
Durable goods establishments
Nondurable goods establishments
150, 404 139, 727 142, 975 145 062 147, 135
97, 967 91,004 93,184 94, 680 95, 787
52, 437 48,723 49,791 50, 382 51, 348
38, 302
21, 892
16, 410
46,564
27, 779
18, 785
43,704
25,306
18,398
44,500
26, 087
18, 413
45, 642
26, 709
18, 933
45, 976
27, 293
18, 683
46,564
27,779
18,785
46,197
28,386
17,811
45, 951
28, 315
17, 636
45,527
28,134
17,393
45, 303
28, 019
17, 284
44 558
27652
16906
' 1.46
1.50
1.48
1.52
' 1.54
'1.59
'1.67
'1.67
1.66
1.69
'1.64
1.63
' 1.59
1.56
1.54
do
do
..do
do
do
1.58
1.91
1.65
2.06
1 66
2 06
1.72
2.16
.73
.93
.51
1 89
2.40
.82
1 02
57
1 91
2.46
.85
1 C3
.59
1.92
2.50
1.95
2.55
1.87
2.44
1 88
2.47
1 83
2.44
1 78
2.38
1 72
2.29
1.04
1.06
1.03
1 05
1 04
1 02
58
74
98
56
do
do
do
do
1.20
1.24
.49
.19
.56
1.35
.53
.21
.61
1.35
.53
.20
.62
1.32
1 26
1.22
1.18
1.15
.do ...
do
do
44,850 ' 44 653 45 718
27,605 ' 27,244 27, 461
17,245 ' 17 409 18 257
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total cf©.
Manufacturing, total cf A -Durable goods industries cf A.Materials and supplies
Work in process
finished goods
^
..
Nondurable goods Industries.. _.
Materials and supplies
Work in process
Finished goods
..
Retail trade, total t
Durable goods stores.
Nondurable goods stores
.ratio
do
do
do.
Merchant wholesalers, total O
do
Durable goods establishments
do..
Nondurable goods establishments...
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj., total.
do
.56
.87
.48
.45
.19
.55
.67
.91
.48
.68
90
.46
1.19
1.19
.47
.19
.53
'1.46
'1.98
'1.19
1.54
2.22
1.23
1.16
1.47
1.13
1.45
.90
1.63
2.04
.87
.48
.19
.52
r
1 67
2.08
.69
48
69
g<)
48
1.22
1.21
90
.49
.19
53
1.48
2.02
1.23
' 1.24
1.13
1.45
1.15
1.47
.86
1 54
r 2 22
.87
49
19
54
r i 59
'r 1.66
2.63
r 2 43
' 1 24 '1.26
.86
.60
.52
.20
.61
.83
.62
.59
1.34
1.2S
.53
.19
.62
.50
.19
.59
' 1.64 ' 1 59 ' 1.54
2.25
' 2 56 2 43
' 1.25 ' 1.23 '1.22
' 1.56
'2.43
'1.21
'1.53
'2.29
'1.20
1 28
1 88
1.29
1.87
1.22
1.64
.89
1.24
1.69
.89
1.26
1.77
.86
1.24
1.77
.92
1 21
1 55
.88
.84
.84
.85
82
60
50
19
58
1 26
1 84
83
43, 123
3,268
3,609
3 720
3 767
4,277
4,235
4,035
3,968
3,949
3,739
3 408
3 625
3 838
3 965
4 333
4 068
4 °77
4 203
4 385
4 224
856,778
980, 677
83,347
88 949
89, 892
85,144
75, 406
73923
80 103
80184
81 730
80 273
511,614 42,282 46,329 47, 165
464,686
2,470
24 936
2 501
2,581
26,690
8,039
72 027
92 365
8 467
8 251
_
4,204
35, 260
46,116
4, 398
4,216
26.539
2.807
33.248
2,735
2.853
f
a
Revised.
v Preliminary.
1 Based on data not seasonally adjusted.
Advance
estimate; total mfrs. shipments for Aug. 1975 do not reflect revisions for selected components,
cf See corresponding note on p. S-6.
§ The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown below on
pp. S-6 and S-7: those for wholesale and retail trade on pp. S-ll and S-12.
t See note marked "J"onp. S-12; revisions for inventory-sales ratios for retail trade, total,
durable, and nondurable for Jan. 1971-July 1974 are available upon request.
9 Includes
43,893
2 214
8 031
4^209
2.585
Durable goods industries, total 9 cf
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
do
do
do
do
do
do
60
.48
18
56
78
46
18
54
45
18
53
' 1 47 ' 1 46 1 44
1 46
r 2 13
2 18
' 2 09 2 16
' 1 16 ' 1.16 ' 1 15 1 14
31 623
Shipments (not seas, adj.), total cf
.81
1 24
1.84
.81
' 1 22 1 23
' 1 78 1 82
'.82
.83
3 896
4 584 r 4 001
4 468 ' 4 475 4 322
85 494 r 76 916
83 581
38, 158 37,259 40, 467 40, 802 42, 015 41, 261 43,699 37,412 ' 40,798 2 45,320
2 217
1 830
2 321 ' 2 216 2 336
1 913
1 997
1 857
2 229
7 026
6 690
6 972
6 580
6 264
5 445 r 6 139 2 7 008
6 582
6 191
3,531 3 915 3J795
3 518
3 109 ' 2 705 3 008
3 117
3*448
1.922
2.156
1.964
1.972
2.014 '1.824
2.036
l' 962 2.056
data for items not shown separately.
| See note marked "cf" on p. S-4.
A See corresponding note on p. S-4.
©Revisions for this item for Jan. 1964-Dec. 1970 (inventories) appear on p.44 ff. of the
Dec. 1974 SURVEY ; those for cJan. 1971-July 1974 are available upon request.
O See note
marked "t" on p. S-ll.
Corrected.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated In footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Aug.
Annual
October 1975
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
5 183
7,789
5 299
9,381
6 166
1 373
5 053
7,507
5 240
9,492
6 234
1 362
5,248
8,122
5,630
10,131
6,659
1,493
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS-Continued
Shipments (not seas, adj.)— Continued
Durable goods industries—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment cf
IVfotor vehicles ano parts
Instruments and related products
mil $
do
do
do
do
do
53 707
73*380
63 497
113 317
77 278
14 334
61
86
66
109
72
16
271
572
741
521
120
053
5 448
5 652
7,612
6,854
5,416
6 005
8,080 10, 199
5,236
6 921
1 366 1 456
5 721
7,675
5,802
10, 871
7 703
1 483
5,195
7,227
5,514
10,089
6,985
1,493
N endurable goods industries total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do
do
do
do
do
392 092
134 947
6 201
30 531
469
156
6
33
063
744
926
097
41 065
13,469
42 727
14, 430
37 248
13, 372
2 941
2,891
41,251
14,247
577
2,664
39
81
56
23
812
377
852
416
3 562
7,026
5,104
2,028
3 577
7 556
5 056
2 124
3 582
7,201
5 042
2 195
3,474
6,791
5,116
1,987
85,481
85749
87,402
44,546
2,311
8,474
4,420
2,891
44,828
2 338
8,415
4 448
2 808
45,857
2,428
9,022
4 980
2,824
5 277
7 356
5,644
10.136
6 890
1,337
32
67
35
20
417
034
815
488
Shipments (seas, adj.), totalrf'A
do
By industry group:
Durable poods industries, total 9 c? A- . do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces steel mills
do
Nonferrous metals
do
624
2,859
42 620
14287
583
4,579
6,927
4,674
7,550
4,906
1,215
4,830
7,758
5,241
8,560
5,344
1,290
4 783
7,900
5 211
9,062
5 727
1 358
39,636
13,629
586
2,287
39 382
13, 548
2 262
36,664
12,846
568
2,060
3 097
6,118
4 970
1 715
3 104
6,292
4,847
1,816
3,293
7,019
4,985
1,923
3 164
7,011
4 875
1,914
85,675
79,737
79,234
79,214
77,509
44,275
2,242
8,572
4,635
2,657
40,799
2,070
7,379
3,954
2,338
40,247
2,144
7,241
4,024
2,063
39,992
2,072
6,852
3,699
2,004
39,124
2,000
6,143
3,252
1,813
5,528
7,787
5,545
9,803
6 611
1,422
5,256
7,795
5,350
9,333
6,248
1,464
4,940
7,740
5,076
8,124
5,316
1,357
5,062
7,385
5,114
8,045
4,970
1,351
4,902
7,415
5,197
8,323
5,138
1,328
637
4 712
7,' 443
5 117
7,379
4 490
1 344
600
2 446
605
2,528
41,795 ' 39,504
14,059 r 13,346
627
'621
2,924 ' 2, 482
42,886
14,093
634
2,992
3 185
7,183
4 982
1 998
3 171
7,007
4 988
1,957
3,419 ••3 185
7,374 '6,630
5,376 ' 5, 427
2,116 ' 1, 910
3,447
7,206
5,851
2,059
80,333
79,423
80,740 ' 82,902
85,103
40,851
2,181
5,968
3 038
1 822
40.183
2,140
5,711
2,778
1,852
40,458
2,119
5,662
2,744
1,861
4,690
7,291
5,066
8,776
5 600
1,358
5 113
7,471
5,448
9,132
5 952
1,402
5,033
7,326
5,414
9,033
5,936
1,365
4,898
7,380
5,306
9,456
6,193
1,402
38,385
13, 313
606
2,391
3,037
6,711
4,901
1,821
39482
13,844
605
2 484
3 165
6 637
5 014
1 889
39, 240
13,435
40,282 ' 41,675 42,756
13,675 ' 13,893 14, 199
582
612
••607
2,751 '2,884
2,940
3,270 '3,382
3,409
6,944 ' 7, 232
7,408
5,272 ' 5, 477
5,875
1,976 '2,070
2,057
591
2,543
585
do
do
do
do
Instruments and related products
do
5,358
7,326
5,554
9,833
6,862
1,361
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do
do
do
do
do
40,935
13,578
603
2,801
3,521
7,235
5,112
2,028
40921
13,497
563
2 796
3 484
7 346
5,036
2 078
41,545
13, 924
639
2,656
3 512
7,286
5,105
2,121
41,400
14,048
573
2,628
3,532
7,153
5,161
2,062
38,938
13,494
615
2,342
3,287
6,866
4,915
1,898
38,987
13, 690
2,241
3,215
6,775
4,835
1,957
39,222
13,656
616
2,309
3,230
6,863
4,854
1,899
7 327
16,105
10 601
8 'l27
6 591
36730
7 429
16072
in QQI
8 111
do
188, 087
1111 fi99 i i2g 361
i 91 945 i g7 053
i 72 361 177 174
i 333 345 !412 158
36643
7 591
16,644
11 44*)
7 882
6 672
37 168
7,327
16,650
11 364
7,396
6,301
36,637
6 525
16, 185
11 315
6,317
5 955
33,440
6,481
16,283
11, 086
6,017
5,898
33,469
6,546
16,400
11 363
6,140
5,769
32,996
6 554
16, 211
11 094
6,581
5 545
3li 524
7 075
16.717
11 349
7,*045
5 972
32,175
7 128
16,300
11 145
7,029
6,104
31,717
7,152
16,790
11,275
7,309
5,957
32,257
do
do
do
do
i 36, 451 i 38, 873
1131,725 1 147, 601
1112 913 1 128, 725
i 18 812 1 18, 876
3,200
12,205
10,708
1,497
3,287
12,648
11, 010
1,638
3,345
12, 950
11,287
1,663
3,185
12, 749
11,213
1,536
2,963
12,547
10, 962
1,585
2,914
12,434
10,790
1.644
2,898
12, 729
10,976
1,753
2,918
12, 484
10, 770
1,714
3,169
12, 698
10,956
1,742
3,228
12, 372
10,704
1,668
3,202
12, 567
10, 901
1,666
do
120 312
do
By market category:
I gQ
Consumer staples
Automotive) GnuipiriflntA
Other materials and supplies
Supplementary series:
Household durables
1
Capital goods Industries^
Nondefense cf1
Defense cf
Inventories, end of year or month:
Book value (unadjusted) total
Nondurable goods industries total
By industry group:
Durable goods industries total 9
Primary metals
Nonferrous metals
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
Finished goods 9
Primary metals
Transportation eouipment
41 477
150 404
149 07^
145 062
147,135 150404 151,624
151,993
151 194 150 184
94,680
3 649
11, 141
5 172
4,266
95,787
3,695
11,290
5,233
4,308
97, 967
3 721
11, 861
5 747
4,369
99, 124
3,760
12,446
6,241
4,403
100,082
3,741
13,015
6,620
4,588
99, 879
3 781
13, 381
6 920
4,661
99.803
3 773
13,770
7 234
4,764
99,378
3 728
14, 114
7 525
4,807
98,796
3,692
14.295
7,769
4,788
' 98,189 97,093
' 3 651 3 659
' 14,282 14,066
' 7 832 7 753
' 4, 774
4,659
11,347
21,132
14,639
20,418
6,278
4,209
11, 793
21,552
14,684
21,000
6 697
4 329
11,825
21, 907
14,801
21, 245
6,560
4 292
12,045
14,758
12,090
22,400
14,347
21, 120
6 266
4 132
11,885
22,478
14,088
21,335
6 296
4 045
11, 678
22, 312
13,837
21,336
6 188
4 018
11,407
22,116
13,580
21,494
6,354
3,966
' 11,285
' 21,984
r 13,444
' 21,481
6 255
'3 922
10, 998
21,805
13,338
21,208
5,909
3 955
33,738
6,357
33 090
6,411
' 32 159
'6,462
' 10,723
' 4, 789
31 526
6,274
10,655
4,560
O ciq
4 fi79
3 449
do
.do
do
do
8,997
16,703
12, 559
18,233
C AAR
q f)CO
do
Textile mill products
Paper and allied products
do
do
Petroleum and coal products
do
By stage of fabrication:
Work in process
do
97, 967
3 721
11, 861
5 747
4,369
91 004
93 184
10 703
4 178
10 940
5 ft7q
4 211
11, 793
21,552
14, 684
21,000
6 697
10,409
19,774
14,189
19,541
10,705
20,237
14,299
20,189
ft OfiQ
10, 934
20, 627
14, 526
20,425
6 350
177
4 1Q9
A qOQ
t 'QAO
c tyjA
4
f\n-i
q ceo
4
148 951 148,059 '147 189 146 342
33 393
5', 408
11, 277
4 866
on 41 ft
4,900
10,376
4 363
31 102
4,899
10,691
4 555
31 846
5,018
11, 045
32 164
5,127
11,038
4,423
33,393
5,408
11, 277
4,866
34, 103
5,862
11,505
4,838
34,561
6,193
4,918
34, 304
6,238
11, 553
4,797
4,714
4,636
32,676
6,478
10,922
4,761
36
q
13
12
078
xefl
407
761
41,506
3 728
15 887
14 247
39913
40488
^ 6.14.
q AAR
40, 848
15 516
13 580
15 482
13 986
15 603
14 244
41,121
3 654
15,794
14,243
41,506
3 728
15,887
14, 247
41,454
3,669
15, 817
14, 549
41,632
3,794
15,761
14,594
41, 513
4 043
15, 523
14,420
41,939
4,206
15,556
14,697
42,022
4 410
15 349
14, 753
41,917
4,439
15,169
14,822
' 42,031
' 4, 491
' 15,208
' 14,756
41,658
4 466
15 025
14, 679
18,940
23,068
2,725
9 072
1,887
20,675
2,189
8 071
1,598
21,594
2,376
21, 986
22,502
23,068
23,567
24,126
24,266
24,203 ' 23,999
23,909
1 648
8 505
1 702
9,072
1,887
9,386
1,858
23,889
3 fl9G
9,604
1,880
24,062
8 939
1,752
9 671
1,903
9,687
1,924
9 675
1,947
9,605 ' 9, 497
1,911 ' 1, 936
9,463
1,969
52 437
12 425
9 Q^n
4,812
4 737
in fiflfi
3,925
3 267
48 723
11 738
4Q 7Q1
11 812
50 382
11 745
9 79fi
9 779
5,074
4,189
9 Oil
3,820
3 039
5,131
4 350
9 444.
3,924
5,037
4 5^1
9 OQC
3 869
51 348
12,151
o g22
5,006
4,668
10 205
3,892
3 265
52 437
12,425
2 950
4,812
4,737
10 605
3,925
3 267
52 500
12,145
3 069
4,694
4,871
10 924
4,061
3 298
51 911
11,930
3 095
4,543
4,877
10 875
4,210
3 227
51 315
11,752
3 069
4,380
4,856
10 887
4,203
3 173
50,381
11,480
3,037
4,267
4,738
10931
4,157
3,069
49 573
11, 079
3 059
4,226
4,658
10 888
4,066
3 055
49,263
10,702
3,095
4,200
4,597
10,921
4,107
3,053
20 727
8 044
19 623
7,681
20 226
7 748
20 273
7 823
20 353
7,917
93 078
20 727
8,044
23 fififi
20 715
7,750
94 035
20,436
7,664
23.811
20, 181
7,463
23. 671
19,734
7,481
23.166
19, 503
7,323
22. 747
19,232 ' 19,135
7,407 ' 7, 457
22,624 ' 22.408
7 496
1 584
10 584
9 4fift
4,589
3 267
7 OCQ
2,626
2 627
15 818
6,597
1Q ni4
93 fififi
n 7AQ
91 4.1 U
o qeq
q 14.1
91 C17
4 470
q RAQ
3
187
99 9Qfi
' Revised.
* Based on data not seasonally adjusted.
* Advance estimate; total mfrs.
shipments for Aug. 1975 do not reflect revisions for selected components.
c?As a result of
corrections in the aircraft, missiles, and parts industry data for this component have been
revised by the Bureau of the Census back to 1968. Revised data prior to May 1973 appear in
6,428
4,223
q nr»7
23,535
2 12,364
2 10,750
2 1, 614
148,160 '146,494 145,730
98,910 ' 97 869 96 909
49,250 ' 48,625 48, 821
24 423
3,586
8,359
3 888
11 49Q
Food and kindred products
' 3, 431
' 12,544
' 10,812
' 1, 732
1 9fl R7fl
do
do
3,366
12, 315
10, 748
1,567
152,692 151,930 151,351 150,109
100,403 100 482 100 729 100 276
52,289 51, 448 50,622 49, 833
do
do
do
CJflQ.
' 7 494 7,653
' 17,171 17, 129
' 11 064 11 149
' 7, 586
8,008
6,292
' 6, 378
' 33,209 34,872
146,371 149,762 151,943
95,132 97 198 99,005
51,239 52', 564 52,938
9 356
do
fi
5,218
7,276
••7,285
5,452
••5,368
9,513 ' 10,037 29,773
' 6, 422
6,804
' 1, 412
1,447
r 5, 184
139 223 141 638 144,120
Q9 *>! 9
93 968
48 323 49 126 50 152
do
Primary metals . .
do
Machinery (elec. and nonelec.)...do
1 g7 g^4
1
598
2,589
3,193
6,611
5,064
1,897
41, 227 ' 42,492 2 43,346
2,185
••2,249
5,921 '6,472 2 7, 152
••2,865
3,163
2,152
••2,057
149, 762
97 198
52, 564
7ft W*
79 441
By stage of fabrication:
AVork in process 9
572
i 166 933
603
4,844
5,298
6,824
'6,650
' 4, 902
5,320
7,927 ' 8, 748 2 10,259
' 5, 012
5,696
1,452
' 1, 319
39 012
13, 256
39 715
13.535
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment cf A
Tvf otor vehicles and partsA
r
' 49,000 49 249
' 10,679 10, 982 .
' 3 121 3 115
4,312
' 4, 243
' 4, 489
4,591
' 10 683 10 767
' 4, 144
4,113
2,943
' 3, 022
19,082
7,534
22.633
two Census Bureau publications, "Change Sheets" to Mfrs'. Shipments, Inventories, and
Orders: 1967-73 (Series: M3-1.5), issued June and July 1974.
9 Includes data for items not
shown separately.
ASee corresponding note on p. S-4.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Annual
S-7
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES.
AND ORDERS-Continued
Inventories, end of year or month— Continued
Book value (seasonally adjusted)— Continued
By market category:
13, 231
16,024
31, 140
7,305
10, 220
42, 950
14,900
19,530
37,967
8,475
13,195
56,337
14,628
18,098
35, 717
7,549
12,453
51, 282
14,839
18,380
36,234
8,171
12,754
52, 597
14, 929
18, 598
36,919
8,247
12, 762
53,607
14,904
18,979
37,472
8,167
12,906
54,707
14,900
19,530
37,967
8,475
13,195
56,337
14,558
19,666
38,634
8,338
13, 019
57,409
14,085
19,657
39,093
8,178
12,990
57,990
13, 582
19,538
39, 226
7,967
12, 996
57, 885
13,071
19,232
39,369
7,934
12,915
57,663
12,805
18,969
39,200
7,821
12,890
57,266
12, 623
18, 623
38,959
7,964
12,806
57,084
' 12653
' 18,472
'38,844
'7,824
' 12,636
' 56,660
12, 467
18,796
38,737
7,447
12,635
56,260
6,263
35, 103
29,488
5,615
7,522
42,482
35, 939
6,543
7,217
40, 189
33, 758
6,431
7,368
40,675
34,298
6,377
7,514
41, 368
34, 905
6,463
7,528
42,031
35,554
6,477
7,522
42,482
35,939
6,543
7,473
43,282
36, 779
6,503
7,318
43,816
37,102
6,714
7,070
43,713
36,846
6,867
6,807
43,945
36, 967
6,978
6,684
43,774
36,664
7,110
6,511 '6,394
43, 529 ' 43,439
36, 162 ' 35,984
7,367 '7,455
6,306
43,339
35, 763
7,576
New orders, net (not seas, adj.), totalcf
Durable goods industries, totalcf
Nondurable goods industries, total
886, 029 999,568
do
do _. 493, 171 531, 462
392, 858 468, 106
do
87, 306
46, 332
40, 974
89, 802
47, 429
42,373
87, 914
45, 418
42, 496
83,368
42,402
40.966
72,894
36,024
36,870
72, 026
35,434
36,592
78,444
38,811
39,633
77, 538
38, 107
39,431
79,345
39,479
39,866
77,916
38, 800
39,116
83, 735 ' 78,492 83,453
41, 746 38, 807 '40,585
41, 989 '39,685 42,983
New orders net (seas adj ) total o*A
By industry group:
Durable goods industries, total 9 cf A
Primary metals
__
Blast furnaces steel mills
Nonferrous metals
do
2 886,029 2 999,568
Equip, and defense prod., excl. auto do
Automotive equipment
-- - - - do
Construction materials and supplies do
Other materials and supplies
do
Supplementary series:
Capital goods Industries
Nondefense _
Defense
-
do
do
do
90, 114
86,959
85,678
83,805
76, 704
75,068
76,478
74, 363
78,600
78, 753
80, 237 ' 83,550
do
do
do
do
493,171
78,642
39,913
27,436
531, 462
94,667
46, 467
33,855
49, 184
10, 010
5,777
2,918
46, 214
8,611
4,414
2,960
44,393
8,378
4,366
2,691
42, 705
7,863
3,974
2,615
38, 092
6,297
2,982
2,230
36, 172
5,071
2,228
1,830
37, 362
5,378
2,721
1,707
35, 973
4,961
2,344
1,683
38, 983
5,395
2,707
1,734
39, 428
5,863
2,985
1,937
39, 730
5,887
3,209
1,826
do
do
do
do
do
57,881
80, 432
67, 473
118,572
24,499
65,824
94,070
67,646
113,431
27,322
5,784
8,232
5,547
11, 487
3,509
5,871
8,120
5,149
10, 435
2,729
5,555
8,001
5,192
9,321
2,280
5,226
7,559
4,926
9,298
2,463
4,387
7,426
4,439
8,300
2,462
4,720
6,837
4,919
7,363
1,584
4,784
6,805
4,931
8,369
2,650
4,449
6,759
4,662
8,186
1,846
4,813
6,946
5,316
8,738
1,736
4,844
7,117
5,183
8,769
1,974
4,700 ' 5, 111
6,984 '7,368
< 5, 153 ' 5, 279
9,194
9,793 '
2,021
2,222
392, 858 468,106
Nondurable goods industries total
do
99, 484 110, 046
Industries with unfilled orders©
do
293,374 358, 060
Industries without unfilled orders?
do
By market category:
280,983 2 87, 313
Home goods and apparel
do
Consumer staples
_ _ _ _ _ d o _ 2 166, 960 2 188,082
* 121,984 2 139,226
Equip, and defense prod., excl. auto.d"_~ do
2 93, 479 2 86, 755
Automotive equipmentA
do
2 76, 200 2 80, 740
Construction materials and supplies
do
2346,423 2 417,452
Other materials and supplies
do
Supplementary series:
Household durables.
.
do __ 3 36, 761 238,411
2144,072 2 160,802
Capital goods Industries^
_
-do
2123,723 2 137,933
Nondefense cf
do
220,349 2 22, 869
Defense cfdo
40, 930
9,592
31, 338
40,745
9,437
31,308
41, 285
9,335
31, 950
41,100
9,223
31,877
38,612
8,351
30,261
38,896
8,537
30,359
39,116
8,641
30,475
38, 390
8,484
29,906
39,617
8,911
30,706
39,325
9,010
30,315
40, 507 ' 41,869
9,346 '9,740
31, 161 ' 32,129
42,934
9,811
33, 123
7,250
16, 101
13, 066
8,228
6,960
38, 509
7,263
16, 085
12,025
8,042
6,952
36, 592
7,534
16,641
11, 425
7,367
6,625
36, 086
7,163
16,651
11,308
6,871
6,350
35,462
6,338
16,185
10,921
6,103
5,623
31,534
6,345
16,301
10,650
5,621
5,795
30,356
6,501
16,389
10,504
6,022
5,561
31,501
6,474
16, 197
10, 228
6,478
5,339
29,647
7,148
16,716
10, 967
6,930
5,664
31, 175
7,129
16,293
10,910
6,988
5,894
31,539
7,185
16, 807
10, 964
7,155
5,803
32, 323
7,684
17, 152
11, 405
7,805
6,317
35,063
3,133
15, 034
11, 805
3,229
3,128
13, 510
11, 832
1,678
3,294
12, 784
11,383
1,401
3,057
12,974
10,623
2,351
2,810
12, 127
10,459
1,668
2,781
11,712
10, 077
1,635
2,842
12, 117
9,970
2,147
2,830
11, 224
9,522
1,702
3,228
11,948
10,309
1,639
3,218
11, 961
10,302
1,659
3,217
12, 047
10, 138
1,909
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipmentcfA
Aircraft missiles and partscf
Unfilled orders, end of year or month (unadjusted),
total c?
mil $
Durable goods industries, totalo1-- _
do
Nondur. goods ind. with unfilled orders© do
Unfilled orders, end of year or month (seasonally
adjusted), totaled. _
mil. $
By industry group:
Durable goods industries, total 9 cf
-do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous metals.
_
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipmentcf
do
Aircraft, missiles, and partscf— . do
Nondur. goods ind. with unfilled orders©_.do___
By market category:
Home goods, apparel, consumer staples. __ do. ...
Equip, and defense prod., incl. auto.d"
do
Construction materials and supplies
do
Other materials and supplies
_
.do
Supplementary series:
Household durables _
do
Capital goods industriescf
do
Nondefensed"-- .
do
Defensed"
do
85,471
41, 681 '42,688
6,189 '6,909
3,653
' 3, 131
2,098
' 2, 057
'7,582
' 17,176
' 10,976
' 7, 589
'6,233
' 33,994
44, 503
5,180
6,902
5,780
9, 758
2,057
42, 620
i 6, 332
10, 032
3,440 ' 3, 466 i 3, 551
12, 546 '12,440 1 12, 547
10, 728 '10,392 1 10, 311
1,818 ' 2, 048 i 2, 236
137,762 138,614 136,636 134,861 132,345 130,452 128,797 126,151 123,761 121, 411 119,657 '121,235 121, 105
132,837 133,935 132, 191 130,701 128, 563 126,741 125, 089 122, 392 119,852 117,397 115, 448 116, 845 '116,635 U15,822
4,925
4,160
3,782
4,209 ' 4, 390
3,711
4,487
4,679
4,445
3,708
4,014
3,909
3,759
113, 452
108,715
4,737
132, 345
128,563
3,782
114, 694
133,832
139,256
109, 862
14,844
9,884
2,787
129, 944
17, 202
10,255
3,411
134,305 135,695 134, 224 132,656 129, 944 125,873 123, 246 120, 099 118,231 117, 476 116, 753 117, 206 '117,408 1116,679
19, 438 19,636 18, 993 18,286 17, 202 15, 033 13, 560 12,379 11,807 11, 960 12, 186 12, 455 '12,892 112,073
7,672
12, 535 12,501 11,887 11,227 10,255
7,182
8,459
6,916
7,481
6,451
6,244
6,574
3,541
2,714
3,520
3,178
2,882
2,714
2,660
3,694
3,561
2,749
2,664
2,752
3,411
15, 122
22,002
19, 718
30,355
18,397
4.832
19,710
29,592
20, 575
34,375
21, 487
3,888
19, 669
29, 169
22,489
34, 421
19, 875
4,951
20, 264
29, 933
21, 993
34,721
20, 422
4,772
20, 292
30, 142
21, 640
34, 234
20, 623
4,514
20,262
29,907
21,212
34,201
20,970
4,213
19,710
29,592
20,575
34, 375
21,487
3,888
19,369
29,046
20, 378
33, 694
21, 052
3,798
19,253
28,438
20,113
33, 742
21,446
3,693
19, 013
27, 905
19, 709
33, 153
21,109
3,699
18,712
27,381
19,577
32,759
20,755
3,835
18,523
27,169
19,346
32, 495
20,710
3,920
18, 326 ' 18,253 18, 214
26, 776 ' 26,855 26,482
19, 173 ' 19,084 19,411
32, 236 32, 514 '32,237
20, 572 20, 799 20, 692
4,148 ' 4, 342
4,520
2,881
55, 295
14, 165
42, 353
2,317
65,981
17, 773
47,761
2,878
66, 747
17, 650
51, 981
2,722
67, 712
18, 101
51, 932
2,667
67, 170
18, 054
50, 847
2,502
66,590
18,105
49,672
2,317
65,981
17,773
47,761
2,197
65,153
17,670
44,651
2,143
64,176
17,461
43,159
2,053
63, 206
17, 255
41, 284
2,125
62,711
16, 947
40,283
2,120
62,432
16,736
40,108
2,169 '2,264
61, 969 ' 61,881
16, 583 ' 16,439
40, 180 ' 40,964
2,254
61, 580
40,840
20, 740
1,769
74, 930
50, 318
24,612
2,261
74, 439
50, 498
23, 941
2,100
75, 302
51,323
23,979
2,052
75, 128
51,413
23, 715
1,922
75,352
50,822
24,530
1,769
74, 930
50,318
24, 612
1,636
74, 208
49, 605
24,603
1,580
73, 598
48,600
24, 998
1,495
72, 339
47, 353
24, 986
1,554
71,592
46,709
24,883
1,546
71, 179
46,304
24,875
1,559
70, 664
45, 546
25, 118
329,358
319, 149
24, 992
26,495
23,895
26,313
25, 615
25,404
22,109
25,555
23,888
25,003
26,473
24,406
22,755
24,298
26, 677
24, 923
28,440
26,506
28, 117
26,634
28, 135
26, 843
140,467
138,738 136,869 133,832 129,671
126,939
123,798
122,066 121,396
120,901 '121,548 121,913
32, 496
2,320
61,977
16, 461
41, 155
1,635 ' 1, 670 i 1,687
70, 891 '70,791 1 70, 969
45, 523 '45,106 144,663
25,368 '25,685 126,306
BUSINESS INCORPORATIONS©
New Incorporations (CO States and Dlst. Col.):
Unadjusted
number
Seasonally adjusted!
do
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
number
993
3904
839
805
1,045
785
9,345
709
1,202
9,915
728
1,080
1,145
963
128
Commercial service
do
141
140
115
1,182
112
153
94
92
164
1,320
136
158
128
Construction
do
223
164
178
171
154
223
1,419
117
139
1,840
221
192
230
258
156
Manufacturing and mining
do
141
110
145
128
1,463
105
119
126
164
170
1,557
130
191
Retail trade
do
389
325
425
336
380
4,341
318
297
323
494
4,234
414
445
491
Wholesale trade
do
97
69
84
99
66
940
74
61
91
964
91
102
116
95
Liabilities (current), total
thous. $_. 2,298,606 3,053,137 232, 681 217, 014 306, 827 344, 659 242, 594 391, 141 '384,762 343,348 372,076 357,788 175, 917 3242,028
Commercial service
do
244, 958 348, 166 12, 060 IS, 787 31, 140 36,480 21, 191 20, 546 43, 335 31, 569 117,559 23, 086 20, 404 77,441
Construction
do
309 075 526, 598 17, 826 29,914 87, 360 110,070 28,918 33,223 ' 54,133 43, 890 58,581 199, 262 27, 248 57,483
Manufacturing and mining
do
797, 490 833, 824 78, 931 75,331 93, 160 GO, 310 99, 739 190, 470 123, 242 97, 441 107,746 55, 459 47, 471 38,417
Retail trade
do
672, 831 1,069,656 109, 839 75, 481 81, 075 122, 616 73, 721 109,345 ' 67,798 140, 881 59,483 40, 497 50, 643 42, 232
Wholesale trade
do
274, 252 274, 893 14, 025 17,501 14, 092 15, 183 19, 025 37, 557 96, 254 29, 567 28,707 39, 484 30, 151 26,455
Failure annual rate (seasonally adjusted)
No. per 10.000 concerns.. 236.4
43.4
341.9
33.4
36.5
45.2
44.9
46.3
49.1
238.4
47.0
36.3
37.0
46.8
'Revised.
v Preliminary. 1 Advance estimate: totals for mfrs. new and unfilled orders
For these industries (food and kindred prod., tobacco mfs., apparel and other textile
for3 Aug. 1975 do not reflect revisions for selected components.
2 Based on unadjusted data.
prod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales are
Includes data for Hawaii.
considered equal to new orders.
O Compiled by Dun * Bradstreet, Inc. (failures data
£ See corresponding note on p. S-6.
9 Includes data for items not shown separately.
for 48 States and Dist. of Col.; Hawaii included beginning July 1975).
t Revised back to
0 Includes textile mill prod., leather and prod., paper and allied prod., and print, and pub.
Mar. 1971 to reflect new seas, factors; revisions prior to Feb. 1973 will be shown later.
A See
ma., unfilled orders for other nondurable goods are zero.
« Corrected.
corresponding note on page S-4.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1973
1974
Annual
October 1975
1975
1974
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops9 ._ _
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
- - do
Food grains
do
Fruit
do
Tobacco _
do
Livestock and products 9 - - - - - - - do. __
Dairy products
do
M^eat animals
do
Poultry and eggs
do_
Prlces paid:
All commodities and services
do
Family living items
- - - - do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
.-1910-14=100
Parity ratio §
do.
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All itemsll
. - . 1967=100..
Special group indexes:
All items less shelter^
do
All items less foodlf
.do
All Items less medical care^f
. . .. -do
Commodities^
__ .. _
do. __
Nondurables
do
Nondurables less food.
do
Durables^
. _
do. __
Commodities less foodlf
do.. .
Services
do
Services less rent
do_.
Food 9
do
Meats, poultry, and
flsh
do
Dairy products
.
do
Fruits and vegetables
do.
Housing
do
Shelter 9
do
Rent
- - do
Homeownership.
do
Fuel and utilities 9
do
Fuel oil and coal
.
do
Gas and electricity
..
do
Household furnishings and operation., do
Apparel and upkeep..
do. .
Transportation^
do
Privatelf
.
_ __ do
New cars.
do
Used carsH
.
do
Public
do
Health and recreation 9
do. _.
Medical care
do
Personal care. _.
. .
do
Reading and recreation . .
do
Seasonally Adjusted!
All items, percent change from previous month
CommoditieslI
1967=100. .
Commodities less foodlf.
do
Food
do
Food at home
do
Fuels and utilities
do
Fuel oil and coal
do
Shelter
do..
Apparel and upkeep.
do
Transportation^!
do.
PrivateU
do
New cars
do
Health and recreation
do
460
496
415
465
467
490
373
892
429
473
512
220
473
520
448
435
490
545
391
896
431
488
509
221
463
508
448
425
485
552
337
912
424
497
486
228
451
483
437
370
475
526
311
928
424
484
489
234
438
455
460
312
450
471
330
903
423
490
487
232
427
435
484
275
419
458
321
922
419
487
483
225
420
419
458
286
393
427
341
922
420
479
491
222
431
425
477
272
402
430
343
924
435
474
535
202
452
428
462
307
407
407
375
923
473
471
611
208
463
435
539
311
396
353
392
922
487
468
640
209
476
450
516
342
397
397
392
833
498
478
652
220
476
454
440
362
423
446
358
864
495
500
631
228
491
457
460
377
409
463
383
921
521
528
659
245
528
535
523
530
537
525
537
552
526
540
557
528
537
557
523
535
562
516
532
557
515
541
557
530
548
565
536
554
568
545
557
574
545
561
575
550
566
578
558
591
80
599
77
606
78
613
76
616
73
617
71
615
70
612
69
621
69
627
72
632
73
636
75
639
74
645
76
147.7
149.9
151.7
153.0
154.3
155.4
156.1
157.2
157.8
158.6
159.3
160.6
162.3
162.8
163.6
145.6
143.6
147.7
145.5
151.0
140.9
130.6
136.6
152.1
156.0
161.7
163.9
151.9
165.8
150.6
154 4
130.6
163.2
150.2
214.6
145.8
140.5
136.2
137.7
136.6
117.5
122.6
148.0
140.3
150.5
137.3
133.8
148.3
146.1
149.7
147.6
153 0
143.7
133.2
139.3
154. 2
158.4
162.8
162.1
150.7
168.2
152.9
156. 2
131.2
165.4
152.6
220.9
148.5
143.9
138.1
141.3
140.5
118.1
132.0
148.7
142.6
153.7
139.3
135.2
150.0
147.8
151.5
149.4
154.8
145.3
134.8
140.9
156.0
160.3
165.0
166.3
151.1
162.9
154.9
158.2
131.8
167.9
154.0
222.7
150.2
146.6
139.9
142.2
141.4
118.4
135.9
148.8
144.0
155.2
141.2
137.0
151.2
149.1
152.8
150.7
155.8
146.1
136.8
142.2
157.3
161.9
166.1
163.7
151.7
162.4
156.7
160.0
132.5
170.1
155.2
225.5
151.5
149.0
141.1
142.9
142.3
123.7
139.4
148.8
145.2
156.3
143.0
137.8
152.5
150.4
154.2
152.0
157.2
147.2
138.0
143.3
158.7
163.3
167.8
164.0
152.7
164.3
158.3
161.3
133.1
171.7
157.1
229.2
154.0
151.0
142.4
143.4
142.7
124.5
141.6
149.5
146.3
157.5
144.2
138.8
153. 5
151.3
155. 3
153. 0
158.3
147.7
138.8
143.9
160.1
164.8
169.7
163. 5
155.3
161.3
159.9
163.1
133.7
174.0
158.4
228.8
156.7
152. 3
141.9
143.5
142. 5
124.9
138. 4
152.0
147.5
159. 0
145. 3
139.8
154.1
151.9
156.0
153.4
158 7
147.2
139.3
143.9
161.3
166.2
170.9
163.5
155.2
163.5
161.3
164.4
134.5
175.6
160.5
228.9
160.2
153.2
139.4
143.2
142.2
123.4
134.9
152.2
148.9
161.0
146.5
141.0
155.0
153.0
156.9
154.4
159.6
148.2
140.3
144.9
162.6
167.5
171.6
162.7
155.6
166.7
162.8
165.9
135.1
177.3
162.2
229.5
162.7
154.7
140.2
143.5
142.5
124.5
133.5
152.3
150.2
163.0
147.8
141.8
155.6
153.9
157.5
155.0
159.7
148.8
142.1
146.0
163.2
168.3
171.3
161.8
155.4
167.4
163.6
166.6
135.5
178.2
163.0
228.3
164.0
155.6
140.9
144.8
144.0
127.3
135.3
152.3
151.1
164.6
148.9
142.0
156.3
154.9
158.2
155.7
160.1
149.8
143.6
147.2
164.1
169.2
171.2
161.8
154.8
167.8
164.7
167.6
135.9
179.4
164.6
229.0
166.3
156.8
141.3
146.2
145.5
127.5
138.1
152.4
152.1
165.8
149.5
143. 5
157.0
155.6
158.9
156.5
160.8
150.5
144.8
148.1
164.5
169.6
171.8
168.2
153.6
169.0
165.3
168.2
136.4
180.1
165.5
230.2
167.3
157.4
141.8
147.4
146.8
126.8
142.2
152.5
152. 6
166.8
149.9
143.8
158.4
156.6
160.3
157.9
162.4
151.2
145.8
148.9
165.7
170.9
174.4
177.2
153.3
177.4
166.4
169.4
136.9
181.4
166.9
230.6
169.4
158.1
141.4
149.8
149.3
127.0
147.5
154.1
153.2
168.1
150.3
144.1
160.3
157.6
162.0
160.1
165.0
152.2
146.9
149.9
166.6
171.9
178.6
187.7
153.4
188.8
167.1
170.2
137.3
182.3
168.0
234.1
170.4
158.3
141.1
152.6
152.3
126.6
153.2
155.0
154.0
169.8
151.2
144.4
160.8
158.3
162.4
160.4
165.2
153.0
147.5
150.7
167.4
172.7
178.1
189.7
154.3
177.9
167.7
170.7
138.0
182.8
168.9
235.7
171.2
158.8
142.3
153.6
153.4
126.8
156.1
155.0
154.6
170.9
151.4
144.7
161.6
159.5
163.2
160.8
165.4
153.8
148.2
151.4
169.1
174.6
177.8
190.3
156.3
167.4
168.9
171.6
138.4
183.9
170.9
238.7
174.0
160.1
143.5
155.4
153.9
126.5
156.6
169.5
155.4
172 2
152.1
146 0
1.1
147.5
139.3
162.2
162.4
153. 2
222.2
156. 2
139.5
140.7
139 9
119.3
142.5
1.2
149.1
140.8
164.8
165.3
154.6
224.0
157.9
139.3
142.8
142.1
121.2
143.9
0.9
150.5
141.8
166.9
167.7
156.1
226.6
159. 5
139.8
142.8
142.2
123.2
145.1
0.9
152.0
142.9
168.8
169.7
157.6
228.7
160.8
140.7
143.5
142.7
123.8
146.2
0.8
153.2
143.8
170.4
171.7
158.4
229.7
162.6
140.8
143.9
143.1
124.3
147.5
0.6
154.0
144.5
171.9
172.6
160.2
228.2
164.1
140.8
143.5
142.5
121.8
149.0
0.5
154.7
145.6
171.4
171.5
161.2
227.9
166.1
141.2
144.4
143.5
123.4
150.5
0.3
154.8
146.4
170.3
169.9
162.0
224.9
166. 9
141.3
145.4
144.7
126.9
151.4
0.6
155.7
147.5
170.9
170.5
163.8
227.2
168.1
141.3
146.5
145.8
127.5
152.3
0.4
156.3
147.8
171.8
171.6
165.0
229.7
168.9
141.2
147.0
146.2
126.8
152.6
0.8
157.6
148.5
174.4
174.9
167.2
231.5
169.7
141.3
148.8
148.3
127.3
153.0
1.2
159.9
149.9
177.4
178.3
168.5
236.5
170.4
142.4
151.5
151.1
127.1
153.8
0.2
160.2
150.7
177.4
178.3
169.6
237.1
170.7
143.7
153.0
152.8
128.1
154.4
0.5
160.5
151.2
177.6
178.0
171.6
240.1
171.3
142.9
156.0
154.7
129.5
155.2
227.8
282.0
196.4
171. 9
213.1
264.4
183.4
171.5
205.1
247.2
180.1
171.8
201.9
236.1
181.1
171.3
198.6
224.5
182.3
170.4
201.2
224.6
186.4
172.1
194.5
210.3
184.2
173.2
187.2
209.4
173.2
173.7
195.5
236.0
171.5
175.7
205.6
249.8
179.6
176.7
206.3
242.8
184.2
177.7
198.2
178.6
157.7
158.6
154.1
193.9
178.4
158.0
158. 7
155.3
189.3
179.1
159. 3
159.8
157.4
185.8
178.8
159.3
159.4
158.3
182.4
178.1
158.9
158.5
159.7
189.4
179.0
160.0
159.7
160.7
196.7
178.4
161.2
161. 1
161.2
197.1
178.4
162.5
162. 6
161.7
203.0
179.3
164.5
165. 0
162.4
204.1
180 9
164.9
165.3
163.0
207.5
181.0
166.2
166.7
164.0
438
370
382
274
283
379
332
718
497
428
666
232
467
483
409
433
420
530
349
821
453
489
555
214
470
498
411
452
468
481
380
856
446
454
570
196
430
444
420
505
519
494
••519
••528
f 513
496
88
578
81
133.1
131.1
130.7
132.9
129.9
132.8
124.8
121.9
123.5
139.1
141.8
141.4
160.4
127.9
142.5
135.0
140 7
124 3
146.7
126.9
136.0
126.4
124.9
126.8
123.8
121.5
111.1
117.6
144.8
130 2
137 7
125 2
125 9
r
WHOLESALE PRICESc?
(U.S. Department of Labor Indexet)
Not Seasonally Adjusted
Spot market prices, basic commodities:
230.5 231.5
22 Commodities
1967=100
i 173 8 i 227. 9
240 8
1
255.2
276.9
9 Foodstuffs __
do
175 2 * 243. 2 266 9
204.4
214.7
13 Raw industrials. _
.do
i 173. 1 i 219. 0 224.2
170.2
167.2
All commodities
_ _.
...
do..
134.7
160.1 167 4
By stage of processing:
200.3
196.8
173.9
203.5
Crude materials for further processing
do...
196.1
176.8
173.8
174.0
162.9
Intermediate materials, supplies, etc
do...
131.6
155.2
152.1
147.5
Finished goodsO
do
150.6
127.9
153.2
156.0
149.3
152.1
129.2
Consumer finished goods
do...
148.0
151.9
145.2
123.5
141.0
Producer finished goods
do...
By durability of product:
158.0
159.8
156.4
127.9
150.1
Durable goods
do
174.1
178.1
167.6
175.6
139.9
Nondurable goods . _ __ .
do
162.4
165.2
161.8
129.2
154.1
Total manufactures
.do
158.6
156.6
154.8
148.6
127 A
Durable manufactures
_do_-_
168.2
171.8
159.5
168.8
131.0
Nondurable manufactures
do. .
r
Revised.
1 Computed by BEA.
9 Includes data for items not shown separately.
§ Ratio of prices received, to prices paid (parity index).
d" For actual wholesale prices of
individual commodities see respective commodities.
O Goods to users, incl. raw foods and
fuels.
165.1
165.2
166.5
165.7
165.3
164.8
163.6
164.1
162.4
160.8
160.7
180. 2
186. 1
184 9
179.1
177.6
175.2
177.1
179.0
179.5
180.4
173.0
170. 1
172. 3
169.5
168.7
168.0
167.8
168.2
166.9
166.2
165.
1
165.7
164.9
164.4
163.2
163.7
162.0
160.3
159.6
177.6
179.9
175.1
179.1
174.1
173.1
171.9
172.8
174.4
173.4
172.9
± Effective June 1975 SURVEY, indexes have been restated to reflect new seasonal factors;
revised indexes for 1970-74 appear on p. 39 of the Aug. 1975 SURVEY.
H Effective with
the December 1974 SURVEY, indexes have been revised back to April 1974 to reflect the correction in the used car component.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1975
1974
1974
Aug.
Annual
S-9
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
COMMODITY PRICES—Continued
WHOLESALE PUECEScf— Continued
(U.S. Department of Labor Indexes) — Continued
All commodities — Continued
Farm prod., processed foods and feeds. 1967 = 100..
Farm products 9 _
_
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry
do
Livestock
_
-do.
159.1
176.3
168.1
183.6
179.5
183.4
189.2
162.6
277.7
149.8
184.6
179.1
182.7
163.2
259.3
173.4
168.6
185.1
187.5
166.2
291.2
157.0
164.9
189.0
187.8
186.9
283.5
178.8
156.4
186.5
183.7
163.7
276.0
167.3
159.5
183.8
179.7
174.9
255.4
173.6
156.0
179.5
174.6
169.0
242.8
176.7
152.0
174.9
171.1
163.8
223.5
170.1
155.4
178.8
177.7
183.4
218. 5
168.3
173.5
181.2
184.5
183.1
213.0
177.6
197.9
182.3
1S6. 2
206.7
203.3
190.6
202.4
188.2
193.7
208.6
219.3
219.1
211.3
189.0
193.2
179.6
237.8
202.4
203.0
190.4
197.1
182.6
232.9
203.9
209.9
190.4
177.4
187.7
192.3
257.9
157.4
170.6
do
do
do
do
do
do
148.1
121.7
134.4
131.1
129.6
167.5
170.9
140.7
171.2
146.4
154.6
163.5
179.7
146.2
169.3
142.4
162.7
169.7
176.8
147.8
169.7
144.8
165.6
165.5
183.5
152. 6
176.2
146.4
170.0
163.0
189.7
154.2
179.7
146.8
171.1
166.5
188.2
158.2
181. 9
146.7
170.1
160.6
186.4
162.6
182.3
148.3
171.2
165.6
182.6
162.2
183.6
148.5
170.9
164.6
177.3
162.2
181.9
148.6
169.5
163.7
179.4
161.7
179.1
148.9
170.8
174.4
179.0
161.0
176.2
149.6
171.0
190.7
179.7
16C.4
174.4
150.5
170.9
199.6
184.6
159.4
176.7
153.2
169.4
209.7
186.3
161.6
175.8
156.3
168.6
204.5
186.1
162.5
177.0
160.8
168.4
209.8
do
125.9
153.8
161.6
162.9
164.8
165.8
166.1
167.5
168. 4
168.9
169.7
170.3
170.7
171.2
172.2
173.1
Chemicals and allied products 9-.do
Agric chemicals and chem. prod. . do.
Chemicals, industrial .
...
do. .
Drugs and phannaceuticals
do
Fats and oils, inedible .
... do
Prepared paint
. do
110.0
96.6
103.4
104.3
228.3
122.2
146.8
137.7
151.7
112.7
338.2
145.7
158.5
142.0
167.8
115.3
380.2
152.3
161.7
145.3
174.4
117.0
325.3
154.8
168.5
170.4
181.9
119.1
328.3
157.6
172.9
181.1
190.1
121.0
301.3
161.8
174.0
182.2
194.8
121.8
264.3
161.8
176.0
190.1
196.8
123.8
235.3
163.7
178.1
192.9
202.1
124.1
231.6
164.0
181.8
211.6
207.5
124.5
218.2
164.7
182.4
212.5
207.4
125. 9
261.5
164.7
182.1
212.1
208.8
125.9
250.6
166.1
181.2
211.0
207.0
126.4
246.7
165. 9
181.4
210.3
206.3
127.5
260.4
167.1
182.1
206.5
207.4
127.5
285.7
167.1
182.2
201.2
208.2
127.4
289.7
169.7
Fuels and related prod., and power 91F-..do
Coal
do
Electric power *H
do
Gas fuels f.
..
_ do
Petroleum products, refined 1f
do
134.3
218.1
129.3
126.7
128.7
208.3
332.4
163.1
162.2
223.4
226.0
357.7
170.6
189.9
243.9
225.0
371.8
173.8
166.6
243.0
228.5
394.3
178.3
167.2
244.3
227.4
398.0
179.7
175.5
238.2
229.0
428.4
180.3
177.2
238.5
232.2
428.8
183.3
181.0
242.3
232.3
409.9
186.5
188.5
240.7
233.0
388.3
191.1
188.1
242.3
236.5
387.3
194.6
206.9
243.6
238.8
389.3
192.9
219.1
246.1
243.0
385. 9
190.6
220.0
252. 2
246.6
382.2
192.6
226.4
258.8
252.4
377.9
195.2
226.8
268.6
254.9
373.3
197.5
231.5
272.1
Furniture and household durables 9
Appliances, household
.
Furniture, household
Home electronic equipment .
do.
do. ..
do
do
115.2
108.5
123.0
91.9
127.9
117.9
136.6
93.1
129.8
118.3
137.9
93.6
132.8
120.9
139.9
94.1
135.5
125.1
142.8
94.1
136.9
126.9
144.5
94.5
137.7
128.7
144.6
94.7
138.8
130.1
145. 4
95.4
139.1
130.6
145.5
95.6
138.5
130.1
145. 3
95.4
138.5
130.6
145.4
91.9
138.6
131.0
145.3
91.9
139.0
132.2
145.3
93.0
139.2
132.2
145.4
93.3
139.8
132.4
145.5
94.6
140.1
133.6
146.1
92.8
Hides, skins, and leather products 9
Footwear
Hides and skins . .
Leather
Lumber and wood products .
.Lumber
do
do
do
do,
do
do
143.1
130.5
253.9
160.1
177.2
205.2
145.1
140.0
195.9
154.3
183.6
207.1
146.2
140.7
204.3
154.4
183.7
206.7
148.1
144.1
194.9
155.3
180.4
199.6
145.2
144.3
161.2
151.5
169.4
183.6
144.5
144.8
156.5
147.4
165.8
178.1
143.2
144.8
136.7
145.3
165.4
177.2
142.1
145.4
124.7
141.1
164.7
176.5
141.7
145.9
122.3
138.8
169.3
181.3
143.2
146.0
138.5
141.6
169.6
182.3
147. 5
146.8
173.9
151.5
174.9
189.3
147.7
146.9
170.6
153.3
183.0
200.7
148.7
146.9
182 5
153.2
181.0
199.7
149.3
147.3
186.8
152.6
179.6
196.8
149.3
147.5
186.6
151.5
179.7
197.8
151.3
149.5
192.3
154.1
179.9
196.6
Machinery and equipment 9
do _
Agricultural machinery and equip
do. _.
Construction machinery and equip
do
Electrical machinery and equip do
Metalworking machinery and equip ..do
121.7
125.9
130.7
112.4
125.5
139.4
143.8
152.3
125.0
146.9
144.3
147.9
161.3
128.5
152.7
146.8
152.0
163.4
130.4
156.1
150. 0
155.0
167.0
132.4
159.9
152.7
159.7
169.0
135.4
161.9
154. 0
160.3
170. 0
136.5
163.0
156.6
163.6
177.3
138.1
164.9
157. 7
164.4
180.4
138.7
167.1
158.8
166.0
182.0
139.1
168.8
159.7
166.7
183.8
139.5
169.6
160.4
167.5
184.0
140.1
170.2
161.0
167.8
184.4
140.4
171.9
161.7
168.5
184.9
140.8
172.7
162.2
168.9
185.4
140.9
173.0
163.1
169.2
187.5
141.8
173.1
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do
do
do.. .
do
132.8
120.4
136.2
135.0
171.9
135.0
178.6
187.1
185.6
140.0
195.7
200.4
187.1
141.4
198.1
197.0
186.9
145.0
199.0
190.8
186.7
147.0
199.7
187.2
184.6
148.5
196.7
181.8
185.5
148.3
199.4
178.8
186.3
149.0
200.5
176.1
186.1
149.5
100. 6
173.9
185.7
149.8
201.1
172.2
185.1
150.2
200.6
171.1
184. 5
150.5
199.4
169.1
183.4
150.2
197.3
167.7
184.3
150.3
198.4
169.3
185.5
150.3
200.4
170.8
Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
__ . _._
Rubber and plastics products
Tires and tubes _
do
do
do
do
do
do
do ..
do
130.2
123.3
131.7
120.9
122.1
121.4
112.4
111.4
153.2
135.2
151.7
137.6
151.7
148.6
136.2
133.4
157.6
137.3
156.4
142.9
162.9
160.3
143.4
138.2
159.8
139.2
157.1
145.7
164.2
162.1
145.6
140.3
162.2
141.2
159.5
144.6
166.0
165.4
147.5
141.3
163.4
141.2
160.4
143.8
166.9
166.4
148.5
142.7
164. 3
143.2
161.8
144.3
167.2
167.5
149.4
143.4
168.5
145.4
167.1
143.7
169.8
173.3
149.6
143.7
170.3
146.8
168.1
143.7
169.8
173.4
150.0
145.1
170.8
146.8
169.0
145.6
170.0
173.3
149.7
145.1
173.0
148.7
169.9
144.0
169.7
173.1
149.4
145.1
173.1
149.2
170.0
143. 5
169.8
172.6
148. 9
145.4
173.3
151. 0
170.3
143.4
169. 8
172. 5
14S. 6
145. 4
174.7
151.3
171.2
140.8
170.0
172.4
150.1
151.8
175.8
152. 3
171.3
176.1
154.0
171.2
143.8
170.3
172.4
150.8
152.1
Textile products and apparel 9 .
Apparel
Cotton products
Synthetic products
Textile housef urnishings
Wool products.
.
do.
do
do
do
do
do
123.8
119.0
143.6
121.8
113.3
128.2
139.1
129.5
175.4
135.8
143.1
119.0
142.3
132.4
180.9
138.9
147.4
117.7
142.1
133.0
179.3
137.7
148.5
116.5
140.5
133.1
173.4
135.1
149.2
112.3
139.8
133.6
170.8
134.2
149.0
107.3
138.4
133.7
165.7
132.3
148.4
107. 3
137.5
133.8
162.0
130.7
150.1
103.8
136.5
133.6
158.0
129.3
150.9
103.8
134.3
133.3
156.0
121.7
150.9
102.0
134.4
133.0
158.1
121.7
151.7
103.5
135.2
135 9
136.8
137.6
132 8
138.4
1 fiQ A.
171.4
107.0
107.5
167.4
127.3
151.7
107.8
108.5
152.6
108.5
115.1
119.2
125.5
129.2
126.7
130.1
127.7
130.6
134.2
138.1
135.1
138.9
137.0
140.7
137.1
140.2
138.2
141.5
139.5
143.0
139.9
143.0
139.9
142.9
140.1
143.1
140.1
143.1
140.5
143.5
141.1
143.9
2.9
1.4
-0.9
-0.2
-0.8
-0.5
1.5
0.4
-0.1
1.2
0.8
0.6
198.3
179.5
188.9
179.8
181.3
179.3
179.9
177.9
190.7
178.8
195.3
177.3
192.7
178. 0
202.2
178.6
201.9
180.4
209.8
180.3
164.7
184.4
152.4
137.4
162.5
162.4
164.8
183. 3
153.9
137.7
164.6
162.8
166.7
186.3
155.4
139.0
166. 1
164.0
170.5
164.7
176.5
171.8
172.5
166 2
174. 1
Foods and f ^eds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
_.
Fruits and vegetables, processed
Meats, poultry, and
fish
Industrial commodities
Transportation equipment 9
Motor vehicles and equip
.
Dec. 1968=100..
1967 = 100. .
C
1 Qrt
9
1 99 ft
| go c
1 fid. Q
1O/1 A
1 HI 7
172. 4
152. 1
1 no a
m
7
Seasonally Adjusted t
All commodities, percent change from previous
3.7
By stage of processing:
Crude materials for further processing 1967—100
Intermediate materials, supplies etc
do
Finished goods:
Consumer finished goods ..
do
Food
do
Finished goods exc foods
do
Durable
do
Nondurable
do
Producer finished goods
do
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
do
do
do
Farm products
do
Processed foods and feeds
. do ..
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
1967=$1.00._
Consumer prices do
cfSee corresponding note on p. S-8.
$0. 744
.752
$0.627
.678
0
201.3
173.5
199.0
173. 1
203.1
177.5
204.5
179.3
151.6
167.2
142.6
127.6
152.5
145.1
153.2
168.5
144.5
129.6
154.2
148.0
156.9
173.3
147.1
133.5
156.0
152.1
160.2
180.5
147.6
133.9
156.8
154.4
158.9
176.6
148.6
134.9
157.8
155.3
159.5
175.6
149.5
135.2
158.5
157.2
158.6
174.1
149.7
135.8
159.0
158.1
157.7
170.6
150.0
136.9
158.9
159.7
159.7
175.1
150.3
136.9
159.3
160.7
161.3
162.4
136.9
151. 5
137.3
161. 0
161.3
154.3
168.3
161.9
156.6
167.9
165.9
158.9
173.0
167.0
160.4
173.8
167.7
161.3
174.1
168.7
162.5
174.7
168.0
163.2
172.3
167.5
163.4
171.2
168.9
163.7
173.8
169.0
169.8
186.8
177.9
184.4
177.0
193.1
185.0
194.0
193.8
186.1
188.2
177.9
185.3
170.2
180.3
168.1
175.7
179.3
181.9
184.5
180.3
181.7
178. 1
193.7
183.9
190.7
198.9
$0. 597
.667
$0.598
.659
$0. 588
.654
$0. 582
.648
$0. 583
.643
$0. 582
.641
$0. 584
.636
$0.587
.634
$0.581
.631
$0. 577
.628
$0. 576
.623
$0. 569
.616
$0. 566
.614
$0. 563
.611
9 Includes data for items not shown separately.
^Beginning June 1974 SURVEY, data are restated to reflect changes in pricing by BLS.
Because of delay in obtaining data the prices lag the current index as follows: electric power,
one month (i.e., July index reflects June prices); gas fuels, except LPG f two months (July
594-639 O - 75 - S-2
m
K
index reflects May prices); refined petroleum products (gasoline, distillates, residual), one
month (July index reflects June prices). The restated indexes are comparable with those for
earlier periods.
JBeginning in the May 1975 SURVEY, data reflect new
seasonal factors;
c
revised indexes for 1970-74 appear on p. 40 of the Aug. 1975 SURVEY.
Corrected.
SURVEY OF CUKRENT BUSINESS
S-10
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
| 1974
Annual
October 1975
1974
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
June
Apr.
May
9, 709
10,646 ' 11,381
July
Aug.
Sept.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE!
New construction (unadjusted), total
mil. $
r
!35 953 '135, 481
e
r
do
!03 444 97, 079
do
'57 635 47, 044
do_ __ ' 47 853 37, 312
Private total 9
Residential (including farm)
New housing units
Nonresidential buildings, except farm and public utilities total 9
mil $
Industrial
do
Commercial
--- - -do
Public utilities:
Telephone and telegraph
do
Public, total 9
do__
Building^ (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
do
do
do
do
do
r
r
12, 162
12, 114
11, 433
11,249
11, 758
8,869
4, 495
3,520
8,562
4, 252
3,316
8,654
3,967
3,073
8,185
3, 653
2,798
7,536 ' 6, 443 '5 946 r 6 172 r 6 807 ' 7, 291 ••7,588 ' 7, 823
3,263 ' 2, 727 ' 2, 433 ' 2, 637 '3 045 r 3, 421 ' 3, 722 ' 3, 902
2,456
2,035
2,318 '2,656 ' 2, 916
1,780
2 073
1,883
7,990
4,019
3,070
2,150 '2,164
'668
671
1,022 ' 1, 034
2,153
649
1,043
9,093
27 584
6 243
15 453
29, 644
7,902
15, 945
2,580
678
1,361
3,562
641
1,420
2 788
770
1,500
2,650
773
1,390
2 511
779
1,270
2 206
634
1 128
2 110
612
1 069
2 024
606
994
2 134
624
1,040
2 182
685
1,046
3 967
4,279
385
362
403
360
348
281
283
305
326
313
' 32 509 38, 402
12 994
'941
605
1 170
10 559
14 990
1 007
763
1,185
12, 083
New construction (seasonally adjusted at annual
rates), total
bil. $
Private total 9
10, 636 ' 9, 247 ' 8, 728
12, 557
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
3,688
3,600
3,460
3,248
3,100
2 804
2,782
1 359
100
53
96
1,277
1 279
120
53
104
1,361
1 197
70
67
95
1,217
1 215
85
65
95
973
1 297
87
81
99
795
135.6
133.3
134.5
131.9
134.0 ' 132. 3 ' 128. 9
97.1
94 9
95 6
93.8
92 5
r
91 2
r
47.7
37 4
45.9
35 6
44.2
33 9
42 5
32 1
41.1
30 5
r
39. 6
28 8
r
29.2
7.8
15 1
29.1
7.5
15 7
30.8
8.7
16 3
30.5
8.9
16 0
30 4
9.0
15 4
1 232
91
74
97
681
30 0
8.4
15 6
2 921
1 213
84
76
98
681
89 0
Qg r
27 4
29 6
87
15 0
1 289
97
85
108
696
r
1 207
72
74
102
830
1,249
'92
82
102
' 1, 199
68
118
121. 5 ' 125. 9 ' 124. 8
126.2
1 273
81
87
102
1,075
r
3,678
1,217
86
'68
107
1,209
'84 6
r
84.0
••84.0
'86.1
87.0
r
••39.8
••28.9
'41.0
'30.6
42.0
32.0
'24.8
'7.7
11.8
' 25. 0
'7.7
'12.0
24.6
7.5
11.7
26 9
37.9
26 8
'38.8
27 6
26 3
79
13 0
25 9
75
12 8
25.6
8.2
12 1
r 38 0
321
2,902
125 5 ' 120. 9
r 85 7
305
3,355 '3,793 '3,426
4.3
43
4.4
4.1
40
4.5
4 2
37
40
3.6
3.4
3.8
do
38 5
38 4
38 9
38-2
41 5
41 1
39 8
39 8
36 3
37.4
'41.9
'38.7
39.2
Buildings (excluding military) 9 .
do
Housing and redevelopment _ _ . do
Industrial
...
do
Military facilities
do
Highways and streets
__ __ .
.do
15 1
1i
.7
10
12 2
14 9
15
7
12
12 8
14 5
.8
.8
1i
12.4
14 7
.9
.8
1i
11.1
15 P
9
9
12
12 0
16 1
12
.9
12
12 4
15 4
12
10
13
12 0
16 5
12
10
13
11 4
14 9
9
8
15
11 0
13.9
1.0
.9
1.2
12.2
'15.8
'1.0
.9
1.1
'12.5
15.0
1.0
.9
1.3
11.9
.9
1.3
Ofi4
5 inn
4 955
6 674
9 598
9,143
9,324
9,044
10,037
17R
iqc
r 140
i ce
IRQ
174
165
208
4Qfi
2 9^4
9 R4R
2 031
2 924
2 182
4 393
2 768
6 830
2,875
6,268
3,891
5,432
3,784
5,260
3,040
6,997
9 93°.
2 199
1 583
1 172
2 402
2 316
1 856
2 987
3 029
3 582
2,877
3,073
3,193
3,169
3,116
3,040
3,165
3,093
2,787
2,666
2,784
4,587
7 49c
fi C94.
fi
9QQ
7,609
6,856
7,184
Public, total 9
CONSTRUCTION CONTRACTS
Construction contracts in 60 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
Tnil $
Index (mo data seas adj )
QEQ
7 997
r 172
1 Q7
14R
I fA
3 311
5 105
970
3
5 086
2 720
4 508
2 391
3 788
2
33 051 r 3 246
34 404
3 060
26 914 r 2 HO
3 00A
2 503
2 710
2 457
2 061
2 618
1 931
l' 630
2 451
l' 715
1967—100
99 304
i igo
94 370
i 169
mil $
do
26 563
72 741
32 497
61 873
do
do
do
31 534
45 696
92 074
fifi 740
Public ownership
Private ownership
By type of building:
Nonresidentiallf
Residential
Non-building constructional
New construction planning
(Engineering News-Record) O
8 416
97 102
fi 4.99
thous.. 2,057. 5 1,352.5
do
932.2
1 501.7
do
2 045 3 1 337 7
do
l' 132 0
888.1
114.0
79 3
111 1
79 8
do
8
2
COC
6
17Q
7
4 809
q i on
1 562
I ons;
r
r
191
QIC
in 9.3R
99.6
63 0
98 3
73 4
97.2
62 2
96 7
69 5
75.6
48 3
75 1
57 9
55.4
38 6
55 1
41 0
56.9
37 4
56 1
39 8
56.2
38 2
54 7
40.0
81.1
54 2
80 2
62 5
98.4
66 1
97 9
77 8
117.0
73.2
U6.1
92.8
110.9 ' 120. 1 ' 118. 7
72 3
77 3
77 6
110 3 r 119 3 r r117 3
90.5
90 3 r 92 8
109.9
71.0
109.0
82.1
1,156
826
1 157
846
1 106
792
1,017
802
880
682
999
739
1,000
733
985
775
980
762
1,130
887
1,094 r 1, 235
884
'935
' 1, 268
'986
1,240
906
1,072
749
8
HOUSING STARTS AND PERMITS J
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 (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total _ .
. . .
thous
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates
do
do
1,820
882
1,074
644
928
626
853
588
811
550
770
534
837
514
689
508
701
515
677
503
837
603
912
658
949
679
1,042
711
'995
'732
566.9
329.3
29.2
316
24.1
258
20.7
227
15.3
204
11.8
195
11.7
185
14.7
219
16.3
194
19.2
194
20.3
99/1
20.3
210
20.0
225
21.2
235
147 7
170 n
m
r 1RQ 9
ISO 9.
r 187 fi
188 9
ICQ Q
1 608
1 821
1,711
1 552
1 626
1 850
1,712
1 529
1,597
1,633
1,855
1,785
1,633
1,591
1,673
1,861
1,793
1,657
1,601
1,700
1,872
1,800
1,693
1,674
1,710
1,869
1,798
1,690
1,677
CONSTRUCTION COST INDEXES
American Appraisal Co., The:
Average 30 cities
Atlanta
New York
San Francisco
St. Louis
1913—100
do
...do....
do
do
1 515
1 749
1,590
1,469
1,434
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings
Commercial and factory buildings
Residences
1967 = 100
do ...
do
154.0
154.4
159.2
1,536
e
m
o
1 645
1 836
1,757
1 585
1,587
175. 3
168.4
179.6
171.1
172.0
177.1
' Revised.
* Preliminary.
i Computed from cumulative valuation total.
t Data for new construction have been revised back to 1958: those for housing starts and,
permits, back to 1959. The revised data are available from the Bureau of the Census, Washington, D.C. 20233.
1T Data for Aug. 1973 for nonresidential building and nonbuilding construction appearing in
183 8
1 648
1 814
1,751
1 578
1,584
1 640
1 800
1,746
1 614
1,574
1 639
1 797
1,743
1,609
1,571
1 647
1 832
1,775
1,612
1,576
1,655
1 848
1,780
1,617
1,579
' 191 3P 192 5
1,733
1,881
1,815
1,734
1,700
186.0
184.5
182.6
178.3
177.4
190.1
187.8
185.8
182.8
182.4
184.3
182.4
180.6
178.0
177.9
the Oct. 1974 SURVEY were transposed; they should have read (mil. $): Nonresidential
building,' 3,167; non-building construction,' 2,453.
O Data for Aug. and Oct. 1974 and Jan. and May 1975c are for 5 weeks; other months, 4 weeks.
9 Includes data for items not shown separately.
Corrected.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
Annual
1975
1974
1974
1973
S-ll
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
190.5
201.4
193.4
205.3
195.0
209.2
Aug.
l
Sept.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
Engineering News-Record:
Building
1967 = 100
Construction
do
Federal Highway Adm.— Highway construction:
Composite (avg. for year or qtr.)
1967=100...
168.4
176.5
178.3
188.0
152.4
201.8
194 1
177 5
1P1 7
175 2
179 2
174 8
181 6
164 1
148 8
155 9
127 2
144 9
135 7
143 9
134 0
151 7
147 2
152 5
161 1
157 4
166 5
152 6
168 7
156 9
147.0 ' 135. 4
172.3 175.7
172.1 204.0
139.3
170.3
213.8
172.6
232.7
12.6
142
18.5
216
7.7
84
11.1
120
6.0
7.0
14.8
156
183.6
193.2
183.1
194.5
184.5
195.5
183.4
195.0
183.8
195.3
183.8
195.8
187.2
198.1
187.8
198.8
r
196. 9 i' 197. 2
211.7 * 211.5
199.3
207.3
209.9
209.7
187.3
198.1
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
Seasonally adjusted
1947-49=100.
do
Iron and steel products, unadjusted-
do
193.1
Portland cement, unadjusted
do
194.6
235.4
181.8
171.6
215.3
186.5
182.9
270.5
178.3
167.7
248.3
189.4
161.0
271.9
170.1
130.9
183.8
155.2
114.5
138.7
152.7
133.5
114 8
138.5
139.7
105 0
142.9
154.9
131.4
83.2
87.1
161.9
161.1
7.5
85
16.8
185
8.2
95
13.5
169
11.1
133
16.3
185
7.9
111
12.0
157
5.8
79
8.4
132
5.1
72
8.9
126
4.8
64
10.6
144
6.7
72
11.3
128
OOK QQ
74fl Oft
OQO f A
qca C7
K14 7Q
eOQ
14
AQ9 AQ
cqj. AV
KQ7 AQ
C1 1 70
r-to Afi
7,467.53 7,909.60 834. 91
704.78
712. 42
727.35
557.83
544. 98
494.27
574. 36
607. 94
680. 97
986. 02
674.34
848.30
814. 58
21,502
21,804
20, 728
19, 461
18,164
17,527
17, 145
16, 803
16,685
16,945
17,482
9 919
2 004
070
1 142
9 977
4 173
5 370
1 019
3 089
c Q71
5 498
5 731
v t; K*Q
QOQ
1 AKC
REAL ESTATE H
Mortgage applications for new homo construction:
FHA net applications
thous. units..
Seasonally adjusted annual rates
_.do
Requests for VA appraisals
...do
Seasonally adjusted annual rates
do
Home mortgages insured or guaranteed byFed Hous. Adm : Face amount
mil $
Vet. Adm.: Face amounts
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
15, 147
21,804
19, 653
20, 772
21,409
49 412
38 959
3 588
2 676
2 399
10 215 7 566
2Q 566 23 560
9 6S1 7 9R1
number- r 135 803 140 469
...mil. $..
2,639
3,190
612
AQQ
AK.R
New mortgage loans of all savings and loan associations, estimated total
. mil. $
By purpose of loan:
Home construction
do
Home purchase
do..
All other purposes
„ do
Foreclosures
Fire losses (on bldgs., contents, etc.)
4 470 on q oqq 7/1
2 387
1 705
1
QR1
1
1Q8
079
1 498
11 684
11 095
12 606
11 185
264
254
274
262
AACi
A()O
OQ1
400
589
CC7 KA
I
occ
3
11A
49ft
A44
1 98^
1 fV7fi
7.8
86
12.7
131
7QQ
9 014.
I ftfift 1
q fjoft
' 484.
ceo
7Q1
12 749
12 815
11 545
12 636
12 833
12 291
12 476
298
307
287
341
335
312
265
147
155
174
123
135
146
156
164
115
152
142
157
158
117
136
141
157
152
117
134
146
175
154
109
142
143
165
155
109
140
QK 7
119 0
50
10 1
18
11.3
119 3
5 2
87
2 3
12.5
121 0
37
97
25
12.4
7 6
6.2
2 9
15
11 9
52 7
84
6.8
35
12
12 1
CC7
9fiQ
1
OAR
5.6
6.7
13.7
157
r
r Q8fl
r3
3 118
qoc
5QQ
r 1 9^1
I
6.4
71
14.5
172
Q77
3 qft7
1 914
275
285
105 6
18
9 8
2 1
13.1
83 2
2 2
7 2
14
10.8
6.7
82 6
29
53
9
12.0
5.1
118 7
6.6
6.1
21
11.4
6.2
9 0
4.3
2 9
11
12 8
42 4
57
3il
23
12
11 5
31 1
42
2.7
26
12
12 3
33 3
7.3
5.5
31
361 0
90
88 6
12 0
49 3
202 1
294 8
62
80 5
10 8
32 8
164 6
329 8
59
91 2
63
33 4
193 1
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national advertising index,
seasonally adjusted:
Combined index d"
1967=100
Network TV._
do
Spot TV
_.
do
Magazines
do
Newspapers...
do
Magazine advertising (general and natl. farm magazines) :
Cost, total
.
mil $
Apparel and accessories. .
do
Automotive, incl. accessories
.
do
Building materials
.
do
Drugs and toiletries
.
do
Foods, soft drinks, confectionery
do
Beer , wine , liquors. .
do
Household equip., supplies, furnish ings., do..
Industrial materials
do
Soaps, cleansers, etc...
do
Smoking materials
do
Allother
do
Newspaper advertising expenditures (64 cities): ©
Total
mil $
Automotive
do
Classified
do
Financial...
do
General
do
Retail
do
130
135
139
116
131
141
150
153
121
141
141
153
152
123
139
144
151
157
122
152
147
151
165
125
1 316 0 1 366 3
52 9
50 3
120 4 104 5
26 7
24 7
140.6 142.3
96.2
92.3
84 1
39
51
11
10.2
5.7
4 6
3.6
2 9
13
10 7
34 9
87 0
86.4
28 4
18 6
110 5
548 3
102 9
79.5
35 4
17 6
136 3
580 4
3 786 1 3
99 8
1 024 2
138 9
479 2
2 044 1 2
767 2
104 2
966 7
126 0
491 5
078 8
140
146
154
164C
13
130
148
159
160
123
152
125 9
7 0
75
2 7
11.7
6.4
141 8
1 C7 ft
6 3
12 5
ma
13.5
9.8
51
12 3
19
14.5
12.5
7 9
7.9
31
15
12 2
57 9
10 5
10.1
30
16
12 5
59 2
14 5
10.2
39
2 Q
12 7
67 3
8
7
1
4
5
0
319 5
9 8
83 6
9 4
44 8
171 9
335 0
9 3
78 2
13 n1
46
187 5
330
9
70
9
46
104
39,408
18 029
21 377
37 986
17 569
20 417
39 932
18 288
21 644
296
7
88
6
29
165
9 8
34
6 8
14
12.1
8.8
16 7
4.9
31
12
12 6
2 6
4 ^
30
51 6q
9.1
12.1
8.4
46
2.8
4 8
2.4
2 4
16
10 8
7 8
4.5
29
21
12 6
53 1
4.4
9 fi
14
9 7
cq o
4fi ft
4fi 4
43. K
8
9
3
4
8
5
qi c Q
qno q
OftfJ 1
303 5
7 6
76 o
14 5
39 6
165 7
4
6
1
0
2
359 8
81
86 4
10 8
50 3
197 3
337
7
79
12
47
190
37 457
16 112
21 345
37 207
15 382
21 825
35721
15 021
20700
33831
14 168
19 663
35936
15 041
20 895
36 132
15 828
20 304
36407
15*731
20 676
f
363*8 36 916 36, 502
15 733 rr 15 721 15 225
20 655 21 195 21 277
46 452
27 044
19 4n8
46 695
27 529
19.166
46 582
28006
18.576
46 119
28002
18.117
45 939
28*210
17.729
45 581
28315
17.266
44576
27*958
16'618
44,884
44513 '44513
r
27894 27,710 27, 557
16'619 ' 16.803 17.327
4 8
K7 1
11 1
36 8
8
75
8
44
166
3
3
7
5
6
2
354
9
84
9
50
200
3
4
6
4
7
2
2 2
13 2
55 1
WHOLESALE TRADEf
Merchant wholesalers sales (unadj.), total mil $
Durable goods establishments
do
Nondurable goods establishments.. . . do
364803 448, 127
168 074 202 341
196 729 245, 786
Merchant wholesalers inventories, book value
end of year or month (unadj.), total., mil. $
38 558 46, 695 42785 43 622 45 593
Durable goods establishments
do
21,648 27, 529 25 292 25 888 26 448
Nondurable goods establishments .
do
16. 910 19. 166 17.493 17.734 Ifi! 150
•• Revised
1 Index as of Oct. 1, 1975: Building, 200.1; construction, 213.5.
d*Beginning Jan. 1973 data reflect new reference base, 1967=100.
9Includes data for items not
shown separately.
§Data include guaranteed direct loans sold.
HHome mortgage
rates (conventional 1st mortgages) are under money and interest rates on p. S-18.
0Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
tSeries revised back to Jan. 1964 to reflect kind of business classifications of establishments
selected for a new sample in terms of the 1967 Census of Business; revisions for earlier periods
appear on p. 44 n\ of the December 1974 issue of the SURVEY.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974
October 1975
1974
Annual
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores:
Estimated sales (unadj ), total
.. mil. $.. 503,317
537, 782
48,444
43,800
46,758
46,351
52,253
41,315
39,802
44,937
45,896
51, 204
49, 052 ' 50,026 ' 50,552
do
do
do
do
170,275
100, 661
92,768
7,895
167,313
93, 089
84,773
8,316
15,614
8,969
8,221
748
13,858
7,591
6,909
682
14,501
7,978
7,250
728
13,085
6,965
6,241
724
13, 353
6,239
5,508
731
12,051
6,732
6,148
584
12,279
7,258
6,693
565
13,270
7,641
6,954
687
14,588
8,422
7,663
759
15, 987
9,180
8,347
833
16, 126 ' 16,374 ' 15,495 * 15,794
9,342 '9,611 ' 8, 751 1 8, 865
8,499 ' 8, 783 7,972
843
'828
779
Furniture, home furn., and equip. 9 .--do
Furniture, homefurnishings stores... .do
Household appliance, TV, radio
do
24, 030
14,290
7,904
25,544
15,364
8,006
2,244
1,367
699
2,116
1,258
664
2,175
1,331
647
2,159
1,314
643
2,533
1,368
855
1,931
1,149
610
1,793
1,079
554
1,971
1,176
605
2,010
1,207
620
2,124
1,260
679
2,144 ' 2, 167 ' 2, 171 i 2, 185
1,269 ' 1, 283
1,291
697
'7C8
691
Building materials and hardware
do
Lumber, bldg. materials dealersd" — do
22,766
18, 049
4,717
23, 491
18, 328
5,163
2,209
1,765
444
2,057
1,628
429
2,161
1,699
462
1,897
1,453
444
1,760
1,241
519
1,498
1,152
346
1,439
1,092
347
1,631
1,237
394
1,879
1,418
461
2,199
1,628
571
2,212 ' 2, 244
1,668 '1,721
544
'523
Nondurable good*? stores 9
do
Apparel and accessory stores
..do
Men's and boys' wear stores
do
Women's apparel, accessory stores... do
Shoe stores
do
333, 042
24,062
5,609
9,119
4,229
370,469
24,864
5,668
9,551
3,979
32,830
2,125
466
796
358
29, 942
1,997
429
784
341
32,257
2,096
461
844
325
33,266
2,191
506
853
325
38,900
3,358
832
1,285
411
29,264
1,770
428
687
272
27,523
1,606
375
626
247
31,667
2,077
454
795
349
31,308
1,949
436
749
311
35, 217
2,232
516
869
354
32, 926 ' 33,652 ' 35,057 i 32,943
2,072 '1,970 ' 2, 253 i 2, 210
502
'440
471
797
'783
903
323
'303
355
15,474
37, 925
105, 731
98, 392
34,432
16, 785
41, 840
119, 763
111, 347
39, 910
1,429
3,942
11,014
10,250
3,738
1,330
3,583
9,841
9,116
3,426
1,399
3,685
10,304
9,562
3,546
1,378
3,592
10,705
10,013
3,400
1,914
3,621
10, 678
9,898
3,406
1,379
3,443
10,568
9,895
3,278
1,332
3,288
9,678
9,032
3,053
1,430
3,668
10.706
9,967
3,424
1,407
3,773
10,178
9,452
3,468
1,529
4,183
11, 687
10, 893
3,715
1,494
4,207
10, 789
10, 009
3,750
83,301
89,286
7,625
7,034
7,711
8,751
12, 036
5,588
5,524
7,039
7,059
8,047
76,938
52, 292
5,384
8,212
9,602
82, 535
55,871
5,839
8,714
10, 285
7,059
4,749
494
759
919
6,460
4,386
473
662
818
7,059
4,726
609
727
867
8,089
5,427
705
817
923
11,416
7,991
602
1,285
1,207
5,108
3,418
346
524
801
5,036
3,334
385
542
745
6,489
4,367
458
706
837
6,503
4,449
458
660
806
7,488
5,170
435
798
945
Durable goods stores 9
Automotive dealers -- Passenger car, other auto, dealers
Tire, battery, accessory dealers
Drug and proprietary stores
Eating and drinking places
Food stores
Grocery stores
Gasoline service stations
-
do
do
do
do
do
General merchandise group with nonstores9
mil. $ _ _
General merchandise group without nonstores9§
mil. $_,
Department stores
do
Mail order houses (dept. store mdse).do
Variet y stores
-- do
Liquor stores
- .
. do
Estimated sales (seas adj.), total APMirftblf goods ^torps 9 A
48,737
2,206
1,701
505
' 1, 495 i 1, 437
' 4, 365 i 3, 927
' 11,669 i 10,714
' 10,895 i 10,002
' 4, 142 13,845
7,502 ' 7, 288 ' 8, 001 i 7, 695
6,973 ' 6, 759 ' 7, 445 i 7, 115
4,827 ' 4, 611 ' 5, 070 i 4, 888
407
' 443
496
713
665
791
909
'968
965
'46,920 '45,858 '45,844 '44,529 '45,109 '46,006 '46,914 '45,951 '46,813 '48,173 '48,578 ' 49,655 ' 49,827 i 50,012
'15,245 '14,100 '13,686 '13,035 ' 13, 554 ' 14, 126 '14,664 '13,378 ' 14, 165 ' 14, 703 ' 14, 965 ' 15,432 ' 15,427 i 15,766
' 8, 907 '7,874 ' 7, 555 '6,979 ' 7, 646 ' 7, 747 ' 8, 420 ' 7, 361 ' 7, 901 '8,263 ' 8, 447 '8,850
8,813 i 9, 009
' 8, 219 ' 7, 158 ' 6, 855 ' 6, 314 ' 6, 956 ' 7, 022 ' 7, 675 ' 6, 623 ' 7, 164 '7,508 ' 7, 654 ' 8, 082
8,071
793
700
716
725
745
737
665
755
738
'768
742
690
688
do
do
Passenger car, other auto, dealers A. -do
Tire, battery, accessory dealers
do
' 1, 473
' 4, 228
' 11,433
' 10,647
' 4, 067
1
"."."."..
Furniture , home furn. , and equip .9
do
Furniture, homefurnishings stores — do
Household appliance TV radio
do
2,212
1,325
691
2,198
1,335
676
2,111
1,282
638
2,067
1,240
629
2,004
1,193
617
2,040
1,237
625
2,051
1,235
633
2,046
1,199
660
2,132
1,244
686
2,139
1,216
716
2,168 ' 2, 171
1,245 ' 1, 280
'688
723
2,195 i 2, 216
1,287
694
Building materials and hardware
Lumber bldg materials dealers cf
Hardware stores
do
do
do
1,924
1,509
415
1,958
1,514
444
1,957
1,517
440
1,892
1,465
427
1,843
1,412
431
1,895
1,424
471
1,892
1,415
477
1,819
1,355
464
1,883
1,415
468
2,006
1,517
489
1,999 '1,993
1,515 ' 1, 515
484
'478
1,994
1,505
489
Apparel and accessory stores
do
.Men' s and boys' wear stores
do
Women's apparel, accessory stores... do
Shoe stores
do
31,675
2,129
507
810
332
31,758
2,122
495
824
318
32,158
2,087
477
817
321
31,494
1,982
450
766
307
31, 555
2,032
444
800
303
31,880
2,118
473
844
323
32, 250
2,189
518
828
344
32,573
2,099
506
820
310
32,648
2,179
506
819
337
33, 470
2,216
506
854
356
33, 613 ' 34,223 ' 34,400 1 34,246
2,312 i 2, 269
2,223 '2,236
517
'511
519
'876
863
953
'344
346
335
1,408
3,498
10,261
9,553
3,480
1,415
3,530
10,363
9,626
3,503
1,429
3,623
10,431
9,698
3,507
1,402
3,715
10,455
9,740
3,397
1,461
3,721
10, 330
9,610
3,399
1,436
3,784
10,672
9,945
3,465
1,449
3,828
10,643
9,925
3,465
1,488
3,821
10,805
10,058
3,497
1,455
3,898
10,598
9,846
3,532
1,499
3,935
10, 875
10, 105
3,565
1,532
3,984
11,023
10, 255
3,616
7,527
7,578
7,533
7,409
7,371
7,261
7,533
7,599
7,638
7,981
6,959
4,740
492
746
887
7,006
4,737
514
745
888
6,960
4,712
513
753
891
6,865
4,627
499
732
884
6,758
4,608
415
684
886
6,704
4,497
485
720
871
7,000
4,743
489
746
882
7,058
4,852
456
739
903
7,068
4,825
476
746
884
7,429
5,094
482
788
919
Drug and proprietary stores
Eating and drinking places
Food stores
Gasoline service stations
..
do
. . do
do
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept store mdse ) do
Variety stores
do
1,506
3,894
11, 086
10, 356
3,871
i 1, 511
13,884
i 10,972
l 10,258
i 3, 892
7,994 '7,903
8,108
18,092
7,421 '7,321
5,081 ' 5, 017
'510
496
728
774
941
'927
7,540 17,524
5,205 i 5, 145
509
801
941
' 1, 525
'3,933
' 11,282
' 10,531
' 3, 790
Estimated inventories, end of year or month: t
Book value (unadjusted), total f
mil. $.. ' 63, 661 ' 72, 056 ' 67,613 ' 70,166 ' 74,316 ' 76,738 ' 72,056 ' 71, 028 ' 71,346 ' 72,475 ' 72,847 ' 72,050 ' 71,669 ' 71,268 70, 295
34, 649 28, 903 29, 920 32,034 33, 714 33, 747 33, 717 33, 196 33, 499 33, 852 33,604 33, 419 32, 725 31, 243
29,094
Durable goods stores 9
do
14, 635
17, 255 12, 941 13, 869 15,500 16,931 17, 255 17,226 16, 371 16, 720 17, 033 16,814 16, 562 16, 096 14, 738
Automotive group
do
4,732
5,350
4,845
5,186
5,417
4,964
5,211
5,186
4,686 4,658 4,662 4,640 4,658
4,637
5,124
Furniture and appliance group
do
4,590 4,675
4,755 4,642 4,673
4,425 4,736 4,684 4,427 4,433 4,425 4,477
4,731 4,769
4,150
Lumber, building, hardware group, .do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $
Department stores
do
Book value (seas adj ), total t
do
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group.. .do
34, 567
5,151
6,968
38,309
5,280
8,130
38,710
5,507
7,367
40, 246
5,792
7,484
42, 282
6,009
7,803
43,024
6,054
8,159
38,309
5,280
8,130
37,311
5,098
7,797
38, 150
5,326
7,840
38,976
5,512
7,900
38, 995
5,515
7,883
38,446
5,488
7,865
38, 250
5,353
7,865
38,543
5,377
7,889
39, 052
5,508
7,896
14,434
8,422
15, 540
9,246
17,456
10, 232
18, 202
10, 759
19, 353
11, 646
19,403
11, 934
15, 540
9,246
14,997
8,788
15,313
8,920
16, 056
9,505
16, 169
9,631
15,870
9,540
15,765
9,373
15, 954
9,478
16, 310
9,772
' 65, 229 ••74,082 ' 69,622 ' 70,700 ' 73,087 ' 73,964 ' 74,082 ' 73,327 ' 72,308 ' 71,728 ' 71,483 ' 70,826 ' 70,840 ' 71,503 72,578
29, 593 34,649 30, 735 31,273 33, 190 34, 251 34,649 34, 267 32, 956 32,460 32, 375 32, 086 31,909 32, 270 33, 324
14, 813
17, 794 14, 684 15, 096 16, 806 17, 720 17, 794 17, 414 15,900 15, 723 15, 817 15, 605 15, 294 15,540 16, 729
4,780
4,974
5,102
4,630 4,657
5,204 5,238
4,667
4,677
4,686
4,684
5,238 5,155 5,185 5,209
4,572
4,570 4,562 4,590 4,635
4,564
4,624
4,296
4,706
4,581 4,769
4,780 4,531 4,570 4,581
35,636 39, 433 38, 887 39, 427 39, 897
Nondurable goods stores 9
do
5,382
5,431
5,490 5,564
5,517
Apparel group
do
6,865
7,487
7,590 7,658
8,010
Food group
_ _ do. .
General merchandise group with non17,763
16,
621
17,561
17, 435
stores
mil. $_. 15, 439
Denartment stores
do
8.988
9.868 10. 304 10.425 10.607
' Revised.
* Advance estimate.
9 Includes data not shown separately.
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.
§ Except department stores mail order.
j Series revised beginning Jan. 1071 to reflect
39,713
5,494
7,815
39, 433
5,517
8,010
39, 060
5,523
7,916
39, 352
5,554
7,984
39,268
5,540
7,916
39, 108
5,537
7,883
38,740
5,583
7,881
38, 931
5,547
7,873
39, 233
5,538
7,977
39, 254
5,432
8,024
17, 367 16, 621 16, 211 16, 133 16, 294 16,251 15, 997 16, 055 16, 156 16,289
9.514
9.476
9.868
9.617
9.630 9.595
9.597
9.696
10. 496
9.841
benchmark data from the 1972, 1973, and 1974 Annual Retail Trade Reports and new seas,
factors; revisions for Jan. 1971-July 1974 are available upon request.
A Revisions
for Jan.-July 1974 are available upon request.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973 P
1974
1974 P
Annual
S-13
Aug.
Sept.
Oct.
1975
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
14,729
15, 698
Sept.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Firms with 11 or more stores:
Estimated sales (unadj.), total?
mil. $
169, 434
14 896
13 499
14,597
15 745
19080
12693
12, 047
14 342
13, 917
15860
14, 687
6,569
2 393
1,908
5,857
6,428
2,390
1,737
6 451
561
210
155
549
531
197
156
498
545
207
142
532
563
209
143
529
887
339
197
810
415
155
117
489
380
143
107
484
563
209
162
548
502
185
138
531
573
221
150
590
534
201
140
592
65, 569
70, 597
6,051
5,557
6 132
6 956
9 633
4 308
4,298
5,559
5, 574
6,372
5,948
r
5, 745
6,365
62, 471
46, 380
6,627
67, 289
49, 802
6 988
5,772
4,259
603
5,275
3,914
531
5 789
4, 215
587
6 627
4 831
666
9 362
7,086
1 025
4 098
3 051
406
4,055
2, 976
427
5,278
3,900
564
5,305
3,983
532
6,094
4,607
646
5,688
4,321
576
r
r
5, 505
4,r 140
528
6,107
4,548
640
55, 165
2,210
62, 614
2 168
5,683
192
5,034
177
5, 351
187
5 760
179
5,587
183
5,646
151
5,116
145
5,702
175
5,268
198
6,079
210
5,457
215
f
5,r 812
195
6,041
189
do
14 374
14,524
1-4 579
14 305
14 166
14 390
14, 661
14,882
14, 624
15 149
15 325
r
15,388
15, 614
do
do
do
do
561
212
146
539
548
204
141
538
531
201
145
547
493
182
129
538
536
200
143
548
548
217
149
535
567
210
154
561
540
203
141
586
545
203
152
558
574
216
153
574
575
214
152
607
5 969
6,014
5 999
5 909
5 712
5,722
5,941
6,038
6,012
6,325
6,352
5 684
4 204
600
5,740
4,227
597
5 721
4 202
608
5 638
4 161
589
5 440
4 096
533
5 459
4 030
581
5,670
4,221
597
5,768
4,333
595
5,730
4,297
598
6,055
4,539
640
6,075
4 534
625
5 957
178
5,472
188
5,483
177
5 449
169
5,440
167
5,574
190
5,555
197
5,668
189
5,510
186
5,577
194
Apparel and accessory stores 9
do
Women's apparel, accessory stores
do
Shoe stores . . _ _
_ d o _.
Drug and proprietary stores
do
General merchandise group with nonstoros 9
mil. $
General merchandise proup without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
._
Tire, battery, accessory dealers
do
do
Estimated sales (seas, adj ), total 9
Apparel and accessory stores 9
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
General merchandise group w r ith nonstores 9 ._
mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
.
do_
do
A.II retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted) ...
_
mil. $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
Installment accounts., , _ _
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
r
154 546
••468
'188
••115
••570
r
,
582
235
150
591
555
••224
r
!37
'594
590
240
143
594
T
6, 225
6,490
r
r
5, 952
4, 476
'580
6,223
4,641
656
5,708 ' 5,r 889
178
197
5,792
179
r
27, 031
8,513
18, 518
28, 916
8 578
20 338
°6 990
9 013
17 907
27 099
8 995
18 114
27 406
8 917
18 489
27 967
8 616
18* 951
28 916
8 578
20338
27, 666
8 331
19 335
26, 932
8,163
18, 769
26,694
8,114
18,580
26,961
8 306
18 655
27, 663
8 652
19,011
27 341
8 781
18 560
26, 988
8, 795
18, 193
27, 115
8,817
18, 298
do
do
10, 445
16, 586
10 806
18 110
10 800
16 120
10 804
16 295
11 029
16 377
10 760
16 807
10 806
18 110
10 326
17, 340
10, 120
16,812
10,214
16,480
10550
16411
11 221
16, 442
11 049 r>• 10, 813
16 292 16, 175
10, 757
16, 358
do
do
do
25, 368
8,344
17, 024
27 035
8 434
18 601
97 434
8 893
18 591
27 339
8 738
18 601
27 45S
8 641
18 817
97 340
8 542
18 798
27 035
8 434
18 601
27 208
8, 574
18 634
27, 246
8,518
18, 728
27,129
8,418
18,711
27 303
8,515
18 788
27 606
8,610
18 996
27 402
8,593
18 809
r
27, 609
r
8, 719
r
18, 890
27, 554
8,619
18, 935
do
do
9 991
15 377
10 374
16 661
10 944
16 540
10 779
16 567
10 840
16 618
10 596
16 744
10 374
16 661
10 590
16 61S
10 562
16 684
10510
16 619
10 659
16 644
10 902
16 704
10 786
16 616
r
r
10, 938
16, 671
10, 846
16, 708
r
r
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, Incl. armed forces overseas t ..
mil
1
210 41
1
211 89
9J9 04
912 20
212 37
212 52
212 65
212 80
212 91
213 02
213 14
213 26
213 47
213 63
213.81
213. 98
93, 240
91 Oil
85 936
3 492
82 443
5 076
94, 679
99 459
87 575
3 851
83, 724
4 885
93, 661
91 444
86' ^42
3*563
82 679
5 202
94, 105
91 891
86 847
3 536
83 312
5 044
93, 822
91 609
85 924
3 294
89 700
5 685
93, 538
91 3997
85 2 0
2 959
82 261
6 106
93, 342
91 149
89 969
2 888
80, 082
8 180
93, 111
90 913
82 604
2 890
79 714
8 309
93, 593 93, 564
91 395 91 369
83' 036 83 549
2 988 3 171
80 048 80 377
8 359 7 820
93, 949
91 768
84 146
3 622
80 524
7 623
96, 191
94 013
85 444
3 869
81 575
8 569
97, 046
94 859
86, 650
4,090
82, 560
8,209
96, 493
94, 308
86, 612
3,886
82, 726
7,696
94, 965
92, 795
85, 274
3,626
81, 647
7,522
91 199
86 274
3 451
82, 823
91 705
86 402
3 489
8*> 913
91 844
86 304
3 440
82 864
91 708
85 689
3 375
82 314
91 803
85 202
3 339
81 ' 863
92 091
84, 562
3 383
81, 179
91 511
84 027
3 326
80 701
92 262
84 086
3 238
80 848
92, 940
84, 402
3,512
80, 890
92, 340
84, 444
3,304
81, 140
92, 916
85, 078
3,450
81, 628
93, 146
85, 352
3,468
81,884
93, 191
85, 418
3,546
81, 872
8 176
2,403
8,538
2,643
7,896
2,887
7 838
2,998
7,794
2,842
7,773
2,856
LABOR FORCED
Not Seasonally Adjusted
Labor force, persons 16 years of age and over__thous_
Civilian labor force
do
Employed, total
do
Agriculture...
do
Nonagricultural industries
do
Unemployed ...
do
Seasonally Adjusted d"
Civilian labor force
do
Employed, total...
do
Agriculture
do
Nonagricultural industries
do
Unemployed
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group, as percent
of total in the group):
All civilian workers. .
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
White
Negro and other races
Married men, wife present
91, 040
88 714
84 409
3 452
80, 957
4 304
812
937
4 995
940
5 303
'989
5 540
1,016
6 019
1 117
6 601
1 319
7 529
1,537
7 484
1,822
91 829
83 849
3 265
80 584
7 ggo
1*991
4 9
3.2
4.8
14.5
56
3.8
5.5
16.0
5.4
3.8
5.3
15.3
58
3.9
5 7
16.7
6
4
5
17
6
4
6
17
7
5
7
18
2
3
2
1
8 2
6.0
81
20.8
82
6.2
81
19.9
8
6
8
20
7
8
5
6
89
70
86
20.4
9.2
7.3
8.6
21.8
8.6
7.0
8.1
19.2
84
7.0
7.9
19.1
8.4
6.6
7.7
21.1
8.3
7.0
7.5
19.3
4.3
8.9
2.3
5.0
9.9
2 7
4.9
9.4
2.7
53
9.9
2 8
Occupation: White-collar workers
3.2
3.3
2.9
35
6.6
Blue-collar workers
6.7
5.3
7.0
Industry of last job (nonagricultural):
Private wage and salary workers .
5.7
4.8
6 0
56
Construction
10 6
8.8
12 0
11 3
Manufacturing
4.3
5.7
55
6 0
Durable goods
3.9
5.4
4.9
5.3
•• Revised.
* Preliminary.
1 As of July 1.
9 Includes data not shown separately.
§ Except department stores mail order.
J iolSK\0n£ k to 197° a PP earin p-25, No. 545, "Population Estimates and Projections"
(May 1975), Bureau of the Census.
0
3
6
1
6
6
6
4
55
10 9
30
5 9
11 6
33
6 4
12 5
38
7.5
13.4
4 5
7.4
13.5
4 7
80
14 2
52
8.1
14.6
56
8.5
14.7
5.8
7.9
13.7
5.7
7.9
13.0
5.4
7.6
14.0
5.0
7.6
14.3
5.3
33
7 4
38
83
4 1
9 3
4.6
11.0
4.5
10.9
4.6
12.5
4.7
13.0
5.4
13.0
4.8
12.6
4.8
12.1
4.6
11.5
4.7
11.5
6 2
12 0
6 4
fi. 1
9.1
9.1
9.2
9.6
10.1
9.8
8.8
9.3
8 7
68
7 7
19.2
19.9
21.8
21.0
20.8
19.3
15 9
18 1
15 0
13 5
14 9
10.6
10.5
12.3
12.2
12.0
11.1
11 0
11.4
7 4
10 5
8 9
11.3
11.3
11.5
12.7
12.9
7.0
8.7
10.5
10.9
12.8
11.3
cf Beginning in the Feb. 1975 SURVEY, data reflect new seasonal factors; comparable
monthly data back to 1963 appear in EMPLOYMENT AND EARNINGS (Feb. 1975), USDL,
BLS. Seasonally adjusted data through 1967 as shown in the 1973 BUSINESS STATISTICS are
comparable.
SURVEY OF CURRENT BUSINESS
S-14
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1974
| 1974
Aug.
Annual
October 1975
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. ' Sept. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT %
Employees on payrolls of nonagriculttiral estab.:
Total, not adjusted for seasonal variation.. .thous.. '76,896 '78,413
Private sector (excl. government)
do
63, 157 64,235
78,674
65, 169
79, 171
65, 144
79,465
65,020
79, 151
64, 549
78,462
63, 824
76, 207
61, 669
75,772
60,943
75,778
60,884
76, 177
61, 269
76,689
61,750
77, 183
62, 387
76,439
62, 220
76,903
62, 759
77,502
62,946
' 76, 896 ' 78, 413 78,733 78,830
63, 157 64, 235 64, 524 64, 531
44, 189 44, 390 44, 427
43,089
24, 727
24,697 24, 773 24, 714
78,374
63, 975
44, 337
24, 186
722
3,826
77, 723
63, 302
44, 112
23, 646
686
3,770
77, 319
62, 852
44,054
23, 270
723
3,749
76, 804
62, 210
43, 835
22, 691
724
3,592
76, 468
61, 850
43, 624
22, 422
729
3,467
76, 462
61, 770
43, 615
22, 328
732
3,441
76, 510
61, 784
43, 622
22, 339
738
3,439
76, 343
61, 652
43, 552
22, 233
741
3,392
76, 679
61, 863
43,779
22, 222
743
3,395
77,029
62, 140
43,894
22, 401
751
3,404
77, 211
62, 370
43, 941
22, 579
749
3,401
19, 638
11, 656
177
579
486
667
1,339
1,467
2,244
1, 951
1,802
515
429
19, 190
11,357
176
569
474
655
1,308
1,425
2,214
1,888
1,722
511
415
18, 798
11,099
177
551
454
635
1,284
1,374
2,183
1,850
1,674
506
411
18, 375
10, 813
177
537
441
620
1,248
1,357
2,153
1,785
1,594
497
404
18, 226
10, 728
177
539
434
610
1,218
1,336
2,128
1,773
1,624
490
399
18, 155
10, 637
176
536
436
608
1,189
1,332
2,098
1,746
1,631
488
397
18, 162
10, 595
177
546
439
609
1,168
1,324
2,064
1,735
1,653
481
399
18,100
10, 527
173
552
437
605
1,149
1,317
2,035
1,723
1,657
481
398
18, 084
10, 465
172
557
441
604
1,134
1,298
2,017
1,712
1,645
482
403
18, 246
10, 559
167
563
450
608
1,147
1,335
2,013
1,746
1,645
479
406
18,429
10, 661
164
570
465
612
1,167
1,338
2,037
1,763
1,649
485
411
r
r
7,498 f 7, 518
1,664
1,659
75
77
845
865
1,180
1,191
636
629
1,084
1,089
1,003
1,009
194
193
564
568
246
245
7,567
1,670
75
885
1,205
631
1,079
1,004
195
574
249
7,573
1,671
75
891
1,215
627
1,073
1,OCO
197
572
252
7,619
1,668
79
897
1,245
633
1,068
999
199
575
256
7,687
1,678
79
917
1,248
640
1,073
1,008
200
587
257
7,768
1,691
80
937
1,267
652
1,077
1,004
201
596
263
54 134
4,508
16 847
4 176
12 671
4*209
13 878
14 692
2 731
11 961
54 171
4,491
16 857
4,175
12 682
4,208
13 889
14, 726
2 732
11 994
54 110
4,469
16 877
4 153
12 724
4 202
13 871
14 691
2 738
11 953
54,457
4,464
16 984
4,161
12 823
4,203
13 990
14, 816
2 745
12, 071
54, 628 54, 632
4,452
4,464
17, 016 17, 026
4,178
4,164
12,852 12, 848
4,228
4, 215
14, 044 14, 085
14, 889 14,841
2,765
2,756
12, 133 12, 076
Seasonally Adjusted!
Total employees, n on agricultural payrollst--do
Private sector (excl. government)
. do .
Nonmanufacturing industries
. do
Goods-producing
do
Mining
do .
Contract construction
do
Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
do .
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do .
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies, .do
Transportation equipment
do
Instruments and related products. -do
Miscellaneous manufacturing
do
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
Service-producing
do
Trans., comm., electric, gas, etc
do
Wholesale and retail trade .
do
Wholesale trade
do ..
Retail trade
do
Finance, insurance, and real estate . do
Services
do
Government
do
Federal
do
State and local
.do
701
3,938
708
3,902
78, 790
64, 437
44, 465
24, 572
728
3,872
20, 068
11,839
183
643
536
691
1,324
1,500
2,092
2,020
1,904
497
451
20,046 20, 134
11, 895 11,962
177
177
626
626
519
517
690
694
1,344
1,349
1,505
1,518
2,232
2,218
2,030 2,019
1,821
1,854
520
524
448
450
20, 104
11, 943
178
618
518
686
1,352
1,506
2,242
2,023
1,850
523
447
19, 972
11,870
178
600
507
678
1,353
1,492
2,257
2,009
1,836
521
439
f
r
644
4,015
8, 229
1,719
79
1,026
1,406
701
1,104
1,033
193
677
291
694
3,957
8 151 ' 8 172r
1 713 1,706
80
80
994
088
1,346
1,348
704
702
1,115
1,112
1,065
1 057
198
199
686
676
278
278
r ^0 IfiQ
r 53 715
4,644
4,696
17 017
4 223
12 794
4* 208
Ifi fi74
4 107
19 ^fiS
4 091
1 o not
10 700
9 fifiQ
/yrc
n
iq «i7
14 177
9 794.
4.EO
U
53 960
4,703
17 135
4 235
12 900
4 217
13 696
14 209
2 740
11 469
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous.. ' 52, 334 r 53, 029 '53,849
Manufacturing
do
14. fil^l
14 823
H 7RO
8, 161 ' 8, 102
1,704
1,707
79
80
964
989
1,327
1,339
694
706
1,114
1,116
1,067
1,067
199
198
683
684
271
275
54 116
4,683
17 143
4 239
12 904
4 224
13 767
14 299
2 746
11 553
54 218
4,686
17 154
4*246
12 908
4 228
13 797
14 353
2 745
11 608
7, 982
1,693
77
939
1,298
685
1,107
1,059
200
654
270
54 188
4,683
17 058
4 237
12 821
4 226
13 822
14 399
2 742
11 657
7 833 f 7, 699
1,668
1,684
80
78
870
908
1,218
1,246
663
674
1,101
1,104
1,034
1, 045
194
198
614
632
257
264
r
7, 562
1,662
79
849
1,188
647
1,094
1,024
191
579
249
54 077 '54 049 '54 113
4,603 4,565
4,' 659
16 935 16 9903 16 879
4 05
4' 224
4 189
12 711 12 698 12 690
4 219
4 229
4 210
13 833 13 857 13 865
14 421 14 467 14* 594
2 734
2 733
2 738
11 683 11 733 11 861
54 046
4,506
16 851
4 178
12 673
4 207
13 864
14 618
2 733
11 885
53, 840 '53,713 ' 53, 249 '52,574 ' 50, 509 ' 49, 804 '49,765 ••50,138 ••50,601 '51,207 ' 51, 129 ' 51, 651 51,874
14 913 14 709 14 363 13 825 13 237 1° 859 12 757 12 731 12 807 12 981 12 744 13, 173 13, 431
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricul tural payrolls J
th ous . . r 52, 334 ••53,029 r 53, 177 r 53, 255 ••53,153 '52,687 ' 52, 038 ••51,624 r 51, 005 '50,663
Goods-producing
do
18 562
18 374 18 430 18 379 18 227 17 869 17 373 17 034 16 487 16 230
Mining
do
'552
553
549
552
550
533
538
513
527
488
Contract construction
do
3 234
2,762
3 218 3 189
3 160
3 113 3 058 3 045 2 886
3 315
Manufacturing
do
12
915
14
515
14
207
13 802 13 437 13 051
14 760
14 613 14 679 14 652
Q AQ1
Durable goods .
do
7 561
8 398 8 133 7 898 7 634
8 599
8 674
8 641 8 687
84
92
Ordnance and accessories
. . do
'
84
84
85
85
85
85
84
85
Lumber and wood products
.do
459
448
486
508
445
532
525
476
533
554
423
Furniture and
fixtures
do
347
364
396
413
354
425
424
384
442
Stone, clay, and glass products
do
479
501
540
531
487
556
548
519
552
553
Primary metal industries.
do
950
979
1 074 1 078 1 082 1 081 1 069 1 038 1,017
1 065
993
Fabricated metal products
do
1,112
1,011
1 075 1,027
1 150 1 160 1 149 1,135
1 156
Machinery, except electrical
do
1,400
1
500
1
450
1
422
1
518
1
503
1
507
1
475
1 495
1 416
1,143
Electrical equipment and supplies.. .do
1,299
1,351
1,213
1,156
1,356
1,365
1,245
1,372
1,387
1,122
Transportation equipment
do
1,304
1,162
1,271
1,087
1,314
1,315
1,206
1,285
1,368
292
322
Instruments and related products
do
317
308
300
324
326
312
322
306
303
Miscellaneous manufacturing
do
342
333
313
308
350
318
353
350
353
r
'
5,
354
Nondurable goods
do
'5,809
'
5,
916
'
5,
539
f
5,
417
5
992
5
669
'
5,
978
5
972
6 069
1,119
Food and kindred products
do...
1,148
1,127
1,159
1,123
1, 159
1,140
1, 159
1,164
1,163
64
64
66
Tobacco manufactures
do...
67
66
66
65
66
66
66
727
815
Textile mill products
do
838
730
749
789
869
863
901
862
1,008
1,140
1,044
Apparel and other textile products, .do .
1,118
1,019
1,155
1,160
1,068
1 221
1 163
474
530
522
500
542
485
Paper and allied products
do...
541
512
544
540
644
662
656
Printing and publishing
do. . .
669
649
672
660
675
670
671
563
584
620
613
576
C hemicals and all ied products
do
622
596
612
618
600
122
120
127
117
127
Petroleum and coal products
do...
126
126
126
122
126
426
441
536
509
473
Rubber and plastics products, nee... do...
538
540
488
534
530
207
211
219
235
231
Leather and leather products
do...
231
225
238
237
249
Service-producing...
do
34, 656 34, 747 34, 876 34, 926
33 771
4,041
Transportation, comm., elec., gas, etc
do...
4,058 4,061 4,039
4,019
Wholesale and retail trade
do...
15,065 15, 072 15,183 15, 199
14, 799
3,540
3,535
Wholesale trade
do
3,526 3,536
3,433
Retail trade
do .
11, 540 11, 536 11, 648 11, 659
11, 366
3,247
3,249
Finance, insurance, and real estate
do...
3,240
3,243
3,184
Services
do
11.769
12. 293 12. 371 12, 405 12. 439
' Revised.
*> Preliminary.
^Effective with the Oct. 1975 SURVEY, all establishment (payroll) employment, hours,
earnings, and labor turnover reflect the periodic adjustment of these data to more recent
benchmarks (Mar. 1974) and to revised seasonal factors. Data back to Jan. 1970 are subject
to revision. The Oct. 1975 EMPLOYMENT AND EARNINGS (BLS) provides monthly data back
to 1970 for many of the series published in the SURVEY.
34, 818
4,035
15, 096
3,533
11,563
3,232
12,455
34, 665
4,011
14, 959
3,518
11,441
3,232
12, 463
34, 590
3,956
14, 930
3,499
11, 431
3,225
12, 479
34, 518
3,922
14, 896
3,480
11,416
3,217
12, 483
34, 433
3,869
14, 863
3,464
11,399
3,210
12, 491
••50,585 ••50,629 '50,536 '50,825 '51,100
16 161 16 194 16, 122 16, 115 16, 292
568
564
561
553
560
2,723
2,712
2,711
2,745
2,747
12 863 12 887 12,849 12, 840 13, 001
7,404
7,348 7,447
7 483 7 454
77
81
82
84
84
469
463
459
454
444
364
355
351
354
349
481
477
477
479
478
892
878
889
905
923
996
960
979
992
985
1,301
1,300
1,317
1,372
1,339
1,131
1,097
1,106
1,113
1,123
1,140
1,143
1,155
1, 151
1,126
285
287
286
287
291
311
307
303
301
303
r 5, 380 ' 5, 433 ' 5, 445 ' 5, 492 ' 5, 554
1,135
1,131
1,133
1,125
1,131
66
65
62
62
62
799
777
771
745
766
1,075
1,071
1,043
1,020
1,033
479
474
469
472
471
633
629
631
636
639
567
560
560
562
558
128
127
125
121
123
452
439
436
436
430
220
219
215
212
209
34,424
3,865
14, 858
3,461
11, 397
3,206
12, 495
51, 328
16,454
566
2,717
13, 171
7,543
77
478
380
484
907
1,001
1,318
1,146
1,146
291
315
5,628
1,147
66
818
1,092
489
633
568
129
460
226
34,435 34, 414 34,710 34,808 34, 874
3,827 3,821 3,811
3,831
3,849
14, 862 14, 896 15, 081 15, 116 15, 131
3,450 3,463
3,458 3,440 3,448
11,404 11, 456 11, 633 11, 666
3,208 3,203 3,217
3,209
12, 515 12, 479 12, 599 12,654 12,704
Mav-Dec.
1975. The
4.7%
increase uuiu
from -fxpi.
Apr. to
May 1975
iViay-.L'eu. iy/o.
xue t.t
/o muiease
uw uiay
ACM^ in
*n real
iv^un spendable
._,^~^~~~ earnings
_..__ _„ reflects
^.nnneka
.1% increase in real weekly earnings plus a 4.670 decrease in the average tax effect (the ctiange
in avg. soc. security/federal income tax rates for worker with 3 dependents who earned the
aver, weekly earnings).
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
1975
1974
1974
1973
S-15
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. v Sept. P
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls:n Seasonally adjusted
hours..
Not seasonally adjusted
do
Mining
do
Contract construction
do.
Manufacturing: Not seasonally adjusted. ..do
Seasonally adjusted
do
Overtime hours
do..
'36.5
36.7
43.1
36.7
40.3
39.9
3.2
'36.5
36.5
43.4
37.1
40.1
40.0
3.1
'36.2
36.1
36.3
37.0
39.7
39.5
2.8
'36.3
36.4
41.3
37.4
39.9
39.4
2.7
'36.2
35.7
42.5
37.2
38.7
39.2
2.4
'36.1
35.7
42.4
36.8
38.5
38.8
2.4
'35.9
35.6
41.9
34.9
38.7
38.9
2.3
'35.9
35.7
41.1
36.8
38.9
39.1
2.3
'35.9
35.8
42.6
36.9
39.0
39.0
2.4
'36.0
36.3
42.2
35.7
39.5
39.3
2.4
'36.0
36.4
42.1
36.2
39.2
39.4
2.6
'36.2
36.6
41.4
36.7
39.6
39.6
2.7
36.0
36.2
42.4
36.7
40.1
39.7
2.7
3.2
'36.6
37.0
42.9
36.6
40.1
40.1
3.4
Durable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
do
do.
do
do
do
do
do
do
do
do
do
do
do
••41.5
4.1
41.8
40.7
39.9
42.1
42.4
41.6
42.6
40.4
41.9
40.8
38.9
r
40. 7
3.4
41.7
39.7
39.0
41.4
41.7
40.8
42.3
39.8
40.1
40.2
38.5
'40.9
3.6
41.5
39.8
38.9
41.4
41.8
41.1
42.6
39.7
40.6
40.4
38.7
'40.7
3.4
41.5
39.1
38.7
41.3
41.9
41.1
42.5
39.8
40.1
40.1
38.5
'40.7
3.3
41.4
38.9
38.6
41.3
41.9
40.9
42.5
39.7
40.5
39.9
38.4
'40.3
3.0
41.9
38.5
37.8
41.2
41.5
40.4
42.2
39.5
39.6
39.9
37.9
'40.2
2.8
41.7
38.2
37.4
41.0
41.1
40.5
42.0
39.6
39.5
39.7
38.2
'40.1
2.5
41.8
38.1
36.6
40.9
40.6
40.4
41,8
39.5
39.6
39.6
38.1
'39.7
2.5
41.3
38.6
36.4
40.2
40.3
39.8
41.3
39.2
39.2
39.0
37.8
'39.5
2.3
41.3
38.0
36.6
39.6
40.0
39.7
40.9
39.2
39.1
39.1
37.7
'39.7
2.4
41.3
38.8
37.2
40.3
39.7
39.7
41.0
39.4
40.5
39.2
38.1
'39.5
2.2
41.1
38.8
37.5
40.2
39.5
39.5
40.5
39.1
39.5
39.3
38.1
'39.6
2.3
41.6
39.0
37.6
40.3
39.6
39.5
40.4
39.3
40.0
39.4
38.3
'39.8
2.5
40.1
39.1
37.8
40.6
39.7
39.5
40.5
39.5
40.7
39.7
38.1
'40.1
2.6
41.4
39.5
38.3
40.7
39.9
39.9
40.7
39.5
41.2
39.6
38.2
40.1
2.5
42.0
39.5
39.0
41.0
39.7
40.2
40.3
39.7
40.7
40.0
38.7
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do
do
do
do
do
do
'39.6
3.4
40.4
38.5
40.9
35.8
r
39. 1
3.0
40.4
38.0
39.4
35.1
'39.2
3.1
40.4
37.5
39.4
35.2
'38.9
2.9
40.3
38.2
39.1
35.1
'38.9
2.8
40.3
37.3
38.4
35.3
'38.4
2.6
40.1
37.3
37.7
34.4
'38.2
2.5
40.0
37.7
36.7
34.3
'38.1
2.3
40.0
37.5
36 2
34.2
'37.6
2.2
40.0
37.5
36.1
33.6
'37.9
2.2
40.2
38.6
36.9
33.8
'38.0
2.2
39.9
38.3
37.7
34.3
'38.3
2.4
39.9
36.9
38.9
34.4
'38.7
2.6
39.9
39.8
39.2
35.2
'38.8
2.8
40.1
35.4
39.6
35.2
'39.1
2.9
40.1
37.5
40.3
35.4
39.3
2.8
40.5
38.5
40.8
36.1
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
do
do
do
do
do
do
42.7
37.9
41.9
42.3
41.1
37.9
42.1
37.6
41.6
42.5
40.4
37.2
42.0
37.8
41.7
42.0
40.7
37.1
41.9
37.5
41.5
42.3
40.4
36.6
41.8
37.6
41.3
42.6
40.7
36.9
41.3
37.4
41.1
42.2
39.7
36.6
41.3
37.3
41.0
42.2
39.5
36.2
41.0
37.4
40.7
41.9
39.5
35.9
40.6
37.1
40.6
41.9
38.8
35.4
40.5
37.0
40.4
41.7
38.7
35.3
40.4
36.8
40.3
41.0
39.0
36.5
40.9
36.7
40.6
41.5
39.6
36.5
41.5
36.7
40.7
41.2
39.6
37.5
41.6
36.7
40.9
41.3
40.0
37.8
41.9
37.1
41.2
41.2
39.9
38.0
42.0
37.0
41.3
40.5
40.0
38.8
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
40.6
34.7
39.5
33.3
36.9
34.0
40.2
34.1
38.9
32.7
36.7
33.9
40.2
34.1
38.8
32.6
36.7
33.9
40.2
34.0
38.8
32.5
36.8
33.9
40.1
33.9
38.7
32.4
36.6
33.8
39.8
33.8
38.6
32.5
36.8
33.8
39.8
33.9
38.6
32.5
36.8
33.8
39.9
33.8
38.7
32.4
36.9
33.9
39.7
33.9
38.6
32.3
36.8
33.9
39.7
33.9
38.6
32.5
36.6
33.8
39.8
33.7
38.6
32.3
36. 2
33.7
39.2
33.9
38.6
32.5
36.4
33.9
39.5
33.8
38.4
32.4
36.5
33.9
39.4
33.6
38.5
32.2
36.3
33.7
39.6
33.8
38.5
32.2
36.3
33.8
39.4
33.5
38.4
32.1
36.1
33.6
150. 72 '151.53 '151.50 '152.62 '149.99 '148.48 ' 147. 96 ' 146. 15 '145.38 '145.58 '145.70 '145.04 '145.35 '146.65
122. 63 123. 38 123. 17 122. 84 121.31 120. 13 119. 22 117. 39 116. 34 116. 32 116. 60 116. 24 116. 46 117. 38
1.63
1.62
1.64
1.63
1.56
1.64
1.60
1.60
1.36
1.47
1.53
1.56
1.59
1.59
6.39
6.50
6.30
6.60
6.58
7.33
6.87
7.58
7.47
7.36
7.25
6.29
7.45
7.50
37.05
36.98
36.94
36.95
37.58
39.32
38.44
41.50
40.34
37.28
41.64
41.36
36.98
41.88
9.15
9.19
9.16
9.18
9.82
9.42
9.64
9.55
9.33
9.69
9.30
9.77
9.83
9.79
29.80
29.86
29.72
29.73
29.66
29.81
30.41
29.86
30.17
29.96
29.80
30.27
30.29
30.36
7.93
7.96
7.92
7.98
7.96
8.10
8.06
8.01
8.05
8.09
8.01
8.05
8.09
8.08
24.52
24.45
24.68
24.32
24.44
24.48
24.14
24.25
24.29
24.37
23.93
24.43
24.27
24.31
28.89
29.27
28.80
29.10
29.04
29.26
28.74
28.76
28.68
28.35
28.08
28.15
29.78
28.33
146.86
117. 62
1.65
6.49
38.02
9.12
29.79
7.94
24.61
29.25
'37.1
42.5
37.0
40.7
'36.6
42.4
36.9
40.0
3.8
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, season' 149. 27
ally adjusted at annual rate Jbil. man-hours
121.91
Total private sector .
do
1.42
Mining
do
7.68
Contract construction
.
do
42.06
Manufacturing
do
9.78
Transportation, comm., elec., gas_
do
30.13
Wholesale and retail trade
do
7.83
Finance, insurance, and real estate
do
23.02
Services
do
Government
do
27.36
Indexes of man-hours (aggregate weekly) :fl[
Private nonagric. payrolls, total
1967=100.. ' 113. 0
Goods-producing
...
do
105.9
Mining
do
103.7
120.1
Contract construction
do
Manufacturing
do .. 103.5
Durable goods
Nondurable goods
Service-producing . . . .
Transportation, comm., elec., gas
Wholesale and retail trade..
Wholesale trade
Retail trade
.
Finance, insurance, and real estate
Services
do
do
do
do
.do
do
do
do.
do
r
r
104.7
101.7
117.9
108.4
116.1
113.2
117.1
123.5
123.0
113. 0 ' 113. 3 ' 113. 3 ' 112. 9 '111.3 ' 109. 9 ' 108. 9 ' 107. 0 ' 105. 9 ' 106. 0 '106.3 ' 106. 0 '106.4 ' 107. 4
89.3
90.9
88.9
89.4
89.2
88.4
99.2
90.7
103.4
96.7
94.5
103.9
103.4
102.7
118.8
117.7
118.4
119.4
113.7
106.0
116.7
115.9
117.4
114.4
116.0
99.7
111.7
119.9
96.2
97.9
94.9
99.0
99.3
115 4
112.9
104.1
94.5
117.1
114.9
112 1
114 7
111.0
87.1
88.7
86.8
86.6
86.4
87.4
86.6
100.0
101.5
101.0
93.6
90.8
100.7
96.8
84.9
85.2
86.6
85.4
102 0
103.1
86.5
101 7
98 3
87 9
86.6
102 6
94 9
91 8
90.2
91.8
89.1
86.0
88.2
86.7
86.7
99.3
94.5
91.7
89.3
98.8
97.5
98.6
118.3
118.8
118.0
117.8
118.4
117.6
120.0
118.1
119.1
118.9
119.7
119.8
120.2
119.6
100.3
100.6
100.6
102.1
100.3
105.0
103.5
102.3
108.0
106.2
108.6
108.6
107.7
106.8
114.6
114.9
113.7
113.4
113.9
116.0
113.7
113.9
116.2
116.5
116.3
115.7
114.7
114.3
110.8
110.9
110.3
111.4
114.5
112.1
111.5
114.4
114 3
113 0
114 5
113 3
111.6
113 8
116.0
115.0
116.4
114.0
114.8
114.2
117.0
115.2
114.8
116.5
117.3
116.4
116.9
114.7
122.3
123.2
122.8
122. 9
122.1
125.0
125.1
124.5
123.6
125.2
125.0
125.1
125.2
125.8
130.4
131.3
129.9
129.3
130.3
129.9
129.6
127.9
128.8
129. 1
129.1
129.3
129.3
129.9
••3.92
4.73
6.37
4.08
3.89
4.34
4.13
4.35
3.64
3.26
4.21
5.04
4.26
4.56
3.89
5.07
3.90
3.27
'4.22
5.21
6.75
4 41
4.24
4.69
4.50
4.71
3.91
3.50
4.52
5.60
4.59
4.92
4.17
5.48
4.20
3.50
107.7
92.2
120.1
97.7
90.2
87.7
93.8
118.5
99.8
114.7
111.0
116.0
122.6
131.1
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per workerrjfl
Not seasonally adjusted:
Private nonagric. payrolls
dollars. .
Mining
do
Contract construction...
do
Manufacturing .
do
Excluding overtime
do
Durable goods
do
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do...
Machinery, except electrical
do
Electrical equipment and supplies .do
Transportation equipment
do. . .
Instruments and related products. .do
Miscellaneous manufacturing ind do.
' Revise d.
» Preliminary.
\ See note " J", p. S-14.
1 Production and nonsupervisory workers.
'4.26
5.29
6.86
4 45
4.27
4.73
4.53
4.73
4.02
3.54
4.60
5.73
4.66
4.95
4.17
5.48
4.24
3.52
'4.35
5 38
7.01
4 54
4.34
4 83
4.62
4.82
4.05
3.59
4.65
5 81
4 74
5.05
4.27
5 64
4.29
3. 5fi
'4.37
5.38
6.99
4 57
4.39
4.88
4.67
4.82
4.02
3.59
4.66
5 82
4.76
5.09
4.31
5 78
4.31
3.54
'4.36
5.23
7.00
4 59
4.43
4.89
4.74
4.87
4.02
3.59
4.65
5 89
4.76
5.12
4.34
5 73
4.33
3. 59
'4.38
5.43
7.05
4 66
4.50
4.96
4.79
4.94
4.02
3.63
4.68
5 93
4.82
5.20
4.42
5 82
4.42
3.67
'4.40
5.69
7.07
4 67
4.54
4.95
4.81
4.98
4.05
3.64
4.67
5.93
4.78
5.17
4.43
5.77
4.42
3.73
'4.42
5.74
6.99
4.68
4.56
4.98
4.84
5.04
4.11
3.66
4.69
5.99
4.84
5.21
4.45
5.75
4.46
3.73
'4.44
5.75
7.14
4.72
4.59
5.02
4.88
5.09
4.14
3.69
4.72
6.01
4.90
5.24
4.48
5.84
4.49
3.73
'4.46
5.73
7.12
4.73
4.60
5.04
4.90
5.10
4.13
3.71
4.78
6.01
4.93
5.26
4.51
5.86
4.49
3.75
'4.48
5.81
7.12
4.75
4.61
5.06
4.93
5.15
4.17
3.70
4.83
6.04
4.98
5.29
4.53
5.88
4.52
3.75
'4.51
5.87
7.18
4.78
4.63
5.10
4.95
5.17
4.25
3.72
4.87
6.07
5.03
5.32
4.58
5.96
4.54
3.78
'4.53
5.88
7.24
4.81
4.65
5.13
4.98
5.22
4.31
3.74
4.93
6.11
5.04
5.33
4.61
6.00
4.56
3.79
'4.55
5.92
7.30
4.82
4.65
5.16
5.00
5.28
4.36
3.77
4.95
6.29
5.09
5.38
4.61
6.01
4.58
3.80
4.62
6.03
7.38
4.87
4.70
5.23
5.06
5.37
4.38
3.78
5.00
6.38
5.16
5.45
4.68
6.15
4.62
3.81
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1974
1974
1973
October 1975
Aug.
Annual
Sept.
1975
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug. » Sept.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS— Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas, adj.t IF— Continued
Manufacturing— Continued
Nondurable goods
- .-dollars
Excluding overtime
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile prod
do
Paper and allied products
do
Printing and publishing
...do
Chemicals and allied products
do
Petroleum and coal products-- _ do
Rubber and plastics products, nee. do
Leather and leather products
do
Transportation, comm., elec., gas
..do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
.
.- -do
Finance, insurance, and real estate
do
Services
- .-do
Seasonally adjusted: I
Private nonagricultural payrolls
do
Mining
.- -do
Contract construction
do
Manufacturing
- do.
Transportation, comm., elec., gas.
do
Wholesale and retail trade
do
Finance insurance and real estate ._do
Services
do
Indexes of avg. hourly earnings, seas, adj.: ® ft
Private nonfarm economy:
Current dollars
.1967 = 100 .
1967 dollarsA do
Mining
do
Contract construction
.
do
Manufacturing
do
Transportation comm. elec., gas
do
Wholesale and retail trade
. - ..
do
Finance, insurance, and real estate
do
Services
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E NR): d"
Common labor
$ per hr
Skilled labor
- do
Farm (U.S.) wage rates, hired workers, by
method of pay:*
All workers including piece-rate
$ per hr
All workers other than piece-rate
do
Workers receiving cash wages only
do
Workers paid per hour cash wages only do
Railroad wages (average class I)§
do
Avg. weekly earnings per worker, Uprivate nonfarm::
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Spendable earnings (worker with 3 dependents):©
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted :J
Private nonfarm, total
dollars
Mining
do
Contract construction
do
Manufacturing
do
Durable goods _ .
do. . _
Nondurable goods
do
Transportation, comm., elec., gas
.do.-.
Wholesale and retail trade...
do._Wholesale trade .
do
Retail trade
do
Finance, insurance, and real estate
do
Services
do
HELP-WANTED ADVERTISING
Seasonally adjusted indexf —
1967=100
LABOR TURNOVER?
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo rate per 100 employees
New hires . __
_.
do
Separation rate, total- .. _ _ _ _
do
Quit..
do
Layoff
_
_
do
Seasonally adjusted:
Accession rate total
do
New hires
_
do
Separation rate, total
do
Quit _
do
Layoff
_
do
WORK STOPPAGES
Industrial disputes:
Number of stoppages:
Beginning in month or year
number
In effect during month
do
Workers involved in stoppages:
Beginning in month or year
thous
In effect during month
_._ .
do
Man-days idle during month or year
. do_ _
'3.68
3.53
3.82
3.74
2.95
2.78
4.19
4.68
4.48
5.21
3.80
2.81
5.04
3.20
4.12
2.87
3.58
3.46
'3.99
3.84
4.16
4.10
3.19
2.99
4.51
4.97
4.85
5.61
4.03
3.01
5.43
3.47
4.49
3.09
3.82
3.76
'4.05
3.88
4.18
4.08
3.27
3.05
4.59
5.02
4.91
5.70
4.09
3.04
5.44
3.49
4.54
3.12
3.83
3.75
'4.09
3.93
4.22
4.05
3.28
3.09
4.64
5.08
4.98
5.78
4.12
3.07
5.58
3.55
4.63
3.16
3.91
3.85
'4.11
3.96
4.26
4.06
3.26
3.10
4.66
5.09
5.01
5.78
4.15
3.07
5.62
3.57
4.63
3.18
3.90
3.86
'4.14
4.00
4.30
4.20
3.28
3.10
4.69
5.12
5.06
5.78
4.16
3.11
5.62
3.58
4.68
3.18
3.92
3.89
'4.20
4.07
4.37
4.27
3.28
3.11
4.74
5.17
5.11
5.82
4.21
3.12
5.65
3.57
4.71
3.18
3.98
3.92
'4.23
4.11
4.42
4.34
3.29
3.14
4.75
5.16
5.15
5.88
4.23
3.15
5.67
3.65
4.74
3.24
3.99
3.94
'4.25
4.13
4.45
4.49
3.30
3.13
4.75
5.20
5.16
6.11
4.22
3.18
5.70
3.68
4.79
3 27
4.05
3.99
'4.27
4.16
4.48
4.69
3.31
3.16
4.78
5.23
5.19
6.27
4.23
3.21
5.72
3.68
4.80
3.27
4.09
4.00
'4.27
4.16
4.49
4.77
3.32
3.16
4.81
5.25
5.22
6.30
4.25
3.21
5.75
3.69
4.80
3.29
4.09
3.99
'4.30
4.17
4.52
4.77
3.33
3.15
4.86
5.32
5.30
6.33
4.30
3.20
5.78
3.72
4.83
3.31
4.11
4.01
'4.32
4.18
4.54
4.89
3.34
3.16
4.95
5.35
5.35
6.38
4.33
3.21
5.83
3.73
4.87
3.33
4.16
4.02
'4.36
4.21
4.55
4.62
3.34
3.16
5.05
5.41
5.42
6.51
4.42
3.22
5.90
3.73
4.88
3.33
4.13
4.03
'4.36
4.20
4.58
4.31
3.37
3.17
5.08
5.44
5.45
6.56
4.39
3.21
6.03
3.75
4.91
3.34
4.14
4.02
4.39
4.21
4.59
4.34
3.43
3.21
5.10
5.49
5.49
6.55
4.41
3.25
6.08
3.78
4.93
3.37
4.18
4.12
'3.92
4.73
6.37
4.08
5.04
3.20
3.58
3.46
'4.22
5.21
6.75
4.41
5.43
3.47
3.82
3.76
'4.27
5.33
6.89
4.49
5.44
3.51
3.85
3.80
'4.31
5.37
6.92
4.53
5.52
3.54
3.91
3.82
'4.34
5.43
6.90
4.57
5.60
3.57
3.91
3.85
"4.35
5.22
6.96
4.59
5.60
3.59
3.94
3.89
'4.38
5.38
7.00
4.62
5.64
3.60
3.97
3.91
'4.41
5.62
7.03
4.65
5.66
3.63
3.97
3.93
'4.43
5.71
6.98
4.68
5.70
3.67
4.02
3.97
'4.46
5.76
7.18
4.72
5.75
3. 67
4.08
3.99
'4.47
5.71
7.18
4.73
5.77
3.68
4.08
3.99
'4.49
5.82
7.16
4.75
5.82
3.71
4.11
4.01
'4.51
5.89
7.27
4.78
5.87
3.73
4.18
4.04
'4.54
5.92
7.33
4.82
5.90
3.75
4.14
4.06
4.56
5.97
7.33
4.86
6.03
3.77
4.17
4.07
4.58
6.02
7.29
4.86
6.01
3.77
4.18
4.09
146.6
110.1
147.6
154.4
143.6
155.6
143.1
138.4
150.1
158.6
107.4
163.1
163.7
156.0
167.3
155.0
148.6
163.3
160.6
107.2
165.9
166.6
158.1
167.7
157.4
150.1
164.9
162.0
107.0
167.6
167.3
159.7
170.3
158.7
152.6
165.9
163.3
106.8
168.8
167.3
161.3
172.4
159.6
152. 9
167.0
164.2
106.4
167.9
168.3
162.5
172.7
160.4
153.9
168.3
165.4
106.4
172.6
169.6
163.7
173. 6
161.1
155.0
169.4
166.3
106.3
174.9
170.4
164.8
174.3
162.6
154.9
170.4
167.8
106.6
177.7
168.8
166.1
175.6
164.1
157.3
172.1
169.1
107.2
178.5
173.7
167.7
176.8
164.8
159.8
172.9
169.4
106.8
178.1
173.7
168.6
177.6
164.9
159.4
172.5
170.6
107.1
180.7
173.4
169.7
179.3
166.4
160.4
173.5
172.2
107.3
182.8
175.9
171.0
181.1
167.5
163.1
175.5
173. 1
106.6
184.0
177.4
172.2
182.4
168.3
161.5
175.8
174.2
107.1
186.2
177.2
173.3
185.5
169.6
163.1
176.9
174.9
107.0
187.8
176.6
174.5
185.4
169.7
163.3
177.6
7.07
9.58
7.55
10.18
7.73
10.39
7.78
10.40
7.86
10.50
7.88
10.55
7.90
10.58
7.94
10.62
7.96
10.66
7.96
10.67
7.99
10.70
8.06
10.76
8.23
10.93
8.44
11.08
8.57
'11.24
'8.58
'11.29
5.427
2.29
2.24
2 48
2 35
5.707
145. 43
109. 26
154. 45
104. 57
156. 28
104. 37
157. 32
103. 85
158. 41
103. 64
157. 47
102. 07
158. 99
102. 26
159. 64
102. 02
159. 92
101. 64
160. 11
101. 48
160. 47
101. 11
161. 19
101. 21
162. 36
101. 16
163. 44
100. 67
165. 07
101. 51
164. 88
100. 92
127. 41
95.73
134. 37
90.97
135. 78
90.68
136. 58
90.16
137. 42
89.91
136. 70
88.61
137. 87
88.67
138. 38
88.43
138. 59
88.08
138. 73
87.93
139. 00 «146. 00
87.58 « 91. 67
146. 91
91.53
147. 76
91.01
149. 03
91.64
148. 88
91.13
145. 43
201. 03
235. 69
166. 06
180. 11
145. 73
204. 62
111.04
162. 74
95.57
132. 10
117. 64
154. 45
220. 90
249. 08
176. 40
190. 88
156. 01
218. 29
118. 33
174. 66
101. 04
140. 19
127. 46
157. 62
228. 00
258. 62
178. 45
192. 04
159. 57
220. 86
121.80
176. 61
105 14
140. 94
129 00
159. 65
233. 49
263. 58
182. 96
198. 03
160. 74
225. 43
121. 06
180. 11
103 02
143. 50
130 90
159. 51
235. 64
265. 62
183. 26
199. 59
160. 29
226. 49
120. 31
179. 18
102 40
142. 74
130 08
157. 40
190. 37
255. 50
182. 22
198. 05
159. 80
223. 68
120. 29
180. 65
102. 08
143. 86
130. 70
159. 43
224. 80
259. 44
185. 93
202. 86
161. 70
224. 87
122. 09
183. 69
104. 30
146. 46
IZ2. 50
157. 08
238. 98
250. 99
180. 73
195. 53
159. 05
224. 53
121. 55
182. 49
103. 03
147. 23
132. 78
157. 79
241. 08
247. 45
180. 18
196. 21
158. 53
224. 58
122. 91
183. 46
103. 99
149. 04
134. 46
158. 06
237. 48
247. 76
182. 66
197. 79
160. 98
224. 80
123. 28
184. 32
104. 64
149. 29
134. 40
159. 22
233. 78
259. 17
184. 00
199. 58
161. 41
226. 55
123. 25
183. 84
104. 95
148. 06
133. 67
160. 38
247. 51
262. 73
185. 25
199. 87
164. 26
226. 00
124. 99
185. 96
106. 25
149. 19
134. 74
163. 71
250. 65
262. 07
188. 81
203. 49
168. 05
231. 45
127. 19
187. 98
109. 22
151. 84
137. 08
164.89
248. 72
270. 05
188. 55
202. 64
169. 60
235. 41
128. 69
188. 86
110. 89
150. 33
138. 23
166. 53
246. 27
275. 94
190. 87
205. 37
171. 35
241. 20
129. 75
189. 53
111.22
150. 70
137. 89
167. 24
257. 48
277. 49
195. 29
211. 29
174. 28
240. 77
127. 01
189. 81
108. 51
150. 48
138. 84
126
110
114
107
99
91
85
77
76
74
74
74
81
84
'83
*84
48
39
4.6
2 7
42
32
4.8
2 3
15
55
4 2
6 1
4 0
1i
49
39
5.4
32
12
49
2 9
5 0
2 2
18
2 4
17
5 0
14
2 8
18
10
52
g
36
30
13
6.2
1i
41
2 7
1
4.
2.
32
13
4.2
10
2 5
37
1.6
4.0
1l
2.1
39
2.0
3.9
1.3
1.8
4 5
2.5
3.6
1.3
1.5
45
2.6
4.4
1.5
2.0
5.2
3.1
4.6
2.5
1.3
'42
32
4 6
2 5
13
r4 0
r 3 7
r 3 I
30
4 4
2 i
14
2
4
2
2
7
8
0
o
2 2
56
18
2 5
'31
18
6 0
15
2 6
'33
15
59
13
31
'3
1
5.
1
30
'34
15
47
1i
2 7
'39
17
4.5
12
2 6
'35
1.8
4.1
1.3
2.6
'3 5
1.8
3.9
1.3
2.1
'42
2.4
4.0
1.5
1.5
4.0
2.4
3.6
1.6
1.5
509
1 057
514
910
513
911
353
742
183
499
350
520
300
530
370
570
517
741
619
919
648
990
626
1,039
455
913
g
5 353
6 074
2.57
2.47
2 78
2.51
2.29
2.25
2.39
2.31
2.42
2.39
2.63
2.46
2.47
2.42
2.70
2.49
5.698
2 773
05 \
183
210
292
242
130
90
103
104
101
187
249
146
r 395
r 353
415
565
397
412
221
'582
171
308
157
183
269
4,416
5,799
4.624
4.930
' 47. 991 a '5. 882 ' 3. 028 r 2. 854 ' 3. 807 r 2. 679
1.608
1.737
1.770
2.517
' Revised.
* Preliminary.
} See corresponding note, p. S-14.
^ Production and
0 See "O" note, bottom of p. S-14.
« See "O." bottom of p. S-14.
t Revisions for
1972-74 appear in the Sept. 1975 SURVEY. Scattered revisions for earlier years are available.
nonsupervisory workers.
0 The indexes exclude effects of changes in the proportion of
* New series. USDA Quarterly Agricultural Labor Survey. Data beginning 1974 are
workers in high-wage and low-wage industries, and the manufacturing index also excludes
for the week containing the 12th day of the quarter month and cover field and livestock
effects of fluctuations in overtime premiums.
§ For line-haul roads only.
A Earnings
workers, machinery operators, packing-house, maintenance, etc., agricultural workers; no
in 1967 dollars reflect changes in purchasing power since 1967 by dividing by Consumer
Price Index.
<? Wages as of Oct. 1, 1975: Common, $8.59; skilled, $11.37.
« Revisions
comparable data prior to 1974 are available.
for June and July 1974, 6,940,000 and 8,954,000.
2 2")!
27. 948
SURVEY OF CURRENT BUSINESS
October 1975
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
8-17
1974
1974
Annual
Aug.
Oct.
Sept.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly §9 ._
.
thous.
State programs:
Initial claims
do _
Insured unemployment, avg. weekly do ..
Percent of covered employment: A
Unadjusted
Seasonally adjusted __.
Beneficiaries, average weekly
thous.
Benefits paid §
mil $
Federal employees, insured unemployment,
average weekly
thous
Veterans' program (UCX):
Initial claims .
do
Insured unemployment, avg. weekly _do_ _
Beneficiaries, average weekly
do
Benefits paid
.
mil. $
Railroad program:
Applications.
___
_
___thous__
Insured unemployment, avg. weekly _do ._
Benefits paid
mil. $
1,783
2,568
2,153
2,081 ' 2, 246
2,825
3,910
5 213
5 751
5 886
5 647
5,202
12,820
1,632
18, 880
2,260
1,221
1,874
1,171
1,783
1 608
1,947
2,017
2,499
3,192
3,550
3 616
4,752
2 455
5 108
2 158
5 091
2 041
4 775
1,749 ^1 832
4,281 3 878
27
3.5
1,874
1,371
40076 5, 974. 9
2.9
3.2
1,617
444.9
2.7
3.4
1,455
381 0
30
3.7
1,520
442 0
3.8
4.2
1,814
485.0
5.4
7.2
6 4
78
72
58
77
4.9
7.0
5.5
6.0
68
67
64
2,593
3,735
3,847 p 3, 437
4 342
4,353
4,553
745.9 1 1282 1 1642 1 290 6 1 294 2 1 148 1 TO 984 0
4 892 v 4, 990 P 4, 590
3,871 P 3, 436
58
62
*>5. 1
»5. 8
38
40
39
38
38
42
43
46
47
47
43
40
40
43
j>43
360
62
60
209.4
377
71
65
249.2
32
67
67
20.5
33
65
63
18 5
36
'67
63
20 3
33
75
70
20 7
39
85
82
25.3
36
93
98
30 9
30
95
100
28 1
29
96
102
30 1
30
94
101
31 2
••28
92
95
30 1
34
91
95
29 0
98
J>102
93
12
30 6
69
10
22.2
7
9
14
7
9
15
4
8
16
5
13
16
10
15
28
15
25
38
16
26
49
9
27
51
6
27
55
4
20
4 2
18
18
39
28
23
39
13
24
49
18,730
50,745
36, 481
5,342
31, 139
14, 264
18,727
51, 552
37,534
5,461
32, 073
14, 018
18, 108
51, 238
38,631
5,889
32,742
12,607
17,740
48,851
36, 806
5,604
31, 202
12,045
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers 'acceptances
_
mil. $
Commercial and financial co. paper, total
do
Financial companies...
do_.
Dealer placed.. .
do
Directly placed
do
Nonfinancial companies
_
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
__
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)©
._ _
bil. $
New York SMSA
do .
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA's 1-_.
do
226 other SMSA's
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
Deposits, total.
___
_
Member-bank reserve balances
Federal Reserve notes in circulation
18, 484
49, 070
36, 376
4,611
31, 765
12, 694
16, 167
47,967
37, 082
5,308
31.774
10,885
16, 035
49, 087
36, 42.8
5,333
31, 095
12, 659
16, 882
51, 754
37, 751
5,242
32, 509
14,003
17, 553
51,883
37,351
4,860
32,491
14, 532
18, 484
49, 070
36, 376
4,611
31, 765
12, 694
18,602
51,528
36,880
5,029
31, 851
14,648
18, 579
52,325
37, 593
5,167
32,426
14, 732
21, 840
27, 152
25,754
26, 161
26, 796
26, 897
27, 152
27, 964
28,304
28,808
29, 214
29, 575
29,951
30,421
11, 071
2,577
8,193
13,643
3,575
9,933
12,941
3,026
9,788
13, 185
3,092
9,884
13, 418
3,598
9,779
13. 643
3,573
9,681
13,643
3,575
9,933
14, 086
3,910
9,968
14,326
3,821
10, 157
14,641
3,741
10,426
14, 917
3,650
10,646
15, 180
3,499
10,895
15, 437
3,371
11, 143
15,654
3,520
11,247
21,481.7 22,017.5 22,348.8 22,918.7 22,192.4 21,856.3 22,952.7 22, 182. 9 22,707.5
9, 240. 8 9, 970. 8 10, 271. 1 10,538.9 9,931.8 10, 157. 8 10,918.0 10, 241. 1 10, 810. 3
12,241.0 12, 046. 7 12, 077. 6 12,379.8 12,260.6 11,698.4 12,034.7 11,941.8 11,897.2
5, 173. 0 5,092.1 5, 084. 7 5, 160. 2 5, 152.7 4, 868. 4 4,992.8 4, 899. 9 4,770.6
7, 068. 0 6, 954. 7 6, 993. 0 7, 219. 6 7, 107.9 6,830.1 7, 041. 9 7, 041. 9 7,126.7
106,464
113,611
84, 680
1,258
78, 516
11, 460
89,013
299
80, 501
11,635
do
106, 464
113, 611
do
do
_do
31, 486
27, 060
65, 470
30, 649
25,843
72, 259
Reserve bank credit outstanding, total 9 _do.__
Time loans
do
U.S. Government securities
do
Gold certificate account
"do
Liabilities, total 9
8,892
41, 073
32, 691
5,487
27, 204
8,382
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil $
Required.
.
do
Excess
do
Borrowings from Federal Reserve banks
do
Free reserves.. .
do
111,915 111,208 110,632 113,134 113,611 112, 562 112,633
91,070
4,320
81, 131
11, 460
89,930
2,920
81, 035
11,460
87, 037
1,122
79, £51
11, 460
22,739.7 22,504.2 '22,830.2 23,277.8
10,826.1 10,612.2 10,709.5 10, 628. 8
11,913.6 11,892.0 '12,120.7 12,649.0
4,852.6 4, 755. 2 '4,841.1 5, 125. 0
7,061.0 7, 136. 9 '7,279.5 7, 524. 0
111,291 122,628 116,755 115,687 112,587 '113,672 *120, 683
93,780
24
85,622
11, 620
89, 562 '90,516
231
177
81,883 82,546
11,620 11,598
95, 541
283
86,998
11, 599
90,110
1,225
80, 998
11,460
89, 013
299
80, 501
11, 652
88,669
103
81,344
11,635
111,915 111,208 110,632 113,134
113,611
112,562 112,633
111,291 '122,628 116,755 115,687 112,587 '113,672 "120,683
34, 576
30, 247
67, 706
32, 780
29, 860
70, 137
30,649
25, 843
72, 259
33,631
28,839
69,945
32,838
28,644
70, 679
32,525
27,139
70, 871
41, 234
32, 028
71, 167
35,002
26,445
72, 280
32, 823
25, 976
73, 626
29,470 '29,951
25, 740 '26,484
74,207 '74,653
i 35, 068 i 36, 941 37, 029 37,076 36, 796 36, 837
34, 806 i 36, 602 36, 851 36,885 36, 705 36, 579
1262
178
191
'339
91
258
1
1
1,298
3,287
1,285
703 3,351
1,793
1
-1,069 1 -333 -3,008 -2,957 -1,585
-960
38, 941
36, 602
339
703
-333
37,492
37,556
-64
390
-441
35,565
35,333
232
147
96
34,779
34, 513
266
106
153
35, 134
35, 014
120
110
17
34,492
34,493
-1
60
-52
34, 976
34, 428
548
271
278
34,655 '34,482 *34, 694
34, 687 '34,265 P34, 448
^246
r217
-32
"397
'211
261
p-89
'44
276
33,616
29,266
67, 775
31,916
29, 895
68, 520
1
88,856
77
81,086
11,621
89,465
60
81, 418
11, 620
98,583
1,539
87,846
11, 620
92, 929
561
84, 749
11, 620
35,267
26,252
74, 599
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjustedrf 1 ..mil. $.. 112,534
109,981 100,293 101,460 101,052 100,674 109,981 101,930 101, 220 104, 863 102, 619
101,759 '107,114 '103,863 102,581 104,071
Demand, total 9
.
do
184,565
Individuals, partnerships, and corp
do
128,210
State and local governments, .
do
7,352
U.S. Government...
_
do """
7,161
Domestic commercial banks
J__.do
25, 286
185.215 153, 287 160, 987 159, 896 165, 295 185,215 152,838 153, 243 162,031 164, 368
129,449 111,840 115, 075 115, 026 118, 647 129,449 110, 564 112, 434 117, 808 115, 788
5,586
7,039
6,164
6,106
6,046
7,039
5,999
6,043
6,418
6,714
1,732
1, 155
1, 852
1,471
3,195
1,471
2,007
1,440
4,905
1,281
31, 807 21, 251 22, 460 23, 832 24, 901 31,807 20,630 20, 674 22,434 23,328
161,170
117,375
5,970
1,425
22, 513
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
228,045 219, 453 221, 496 219,890 218, 965 228,045 226, 719 224, 440 226, 136 223, 520
225,929 '223,211 222,475 222,651 225, 264
do
189, 643
do
do
57,087
95, 393
65,392 65, 254 65,590
58, 485 57, 079 57, 220 57, 408 57, 809 58,485 58, 740 59, 694 62, 238 62,396 64, 644
122,201 118,853 119,472 118,238 117,626 122,201 120, 966 118, 810 119,469 113,639 113,594 '112,922 113 218 114, 520 116, 184
304,318 298,619 298, 866 296,656 298, 518 304,318 292, 477 289, 393 288, 473 285,524 283,098 '284,614 280, 762 279, 100 281, 768
131,875 126,771 128,827 128,328 129,798 131,875 126, 850 125, 957 125, 960 125,349 122,801 '122,326 120, 611 118, 990 119, 751
7,040
8,788
6,842
6,523
7,408
7,713
7,335
7,415
7,713
6,819
6,350 ' 7, 326
5,597
6,097
6,816
33, 076 31,746 32, 286 31, 408 31,874 33,076 30, 757 30, 180 29,904 29, 549 29, 409 '29,978 29, 157 29, 144 29, 022
60, 442 59,510 59,840 60,056 60, 116 60, 442 60,095 59, 739 59,474 59, 385 59, 273 '59,209 59, 059 58, 979 59, 282
9C, 388 87,529 88,003 85, 674 86,982 90,388 85, 009 84, 298 86, 254 81,851 82, 124 '83,864 80, 820 82,224 84, 254
Loans (adjusted), totaled
Commercial and industrial
For purchasing or carrying securities
To nonbankfinancialinstitutions.. .
Real estate loans
._
Other loans
,.
do
do.._
do
do
do
do
270,545
110,047
9,433
28, 052
55, 359
88, 770
Investments, total U.S. Government securities, total
Notes and bonds...
.
Other securities..
do
do
do
do
86,982
25,461
19,932
61.523
86, 825 82,898 81, 921 82, 107
23, 931 21, 130 19, 766 20, 522
19, 412 18, 802 18, 542 18, 348
62. 894 61.768 62.155 61 . 585
Revised.
* Preliminary.
1 Average for Dec. § Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are excluded from State benefits paid data.
AInsured
unemployment as % of average covered employment in a 12-month period.
9 Includes
aata not shown separately.
d*For demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government less cash items in
594-639 O - 75 - S-3
'169,097 158, 966 163, 205 167, 744
'121,565 115, 875 118, 755 119,800
6,496
6,049
' 6, 413 5,947
1,070
859
1,258
'1,330
'24,694 23, 360 24,326 25,790
83,705
21,951
19, 197
61 .75.i
86,825
23,931
19,412
69 8Q4
84,052
23,011
19, 619
61 fU1
85, 200
24, 095
20, 004
61 1O5
88, 743
27,855
23, Oil
60 888
88, 861
28, 524
23, 525
60 337
89, 863
30, 163
24, 367
fiQ 700
'92,200
'32,021
'24,935
r60 17Q
92, 547
32, 160
24, 764
60 387
94,173
34,164
25,230
60.009
95, 624
35,316
25, 243
60.308
process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
some cities and counties not designated as SMSA's.
1[ Includes Boston,e Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Corrected.
SURVEY OF CURRENT BUSINESS
S-18
UntaM otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
fn the 1973 edition of BUSINESS STATISTICS
1973
1975
1974
1974
Annual
October 1975
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
689.3
500.7
48.8
139.8
691.0
497.6
53.3
140.1
694.7
496.4
58.7
139.6
Apr.
May
June
July
Aug. 1 Sept.
i
FINANCE—Continued
BANKING— Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.rf
Total loans and investments©- foil. $
LoansO
do .
U.S. Government securities
do
Other securities..
do .
Money and interest rates: §
Bank rates on short-term business loans:
New York City
7 other northeast centers
do
do
8 north central centers
7 southeast centers
do
do
4 west coast centers
do
Discount rate (N.Y.F.R. Bank), end of year or
month.. .
percent
630.3
447.3
52.8
130.2
687.0 « 693. 9
498.2 « 501. 5
55.3
48.7
137.1
140.1
18.30
18.06
18.65
11.28
11.12
11.83
12.40
12.38
13.17
i 8.29
18.34
i 8.30
18.26
11.27
11.01
11.07
11. 15
12.36
11.85
11.95
12.15
689.9
500.2
52.3
137.4
696.1
492.4
64.4
139.3
698.3
489.6
68.8
139.9
698.8
484.5
73.0
141.3
702.1
485.8
74.0
142.3
692.5
503.8
49.1
139.6
-
11 64
11 35
12.22
9.94
9.61
10.31
8.16
7.88
8.37
8.22
8.00
8.43
11 66
11.52
11 56
11 48
9.87
10.24
10.01
9.99
8.00
8.70
8.34
8.33
8.12
8.41
8.28
8.45
-
687.0
498.2
48.7
140.1
7.50
7.75
8.00
8.00
8.00
8.00
7.75
7.25
6.75
6.25
6.25
6.00
6.00
6.00
17.18
i 8.82
8.92
9.02
9.18
9.22
9.29
9.26
9.14
8.84
8.48
8.25
7.92
7.71
Rome mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent.. i 33 7. 95
i 8. 01
Existing home purchase (U.S. avg.)___ do
18.92
19.02
9.09
9.13
9.19
9.33
9.17
9.51
9.27
9.58
9.37
9.60
9.33
9.53
9.12
9.40
9.06
9.28
8.96
9.11
8.90
9.04
8.96
9.05
»8.08
*8.15
»7.40
2
8. 25
29.89
29.84
28.60
2 10. 98
12.08
11.65
9.31
12.25
11.06
11.23
9.41
12.25
9.34
9.36
9.03
11.80
9.03
8.81
8.50
10.81
9.19
8.98
8.50
10.50
7.54
7.30
7.31
10.11
6.35
6.33
6.24
9.02
6.22
6.06
6.00
8.09
6.15
6.15
5.97
7.66
5.76
5.82
5.74
7.42
5.70
5.79
5.53
7.15
» 7. 041
»6.92
2 7. 873
27.81
8.744
8.64
8.363
8.38
7.244
7.98
7.585
7.65
7.179
7.22
6.493
7.29
5.583
6.85
5.544
7.00
5.694
7.76
5.315
7.49
5.193
7.26
Federal intermediate credit bank loans
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6 months)_.do
Finance Co. paper placed directly, 3-6 mo.do
Stock Exchange call loans, going rate
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent _
3-5 year issues
do
706.1
486.9
76.3
142.9
690.8
502.0
49.8
139.0
C
707.4
486.6
77.9
142.9
6.00
6.00
8.89
9.08
••8.89
'9.13
"8.94
P9.14
6.40
6.44
6.01
7.30
C
6.74
6.70
6.39
7.84
6.83
6.86
6.53
8.06
6.463
8.12
6.383
8.22
6.164
7.72
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
Installment credit, total
mil. $_- 180,486
190, 121 187, 369 187, 906 188, 023 188, 084 190, 121 187, 080 185,381 184, 253 184,344 185, 010 186, 099 187, 211 188,821
156, 124 154,472 155, 139 155, 328 155, 166 156, 124 153, 952 152, 712 151,477 151, 271 151,610 152, 668 153, 930 155,263
51,689 52, 772 52, 848 52, 736 52,325 51, 689 50, 947 50, 884 50, 452 50, 360 50, 465 50,927 51, 556 52,011
52, 009 49,322 49, 664 49, 986 50, 401 52, 009 51, 142 50, 136 49, 391 49, 247 49, 329 49,519 49, 637 50, 061
7,908
7,880
7,925
7,973 8,040
8,048
8,094
8, 252
8,287
8,260
8,162
8,214
7,966
8,162
44, 264 44,164 44, 375 44, 319 44,180 44, 264 43, 815 43,726 43,709 43, 784 43, 908 44, 249 44, 697 45, 097
do
147,437
do
...do
do
do
51, 130
47,530
7,352
41,425
By type of holder:
Financial institutions, total
Commercial banks
Finance companies
do
do
do
129,305
69,495
37,243
Credit unions
Miscellaneous lenders
do
do
19,609
2,958
22, 116
3,100
21,402
3,275
21,792
3,293
21,893
3,311
21, 975
3,220
22, 116
3,100
21,966
3,066
22,089
3,124
22, 227
3,279
22, 415
3,208
22, 674
3,243
23, 186
3,292
23,507
3,330
24,043
3,305
do
do
18, 132
299
19, 473
286
17, 550
299
17, 678
298
17, 851
296
18, 272
292
19, 473
286
18, 804
282
18, 154
280
17, 878
276
17,768
275
17,852
275
17,887
276
17, 920
280
18,130
282
do
do
do
do
33,049
13,241
11,753
1,488
33,997
12, 979
11,500
1,479
32, 897
13,202
11, 680
1,522
32, 767
13, 131
11,641
1,490
32, 695
13,003
11,515
1,488
32, 918
12, 950
14, 464
1,486
33, 997
12, 979
11,500
1,479
33, 128
12. 675
11,210
1,465
32,669
12, 560
11, 078
1,482
32, 776
12, 542
11,018
1,524
33,073
12, 526
11,021
1,505
33,400^ 33,431
12, 443 12, 470
10, 936 10, 954
1,516
1,507
33, 281
12, 282
10, 771
1,511
33, 558
12, 362
10, 860
1,502
do
do
do
do
9,829
7,783
2,046
9,979
10, 134
8,012
2,122
10,884
9,265
6,983
2,282
10, 430
9, 153
6,876
2,277
10, 483
9,183
7,027
2,156
10,509
9,318
7,174
2,144
10,650
10, 134
8,012
2,122
10, 884
9,315
7,162
2,153
11,138
8,542
6,468
2,074
11, 567
8,485
6,452
2,033
11, 749
8,797
6,735
2,062
11, 750
9,341
7,268
2,037
11,616
9,449
7,361
2,088
11,512
9, 568
7,388
2,180
11,431
9,639
7,392
2,247
11, 557
Installment credit extended and repaid:
Unadjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
165,083
46,453
66,859
51,771
166,478
42, 756
71,077
52, 645
15,209
4,137
6,145
4,927
13, 294
3,569
5,647
4,078
13, 837
3,544
6,013
4,280
12, 431
2,903
5,763
3,765
14, 271
2,807
7,454
4,010
11,561
2,807
5,196
3,538
11,031
3,281
4,339
3,411
12,411
3,515
5,144
3,752
13, 603
3,718
5,640
4,245
13, 799
3,797
5,824
4,178
14,682
4,225
5,953
4,504
15, 259
4,434
6,100
4,725
14,663
4,114
6,024
4,520
Repaid, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
144,978
39, 452
59,409
46, 117
157,791
42, 197
66,598
48, 996
12, 879
3,447
5,415
4,017
12, 627
3,493
5, 305
3,829
13,648
3,656
5,691
4,301
12,593
3,314
5,348
3,931
13,313
3,443
5,846
4,024
13,733
3,549
6,063
4,121
12,271
3,344
5,345
3,582
13,646
3,947
5,889
3,810
13, 809
3,810
5,784
4,215
13,460
3,692
5,742
4,026
13,624
3,763
5,763
4,098
13, 997
3,805
5,982
4,210
13,330
3,659
5,605
4,066
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
14,394
3,887
5,993
4,514
14, 089
3,835
5, 935
4,319
13, 626
3,369
5,948
4,309
12,609
3,062
5,700
3,847
12, 702
3,205
5,798
3,699
12,859
3,348
5,430
4,081
13, 465
3,856
5,561
4,048
12,797
3,419
5,535
3,843
13, 181 ' 13, 149
3,454 3,467
5,757
5,584
3,925
4,143
13,959
3,752
5,976
4,231
14, 378
4,073
5,927
4,378
14,358
3,932
6,077
4,349
Repaid, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
12, 882
3,443
5,444
3,995
13,412
3,604
5,700
4,108
13, 224
3,470
5,499
4,255
13,009 13, 516 13, 260 13,228 13, 234 13,423 13, 274 13,537 13, 509 13, 858
3,820
3,728 3,690
3,625
3,719
3,534
3,605 3,772
3,423 3,668
5,826
5,860
5,694
5, 799
5,632
5,708
5,632
5,549
6,037
5,561
4,212
4,010
3,959
3,955
3,754
4,072
4,177
3,991
4,025 3,811
a new definition of the group of affiliates included, and a somewhat different group of reporting
banks; total loans were $500 million less than they would have been on the old basis. O Adjusted to exclude interbank loans.
§ For bond yields, see p. 8-21.
fBeginmn? Jan. 1959,
monthly data have been revised to reflect new seasonal factors and adjustment to bencn
marks for the latest call date (June 30,1973). Revisions are in the Nov. 1973 Fe-daral Rasarve
Bulletin.
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
Retail outlets, total
Automobile dealers
Nonlnstallment credit, total
Single-payment loans, total
Commercial banks
Other financial institutions..
Charge accounts, total
Retail outlets
Credit cards
Service credit
136, 651 136, 922 137,461 137, 477
72, 510 73, 302 73, 455 73, 372
38, 925 38, 943 38, 921 38,901
e
'Revised.
* Preliminary.
Corrected.
•Average for year.
a Daily average.
« Beginning Jan. 1973, data reflect changes in
sampling and weighting.
< Beginning June 30,1974, data revised to include one large mutual savings bank that merged with a nonmember commercial bank. Total loans and investments were increased by about $600 million of which $500 million were in loans and $100 million
in
m "other securities." « Beginning Aug. 28,1974, loans sold outright to banks' affiliates reflect
136,894 136, 651 135, 148 134, 558 133, 599 133, 503 133, 758 134,781 136, 010 137, 133
72, 896 72, 510 71,776 71, 151 70, 183 70, 134 70, 130 70, 475 70, 996 71,445
38,803 38,925 38, 340 38, 194 37, 910 37, 746 37,711 37,828 38, 177 38,340
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1975
1974
1974
Annual
S-19
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
mil. $... 232,225 264,932 23, 620
246,526 268,392 25, 408
do
-14,301 -3,460 -1,787
28, 377 19,633 22, 292 24, 946 25, 020 19, 975 20, 134
24, 712 26, 460 24, 965 27,442 28, 934 26,200 27,986
3,666 -6,827 -2, 673 -2, 496 -3, 914 -6, 225 -7, 852
31, 451
12,793 31,817 20, 197
29, 601 28,186 30,296 31, 249
1,850 -15,394 ••1,521 -11,052
6,225
7,852 -1, 850
7,485
4,535 11, 249
9,335
1,690 -3, 397
15,394 -1,521 11, 052
567
7,800
8,556
6,838 -2,088 3,252
Budget financing total
Borrowing from the public
Reduction in cash balances
do
do
do
i 14,301
119,275
-4,974
6,827
2,673 2,496
721 4,500
5,077
6,206 -1,827 -2,581
3,914
3,667
247
Gross amount of debt outstanding
Held by the public
do
do
468,426 1 486,247 93, 622 493, 130 491, 646 496,768 504, 031
343,045 346,053 349, 980 350, 549 351, 270 355, 770 360,847
05,482
64,514
10, 747
69,049
20,701
80, 298
27, 744 539, 157
87, 783 396,339
31,451 12,793 31, 817 20, 197
16, 065 -1,630 13,123
9,615
5,093
1,174 '9,578
1,367
Budget receipts by source and outlays by agency:
Receipts (net) total
mil $
1
1
1
^ O
lc
Social insurance
(net)
Other
(
1,787 -3, 666
569
2,283
-496 -4, 235
264,932
118,952
138,620
23, 620
10, 485
828
19,633
10, 590
1,206
22, 292
10,832
797
24,946
10, 799
6,268
25, 020
15, 487
1,188
19,975
7,747
778
20, 134
4,134
6,579
contributions
mil $ i 64,542 i 76, 780
i 28, 286 130,582
do
28,377
13, 947
5,647
9,544
2,763
6,120
2,675
5,142
2,696
7,748
2,916
5,441
2,438
5,674
2,672
8,979
2,471
6,870
2,552
246,526 268,392
110,028 i 9, 767
173,297 i 77, 625
25, 408
346
7,062
24, 712
616
6,745
26,460
763
7,246
24, 965
489
7,389
27, 442
905
7,258
28,934
1,545
7,231
26,200
768
7,044
27, 986
829
7,300
i 82,042 193,375
130,959 i 35, 993
13,311 i 3, 252
i 11,968 113,337
8,808
2,552
247
1,234
8,845
2,907
267
1,145
9,040
4,177
281
1,217
9,132
2,852
297
1,338
9,437
2,678
288
1,633
9,789
3,244
298
1,397
9,217
2,739
283
1,581
)
taxes and
i 3, 460
13,009
1451
O
Outlays total 9
do
Agriculture Department
do
Defense Department, military
do
Health, Education, and Welfare Department
mil. $..
Treasury Department
do
Veterans Administration
do
232,225
103,246
i 36, 153
44,131
96, 906
8,126 10,588 ' 6, 431
'2,168 ••2,661 «• 2, 685
29, 601
1,029
6,989
9,728 10, 130
4,459
2,921
287
315
1,402 r 1,505
49, 157
04,707
6,131
3,086
28, 186 30,296 31,249
890 ' 1, 161 1,038
7,627 ' 7, 216 7,103
9,680 ••9,916
2,802 •• 4, 576
••185
301
1,462 •• 1, 407
10, 150
4,289
368
1,364
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bll. $._
258. 5
291. 1
302.8
294 7
284 1
251.8
Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals. do
Contributions for social insurance
do
114.1
43.7
21.2
79.5
131.3
49.1
22.0
88.7
134.8
55.4
22 5
90.0
136.8
45 7
22.2
90.0
136.2
34 1
22 9
90 9
99.1
37.5
23.8
91.3
131.8
Federal Government expenditures, total. ..do
264.2
299.1
304.7
319.3
338.5
355.0
361.9
ao
106.6
74.4
116.9
78.7
117.2
78.4
124.5
84 0
126.5
84 7
128.4
84.8
129.9
85.6
do
95.5
40.5
16.3
117.0
43.8
18.8
120.8
43 4
19 1
127 2
45 5
19 7
138.5
50 2
19.7
149.9
52.2
21.1
151.0
55.6
21.3
5.3
2.1
2.7
2.3
3.5
3.5
4.1
.0
XT f ] |
i j Kpoas ana services
Grants-in-aid to State and local govts
Subsidies less current surplus of government
enterprises
bil S
Less: Wage accruals less disbursements— do .
Surplus or deficit ( )
do
25.7
93.3
.0
-.5
15
.0
.0
.0
-5.6
-8.1
—1 9
—24.5
54.4
103.3
252. 44
11.40
117. 72
81.37
75.35
263.35
11.96
118. 57
86.23
79.91
258.51
11.79
118.32
84.08
77.86
258.12
11.76
116.88
84.83
78.18
261.18
11.80
119.22
85.02
78.74
262.25
11.87
119.25
85.48
79.19
263.35
11.96
118.57
86.23
79.91
266. 82 269. 72 272. 14
12. 16
12.34
12.06
121. 99 124. 16 125. 51
86.53 86.93 87.19
80.23 ' 80. 55 80.77
273. 53
12.37
126.26
87.64
81.13
275.82
12.46
127. 85
87.88
81.34
278.34
12.56
129. 84
88.04
81.46
279. 35
12.81
130. 30
88.16
81.57
280.48
11.79
130. 66
88.33
81.71
7.69
20.20
2.07
11.99
8.33
22.86
2.00
13.39
8.04
21.87
1.40
13.02
8.10
22.18
1.50
13.26
8.14
22.47
1.44
13.09
8.21
22.68
1.38
13.39
8.33
22.86
2.00
13.39
8.31
23.06
1.59
13. 29
8.40
23.22
1.51
13.33
8.58
23. 39
1.69
13.44
8.78
23.46
1.48
13.53
8.84
23.57
1.50
13.71
8.99
23.68
1.49
13.75
9.06
23.79
1.40
13.83
9.11
23.92
1.46
13.99
298, 203 2 49,662
182, 287 15, 175
108,900 233,945
542
7,016
21,416
14, 561
6,308
547
23,283
16, 294
6,370
619
22,842 3 35,571
15,109 16, 953
7,170 3 18,111
563
507
19,470
12, 969
5,996
505
19, 710
13, 292
5,852
566
23,562
14, 851
8,113
598
23, 113
15, 893
6,628
592
24,002 23,485
15,387 15, 623
7,250
7,932
612
683
21,914
15, 349
5,979
586
23,353
14, 920
7,815
618
11,652
230
228,480
396,679
11,567
47
68, 424
32, 816
11, 567
25
25,853
36, 500
11,567
17
14,759
35,839
11, 567
10
8,568
28, 542
11,652 11,635 11,621
19
1
27
11,476 120, 138 66, 157
36, 702 219, 648 17, 798
11, 620
0
36,518
3,975
11, 620
0
67, 117
27, 714
11, 620
0
20, 753
16, 562
11, 620
15
38, 627
18,359
11,618
0
27, 117
18, 152
11, 599
0
54, 603
12,916
1,038.3
70.9
86.6
5.0
89.1
5.4
87.4
6.8
84.9
5.8
73.9
5.8
77.7
5.5
76.4
5.6
78.5
5.4
80.6
5.9
79.4
6.6
81.9
5.1
8,177
43, 846
4.694
7,676
42, 601
4.391
4,654
22,058
4.192
9,965
26, 122
4.370
23,644
36, 172
4.332
11, 173
28,586
4.209
11,954
31,440
4.538
5,029
28,368
4.489
37,820
22, 148
4.704
4.925
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities
Nonfarm
Real estate
Policy loans and premium notes
Cash
...
Other assets
_
bll. $..
do
do
do
.
do
do. _
do
do...
Life Insurance Agency Management Association:
Insurance written (new paid-Tor insurance):
Value, estimated total
mil. $
Ordinary (Incl. mass-marketed ord.) do__..
Group
do
234, 191
162, 506
64,461
7,224
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)... mil. $._ 11,567
-1,538
Net release from ear m ark §
do_.
Exports
thous. $.. 145,965
356, 150
Production :fl
South Africa
Canada
mil. $
do
1,073.6
75.0
Silver:
Exports
thous. $.
5,268
1,570
8,714
27,637 81,651
Imports
._
do
268,644 501,521 30,481 31, 260 37,861
4.830
Price at New York
dol per fine oz
4.431
4.049
2.558
4.708
Production:
3,540
United States
thous fine oz
52,583 3,645 4,096
43,566
r
Revised.
> Preliminary.
i Data shown in 1973 and 1974 anmjal colurnns are for
fiscal years ending June 30 of the respective years; they inolude revisions not distribut ed
4.516
3,193
1,926
3,010
2,523 2,132
3,132
3,834
2,912
5,481
5,600
e in earrnarked g old (-).
§o r increasthereafte
9In<iludes da ta for it ems not shown separatelj
r.
« C orrected.
Waiued at $38 per fine ounce f rom Jan. 1972-Sef )t. 1973, sit $42.22
3,135
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Aug.
Annual
October 1975
Sept.
Oct.
1975
Nov. Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,
FINANCE—Continued
MONETARY STATISTICS- Continued
bll. $.-
72.5
79.7
74.9
74.9
75.9
77.8
79.7
76.3
76.8
78.1
78.4
79.8
81.2
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
- bil. $
Currency outside banks
.
do
Demand deposits
do
Time deposits adjusted^..
- _ do
U.S. Government demand deposits^
do —
263.8
59.3
204.4
345.3
7.1
278.7
64.9
213.8
397.0
5.6
277.3
65.7
211.6
408.2
4.0
278.9
65.8
213.1
410.1
5.5
281.2
66.4
214.7
413.3
3.7
285.1
67.9
217.3
411.7
3.4
292.3
69.0
223.3
416.8
4.9
288.6
67.8
220.9
424.0
4.0
279.4
67.8
211.6
426.5
3.3
282.2
68.8
213.4
430.5
3.8
287.3
69.1
218.2
431.8
4.0
283.7
70.0
213.7
434.5
••4.1
291.1
71.2
219.9
436.7
4.1
293.0 '290.9
71.9
72.2
221.1 '218.7
438.3 440.2
3.3
2.6
292.9
71.9
221.0
442.6
3.8
280.5
65.5
215.0
405.2
280.7
65.9
214.8
407.5
281.6
66.5
215.2
412.1
283.6
67.4
216.2
413.6
284.4
67.9
216.5
419.4
281.6
68.2
213.4
426.0
282.4
68.7
213.7
428.8
285.0
69.4
215.6
429.9
285.8
69.5
216.3
431.5
288.5
70.2
218.3
432.9
293.0
71.1
221.9
437.1
293.5 '294.2
71.3
71.9
222.1 ' 222. 3
439.1
437.4
294.7
72.0
222.8
440.7
123.4
286.4
86.3
132.0
68.9
125.1
310.5
83.8
127.5
66.9
127.0
316.8
84.1
127.3
67.5
131.8
324.6
87.5
131.5
70.6
128.0
312.8
86.6
131.8
69.3
127.3
321.8
83.4
125.9
67.3
133.4
343.2
85.8
127.4
69.6
125.1
320.4
82.2
118.2
67.8
127.8
330.3
82.1
115.5
68.8
129.2
333.9
83.0
121.3
68.2
124.6 ' 126. 4
328.6
331.0
80.2 '81.7
115.3 ' 116. 4
66.7
68.2
Currency in circulation (end of period)
Adjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjusted^
- do
do
do
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's) O-.ratio of debits to deposits..
New York SMSA
._
...do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMS A'srf1
do
226 other SMSA's
do
102.6
297.5
70.4
108.8
55.8
120.1
290.9
81.9
123.6
65.8
248,259
23,723
2831
58,747
4,601
780
15, 527
1,313
162
13,433
1,271
82
9,285
920
—66
12,455
1,315
42
21,427
25,670
2,287
7,175
659
1,891
511
1,513
374
1,487
429
1,721
2 3 7, 759
21,266
21,343
21,695
14,483
1,204
2,035
3,149
4,087
437
535
1,000
3,714
186
290
815
1,859
-11
265
732
2,197
274
204
504
22,207
2,837
782
604
490
694
24,936
23,883
5,648
2,940
1,345
685
1,330
562
1,417
537
1,641
637
2933
24,122
2 7, 079
1,127
1,955
8,524
265
195
2,170
217
556
1,781
28
-96
1,168
374
565
1,858
do
217,734
19, 467
4,792
5,282
4,904
5,114
mil. $
32,960
40,009
2,610
1,767
4,713
3,932
3,483
5,523
4,957
5,497
4,477 ' 5, 979
5,731
do
20,853
31, 075
2,341
1,204
3,778
3,346
3,050
4,' 729
3,853
4,432 '3,153 ' 4, 182
4,353
do
do
7,648
3,375
4,017
2,254
219
107
287
126
635
196
300
93
301
152
354
235
449
173
644
253
984
'346
775
230
31, 871
4,837
1,061
10,271
37,842
10, 026
980
12,831
2,610
594
48
1,053
1,617
189
39
679
4,538
693
15
2,086
3,734
1,683
40
962
3,409
1,633
23
624
5,214
1,848
188
1,269
4,474
1,675
59
1,957
5,322
2,479
72
1,507
4,417 '5,512
1,722 '2,479
159
209
1,408 ' 1, 548
5,357
2,303
132
1,479
do
do
-do
1,066
4,902
8,096
1,014
3,934
6,850
14
364
488
55
342
263
301
471
866
336
87
433
14
175
838
23
932
914
23
124
571
38
317
637
59
563
163
281
413
'409
167
362
641
do
do
do
67, 184
19, 057
22, 760
22,824
29,041
1,056
1,497
1,626 '2,319
2,365
3,526
2,245
2,540
1,407
2,536
2,159
2,266
2,329
2,270
2,038
2,832
2,263
3,094
2,532
3,801
3,001
2,699
4,994
4,103
891
4,836
3,980
856
4,934
4,086
848
5,099
4,269
830
5,244
4,400
844
5,407
4,583
824
5,746
4,927 ' 5, 160
819
81.5
81.9
130.4
333.5
86.2
124.4
71.3
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products
do
Lumber and wood products (except furniture)
mil $
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Stone, clay, and glass products.
...do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
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
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, Corporate
Common stock.
Preferred stock
By type of issuer:
Corporate, total 9 . ...
Manufacturing
Extractive (mining)
Public utility
Transportation
Communication
Financial and real estate
Noncorporate, total 9
IT. 8. Government State and municipal
mil. $
do
do
do
State and municipal issues (Bond Buyer):
Long-term
.
do
Short-term
.. do...
22,953
24, 667
"899
347
3,434 ' 2, 692
1,691 '1,377
2,068
2,423
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month,
5,625 5,097
16,382
4,996
4,836
total
mil S
4,173
3,980 4,672
4,080
At brokers
do
15,251
924
916
At banks
. _
do
856
953
* 1, 131
Other security credit at banks
do
Free credit balances at brokers:
411
437
427
431
Margin accounts.
do
U54
1,382
1,354
1,424
1,419
Cash accounts
_._
do
11,700
f
2
Revised.
*> Preliminary.
1 End of year.
Beginning fourth quarter 1973, because of changes in method of consolidation (to minimize the effect of foreign operations of
multinational enterprises), data are not comparable with those for earlier periods. The effect
of the change can be assessed by comparing the data as originally
published for the fourth
3
quarter 1973 (June 1974 Survey) with the revised data.
Prior to fourth quarter 1973,
for
petroleum refining only; data are not comparable with those for earlier periods.
4
Beginning Jan. 1974, does not include noncorporate bonds and notes formerly included.
(B Effective February 1974 SUVREY, data revised to reflect: Annual review of seasonal
5,466
410
411
515
410
557
505
520
519
478
1,424
1,447
1,760
1,604
1,710
1,446
1.790
1.705 ' 1, 790
factors; regular benchmark adjustment; effect of changes in check collection procedures
(Regulation J); and adjustments to include new figures from internationally oriented banking institutions. Monthly revisions back to 1971 are in the Feb. 1974 Federal Reserve Bulletin.
ftAt all commercial banks.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
S-21
SURVEY OF CURRENT BUSINESS
October 1975
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
1975
1974
1974
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds
Prices:
Standard A Poor's Corporation:
High grade corporate:
Composited 1
dol per $100 bond
Domestic municipal (15 bonds)
do
63.6
85.4
58.8
76.1
57.6
71.6
56.2
71.0
55.8
72.6
56.3
72 6
56.1
68.6
56.4
70.9
56.6
74.1
56.2
70.9
55.8
69.4
56.6
69.6
56.7
69.8
56.6
68.5
55.6
68.3
55.8
66.0
62.80
57. 47
54.95
55.13
55.69
57.80
58.96
59.70
60.27
59.33
57.05
57.40
58.33
58.09
56.84
55.23
8,294.99 6,456.77
9,420.76 8,120.18
411.94
548. 70
444. 80
646. 77
670. 29
878. 54
601. 54
742. 60
524. 28
712. 46
755. 15 841. 10
932. 49 1,013.36
728. 19
875. 22
790. 03
891. 57
753. 75
892. 55
810. 14
919. 28
808. 39
938. 49
7, 865. 38 6, 193. 81
8,736.82 7, 740. 56
398. 24
526. 09
428. 39
620. 47
651. 20
845. 57
584. 71
715. 25
510. 59
687. 44
731.01
892. 61
813.00
967. 30
706. 78
840.85
768. 72
858. 08
728. 55
855. 32
783. 46
883. 08
784. 10
904. 23
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 4, 424. 67 4, 052. 12
307. 80
316. 34
416. 54
369. 31
389. 16
490. 14
482. 88
454.22
473. 81
449. 34
487. 41
478. 39
343. 37
340. 74
9.67
9.80
9.60
9.56
9.55
9.33
9.28
9.49
9.55
9.45
9.43
9.51
9.55
8.67
8.80
9.33
10.29
8.95
9.02
9.63
10.34
8.90
9.04
9.79
10.46
8.77
8.94
9.67
10.40
8.84
8.94
9.63
10.33
8.95
9.03
9.70
10.35
8.95
9.10
9.74
10.38
U.S. Treasury bonds, taxable^
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil $
Face value
do
New York Stock Exchange:
Market value
Face value
Yields:
Domestic corporate (Moody 's)._
By rating:
Aaa
.
_
Aa
A
Baa
do
do
_
7.80
8.98
9.36
do
do
do
• do
7.44
7.66
7.84
8.24
8.57
8.67
9.16
9.50
9.00
9.05
9.61
9.77
9.24
9.35
9.90
10.12
9.27
9.40
10.10
10.41
8.89
9. 13
9.87
10.50
8.89
9.03
9.75
10.55
8.83
8.99
9.75
10.62
8.62
8.81
9.47
10.43
do
do
do
7.60
7.83
8.12
8.78
9.27
8.98
9.16
9.70
9.30
9.44
10.11
9.46
9.53
10.31
9.64
9.27
10.12
9.58
9.23
10.02
9.59
9.19
10.10
9.52
9.01
9.83
9.32
9.05
9.67
9.25
9.30
9.88
9.39
9.37
9.93
9.49
9.29
9.81
9.40
9.26
9.81
9.37
9.29
9.93
9.41
9.35
9.98
9.42
. do
do
5.22
5.18
6.26
6.09
6.91
6.58
6.68
6.65
6.65
6.46
6.71
6.47
7.08
6.93
6.54
6.66
6.55
6.30
6.93
6.61
6.95
6.83
7.09
6.81
6.96
6.76
7.09
6.94
7.18
7.02
7.67
7.23
do
6.30
6.98
7.33
7.30
7.22
6.93
6.78
6.68
6.61
6.73
7.03
6.99
6.86
6.89
7.06
7.29
9.58
10.46
5.01
4.03
7.53
12.13
10.63
11.82
4.83
4.27
8.09
13.25
10.93
12.15
4.82
4.40
8.13
13.22
10. 93
12. 15
4.82
4.40
8.13
13.22
11.01
12.27
4.83
4.47
8.13
13.50
10.72
11.82
4.83
4.47
8.14
13.51
10.74
11.84
4.83
4.58
8.30
13.51
10.82
11. 93
4.96
4.58
8.30
13. 51
10.52
11.47
4.96
4.58
8.30
13.56
10.52
11.48
4.96
4.58
8.50
13. 56
10.49
11.43
4.96
4.58
8.50
13.56
10.42
11.34
4.96
4.46
8.50
13.56
10.49
11.52
4.96
4.42
8.50
13.56
10.47
11.51
4.97
4.14
8.50
13.56
10.47
11.49
4.97
4.14
8.50
13.56
285. 44
356. 26
71.21
79.72
220. 35
270. 42
48.26
77.16
196. 82
243. 55
39.93
68.49
173.29
210. 45
39.01
62.50
200. 62
243. 12
42.91
76.17
188. 45
226. 96
41.67
74.09
185. 68
222. 71
41.17
73.78
208. 42
250. 16
49.60
79.95
220. 27
267. 46
49.13
81.64
224. 15
275. 47
47.80
79.22
234. 59
290. 62
46.99
82.55
244. 75
304. 66
49.62
80.80
251. 22
312. 67
55.06
82.96
234. 44
291. 42
51.58
76.11
230. 57
288. 52
51.33
74.34
3.36
2.94
7.04
5.06
3.05
3.45
4.82
4.37
10.01
5.53
4.01
5.14
5.55
4.99
12.07
6.42
5.01
7.33
6.31
5.77
12.36
7.04
5.47
7.35
5.49
5.05
11.26
5.87
4.39
5.63
5.69
5.21
11.59
6.03
4.46
5.47
5.78
5.32
11.73
6.21
4.86
5.32
5.19
4.77
10.00
5.73
3.95
5.32
4.78
4.29
10.10
5.61
4.15
5.20
4.69
4.17
10.38
5.78
4.34
5.03
4.47
3.93
10.56
5. 55
3.99
4.94
4.26
3.72
10.00
5.52
3.96
4.35
4.18
3.68
9.01
5.33
3.67
4.20
4.47
3.95
9.64
5.44
4.06
4.63
4.47
3.98
9.68
5.57
4.36
4.83
26.00
7.55
7.60
27.69
7.63
9.81
7.23
8.24
8.61
8.93
8.78
8.60
8.78
8.33
8.07
8.04
8.27
8.51
8.34
8.24
8.41
8.56
286. 73
923. 88
103. 39
180. 55
237. 33
759. 37
75.84
164. 05
223. 13
729. 30
66.23
151. 68
199. 29
651. 28
60.80
134.60
202. 89
638. 62
66.58
143. 43
206. 86
642. 10
68.54
149. 92
194. 39
596. 50
67.05
141. 10
215.31
659. 09
77.46
153. 06
231.85
724. 89
81.02
159. 91
240. 18
765. 06
78. 90
162. 28
244. 32
790. 93
75.77
166. 35
254. 71
836. 55
77.29
169. 69
259. 00
845. 70
83.87
168. 40
260. 30
856. 28
82 68
167. 98
246. 22
815. 51
77.92
156. 32
246. 02
818. 28
77.32
155. 11
_ percent
By group:
Industrials
Public utilities.Railroads
Domestic municipal:
Bond Buyer (20 bonds1!
..
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxableO
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials
do
Public utilities
do
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do
Price per share, end of mo. , composite
Industrials
_..
Public utilities
Railroads
.
Yields, composite
Industrials
. _
Public utilities
Railroads
_ _ _
N.Y. banks
.
Property and casualty insurance cos
do
do
do
do
percent..
do
do
do
do
do
Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RK., for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent
Prices:
D ow- Jones averages (65 stocks). . . .
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation:^
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43 = 10. .
Industrial, total (425 stocks) 9
Capital goods (110 stocks)
Consumers' goods (184 stocks)
Public utility (60 stocks)
Railroad (15 stocks)..
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
27.98
7.53
10 81
22.91
7.80
• 7.45
107. 43
82.84
76.03
68.12
69.44
71.74
67.07
72.56
80.10
83.78
84.72
90.10
92.40
92.49
85.71
84.67
120. 44
do.
118. 57
do
107. 14
do
53.47
do
do.... 38.01
92.91
92.84
78.08
38.91
37.29
85.51
86.99
70.14
34.00
35.06
76.54
76.03
63.51
30.93
31.55
77.57
77.49
62.79
33.80
33.70
80.17
79.35
65.84
34.45
35.95
74.80
74.06
62.51
32.85
34.81
80.50
77.10
67.91
38.19
37.31
89.29
88.50
75.06
40.37
37.80
93.90
92.78
80.42
39.55
38.35
95.27
96.76
80. 75
38.19
38.55
101. 56
101. 96
85.15
39.69
38.90
103. 68
101. 15
85. 98
43.67
38.94
103. 84
101.15
86.58
43.67
38.04
96.21
93.05
78.29
40.61
35.13
94.96
93.61
77.25
40.53
34.93
64.44
104. 34
54.16
83.89
46.27
65.97
42.00
58. 99
44.15
65.48
47.51
70.52
44.43
65.05
50.58
73. 52
53.46
76.33
52.58
76.76
54. 75
79.64
57,17
83.76
57.77
87.19
58.13
90.44
51.33
83.01
46.72
78.64
85.19
95.98
96.72
81.68
84.98
84.76
94.63
81.06
86.29
77.71
O Fo r bonds due or ca liable in .0 years c>r more.
assum sd 3 perc 3nt 20-ye ar bond.
n
9 Tn
Includes data not shown separately.
79.71
do
do
66.22
60.47
Property-liability insurance (16 stocks).,do
84.15
64.31
119. 00
Revised.
* Preliminary.
• Estimate
d* Number of issues represents number currently used; the change in number does not
affect continuity of the series.
H Prices are derived from average yields on basis of an
r
18. 84
7.70
8.80
28 31
7 70
9 81
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
I 1974
Annual
October 1975
1974
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Prices— C ontinued
New York Stock Exchange common stock Indexes:
Composite
12/31/65=50..
Industrial
-.
do
Transportation
do
Utility
do
57.42
63.08
37.74
37.69
70.12
Sales:
Total on all registered exchanges (SEC):
177,878
Market value
mil. $
5,723
Shares sold
- millions .
On New York Stock Exchange:
146,451
Market value
mil. $
4,337
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions. . 4,053
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $..
Number of shares listed. ..
millions..
721.01
20,967
43.84
48.08
31.89
29.79
49.67
39.86
44.19
29.41
26.72
40.11
35.69
39.29
25.86
24.94
36.42
36.62
39.81
27.26
26.76
39.28
37.98
41.24
28.40
27.60
41.89
35.41
38.32
26.02
26.18
39.27
38.56
41.29
28.12
29.55
44.85
42.48
46.00
30.21
31.31
47.59
44.35
48.63
31.62
31.04
47.83
44.91
49.74
31.70
30.01
47.35
47.76
53.22
32.28
31.02
50.06
49.22
54.61
32.38
32.79
52.20
49.54
54.96
32.90
32.90
52.51
118,252
4,839
8,973
363
7,981
388
10,034
465
9,445
448
7,904
406
9,801
488
14, 148
609
13, 810
585
14, 498
563
15, 982
612
14, 797
590
16,105
625
99, 178
3,822
7,597
290
6,754
308
8,510
377
7,973
366
6,693
321
8,170
388
12, 185
501
11, 767
473
12,423
461
13, 602
499
12, 627
479
13,504
494
3,518
280
280
377
287
315
433
424
454
447
458
447
511.06
21,737
545.45
21, 471
472.62
21,550
549.68
21, 584
524. 52
21,605
511.06
21, 737
579.31
21, 773
610. 01
21,795
626. 61
21, 822
654.66
21, 899
687. 94 723.00
21,938 22, 016
45.71
50 71
30.08
31.02
46.55
44.97
50.05
29.46
30.65
43.38
442
281
275
678. 07
22,094
660.95
22, 143
636. 87
22, 193
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
mil. $.- 71, 338. 8 98,507.2 7,997.7 7,671.8 8,993.9 9,396.8 8,743.3 9,202.8 8,545.5 9,466.5 9,074.4 8,952.8 8,691.0 8,265.4 8, 480. 6 8, 424. 4
Exports (mdse.), incl. reexports, totaled
Excl. Dept. of Defense shipments
Seasonally adjusted
.
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
.do
do
70, 823. 2 97,908.1 7,928.5 7,610.6 8,926.0 9,342.6 8,702.6 9, 123. 9 8, 499. 8 9, 437. 6 9, 012. 7 8, 901. 8 8, 630. 7 8, 236. 0 8, 470. 8 8,398.8
8,379.3 8,399.3 8,672.8 8,972.9 8,862.1 9,411.9 8,789.0 8,715.9 8, 569. 6 8,145.1 8, 691. 5 8,884.6 8, 996. 2 9, 165. 0
do
do
do
do
427.1 382.5
396.6
449.5 423.2
2,305.8 3,659.4 309.1 269.0
360.2 343.5 370.1 396.6 368.4
470.7
18,418.7 25,784.4 2,207.9 2,131.4 2, 172. 0 2, 431. 7 2,292.2 2, 596. 2 2, 182. 7 2, 378. 5 2,260.6 2, 317. 9 2, 435. 0 2, 300. 1 2,388.6
172.7
240.9
1, 743. 9 2,696.8
231.5
175.6
211.3
191.6
197.9
194.4
301.0
182.9
227.5
163.2
279.0
23, 160. 6 30,070.1 2,266.1 2, 074. 6 2, 596. 3 2, 925. 6 2, 595. 0 3,063.6 2,857.1 3, C92. 5 2,685.7 2, 573. 7 2. 269. 7 2,327.1 2,454.7
Northern North America
Southern North America
South America
do
do
do
15,118.0 19,937.7 1,537.4 1,658.9 2, 030. 8 1,849.6 1,688.7 1, 586. 8 1, 623. 6 1, 819. 2 1, 979. 5 1, 968. 0 1, 891. 7 1, 625. 0 1, 620. 2
679.1
707.4
680.4
5, 057. 4 7, 949. 0
720.7 665.0
742.8
725.5
691.1
633.5
713.7
647.8 768.9
671.3
4,857.6 7,857.3 664.4
786.3 704.3 719.9
835.1
799.0 789.3 674.0
685.6
705.2 731.7
725.1
662.1
By leading countries:
Africa:
Egypt
Republic of South Africa
do
do
225.4
746.3
455.2
1,159.9
25.8
109.0
15.0
107.6
34.5
107.7
55.4
104.2
66.6
99.5
59.2
100.9
64.8
92.9
78.9
126.9
52.5
95.7
82.0
104.8
47.8
108.6
78.0
119.3
44.0
102.8
do
do
do
do
1,449.1
526.7
238.9
157.4
2, 172. 5
759.8
397.6
377.2
243.8
102.6
34.4
40.5
187.9
74.1
24.8
39.0
228.2
99.4
44.6
35.8
184.3
77.2
18.9
30.1
173.3
96.6
25.2
29.3
128.4
143.8
50.5
28.4
137.0
91.7
25.9
26.7
143.6
81.0
16.6
25.5
143.6
86.9
49.9
29.1
175.4
97.5
29.5
27.0
156.0
122.3
38.9
31.1
134.2
109.5
21.3
31.0
159.7
119.7
32.8
42.9
442.1
530.5
495.4
746.7
8,313.1 10,678.6
49.5
54.0
850.0
48.3
64.1
892.5
69.0
41.7
57.2
64.7
881.9 1,093.7
47.1
51.9
899.5
66.7
70.3
956.9
37.8
64.5
833.6
76.2
72.6
827.4
77.8
57.5
757.5
92.7
64.5
785.8
78.0
71.7
783.9
78.7
74.7
773.6
62.0
67.2
793.2
2,262.9
28.0
3, 755. 7
2,941.5
20.9
4, 985. 6
217.4
.8
364.6
260.9
.3
329.3
245.5
3.7
435.8
270.3
1.7
507.7
263.8
.2
409.7
257.7
1.5
518.8
280.8
.3
411.7
315.8
.3
494.9
274. 2
1.1
429.8
259.1
1.2
410.4
228.7
.7
347.7
223.3
3.3
355.9
213.4
.4
387.9
do... . 2, 118. 6
1, 194. 1
do
3,563.6
do
2,751.6
608.8
4,573.5
205.6
27.2
369.2
154.4
32.2
335.4
215.8
45.2
437.0
260.5
46.9
481.7
249.1
105.6
373.5
236.0
95.3
472.2
291.2
93.8
429.4
284.1
87.0
462.5
230.6
77.9
368.5
257.8
92.7
357.2
231.4
76.6
330.1
228.3
120.6
360.7
255.1
151.1
325.8
Asia; Australia and Oceania:
Australia, including New Guinea
India
_
Pakistan
Malaysia
Indonesia
Philippines
Japan
.
..
...
do
do
. do
Europe:
France
East Germany
West Germany
do
do
do
Italy...
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil . _
Chile
Colombia .
Mexico.
_ _
Venezuela
Exports of U.S. merchandise, totalcf
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
do
15, 104. 0 19, 932. 0
do
do
do
do
do
do
do
8, 921. 3 14, 503. 5
451.3
596.6
1, 916. 2 3,088.8
248.4
452.2
436.5
659.4
2, 937. 4 4,855.3
1, 032. 5 1, 768. 0
do
do
do
— -do
70, 246. 0
69,730.4
17,680.6
52, 565. 4
97,144.2
96,545.0
21,996.1
75,147.4
1,537.2 1,658.7 2,030.0 1, 849. 4 1,688.5 1, 585. 9 1,623.4 1, 819. 0 1, 979. 4 1, 964. 7 1,889.2 1, 624. 7 1, 620. 0
1,242.8 1, 205. 4 1, 346. 6 1, 359. 8 1,432.2 1, 264. 9 1,201.5 1,382.7 1,382.4 1,277.3 1, 344. 6 1, 266. 1
29.0
41.2
66.4
50.7
80.7
69.8
76.1
60.9
62.1
75.3
50.9
55.5
222.9 291.3 255.3
264.6
234.5
283.1
197.6
265.5
286.9 262.5
205.2
249.1
45.4
41.8
17.4
78.3
56.4
49.1
40.6
60.3
57.7
40.9
43.9
40.9
60.5
60.4
50.5
60 9
59.4
54.5
60.3
60.9
45.2
50.5
54.0
62.2
431.6
448.5 417.2
442.0 400.3 389.2
425.2 389.2 482.2
455.2
433.8 464.0
177.3
175.0
191.0
209.3
134.2
188.9
181.9
193.3
172 A
169.6
183.1
146.2
7,869.6 7.567.4 8,847.6 9,277.8 8,632.8 9, 027. 5 8,414.6 9,324.1 8,945.9 8,837.3 8,551.1 8,159.0
7,8004 7,506.2 8.779.8 9,223.6 8,592.1 8,948.7 8,368.9 9, 295. 2 8, 884. 1 8,786.3 8, 490. 8 8, 129. 6
1,452.3 1,379.9 1,711.9 2,352.5 2,119.5 2,459.1 1,920.3 1,911.1 1,757.6 1,496.4 1.389.7 1,532.4
6,418.4 6,188.6 7,135.9 6,926.0 6,513.5 6, 568. 4 6,494.3 7, 413. 1 7, 188. 2 7,340.9 7, 161. 4 6, 626. 6
1, 285. 1
37.3
269.3
26.2
55.3
419.2
198.7
8,387.0
8,377.1
1,600.7
6,786.2
By commodity groups and principal commodities:
Food and live animals 9
mil. $ 11,930.2 13,985.9 1, 020. 7 1,002.6 1, 170. 6 1,444.1 1, 324. 8 1, 643. 7 1,338.2 1, 276. 6 1, 219. 6 1, 028. 4 1, 060. 3 1, 114. 7 1,182.6 1,244.3
49.7
47.0
444.2
41.7
39.9
380.7
34.9
33.0
27.2
31.3
32.6
Meats and preparations (incl. poultry). .do
32.6
28.9
43.3
39.3
809.0
876.7
711.0
8, 495. 8 10,330.9
743.8
884.2
Grains and cereal preparations
do
743.1 738.4
824.2 1, 103. 9 1,041.1 1,333.9 1,047.5
976.6
105.7
104.7
71.5
1, COS. 1 1,247.4
98.1
79.8
101.6
Beverages and tobacco
do
141.1
140.7
120.1
83.7
124.1
122.9
86.6
97.6
Crude materials, inedible, exc. fuels9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
\ffttnl r»r«c r<nn/*Anfrotac
on/\ osifort
do
do
do
An
8, 380. 2 10,934.4
929.0 1,334.7
2, 762. 2 3,537.4
i ncn Q i AIK. n
777.9
69.7
151.3
i £i 1
647.3
34.2
171.3
11R 7
787.3 1,084.7
34.7
80.3
257.4
504.8
11Q 1
d"Data may not equal the sum of the geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the component items; these
revisions will be shown later in biennial editions of BUSINESS STATISTICS. Also, beginning
1973, the totals reflect relatively small amounts of trade with unidentified countries, not shown
separately.
9 Includes data not shown separately.
19Q £
924.2 1, 026. 0
104.7
120.2
320.9
378.4
193 «;
13ft 9
839.0
100.4
246.5
in7 A.
892.3
90.8
273.7
113 z
810.7
88.2
236.0
199 4.
765.8
85.9
155.6
1d9 9
668.4
95.2
83.8
130 fi
757.6
90.8
185.9
111.7
775.5
86.0
200.4
112.6
693.5
NOTE FOR PAGE S-25: *New series. Source: U.S. Dept. of Labor, BLS. The index
measures changes in prices of shipping goods by rail in the U.S. (shipments priced were
selected from ICC railroad waybill sample) and is not affected by changes in quantity, shipping terms, types of service, etc. Data back to 1969 (and detail for 11 commodity groups),
concepts, methods, uses, and limitations appear in MONTHLY LABOR REVIEW (BLS), June
1975.
SUKVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Annual
S-23
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise— Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $
Coal and related products
do
Petroleum and products
do
1,670.5
1,052.0
518.0
3,443.9
2,487.2
791.7
338.0
252.8
75.8
332.8
257.6
60.1
450.3
364.3
72.5
464.4
385.1
66.1
251.9
169.6
67.4
357.1
265.2
72.4
337.4
256.5
67.2
399.6
295.6
73.9
391.4
298.7
68.4
436.5
339.2
84.7
406.2
310.1
83.3
310.3
220.0
74.8
404.1
288.9
98.1
328.4
Animal and vegetable oils, fats, waxes
do
684.0
1, 423. 3
110.6
86.9
112.2
118.5
166.3
140.9
104.5
120.8
73.7
88.9
57.9
66.3
43.9
43.5
Chemicals.. .
do
5,749.4
8, 819. 2
811.6
724.9
727.5
729.3
774.0
820.0
669.9
786.8
737.2
707.3
718.7
704.6
711.1
682.2
_do..
do
do
do
7,161.6
1,224.8
1, 300. 8
950.3
11,165.8
1,795.4
2, 560. 3
1, 300. 4
999.1
152.4
237.5
101.5
885. 2 1,017.9
149.2
144.3
232.7
196.7
105.9
88.5
935.7
135.2
198.2
104.7
934.2
124.8
274.3
99.1
911.2
122.0
230.3
98.1
847.4
110.1
214.6
92.2
949.6
134.2
243.0
86.1
949.3
139.6
219.6
104.0
954.2
136.0
230.1
98.0
899.2
129.4
225.9
87.5
862.3
122.9
199.5
71.2
875.2
132.8
199.1
79.6
880.1
._ >
Manufactured goods 91T
Textiles
Iron and steel
Nonferrous base metals
_
Machinery and transport equipment,
Machinery, total9
Agricultural
__
Metalworklng
.
Construction, excav. and mining
Electrical
Transport equipment, total
Motor vehicles and parts..
Miscellaneous manufactured articles
Commodities not classified
total
mil. $__ 27,869.2
38,188.6 3, 019. 6 3, 139. 5 3,768.4 3, 652. 4 3, 459. 9 3,312.5 3,536.6 4,051.8 3, 905. 1 3,990.3 3, 938. 0 3, 577. 9 3, 550. 7 3, 618. 9
do
17.130.9 23, 687. 8 2, 066. 6 1,956.4 2, 272. 4 2, 238. 5 2,083.1 2, 228. 3 2, 113. 7 2, 452. 7 2, 494. 9 2,479.9 2,423.1 2, 287. 4 2, 304. 6
..do
987.1 1,398.4
117.5
189.9
142.6
130.1
132.9
135. 0
174.7
139.3
152.4
198.5
109.9
206.1 200.3
do
488.8
53.1
636.5
73.5
79.4
67.4
60.6
73.3
73.6
78.2
59.8
85.4
75.8
48.7
74.8
do . 2,094. 7 3, 112. 6 288.1 256.5
413.8
315.6
319.3
397.5
296.4
325.3 343.9 383.8 413.1 419.8
421.2
..do
5, 032. 3 7, 019. 2
625.7
'
596.
6
635.4
558.1
623.8
669.4
615.7
599.2
624.0
650.0
597.7
648.8
640.8
567.9
10, 738. 3 14, 500. 7
do
953.1 1,183.0 1, 495. 9 1,413.9 1,376.8 1,084.2 1,422.9 1, 599. 1 1,410.2 1,510.4 1,514.9 1, 290. 5 1, 246. 1 1,416.0
do... 6,030. 0 7, 878. 1 544.1 684.9
743.7
728.2
697.3
843.9
893.4
658.3 677.0
849.8 791.7
854.5 890.8
3, 950. 7 5, 349. 1 461.6
do..
454.6
409.0 454.6
488.6
482.3 483.5 481.0
460.8
426.4
473.3 467.9
460.0
439.9
1,842.0 2, 586. 6
do
233.1 224.6
239.1
239.6
247.7
278.4
238.6 228.5
237.8 274.9
241.4
216.0
246.0
284.2
VALUE OF IMPORTS O
General imports, total c?-Seasonally adjusted
do
do
69,475.7 100,251.0 9,096.6 8,360.7 9,094.3 8,885.4 9,139.2 9,822.6 7,162.7 7,455.9 8, 181. 1 7,358.0 7,271.3 7, 915. 4 7,513.6 8, 161. 6
9,267.1 8,696.4 8,773.2 8,973.3 9,256.8 9,622.4 7,872.0 7,335.6 8,012.8 7,093.4 6, 954. 2 7, 907. 5 7, 961. 0 8, 188. 6
By geographic regions:
Africa...
___
Asia
Australia and Oceania.
Europe
do
do
do
do
2,582.9
18,156.9
1,561.5
19,812.3
Northern North America
Southern North America
South America
_.
do
do
do
17,724.8
5,084. 8
4,512. 4
By leading countries:
Africa:
Egypt
Republic of South Africa
do
do
25.9
376.9
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
___ .._
Malaysia
Indonesia.
_.
Philippines
Japan
do
do
do
do
do
do
do
Europe:
France
_
East Germany
West Germany
Italy...
Union of Soviet Socialist Republics
United Kingdom
do
do
do
do
do
do
582.4
768.9 624.9
6, 617. 6
686.4 681.6
580.5 586.0 907.0 567.2 579.9
474.5
760.1 687.4
27,344.9 2, 770. 0 2,531.3 2, 585. 0 2, 417. 8 2, 544. 1 2, 808. 3 1, 995. 9 2, 010. 1 2, 156. 7 1 sfin n 1, 870. 8 2, 176. 1 2, 223. 9
132.0
138.2
153.5
1, 503. 9
129.2
112.8
1C8.3
169.7
104.3
102.3
154.6
147.0
118.2
91.1
24,411.8 2,138.3 1,815.8 2, 172. 1 2, 124. 8 2, 108. 8 2, 340. 5 1, 670. 2 1,949.6 1,721.9 1 627 3 1, 708. 1 1, 782. 0 1, 558. 1
21,929.1 1,718.3 1,816.1 2,106.9 1,993.6 1,977.9 1,793.3 1,605.8 1,704.1 1, 916. 5 1,828.6 1,813.2 1, 756. 7 1, 597. 9
760.5
9,433.1 855.3 736.1 733.4
784.6 782.3 926.6
798.9
679.3 602.0
776.4
778.6 715.2
558.7
754.5 804.9
700.8
8, 962. 4
728.5
601.2
913.1 898.9
539.1 506.9
472.7
727.8 547.2
12.1
68.9
6.9
62.0
.7
62.4
1,092.4
437.0
39.5
439.6
505. 1
670.3
9,676. 2
97.6
1, 082. 7
50.7
569.5
5.8
60.7
72.5
769.7
1,688.1
164.8
126.8
1,083.9
12,337.6 1,157.0
73.5
59.7
7.0
86.7
138.6
81.0
1,127.6
127.5
51.1
5.8
78.4
119.5
102.3
1,181.5
1,731.8
10.5
5,344. 5
2,001. 8
219.9
3, 656. 5
2,257.4
14.1
6, 323. 9
2, 585. 0
349.7
4,061.3
222.0
1.1
543.9
226.9
23.3
366.1
183.1
438*. 2
206.3
20.0
351.8
213.0
.7
542.7
194.8
22.2
355.0
.2
61.6
.4
86.7
.4
52.2
.7
77.1
2.8
91.0
2.3
46.9
77.0
87.3
28.5
33.6
2.5
3.2
59.0
50.7
93.2
133.5
84.3
72.7
916.3 1,006.4
92.0
31.2
4.4
51.7
214.4
92.1
929.1
70.3
30.7
3.3
55.0
148.7
47.9
808.3
123.4
37.1
3.5
56.5
133.4
33.1
858.1
89.3
42.3
3.8
59.4
224.8
35.7
952.6
108.3
36.6
3.3
44.0
232.1
50.2
915.5
191.9
.7
508. 5
242.7
14.3
323.2
175.7
.6
439.2
185.3
18.0
304.3
177.7
.8
403.2
162.3
16.5
290.0
176.1
.6
413.6
192.3
20.3
311.8
204.6
.7
430.0
190.3
18.7
311.4
163.9
.9
408.8
214.3
14.1
271.4
do
17,715.3 21,924.4 1,717.8 1,816.1 2,106.6 1,993.4 1,977.8 1,793.3 1,605.8 1,703.4 1, 915. 4 ,827.3
Latin American Republics, total 9
do
872.4 , 114. 7 979.0
7 «27. 1 13,666.9 1,124.8 1,073.7 1,117.1 1,191.2 1,315.3 1,213.1 876.9
Argentina
do
30.9
385.8
27S.3
31.0
29.9
36.1
14.1
47.5
9.7
12.6
17.9
10.4
Brazil
dou — 1,189.2
148.4
1, 699. 9
134.6
160.1 262.7
155.3
108.4
110.4
110.4
PhD"
144.3
96.1
18.9
102.2
310.3
20.0
24.9
19.9
13.7
16.4
11.1
7.8
10.9
10.3
Colombia
do
611.0
408.6
33.3
30.4
35.5
34.2
31.3
32.8
59.3
43.6
50.3
40.4
Mexico
do
2,305. 8 3,390.4
303.7
284.0
265.0
305.5
294.3
221.2
203.6
245.7
253.5
274.2
Venezuela
do
1,787. 2 4, 671. 1 369.2 361.8 419.6 421.0 446.1 552.1 263.5
251.8 443.6 304.5
By commodity groups and principal commodities i
Agricultural products, total .
mil $
736.1
8,491. 6 0, 380. 1 860.9
749.4
826.1
847.9
965.9
717.0
786.3 787.3 701.9
Nonagricultural products, total
do
60,984.1 89, 837. 9 8,230.6 7,613.0 8,353.9 8,028.9 8,166.4 8,996.4 6,445.7 6,669.5 7,393.8 6, 656. 1
Food and live animals 9
do
766.2 647.8 656.6
8,014.5 9, 386. 2
789.2
888.3 713.8 626.8 657.5
684.5 611.0
Cocoa or cacao beans
do
212.0
316.6
16.3
12.4
8.3
19.0
34.1
32.3
28.2
32.8
29.8
24.6
Coffpfi —
A
v>uuee
do
1,570.1 1, 504. 8
92.6
56.2
66.2
115.1
110.1
83.9
138.5
123.0
102.2
95.7
Meats and preparations.
do
1,671.2 1, 352. 6
ICO. 9
81.5
88.8
92.6
99.7
87.2
114.6
82.9
75.7
67.7
Sugar
A*.
261.2
924.7 2, 247. 4
201.1
212.0
287.2
336.7
134.2
154.2
123.8
145.2
200.3
Beverages and tobacco
do
1, 220. 9 1, 322. 3
112.7
113.3
111.7
107.2
102.7
106.4
143.7
119.1 116.9
112.3
Crude materials, inedible, exc. fuels 9
do
5,013.8 6,065.6
544.7
508.0
514.3
475.0
497.5
468.4
390.6
456.3
477.9
451.2
Metal ores
do
1,304.5 1, 848. 1 161.4
182.2
155.6
184.0
199.4
185.8
161.4
160.1
150.4
132.7
Paper base stocks
"
do
678.7 1,164.9
111.7
120.3
101.1
97.3
95.8
89.6
84.6
105.5
87.8
86.8
Textile
fibers
do""
236.6
24.0
225.2
16.4
17.0
15.0
10.5
16.6
10.0
8.5
14.9
12.3
Rubber
'"."'."
do"
345.4
42.1
515.6
24.4
34.2
47.9
28.9
36.1
27.4
23.8
27.6
18.7
Mineral fuels, lubricants, etc
do
8, 173. 5 5, 453. 8 2, 508.5 2,128.9 2, 278. 1 2, 214. 7 2, 497. 6
9 , 937. 4 , 477. 6 , 438. 4 ,937.5
Petroleum and products
"I""do"" 7, 614. 2 4,269.5 2,403.9 2, 035. 1 2, 158. 2 2, 092. 8 2, 352. 6 ,, 414.
249. 6 , 772. 4 ,343.3 ,310.4 , 828. 0
Animal and vegetable oils and fats
do
258.6
544.3
44.6
54.2
79.5
53.3
49.9
48.5
55.1
40.7
44.7
51.9
Chemicals
""do
2,463.0 4, 017. 7
380.5 387.5 431.8 397.1 385.7
437.2
306.2 340.8 351.9 285.6
Manufactured goods 9 f.
do
3. 244. 1 17,718.7 , 670. 4 , 549. 8 ,839.9 1, 767. 7 ,728.6 , 749. 5 , 259. 0 , 313. 3 , 243. 9 ,144.7
Iron ard steel
do
3,017. 0 5, 148. 9
526.4
462.3 703.7
698.2
735.5
746.3 491.4
485.5 422.6
355.8
Newsjrlnt
do
1,185.9 1,603.2
129.5
126.0
140.2
116.7
139.4
152.8
134.6
139.8
131.0
138.1
Nonferrous metals..
do " 2,464. 9 3, 921. 0 354.8 360.0 367.9
343.8
309.3
194.
5
297.3
190.5
169.4
195.7
Teztllpq
j
1,579.7 1, 614. 7
140.2
137.2
144.4
147.8
114.7
119.9
88.5
89.3
85.4
87.4
' Revised.
9 Includes data not shown separately.
cf See corre ^ponding note on p. S-22.
I M a nufactun *d goods-— classifie d chiefly by ma erial.
data beginning 1974 are based on f.a.s. (free alongside ship) valu 3 basis rat icr than customs value
ba<jis as foranerly sho wn.
,812.8
North and South America:
Canada
69.7
608.8
4.9
57.9
2.6
64.0
.3
79.1
108.1
134.6
103.0
39.3
37.8
43.7
3.4
3.4
5.9
79.1
71.3
101.2
145.8
171.6
228.4
44.1
82.7
113.8
1,124.2 1,198.8 1,190.9
214.4
.9
535.7
203.9
32.9
338.5
220.4
1.1
552.9
209.6
30.7
340.2
209.7
1.2
633.1
241.3
45.6
426.3
.5
50.1
181.9
.9
416.9
174.3
19.4
314.3
964.1
14.4
117.5
9.0
46.4
268.9
204.0
857.7
6, 413. 7
779.7
23.6
120.3
83.2
259.5
,755.8 1,597.6
925.6
12.4
121.0
7.8
55.0
243.5
259.3
, 037. 6
10.7
119.7
11.9
61.4
251.1
307.8
687.4
763.0
, 152. 4 6, 826. 2
705.8
19.4
115.9
99.9
174.7
635.8
14.6
141.0
95.6
109.1
896.9
129.6
103.4
95.8
106.9
512.4
183.3
97.2
11.3
30.7
506.4
181.5
92.4
11.4
28.0
420.9
155.4
75.8
12.9
32.3
476.4
,428.3 , 132. 0
, 316. 1 , 021. 8
, 240. 4
, 134. 3
, 446. 1
32.7
270.6
41.6
275.1
33.2
252.9
44.8
247.4
, 231. 4 , 136. 6 ,005.3 , 091. 8
265.7
321.8
371.6
106.0
131.9
134.6
173.2
162.0
231.0
89.9
94.2
89.6
O Effective Jun e 1975 S URVEY
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise slated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1974
1974
1973
October 1975
Annual
Aug.
1975
Nov.
Sept. Oct.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTSO— Continued
General imports— Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $._ 21, 076. 1 24,060.3
9, 966. 1 11,612.0
Machinery total 9
- do __
299.7
188.9
Metalworking
__
do
4,498.6 5, 339. 1
Electrical .
._
do
1,947.5
1,027.8
29.2
483.1
1,934.9
992.6
26.0
473.6
2,061.6
1,043.1
28.7
469.2
2,037.0 2,011.6 1,894.7 1, 688. 8 2, 138. 4 1,899.2 1, 934. 5 1, 961. 6 1, 964. 4 1,822.0
1,006.4
989 2
971.4 1, 012. 0
868 5 898.4 1, 029. 3
924 3
938 1 944.9
29.1
41.0
32.6
26.0
29.1
29.7
39.3
30.1
25.6
36.8
420.4
376.4
456. 4
284.4
411.0
432.0
424.7
357.0
353.0
407.9
do
do
11,109.9 12,450.7
9, 252. 3 10,263.9
919.0
710.4
947.7
750.8
1,018.5
823.1
1,029.4
851.8
1,022.5
824. 9
1,026.2
770.2
do
8,217.4
9,426.2
933.3
836.3
904.0
824.0
751.8
. . do
1,794.0
2, 255. 7
188.3
201.5
215.3
228.2
217.7
137.4
165.6
227.5
174.5
180.5
315.0
182.8
167.1
305.5
184.2
159.6
294.0
186.1
184.7
343.8
193.3
186.8
361.2
148.5
174.0
258.4
223.3
168.1
375.5
235.5
173.7
409.1
237.7
158.5
376.7
239.0
171.5
409.9
thous sh tons
mil $
274, 257
39 642
264, 807
55, 490
21, 216
4 614
20, 308
4 150
thous sh tons
mil $
441,624
42 742
446, 558
67 160
42, 671
6 405
35, 971
5 637
Transport equipment
Automobiles and parts.
_
Miscellaneous manufactured articles
Commodities not classified
1,793.3
990.1
837.5
952.4
807.2
897.7
777.1
626.3
722.7
850.9
800.6
815.7
198.5
219.7
223.8
189.7
217.9
197.4
176.2
347.9
196.9
174.7
344.0
194.6
170.9
332 5
195.5
162.8
318.3
194.2
168.9
328.0
248.3
148.4
368.5
245.8
135.2
332.3
238.3
238.8
246.2
133.4 ' 149. 4 141.3
356.0
337.4
328.5
19, 732
4 785
21, 260 21,514
5 353 5,105
22, 262
4,969
30, 390
4 727
26, 597
4 812
38, 017
5,397
32, 342
4 779
790.4 1,109.0
619.1 922.0
961.1
788.7
989.6
851.3
755.6
621.9
687.8
703.8
218.0
181.0
185.4
231.2
193. 9
173.6
336.4
196.3
178.5
350.4
197.5
165.9
327.7
199.0
182.9
364.0
239.7
167.1
400.5
247.8
165.6
410.4
245.2
179.4
440.0
239.6
134.1
321.2
249.3
135.1
336.7
23, 256
4 877
24, 267
5 487
19, 428
5 096
23 072
5 690
39,691
6 016
38, 781
5 912
41, 934
6 173
53, 836
7 122
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100
Quantity
-do. _
Value
do
General imports:
Unit value
_
do
Quantity
_ _
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
Value
General imports:
Shipping weight
Value
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factors
percent
Ton-miles (revenue) total^
mil
Operating revenues 9 O
Passenger revenues
Freight and express revenues
Mail revenues
Operating expenses© .Net income after taxesQ
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton -miles
Operating revenues©
Operating expenses©
Net income after taxes©
International operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
Operating revenues©
Operating expenses©
Net income after taxes©
161 96
52 1
22 242
162 92
54 9
22 425
mil $
do
do
do
do
do
12,419
10,274
1,075
303
11,834
227
«• 14, 703
11,879
1,248
bil
mil
do
126 32
2 922
129 73
2 888
mil $
do
do
9,694
9,200
179
*11,545
& 10, 760
381
bil
mil
do
35 64
1 916
33 19
2 083
mil $
do
do
2 725
2,633
48
687
1673
61 6
2 195
522
471
12 65
51 1
1 818
11 18
46 3
1 634
4 041
3,283
321
69
3,664
206
309
613,978
322
692
12 68
51 2
1 766
13 18
256
56
9.86
237
52
172
38
fc
2 82
174
35
10 19
263
60
9 05
227
60
10 76
209
74
48 4.
1 697
11 01
47 8
1 520
2 46
191
39
2 13
186
44
9 ^1
156
51
13 30
52 4
1 820
12 19
50 3
1 689
12 91
50 9
1 774
14 90 "16.10
56 5 "57.4
1 968 "2,110
10 07
224
57
10 42
233
57
12 14
232
52
"12.75
"238
"54
2 12
152
37
2 49
157
36
2 76
156
37
"3.35
"172
"35
400
475
455
430
425
MOO
2,474
100
2,269
131 2
138.5
"3,502
"2,849
" 293
"79
"3,643
"-163
10 06
198
57
8 94
190
52
10 95
225
58
"2 779
"2, 862
P 93
2 832
2 809
g
927
862
46
3 157
* 3, 218
—60
12 64
3 603
2 856
325
98
3,644
-63
3,115
2,802
160
3 55
13 27
51 1
1 818
2 58
144
34
2 07
147
31
2 35
172
35
P 723
"781
" —70
771
835
-56
Local Transit Lines
3 5 294
Motor Carriers
Carriers of property, large, class I:*
Number of reporting carriers
Operating revenues, total
mil. $
Net income, after extraordinary and prior period
charges and credits
mil. $
Tonnage hauled (revenue), common and contract
carrier service
mil. tons
Freight carried— volume indexes, class I and II
intercity truck tonnage (ATA) :
Common and contract carriers of property
(qtrly.)cf_.
average same period, 1967=100.
Common carriers of general freight, seas, adj.f
1967=100.
Class I Railroads
Financial operations, qtrly. (AAR):
Operating re venues, total, excl. Amtrake 9 mil. $.
Freight
do...
Passenger, excl. Amtrak
do...
Operating expenses ©
do...
Tax accruals and rents
do
Net railway operating income
do...
Net income (after taxes) ©
_.do. _
3 5 gQ5
100
8,963
100
9,803
250
248
203
196
- AC)4
443
CfkQ
4QC
94
2,409
COQ
AKQ
100
2,530
99
2,106
52
05
d
88
54
38
<*50
41
100 A
100 0
50
163.4
14, 821
13,818
259
11, 595
2,371
855
1
552
2 155. 6
16, 945
15,784
290
13, 123
2,841
981
1
747
2 149. 8 2 153. 2
2 152. 1
4,392
4,107
72
3,322
762
308
2 144. 6
2
135. 4
d
118
117
124
r
2
Revised.
" Preliminary.
i Before extraordinary and prior period items.
Comparison with year-ago data may be affected by the change in reporting actual tonnage carried
instead of billed tonnage, per the ICC Uniform System of Accounts (1/1/74).
3 Annual
total: monthly data not revised.
O See corresponding note on p. S. 23.
9 Includes data
not shown separately.
1 Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of available seat-miles in revenue service reflects proportion of seating capacity actually sold and utilized.
O Total revenues, expenses, and income for all
428
107 ^
1 99 9
4,322
4,026
72
3,446
3,839
3,588
70
3,301
201
i 149
'-117
i 176
a
fif^
1 or o
3,995
3,746
73
3,301
693
1
i 67
groups of carriers also reflect nonscheduled
service.
* New series Source. ICC (no com
parable data prior to 1972). rf1 Indexes are comparable for the identical quarter of each
year (and from year to year); see 2.
© Natl. Railroad Pass Corp. (Amtrak), not included
in AAR data above, operations for 1973 and 1974 (mil. dol.): Operating revenues, 202; 257,
operating expenses, 328;
463; net income,-159; -273 (ICC)
• See
"j™?™*^***'
b
d
bottom of p. S-25.
See corresponding note, bottom of p. S-2o.
For 2d qtr. 1974.
t Monthly data (revised to new seasonal factors) back to 1957 are available.
SURVEY OF CURRENT BUSINESS
October 1975
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition ol BUSINESS STATISTICS
1 1974
Annual
S-25
1975
1974
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
175.2
175.6
131
59
121
26.89
60
22.81
21.77
Sept.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads— Continued
Traffic:
Ton-miles of freight (net) , total
bil
Revenue ton-miles, qtrly (AAR)
do
Revenue ppr ton-mile
cents
Price index for railroad freight* _ _
1969 =100. _
Passengers (revenue) carried 1 mile
mil
1
878.4
851 8
1.620
129.3
9 298
880.7
i 851 0
1.848
149.7
10 333
2 426. 3
204.2
210.8
157.8
158.0
158.0
158.0
2 1. 971
158.3
2 5 076
T
186.9
158.3
158.3
27.17
Pl89 5
189 7
158.3
158.3
165.8
120
57
114
27.57
61
21.93
21.69
65
126
27.67
59
20.82
63
553
687
503
399
223
2,497
624
582
428
338
261
2,735
625
731
466
406
263
4,437
286
7,948
2,564
2,654
2,647
2,659
165.9
175.7
Travel
Hotels and motor-hotels :f
Restaurant sales index
same month 1967 ~ 100
Hotels: Average room salef
dollars
Rooms occupied
% of total
Motor-hotels: Average room salef
dollars
Rooms occupied
% of total
Foreign travel:
U.S citizens* Arrivals
thous
Departures
do
Aliens* Arrivals
do
Departures
..
do
Passports Issued
do
National parks, visits
do
111
22.39
64
18 29
68
0
121
117
P 24. 49 « r 24.
40
a
P 62
63
07
* 19 44 o r 20
* 66 « r 78
110
116
126
25. SO
26.17
72
115
25.88
62
111
24.22
47
103
27.34
55
19.34
19.86
19.83
19.59
60
46
19.90
70
57
59
20.29
59
599
522
435
394
127
571
539
417
411
115
518
608
468
417
111
531
515
431
328
179
4,419
2,381
1,660
627
558
505
411
165
1,757
1,635
2,514
1,202
1,002
1,633
2,457
943
958
62
67
27.61
61
10, 384
753
701
585
483
144
5,660
29, 013
13 932
11, 456
18 468
5,310
127 9
2,474
2,427
1,169
1 178
1 584
1,552
126 5
127 2
454.7
372 9
53 8
P 484. 0
p384 7
p 69 3
42.0
33.7
56
39.4
32.3
5 2
41.4
33.2
6 3
39.3
31.7
4 8
41.7
33.6
39.6
32.0
51
38.7
31.2
5.9
4.9
6.4
261 6
182 9
64 9
p 297. 0
p 203 1
p 77 6
24.8
17 1
6 3
24.6
16 5
6 6
26.5
17.3
78
24.2
16 9
5 9
25.8
18.2
6 2
25.9
18.0
6 6
24.6
17.1
6 0
9 211
8,758
5 750
4, 905
2,729
55, 406
8 540
8,306
5 936
5,067
2,415
52, 857
26, 030
12 430
10, 371
16 535
4 710
123 3
1 054
807
694
589
194
123
27.18
64
21.51
71
27.31
71
241
11, 320
76
187
11, 445
161
5,845
COMMUNICATION
Telephone carriers:
Operating re venues 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
P
g
998
453
937
448
451
2,469
2,500
1,198
1,196
1,201
2,451
1,211
1 571
1,705
1,665
1,590
450
398
989
421
914
427
127.9
1,224
1,017
1,658
459
1 247
1,069
1 692
484
1 254
1,054
1 685
1,268
1,050
1,674
2,717
1,270
1,102
1,725
484
495
500
128.6
129 1
129 2
129.5
129.9
40.9
32.0
42.0
32.9
42.6
33.6
6.6
5.9
43.2
33.4
71
43.1
33.7
25.0
16.8
67
26.7
19.3
59
26.2
18.1
26.0
18.5
26.7
19.0
79
••695
150
35
100
699
157
31
216
713
61
'81
225
719
49
82
6.8
6.0
6.9
41.5
33.9
5.2
6.2
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AljOs)t
Chlorine gas (100% CWt
do
Hydrochloric acid (100% HC1)J
do
Phosphorus elemental^
do
Sodium carbonate (soda ash), synthetic (58%
Na2O)f
thous sh tons
Sodium hydroxide (100% NaOIDt
do
Sodium silicate anhydrousl
do
Sodium sulfate anhvdrousi
do
Sodium trypolyphosphato (100% NasP'aOioH
do
Sulfur, native (Frasch) and recovered:
Stocks (producers') end of periodcT
do
1 252
10, 402
2 516
526
1 160
10, 619
2 404
524
109
893
210
43
88
865
199
44
106
914
199
44
91
917
210
45
92
912
196
46
81
844
177
42
80
730
163
39
70
692
154
42
90
672
157
40
89
709
149
37
3 813
10 719
723
1 305
3 502
10 865
i 772
1 376
295
915
61
113
255
879
60
118
304
929
69
115
284
935
67
122
319
940
65
117
269
886
59
131
247
742
45
125
230
708
55
107
238
685
53
107
248
726
64
105
961
785
i 10 021
3 927
937
788
i 10 533
3 957
83
68
84
64
87
59
87
61
82
55
73
48
67
44
66
37
64
44
61
46
'60
••48
58
50
916
3 788
845
3 785
919
3 858
883
3,934
884
3,957
869
4 014
809
4,054
904
4,220
908
4,309
912
4,498
835
4,739
852
4,862
15 093
7 157
2 054
8 441
1 947
6 848
31 540
15 699
7 547
2 054
8 193
2 211
7 130
33 052
1 330
584
160
64^
174
609
2 724
1 243
607
160
646
168
596
2 715
1 332
*677
179
699
198
649
2 880
1 250
656
153
674
208
645
2 806
1 330
683
141
683
185
629
2 949
1 206
617
156
603
145
558
9 530
1 202
5°J3
162
566
174
595
2 546
1,369
641
161
603
215
658
2 711
1,345
644
161
618
235
644
2 743
1,406
591
144
593
230
600
2 483
1,354
523
150
553
218
530
2 263
1,322
557
170
575
189
497
2,265
5 578
5 368
332
377
5,902
6,334
20 128 i 20, 143
i 914
1 044
15 348
14 895
1,415
1 579
435
368
398
1 641
71
1 248
117
417
368
465
1,862
196
1 288
154
450
370
558
1 751
81
1 335
119
433
393
534
1,529
70
1 156
'138
444
377
514
1,866
69
1 449
88
421
414
537
2,001
87
1 466
136
455
431
536
1,466
65
985
140
485
459
592
1,566
121
1 155
103
519
479
485
1,336
75
993
47
495
607
324
1,575
149
1 179
81
413
650
244
1,503
116
1 010
127
380
691
177
3,952
108
1 276
2,258
r
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydroust
Ammonium nitratp original snlntin t ' ' H
Ammonium sulfatet
do
Nitric acid (100% HNOsH
do
Nitrogen solutions (100% N)J
do
Phosphoric acid (100% P2Os)t
do
Sulfuric acid (100% HjSO^f
" ~" "~do
Superphosphate and other phosphatic fertilizers
(100%P208):
Stocks end of period
Potash, deliveries (KjO")
Exports, total 9
Nitrogenous materials
I .".
do
"""do
do
do
Potash materials
do
Imports:
23
34
Ammonium nitrate
do
369
338
16
8
30
Ammonium sulfate
do
299
258
13
410
519
629
Potassium chloride
do
7 146
5 899
21
0
0
Sodium nitrate
_
. .
do
69
150
r
Revised.
p Preliminary.
1
J
Annual total; revisions not distributed to the monthly or quarterly data.
For six
months ending in month shown.
3 For month shown.
*See note "*," p. S-22.
tEfleet!ve May 1975 SURVEY, series restated to shift index to the 1967 base month and to
show separately operations for hotels and for motor-hotels; comparable data back to May
1971 are available.
« Revised July 1974 (order, units, as above), 128; $24.87; 62; $20.83; 72.
f Refers to average daily rent per occupied room, not to scheduled rates.
9 Includes data not shown separately.
t Monthly revisions back to 1971 are available upon request.
cf In the footnote of the 1973 BUSINESS STATISTICS a distinction is made between "gross
weight" and "sulfur content." However, because the difference is so minute, the Bureau of
Mines no longer makes this distinction.
»-338
1,715
134
1 023
205
P318
25
17
23
26
27
8
64
18
19
28
6
40
32
12
5
12
6
40
10
20
354
332 , 299
728
595
607
388
629
583
587
0
42
5
16
19
17
18
10
20
31
NOTES FOR P.S-24—« Beginning 1975 (and restated year-ago period), data reflect changes
in accounting to include provision for deferred taxes and other changes. For general comparison
under former accounting method, net railway operating income for 1st qtr. 1975 is about $18
mil. lower (and for 1st qtr. 1974, about $41 mil. lower); for motor carriers, net income
for 1st
6
qtr. 1975 is about $3.2 mil. lower (and for 1st qtr. 1974, about $1.8 mil. lower).
Effective
1974, comparison of operating revenues and expenses with prior periods is affected by revised
reporting regulations. Beginning 1974, other transport-related revenues and expenses are
reported gross in operating revenues and in expenses rather than as net in operating revenues.
For the year 1974, for total certificated route carriers, this reporting change had the effect of
increasing operating revenues by 2.5% and expenses by 2.7%.
SURVEY OF CURRENT BUSINESS
S-26
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1974
Annual
October 1975
1974
Aug.
Sept.
1975
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Industrial Gases t
Production:
8,278
Acetylene
- mil. cu. ft._
Carbon dioxide, liquid, gas, and solid
1,568
thous. sh. tons..
Hydrogen (high and low purity).
mil. cu. it.. 65,355
228,099
Nitrogen (high and low purity)
do
392,231
Oxygen (high and low purity)
do
Organic Chemicals d*
Production:
32.2
Acetylsalicylic acid (aspirin)
_ mil. Ib .
Creosote oil©
.mil. gal_. 1 187.7
221.
5
Ethyl acetate (86%)
mil. Ib
1
Formaldehyde (37% HCHO)
do .. 6,424.1
359.1
Glycerin refined all grades
do
Methanol synthetic
mil. gaL. i1 1,063.9
1,022.6
Phthalic anhydride
mil. Ib
ALCOHOL*
Ethyl alcohol and spirits:
Production
mil. tax gal . 692.1
470.8
TJsed for denaturation
do
72.7
Taxable withdrawals
do .
100.9
Stocks end of period
do
Denatured alcohol:
253.5
Production
mil. wine gal
253 7
2.5
Stocks end of period
do
7,470
594
613
667
637
1,455
71, 692
236,990
387,898
131
5,981
20, 182
31, 632
131
5,980
20, 305
32, 595
126
6,578
20,702
34,085
107
6,059
18, 949
32, 359
132.9
i 124. 2
i 170. 2
15,845.8
348. 7
i 1,033.9
i 978.6
2.6
11.2
12.1
463.3
27.8
76.7
82.9
2.6
11.8
13.7
477.9
26.1
81.2
89.1
2.8
9.8
13.6
456.3
30.5
66.5
80.4
2.7
9.7
12.5
370.2
31.3
85.5
71.1
615.8
459.0
'74.2
100.6
52.4
38.6
6.1
86.2
59.5
34.1
5.9
82.4
61.0
39.0
7.1
74.8
255.0
255.3
2.8
21.0
20.8
2.6
19.9
20.1
2.5
il 647 9
1
8,581. 8
12,164.6
1
5,156.0
1
4,594.3
1 1 512 2
i 8 820.8
12,257.7
14,967.6
14,821.2
125.9
748.7
201.6
445.4
401.5
127.4
738.4
203.1
446.2
411.8
2 083 7
2 152 g
604
483
477
422
501
113
99
5,641
4,981
19, 857 19, 785
31, 958 32, 095
95
4,416
18, 282
30, 763
106
4,859
19, 364
32, 199
110
4,772
19,165
29, 595
2.6
8.6
12.8
351.3
30.0
82.4
56.2
2.5
24.1
11.8
261.2
26.3
66.1
39 2
2.1
13.3
9.0
256.3
24.1
28.3
41.5
2.2
8.4
10.1
351.5
22.6
30.1
43.7
2.1
9.0
6.1
380.3
19.8
52.0
50.6
48.6
37.3
6.3
79.3
54.8
36.3
6.2
100.6
52.0
35.4
6.3
107.1
40.4
30.2
5.0
110.1
44.5
25.6
5.9
123.1
21.9
22.2
2.3
20.2
20.0
2.7
20.1
20.2
2.8
19.7
19.6
2.9
16.3
16.6
2.6
125.5
752. 9
211.5
422.1
407.4
98.1
724.9
207.1
335.1
401.1
83.3
734.7
156.1
250.6
356.8
67.5
635.0
124.2
226.1
254.2
61.5
477.6
101.2
232.3
198.4
343.2
172.4
170.8
280.4
133.4
147.0
265.0
123.0
141.9
267.5
135.9
131.6
537
••539
536
115
127
5,541 ' 5, 214
19,350 18,688
29,067 27,014
134
5,493
19, 023
27, 150
1.9
8.7
7.0
352.7
18.3
58.7
54.7
2.2
7.6
5.9
372.7
18.8
76.5
64.2
2.3
5.9
11.1
356.7
41.4
29.3
6.1
120.9
39.8
30.4
6.4
114.7
39.1
29.6
6.8
116.7
41.3
29.7
6.4
114.1
14.0
14.2
2.4
15.9
15.6
2.7
16.4
16.9
2.1
15.6
15.8
2.0
16.8
16 5
2.3
97.8
483.2
119.6
260.3
247.7
105.0
454.1
133.3
312.3
281.8
99.8
506.6
144.8
345.9
270.4
334.1
175.8
158.3
362.9 ' 391. 6
197.4 ' 216. 2
165. 5 ' 175. 4
' 17.3
80.5
52.6
2.4
6.4
11.1
384.3
22.1
64.6
60.4
PLASTICS AND RESIN MATERIALS
Production:
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
do
do
do
do
101.8 ••98.9
542. 8
569.1
164.8 ' 158. 7
307.1 '294.5
315.8
316.6
107.2
633.5
188.8
343.6
330.9
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
Paints, varnish, and lacquer, factory shipments:
Total shipments t
mil $
Trade products t
do
Industrial finishes t
do
3 133 1 3, 672. 3
1,659 0 1,870 5
1 473.9 1, 801. 7
559.1
363.8
192.9
170.9
338.8
173.1
165.6
565.5
223.3
104.5
118.8
534.9
302.2
156.5
145.8
610 5
384.8
218.1
166.7
ELECTRIC POWER AND GAS
1
ELECTRIC POWER
Production (utility and Industrial), total
mil. kw.-hr.. 1,963,948 1,966,373 182,141 160,314 160,297 157,896
Electrlc utilities, total
By fuels
By waterpower
._
Privately and municipally owned util
Other producers (publicly owned)
inaus ia esi
n
,
tai
By waterpower
do
do
do
do
do
ao
do
rl R7 A77
7fl Q1 Q
153, 341 162, 197 152,206 158, 376 167, 782
1,857,381 1,865,287 173,724 152,096 151,788 149,602 159,360 163,348 146, 338 154, 955 145,289 151, 471 160, 927
1,585,600 1,564,552 149,742 '130 774 '131 826 128,522 136,343 138, 478 122, 493 126, 913 118,610 123, 781 133, 843
'271,782 '300,734 '23,982 '21,322 '19,962 '21,080 '23,016 24, 870 23, 845 28, 042 26, 679 27, 690 27,083
1,530,654 1,519,831 142,550 124,905 125,875 124,139 132,351 134, 110 119, 772 124, 624 116, 095 122, 336 131, 246
••326,727 '345,455 '31,173 '27, 191 '25,913 '25,463 '27,009 29, 238 26, 566 30, 330 29, 194 29, 134 29, 681
6,855
6,906
6,918
7,243
7,004
'106,567 '101,087 ' 8, 417 ' 8, 218 ' 8, 509 ' 8, 294 ' 8, 318 7,571
6,943 6,618 6,582 6,559
••102,878 '97,574 ' 8, 151 '7,965 '8,265 '8,041 '8,018 7,271 6,723
324
296
300
300
281
'300
301
'244
'253
'253
'
3,
513
'3,689
'266
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 1,703,203 1,700,769 154, 740 152, 701 141,745 137, 202 141, 302 146, 950 142, 881 139, 872 136, 294 133,505 141, 801 150, 637
Commercial and industrial:
Small light and power§
do
396,903 392, 716 36, 998 36, 644 33,271 31, 947 32, 698 33,603 33, 146 32,704 32, 114 32, 313 35,703 38,400
Large light and power}
_
do
687,235 689,435 60, 152 60, 731 59, 958 57, 666 54, 332 54,557 53,480 53, 169 52,851 53, 530 54, 843 54, 335
344
319
339
379
338
388
392
374
393
358
375
Railways and railroads
do
4,186
4,258
336
Residential or domestic
do
554, 171 554, 960 52, 161 50,002 43, 212 42,209 48, 803 53, 289 50, 716 48, 596 46,035 42,424 45, 741 52, 275
1,075
1,022
1,063
1,165
1,096
12,836
13, 314 1,051 1,084 1,163 1,220 1,239 1,261 1,219
40, 721 3,606 3,458 3,342 3,364 3,420 3,438 3,522 3,459 3,428 3,436 3,691 3,716
Other public authorities
do
42,340
492
482
444
390
398
391
418
405
422
441
428
5,532
5,366
Interdepartmental
_
do
436
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 31, 662. 9 39, 126. 8 3,712.9 3,753.8 3, 484. 1 3,388.9 3, 550. 5 3, 745. 5 3, 728. 8 3,683.5 3, 601. 9 3,543.0 3, 832. 4 4, 187. 2
GAS
Total utility gas, quarterly
(American Gas Association):
Customers end of period total
Residential
Commercial
Other
Sales to customers, total
Residential
Commercial".
Industrial
thous
do
do
do
tril. Btu..
do
do
do
44,201
40, 551
3,388
215
47
44,734
41, 034
3,446
196
58
44,055
40, 477
3,331
192
55
44 734
41,034
3,446
196
58
44,953
41,225
3,434
204
90
44,552
40, 932
3,375
190
54
16, 480
4,994
2,281
8,371
835
16,000
4,865
2,293
8, 153
689
3,078
473
295
2,136
174
3,872
1,231
593
1,868
180
4,947
2,236
997
1,546
168
3,546
1,150
534
1,728
133
2,688
12, 987 15,360
827
6, 899
6,247
335
2,539
2,172
1,415
5,509
4,197
111
413
371
' Revised.
* Reported annual total; revisions are not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
cfData are reported on the basis of 100 percent content of the
specified material unless otherwise indicated.
J Monthly revisions back to 1971 are availRevenue from sales to customers, total
Residential
Commercial
Industrial....
Other
mil. $..
do
do
do
do
::::::::
4,560
6,328
4,133
2,012
3,348
1,893
752
1,278
717
1,682
1,454
1,413
113
249
110
able upon request.
0In the 1973 BUSINESS STATISTICS the unit reads "millions of
gallons"; it should read "thousands of gallons."
t Monthly revisions for 1973 will be shown
later.
::::::::
SURVEY OF CUREENT BUSINESS
October 19T5
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Annual
S-27
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
_mil. bbL. 148. 60 r 156. 20
138.47
145. 46
Taxable withdrawals
do
12.76
12.58
Stocks end of period
_ _
do
Distilled spirits (total):
162. 55
Production
mil. tax gal-- 183.07
Consumption, apparent, for beverage purposes
mil. wine gal__ U04.17 1415.47
Taxable withdrawals
mil. tax gal- 210. 04 r 220. 76
875. 75
939. 70
Stocks end of period
do __
110. 98
Imports
mil. proof gal- 107. 28
Whisky:
75.15
Production
mil. tax gal-- 108. 39
137. 03
133.63
Taxable withdrawals
do
822. 11
893.00
Stocks, end of period
do
93.92
92.30
Imports
mil. proof galRectified 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 perioddo
Imports
do
14.61
13.89
14.04
12.67
12.09
13.72
12.28
11.59
13.53
10.71
10.42
13.04
11.11
10.74
12.58
12.54
11.12
13.21
11.18
9.84
13.54
12.40
11.57
13.76
14.50
13.01
14.26
14.34
13.41
14.17
15.76
14.44
14.30
16.00
14.69
14.36
8.42
11.37
15.30
12.69
12.23
11.26
10.19
•10.56
11.79
11.87
10.81
7.57
31.31
17.06
909. 90
7.09
31.20
18.33
898. 20
9.32
36.99
23.64
888. 75
11.53
39.93
19.70
880. 48
10.06
47.76
16.71
875. 75
11.29
31.43
19.36
891. 54
7.11
26.84
14.55
862. 94
7.67
32.57
15.75
857. 25
7.92
33.44
20.19
852. 07
9.93
33.84
19.47
841. 86
9.89
35.80
20.28
830. 03
9.01
17.08
822.39
8.67
7.48
3.11
10.45
862. 42
5.74
4.38
11.39
849. 66
7.88
5.57
16.00
838. 55
9.89
3.95
12.32
828. 47
8.51
3.80
9.69
822. 11
9.58
3.35
10.66
814. 68
5.74
3.79
9.49
808.00
6.34
4.41
9.81
802. 16
6.57
5.47
12.97
794. 26
8.39
5.13
11.92
786. 90
8.32
4.10
11.75
776. 47
7.50
2.42
10.04
770.97
7.39
6.05
114.93
53.35
118. 62
53.38
9.27
4.04
8.80
3.80
12.00
5.81
12.02
6.38
9.18
3.40
9.24
3.56
7.98
3.59
8.13
3.22
10.79
5.25
9.83
4.34
10.26
4.36
8.48
3.54
20.50
18.97
8.48
2.02
18.83
18.03
8.12
1.80
2.35
1.41
10.68
.19
1.69
1.22
11. 50
.16
1.58
2.42
10.13
.17
1.53
2.23
9.33
.16
1.30
2.43
8.12
.22
1.75
1.20
8.61
.12
1.11
,94
8.73
.12
1.53
1.18
9.00
.11
1.57
.97
9.51
.14
1.43
1.20
9.65
.12
.86
1.52
8.95
.13
1.51
.91
9.49
.08
.07
437.54
273. 07
422. 37
53.15
401. 42
279. 98
451. 59
3 49. 58
16.83
22.08
280. 88
4.59
86.10
20.68
335. 17
4.10
167. 55
26.81
463. 52
4.16
45.06
23.11
473. 14
4.27
18.44
27.19
451. 59
3.59
9.93
23.88
432. 10
3.92
8.14
22.48
413. 00
2.78
8.27
26.88
387. 40
3.34
7 14
24.30
366. 37
4.00
8.82
24.24
347. 15
3.65
7.78
25.13
325. 14
3.98
8.97
22.40
306. 45
3.91
3.83
378. 68
354. 30
26.54
106. 66
130. 20
40.08
17.46
9.61
3.49
7.11
6.01
2.72
3.87
6.12
4 918. 6
46.4
3.689
961.7
49.2
.674
70.4
122.0
.689
63.9
105.6
.694
70.7
83.1
.706
67.3
58.0
.705
89.6
49.2
.673
97.4
54.5
.677
90.4
61.3
.693
96.3
60.5
.692
100.9
66.5
.704
101.6
85.2
.705
88.3
99.7
.706
70.4
97.7
.788
58.9
'79.2
.863
mil. lb__ * 2,685.4
* 1,672.5
do
2,930. 2
1,858. 6
232.3
144.2
213.9
125.0
218.6
125.5
205.8
116.6
218.7
124.9
216.3
130.6
203.9
122.1
238.0
144.1
243.4
152.9
264.2
168.4
273.2
170.7
249.9
153.0
226.3
133.8
494.0
552.4
357.8
Stocks, cold storage, end of period
do
512.1
539.1
479.0
420.8
American whole milk
do
290.3
463.0
440.6
15.3
315.6
» 232. 0
Imports
- --do
18.8
15.8
Price, wholesale, American, single daisies (Chi.973
.898
.843
cago), __
$perlb_.965
.945
Condensed and evaporated milk:
84.8
Production, case goodsd"
mil. lb_. 4 1,102.2 1,035.2
65.2
60.9
Stocks, manufacturers', case goods, end of month
79.2
167.6
69.2
124.1
or yearcf
- mil. Ib
153.5
Exports:
.1
1.0
1.6
Condensed (sweetened)
do
.2
.1
2.2
40.7
41.4
Evaporated (unsweetened)
do
2.9
3.4
Fluid milk:
9,690
Production on farms
-.
- do .. « 115,385 115,416
9, 125
9,140
60, 821 5,124
4 57, 920
Utilization in mfd dairy products
do
4,355
4,422
8.32
7.76
7.14
Price, wholesale, U.S. average
$ per 100 lb_8.28
8.07
Dry milk:
Production:
4.0
478.0
67.7
Dry whole milk
mil Ib
3.7
3.1
99.1
4 916.6 1,019. 9
Nonfat dry milk (human food)
do
54.6
68.9
Stocks, manufacturers', end of period":
6.4
12.6
5.4
Dry whole milk
do
9.7
10.8
134.6
190.3
74.5
Nonfat dry milk (human food)
do
144.1
167.3
Exports:
49.7
45.2
5.1
Dry whole milk
do
3.2
4.4
6.7
.3
10.4
Nonfat dry milk (human food)
do
.3
.3
Price, manufacturers' average selling, nonfat dry
.572
.586
.464
milk (human food)
$ per Ib
.577
.574
GRAIN AND GRAIN PRODUCTS
164.6
Exports (barley, corn, oats, rye, wheat),. .mil. bu_. 32,896.2 2, 220. 3
159.3
148.7
Barley:
5421.5 5 308. 1
Production (crop estimate)
do
229.8
Stocks (domestic) end of period
do
320.9
308.5
127.1
On farms _
_
do
207.3
182.3
102.7
Off farms
do
113.6
126.2
Exports including malt§
do
3.0
94.6
56.7
2.5
1.5
Prices, wholesale (Minneapolis):
2.02
No. 2, malting
$ per bu
3.53
3.88
3.63
4.33
No 3 straight
do
2.00
3.40
3.50
3.80
4.02
Corn:
Production (crop estimate, grain only) mil. bu
«5,647 5 4, 651
a 483
4,473
3,613
Stocks (domestic) end of period total
do
3,357
On farms
do
2,533
6 288
Off farms
do
1,116
1,080
6195
66.4
Exports including meal and
flour
do
1,312.3 1, 180. 8
58.2
64.1
Prices, wholesale:
No 3 yellow (Chicago)
$ per bu
3.22
2.19
3.67
3.67
3.75
Weighted avg., selected markets, all grades
3.14
2.12
do3.53
3.46
3.69
Oats:
Production (crop estimate)
mil bu
«621
«667
Stocks (domestic), end of period, total
do___
511
637
652
On farms
do
475
388
496
Off farms
do
162
123
156
Exports, including oatmeal
-_do___
.3
.5
1.6
30.0
54.3
Price, wholesale, No. 2, white (Minneapolis) f
1.71
1.76
$ per bu.
1.66
1.08
1.96
r
Revised.
" Preliminary.
i Includes Hawai i; nomon
thly data available for Haw aii.
s
3
Average for Jan., Feb., Apr.-July,
Oct.-Dec.
Annu al total r eflects r ^visions not
4
distributed 5to the months.
Revised monthly data bac,k to 1971 are avililable u pon
request.
Crop estimate for the year.
• Prev ous year' s crop; ne w crop iiot repor ted
until beginning of new crop year (July for barley anc1 oats: Oct. for corn)
70c t. 1 estirrtate
502.2
430.2
19.0
494.0
420.8
31.7
482.2
413. 5
14.4
458.1
393.1
8.4
447.5
385.6
9.4
441.0
379.8
9.6
454.8
392.6
9.0
475.1
410.2
9.6
477.6
414.0
13.4
449.7
388.5
10.8
427.0
366.3
.962
.946
.936
.946
.952
.968
.987
1.006
1.030
1.064
1.119
60.8
78.1
73.9
70.2
75.0
77.9
96.6
97.1
85.8
74.9
101.0
79.2
68.1
61.8
54.3
60.3
84.2
104.0
114.7
105.5
Distilling materials produced at winerles.__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. lb_.
do
$ per lb..
8
8
.2
3.2
.3
3.3
.1
4.1
.4
4.0
.2
3.9
.1
4.5
.1
4.0
()
4.3
()
3.9
.1
4.7
8,669
3,985
8.44
9,087
4,546
8.22
9,301
4,844
8.33
8,775
4,657
8.28
10, 023
5,289
8.13
10, 121
5,510
8.09
10, 789
6,006
7.98
10, 460
5,985
7.94
9,998
5,389
8.19
9,609
4,785
'8.56
2.8
51.5
4.7
83.3
4.8
83.5
3.9
81.6
3.4
95.8
3.4
111.5
7.4
131.4
8.1
126.5
5.2
98.7
5.5
76.2
5.4
130.1
6.4
134.6
7.0
123.0
7.4
114.9
6.0
115.0
5.3
108.9
7.6
116.2
7.3
108.5
6.4
87.4
6.9
70.2
3.2
.3
3.2
2.5
2.1
13.5
2.6
.4
2.3
.2
4.6
14.5
2.8
48.9
3.3
13.4
2.4
10.7
3.4
.3
.570
.568
.588
.600
.607
.603
.602
.604
.604
.614
211.6
197.1
245.9
199.7
194.7
186.2
139.2
163.2
173.9
204.1
6.3
229.8
127.1
102.7
6.1
5.8
3.6
132.8
61.6
71 2
2.8
2.0
4.64
4.51
4.43
4.06
4.39
4.20
4.10
3.82
3.92
3.64
4.20
3.99
102.3
3,613
2,533
1,080
103.3
129.6
122.7
2,209
1 504
705
125.2
3.50
3.54
3.16
3.12
2.83
3.46
3.42
3.12
2.90
2.88
1.6
511
388
123
1.7
.5
329
239
90
.2
43.0
.900
9,101
P8.96
7381.4
6
8
3.4
75. 4
29. 9
645.5
1.0
2.0
1.0
4.09
3.86
3.63
3.38
3.51
3.32
3.64
3.44
103.2
74.1
1 146
801
346
81.6
69.2
89.2
3.02
2.82
2.91
3.04
3.13
2.95
2.90
2.86
2.93
3.15
.3
6184
« 6119
65
.7
7
5,737
7678
.1
2.8
.5
.4
1.69
1.82
1.63
1.56
1.72
1.74
1.55
1.89
1.84
1.81
d Conden sed mills: includ 3d with
for 1975 crop,
8Les 3 than 50 thousa nd pourids.
§ Exclu les pearl barley,
evapo rated to avoid d sclosing operatio ns of ind ividual 1inns,
t E f f e ctive Miirch 1975
9 Sealttered m Dnthly r ^visions jack to 1971 will be show n later,
ier
perio ds will b e shown
a
for
earl
rent
mar
ket.
Dat
SURV EY, data are resta ted to cc ver diffe
later.
October 1975
SUKVEY OF CURRENT BUSINESS
S-28
1974
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1975
1974
Annual
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
June
May
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
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
1
Southern States mills (Ark., La., Tenn., Tex.):
Receipts rough from producers
mil Ib
Shipments from mills milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis) end of period
mil Ib
Exports
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
-_$perlb_-
Rye:
Production (crop estimate)
Price wholesale No 2 (Minneapolis)
Wheat:
Production (crop estimate^ total
Spring wheat
Winter wheat
Distribution
mil bu
$ per bu
do
do
do
Exports total including flour
W"hcat only
do
do
Prices, wholesale:
No. 1. dark northern spring (Minneapolis)
$ per bu
No 2 hd and dk hd winter (Kans City) do
Weighted avg., selected markets, all grades
$ per bu
1
s 122. 4
114. 1
2,151
1 591
1 925
1 359
85
102
29
45
294
133
192
135
147
90
230
138
228
186
186
136
186
174
237
196
281
241
158
113
64
61
109
135
42
18
133
123
135
169
163
166
124
102
67
68
48
6 G21
4,226
7 047
4 816
561
273
1 517
2,177
502
614
895
525
640
539
804
599
702
585
389
546
253
491
136
427
92
357
117
240
945
304
1 816
3,583
1 788
3 801
455
174
978
329
1,805
1,884
1,788
1,727
1,646
1,387
1,065
464
739
437
429
555
268
248
606
226
.180
252
.230
.200
.185
.200
.208
.205
.210
.205
.205
.185
.195
.195
.195
i 26 3
21 4
1 82
i ig 3
11 9
2 99
3 04
20 4
3 11
3 22
9
11 9
3 07
2 80
83
2.48
2.68
25.9
2.47
2.58
i i 705 i i 793
i 432
i 402
1
1 273 i i 391
2 178
1 624
mil bu
do
do
do
Stocks (domestic) end of period total
On farms
O ff farms
92 8
350
332
3 1
442
545
3 02
564
449
492
1 101
556
2.74
464
329
648
260
388
2319
2126
2193
«18.6
2.97
s 2, 138
5488
s 1, 650
927
363
564
1 101
1 403 5
3 i 372 l
944 0
919 4
93 5
01 6
87 6
86 0
93.2
91.3
100 5
98 3
84.8
82 3
110.4
108.4
72.9
71 3
66.5
65.2
78.2
77.0
69.4
65.3
79.8
77.2
102.2
99.7
113.5
111.2
3 43
c 94
5 06
4 OC
5 14
4 47
5 64
4 92
5 64
4 99
5 33
4 gj.
4 81
4 42
4 47
4 02
4 48
3 78
4 57
3 76
4.41
3 45
4.25
3.40
4.66
4.01
4.88
4.31
C
CO
5 21
5 69
5 88
5 84
5 64
5 22
5 00
4 78
4 94
4.96
4.39
4.69
5.08
949 157
4 OOO
542 904
20 269
9Q 837
22 S17
20 853
19 658
19, 466
19 054
20 599
20,361
371
45,718
19, 631
f
44, 375
r
21,156
384
47,430
49, 032
1,718
4,434
1,119
1,084
999
3
3
CO
3 64
Wheat flour:
Production:
Flour
thous sacks (100 Ib )
249 265
Offnl
thous sh tons
4 303
Grindings of wheat
thous bu
555 269
Stocks held by mills, end of period
thous sacks (100 Ib )
5 505
Exports
do
13 456
Prices, wholesale:
Spring, standard patent (Minneapolis)
$per lOOlb-.
8.734
Winter, hard, 95% patent (Kans. City) _ . do
8.454
1 550
440
661
668
88°
440
661
367
45 647
51 51°
47 012
44 272
43 927
17,653
321
39 746
699
816
929
4 499
1 058
820
715
577
516
377
47 039
3 8S5
415
384
359
354
349
42 833
378
46 375
4 755
361
.168
21, 705
398
4 499
10 563
797
11. 887
11. 059
11. 513
10. 150
11.425
10. 325
12.600
11.363
12. 938
11.775
12. 175
11.200
11.488
10. 438
11. 025
9.938
10. 388
9.125
10. 363
8.975
9.863
8.550
9.550
8.088
10. 213
8.938
10. 513
9.363
oq Q I Q
202
2 876
212
o 787
279
3 °30
251
2 929
254
2 909
284
3 152
250
2 778
276
2 896
284
2 889
270
2 851
276
2 898
344
3,084
345
3,141
44 54
49.13
41 89
36.49
46 69
33.26
oc f\r\
41 38
29. 80
36 00
39 64
29.80
36 00
37 72
27.97
36 00
37 20
28.05
36 00
36 34
26.79
36 50
34 74
26.80
36 50
36 08
27.86
38 00
42 80
30.73
37 00
49 48
34.87
37 00
51.82
33. 52
31 50
50.21
30.69
46.80
32.93
28.50
79 9fi4.
77 H71
6 363
6 593
7 023
6 409
6 243
6 350
5 540
5 751
6 361
5 376
5,077
4,659
4,627
40.10
34.75
35.58
34.41
37.91
37.45
38.96
38.23
39.23
39.22
40.32
45.78
50.28
55.70
56.80
61.19
6 91 7
6199
10 7
10 2
10 8
11 1
11 7
1° 4
13 4
14 3
14 7
17 0
17.6
19.9
19.0
21.2
777
842
851
612
595
662
570
648
627
615
614
635
621
37.50
38.50
37.50
40.50
45.12
48.88
50.75
46.12
45.00
41.00
11. 238
10. 213
LIVESTOCK
Cattle and calves:
Slaughter (federally Inspected):
Calves
thous animals
Cattle
do
Prices, wholesale:
Beef steers (Omaha) t
$ per 100 Ib
Steers, stocker and feeder (Kansas C i t y ) _ _ d o
Calves vealers (Natl Stockyards 111 ) do
Hogs:
Slaughter (federally Inspected) thous animals
Prices:
Wholesale, average, all grades (Sioux City)
$per 100 l b _ .
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
Sheep and lambs:
Slaughter (federally inspected) thous animals
Price, wholesale, lambs, average (Omaha)
SperlOOlb.-
Ofl
9
CO1
00 t
8
CCC
48.91
35.98
44.12
36.69
39.76
39.00
36.12
35.88
33, 525
36, 330
3,056
2,993
3,360
3,048
2, 971
3,169
2,762
2,845
2,966
2,751
2,704
2,697
2,716
830
759
803
714
725
64
692
58
715
77
754
64
803
54
815
57
798
67
783
75
794
65
722
79
652
64
573
70
514
1,972
1,634
141
130
114
134
146
179
131
145
125
19, 504
459
81
1,471
21, 222
415
53
1,191
1,817
388
1,991
362
3
79
1,803
373
3
97
1,776
415
4
110
1,948
429
3
141
1,714
405
4
102
1,762
396
3
110
1,762
359
4
1,728
319
3
80
1,733
1,802
276
2
1,841
r
266
3
118
1,725
358
3
98
< .696
.691
.755
.686
.663
.635
.623
.599
.603
.611
.826
.821
.880
.849
.801
.824
486
15
440
14
37
15
42
14
43
15
31
14
31
14
34
12
30
11
34
9
32
10
30
9
30
7
31
9
31
10
10
MEATS
Total meats:
Production (carcass weight, leaf lard in), Inspected
slaughter!
mil Ib
Stocks (excluding lard), cold" storage, end of
period _ _ _
_ _ _ _ _ _
mil. l b _ _
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production inspected slaughter t
do
Stocks, cold storage, end of period
.do _ _ _
Exports
_ __do__ _
Imports
_. _ _ _ _ _
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (East Coast)
$ per Ib
Lamb and mutton:
Stocks, cold storage, end of period
. do
2
Pork (including lard), production, inspected
1,326
1,226
1,202
14, 669
13, 535
slaughter!
_ mil. lb_
T
Revised. l Crop estimate for the year. 3 J Previous year's crop: new crop not reported
until July (beginning
of new crop year).
Annual total reflects
revisions not distributed
4
5
to6 the months.
Average for Jan.-July and Sept.-Dec.
Oct. 1 estimate of 1975 crop.
Effective with June 1975 SURVEY, average is restated to represent "market" year (Dec.-
298
501
77
1 A.Q
258
1 99
845
1,172
942
864
992
1,049
1,187
1,018
1,164
1,214
Nov.).
9 Bags of 100 Ibs.
t Effective September 1975 SUEVEY, data are restated to
cover different price (900-1100 Ibs. only). Data for earlier periods will be shown later.
t Scattered monthly revisions back to 1971 are available upon request.
SUEVEY OF CURRENT BUSINESS
October 1975
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1974
1974
Annual
S-29
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS— Continued
Pork (excluding lard) :
Production, inspected slaughter
mil. Ib
Stocks, cold storage, end of period
do
Exports
do
Imports
do
Prices, wholesale:
Hams, smoked composite.
$per lb._
Fresh loins, 8-14 Ib. average (New York) ._do
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb_.
Stocks, cold storage (frozen), end of period, total
mil. lb_.
Turkeys _ ___ _._
do
Price, in Georgia producing area, live broilers
Sperlb-.
Eggs:
Production on farms
mil cases O
Stocks , cold storage, end of period:
Shell
thous casesO
Frozen. > _
mil Ib
Price, wholesale, large (delivered; Chicago)!
$ per doz-.
11,879
286
169
398
12,856
1.810
.819
2.678
.786
.684
.834
10, 649
10,706
431
281
456
275
307
104
362
1,062
303
10
1 023
307
g
1 049
295
9
301
11
30
31
299
24
33
34
25
31
.634
.816
.728
.805
.773
.764
.852
.774
.728
.823
.747
.815
.743
.798
1,023
898
1,015
800
768
781
676
621
432
718
529
744
555
555
372
456
275
439
267
410
240
1,044
258
13
19
1,073
249
15
28
1,154
270
16
900
922
842
322
13
773
755
283
19
228
23
'185
22
.716
.816
.787
948
.801
.994
736
825
831
884
967
942
370
315
160
347
193
388
248
r470
9Q7
339
178
1,043
343
10
29
876
26
28
23
.859
1.122
182
20
.953
1.079
r 328
.974
1.170
538
405
«.239
8.211
.205
.225
.225
.245
.215
.230
.250
.240
.235
.250
.280
.325
.295
.305
« 185 0
« 183 5
15 1
14 5
15 0
14 7
15 3
15 4
13 9
15 3
14 6
15 0
14 5
14 9
15 0
14 6
34
43
36
54
78
63
70
66
73
65
52
60
36
54
35
54
48
52
32
47
OK
68
45
82
48
90
51
r 80
44
52
72
51
.610
.598
.575
.646
.632
.630
.688
.637
.574
.607
.516
.513
.517
.539
.597
.633
Cocoa (cacao) beans:
Imports (incl. shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per Ib..
248 0
.636
221 1
.982
10 4
1.070
4 8
1.018
81
1.193
11 1
1.115
18 7
.840
20 5
.895
17 3
.888
21 7
.848
17 9
.755
17 4
.595
18 7
.625
16 6
.730
12 5
.780
.775
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd"
Roastings (green weight)
do._.
4,146
19, 415
18, 569
Imports, total ._ .
do
From Brazil
.
do
Price, wholesale, Santos, No. 4 (N.Y.). $ per Ib
Confectionery, manufacturers' sales
mil $
21 799
4 606
.676
2 141
19 243
1 152
1 626
.702
2 771
.630
418
1 868
391
mil Ib
459
432
420
417
416
426
432
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
4 931
6,551
1 217
4,620
6,895
72
725
182
106
604
154
694
583
123
972
510
94
974
409
82
do
do
do
11 538
11 482
11, 273
11, 237
2,800
1,135
1,132
1,200
1 003
2,583
998
950
1 045
1 042
1,202
1 822
2 800
3 067
2 970
sh. tons
3 946
62, 734
3,123
5 299
8 763
13 672
4 394
2 777
2 307
437
53
360
81
479
68
o
494
112
(t\
148
(*}
I
199
54
4
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
thous sh tons
do
do
Prices (New York):
Raw, wholesale
Refined:
Retail (incl. N.E. New Jersev)
Wholesale (excl. excise tax)..".
Tea, imports
3
3,003
2,725
1,150
5 200 35 774
1,414
1 566
29
(4)
4 072
83
251
593
207
(4)
821
43
.600
309
(4)
740
61
.640
309
o
2 812
2 673
4,713
3 003
4 997
3,840
4,534
1 159
1 550
1 852
1 656
1 535
'331
1 365
.700
.675
253
1 448
.690
.680
246
250
221
207
202
183
168
245
395
360
335
305
e 305
e 296
307
297
615
297
183
191
195
107
92
693
684
832
809
2 836
2 521
870
852
2,299
2 516
21 325
17 648
27 288
48 067
17 501
222
62
5
300
54
4
223
450
403
3
3
o
1
289
226
1
.225
.175
.232
148
265
879
876
457
220
469
463
359
(5)
(5}
514
511
552
549
277
244
o
1 736
473
961
1 205
932
1 174
1 946 r 1 275 P 1 026
o
$perlb__
.103
.289
.315
.335
.370
.580
.430
.375
.388
.300
.282
.195
.148
.194
$ per 5 Ib
$per lb._
.775
.133
1.680
.320
1.753
.338
1 901
.395
2 170
.408
2 520
.549
3 546
.592
3 1^1
.518
2 858
.479
2 679
.410
2 285
.361
2.061
.319
1 650
.259
1 470
.268
.283
173 314 3178 326
16 432
13 954
10 460
7 735
11 844
14 297
12 200
15 486
13 648
14 694
12 170
9 915
11 276
3 702 8
134 1
306 4
123 1
298 5
111 3
350 9
119 7
315
9
192 7
979 9
299 7
129 2
278 7
119 5
280 4
117 0
307 9
121 1
288 9
112 9
268 9
113 7
r 98*; 1
134 1
103 0
296 2
88 9
4 110 6
96 5
333 2
83 5
293 2
78 1
357 3
93 3
330 5
92 2
323 1
96 5
330 1
84 7
310 6
81 8
319 2
93 9
322 2
97 6
316 5
95 1
326 3
76 9
r
345 4
79 4
343 8
71 8
2 397 7
64 3
163 2
69.0
182 2
71 8
229 5
74 1
203 9
70 0
187 6
64 3
211 0
65 6
201 2
72 5
198 7
65 8
181 7
75 §
183 0
64 4
180 6
63 6
r
173 7
r 66 6
178 2
52 5
.512
.567
.574
.626
.613
.617
.619
.619
.576
.544
.502
.494
.486
.486
52 2
63.9
32 9
55 2
58 3
33 4
56.1
62.7
38 6
52.7
62.6
40 0
54.2
69.1
32 1
46 8
68.9
25 7
40.8
55.9
23 7
35 3
44.3
22 2
33 8
34.5
42.1
24 3
thous Ib
FATS. OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production *__ _ _ _
mil Ib
3 635 8
Stocks, end of period© .
do
114 6
Salad or cooking oils:
Production!
do
3893 4
Stocks, end of period©.
do
74 1
Margarine:
Production!
.
do
2 359 o
Stocks, end of period ©
do
61 2
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
__..$per lb._
.340
Animal and fish fats:
Tallow, edible:
Production (quantities rendered) J
mil. Ib
46.1
575.8
474.6
46.9
59.1
Consumption in end products?
do
665.0
51.9
558.0
58.1
67.5
Stocks, end of period J
do
36.6
40.4
33.4
31.9
29 8
Tallow and grease (except wool), inedible:
Production (quantities rendered)!
do.
452.6
432.2 477.1
5, 237. 1 5, 526. 6
Consumption in end products!
do
3. 032. 2 3, 029. 2
255. 8
245 7
271 4
Stocks, end of period 1
do
355.6
380.3 478.1 450.7
430.5
2
/ Revised.
p Preliminary.
1 Average for Jan.-Sept., and Nov.
Because of a
change in specification, effective June 1974, prices are not comparable with those for earlier
periods: the 1974 average is for 7 mos. (June-Dec.).
s Reflects 6revisions not available by
months.
< Less than 500 sh. tons.
« Series discontinued.
Effective with June 1975
SURVEY, average is restated to represent "market" year (Dec.-Nov.).
« Corrected.
r
r 46.1
22 1
.503
348.4
371.5
450.3 399.2 433.0 405.2
432 5
358. 3 rf 354. 5
231 8
234 8
237 4
236.0
239 6
232 3
920 1
238 0
230 7
254 4
400.5 380. 3 379. 5
361.7
327.6
318. 0
288.5 242.5 r 256. 2
254.8
0 Cases of 30 dozen.
<?Bags of 132.276 Ib.
§Monthly data reflect cumulative revisions
for prior periods.
9Includes data not shown separately: see also note "§".
©Producers' and warehouse stocks.
^Factory and warehouse stocks.
fBegmning June 1974
SURVEY, prices are for cartoned, white, shell eggs to volume buyers, delivered to store door,
Chicago metropolitan area, and are not comparable with those shown previously. Comparable
data back to 1969 are available.
{Monthly revisions back to 1972 will be shown later.
437.5
SURVEY OF CURRENT BUSINESS
S-30
1974
1973 | 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
Annual
October 1975
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRO DUCTS- Continued
Vegetable oils and related products:
Coconut oil:
Production, refinedj
Consumptlon in end products^
Stocks, refined, end of period t§
Imports
649.4
901.0
21.1
716.9
540.1
726.0
26.6
542.3
38.3
51.7
24.8
24.7
52.4
59.6
25.2
55.0
61.0
67.4
32.7
78.4
45.5
66.3
28 1
44.8
48.5
56.4
26.6
41.7
53.2
67.6
30.0
47.0
43.1
58.2
26.1
40.5
49.9
68.1
22.6
70.0
53.4
70.7
33.9
53.4
56 1
67 7
27 6
90.8
60.0
71.8
26 9
27.6
••59.3
••61.8
29.4
38.2
61.4
75.2
28.0
64.6
529.2
529.5
508.7
44.9
518.3
500.7
473.0
52.6
44.0
37.1
32.5
74.3
43.0
44.7
38.7
67.8
41.2
46.7
48.9
52.3
40.1
45.6
41.8
53.2
40.1
42.1
40.6
52.6
37.0
41.0
45.1
54.6
34.6
34.1
34.6
56.2
38.6
43.0
38.1
63.8
37.6
38.9
35.4
71.0
40
38
34
85
6
0
8
6
38.9
41.0
37.9
90.3
'40.5
38.7
' 38. 0
'87.5
34.4
39.5
39.2
65.2
Cottonseed oil:
1, 541. 5
Production* Crude
do
1, 330. 2
Refined
^
do
Consumption in end products*
do
906.4
157.9
Stocks crude and ref end of period K
do
545.0
Exports (crude and refined)
.
do
Price, wholesale (N.Y.)
$perlb_. ' 3. 257
1, 512. 7
1, 262. 7
832.4
177.4
606.1
.410
78.0
88.5
57 2
121.4
36.7
.490
66.9
63.5
52.5
109.8
24.2
.415
122.8
81.8
58.3
123.2
24.1
.485
138.2
113.0
62.1
166.9
33.8
.495
139.1
117.2
61.5
177.4
75.1
.405
147.6
124.4
60.5
197.7
78.4
.400
137.5
125.5
57.9
210.2
67.3
.355
143.4
117.0
58 1
188.1
96.6
.315
111.6
109.0
56.0
207.9
56.8
.305
105 8
102 4
66 7
173 i
92.6
.265
84.1
93.0
53 8
164.0
17.8
.265
72.3
••74.0
56.8
' 146. 2
69.7
'.348
76.7
68.0
49.2
127.0
43.7
.378
mil. lb_.
do
do
do
Corn oil:
Production: Crude
Refined
Consumption in end products!
Stocks, crude and ref., end of period If
do
do
do
do
Soybean cake and meal:
Production
thous sh tons
Stocks (at oil mills), end of period
do
16, 223. 5 18, 543. 2 1,603.3 1,244.4 1, 418. 1 1,406.8 1, 376. 3 1, 429. 4 1,232.3 1,379.5 1,313.9 1, 190 7
438.4
496. 7
508.3
245.6
496.7
504.2
481.3
475.5
513.0
524.9
529.8
410 8
Soybean oil:
7,540 2
Production* Crude
mil Ib
6, 508. 9
Reflnedt
do
6, 830. 7
Consumption in end products!
do
690.5
Stocks crude and ref end of period 5f do
874.3
Exports (crude and refined)
do
Price, wholesale (reflned; N.Y.)
$ per lb__ r 3. 277
8, 704. 9
6,811.5
7, 039. 0
673.6
1, 606. 7
.366
759 0
583.9
569.2
777 1
84.1
.496
592 3
510.8
524.4
793.6
83.2
.397
672.9
585.0
621.8
734.7
85.9
.428
627.5
511.4
552.1
681.5
111.1
.439
621.4
482.1
516.4
673.6
193.0
.370
651.3
515.0
553.4
689.6
129.0
.356
555.9
468.6
521.2
633.7
71.6
.327
632 4
497.1
528.2
647 4
116.1
.301
600.9
497.0
540.3
662.2
57.6
.296
557 6
467.9
527 4
606 7
72.9
.248
.343
1,209.3 1,355.1 1, 455. 2
383.8 ' 359. 4
366.8
557.8 ' 623. 9
509.3
489.6
531.3 ' 555. 3
'544.3
530.6
65.3
55.7
.304
.243
667.5
550.9
564.8
567.6
13.1
.340
.285
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers', end of period
mil Ib
Exports incl scrap and stems
Imports, incl. scrap and stems
thous Ib
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) , taxable
Exports cigarettes
U 742
1
4,409
4,466
2612 980 651 415
268, 585 2299,946
55 902
590, 342
5,554
41, 543
millions
do
do
do
7
1 990
59 272
576, 173
5,008
46, 901
47 572
19, 463
4,129
39 990
29,623
5 420
50, 894
4 511
48, 114
464
4,468
443
3,700
64 063
27, 122
72, 950
22,445
4,461
68 264
24, 481
5 300
55,643
533
4,247
4 182
44,054
416
3,157
4,473
38,504
314
4,273
57 141
33, 650
33, 510
25,300
4,315
52 483
33, 694
5 092
47,887
351
3,468
4 793
46, 963
4 942
43, 968
354
3,645
372
5,155
3,944
32, 073
28,566
23, 202
26, 390
39, 452
25, 082
417
3,357
5,667
46,301
347
4,170
5,294
24,553
230
1,834
23,361
115
1,719
22,532
166
1,551
46, 669
26, 144
44,172
27,805
4 547
51,838
394
3,313
4 464 4 803
49, 171 49, 477
397
3,623
25,093
174
2,045
2, 174
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total V
thous $
Calf and kip skins
thous skins
Cattle hides
thous hides
376, 999
1 886
16 867
339 062
2 163
18 428
84 300
12 835
1 600
77 500
15 732
583
7 700
1 728
91
7 000
1 449
72
$ per Ib
do
622
.343
644
.231
750
.253
600
.245
LEATHER
Production :
Calf and whole kip
thous skins
Cattle hide and side kip
thous hides and kips
1 262
17 768
16 824
1 405
14 504
13 889
1 240
120 104
148 565
158.8
Imports:
Value total 9
thous $
Qoat and kid skins
do
Prices, wholesale, f.o.b. shipping point:
Calfskins packer heavy 9V4/15 Ib
Hides, steer, heavy, native, over 63 Ib
Sheep and lamb
Exports:
U pper and lining leather
do
thous so ft
2
Prices, wholesale, f.o.b. tannery:
Sole, bends, light _
... index, 1967=100 .
Upper, chrome calf, B and C grades
index 1967—100
4
184. 6
26, 699 24. 551 27, 871
101
126
136
1 529 1 423 1,619
25,475
140
1,708
26, 440
22, 674
22, 796
24, 519
1,905
1,663
1,810
1,989
6 100
1 077
5 800
1 167
3 200
4 800
1 161
5 600
1 515
85
5,800
1,615
119
6 100
1 603
46
6,300
1,024
56
7,900
1,668
60
6,200
533
25
5 100
1 162
96
550
.173
.450
.175
.350
.143
.300
.118
.285
.125
.285
.163
.285
.275
.500
.253
.258
.350
.253
.350
.253
.350
.258
1 419
1 536
1 430
1 315
1 350
1 081
1 260
1 093
992
1 033
11 699
14 108
12 831
11 032
12 759
14 748
12 427
13 574
14 624
16 735
18 473
13, 341
158.2
156. 8
148.1
139.5
130.9
128.0
125.1
130.9
142.4
146.7
146.7
146.7
163.9
24
292
280
64
161
236
62
5 119 5
LEATHER MANUFACTURES
Shoes and slippers:
Shoes, sandals, and play shoes, except athletic
Slippers
Athletic
Other footwear
Exports
do
do
do
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..
Vf omen's pumps low-medium Quality do
r
490 033 r 452 955 37 281 r 34 775 r 36 863 r 33 184 ' 30 173' 33 932' 32 274 ' 32 122r 33 856 ' 33 745'35 786
r
355
147
' 28 292r 26 185 r 26 830 r 25 HO r 24 254 r 27 657 ' 26 071' 25 775r 27 002 r 26 196 '28 581
386 636
2 91 166 r 85, 502 ' 7, 885 ' 7,'ei2 ' 8, 941 ' 7, 027 ' 5, 035 ' 5, 146 ' 5, 021 ' 5, 113 «• 5, 637 ' 6/330 '6^090
2 9 656 r 9 ggo
'852
r 727
'974
923
924
'870
'805
'803
925
876
'923
'245
294
310
'245
204
306
2 2 575 r 2 416 '252
' 173 ' 169 '244
'157
2
33 007
2
27 895
4,163
3 599
3 993
273
314
362
410
316
316
301
402
464
442
406
373
140.7
155.1
156.0
160.0
160.0
160.0
160.0
160.0
162.1
162.1
164.6
164.6
164.6
164.6
164.6
168.1
134.3
o 122 1
144.0
127 8
144.3
126.7
150.5
139 3
150.5
132 3
150.5
132 3
150.5
132 3
150.5
132 3
150.5
132.3
150.5
150.5
150.5
150.5
150.5
150.5
154.3
2
' Revised.
1 Crop estimate
for the year.
Annual total reflects revisions not distrib3
uted
to the monthly data.
Average for 6Oct.-Dec.; not comparable
with prior periods.
4
6
Average
for
Jan.-July
and
Sept.-Dec.
Jan.-Apr.
average.
Apr.-Dec. average.
7
Oct. 1 estimate for 1975 crop.
729
220
9 Includes data for items not shown separately.
11 Factory and warehouse stocks.
§ Effective Oct. 1974 SURVEY, data are restated to exclude stocks of crude coconut oil; comparable data prior to Aug. 73 will be shown later.
| Monthly revisions back to 1972 will be shown later.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
S-31
1975
1974
1974
Annual
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production total
mil. bd. ft_. i 38,658 134,928
6,955
7,008
Hardwoods
do
Softwoods
do -. 31, 650 27, 973
3,024
601
2,423
2,736
523
2,213
2,691
540
2,151
2,194
465
1,729
1,930
424
1,506
2,072
381
1,691
1,812
38,353 i 34, 276
6,634
7,130
31, 223 27, 642
2,888
546
2,342
2,584
481
2,103
2,658
480
2,178
2,265
428
1,837
1,978
375
1,603
2,047
340
2,164
4,457
459
3,998
5,109
780
4,329
5,042
625
4,417
5,196
669
4,527
5,229
729
4,500
5,160 r 5, 109
780
768
4,392 «• 4, 329
5,137
858
4,279
1,959
9,537
1,668
7,249
143
541
100
569
139
530
98
414
87
361
mil. bd. ft._
- do ._
8,936
679
7,367
316
605
465
502
389
577
393
537
352
Production.
Shipments
_- _ -Stocks (gro^s) mill end of period
do.. .
do
do
9,074
8,874
935
7,777
7,730
982
693
693
1,013
623
578
1,058
594
573
1,079
Exports total sawmill products
Sawed timber
Boards, planks, scantlings, etc.
do
do _
do
637
176
462
598
158
440
49
26
24
31
5
26
181.86
158.84
152. 62
i 7, 745
405
i 6, 899
344
i 7, 895
i 7, 775
1
7,
1
Shipments total
Hardwoods
Softwoods
-
do
__do _ _
do
1
Stocks (gross), mill, end of period, total
do
Hardwoods
do
Softwoods
-- - do _ Exports total sawmill products
Imports total sawmill products
do
do
2,480
395
2,085
2,779
428
2,849
435
2,814
2,351
2,414
492
2,322
2,797
471
2,326
2,118
2,843
443
2,400
2,820
456
2,364
2,739
459
2,280
2,820
444
2,376
874
4,249
5,064
842
4,222
5,000
827
5,052
806
4,246
5,124
5,101
4,173
86
337
112
377
233
536
130
571
113
589
125
671
155
677
476
316
657
497
508
443
728
543
635
567
598
462
674
509
682
581
551
532
540
578
1,041
453
512
982
534
476
550
562
608
628
1,028
1,008
599
611
996
684
703
977
654
627
1,040
1,004
590
610
984
1 003
60
12
47
19
4
15
33
8
25
24
7
17
30
5
25
45
11
34
52
14
38
32
8
24
38
11
27
53
11
43
146. 22
135. 85
139. 09
133. 21
138. 40
146. 90
147. 29
156. 60
169. 67
161. 54
165. 47
543
397
473
369
549
365
413
322
401
344
511
383
599
373
629
533
569
627
567
552
505
501
577
553
443
456
350
379
466
517
460
501
606
557
586
571
615
637
1,707
2,148
336
322
1,842
5,123
2,507
389
836
4,288
863
4,238
SOFTWOODS
Douglas fir:
Orders, new
-Orders unfilled end of period
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$ p e r M bd. ft..
Southern pine:
Orders, new
.
...
Orders unfilled, end of period
Production
Shipments
_.
mil. bd. ft..
do
_-
do
do __
Stocks (gross), mill and concentration yards, end
of period
mil. bd ft
121
6, 960
546
431
427
549
551
403
615
633
401
619
600
169. 76
166. 79
391
1,148
1,309
1 323
1,327
1,351
1,338
1,309
1,258
1,217
1,215
1 197
1,246
1,261
1,239
M bd. ft_.
94, 346
76, 276
6,346
7,610
5,199
2,689
7,626
4,220
3,509
3,115
7,593
5,244
5,175
6,414
Prlces, wholesale, (Indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.cf
1967=100..
198.2
' 188. 4
180.7
174.9
160.6
158.2
152.0
144.7
147.9
150.8
160.5
174.0
174.7
174.5
170.8
171.5
186.2
r 229. 2
236.2
236.2
236.2
228.5
228.5
228.5
228.5
230.7
230.7
225.2
225.2
225.2
10, 456
556
8,788
392
672
408
777
460
551
424
489
587
507
392
471
441
663
10, 564
10, 455
8,973
8 952
690
449
799
738
767
713
636
725
528
587
498
521
465
508
1,323
1,344
1 461
1,515
1,426
1,367
1,344
179. 62
151.38
138 40
121. 26
100 46
99.66
178.3
5.1
108.3
2.5
9.4
••2.9
7.1
2.5
77
2.3
188.0
184 6
8.2
123.9
108 5
19.2
8.2
89
18.9
7.7
7.2
19.4
84
78
20.0
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
. mil. bd. ft
do
__
..do _.
do
Stocks (gross), mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd ft
231.8
230.7
791
496
523
720
748
470
484
546
513
505
537
612
608
753
764
794
773
735
734
805
807
823
773
1,301
1,269
1,273
1,262
1,283
1,284
1,282
1,332
120 06
126 78
132 83
150 35
154. 31
173 62
170. 71
145 95
141 17
6.9
2.2
6 4
2 5
8.5
2.8
4.6
9 9
8.6
4.9
91
4 5
8 0
7.6
3.2
86
3.8
2.9
9.3
2.6
7.0
72
19.8
6 8
6 3
19.2
7 6
7 9
19.0
6 6
81
17 4
7.1
8.2
16.3
89
9 4
15 4
85
8 3
15.7
81
14.9
9 2
8 2
15.9
9 0
15.4
270
871
268
1 065
256
1 005
4
270
836
Q
2
271
809
2
959
27
92
856
27
47
927
55
9
805
53
31
748
28
27
869
740
131. 78
HARDWOOD FLOORING
Oak:
Orders, new
_
mil. bd. ft .
Orders, unfilled, end of period __ .
do
Production
__
_ _ _.
do
Shipments
.
do
Stocks (gross), mill, end of period .. ._ _ do ._
8.0
8.4
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons.. i 4, 052
Scrap..
do
11 256
Pig iron
_.
__
_
do
15
Imports:
Steel mill products
Scrap
Pig iron
5,833
8 696
101
488
819
3
346
562
g
387
630
7
296
593
4
470
628
4
289
720
2
257
685
282
779
15 970
246
355
1 607
20
45
1 260
26
45
2 021
94
28
1 925
19
41
1 909
' 23
56
1 801
' 22
62
1 192
1 153
i 57 goi i1 55 250
44 711 51 335
103,589 U05 483
i 7 092 i g 408
4 448
3 939
8,294
7 862
4 441
4 341
8 527
8 129
4 804
4 430
9*138
8 1°0
4 436
4 023
8 338
8 290
4 097
3*661
7 767
8 181
4. W7
4 087
3 344
7 785
7 597
do
do
do
15 150
391
459
7
16
26
10
13
20
35
202
771
Iron and Steel Scrap*!
Production...
Receipts, net
Consumption
Stocks, end of period
thous. sh. tons
do
do
do
1
1
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton
55.95
106.22
Pittsburgh district
...
do
57.40
104.20
f
Revised.
* Preliminary.
i Annual data; monthly revisions
9 Totals include data for types of lumber not shown separately.
1971 data are for flooring, B and better, F.G., 1" x 4", S.L., beginning
for flooring, C and better, F.Q., I" x 4", S.L.
111. 84 111.39 112. 37
111.00 116.00 119. 00
are not available.
d" Through March
April 1971, they are
3 595
8 362
7 QIC
4 376
3*635
8*169
7 431
4
Q
7
7
231
428
488
559
4
3
6
7
000
219
879
920
3 664 r 3 4H P 3570
3 008 ••2 443 p 2408
6 324 ' 5 748p 6,107
8 279 r g 403 *>8 250
104. 44 83.33 76.99 81.13 80.47 82.06 82.35 68.61 56.04 64.89 74.34
101. 00 72.00 81.00 83.50 84.50 81.50 82.50 69.00
56.50 65.50 77.50
H Effective Jan. 1975, data reflect expanded sample and exclusion of direct-reduced or
prereduced iron.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Aug.
Annual
October 1975
Sept.
Oct.
1975
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
87, 669
90,863
43,331
84, 676
85, 256
48, 029
7,286
8,337
4,579
8,516
8,823
4,230
8,646
9,005
4,912
6,417
7,463
4,611
5,832
7,427
4,760
5,635
4,134
4,245
5,319
2,421
2,712
5,823
2,437
2,975
6,619
5,906
4,013
8,005
8,454
4,027
8,023
9,455
4,738
7,682
9,070
4,692
3,472
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at Iron and steel plants
do
Exports
do
132, 905
137, 073
2,747
128, 306
129, 078
2,323
13, 141
10, 687
168
12, 157
10, 340
21
13, 147
11, 005
335
11.449
9,766
265
12,328
9,177
356
6,988
9,771
98
5,205
9,539
9
5,684
10, 672
95
8,944
9,781
152
12, 989
9,182
297
12, 583
8,531
232
12, 495
7,825
232
11,342
7,949
192
do
do
do
do
59, 905
10, 876
45, 990
3,039
57, 662
9,143
45, 247
3,272
51, 479
12, 669
36, 417
2,393
53, 567
12,363
38, 264
2,940
55, 714
12,001
40, 406
3,307
56, 625
10, 711
42, 089
3,825
57, 662
9,143
45, 247
3,272
56, 622
10, 536
42,789
3,297
54, 949
13, 422
38, 468
3,059
52,877
16,809
33, 480
2,588
52, 299
17,444
32, 644
2,211
55, 750
17, 014
36, 450
2,286
57, 594
14, 299
40, 527
2,768
61, 166
12, 916
45, 197
3,053
48, 676
3,456
do
916
851
60
94
92
103
112
79
40
108
138
116
84
77
88
Pig Iron:
Production (excluding production of ferroalloys)
thous. sh. tons,. 100, 837
95, 909
Consumption
do
99, 816 i 96, 792
1
Stocks, end of period
. - do-1763
1, 215
7,872
7,924
940
7,713
7,808
918
8,187
8,319
860
7,250
7,369
787
6,731
6,715
722
7,350
7,372
709
7,116
7,248
656
8,071
8,050
766
7,432
7,398
828
6,990
6,915
886
6,239
6,236
944
122. 61
149. 88
149.88
150. 63
155. 75
169. 40
179. 88
179. 88
179. 88
182. 38
182. 38
182. 38
182. 38
1,666
1,416
17, 047 ' 15, 661
9,008 r 8, 664
1,662
1,616
1,266 ' 1, 322
r3726
730
1,434
1,476
781
1,343
1,224
653
1,416
969
528
1,464
1,078
576
1,380
997
535
1,393
1,084
567
1,249
1,144
575
1,137
1,048
535
1,094
1,019
512
1,110
819
462
Stocks total end of period
At mines
At furnace yards
At U S docks
Manganese (mn. content), general Imports
Pig Iron and Iron Products
Prlce, basic furnace If
$ per sh. ton_.
Castlngs, 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
75.24
5,968
6,031
' 5, 884 TO 6,048
r
1, 059 * 1,123
182. 38
182. 38
8, 648
80.0
9,295
88.9
147
1,031
616
133
••912
'553
175
75
47
168
76
46
153
85
'50
135
77
42
133
59
33
116
66
37
112
59
33
103
55
34
91
63
37
87
62
36
81
61
35
82
51
30
160,799
118.5
145,720
i 114.5
11,837
109.6
11,849
113.3
12, 617
116.8
11,614
111.1
10, 960
101.4
11,584
107.2
10, 862
111.3
11. 980
110.9
10,667
102.0
9,864
91.3
8,744
83.6
8,370
77.5
929
1,894
1,566
1,527
' 2, 091
'1,739
1,449
157
132
1,581
173
149
1,518
192
165
1,569
169
144
1,527
170
147
1,428
182
157
1,424
160
134
1,295
181
146
1,232
183
147
1,133
174
138
1,081
165
132
1,039
132
105
9,084
8,601
9,374
8,431
7,353
8,324
6,978
7,204
6,955
6,394
6,178
5,757
6,327
430
606
953
115
432
560
882
132
402
611
919
170
405
537
857
152
343
489
791
140
373
608
843
165
334
515
855
160
374
594
939
175
330
566
904
184
319
446
859
184
292
381
705
172
279
343
643
171
291
380
618
146
1,507
899
416
183
1,484
881
412
182
1,645
1,007
421
208
1,447
884
381
174
1,309
838
324
139
1,440
931
300
201
1,257
800
295
156
1,278
801
321
149
1,197
737
309
145
1,089
648
310
126
990
579
293
113
944
532
310
98
1,034
610
320
99
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons..
Index.
.dally average 1967 = 100.Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons.
Shipments, total
do
For sale, total -.
do
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. i 111, 430 i 109,472
By product:
Semifinished products
do
5,509
i 5, 749
Structural shapes (heavy) steel piling
do
7,210
7,081
Plates
'
do
9,678
10, 919
1,785
Rails and accessories
do
1,689
i 18, 170 i 18, 514
i 10, 763
11, 061
1 5, 135 i 5, 089
i 2, 161
2,251
Bars and tool steel, total
Bars: Hot rolled (Incl. light shapes)
Reinforcing
Cold
finished
do
do
do
do
Pipe and tubing
Wire and wire products
Tin mill products
do
do
do
9,133
3,245
7,316
9,844
3,171
7,528
814
266
608
792
251
561
889
298
614
794
251
549
758
192
442
877
213
664
771
182
512
820
187
506
790
187
422
740
171
364
676
179
465
612
148
489
624
170
453
Sheets and strip (Incl electrical) total
Sheets: Hot rolled
Cold rolled
do
do
do
49, 370
16, 886
20, 377
i 44, 991
15, 774
18,275
3,785
1,325
1,567
3,506
1,196
1,444
3,828
1,286
1,607
3,438
1,175
1,416
2,890
1,107
1,114
3,140
1,194
1,196
2,390
939
886
2,330
994
823
2,375
897
1,006
2,221
835
948
2,318
846
989
2,128
750
914
2,611
907
1,148
do
do
do
do
22, 705
11,405
6,459
23, 217
i 23, 179
i 12, 270
i 6, 249
18,928
5,534
3,147
1 447
4,886
5,314
2,821
1,310
4,854
4,873
2,635
1,149
3,045
3,711
2,375
914
3,776
2 1, 041 2 1, 114
2668
2659
2326
2303
2 1, 135 2 1, 493
do
do
do
do
3,228
6, 351
7,811
i 30, 254
3,417
6,440
8,218
i 30, 771
787
1,502
1,990
7,236
851
1,494
1,822
6,692
969
1,649
1,814
6,479
778
1,345
1,313
5,315
2232
2323
2500
2 1, 555
2360
2
476
2 1, 687
11.2
83.6
81.2
13.7
81.5
79.0
12.4
6.7
6.5
12.6
6.9
6.7
12.5
7.3
7.4
12.9
6.9
6.5
13.7
6.0
5.2
13.8
6.0
5.9
13.9
5.1
5.0
13.8
5.1
5.2
13.3
5.0
5.5
12.7
4.5
5.1
12.4
4.9
5.2
12.0
4.3
4.7
11.8
4.8
5.0
6.6
7.4
5.8
6.1
6.4
7.0
7.4
7.6
7.9
8.3
8.4
8.0
'7.7
7.6
By market (quarterly shipments):
Service centers and distributors
Construction, incl maintenance
Contractors' products
Automotive
Rail transportation
Machinery, Industrial equip tools
Containers packaging ship materials
Other
Steel mill products, inventories, end of period:
Consumers' (manufacturers only)-_mil. sh. tons.
Receipts during period
do__.
Consumption during period.
do__.
Service centers (warehouses)f
do
Producing mills:
In process (ingots semifinished etc )
do
Finished (sheets, plates, bars, pipe, etc.). do...
8.2
8.2
8.2
9.7
7.7
4.7
5.6
4.8
4.8
7.4
'• Revised.
» Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
2 por month shown.
a Revised Jan.-July 1974 (thous. tons) 739; 691; 790; 816;
801; 743; 666.
1f Effective May 1973 SURVEY, prices are in terms of dollars per short ton.
t Revised series. Beginning in the Nov. 1974 SURVEY, steel mill inventories at service centers
2211
10.8
10.8
9.4
10.2
9.9
10.6
7.7
7.7
8.1
6.1
6.4
6.0
6.4
6.3
6.3
5.3
5.6
5.6
reflect (beginning 1967) new sample panel for the Census "Wholesale Trade Report" and (beginning 1962), revised unit prices for converting value of merchant wholesalers iron, steel,
etc., inventories to tonnage equivalent. Monthly revisions for 1962-72 are on p. S-32, June
1975 SURVEY.
7.7
5.1
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1975
1974
1974
Annual
S-33
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
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
4,529
i 1, 147
4,903
1,089
411
90
401
93
417
103
405
89
416
76
394
89
324
82
347
97
326
100
327
86
302
92
311
do
do
507.6
57.3
509.0
45.3
51.0
3.9
41.5
3.3
53.1
3.5
47.4
5.8
42.3
4.3
41.9
5.1
37.4
3.1
30.7
3.3
31.5
3.6
25.5
4.1
34.9
3.6
26.7
6.4
43.5
5.0
do
do ..-
229.6
215.1
207.8
234.9
14.4
18.6
12.3
15.2
16.7
19.7
9.2
20.0
12.8
17.9
4.8
19.4
4.9
14.7
3.6
12.7
4.5
18.0
13.4
15.2
8.6
13.7
4.8
14.2
20.9
13.6
Price, primary ingot, 99.5% minimum._.$ per lb..
.2533
.3406
.3594
.3870
.3900
.3900
.3900
.3900
.3900
.3900
.3900
.3900
.3900
.3900
.4042
14,568
10, 900
5,741
2,026
13,502
10, 466
5,626
1,760
1,098.9
877.2
472.8
143.2
1,002.5
829.9
447.2
145.7
1,087.0
836.7
443.9
160.9
870.4
693.8
362.8
127.9
764. 0 ' 739. 6 ' 715. 8 ' 656. 0 r 717. 4 »• 724. 4 ' 812. 3
640.8
569.2
575.5
575.1 r 608. 7
616.3
524.3
343.0 303.8 261.3
296.6
342.7
308.3 ••332.7
121.2
114.6
100.5
107.6
107.3
109.4 ' 109. 2
818.3
645.2
369.6
96.1
4,533
4, 559
4,650
4,869
5,156
5,535
5,589
5,866
5,940
6,092
' 6, 086
6,072
102.2
75.6
59.5
16.1
35.0
132.2
121.3
100.7
20.6
37.0
144.3
165.6
136.5
29.1
41.0
135.4
148.6
127.2
21.4
33.0
134.7
139.7
119.8
19.9
33.0
131.1
148.6
131.5
17.0
30.0
117.6
129.0
112.4
16.6
28.0
117.4
128.4
114.4
14.0
27.0
123.0
125.7
115.1
10.5
29.0
126.7
127.3
115.1
12.2
24.0
111.3
120.2
108.5
11.6
25.0
••95.3
105.9
96.6
9.3
23.0
114.2
111.0
96.6
14.4
Imports (general):
Mfitftl ftnd alloys, crude A
Plates sheets etc
Exports:
Metal and alloys crude
Plates, sheets, bars, etc
A luminum products:
Shipments:
Ingot and mill prod, (net ship.)
MiU products, total
Sheet and plate
Castings
- .
mil. lb..
do
do
_ do -.
Inventories, total (ingot, mill prod., and scrap),
5,156
4,366
end of period
mil Ib
Copper:
Production:
Mine, recoverable copper
thous. sh. tons.- 1,717.9 i 1,597.0
11,868.5 1 1, 654. 7
Refinery, primary
do
U,698.3 11,420.9
From domestic ores
do
170.2
i 233. 8
From foreign ores
do
444.0
482.0
Secondary recovered as refined
do
Imports (general) :
Refined, unrefined, scrap (copper cont.) ..do
Refined A
do
Exports:
Refined and scrap A
do
Refined
do
67
425.6
199.9
607.7
313.6
43.8
30.9
60.3
35.2
56.6
31.5
51.4
28.3
44.5
15.1
24.9
14.9
24.2
11.3
20.0
3.8
21.0
2.6
16.2
2.8
35.8
13.1
15.2
2.9
26.8
8.4
342.0
189.4
309.9
126.5
23.2
7.0
18.7
6.9
21.8
8.2
29.5
13.3
32.8
11.3
41.5
19.7
41.7
20.8
32.0
14.3
43.1
24.9
35.1
21.3
26.0
13.5
19.3
9.8
20.1
6.7
i 2, 444
Consumption, refined (by mills, etc.)
.do
157
Stocks, refined, end of period
do
108
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
.5948
$ per Ib..
Copper-base mill and foundry products, shipments
(quarterly total):
3,319
Brass mill products
mil Ib
3,032
Copper wire mill products (copper cont ) do
780
Brass and bronze foundry products
do
2,160
374
179
155
190
135
187
••190
••129
174
225
136
142
297
161
108
374
179
109
431
188
99
451
192
104
494
196
118
513
192
126
509
174
128
511
173
100
530
180
.7727
.8660
.8366
.7843
.7625
.7357
.6903
.6418
.6418
.6418
.6378
.6314
.6248
.6379
Lead:
Production:
Mine, recoverable lead
thous sh tons
Recovered from scrap (lead cont )
do
513
522
144
605
620
150
59.2
49.2
50.2
54.3
65.3
58.4
53.5
56.4
54.4
56.8
55.5
47.3
52.6
43.6
58.4
50.0
55.9
46.3
53.2
51.6
50.7
45.6
••37.7
46.0
47.8
213.6
1,599.4
16.5
136.7
15.4
136.4
15.4
148.4
15.3
136.0
20.0
111.3
19.0
100.6
14.4
95.5
20.8
95.5
14.8
100.7
7.7
97.2
16.0
90.7
10.0
86.2
12.9
157.5
187.1
180.3
181.1
192.0
193.3
187.1
177. 1
179.2
161.8
193.8
188.6
196.3
194.7
26.1
124.1
37.3
i 166. 6
19.9
169.9
21.1
177.7
20.1
170.8
24.6
167.8
37.2
154.5
54.9
160.0
73.0
144.1
96.1
136.0
101.1
120.7
102.9
122.5
109.3
115.5
110.0
115.9
184.3
.1628
85.3
.2253
111.4
.2450
108.0
.2450
107.8
.2450
101.3
.2450
85.3
.2450
83.2
.2450
81.5
. 2450
92.2
.2450
89.5
.2450
77.9
.2334
77.4
.1900
80.8
.1900
.1956
4,480
45, 845
i 20, 477
i 2, 012
i 74, 640
i 58, 142
5,877
39, 602
19, 214
1 1, 989
i 64, 742
i 51,611
0
4,040
1,750
135
5,345
4,330
903
5,083
1,245
140
5, 525
4,280
152
2,964
1,085
175
6,050
4,780
578
3,739
895
145
4,100
3,390
466
4,302
1,130
230
4,215
3,000
76
7,807
1,090
225
3,810
3,225
572
2,386
1,040
180
4,770
3,525
1,019
3,360
1,065
240
4,765
3,920
521
5,777
1,130
195
4,975
3,790
522
2,342
1,040
205
4,325
3,275
0
3,361
1,005
210
4,240
3,130
848
1,725
183
2,300
3,750
2,970
do
do-.,.
$ perlb._
3,407
9,979
2. 2748
8,415
10,442
3. 9575
426
10,500
4. 2299
230
9,645
4. 1592
100
9,840
3. 6533
57
10, 205
3. 7096
301
10,442
3.5187
1,536
11, 685
3. 6376
92
12, 910
3. 7203
596
10, 170
3.6604
96
10. 812
3. 5410
253
11,062
3. 4254
341
10, 874
3. 4248
67
9,019
3.3332
3. 3185
thous. sh. tons__
do
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons__
Refiners' (primary), refined and antimonial
(lead content)
thous sh tons
Consumers' (lead content) of
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
Price, common grade, delivered
$ per lb_.
Tin:
Imports (for consumption) :
Ore (tin content)
Metal, unwrought» unalloyed
Recovery from scrap, total (tin cont.)
As metal.
Consumption, total
Primary.
Exports, incl. reexports (metal)t
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Ig tons
do
do
do
do
do
Consumption (recoverable zinc content):
Ores
Scrap, all types
603.0
i 654. 3
280.6
1,541.2
1
1
99.3
.2000
153
478.8
1 499. 9
41.0
39.3
42.9
41.5
41.1
42.3
39.4
41.8
40.5
40.5
39.7
••37.1
39.3
do
do
199.1
588.7
240.0
539.5
23.4
39.9
21.5
42.6
15.3
67.6
31.5
46.4
22.0
40.7
22.1
40.1
10.5
18.4
13.5
21.0
12.1
16.2
14.4
14.9
12.2
24.2
12.1
17.5
7.7
22.6
do
do
i 129. 7
i 298. 3
i 127. 1
l 258. 2
13.0
27.0
13.1
25.2
12.2
25.0
9.9
23.4
6.6
20.8
5.8
23.0
6.0
21.8
6.3
21.2
5.1
21.2
6.2
21.0
8.2
17.9
8.5
18.1
47.0
4.5
90.5
.7
45.4
4.5
76.3
.8
45.8
6.3
78.9
1.1
38.3
6.7
68.4
.9
39.6
5.5
67.3
2.2
38.6
4.2
70.6
.7
30.1
4.0
68.3
1.6
27.6
2.1
72.1
2
()
25.3
1.5
67.9
(2)
30.9
183.3
.3923
42.9
196.4
.3924
64.4
192.3
.3915
86.0
178.8
.3911
108.0
161.4
.3895
115.7
147.2
.3893
116.0
126.8
.3894
108.6
114.0
.3894
90.5
103.3
.3892
Slab zinc: §
Production (primary smelter), from domestic
i 555. 2
i 583. 5
and foreign ores
thous sh tons
39.4
41.1
43.8
178.5
183.2
Secondary (redistilled) production
do
6.1
5.3
5.1
1
1, 503.9 i 1,287. 7
Consumption, fabricators
do
108.6
108,6
111.7
14.6
Exports
do
19.1
.2
1.1
.2
Stocks, end of period:
122.9
120.8
18.1
Producers', at smelter (ZI)O
do
20.3
22.3
1 114. 3 i 210. 7
Consumers'
do
159.6
164.2
176.5
.3594
.3762
.2066
Price, Prime Western
$perlb..
.3926
.3933
' Revised.
* Preliminary.
i Annual data; m(mthly re-v isions are not available.
1
Less than 50 tons.
A Effective Jan. 1974 includes items not covere i in earlie;r periods • Alumirmm— pi i)es,
tubes, blanks, etc.; copper—imports of alloyed refi ned, and exports o f ores, c Dncentra tes,
.6379
496
524
132
439
471
131
i 663. 9
631.5
Imports (general) ore (lead cont ) metal
Consumption total
Zinc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content)
Metal (slab, blocks)
2,813
2,647
667
. 4100 -
3. 2277
.1
73.5
61.0
. 3890
. 3889
blistei , etc.
§ All data (excep t annual product ion figur BS) reflec t GSA nsmelted zinc and
tine p urchased for direc t shipme nt.
in re finery sh apes and in copp<jr-base scrap,
<?Iiicludes s econdary smelters ' lead stc>cks
t E f fective \irith the jVug. 197^I SURVEYr, data r<jvised to omit ex ports of wrought tin and
SUKVEY OF CURRENT BUSINESS
S-34
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1974
1 1974
Annual
October 1975
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly 9
mil. $..
Electric processing heating equip
do
Fuel-fired processing heating equip
do
128.6
19.9
75.8
153.5
23.8
90.4
Material handling equipment (industrial):
Orders (new), index, seas, adj H
1967 = 100..
190.3
202.7
220.5
252.1
182.6
150.4
151.1
126.8
133.2
133.7
127.2
125.9
126.1
133.5
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number
21,387
21, 917
22,661
26,048
1,705
1,953
1,987
2,067
2,190
2,685
1,955
2,482
2,155
2,542
1,626
2,195
1,690
2,233
1,549
2,148
1,431
1,946
1,199
1,762
1,046
1,496
802
1,223
825
1,029
52, 014
55, 124
4,722
4,357
5,368
4,247
4,062
3,756
3,509
3,551
3,224
3,250
2,781
2,011
2,479
149.7
176.5
190.4
187.5
181.2
165.7
151.5
147.1
150.1
141.9
131.6
132.2
134.6
136.3
149.1
139.6
167.8
179.8
177.4
185.2
185. 5
167.2
172.5
170.8
161.8
164.6
165.2
162.2
164.2
166.3
161.6
126.9
146.6
152.8
155.9
160.7
161.5
162.9
165.0
166.9
167.8
168.4
168.7
169.4
170.2
170.5
170.5
76.95
65.30
149.05
116.80
1,388.5
' 72. 80
"58.85
-•121.85
'101.95
1,339.4
"92.30
P86.10
P170. 45
*143. 40
»lf261.2
' 29. 95
24.60
" 51. 80
" 43. 20
" 296. 6
*19.80
P17.50
P39.75
P33.40
"276.6
Industrial supplies, machinery and equipment:
New orders index, seas, ad justed. ..1967-69 =100..
Industrial suppliers distribution:
Sales index, seas, adjustedt1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.)*
1967=100
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
_ _
Shipments, total
Domestic
__.
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Domestic . .Shipments, total
Domestic .
.
Order backlog, end of period
36.7
4 2
23.3
34.8
66
17.6
mil. $- 1,825.45 2, 017. 05 130. 10 144. 10 127.75
1, 550. 40 1, 715. 65 112. 60 118. 20
99.55
do
1,073.75 1,445.85 89.35 151. 35 129.05
do
75.45 127. 55 108.45
do
935.05 1,241.35
do
1,453.7 2, 025. 2 2,176.6 2, 169. 4 2,168.1
___
787. 20
717.20
427. 25
388.05
620.6
do ..
do ..
do
do ..
do
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil. $_.
Wheel (contractors' off-highway)
units
mil. $..
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units.,
mil. $..
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units.,
mil. $..
485. 20
405. 85
584.70
521.80
521.2
32.55
25.20
40.25
35.10
638.4
49.60
44.45
45.10
40.30
642.9
42.65
33.50
62.80
57.05
622.8
46.65
61.85
59. 30
67.75
90.95
40.90 51.05
45.15 55.75
74. 55
151.
90
178.55
128.90 164. 30 123.35
110. 05 138. 20 103.55 124. 60 147.25
2,130.2 2, 025. 2 1,969. 6 1, 864. 4 1,747.7
-11.30
-14.50
51.60
48.35
559.9
18.15
12.85
56.85
49.45
521.2
15.55
8.90
52.80
44.75
484.0
15.95
10.45
64.65
53.60
435.3
17.35
13.05
65.00
52.80
387.6
i 124, 872 i 23, 623
690. 6 1835.1
2
6, 273 2 5, 600
2244.8 2255.6
5,122
189.4
2 1, 432
267.0
6,487
280.6
21,228
265.0
5,611
276.5
1,219
73.6
• 51,573
c 1,135.1
* 12,104
5 275. 1
s 13 131
5 327.5
10, 203
280.5
212,072 233,842
1,322.8 « 1,785. 3
s 52,825
5 407 4
557,987
« 501. 9
61. 971
582.2
53,608
1939.5
1
40.8
19.2
9.8
36.6
99
17.7
81.60 82 45
76.80
73.60 60 10
67.35
171.
20 179 70
177. 10
150. 20 139. 15 154. 10
1,647.4 1,557.8 14606
19.25
14.20
43.10
36.95
363.8
19.35
12.50
45.15
39. 50
338.0
36.25
27.35
39 90
34 85
334 4
17.45
15.00
33.35
27.65
318.5
r 5, 570 31,651 3 1, 526
r 293. 1
388.5 384.0
1,302
86.2
10,868
323.4
" 65,411 3 13,447 3 11,507
'644.7 3 132. 6 3 116. 7
ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments
thous..
Radio sets, production, total marketer
thous..
Television sets (incl. combination models), production, total market d"
thous..
Household major appliances (electrical), factory shipments (domestic and export)* 9
thous..
Air conditioners (room)
do
Dishwashers
do
Disposers (food waste)
do
Ranges
do
Refrigerators
.
do
Freezers*
_
do
Washers
..
do
Dryers (incl. gas)
do
Vacuum cleaners
do
44,408
3,754
4,524
4,760
3,960
3,811
2,868
2,504
2,550
2,570
2,487
2,463
2,865
3,573
43, 993
4,003 * 5, 128
4,020
4,058 « 3, 940
2,514
2,143
42,653
3,034
2,380 4 3, 072
3,418
3,178
4 3, 693
17, 367
15, 279
1,201 4 1, 474
1,263
1,297
• 1,029
779
729
«762
769
751
4943
765
919
4 1, 293
35,046
5,346
3,702
2,974
3,430
6,774
2.415
5,504
4,256
1
9, 124
31, 680
4,564
3,316
2,555
2,925
5,982
3,220
4,952
3,580
8,470
*2,500
126.2
294.9
227.0
251.1
534.0
227.6
475.1
327.9
741.6
s 2, 577
" 134. 4
r 298. 4
r 206. 2
231.1
542.8
304.1
r 475. 2
350.8
830.4
2,556
140.4
302.3
207.3
232.9
524.5
339.1
454.9
352 8
726.0
1,896
140.9
248.9
187.4
190.8
339.9
302.4
249.6
221.8
589.1
1,823 81,664
259.6
264.7
192.7
225 1
147.6
181.4
145.4
201.8
343.5 228.2
262.8 223.0
248.2
185. 8
185.6
151. 9
453.7
1,754
264.1
176.1
138.4
137.1
271.5
210.6
300.7
210.0
1,970
337.4
186.8
160.8
150.0
339.1
207.2
315.6
215.6
2,060
378.8
211.8
164.2
160.2
338.9
216.9
319.8
208.4
92,549.4
2,174
446.5
207.8
141.6
154.6
390.0
212.8
354.4
198.2
2,367
343.5
229.0
183.7
186.2
486.4
234.9
384.2
234.0
2,106
71.6
227.1
178.7
178.6
417.6
272.4
424.3
288.1
2,243
27.4
253.1
206.5
187.2
464.8
242.9
480.5
345.8
1,720
2,481
3,080
1,476
1,950
2,569
110.1
160.4
222.4
139.1
184,8
156.0
149.7
165.7
190.8
111.2
136.3
178.5
92.5
139.6
178.3
78.4
114.2
204.5
82.7
141.4
233.8
79.3
134.0
268.1
79.0
125.0
234.3
••92.8
85.5
151.0 '118.7
207.8 ' 226. 2
43,453
50, 198
2,270
147.0
195.4
191.3
176.6
516.3
276.4
403.4
250.9
101,690.1
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments, thous..
Ranges, total, sales
do
Water heaters (storage), automatic, sales
do
86.5
95.8
215.1
94.3
142.6
186.8
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
615
Production f...
thous. sh. tons..
"620
"516
6,830 16,617
Exports
do
78
717
59
37
735
Price, wholesale, chestnut, f.o.b. car at mine
$persh. ton.. 20.044
29.972 31. 421 34. 116 35.464
Bituminous:
Production f
thous. sh. tons.. 591,738 601,000 51,604 "52,470 60,293
'2 Revised.
» Preliminary.
1 Annual data; monthly or quarterly revisions not avail.
Excludes figures for rubber-tired
dozers.
3 yor month shown.
* Data cover 5 weeks;
5
other periods, 4 weeks.
Beginning 1st qtr. 1974, tractor shovel-loader class excludes
shipments of tractor shovel-lpader/backhoes (front engine mount); of this type, data for the
tractor chassis only are now included in the wheel tractor
class (year 1974 data, 22,235 units
valued at $153.1 mil.).
« Data are for 6 weeks. 87 Reflects unusually large cancellations
for Nov. 1974, mostly in the automotive industry.
Effective Jan. 1975 (and for corresponding restated year-ago month), the total includes shipments of trash compactors; data for compactors are not included in annual totals or in figures for other months of 1974.
»Jan.-Apr.
10 May-July.
t Effective June 1973 SURVEY, index revised back to 1970.
585
104
600
89
520
39
445
44
540
32
270
68
470
15
525
66
460
89
530
45
495
41. 711
41.711
41.711
41. 711
41.711
41.711
46. 428
46. 428
46.428
46.428
46. 428
33,524 39,980 54,885 51,135 51,910 53, 135 55, 370 55, 730 45, 560 49, 345 55, 660
If Revised data for Jan. 1971-Apr. 1973 are in the Jan. 1975 SURVEY. Subsequent revisions
(beginning Jan. 1974), incorporate gross new orders from all reporting groups, comparable
with data prior to 1974. See Aug. 1975 SURVEY.
(^Effective Jan. 1973, data reflect total market as follows: Sets produced in the United States,
imports by U.S. manufacturers for sale under their brand name and, beginning 1973, sets imported directly for resale.
9 Includes data not shown separately.
* Price index (Natl. and Southern Industrial Distributors Associations), based on U.S.
Dept. Labor prices of 10 industrial supply/equipment prod, groups weighted according to
survey of Assn. members' distributors sales (series avail, back to 1967). Appliances (Assn.
of Home Appliance Manufacturers).
JMonthly revisions back to 1972 will be shown later.
SURVEY OF CURRENT BUSINESS
October 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974
1974
Annual
S-35
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
5,859
377.3
372.4
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued }
Industrial consumption and retail deliveries,
556,022 '552,709 '48,579 '43,844
total 9 _
.
_ . _ _.thous. sh. tons
386,879 -•390,068 '35,430 '30,756
Electric power utilities
do
Mfg. and mining industries, total
_ do.
160,827 ' 153, 721 '12,600 ' 12, 319
Coke plants (oven and beehive)
do.^_. 93,634 ' 89, 747 ' 7, 716 ' 7, 534
Retail deliveries to other consumers
_ _ do
Stocks, industrial and retail dealers', end of period,
total..
thous. sh. tons_.
Electric power utilities
do
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers
Exports
Price, wholesale*
do
_
do
Index, 1967=100
'45,868 '44,598 '47,521
'31,904 '32,002 '34,961
'13,416 11,761 11, 605
' 7, 711 6,581
6,135
49, 669
35,547
13,001
7,295
45,725
31, 982
13, 052
7,031
47, 396
32, 833
13, 860
7,880
43,753
30, 333
13,021
7,427
42,683
30,128
12,268
7,282
44,876
33,109
11, 429
7,081
950
1,121
690
703
396
283
335
103,022 ' 95, 528 '105,478 '109,173 '118,670 '109,192 '95,528
85,512 r 82, 631 '88,468 '91,528 '99,422 '93,272 '82,631
17,220
12,617 16, 560 17, 125 18, 738 15, 576 12, 617
6,875
6,720
6,037
7,115
8,348
7,246
6,037
95, 158
81, 693
13, 252
7,140
97, 164
80, 026
16, 813
8,010
97,904 102, 745
80,859 85, 692
16,766 16,793
8,980
8,665
109,796
92,054
17,428
9,603
114,791
96, 616
17,796
10,009
8,200
8,840
540
760
810
820
290
280
450
520
510
344
280
213
325
279
260
314
379
52, 870
222.5
59, 926
339.5
5,088
366.2
4,893
379.1
7,342
402.6
6,744
402.5
2,587
435.4
4,254
435.9
4,470
415.4
5,653
391.8
6,159
390.8
7,011
389.6
6,269
386.0
4,691
382.0
2829
792
63,496 2 6U, 737
26,458 24,749
63
5,219
2,169
66
5, 056
2,038
69
5,214
2,066
64
4,427
1,975
62
4.067
2,192
65
4,924
2,178
68
4,750
1,965
67
5,324
2,104
67
5,030
2,043
56
5,052
2,031
52
4,765
2,140
52
4,532
COKE
Production:
Beehive
Oven (byproduct) _
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total. _ _
At furnace plants
At merchant plants. . . .
Petroleum coke
thous. sh. tons..
do
. do_
do
do
do
_ _ do.
1,184
1,113
71
1,995
935
910
25
1,084
1,197
1,167
31
1,271
1,321
1,293
28
1,306
1,298
1,269
29
1,294
1,064
1,033
31
1,243
935
910
25
1,084
1, 054
1,025
29
1,077
1,262
1,219
43
1,090
1,442
1,372
70
1,142
1,733
1,634
99
1,191
2,261
2,131
131
1,211
2,889
2,741
148
1,216
3,515
3,315
199
1,395
1,278
109
44
99
107
65
105
127
109
132
133
138
105
89
number
2 9, 902
12,718
126.0
Index, 1967=100
211.8
mil. bbl__ 4,537.3 34,631.6
% of capacity
91
387
1,210
225.2
409.1
90
1,200
225.4
380.0
86
1.131
226.2
398.3
87
1,088
231.0
386.0
87
1,339
223.0
404.9
88
1,299
223.1
395.8
85
1,097
228.6
353.9
85
1,341
230.2
384.3
83
1,181
232.2
368.3
82
1,100
234.2
384.7
83
1,246
256. 0
385.6
86
1,229
250.4
1,272
256.1
1,504
256.1
489.4
509.4
509.6
517.8
525.1
460.0
492.6
454.4
470.9
465.1
« 267. 1 « 257. 1 « 263. 9
53.2
51.8
52.7
261.6
51.5
240.1
46.9
262.8
52.2
253.2
50.2
259.5
50.9
252.3
50.6
125.8
86.2
108.5
64.4
114.7
63.0
102.2
48.8
108.9
51.6
118.4
43.8
Exports
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price, wholesale*
Runs to stills 0
Refinery operating ratio
All oils, supply, demand, and stocks:
New supply, totalc?}
Production:
Crude petroleum}
Natural-gas plant liquids}
Imports:
Crude and unfinished oils
Refined products}
.mil. bbl._ 6,289.5
_
6,050.7
519.7
do.
.do
3, 360. 9
645.1
3, 199. 3
629.2
269.1 « 252. 9
53.4
50.1
do
do
1,234.2
1, 049. 3
1, 313. 4
908.8
125.4
71.6
Change In stocks, nl! oils (decrease,— ) . _ _ do
Demand, totaiet
Ex ports:
Crude petroleum
Refined products}
Lubricants}
Asphalt
Liquefied gases}
.
Stocks, end of period, total _„
Unfinished oils, natural gasoline, etc
Refined products
122.2
84.0
65.3
13.5
12.9
-8.2
-2.3
«-22.0
-12.9
-9.9
-19.2
12.2
1.8
6, 150. 0
520.6
484.9
534.6
522.0
565.1
564.5
485.3
512.4
486.9
474.9
475.1
.7
83.7
1.1
79.4
0
7.7
0
5.1
0
6.8
0
5.6
0
7.2
.8
6.2
.9
6.0
.3
6.3
(l)
5.7
0
6.3
0
6.7
do
do
do
6, 317. 3
2, 452. 7
78.9
6,069.5
2, 402. 4
64.4
512.9
220.7
4.4
479.8
193.0
4.1
527.8
209.7
6.0
516.4
197.6
5.9
557.9
204.3
7.6
557.5
193.4
6.8
478.4
171.7
7.1
505.8
197.1
5.2
481.2
202.7
4.4
468.6
214.1
3.0
468.3
213.5
4.0
do
do
do
1, 128. 7
1,030.2
386.6
1, 072. 8
957.8
362.6
71.2
78.7
32.0
71.3
73.6
33.3
88.8
80.9
31.3
94.4
84.6
31.0
119.5
91.9
32.3
122.5
100.5
32.3
106.5
79.8
30.1
102.1
82.7
30.4
92.8
66.8
30.2
73.9
63.5
30.3
68.0
65.4
29.7
do
do
do
59.2
182.6
528.8
56.7
168.7
512.8
4.5
20.4
37.2
4.9
19.2
40.2
5.0
19.4
45.7
4.4
12.1
47.4
4.4
6.7
52.0
4.5
5.6
52.5
3.2
5.3
41.9
3.2
6.1
43.0
4.3
9.1
36.8
4.2
12.7
30.7
4.5
17.1
29.7
1, 008. 3 « 1,121.1 1, 101. 0 1, 113. 8 1, 105. 7 1, 103. 3
242.5
265.0 264.8
266.7
269.4
271.1
107.0
122.2
113.6
118.6
118.4
117.2
658.8 * 742. 5 713.9
728.5
715.0
717.8
1,121.1
265.0
113.6
« 742. 5
do
do
do
Refined petroleum products:
Gasoline (incl. aviation):
Production
do
Stocks, end of period
do
2,401.9
1.7
213.4
2,337.5
1.0
* 228. 3
213.0
2
222.' 1
195.6
0)
230.7
197.8
0)
224.1
Prices fexcl. aviation):
Wholesale, regular*
Index, 2/73=100..
109.9
178.4
197.4
198.1
196.2
Retail (regular grade, excl. taxes), 55 cities
(mid-month) If
$ per gal..
.269
.404
.437
.430
.409
Aviation gasoline:
Production
mil. bbl
16.4
15.9
1.7
1.9
1.3
Exnort^t
/*t\
.2
.1
.1
0)
0)
Stocks, end of period
do
3.9
<3.5
3.6
3.1
3.3
Kerosene:
Production
do
80.1
56.9
4.1
4.1
5.8
Stocks, end of period...
do
21.0
<16.9
17.1
17.1
17.0
Price, wholesale (light distillate)*
Index. 1967=100..
128.0
250.2
226.7
256.8 254.7
' Revised.
1
Less
than
50
thousand
barrels.
*
Reflects
revisions
not
available
by
JSH-J 18 * « Beginning Jan. 1974, data may reflect input of lease condensate, natural gas plant
U??nTsiiUn *ni?Se.d Olls' and other hydrocarbons which are processed through the crude oil
distillation
facilities. No comparable data for earlier periods are available.
* Beginning
£2iU197t'sto9kus those
^flectfordata
from approximately 100 additional bulk terminals and are not
earller
??!£**
Periods. No earlier data are available for these terminals.
i Adjustments
affecting supply and demand data will be available from Bureau of Mines at
o T i^e' A ! Not comparable with earlier periods; See note 4 for this page.
V includes data not shown separately.
§ Includes nonmarketable catalyst coke
120.7
79.1
49.3
do. _
do
Distillate fuel oil}.
Residual fuel oil}.. .
Jet fuel}..
120.4
70.3
6, 401. 7
do.
Domestic product demand, total 9 ©}
Gasoline}
.
Kerosene
115.4
65.3
-29.7
1,099.1 1,086.2 1, 076. 4
270.5
280.0
276.8
105.3
110.5
106.8
723.4
702.7
685.9
1,057.2 1,069.4 1,071.2
281.9
281.0
276.1
114. 1
121.2
119.9
661.2
667.2
675.1
190.1
200.1
.2
0)
221.9 « 228. 3
203.0
0)
245.9
176.7
.3
255.4
189.2
0)
252.1
182.3
0)
235.7
191.1
0)
217.0
201.2
(l)
210.0
186.7
184.9
187.0
189.1
191.1
193.3
199.0
206.8
215.5
228.9
233.7
.407
.412
.423
.422
.425
.428
.438
.452
.474
.480
.480
1.3
1.1
0)
3.6
.9
3.5
1.0
0)
<3.5
0)
3.5
.9
0)
3.3
.9
0)
3.0
1.1
0)
3.0
1.1
0)
2.9
5,4
16.7
6.0
M6.9
6.1
16.5
5.7
15.3
4.9
15.2
4.5
15.3
4.2
16.5
2.8
15.4
0)
257.9
253.7
267.2
273.6
274.9
280.6
284.6
283.7
299.1
297.9
cf Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
} Monthly revisions back to 1972 will be shown later.
0 Beginning March 1974 SURVEY, data are restated to account for processing gain and
crude losses not previously included; comparable data for earlier periods will be shown later.
©Effective with Jan. 1974 data, series known as " Gross input to crude oil distillation units";
see note s for this page.
*New Series. The source has discontinued prices for the former
specification. Comparable indexes for earlier periods will be shown later. For gasoline and
kerosene see also similar note on p. S-36.
^Beginning June 1975 SURVEY, the prices for all
months have been transferred forward (i.e., Dec. price moved into Jan. period) since they are
for "mid-month" instead of "1st of month" as formerly.
261. 4
SUKVEY OF CUREENT BUSINESS
S-36
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1974 P
Annual
October 1975
1974
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Reflned petroleum products— Continued
Distillate fuel oil:
1, 030. 2
Production
mil. bbl
143.1
Imports^
do
3.2
Exports
do
196.5
Stocks end of period
do
Price, wholesale (middle distillate)*
139.7
Index, 1967=100-.
Residual fuel oil:
354.6
Production
mil bbl
676.2
Imports^
do
8.5
Exportsj
do
53.5
Stocks end of period
do
190.4
Price, wholesale*
Index, 1967= 100. ..
Jetfuel:
Production
Stocks end of period
mil. bbl
do
Lubricants:
Production
ExportsJ
Stocks end of period
do
do
do
Asphalt:
Production
Stocks end of period
mil bbl
do
974.0
102.5
.9
4 223. 8
198.7
76.6
4.3
(?)
208.3
83.9
3.5
(2)
83.7
6.6
209.9
84.0
90.7
16.0
13.3
.1
.1
212.9 * 223. 8
88.4
10.0
(2)
199.8
75.0
8.5
.1
176.7
(2)
78.5
7.9
77.2
2.0
161.1
74.6
3.3
.1
146.3
75.4
4.2
(2)
152.1
163.3
(2)
(2)
272.0
294.8
298.8
297. 9
296.0
300.1
299.1
297.5
294.6
294.9
296.1
301.3
308.3
312.9
318.2
390.5
573.8
5.0
474.9
485.4
33.1
47.4
.9
61.0
533.8
31.0
42.0
.5
60.3
449.4
34.1
45.4
.5
58.7
519.5
36.9
49.1
.2
60.4
506.6
41.4
50.0
.5
*74.9
514.8
43.9
51.0
.5
69.2
604.4
37.9
39.3
.5
66.5
515.8
40.3
40.1
.3
64.1
528.2
37.3
31.4
.2
66.3
534.6
35.7
34.8
.2
73.5
491.3
34.6
27.1
.6
69.7
489.3
479.9
473.3
458.1
313.7
28.5
305.1
429.8
25.0
31.0
26.0
30.2
26.9
30.6
25.9
29.6
26.7
429.8
25.8
30.3
23.4
29.1
27.8
30.5
25.9
30.3
26.7
30.7
25.2
29.3
68.7
12.7
12.2
70.7
11.9
416.1
6.0
1.0
14.4
5.8
.8
14.7
5.9
.9
14.9
5.8
1.0
15.4
5.8
.8
416.1
4.9
.8
15.7
3.7
.8
15.5
4.6
.6
16.5
4.4
.7
16.0
4.5
1.0
15.4
4.6
.7
14.9
167 9
15.0
164.2
421.6
17.3
20.2
15.6
17.3
16.8
15.4
13.3
17.0
10.8
421.6
8.2
24.4
7.5
26.9
9.2
30.2
9.4
30.7
13.1
31.6
14.4
29.6
583 9
447 0
136 8
98 6
571 3
447 9
123 3
4 112 5
48 2
37 0
11 2
130 7
45.9
35.5
10.4
131.3
48.6
38.4
10.2
128.9
47.4
46.5
38.6
37.5
9.0
8.9
122.4 4 112. 5
47.6
38.0
9.5
102.8
43.0
34.7
8.3
98.5
47.4
38.7
8.7
97.1
44.9
36.7
8.2
101.4
46.2
37.0
9.3
111.7
45.5
35.8
9.7
124.1
Liquefied gases (inch ethane and ethylene):
Production total
mil bbl
At refineries (L R G )
Stocks (at plants and refineries)
do
do
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks end of period
Wnste paper:
Consumption
Stocks end of period
73, 180
73, 282
4,611
78,073
75, 030
7,995
6,750
6,306
6,565
6,428
6,033
6,975
7,175
6,594
7,629
6,234
6,019
7,521
5,945
5, 505
7,995
5,809
5,868
7,994
5,384
5,325
7,702
5,056
5,527
7,477
4,802
5,059
6,764
5,073
5,155
6,372
5,027
5,244
5,834
5,010
6,330
5,476
6,346
12, 374
516
11, 973
848
1,068
795
958
821
998
879
844
877
649
848
740
787
693
826
699
795
770
775
744
755
••750
'744
••696
"752
777
724
47, 937
1,637
32,838
2,230
48, 218
1,772
32,322
2,304
4,116
144
2,797
195
3,867
148
2,665
191
4,334
161
2,920
199
3,918
152
2,699
198
3,372
125
2,286
192
3,727
138
32,568
203
3, 076 53,215 5 3, 208
106
111
95
2,359 2,334
2,240
149
146
148
3,171
88
2,307
153
3,569
107
2,583
166
4,637
2,595
4,000
4,492
3,379
3,929
356
254
370
340
282
343
369
333
353
370
210
288
347
198
225
365
203
3250
339
211
250
362
(£)
277
330
(5)
262
327
(5)
277
342
(•)
272
360
(5)
263
397
(5)
315
do ..
do
do
do
759
265
413
81
797
174
524
100
792
346
371
76
749
299
380
71
654
152
415
88
697
162
441
94
797
174
524
100
964
351
526
86
934
423
434
78
1,179
630
470
78
1,222
655
494
73
1,271
719
489
63
r 1, 258
710
"484
63
" 1, 231
682
••475
74
1,141
611
464
66
..do ..
do
do
2,344
736
1,607
i 2, 802
788
i 2, 015
267
64
203
221
59
162
216
67
149
215
69
146
259
66
193
260
74
185
261
69
192
255
75
180
184
47
137
205
66
140
208
36
173
183
58
124
3,993
177
3,816
i 4, 123
221
i 3, 902
367
16
351
308
17
290
384
35
349
297
9
288
312
16
296
267
9
258
238
9
229
296
17
278
248
5
243
245
10
235
278
24
254
267
11
256
4,713
2,204
2,177
8
325
3,938
1,993
1,679
7
260
4,200
2,096
1,835
8
261
3,937
1,778
1,848
7
304
4,184 " 4, 209
1,799
1,849
1,985 "1,951
8
7
392
••403
4,127
1,857
1,861
6
404
thous cords (128 cu ft )
do
do
thous. sh. tons.do
WOODPULP
Production:
Total all grades
thous sh tons
Dissolving and special alpha
do
Bulfate
do
Sulflte
do
Qroundwood
do
Deflbrated or exploded, screenings, etc___do
Soda and semichemical
do
Stocks, end of period:
Total, all mills
Pulp mills
__
Paper and board mills
Nonpaper mills
Exports, all grades, total
Dissolving and special alpha
All other
Imports, all grades, total
Dissolving and special alpha
All other
. _
do
do
do
3,401 s 3, 221
126
117
2,305 2,289
170
176
5
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census) :
60,180
4,779 4,749
5,341
All grades, total, unadjusted.. .thous. sh. tons-- 61,684
Paper
do
2,101 2,189
26,536
26, 485
2,261
2,237 2,156
Paperboard
do
29,460
2,599
28, 429
10
135
10
149
Wet-machine board
do
10
394
5,132
470
5,539
431
Construction paper and board
do
Wholesale price indexes:
152. 1 152.8
159.6
Book paper A grade
1967 100
112.4
140.9
165. 3
166.3
115.1
152.2
166.4
Paperboard
do
Building paper and board ..
.
do
112.8
125.1 125.1 123.9
123.5
r
Revised.
*> Preliminary.
1
Reported annual total; revisions not allocated to the months.
* Less than 50 thousand
barrels.
3 Beginning with January 1975, data for soda combined with those for sulphate;
not comparable
with
data
for
earlier
periods.
<
See
note
4
for
p.
S-35.
6
Beginning March 1975, data for defibrated or exploded, screenings etc., not available;
not comparable with those for earlier periods.
| Monthly revisions back to 1971 will be shown later.
New series, The Bureau of Labor Statistics has revised its pricing program and discon-
4,011 " 4, 048
1,768
1,787
1,852
1,886
8
8
387
365
159.6
159.6
170.6
170.0
170.6
169.9
169.9
170.7
170.4
170.7
170.3
170.7
166.4
128.8
127.7
127.4
126.2
125.7
123.6
123.4
124.1
121.3
124.4
120.9
tinued prices for the former specification. The index shown is developed from revenue and
volume data collected directly from petroleum companies. The pricing formerly was based
on spot quotations in trade journals, which over the past year have come to represent a
decreasing portion of domestic transactions. Because of the time required to collect the new
data there will be a one-month lag in pricing; e.g. the May index reflects changes in prices
from Mar. to Apr. Except for gasoline, (p. S-35) comparable data prior to April 1973 are
available upon request.
SURVEY OF CURRENT BUSINESS
October 1975
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1975
1974
1974
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 (APT):
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 ..
Uncoated free sheet papers: J
Orders new
do
Shipments
__ .
do
Unbleached kraft packaging and industrial converting papers:
Orders, new
..do ..
Orders unfilled end of period
do
Shipments
do
Tissue paper, production
do
1,240
153
1,208
1,255
167
1,246
125
195
130
115
199
110
140
209
129
86
156
101
-•167
90
98
96
149
93
88
157
76
93
171
86
74
180
88
93
182
92
102
195
84
89
197
90
3,729
3,642
3,832
306
386
334
278
362
309
303
349
323
268
324
294
••296
3,825
279
266
282
285
222
254
258
232
221
258
222
199
248
246
207
243
238
203
249
252
206
252
6,701
6,851
6,355
6,946
538
604
559
563
533
624
432
548
333
433
356
432
317
358
364
384
400
395
416
••434
'418
'441
494
482
3,987
4,135
4,019
4,039
4,187
4,085
328
201
339
350
341
207
337
331
352
183
378
358
368
144
367
349
328
135
337
321
332
129
339
341
269
111
287
315
223
109
225
333
238
111
236
333
268
123
256
335
273
121
270
327
272
127
263
311
9,140
9,199
193
39,548
39,597
3143
825
813
227
763
764
226
816
849
193
767
760
200
773
830
143
823
751
216
760
711
265
824
791
298
771
748
321
801
806
317
759
787
289
645
651
283
597
623
258
do_
do
do
3,678
3,682
83,481
3 3, 480
24
323
278
282
24
257
258
23
311
311
23
314
310
26
281
284
23
326
324
23
291
285
29
321
314
36
272
270
38
260
261
36
284
281
39
285
290
34
323
316
42
Consumption by publisherscf
- do
Stocks at and in transit to publishers, end of
period
thous sh tons
7,658
3 7, 022
559
579
618
597
578
503
477
603
3827
777
744
763
774
827
894
954
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered.
. - thous. sh. ton
7,410
7,399
615
589
637
537
630
656
575
553
565
160.8
164.4
164.4
164.4
164.4
181.8
181.8
181.8
184.7
525
342
876
395
447
943
432
450
888
471
406
841
427
445
883
448
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
do
. _ do
do
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
410
193
296
135
« 122. 2
U51.2
518
342
876
556
1,603
569
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf, area »228,052 1216,072
Folding paper bores
2,614.0
thous. sh. tons
m i l $ _ _ 1,460.0
2,560.0
1,700.0
539
1,507
516
538
469
1,444
1,347
1,174
250
548
1,016
540
1,035
569
1,014
529
482
507
1,046
1,090
1,104
552
537
184.7
184.7
184.7
184.7
184.7
479
871
474
473
856
482
469
981
434
497
997
512
1,093
15,816
16, 778
18, 360
183. 1
136. 4
202.1
148.2
536
586
531
562
18,666
17,066
18, 432
15, 461
12, 493
14,474
13,571
14, 571
15,379
15, 986
15,441
223.7
155.0
211.6
149.4
227.8
163.2
190.8
139.1
193.7
142.3
190.9
141.3
177.2
131.9
182.3
135.9
192.4
142.4
' 186. 2
139.0
189.3
142.3
57. 68 50.84
125. 55 126. 88
41.26
68.17
50.00
126. 89
51.46
53.12
125. 44
62 34
55.51
113. 14
32.65
55.09
125. 15
58.41
52.73
.290
.295
.293
.293
.285
.293
.318
153.83 5153.99
149.04 5 164. 84
609.80 5 596. 02
134. 24
154. 44
590. 19
136. 68
135.04
479 26
138. 71
149. 15
426. 60
153. 63
149. 30
424. 70
149. 78
153. 40
414. 02
r
r
520
482
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period . _
do
Imports, incl latex and guayule
do
58.98
152. 75
55.03
59. 31
140. 78
68.28
68.56
127. 82
35.09
57.24
122. 52
45.16
.351
.398
.348
.320
.320
.275
2, 585. 49
2, 400. 84
2 520. 99
2,476. 8
2,351. 2
609 8
209.43
203. 46
568. 81
206. 43
196. 82
558. 12
203 35
213. 40
551. 39
184. 48
174. 65
576. 78
do
275. 84
267. 12
25.78
21.05
18.00
19.13
16.80
14.52
17.05
15.06
17.17
15.69
16.78
do
do
do
2 201. 02
2 163 71
2 20 96
150. 85
142. 29
15 23
13.37
12.04
16.27
11.50
10.50
17.45
13.94
12.39
17 39
10.90
8.71
16.62
9.33
8.06
15.23
59.21
59.18
5 15. 66
7.74
7.63
14 61
6.36
8 10
16 10
5.60
8 23
14 14
8.85
8.68
13 53
6.74
9.54
12 83
thous Ig tons
do
do
Exports (Bu. of Census)..
Reclaimed rubber:
Production.
Consumption
_ _
Stocks, end of period
_ _
!
5
707. 72
135. 37
681. 32
Price, wholesale, smoked sheets (N.Y.)_.$ per lb_.
Synthetic rubber:
Production
..
Consumption
Stocks, end of period
49.18
135.37
59.85
2 685. 44
22 122. 44
642 91
.315
.303
.308
16.24
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous
223 418
211 390
17 454
17 426
19 737
15 245
12 294
14 753
13 184
12 107
15 222
15 677
16 678
14 531
Shipments, total
Original equipment
Replacement equipment
Exports
.
do
do
do
do
238 883
69,600
165 183
4 100
209 418
55, 245
145 449
8,724
17 643
3,765
13 119
19 285
5 073
13 288
20 552
5,571
13 952
1 029
13,836
4,332
8 689
10 736
2,644
7 500
591
11 725
2 743
8 484
15 316
3,577
11 147
591
17 941
4,291
13 123
531
528
19 384
4 469
14 393
497
19 404
4 231
14 642
17 888
3,342
14 156
815
11 823
2 984
8 310
522
390
Stocks, end of period.. _ Exports (Bu. of Census)
do
do
50 275
4 393
55, 242
9,229
53 260
51 645
747
828
50 851
1,038
53 321
55 242
646
60 970
57 721
54 082
52 037
49 803
46, 990
916
5« 758
495
435
do
do
do
do
38 701
44 710
8 556
1 290
41 415
46 227
8 755
3 608
3 312
3 826
8 159
'391
3 417
3 899
8 212
3 902
4 387
7 250
3 409
3 467
8 558
2 853
2 989
8 755
2 685
3*099
9 669
2 497
2 889
9 476
Inner tubes, automotive:
Production
Shipments
_ _ _ _
Stocks, end of period
Exports (Bu. of Census)..
759
924
294
»• Revised.
* Preliminary.
» Reported annual total; revisions not allocated to months.
i Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning Jan. 1973 are from the Rubber
Manufacturers Association and are not strictly comparable with earlier data.
3 Beginning
January 1974, data reflect reduction in basis weight of newsprint from 32 to 30 Ibs. for 500
sheets measuring 24" x 36"; data for January 1974 on 32-lb. basis (thous. short tons): Canadaproduction, 840; shipments, 815; stocks, 222; United States—production, 289; shipments, 285;
mill stocks, 29; consumption by publishers, 586, stocks at and in transit, 676.
* Beginning
418
421
303
529
487
3 449
3 302
9 360
*442
498
601
2 884
2 599
9*782
2 335
2 644
9 658
321
253
577
574
2 798
2 830
9 838
2 656
2 734
9 921
425
351
390
217
5
Feb. 1975, data reflect indexes in lieu of dollar amounts formerly shown.
Metric tons
(thous.) beginning Jan. 1975.
I Represents the sum of uncoated book paper and writing and related papers (including thin
paper) formerly shown separately; data for new orders no longer available for the individual
items.
d* As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1974
1974
1973
Annual
October 1975
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
34, 101
36, 266
38, 910
39, 176
Sept.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl__ *459,569
1
431, 968
45, 229
41, 580
45, 457
30 739
23 181
19, 191
17, 553
21, 787
2S, 771
610.6
7.8
136.8
540.4
96
131.3
595.1
10 4
133.3
444.2
96
98.6
346.4
86
79 7
321.2
7.4
85.5
292.6
8.1
65.8
352.8
8.9
82.5
487.8
8.5
101.6
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 8, 674. 1 6, 673. 0
Structural tile, except facing
thous. sh. tons..
94.2
99.7
Sewer pipe and fittings, vitrified
do
1, 647. 0 1,454.1
Facing tile (hollow) , glazed and unglazed
mil. brick equivalent..
122.3
96.9
Floor and wall tile and accessories, glazed and unglazed .
mil. sq. ft . 300.6
273.2
Price index, brick (common), f.o.b. plant or
N.Y. dock
..... 1967=100
130.8
143.5
531.3 f 553.
8
r
80
7. 7
112.9 •• 111. 1
590.3
65
116.1
7.9
7.9
80
6.4
72
5.9
5.8
6.3
6.5
7.5
6.0
7.5
23.7
22 4
23 1
19 7
17 0
19 6
17.3
20.3
20 6
19 7
19.2
20.1
146 7
147 8
149 1
149 1
151 0
151 0
154.2
155.0
155 4
156 6
159.9
160 7
163 0
165 6
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
...thous. $.. 697,645
543,382
135, 255
112,619
81,610
100, 155
152, 242
445, 403
132,541
410, 841
31, 842
103 513
24,369
88250
15, 522
66088
15, 026
85, 129
279,027
280,397
25 995 22 831
25 670
21 641
17080
22645
21,369
22, 822
22 984
22 937
24,221
25,300
25,203
274,295
273, 709
27 704 22 117
21 141
19 367
19 148
24 160
17853
21 268
22603
23 764
25,350
29, 424
23,804
23, 634
71, 000
61 659
22 729
24,491
65,631
66 605
22, 568
2
6
6
2
704
287
909
060
2 361
5 222
5 396
1 560
1 662
4 592
5 241
1 958
1 574
4 665
4 558
1 773
1 425
5 051
4 881
1 792
2 010
5 299
5 661
2 194
1 717
3,557
5 119
1 528
1 848
5,196
5 794
1 805
1 983
5 127
6 606
2 020
2 185
5,894
6 654
1 927
2,128
6,336
7 489
1 994
2,248
7,710
7 894
1 877
2,980
5,263
7,274
1,805
Wide-mouth containers:
Food (tncl. packer's tumblers, Jelly glasses,
and fruit Jars)
thous. gross
Dairy products
do
59, 129
197
59,709
148
6 574
12
4 776
9
5 050
13
4 561
13
4,080
12
6,060
14
3,791
9
4,452
9
4 345
7
4,713
7
5,004
10
6,722
8
4,259
6
Narrow -neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do
31 626
4 421
30, 231
4,326
2 752
406
2 452
341
2 249
376
1 903
320
1 661
246
2 479
443
1,872
260
1,867
297
2 227
288
2,070
314
2,060
329
2,514
451
1,910
307
35 925
37,500
33 155
33 695
37951
39 892
37,500
35551
38,716
40, 718
40 817
39,655
38,139
33, 553
34, 478
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production.,
Shipments, domestic, total
Narrow -neck containers:
Food
.
Beverage
Beer
Liquor and wine
do
do
. .thous. gross
do
do
. . . do
do
do
.
Stocks, end of period .
.
. do
r
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
thous. sh. tons.. r « 13,558 •••11,999
do
112 592 1 10, 993
Imports, crude gypsum
Sales of gypsum products:
Uncalcined
-- . CalcinedIndustrial plasters
Building plasters:
Regular basecoat
All other (incl Keene's cement)
Board products total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecoraled wallboard
3,170
2 757
2,691
2 320
2,190
2,006
• 2, 320
2,151
do ..
7,661
7,424
2,233
1,695
1,189
1,249
do
5 525
5,262
1 504
945
723
1,245
do
349
322
80
77
66
74
293
484
15 151
369
399
341
11 130
2 700
212
215
416
12 852
260
359
237
9 408
2 421
168
54
109
3 296
58
98
54
2 433
611
43
45
94
2 739
46
75
39
2 023
525
30
42
89
2 333
40
59
37
1,737
433
26
44
90
2,608
42
69
49
1,980
434
33
415 3
47.0
505.2
48.5
do
do
mil sq ft
do
do
do
do
do
do
TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb__ 2, 070. 8
Knitting machines active last working day*._.thous_.
54.7
1,965.3
46.4
493. 7
52 2
Woven fabric (gray goods), weaving mills: t
Production total 9
mil linear yd
860
837 2 1,044
11,765
11, 054
Cotton.
do
2480
5,421
388
379
4,987
Manmade f i b e r _ _ _ _ _
_ do _
452
6,214
466
* 556
5,977
1,219
Stocks total end of period 9 cf
do
1,071
1,127
718
1,290
Cotton
do
458
472
516
285
560
Manmade
fiber
do
698
609
651
428
725
2,576
2,386
3,502
2,155
Orders, unfilled, total, end of period 9 1f___.do
1,797
1,063
887
1,021
1,559
Cotton
do
713
1,496
1,351
1,255
1,905
Manmade
fiber
do
1,071
COTTON
Cotton (excluding linters):
Production:
4,944
543
827
312,611 < 11,328
GlnningsA
thous running bales
Crop estimate
thous. net weight bales 0._ 3 12, 974 Ml, 537
515
2575
489
6,617
7,279
Consumption
thous. running bales..
Stocks in the United States, total, end of period 9
15,
784
14,
740
13,461
11,486
thous. running bales.. 12, 595
12,586
11,476 15, 773 14, 728 13,451
Domestic cotton, total
..do
8,204
2,037 12, 552 11,787
2,788
On farms and in transit _
__do _
4,259
1,919
1,775
8,413
8,761
Public storage and compresses
do
988
1,302
1,166
1,026
1,037
Consuming establishments
do
r
J
s
Revised.
Annual total; revisions not allocated to the months or4 quarters.
Data
cover 5 weeks; other months, 4 weeks.
» Crop
for the year 1973.
Crop for the year
6
1974.
5 Oct. 1 estimate of the 1975 crop.
Excludes byproduct gypsum.
® Bales of
480 Ibs.
*New series. Source: BuCensus. Data cover warp and weft knit yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
^Monthly revisions (1970-72) appear in "Woven Fabrics: Production, Stocks, and Unfilled
406.8
46.4
753
346
400
1,252
543
704
1,992
768
1,211
599
273
320
1,290
560
725
1,797
713
1,071
'846
«406
5 433
1,335
580
751
1,647
671
964
8,291
10, 598
11, 195
432
343
2469
657
312
339
1,292
572
715
1,578
621
944
639
286
346
1,261
548
707
1,700
718
969
2833
2375
2449
1,219
519
695
1,892
805
1,072
395
411,328
411,537
400
2525
749
'770
345
348
397
'415
1,191 ' 1, 186
510
502
676
••678
1,961 ••2,135
806
881
1,139 r 1, 240
455
477
2793
2354
2431
1,179
495
679
2,279
935
1,325
30
169
r2527
505
373
59,059
531
7,323
6,575 ••5,481 13,662 12, 710
9,839
9,100
8,210
12,544 11,486 10,690
7,315
9,092
8,202
6,566 ••5,464 13,646 12, 691
9,831
12, 535 11, 476 10,680
8,728
560
9,131
275
762
681
529
1,180
659
4,852
2,037
2,928
5,559
3,430
7,212
4,865 ••4,063
6,344
7,917
8,418
6,696
8,413
1,035
1,085
1,196
1,172
1,152
'
1,
126
1,082
1,199
1,199
987
1,026
Orders," M22A—Supplement 3 (Aug. 1973), Bureau of the Census.
9 Includes data not
shown separately.
c?Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
HUnfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabric?. Orders also exclude bedsheeting, toweling,
and blanketing,
A Cumulative ginnings to end of month indicated.
October 1975
Unlera otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
SURVEY OF CURRENT BUSINESS
1973
| 1974
Annual
S-39
1975
1974
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports
thous. running bales..
Imports
thous. net-weight (D bales. .
Price (farm), American upland
cents per lb_.
Price, Strict Low Middling, Grade 41, staple 34
(1M«")» average 10 markets*
cents per Ib
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
milConsuming 100 percent cotton
do
Spindle hours operated, nil fibers, total
bil.
Average per working day
do
Consuming 100 percent cotton
do
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' prodInventories, end of period, as compared with
nvg. weekly production. -No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period. . ... .. ...
Exports, raw cotton equlv.thous. net-weight (D bales
Imports, raw cotton equiv
do
5,495
33
U4.4
5,170
46
542.8
167.1
18.0
9.8
116.2
.447
63.1
17.3
8.8
106.2
.408
55.5
5,086
4,714
820.8
813.8
83.1
83.9
8.15
8.30
525.1
568.4
459.4
686.3
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb_. 8,329.4 8,085.3
Filament yarn (rayon and acetate)
do
635.3 533.4
696.7
Staple, Incl. tow (ravon)
do
645.4
Noncellulosic, except textile glass:
3,339.6 3,443.0
Yarn and monofilaments
do
Staple, Incl. tow
do
2,969.8 2,780.6
Textile glass
fiber
_do
688.0
682.9
Fiber stocks, producers', end of period:
46.3
57.5
Filament yarn (rayon and acetate)
mil. lb._
34.0
73.9
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
232.2
392.3
Yarn and monofllaments
do
186.5
321.3
Staple. Incl. tow.
do
72.5
Textile glass
fiber
...
do
98.1
Prices, manmade fibers, f.o.b. producing plant:
.61
Staple: Polyester, 1.5 denier
__.$perlb..
1.04
1.18
Yarn* Pavon (viscose), 150 denier
do
1.32
1.30
Acrylic (spun), knitting, 2/20, 3-6D..do._._
Manmade fiber broadwoven gray goods ratio:
Manmade fiber and silk broadwoven fabrics:
Production (qtrlv.), total Q
mil. lin. yd
Filament varn (1003£) fabrics9
do
Ohleflv ravon and/or acetate fabrics
do
Chleflv nvlon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9 - -do
P,ayon nnd/or acetate fabrics, blends., do
Polvester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd.. .
Manmade fiber manufactures:
Exports, manmade fiber equivalent*
mil. lbs_.
Yarn, tops, thread, cloth
do..
Cloth, woven..
do..
Manufactured prods., apparel, furnishings.. do..
Imports, manmade fiber equivalent*
do__
Yarn, tops, thread, cloth...
do..
Cloth, woven
do_.
Manufactured prods., apparel, furnishings.. do..
Apparel, total...
do..
Knit apparel
do_.
8.13
8.20
6,108.7
1,895.0
473.1
365.8
3,526.8
435.4
2,513.9
5,923.3
1,962.7
431.5
346.0
3,308.8
294.5
2,381.2
474.8
261
6
53.6
125
0
54.9
120
1
51.4
272
1
50.4
350
3
43.8
409
7
37.0
380
1
32.6
346
1
33.9
371
4
32.2
364
5
36.3
392
4
36.9
356
325
1
42.9
44.7
850.4
47.6
44.6
40.0
36.9
36.1
36.4
37.8
40.4
41.7
42.8
45.6
48.4
50.7
17.9
9.2
8.3
.416
4.3
17.8
9.2
7.8
.391
4.0
17.6
9.0
29.5
.378
24.8
17.5
9.0
6.8
.341
3.5
17.3
8.8
5.4
.272
2.8
17.1
8.6
27.3
.293
23.7
17.0
8.6
5.8
.291
3.0
16.7
8.6
5.7
.287
2.9
16.8
8.6
»7.9
.311
24.0
16.8
8.5
6.9
.346
3.5
16.8
8.5
7.2
.360
3.7
16.8
8.4
28.2
•-.328
24.1
16.9
8.4
7.9
.394
3.9
985
886
10.0
9.9
11.8
9.3
9.1
11.5
11.9
6.1
6.7
6.9
.73
36.0
24.6
.60
43.8
25.0
1 127
12.0
3.8
.32
36.7
38.4
11.8
4.0
4.4
.34
39.3
45.1
.44
41.4
37.1
5.3
.53
39.4
28.7
6.9
.59
36.2
26.2
.66
36.9
29.1
8.3
4.0
961
12.2
10.6
11.3
14.8
6.4
5.6
5.4
6.5
5.1
.53
43.8
27.6
.53
45.6
22.9
.48
37.5
29.8
.44
34.3
32.7
.43
38.1
40.6
2,228.9
139 7
174.6
1,617.4
101 8
107.2
1,228.6
64.3
52.9
1, 689. 3
101 6
80.2
956.4
782.5
175 7
716.1
524.5
167 8
565.0
424.6
121.8
776.5
604 6
126.4
45.4
39.0
57 5
73.9
45.4
61.3
34.0
55.3
276.2
259.3
60.3
392.3
321.3
98.1
333.0
298.0
110.7
257.8
232.9
102.2
.61
1.19
1.31
.61
1.25
1.31
.61
1.25
1.31
.61
1.27
1.29
.61
1.27
1.22
.61
.61
.61
.61
.58
.56
.56
.56
.58
1.22
1.22
1.22
1.24
1.24
1.27
1.27
1.26
1.36
.21
.24
.27
.30
.35
.41
.42
.43
.38
.37
.33
.30
1,398.8
473.8
101.5
84.0
771.5
67.9
552.2
•1,283.0
r 410. 8
89.6
77.2
740.0
38.5
573.2
1,125.5
407.3
75.7
73.1
615.8
38.7
461.4
1,284.2
445.1
90.6
79.0
704.6
44.8
527.7
54.2
329.8
62.1
•288.23 390.73
•162.74 244.11
•117.35 150.34
125.49 166. 66
•465.32 371. 25
109.70 76.22
67.91
55.71
• 355.62 295. 03
286.87 252. 01
205.34 175.34
30.88
16.33
11.66
14.55
36.53
6.31
5.05
30.22
26.23
18.39
30.17
16.60
12.46
13.57
31.53
6.17
4.47
25.37
21.85
15.63
30.66
17.83
12.52
12.82
35.88
6.63
5.08
29.25
25.40
17.96
28.05
17.00
12.93
11.06
31.03
6.77
5.11
24.26
20.34
13.71
23.50
14.58
11.20
8.92
28.49
6.70
5.38
21.79
18.07
12.08
22.84
14.34
10.72
8.50
28.77
7.31
5.69
21.46
17.80
11.92
20.83
12.51
9.52
8.32
24.38
4.78
3.93
19.60
17.16
11.79
24.50
14.80
11.37
9.70
28.76
5.04
3.90
23.72
20.11
13.77
31.56
18.41
12.50
13. 14
27.85
5.76
4.44
22.09
18.42
12.28
27.85
14.88
11.89
12.97
30.03
5.30
3.98
24.73
21.17
14.44
25.73
14.40
11.25
11.33
35.69
5.01
3.84
30.68
27.38
18.47
24.67
14.01
10.80
10.66
40.32
5.92
4.61
34.40
30.70
21.35
109.9
41.4
57. &
39.9
75.0
18.6
26.9
15.2
6.1
1.3
2.9
2.0
5.6
1.1
1.8
1.0
26.9
4.6
1.1
1.3
.2
26.5
6.5
1.2
1.7
1.2
2.1
1.4
7.7
1.1
2.2
1.3
7.6
1.0
2.9
1.9
28.6
2.2
1.1
5.8
1.4
1.4
.6
28.4
1.7
.6
5.5
1.1
1.0
.5
2.4
1.5
2.4
1.0
2.500
1.594
3.035
1.760
1.194
2.173
1.612
1.125
1.962
1.625
1.125
1.945
1.565
1.065
1.769
1.412
.912
1.805
1.308
.842
1.768
1.162
.788
1.732
1.125
.775
1.788
1.138
.775
1.835
1.340
.835
1.857
1.506
.875
1.941
1.556
.862
1.835
1.538
.850
1.813
1.712
.875
1.788
101.1
81.0
59 9
49 8
27.07
16.07
12.00
11.00
37.93
5.69
4.78
32.24
28.81
19.83
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. lb_.
Carpet class. .
do
Wool Imports, clean vield..
do
Dutv-free (carpet class) »
do ^
Wool prices, raw. clean bails, Boston:
Good French combine and staple:
Graded territory,
fine
$ per lb.
Graded fieece, 3< blood
do
Australian, 64s. warp and half-warp .
do .
Wool broadwoven croods, exc. felts:
Production (qtrly.)
mil. lin. yd.
17 6
17 1
21.4
17 3
21.7
21.2
1.725
.875
1.743
19.3
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), ship
236.3
ments, quarterly*
mil. sq. yds. 1,025.4 939.1
s As of Ai] g.l,
' Revised.
1 Season average.
2 For 5 weeks: cther mon ths, 4 we eks.
1974, Atlanta, Ga., deleted from average.
* Price not directly coin parable with ea rlier
data.
• Average price to Apr.
1, 1975.
• Annuail total ca Iculated indepenclently.
8
7 1 ess th?n 500 bales.
Monthly average.
*New series. Cotton market price (U.S. Dept. Df Agricu ture) av ailable nlonthly 1back
to 1947. Manmade fiber gray goods (owned by w eaving m Ills) ratic) from A mer. Te xtile
Manufacturers Institute, based on BuCensus data ; manma le fiber manufac tares ex]sorts
212.9
175.7
199.6
and mports 1from U.g>. Dept. of Agriciiilture (I}RS), based on ]BuCensu s data-available
back to 1960. Exports and imj>orts, orijfinally re ported iii varying units, a re conve rted into
appr jximate quantitie s of ma nmade fi ber consumed in their irlanufacti ire (inchiding an
adjus tment for waste). Not incl uded are raw (unmanufad tured) fit ers and : mports o f certain
textu red yamis. Carp et shipnlents (B uCensus ) revised quarter ly data back to 1968 are
QNet-w eight (480-lb.)bal es.
9 Includ ^s data ilot show n separa tely.
avail able.
SURVEY OF CURRENT BUSINESS
S-40
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1974
| 1974
Annual
October 1975
Aug.
Sept.
Oct.
1975
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
15, 346
18,488
18, 258
17, 022
21, 297
20, 154
22,844
1,257
1,058
7,370
1,021
2,295
1,213
1,025
7,137
1 267
2,040
1,218
1,129
7,464
1,117
2,348
1,200
982
7,147
993
2,295
1,203
876
7,367
1 105
2,272
337.9
4,316
210.4
Sept.
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments..
,
thous. doz. pairs
Men's apparel cuttings:
Suitst
thous. units
Coats (separate), dress and sportj
do .
Trousers (separate), dress and sport t
do
Slacks (Jeans-cut), casual* J
thous. doz
Shirts, dress, sport, inc. knit outerwear! do
228, 269
217,905
20,638
17, 950
20, 806
17, 699
12, 680
11 16, 637
21, 505
1 174, 482
i1 12 239
34, 284
17, 259
17, 635
119,117
13 131
32, 107
1,609
1,679
10,219
1,235
2,694
1,376
1,448
8,967
1,098
2,659
1 848
1,661
10,236
1 179
3 169
1 549
1,237
8,233
1 047
2 790
1,202
935
5,145
1,023
2,059
14, 029
1,385
1 119
8,715
849
2,363
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil $
U.S. Government.
do
Prime contract _
do
Sales (net), receipts, or billings, qtrly. total. -do.. ..
U.S. Government
do
27,044
15,804
24,377
24, 305
14, 431
32,704
19,390
30, 239
26, 849
15, 196
10,232
7,045
9,535
6,341
3,792
8,799
5 475
8,221
7,098
4,063
6,530
3,882
6,010
6,879
3,814
5,654
3,472
4,999
7,324
4,148
Backlog of orders, end of period 9
do
U.S. Government
do
Alrcrart (complete) and parts
do
Engines (aircraft) and parts.
do
Mlsqlles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications), products, services .
mil. $
29,661
16, 695
13,544
2,821
35, 516
20, 889
15. 489
3,902
33,815
19477
14, 177
3,644
35 516
20 889
15, 489
3,902
35 167
20,957
14, 893
3,926
33, 497
20, 281
13, 990
3,744
5,670
6,643
6,454
6 643
6,553
6,134
2,897
3,591
3,584
3,591
3,572
3,673
do
4,598
thous. Ib
64,370
mil. $.. 2,311
4,976
65, 573
3,360
225.9
3,471
146.2
317.6
4,708
214.7
348.8
5.518
306.5
512.8
6, 595
329.0
388.8
4,862
404.9
301.5
3,876
109.5
521.9
5,955
412.5
539.2
6,595
460.6
442.2
5,381
215.3
496.6
6,151
319.5
529.6 ' 415. 4
6,071 '4,689
190.7
352.9
12, 637
11, 866
9,658
9,079
2,980
2,787
10, 059
9,191
7,331
6,721
2,727
2,470
606.7
565.2
444.1
415.8
162.6
149.4
872.4
803.1
662.2
608.8
210.2
194. 2
1, 100. 7
1, 008. 3
832.0
762.6
268. 7
245.7
736.8
671.2
548.0
499.6
188.9
171.6
639.6
556.6
447.5
394. 0
192.2
162.6
« 537. 5
« 495. 2
" 391. 4
« 362. 8
« 146. 2
« 132. 4
<* 577. 3
« 501. 1
-410.5
- 357. 3
"166.8
« 143. 9
652.4
571.3
492.6
436.8
159.8
134.6
772.2
691.5
586.2
529.9
186.0
161.6
807.3
721.5
612.6
555.2
194.6
166.3
840.9
753.7
632.1
571.3
208.8
182.3
11,439
9,676
1,763
8,871
7,454
1,417
811
668
143
11.0
9.5
1.5
726
591
134
10.1
8.4
1.8
757
628
129
7.8
6.3
1.5
604
506
98
6.8
5.5
1.3
508
430
79
6.7
5.6
1.1
578
463
115
8.0
6.5
1.5
684
536
148
9.1
7.2
1.9
669
524
146
7.8
6.2
1.6
660
518
142
'7.5
5.8
1.6
741
603
138
7.8
6.2
1.5
770
619
152
8.5
6.9
1.7
794
637
157
9.2
7.5
1.7
684
534
150
9.2
7.5
1.7
726
591
136
8.9
7.2
1.7
1,600
1,765
1,672
1,704
1,294
1,388
1,385
1,385
1,595
1,610
1,733
1,740
1,672
1,704
1,654
1,541
1,500
1,314
1,568
1,359
1,584
1,373
1,602
1,381
1,466
1,392
1,436
1,495
1,513
1,540
2.6
Aircraft (complete):
Shipments
Alrframe weljrht
Exports, commercial
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
DomesticsA
do
Imports A
.
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
1,482
1,290
681.6 2 678. 0 2897.5
624.1
504.5 2 500. 4 2 672. 1
466.5
177.1 2 177. 7 2225.4
157.6
ratio..
2.0
2.5
1.8
2.0
3.1
3.8
3.6
2.8
2.2
2.5
2.8
2.6
2.4
2.2
2.4
thous..
do
do
509.19
452.37
151. 65
600.90
516. 59
214. 44
27.42
25.46
11.55
53.71
48.21
15.12
59.40
50.57
20.49
55. 48
46.04
16.35
48.87
39.72
15.21
37.72
29.11
14.28
41.69
35.52
16.57
60.57
52.11
19.53
56.85
49.11
20.83
58.20
52.23
22.44
56.70
50.72
23.04
40.37
35.46
19.93
36.22
33.35
17.99
do...
do
do
2, 437. 3
871.6
499.8
2, 572. 6
817.6
660.1
169. 98
46.12
49.57
168. 26
55.48
62.40
172. 49
71.19
55.31
159. 79
85.22
59.34
167. 93
57.70
61.18
160.31
41.14
43.65
128. 66
40.21
34.13
204.91
92.55
39.41
166. 17
70.80
33.93
178 88
72. 05
37.14
177. 15
64.96
41.04
176. 78
46.02
32.43
168.89
47.53
33.71
Truck trailers and chassis, complete (excludes
detachables), shipments ©
number
Vans
do
Trailer bodies (detachable) , sold separately.. do
Trailer chassis (detachable), sold separately.. do
164,641
108,940
18,626
12, 790
191, 262
128,
493
1
14,313
12, 933
17,538
12,491
16,521
11,112
17, 216
11,981
5,727
3,297
5, 737
2,896
1,187
1,021
14,006
9.649
305
1,569
6,581
3,984
1,413
15, 950
11,319
302
1,460
870
805
226
5,871
3,144
487
134
6,412
3,081
422
183
5,542 '5,233
2,605
2,422
136
607
121
16
4,951
2,429
301
49
Registrations (new vehicles):©
Passenger cars
Imports? incl domestically sponsored
Trucks
411, 351 148,701
» 81 4.0 4 709. 1 4 741. 0 4609.5
1
4 1, 369 3 124. 9 4 124. 9 4 130. 9 4101.4
4 1, 720
43,029 1*2,657 a 253. 9 4 216. 8 4 196. 2 4 174. 6
Exports (Bureau of the Census):
Passenger cars (new), assembled
To Canada
. . . ..
Trucks and buses (new), assembled
Imports (Bureau of the Census):
Passenger cars (new), complete units
From Canada total
Trucks and buses t
thous
do
do
4 586. 1 3 570. 4 5 590. 0 3 635. 4
494.3 s 100. 7 « 115. 9 3 149. 0
4 181. 3 3163.0 5 141. 6 3 177. 6
3 581. 3 4 656 8
3 126. 4 4 130. 8
3 176. 8 4 197. 2
4 735. 6 4764.9 4 735. 8
4 137. 4 4 144.7 4 150. 4
4 215. 7 4 222. 2 4 214. 9
RAILROAD EQUIPMENT
Freight cars (new) , for domestic use all railroads
and private car lines (excludes rebuilt cars and
cars for export) :
Shipments _
number
58,252
Equipment manufacturers
do
54, 814
New orders
do
1 105, 765
Equipment manufacturers
do
i 102, 136
Unfilled orders, end of period
do
67, 199
Equipment manufacturers
do
65,380
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
Held for repairs % of total owned
Capacity (carrying), total, end of mo.. mil. tons..
Average per car
tons
1,395
6.3
98.19
70.38
66, 858 '6,593
6,110
63, 199
6,933
98,098
6,933
85, 276
90, 216 ' 93,955
79,009 81,918
6,080
5,788
7,692
7,365
95,030
83, 127
6,036
5,750
4,951
4,201
93,563
81, 196
1,382
6.4
98.26
71.12
1,379
6.5
98.21
71.21
1,381
6.3
98.50
71.30
1,375
6.4
98.32
71.49
'Revised.
1 Annual total includes revisions not distributed by months. 2 5Estimate
of production,
not factory sales.
3 Excludes 2 States.
4 Excludes 1 State.
Omits 3
6
States.
Reflects cancellation of cars previously ordered.
t Annual figures ("Apparel
1973" MA-23A73) reflect review of respondents: Survey was expanded and classifications
changed. The 1973 totals are not comparable with figures for other periods; revised monthly
data will be available.
* New series. Data cover all types of men's jeans, but exclude
dungarees, overalls, and work pants.
5,264
6,162
4,967
5,749
3,079 « 8, 639
2,979
9,189
90, 724 90,216
78, 554 79, 009
1,374
6.4
98.16
71.45
1,375
6.4
98.32
71.49
5,910
5,736
3,502
3,502
86,943
75, 910
5,699
5,538
2,031
2.031
83,028
72, 156
6,947
6,794
4,021
4,021
78, 191
67, 472
5,836
5,332
1,485
1,485
73,389
63, 174
5,975
5, 434
1, 813
1,813
68, 007
58, 333
6,741
6,275
631
631
60, 890
51, 682
5,116
4,545
2,498
1,373
58, 239
48,477
4,782
4,074
6 2, 220
2,520
54, 662
45, 908
1,369
6.7
98.02
71.59
1,367
6.7
97.94
71.66
1,368
7.0
98.21
71.78
1,363
7.2
98.04
71.92
1,366
7.5
98.36
72.02
1,363
7.6
98.32
72.15
1,360
7.8
98.58
72.49
1,363
8.0
98.68
72.40
9 Total includes backlog for nonrelated products and services and basic research.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
^Effective Sept. 1973 SURVEY, data include imports of separate chassis and bodies.
©Effective Feb. 1974 SURVEY, excludes shipments of dollies and converter gear.
OCourtesy of R. L. Polk & Co.; republicaticn prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
• For one manufacturer, Jan. and Feb. sales are included in the Feb. data.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-J
8, 9
10,11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24-25
Industry s
Chemicals and allied products
Electric power and gas
.Food and kindred products; tobacco
Leather and products
25, 26
26
27-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
15,16
12,13
3,8,9,29
5,9,26
4,6,
7,9,14,15,20,23,24,34
Employment estimates
14
Expenditures, U.S. Government
13,19
Explosives
26
Exports (see also individual commodities).... 1, 3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
4,9,12-15
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4,6,8,9,11,12,20,23,24,40
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products
3
Balance of international payments
17,18
Banking
27
Barley
34
Battery shipments
28
Beef and veal
Beverages
9,11,22, 23,27
5-7
Blast furnaces, steel mills
20,21
Bonds, outstanding, issued, prices, sales, yields
33
Brass and bronze
38
Brick
4,6,
Building and construction materials... .
7,11 31,38
10,11
Building costs
10
Building permits
7
Business incorporations (new), failures.
5
Business sales and inventories
27
Butter
12
Hardware stores
9,34
Heating equipment
Hides and skins
9,30
Highways and roads
10,11
28
Hogs
Home electronic equipment
9
11
Home Loan banks, outstanding advances
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4,8, 11,12
Household appliances, radios, and television sets.
4,
8,9, , 12,34
Housing starts and permits
10
Cattle and calves
28
Cement and concrete products
9,11,38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores...
13
Cheese
27
Chemicals
5,6,9,14-16,20,23,25,26
Cigarettes and cigars
30
Clay products
9,38
Coal
5,9,23,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2, 20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil
5,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,8,9,27
17
19
2
12,13
17,20
34
16
27
2,3,20,21
12,13
5,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4, 5
By market grouping
4
Installment credit
13,18
Instruments and related products
4,6,14,15
Insurance, life
19
Interest and money rates
18
Inventories, manufacturers' and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
4,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
11,17,18,20
Lubricants
35,36
Lumber and products
4,9,11,12,14,15,20,31
Machine tools
34
Machinery
4, 6, 7, 9,14,15,20,23,24, 34
Mail order houses, sales
12
Man-hours, aggregate, and indexes
15
Manmade fibers and manufactures
9, 39
Manufacturers' sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings. . . 14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28, 29
Medical and personal care
8
Metals
4-7,9,14,15, 20,22,23, 31-33
Milk
27
Mining and minerals
2, 4, 5,9,14-16, 20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17,18,19
Motor carriers
24
Motor vehicles
1,4,6, 8,9,11,20,23,40
Motors and generators
34
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
4,6, 7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4-6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4,6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4-6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2,5,10,20,21,26
Pulp and pulp wood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2, 16, 17, 21, 24, 25, 40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
V
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
5,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12,30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31, 32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
4-6,9,14,15,20,38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20, 23,38-40
Tin
33
Tires and inner tubes
9,12,13, 37
Tobacco and manufactures
5,6,8,14,15, 30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, local
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
4,6, 7,14,15, 20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
13,17
17-21
finance
19
2,5,8,10, 21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
34
12,13
23, 29,30
8,9
1'
flour
2,3,15, 16
34
34
28
8
-. • •
;9
5,7,11,14-16
36
9,39
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
W A S H I N G T O N . D.C. 2O4O2
OFFICIAL BUSINE
New Book
of
Readings in
Labor
Labor Review
Reader!
. . . 55 articles of lasting interest from the pages
of the Monthly Labor Review, including:
D Unemployment statistics and what they mean.
D The U. S. labor force: projections to 1990.
D The economic status of families headed
by women.
D Updating the Consumer Price Index—an
overview.
D Productivity and costs in the private economy.
D Occupational rankings of men and women
by earnings.
D Exploring the distribution of earned income.
D Union membership among government
employees.
Published by the Bureau of Labor Statistics
of the U. S. Department of Labor. $5.50
per copy, 25 percent discount for orders of
100 or more sent to one address.
To Order: send check made
payable to Superintendent of
Documents or indicate that order
should be charged to your GPO
Deposit Account Number, and
cite the number.
Send orders to:
Superintendent of Documents
Government Printing Office
Washington, D. C. 20402
@FedFRASER