Full text of Survey of Current Business : September 1971
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION
U.S.
DEPARTMENT
OF COMMERCE
SEPTEMBER 1971
/ VOLUME 51 NUMBER
%^
SURVEY OF
CURRENT BUSINESS
SEPTEMBER 1971 / VOLUME 51 NUMBER
SURVEY OF CURRENT BUSINESS
*fcttis0f
CONTENTS
THE BUSINESS SITUATION
Second Quarter Profits and GNP
Federal Receipts and Expenditures
Wages Under Collective Bargaining
2
2
4
National Income and Product Tables
1971 Plant and Equipment Programs Moderately
Reduced From Earlier Plans
9
Manufacturers Inventory and Sales Expectations
Manufacturing and Trade Sales, Inventories,
and Inventory/Sales Ratios, 1966-70
Economic Impact of Defense Procurement
Plant and Equipment Expenditures by Foreign
Affiliates of U.S. Corporations, 1970-72
U.S. Balance of Payments Developments:
Second Quarter 1971
10
14
18
20
21
27
U.S. Department of Commerce
Maurice H. Stans / Secretary
James T. Lynn / Under Secretary
Harold C. Passer / Assistant Secretary
for Economic Affairs
Office of Business Economics
George Jaszi / Director
Morris R. Goldman / Deputy Director
Lora S. Collins / Editor
Leo V, Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
Jack J. Bame
Lora S. Collins
Marie P. Hertzberg
Alfred I. Jacobs
Donald A. King
Barbara L. Miles
Howard Murad
Cbarles A. Waite
32
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
Annual subscription, including weekly statistical supplement, is $9 for domestic and $12.75 for foreign mailing.
Single copy $1. Order from Superintendent of Documents,
U.S. Government Printing Office, Washington, B.C.
20402, or any Commerce Department Field Office. Make
checks payable to Superintendent of Documents.
Microfiche edition is available from the National
Technical Information Service, Springfield, Va. 22151.
Annual subscription, excluding weekly supplement, is $9
for domestic and $12 for foreign mailing. Single copy
$0.95. Make checks payable to NTIS.
Send subscription correspondence to the Superintendent
of Documents or NTIS. Send editorial correspondence
to the Office of Business Economics, U.S. Department of
Commerce, Washington, D.C. 20230.
U.S. DEPARTMENT OF COMMERCE FIELD OFFICES
Albuquerque, N. Mex. 87101
U.S. Courthouse Ph. 843-2386.
Anchorage, Alaska 99501
632 Sixth Ave. 272-6531.
Atlanta, Ga. 30303
75 Forsyth St. NW, 526-6000.
Baltimore, Md. 21202
415 U.S. Customhouse 962-3560.
Birmingham, Ala. 33205
908 S. 20th St. Ph. 325-3327.
Boston, Mass. 02203
JFK Federal Bldg. 223-2312.
Buffalo. N.Y. 14203
117 Ellicott St. Ph. 842-3208.
Charleston, S.C. 29403
334 Meeting St.
Ph. 577-4171.
Charleston, W. Va. 25301
500FRASER
Quarrier St. Ph. 343-6181,
Digitized for
Cheyenne, Wyo. 82001
2120 Capitol Ave.
Ph, 778-2220.
Chicago, III. 60604
1486 New Federal Bldg.
Ph. 353-4400.
Cincinnati, Ohio 45202
550 Main St. Ph. 684-2944.
Cleveland. Ohio 44114
666 Euclid Ave.
Ph. 522-4750.
Dallas, Tex. 75202
1100 Commerce St.
749-3287.
Denver, Colo. 80202
New Customhouse, 19th & Stout
Sts.
Ph. 837-3246.
DCS Moines, Iowa
609 Federal Bldg
Ph. 284-4222,
50309
Detroit, Mich. 48226
445 Federal Bldg. Ph. 226-6088.
Greensboro, N.C. 27402
258 Federal Bldg.
Ph. 275*9111.
Hartford. Conn. 06103
450 Main St. Ph. 244-3530.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
Ph. 546-8694.
Houston, Tex. 77002
1017 Old Federal Bldg.
Ph. 226-4231.
Jacksonville, Fla. 32202
400 W. Bay St. Ph. 791-2796.
Kansas City, Mo. 64106
601 East 12th St. Ph. 374-3141.
Los Angeles, Calif. 90024
11000 Wilshire Blvd. 824-7591.
Memphis, Tenn. 38103
147 Jefferson Ave.
Ph. 534-3214.
Miami, Fla. 33130
25 West Flagler St. Ph. 350-5267.
Milwaukee, Wis. 53203
238 W. Wisconsin Ave.
Ph. 224-3473.
Minneapolis, Minn. 55401
306 Federal Bldg. Ph. 725-2133.
New Orleans. La. 70130
610 South St. Ph. 527-6546.
New York, N.Y. 10007
26 Federal Plaza Ph. 264-0634.
Philadelphia, Pa. 19107
1015 Chestnut St. Ph. 597-2850.
Phoenix, Ariz. 85025
230 N. First Ave. Ph. 261-3285.
Pittsburgh, Pa. 15222
1000 Liberty Ave. Ph. 644-2850.
Portland, Oreg. 97204
217 Old U.S. Courthouse Bldg.
Ph. 226-3361.
Keno, Nev. 89502
300 Booth St. Ph. 784-5203.
Richmond, Va. 23240
2105 Federal Bidg. Ph. 782-2246.
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah 84111
125 South State St. Ph. 524-5116.
San Francisco, Calif. 94102
450 Golden Gate Ave.
Ph. 556-5864.
San Juan, Puerto Rico 00902
100 P.O. Bldg. Ph. 723-4640.
Savannah, Ga. 31402
235 U.S. Courthouse and P.O.
Bidg. Ph. 232-4321,
Seattle, Wash. 98104
8021 Federal Office Bldg.
Ph. 442-5615.
the BUSINESS SITUATION
It is too early to assess the impact of
the wage-price-rent freeze because the
available economic indicators basically
reflect conditions that antedate the
freeze and the other new policy elements
announced August 15. OBE has estimated, however, the impact that the
President's proposals would have on
the Federal fiscal position on the NIA
basis. The estimate is discussed in this
article. Also reviewed here are BLS data
that indicate some deceleration this
year in the wage rate increases
negotiated in major union contracts.
X HE 90-day freeze on wages, prices,
and rents has been in effect for a month
as this issue of the SURVEY goes to press.
At this time, however, there is no easy
way to assess its impact because the
available economic indicators basically
reflect conditions that antedate the
inauguration of the freeze and other
elements of the President's "new economic policy" (NEP). Congress reconvened on September 8 and promptly
opened hearings on the parts of the
NEP which require legislation. These
include restoration of a tax credit for
investment in machinery and equipment, accelerated liberalization of personal tax exemptions and deductions,
and repeal of the excise tax on
automobiles.
The proposed investment tax credit
(at 10 percent for the next year and 5
percent thereafter) and the recent
liberalization of depreciation rules will
stimulate capital spending. For the
remainder of the year, however, this
demand sector is unlikely to provide
much thrust to economic expansion.
The recent OBE-SEC quarterly capital
spending survey, which was taken of August, sales of domestic models
before the announcement of the NEP, were at an annual rate of 8)4 million
showed some worsening in manu- units, up about 2 percent from the pace
facturers' assessment of their need for in June and July. Sales of imports,
more plant and equipment. A need for
more facilities was reported by comCHART 1
panies owning only 30 percent of total
assets in manufacturing, compared with
Retail Sales
figures of 33 percent in March, 40 percent last December, and 42 percent in Billion $ (Ratio scale)
June 1970. Ample capacity is probably 40
a major reason why business was plan- 35 TOTAL
ning only a modest rise in total capital
outlays this quarter and little change in 30
the fourth. (Details of the survey are 25 "Ti i i i 1 M i i i
on pages 14-17.)
One of the proposals before Congress 15
NONDURABLES
is repeal of the excise tax on automobiles, retroactive to August 15. Because
buyers are being assured that the tax
Other Nondurables
will be refunded to them if Congress
does repeal it retroactively, the response
to the NEP may \vell be seen more
Food Group
promptly in auto sales than in other
demand categories.
In July, the last month completely
unaffected by the new policy, retail
General Merchandise Group*
sales declined somewhat (chart 1). The
..I
I
available evidence indicates that there
was a strong advance in August, however. Sales of retailers in the auto group
DURABLES
were an important factor in the overall
gain indicated for August, but increases
were fairly widespread in both durable
Automotive Group
and nondurable lines.
Dealers' unit sales of new domestic
cars show a strong jump in the final
third of August. This may reflect buyer
response to the President's August 15
1968
1969
1970
1971
Seasonally Adjusted
message, but could be due to other
factors. (Sales strength continued in the * Includes nonstore retailers
Data: Census
first third of September.) For the month U.S. Department of Commerce, Office of Business Economics
71-9-1
-~:
SURVEY OF CURRENT BUSINESS
meanwhile, gained very strongly in
August, rising about 10 percent from
the June-July pace to an annual rate
of 1.85 million units. This may reflect
a burst of buyer interest in the imports
already on hand, which were unaffected
by the import surcharge imposed
August 15.
Total personal income rose $8%
billion (annual rate) in August. A pay
raise for postal workers boosted income
about $2% billion (of which about
$2 billion was a one-time "bonus"
and about $% billion was a permanent
increase). Also, farm proprietors' income again jumped sharply, rising
almost $1 billion in August after a gain
nearly that large in July. Otherwise,
the August gains in wages and salaries
and in the nonwage income components
were roughly in line with trends in the
spring and summer. The increase in
wages and salaries, about $4 billion
apart from the postal pay raise, was
basically due to a longer average workweek and higher hourly earnings, as
employment was little changed from
JulyPersonal income growth in 1971 has
been fairly strong even though employment has been essentially stable.
The June increase in social security
benefits, retroactive to the first of the
year, was of course an important
factor in the growth of income this
year though certainly not the only
one.
Consumers have hesitated to
spend, however, and the saving rate
has been running slightly above 8
percent for a year now. With disposable income at an annual rate of
about $750 billion, every percentage
point difference in the saving rate
represents a difference of about $7%
billion in consumption spending.
A visible response to the new economic policy was registered in credit
markets, where the upward course of
interest rates was reversed. Rates in
money and bond markets had been
rising since early spring and by early
summer were exerting upward pressure
on mortgage rates and raising the threat
that saving flows to the mortgage
lending institutions might be curtailed.
The general firming in mortgage market
conditions had become a tempering
factor in the outlook for residential
construction, which has been the
strongest element in the current economic expansion. The easing in market
rates of interest allays, at least for the
present, the threat to the homebuilding
boom posed by the firming in mortgage
markets. Starts are currently running
at a very high annual rate of about
2% million units and residential investment continues to be a strong component of aggregate demand, though the
growth rate of residential outlays is
slowing.
An important factor to bear in mind
September 1971
when assessing current activity is the
sharp runoff of steel inventories. Although steel stocks are a relatively
small part of aggregate inventories, the
current liquidation is exerting a powerful influence on this summer's inventory investment. In August, steel
users are estimated to have cut 4
million tons from the 12% million tons
they were reported to have stockpiled
as a strike hedge. This very steep
reduction of inventories apparently
satisfied most of last month's demand
for steel and mill production and
shipments fell drastically.
Second Quarter Profits and GNP
On the basis of additional information, OBE has revised the estimate of
second quarter corporate profits. As
measured in national income, i.e., excluding inventory profits or losses,
total corporate profits are now estimated to have been $78.3 billion
(seasonally adjusted annual rate) in the
quarter; the preliminary estimate,
published in August, was $77.0 billion.
The book profit estimate (i.e., profit
including inventory gains or losses) was
raised by the same amount, from a
preliminary $82.0 billion to a revised
$83.3 billion. The revision was principally in profits earned abroad and
remitted to the United States. Because
foreign taxes on these profits are for the
most part used as a credit against U.S.
tax liability, the estimate of corporate
profits tax liability was little affected by
the revision.
As was outlined in last month's
SURVEY, the U.S. national income and
product accounts treat income earned
abroad as representing, on the "product
side" of the accounts, an export of
capital services. Therefore, second
quarter net exports of goods and
services, and total GNP, were revised
up correspondingly. Some slight revisions were made in other components
of goods and services exports and in
imports as well, so that the second
quarter figures in the GNP accounts are
identical to the second quarter figures
appearing in the balance of payments
accounts (reported beginning on page
32 of this issue). In total, net exports
and GNP were revised up $1.7 billion.
Federal Receipts and Expenditures
The impact of the NEP on the Federal fiscal position (NIA basis) in the
second half of 1971 and in the first half
of 1972 is shown on table 1. The major
impact of the proposal to defer welfare
reform for one year does not appear on
the table because that program was
originally schedule to begin in July
1972.
Impact on receipts
Federal receipts would be cut considerably under the NEP—$4 billion in the
second half of 1971 and $8% billion in
the first half of 1972 (annual rates).
The largest reduction would be in corporate tax liabilities, largely due to the
proposed Job Development Credit. The
September 1971
SURVEY OF CURRENT BUSINESS
Table 1.—Impact of "New Economic Policy"
on Federal Receipts, Expenditures, and
Deficit (NIA Basis)
(Billions of dollars, seasonally adjusted at annual rates)
Federal government receipts
Personal tax and nontax payments. _ _
Corporate profits tax accruals
Indirect business tax and nontax
accruals 1 . .
Federal government expenditures
1971
1972
Second
half
First
half
—4 0
—8 8
— 2.4
-2 5
—4 1
—1 6
—2 2
-3.4
—6 0
Purchases of goods and services
National defense . Other
— .9
— .2
— 7
—4 5
—2 4
—2 1
Transfer payments to foreigners
— 1
— 1
Grants-in-aid to State and local governments
—2 4
—1 4
Federal deficit, lnational income and product accounts -
— 6
—2 8
1. Excluding import surcharge, which would add about $2
billion (net) to receipts in its first full year.
proposed credit is similar to the investment tax credit in effect in 1962-66
and 1967-69, but with two major differences. First, a 10-percent tax credit
would apply to machinery and equipment acquired in the year beginning
August 16, 1971, including goods ordered before that date; the 10-percent
credit would also apply to goods delivered by February 15, 1973, provided
they were ordered before August 16,
1972. The credit would drop to a
permanent rate of 5 percent for goods
ordered after August 16, 1972. Second,
no credit would be allowed for foreignproduced goods so long as the temporary
import surcharge is in effect. Corporate
taxes would also be lowered beginning
January 1, 1972 by adoption of the
Domestic International Sales Corporation (DISC) proposal which provides for
tax deferral on export income if such
income is used in export-related
activities.
Personal taxes also would be cut
under the NEP, principally because tax
reductions now scheduled for January
1973 would be moved forward to January 1972. The personal exemption
would move to $750 and the standard
deduction to 15 percent under the NEP
proposal. Under present law, the exemption is already scheduled to increase
from $650 to $700, and the standard
deduction from 13 percent to 14 percent, on January 1, 1972. Personal
taxes would also be lowered by the at $9 billion to $10 billion below the
impact of the Job Development Credit January estimates, largely because of
on unincorporated business.
reductions in the estimates of corporate
Indirect business taxes will be reduced income tax collections. (No revised
if Congress repeals the automobile estimates are available for receipts on
excise tax retroactive to August 15, the NIA basis.)
as proposed. The present tax is 7
Federal expenditures, also excluding
percent of the manufacturer's price to the effect of the NEP, are now estithe dealer, or slightly under 5% percent mated by the Office of Management
of the final price to the purchaser, an and Budget at about $8 billion above
average of $200 per automobile. The the January estimates on the unified
temporary import surcharge is also budget basis (and unofficially estimated
classified as an indirect business tax, by OBE at $7 billion over budget on the
and will increase receipts about $2 NIA basis). Congressional action acbillion (annual rate) while in effect counts for over half of the upward
(but this is not included in table 1). revision, and increases in "uncontrollable" programs, such as for unemployImpact on expenditures
ment benefits and public assistance,
The President's program also calls account for much the rest.
for reductions in Federal expenditures.
The new estimates of receipts include
On an NIA basis, these reductions are the net impact of several changes in
estimated at $3.4 billion in the second social security financing that have
half of 1971 and $6 billion in the first occurred since January. Congressional
half of 1972 (annual rates).
deferral from January 1, 1971 to
Purchases of goods and services and January 1, 1972 of an increase in the
grants-in-aid to State and local govern- wage base from $7,800 to $9,000 reduced
ments are the categories principally estimated fiscal 1972 collections by
affected. Both defense and nondefense $2.8 billion. That reduction would be
purchases would be reduced by post- only partly offset in fiscal 1972 by the
ponement of a previously scheduled House-approved increase in the social
Federal pay raise from January 1, 1972 security tax rate from 10.4 percent to
to July 1, 1972, and by intended re- 10.8 percent (employer and employee
ductions in employment. (As a result combined) and in the wage base to
of the President's proposal, it is ex- $10,200, both effective January 1, 1972.
pected that there would be 66,000 (Both of the latter increases await
fewer Federal employees on June 30, action by the Senate).
1972 than on June 30, 1971.) NonAlthough the net impact of these
defense purchases in fiscal 1972 are Congressional actions would lower fiscal
further reduced by the deferral of 1972 collections relative to the estiwelfare reform which would have re- mates in the January budget, the
quired about $% billion of administra- combined effect of the wage base
tive costs in this fiscal year.
change under present law and the new
The reduction in grants results largely increases under the House proposal
from the deferral of general revenue would raise calendar 1972 tax liabilisharing from October 1, 1971 to Janu- ties (and NIA contributions for social
ary 1, 1972, and the deferral of certain insurance) by more than $7 billion, as
special revenue sharing programs from shown in table 2.
January 1972 to July 1972 and January Table 2.—Calendar 1972 Tax Increases for
Social Security Under Present Law and
1973.
Proposed Legislation
[Billions of dollars]
Other fiscal developments
A number of factors, in addition to
the President's proposals, have changed
the January budget estimates of fiscal
1972 receipts and expenditures.
Federal receipts (unified budget
basis), excluding the President's August 15 proposals, are now estimated
Present law:
Maximum wage base rises from $7,800 to $0,000. _
Proposed legislation:
Maximum wage base rises from $<),000 to $10,200..
Employer-employee tax rate rises from 10.4% to
10.8%
'
--- Total impact
7.1
SURVEY OF CURRENT BUSINESS
Wages Under Collective Bargaining
provided under contracts negotiated in
the year 1970. As in recent years, there
was widespread "front loading" of
multiyear contracts, i.e., providing
larger wage gains in the first year of
the contract than in subsequent years.
The annual wage increase over the full
life of these contracts averaged 8 percent, down from 9 percent last year.
The deceleration of first-year wage
gains was outside manufacturing; the
Wage Increases Under Collective Bargaining average increase provided in new manufacturing contracts accelerated some<
*™~~—-* In first year of contract
what (chart 2). In part, the slowdown
•
• Over life of contract
outside manufacturing can be traced to
Increases negotiated in first half
the small number of workers bargaining
of 1971 were smaller than last year's
in the construction industry and to the
fact that the wage gains won in the
Percent Per Year
15
construction settlements were substanALL INDUSTRIES
tially smaller than gains won in 1970.
The
first half of this year saw settle10
ments of only nine major construction
labor contracts, covering 35,000 workers, and these provided an average firstyear wage increase of 13% percent. Last
year, contracts covering 700,000 workers provided an average increase of 17%
Some acceleration of increases in
manufacturing...
percent.
15
Since the end of March, construction
MANUFACTURING
labor contracts have been subject to
a new system of wage restraints under
10
the jurisdiction of the Construction
Industry Stabilization
Committee
(CISC). This committee had approved
nearly 100 contracts by midyear, but
only three met the Bureau of Labor
Statistics definition of a "major" situawas offset by deceleration outside
manufacturing
tion, i.e., one involving 1,000 or more
workers. The CISC review process is
NONMANUFACTURING
15
helping to curb the rise of construction
wages and prices. However, the small
number of major situations reviewed
10
precludes any assessment of the Committee's impact on major contract
settlements in the first half of this year.
Aside from the construction industry,
the collective bargaining schedule is
1969
1968
1970
1971
very heavy this year. Approximately
4% million workers—about the same
NOTE.-Figures plotted are mean percentage increases in straight time
hourly earnings resulting from collective bargaining agreements reached
as last year—are covered by contracts
in the time period indicated and covering 1,000 or more workers.
that expire in 1971 or contain provisions
Data: BLS
U.S. Department of Commerce, Office of Business Economics
71-9-2
for a reopening on wages this year.
There was a deceleration in this year's
first half of wage rate increases negotiated in major collective-bargaining
agreements. Settlements of contracts
involving 1,000 or more workers provided an average first-year increase of
10 percent in straight time hourly earnings, compared with a record 12 percent
September 1971
Moreover, at least 5% million workers
were scheduled for deferred increases
negotiated in contracts settled in 1970
and earlier; BLS estimated at the start
of the year that the deferred increases
paid in 1971 would average about 1%
percent, the largest on record. Also,
about 3 million workers are covered by
provisions of escalator clauses tied to
changes in the consumer price index.
The schedule of negotiations and wage
increases has of course been thrown
askew by the 90-day freeze inaugurated
on August 15. Roughly 700,000 private
nonfarm workers are under contracts
expiring during the freeze or having provisions for reopening in that period, 1.2
million were scheduled for deferred
increases, and 600,000 are under contracts that might have granted escalator
increases. The President's new economic
policy will almost certainly result in
the average wage increase for full year
1971 being lower than it otherwise
would have been. The success of the program depends heavily on the outcome of
labor negotiations after the freeze. A
key factoir in determining these outcomes will be the "Phase II" program
that succeeds the freeze—and the nature
of that program is not now known.
Union and nonunion ivages
An interesting question, with considerable relevance for assessments of
the course of wages and prices, is the
extent to which nonunion wages differ
from union wages in their responsiveness
to economic conditions. The figures
previously cited on wage increases
negotiated under major agreements are,
by definition, for union members in
situations involving at least 1,000
workers. It would not be surprising to
find nonunion wages responding more
sensitively than union wages to fluctuations in economic activity, mainly
because of greater management discretion in nonunion firms.
Unfortunately, there is not much
systematic evidence bearing on nonunion wages, but BLS does prepare
data on wage rate increases in manufacturing for union and nonunion firms
separately. In the nonunion group this
September 1971
information is collected only from firms
that make general wage changes; firms
that change wages on an individual
worker basis are excluded. Data for the
first quarter of 1971, which cover a very
limited number of workers, indicate a
mean increase in straight time hourly
earnings of 5h percent for nonunion
establishments, compared with 6 percent in both 1970 and 1969, and 5%
percent in 1968. By contrast, the mean
increase for union establishments was 8
percent in the first quarter as compared
with 1% percent in 1970, 7% percent
in 1969, and 6% percent in 1968.
"Effective"
SURVEY OF CURRENT BUSINESS
to the big first-year wage increases
typical under "front loading"; the
first-year change dominated the EWA,
accounting for 5.1 percentage points
out of the total 8.8 percent EWA
(table 3). In years of lighter bargaining,
such as 1969, first-year increases receive
less weight, deferred increases are more
prominent, and the rise in the EWA
moderates.
Table 3.—Components of Effective Wage
Adjustment
[Mean percent change]
1970
1968
1969
3. 2
2 4
.3
6.0
2.4
38
.3
6.5
51
31
.6
8.8
30
2 1
.5
5.7
2 1
2 7
.5
5.4
33
2 5
1.2
7.1
3 4
2. 7
.1
6.3
2 6
4.8
2
7'. 7
68
3.6
.1
10.5
wage change
Deferred wage increases are probably
rare in nonunion firms, but they are an
extremely common feature of multiyear
union contracts. For this reason, it is
interesting to look at the behavior of
the "effective wage adjustment"
(EWA) calculated by BLS for workers
covered by major agreements. The
EWA is the average percentage change
in straight time hourly earnings resulting from: (1) the first-year wage change
under new contracts (including situations in which wages are unchanged or
decreased); (2) deferred increases, negotiated in earlier years but paid in the
year in question; and (3) nonguaranteed
cost of living adjustments resulting
from escalator clauses.
The EWA for the year 1970 was 8%
percent, up sharply from 6% percent in
1969 and 6 percent in 1968.
The EWA is determined both by
size of the wage increases (first-year,
deferred, escalator) and by the number
of workers receiving them. The marked
acceleration of the EWA from 1969 to
1970 was attributable mainly to the
fact that 1970 negotiations covered a
record 4.7 million workers, compared
with 2.8 million in 1969. The large
number of workers gave heavy weight
Private nonfarm, all industries:
First-year wage change - .
Deferred wage change
Cost of living escalator change
Total effective wage adjustment
Manufacturing :
First-year wage change
Deferred wage change
Cost of living escalator change
Total effective wage adjustment
Non manufacturing:
First-year wage change
Deferred wage change
Cost of living escalator change
Total effective wage adjustment
NOTE.—All figures are employment-weighted means of
wage changes occurring under the provisions of agreements
covering 1,000 or more workers, and represent percentage
increases in straight time hourly earnings.
Source: Bureau of Labor Statistics.
Last year's acceleration in the EWA
was more pronounced in nonmanufacturing industries than in manufacturing. In part, this can be traced
to very big first-year increases negotiated in the trucking and construction
industries. In manufacturing, the increase in the EWA reflected generally
heavier bargaining and a big jump in
the average cost-of-living escalator adjustment. That jump was due to both
an increased number of workers covered
by escalator clauses and the pronounced
rise in prices. In addition, the escalator
adjustment was boosted by a cost-of-
living "catch up" provision in the auto
labor contracts.
Effective
change in 1971
It is not possible to calculate the
EWA for the first half of 1971 because
information is lacking on deferred increases and escalator adjustments effective during that period. BLS has estimated the average deferred increase
for all of 1971, but there has been no
allocation of this estimate between half
years.
It would not be appropriate to project
an EWA for the year as a whole using
information on settlements negotiated
through June. This is so because those
settlements covered only 1% million
of the 4% million workers scheduled for
bargaining in 1971, and represented an
untypical industry mix, in part because
there were so few major settlements in
the construction industry. Nonetheless
the EWA for the full year 1971 will
very likely reflect some dampening
caused by the new economic policy.
Even in the absence of this, however, it
seems quite possible that 1971 might
have seen a downturn in the EWA. The
deceleration of the average first-year
increase in the first half of 1971 (to 10
percent, compared with 12 percent in
1970) did reflect rather limited coverage, but the period nevertheless included key agreements in the railroad,
can, apparel, and aluminum industries,
which typically set patterns for subsequent settlements. Furthermore, escalator increases are not expected to be as
important this year as last, both because
of the special effect that the auto settlement had on last year's figures and because of the slower rate of price increase
this year. Some offset to these factors is
the anticipated higher average deferred
increase scheduled for 1971, but it does
not seem likely that this will dominate
the year's EWA.
September 1971
SURVEY OF CURRENT BUSINESS
6
In August: Nonagricultural payroll employment was virtually unchanged
The jobless rate rose to 6.1 percent
Wholesale industrial prices increased sharply, nonindustrial prices declined
THE LABOR MARKET
TOTAL PRODUCTION
Billion $
Million Persons
1,050
85
PRICES
Percent
16
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
83
1,000
IMPLICIT PRICE DEFLATOR FOR GNP*
(Change From Previous Quarter)
12
Labor Force
81
950 -
illilillh
Employment
79
77
Monthly (Aug.)
Quarterly (II)
BLS
Percent
8
Billion $
40
1967=100
140
UNEMPLOYMENT RATE*
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
QBE
CONSUMER PRICES
30
130
Total
20
IIlull,
10
Total
110
0 I i i i i i I i i i i I I i ii i i I i i i i i I i ii i iI i i ii i
Quarterly (II)
Monthly (Aug.)
QBE
Billions
72
-
100 I i i i i i I i t i i i I i i i i i i i i i i i I i i i i i I i i I i
BLS
Million Persons
76
850
800
120
Married Men
Monthly (July)
Billions
BLS
1967 = 100
120
WHOLESALE PRICES
NONFARM ESTABLISHMENTS
(Employees)
Employment* (left scale)
115
Total
750
-
700
-
68
Man-Hours*
(right scale)
140
110
130
105
120
100 ' i I I ' i I i M i i I t i i i I I i i I i i I i i M i I i i i i i
Data being revised by source agency.
60
650
Monthly (Aug.)
Quarterly (II)
Percent
Hours
12
45.0
8
BLS
Dollars
1967=100
WHOLESALE PRICES
_ 3.40
** «
35.0
1970
1971
QBE
Quarterly (II)
*• Seasonally Adjusted
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
1969
3.20
110
- iA/***+&U
\A* \ j
•/
/
//
Farm
Products
~^
1111 1 111 1 11 i i11ii1111i
*
"
;
_
\f;
105
1 1 1 i i i 1 1 1 i i i i i 1 1 1 1 1 1 1 1 2.80
100
Monthly (Aug.)
jf*
'J^^K
/ \ j\\ j\
~ 3.00
1970
\
,
40.0
..„.}/"* Average
Weekly Hours*
/**
«•**"
/
(left scale)
37.5 — ^ '
Processed Foods
and Feeds
115
'
1969
BLS
120
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
f *
42.5 _
.••**
Average Hourly Earnings .. .*
(right scale)
w.X
-
Monthly (Aug.)
1971
BLS
1969
1970
Monthly (Aug.)
~
i I i i i 1 i i iii
1971
BLS
SURVP^Y OF CURRENT BUSINESS
September 1971
•
•
•
In August: personal income rose $8.8 billion, boosted by an increase in postal workers' pay
Sales of both domestic cars and imports increased
Expenditures for plant and equipment expected to rise $0.8 billion in third quarter and change little in fourth
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billior $
FIXED INVESTMENT
Billio n $
Billion $
700
900
s-
PERSONAL INCO ME**
100
PERSONAL CONSUMPTION EXPENDI TURES**
Producers' Durable Equipment**
650
75
800
600
50
750
550
25
850
\
-
Nonresidential Structures**
\
-ir-tr"1
..••*
Residential Structures**
i 11 ii 1I 11i 1 M 1 t t 1 lilt
700
l
500
1 1 1 1 1 1 1 1 II 1
Monthly (Aug.)
i
t
i
QBE
|
1
|
1
1
Quarterly (II)
WAGES AND SALARIES**
Total
(left scale)
550
^<~
i
|
i
i
1
i
1
QBE
Billio n $
100
PLANT AND EQUIPMENT EXPENDITURES**
RETAIL STORE SALES*
/
f^
i
Quarterly (II)
Bill'on $
40
Billio n $
600
i
0
QBE
35
90
Total
500
200
30
150
25
80
,.,**••
"t '•••'
450
400
.•-•••
Manufacturing
(right scale)
i i 1 1 i1 1 i 11 i i i i i11 1 i i ii
1 I 1 1 1 1 M
1 1 t
Monthly (Aug.)
100
20
•••"'/
/
Excluding Automotive Group
i i i i t 1 1 i i i i i ii t 1 1 i ii ii
QBE
Billior1 $
70
.,
1 t 1 1 1 1 II
Monthly (July)
DISPOSABLE PERSONAL INCOME* *
i
t
i
l
1
1
1
OBE-SEC
Bil lion $
9
CAPITAL GOODS MANUFACTURERS*
10
/
i
Quarterly (IV)
NEW CAR SALES**
750
8
-
Domestic
700
-
/
650
i
60
t 11
Census
Mil ion Units
12
800
o Expected
8
>->ATj!l
7 _
-
1
\
\
Imports
(right scale)
6
p—
;
4
Shipments
j\
V w.
2
6
New Orders
i
600
|
i
\
\
\
1
1
4 >i i i i i i i i i i i i i i i t i i i t i i
1
Quarterly (II)
QBE
0
1 1 1 1 11 1 t 1 11
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,700 _ (In 1958 Dollars)
-
2,500
_^^
\
1969
1
\
\
1970
Quarterly (II)
* Seasonally Adjusted
I
2.0
Starts
8
1
l
4
1971
/^*
*""
••.•*•
,
* * Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics
1.5
1.0 _
i
l
1969
QBE
Census
PRIVATE HOUSING**
6
\
Monthly (July)
Milli on Units
2.5
10
s—"X^
\
i i i i i I i i 1 1 t i i 1 1 t 11 i 1 1i i i i i i 1 i t 11i
PERSONAL SAVING RATE*
/
2,600
5
Trade Sources & OBI
Per cent
12
Dollars
2,400
Monthly (Aug.)
l
i
l
l
1970
Quarterly (II)
1
1
1
.5
1971
Permits
1 1 i ii t 1 1 i i i 1 1 1 11 i1 1 ii i ii ii1 t itt i
1969
QBE
/
j
v .
1970
Monthly (July)
1971
Census
SURVEY OF CUKRENT BUSINESS
8
•
•
In July: Manufacturing and trade firms added $420 million to their stocks
Net exports of merchandise in deficit again
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
30
-
20
-
-
8
Billion $
140
FEDERAL PURCHASES OF
GOODS AND SERVICES**
-
120
-
Total
\
Goods and Services
4
.
100
"""""/•*""
10
Defense
Merchandise \.. -n. \
80
0
\
llh
• • I HI
Quarterly (II)
i
-4
i
i
QBE
Billion $
190
_
i
i
i\ i
i
•
i
Quarterly (II)
i
60
i
Billion $
6.0
4
Total
-
_
5.0
^^T^^^
4.0
U
Exports
3
150
-
S^
160
i 1 1 1 11 1 i 1 1i i i 1 1 1 11 i 1 1 1 i 11 i i 1 1 1 1 1t
Monthly (July)
—
2.0
/i i i 1 1 1 1 1 1 i 1 1 i i i i i 1 1 i i i 1 1 1 1 1 1 1 1 1 1
*' Imports
Monthly (July)
Billion $
Billion $
8
-
4
,00
——~*
0
"
80
—
Trade
A
60
1 t 1 1 11 t 1 1 1 1
A
V
:
*«.../
-
i 1 1 1 i i 1 1 1 i i i 1 1 i 1 1 1 1 1 ii
0
Census
, , , , ,,
Monthly (July)
Census
FEDERAL BUDGET**
(NIA Basis)
r-
-
225
-
—
x
Receipts
\
\
200
NT*" •**" ^/^iS^x^^"11"******^. *****
Current Account and \
Long-Term Capital
175
_
..v *
/
_
Expenditures
-
1 I 1 1 11 l 1 lI l
|| M i l 1 1 1 1 1
i
-8
i
i
Census & QBE
Ratio
2.2
i
i
i
i
i
i
Quarterly (II)
i
150
-
-
4
/\
i
l
1
1
1
QBE
STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**
-
150
Net Liquidity
- Balance
,
^^^-^
19S
Total Manufacturing ^ *
^— —-/
and Trade
\f
\ /N
V
l
Billion $
175
....
V
/ \X|\
S\^
J
r-^Nx-^
l
Quarterly (II)
BALANCE OF PAYMENTS*
INVENTORY/SALES RATIOS*
l
QBE
Billion $
8
Manufacturing
~
?.
Shipments/;
Billion $
250
-4
Monthly (July)
2.0
QBE
-
Current Account
Manufactur ng
V
i
'\ 1 T
-£j**^*f\S^f**j^ <iV /
BALANCE OF PAYMENTS*
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
-
1
~ r
Census & QBE
i
'<
t
Vv
3.0
140
120
2
A/^>w^*^>^
^^
i
DEFENSE PRODUCTS*
New Orders
\i
170
i i i
Quarterly (II)
MERCHANDISE TRADE*
_
i
QBE
Billion $
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
180
GOVERNMENT
Billion $
12
NET EXPORTS**
40
o
September 1971
N
1.6
1.4
../ -...xO-'
~.
v
i 1 1 i 11 1 1 1 ii i ii i 1 1 i i1 1 i i 1 1 i 1 1 i i i 11
1969
1970
1971
Monthly (July)
* Seasonally Adjusted
Census & QBE
* * Seasonally Adjusted at Annual Ratejs
U.S. Department of Commerce, Office of Business
Economics
/
-4
***••
Official Reserve
"*••%••
i
i
1969
i
i
i
100
-
—
%
Transactions Balance
-ft
\
\ \
* ~..\
i
1970
Quarterly (II)
i
i
i
75
1971
i
1969
QBE
l
l
i
1970
l
l
1
1
1
1971
Quarterly (II)
QBE
SURVEY OF CURRENT BUSINESS
September 1971
9
.
In August: Industrial production declined
Bank credit and money supply increased
Interest rates and bond yields dropped
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
1967 = 100
Billior $
130
500
260
INDUSTRIAL PRODUCTION*
120
100
90
-
^Total
-
.~''^\ ~
Durable \ Manufactures \/
1 111111111
i i i i 1 1 t i i i i i 1 1 1 1 1 i MI
Bank Credit
(left scale)
S]
S^
380
340
~"'"
Money Supply
(right scale)
i i ii iii i i i i
FRB
i 11iiii111 i
i 11111i 111i
Monthly (Aug.)
INDUSTRIAL PRODUCTION*
1
125
^"•""•V
'
100 -
Before Taxes
..••'"'
/'
•-. \
(AV
A
80
200
60
180
40
:
1
/
"
-
i
i
i
i
i
i
i
i
i
Quarterly (II)
QBE
Billio n $
100
CORPORATE CASH FLOW AND PROFITS**
FREE RESERVES
80
0
.V JAutos/ vi
-
220
FRB
Bil ion $
2
-
240
^^
1967 = 100
150
75
./
460
420
Monthly (Aug.)
100
CORPORATE PROFITS AND IVA**
s**^
-..-U ,....,
S-
120
BANK CREDIT AND MONEY SUPPLY*
Nondurable
Manufactures
110
PROFITS AND COSTS
Billio n $
Cash Flow
S^
\ _^^^/[
_
60
\
f^
-1
- V/M
v
-2
1 1 11 1 111 t 1 1
1 111 1 1 1 1 11 1
Profits After Taxes
— in,.
\-
^-
40
.
^^^^
\ :
50
i i i i i 1 i i i i i i i i i i 1 i i I'H-!I
i i i i i 1 i i i ii
FRB
Monthly (Aug.)
Per cent
90
~
-
Per cent
Perc ent
24
10
i
75
-
16
i
70
i
i
N
i
i
1
8
/
/
*"***.
0
3-month Treasury Bills \
1
Quarterly (II)
4
1
t
t
1
1 1 1 1 1
1 1 1
1 1
1 1 1 1 1 1 1 1
\
J
1
\ 1 1
L»l
1 i
1 1 1 1
1941 -43 =10
Perc ent
140
24
-
32
"^v
• yX
>
28
24
STOCK PRICES
-
lipments
1 1 1 1 1 1 1 1 * 1 1 1 1 1 1 1 i 1 1 1 11
1969
1970
Monthly (July)
* Seasonally Adjusted
i 1 1i 1 1 1 1 1 1 1
Census
* * Seasonally Adjusted at Annual Rates
DigitizedU.S.for
FRASER
Department
of Commerce, Office of Business Economics
120
_
Output r-i
n
"
•
BLS
100
^X/\ Standard and Poor's 500
16
/s.
8
0
60
Mill. .1.1
-8
1969
1971
-
UNIT LABOR COSTS, PRIVATE ECONOMY* *
(Change From Previous Quarter)
80
New Orders
QBE
Quarterly (II)
40
36
l
-8
Billic>n $
DURABLE GOODS MANUFACTURERS
l
JIJlJl fljlJiilJi
•
Monthly (Aug.)
FRB
i
Co fnpensation
8
6
i i
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY**
- (Change From Previous Quarter)
Corporate Yields, Moody's Aaa
\
80
i
Quarterly (II)
INTEREST RATES AND BOND YIELDS
Manufacturing
i
20
FRB
12
RATIO, OUTPUT TO CAPACITY*
85
1 111 111 1111
Monthly (Aug.)
1970
Monthly (Aug.)
1971
1969
1970
Quarterly (ll)
1971
BLS
SURVEY OF CURRENT BUSINESS
10
September 1971
NATIONAL INCOME AND PRODUCT TABLES
1971
1970
1969
II
1970
III
1970
IV
1969
Table 1.—Gross National Product in Current and Constant Dollars (1.1,
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
1.2)
974.1
956.0
968 5
983.5
988.4 1,020.8 1, 043. 1
724 7
720 0
719 8
721 1
723 3
715 9
729 7
738 4
615 8
88 6
264.7
262 5
604 0
88 6
259.4
256 1
613 8
90 7
262.9
260.2
620 9
90 4
265.5
265 0
624 7
84 9
270.9
268 9
644 6
97.6
272.0
275 0
660.9
100.8
279.8
280 4
469 3
84 8
202.7
181 8
475 9
81 4
207.3
187 2
474 4
82 3
205.7
186 4
477 1
83 8
206.5
186 8
477 9
82 8
207.3
187 9
474 2
76 6
209.7
187 9
484 8
86 7
209.2
188 8
492 3
89 2
213.2
190 0
137.8
135.3
131.2
134.1
138.6
137.3
143,8
152.4
109.6
102.2
101.0
102.7
104.0
101.2
104.7
109.9
130.4
132.5
130.8
132 1
133 5
133.6
140.6
146.7
103.2
99.9
100 7
100 7
100.1
98 1
102 1
105.0
98.6
34.5
64 1
102.1
36.8
65 4
100.8
36.1
64 7
102.1
36.6
65 6
104.8
37.3
67 5
100.8
37.1
63 7
104.3
37.9
66 3
107.0
38.2
68 8
80.1
24.6
55 7
78.6
24.2
54 4
79.3
24.6
54 7
79.4
24.4
55 0
80.1
24.2
55 9
75.5
23.5
52 0
77.5
23.8
53 7
78.7
23.1
55.6
31.8
31 2
6
30.4
29 7
.6
30.0
29 4
.6
29.9
29 3
.6
28.7
28 1
.6
32.8
32 2
.6
36.4
35 7
.6
39.7
39 1
.6
23.1
22 6
.4
21.3
20 9
.4
21.4
21 0
.4
21.3
20 8
.4
20.0
19 5
.4
22.6
22 2
.4
24.6
24 2
.4
26.4
26.0
.4
7 4
7 3
1
2 8
2.5
3
.4
.1
3
2 1
18
3
5 1
4 7
3
3 7
3.3
4
3 2
3.0
2
5.7
5.2
5
6 4
6.3
1
2.3
2.0
3
.3
.0
2
2.0
1.7
3
3.9
3. 6
3
31
2.8
4
2.6
2.4
2
4.9
4.4
.5
2.0
3.6
3.5
4.2
4.0
2.7
4.2
—.5
.1
2.4
1.7
2.6
3.2
2.1
2.6
55.6
53 6
62.9
59 3
61.5
58.0
63.2
59 0
63.7
59 7
63.2
60.5
66.1
61.9
66.4
66.9
48.5
48.3
52.2
49.8
51.6
49.9
52.8
50.1
52.4
49.2
51.9
49.8
52.8
50.1
53.0
54.0
209.7
219 4
217.3
216.5
220.1
223.7
228.2
230.2
145.6
139.4
142.6
138.7
138.2
138.3
137.6
137.1
97.2 100.2
75 4
78 9
21 9' 21 3
96.8
75 1
21 6
96.1
74 2
2l' 9
95.9
73 2
22 7
96.7
73 0
23 7
95.7
71 8
23 9
73.8
65.4
69.4
65.3
63.8
63.2
61.5
60.5
119 7
124 0
127.9
131.5
134.5
71.9
74.0
73.2
73.4
74.3
75.2
76.1
76.6
122 2
117 1
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3,
Gross national product
.
..-
929.1
Final sales
Change in business inventories
Goods output .
Final sales
.
Change in business inventories
..-
Durable goods
_.
_
Final sales
Change in business inventories
.
Nondurable goods
Final sales
Change in business inventories
Services
974.1
956.0
968.5
Gross national product
Business
Nonfarm
Farm.
_
_
Households and institutions
Rest of the world
.
General government .
1.5)
983.5
988.4 1,020.8 1,043.1
724.7
720.0
719.8
721.1
723.3
715.9
729.7
738.4
718.2
6.4
717.7
2.3
719.5
.3
719.1
2.0
719.4
3.9
712.8
3.1
727.1
2.6
733.5
4.9
921 7
7.4
971 3
2.8
955.6
.4
966 5
2.1
978 4
5.1
457.3
468.3
461.9
468.6
474.9
467.7
483.2
494.6
389.9
383.0
382.7
385. 4
387.2
376.7
386.6
393.3
449.9
7 4
465.5
2 8
461.5
4
466 6
2 1
469.8
5 1
464.0
3 7
480.0
3 2
488.9
5.7
383.4
6.4
380.7
2.3
382.4
.3
383.4
2.0
383.3
3.9
373.6
3.1
384.0
2.6
388.5
4.9
185.3
180 9
4 5
180.2
180 8
— 6
179.8
181 5
—1 8
181.8
183 7
—2 0
189.6
184 9
4 7
169.7
173 1
3 4
191.8
188.0
38
194.2
191.5
2.7
165.9
162.1
38
156.1
156.8
—.6
157.7
159.4
—1.6
158.8
160.3
-1.5
163.7
160.0
3.7
144.4
147.5
-3.1
161.9
158.7
3.2
163.4
161.1
2.3
272 0
269.0
2 9
288 1
284.7
3 4
282 1
279.9
2 2
286 9
282.9
4 0
285 3
284.9
4
297 9
290.9
7 1
291.4
292.0
—.6
300.4
297.4
3.0
224.0
221.4
2.6
226.9
223.9
3.0
225.0
223.0
1.9
226.7
223.1
3.6
223.5
223.3
.2
232.3
226.1
6.2
224.7
225.3
—.6
230.0
227.4
2.6
377.4
410.3
400.8
406.2
413.7
420.6
432.3
439.8
267.8
273.4
273.0
272.3
273.9
274.5
276.1
277.6
100.1
105.2
108.6
67.0
63.6
64.1
63.4
62.2
64.7
67.0
67.4
95.5
93.4
93.7
94.9
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7,
Private. .
-1.0
984.7 1,017.6 1,037.4
3.2
5.7
3.7
94.4
Structures
II*
579 6
89 9
247.6
242 1
110 6
State and local
I
929.1
99.2
78 4
20 7
Federal
_
National defense
Other
IV
Billions of 1953 dollars
Billions of current dollars
Gross national product ..
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Personal consumption expenditures .
Durable goods
Nondurable goods
Services
II
I
1970
1971
1.8)
929.1
974.1
956.0
968 5
983.5
988.4 1,020.8 1,043.1
724.7
720.0
719.8
721.1
723.3
715.9
729.7
738.
825 3
859.8
844 5
854 8
868.3
871.6
899.5
920.1
664.0
659.4
659.1
660.4
662.8
655.4
669.0
677.
792 5
764 5
28 0
823 4
795 2
28 2
809 1
779 3
29.8
819 7
790 9
28 8
831 3
804 1
27.1
833 5
806 4
27.1
859 6
831.5
28.1
877.9
849. 0
28.9
643. 5
619.3
24.2
638.5
614.6
23.9
637.9
614.4
23.5
640.1
616.1
23.9
641.8
618.6
23.2
634.1
609.2
24.9
646.9
622.0
24.9
654.
629.
25.
28.5
31.7
30.9
31.0
32.1
33.0
34.2
35.0
16.5
17.0
17.1
16.8
17.0
17.1
17.6
17.
4.3
4.6
4.5
4.1
4.8
5.1
5.6
7.2
4.0
4.0
4.1
3.6
4.0
4.2
4.5
5.
103.8
114.4
113.8
115.2
116.8
121.3
122.9
60.7
60.6
60.7
60.7
60.5
60.5
60.8
60.
111.6
HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department Field Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and final data for the preceding 2. The July 1971 issue has
data for 1967-70. Prior July issues have final data as follows: 1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970. QBE will provide
on request a reprint of final data for the years 1964-67.
*Second quarter net exports (and related totals) revised.
SURVEY OF CURRENT BUSINESS
September 1971
1970
1969
I
1970
II
11
1970
1971
III
IV
I
II
1969
1970
Seasonally adjusted at annual rates
I
. .929.1 974.1 956.0 968.5 983.5 988.4 1,020.8
'
*
89.8
95.6
97 3
848.0 886.5 870.6 881.6 895.3 898.6
925.2
Less: Indirect business tax and 85.7 92.9 89.7 91.9 94.2 95.8
nontax liability _
4.0
Business transfer payments.. 3.7 3.9 3.8 3.9
4.1
-4.1 -4.5 -7.3 -5.8 -3.2 -1.6
Statistical discrepancy
99.3
OAK 7
'
JQJ 7
4.2
-4.9
4 2
_4' Q
1.6
7
828.3
§44 5
81.1
Plus: Subsidies less current surplus
government enterprises
1.1
87.6
85.4
1.7
1.4
86.9
1.8
88.2
1.9
1.7
763.7 795.9 785.8 793.4 802.2 802.1
Less: Corporate profits and inventory valuation adjustment. 78.6
Contributions for social in54.0
Wage accurals less disburse.0
ments
Plus: Government transfer pay-
70.8
69.8
71.5
73.0
69.0
75.5
70 o
57.6
56.2
57.4
58.4
58.5
63.9
g5 Q
2.5 -2.1
-.4
.0
.0
0
.0
62.2
75.6
67.4
77.3
77.2
80.7
83.7
92 2
29.0
24.4
Business transfer payments.. 3.7
31.7
25.0
3.9
30.9
25.0
3.8
31.1
24.9
3.9
32.2
25.2
4.0
32.4
25.0
4.1
32.0
25.6
4.2
31 7
2*' A
42
750.3 803.6 784.3 803.8 809.8 816.7
834.3
Interest paid by government
(net) and by consumers
Equals: Personal income
I
II
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
Less: Capital consumption allow-
III ' IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
II
1971
Table 6.—National Income by Type of Income (1.10)
Compensation of employees
Wages and salaries
Private
Military
Government civilian
763.7 795.9 785.8 793.4 802.2 802.1 828.3
844.5
565.5 601.9 593.2 598. 5 606.5 609.3 627.9
639.5
509.6 641.4 534.7 538.5 545.2 547.2 662.3
572.4
405.5 426.6 422.5 424.4 429.4 429.9 441.2
19.0 19.4 20.2 19.5 19.2 18.6 19.2
85.1 95.5 92.1 94.5 96.6 98.6 101.8
449.8
18.6
104.0
Supplements to waees and salaries. . 56.0
Employer contributions for social
insurance. .
-..
27.8
60.5
58.5
60.0
61.3
62.1
65.7
67.1
29.6
28.7
29.5
30.1
30.1
33.1
33.7
28.2
30.8
29.8
30.4
31.2
32.0
32.6
33.4
67.0
66.9
68.0
67.6
66.0
65.9
66.0
66.7
50.3
16.8
51.0
15.8
50.2
17.8
51.0
16.6
51.4
14.5
51.5
14.4
51.2
14.8
51.5
15.2
22.6
23.3
23.0
23.2
23.4
23.7
23.8
24.2
78.6
70.8
69.8
71.5
73.0
69.0
75.5
78.3
84.2
75.4
75.6
75.8
78.5
71.6
79.1
83.3
39.7
. . . 44.5
24.4
20.0
34.1
41.2
25.0
16.2
34.1
41.5
25.0
16.6
34.5
41.3
24.9
16.4
35.6
42.9
25.2
17.7
32.3
39.2
25.0
14.3
36 2
42^9
25.6
17.3
37.4
46.0
25.4
20.5
-5.5 -4.5 -5.8 -4.2 -5.5 -2.6 -3.5
-5.1
Other labor income
Proprietors' income
Business and professional
Farm.
.
_..
Rental income of persons
_-
Corporate profits and inventory valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
...
Undistributed profits
Inventory valuation adjustment
Net interest
29.9
33.0
31.8
32.6
33.4
34.2
35.8
35.0
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
763.7 795.9 785.8 793.4 802.2 802.1 828.3
Gross auto product '
30.9
35.2
34.1
22.0
42.1
40.0
28.0 28.9
4.9
5.1
-.9 -1.7
29.9
5.3
1.1
29.6 23.5
5.2
4.1
.5 -3.6
33.9
6.0
4.1
34. 5
"• l
1- ^
-1.1 -1.8 -1.7 -1.4 -1.6 -2.3
2.0
2.2
2.2
1.9
2.4
1.4
3.4
3.7
3.7
3. 6
3.8 3.7
-2.2
2.6
4.8
36.7
7.9
"8
36.6
Personal consumption expenditures. 31.7
Producers' durable equipment
5.6
.1
Change in dealers' auto inventories Net exports
Exports
Imports
.-.
30.6
.
32.2
5.6
26.0
6.3
26.3
6.4
30.3
6.7
30.2
5.5
17.1
6.5
24.8 24.5 26.3 25.2 23.2 23.3 23.9
47.5 49.4 49.0 48.9 49.5 50.3 50.3
221.9 217.7 220.8 220.1 219.9 210.1 223.3
85.7 87.4 87.1 86.9 87.9 87.8 89.3
136.2 130.3 133.7 133.2 132.0 122.4 134.0
24.4
51.6
226. 9
91.2
135.6
z. o
Transportation
5
Electric, gas, and sanitary services
Wholesale and retail trade
28.8 29.5 28.9 29.0 29.9 30.0 31.7
15.7 16.9 16.4 16.8 17.2 17.3 17.0
14.1 14.4 14.1 14.2 14.6 14.8 14.8
114.8 122.1 118.9 121.6 123.1 124.7 126.6
32.1
17.2
15.5
129. 9
82.8 87.0 83.5 85.5 88.3 90.9 92.4
Finance, insurance, and real estate
Services
94.6 103.2 100.3 102.2 104.0 106.2 108.5
Government and government enterprises
114.3 126.5 123.1 125.9 127.7 129.4 134.1
4.1 4.8
4.6
4.5
5.1 5.6
4.3
Rest of the world .
. .
93.8
110. 1
-°
-2
Billions of 1958 dollars
Gross auto product l
844.5
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods
Addenda:
New cars, domestic 2
New cars, foreign
1
35.0
28.3
29.1
33.0
31.6
19.6
36.8
34.7
Personal consumption expenditures. 30.3
Producers' durable equipment
5.4
Change in dealers' auto inventories . .1
25.9
4.6
27.3
4.9
28.0
5.0
1.1
27.4
4.9
.5
21.1
3.7
29.5
5.3
3.8
2
-1.1 -1.7 -1.7 -1.3 -1.5 -2.2
2.2
2.4
2.1
1.9
1.9
1.3
3.3 3.6
3.6
3.7
3.6
3.5
-2.0
2.4
4.4
135. 9
7.2
Table 8. —Corporate Profits (Before Tax) and Inventory Valuation
jj'g
Adjustment by Broad Industry Groups (6.12)
78.6
70.8
69.8
71.5
73.0
69.0
75.5
Financial institutions
12.1
12.8
11.3
12.1
13.5
14.0
14.1
13.6
Non financial corporations
66.5
58.1
58.5
59.4
59.5
54.9
61.4
64.7
30 5
7'3
Manufacturing
Nondurable goods
Durable goods
36.0
17.5
18.4
29.5
16.6
13.0
31.1
16.7
14.3
31.5
16.5
14.9
30.6
16.8
13.8
25.0
16.2
8.8
32.4
16.4
16.0
33.3
17.3
16. 1
1. The gross auto product total includes government purchases.
2. Differs from the gross auto product total by the markup on both used cars and foreign
cars.
and public utilities
-^ other industries
10.0
20.6
8.0
20.5
8.2
19.2
7.8
20.1
7.9
20.9
8.1
21.9
7.3
21.6
7. 7
23.6
Net exports
Exports
Imports
2
i
4*
Addenda:
New cars foreign
31.4
5.5
24.7
6.0
25.3
6.1
29.0
6.4
28.6
5.2
15.8
6.0
32.9
7.1
All industries, total
78.3
SUKVEY OF CURRENT BUSINESS
12
1970
1969
1970
I
II
September 1971
1971
III
IV
I
1970
II
1969
1970
Seasonally adjusted at annual rates
526.3 541.6 534.3 540.1 547. 6 544.3 568.6
579.8
51.3
56.2
54.4
55.7
56.7
58.0
62.6
64.0
49.2
52.2
50.9
51.9
52.8
53.4
55.6
56.9
458.9
350.5 366.0 363.0 364.2 368.8 367.9 378.9
311.1 324.2 322.1 322.9 326.5 325.2 333.9
39.4 41.8 40.9 41.3 42.3 42.7 45.0
386.1
340.2
45.9
1.0
1.1
1.2
Net interest
1.1
1.3
1.2
1.1
1.0
Corporate profits and inventory
valuation adjustment - ... . 74.2 66.0 64.8 67.2 68.2 64.0 70.4
79.7 70.6 70.6 71.4 73.6 66.6 74.0
Profits before tax
39.7 34.1 34.1 34.5 35.6 32.3 36 2
Profits tax liability
40.0 36.4 36.6 36.9 38.1 34.3 37! 8
Profits after tax
22.4 22.8 22.7 23.0 23.0 22.7 23.2
Dividends
. _.
17.6 13.6 13.8 13.9 15.1 11.6 14.6
Undistributed profits
Inventory valuation adjustment. . —5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5
Cash flow gross of dividends
Cash flow, net of dividends
Gross product originating in
financial institutions
71.7
76.8
37.4
39. 4
22.2
17.2
-5.1
OKA Q
540.6
200.9
158 9
127 9
95 6
116 2
545.6
201.4
159 1
130 7
547.2
198.4
155 1
131 8
562.3
203.2
159 6
135 5
572.4
206.7
161 7
138 3
Other labor income
28 2
30 8
29 8
30 4
31 2
Proprietors' incomeBusiness and professional
Farm
67 0
50 3
16 8
66 9
51 0
15 8
68 0
50 2
67 6
51 0
Rental income of persons
Dividends
Personal interest income
22 6
24 5
58 8
23 3
25 0
64 7
23 0
25 0
62 7
23 2
24 9
63 7
23 4
25 2
65 6
oo, 7
or n
66 7
oq o
67 0
24 2
25 4
67 4
65 9
79 g
71 1
81 1
81 2
84 8
87 9
96 4
33 0
38 5
34 2
41 4
39 0
39 4
40 7
47 0
21
83
22 5
39
9 7
27 4
26
91
25 2
36
9 5
26 7
4 2
9 9
28 1
51
10 4
29 8
50
11 0
31 1
61
11 4
31 9
26.3
28 0
27 4
27 8
28 3
28 4
30 9
31 3
94.8
71.8
92.3 100.4
69.6 77.2
103.5
81.2
24.3
25.4
23.9
24.6
26.1
26.9
27.7
27.8
Less: Personal contributions for
social insurance
--
1C C
109 fi
o
1 91 n
104. Q
1 99 R
32 0
32 6
oo A
66 0 CK Q
51 4 51 5
H e U A
Afi n
51 2
fifi 7
m
o
H
OK 0
51 5
I C O
552.0
49.5
54.1
52.5
53.6
54.5
55.7
60.2
61.5
Equals: Disposable personal income... 634.2 687.8 667.6 685.7 696.2 701.5 721.6
740.8
47.1
49.9
48.6
49.5
50.4
50.9
Less: Personal outlays
596 3 633 7 621 5 631 5 638 9 643 0 663 2
Personal consumption expenditures.. 579. 6 615.8 604.0 613.8 620.9 624.7 644.6
Interest paid by consumers
15 8 16 9 16 5 16 8 17 1 17 4 17 7
Personal transfer payments to for9
9
eigners
10 10
.9
.9
.9
679 9
660.9
17 9
362.1
319.4
42.7
15.8
16.2
62.1 53.3 53.5 55.0 54.6 50.0 56.3
67.6 57.8 59.3 59.3 60.1 52.6 59.8
33.4 27.1 27.7 27.7 28.2 24.8 28.9
34.2 30.7 31.6 31.5 31.9 27.8 30.9
20.9 21.1 21.0 21.2 21.2 20.9 21.4
6.9
13.3
9.6 10.6 10.3 10.7
9.6
—5.5 —4.5 —5.8 —4.2 —5.5 —2.6 -3.5
58.1
63.2
30.4
32.8
20.5
12.3
-5.1
85.2
63.9
94.3
73.8
12.9
83.8
. ... 62.9
14.8
84.8
63.7
14.2
84.1
63.0
14.6
15.0
86.5
65.3
15.4
83.5
62.7
91.1
69.8
Billions of 1958 dollars
437.0
Dollars
1.263
.115
.127
.123
.125
.128
.134
.139
.141
.109
.768
.030
.117
.810
.035
.114
.798
.033
.116
.801
.034
.118
.811
.035
.122
.829
.037
.122
.824
.037
.124
.829
.037
Corporate profits and inventory valuation adjustment
.144
.078
Profits tax liability
Profits after tax plus inventory valuation adjustment... .067
.125
.064
.125
.065
.129
.065
.128
.066
.120
.059
.130
.067
.133
.070
.062
.060
.064
.062
.060
.063
.064
Addenda :
Disposable personal income:
Total, billions of 1958 dollars
513.5 531.5 524.4 533.0 536.0 532.5 542.7
3,130 3,358 3,272 3,353 3,395 3,410 3,498
Per capita, current dollars ..
Per capita, 1958 dollars.
.. .. 2,535 2,595 2,570 2,606 2,613 2,588 2,631
551.8
3,583
2,669
Personal savi ne rate . 3 nercent
6.0
54.1
7.9
46.2
6.9
54.2
7.9
57.4
8.2
58 5
8.3
8.1
8.2
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expenditures
579.6 615.8 604.0 613.8 620.9 624.7 644.6
660.9
89.9
88.6
88.6
90.7
90.4
84.9
97.6
100.8
Automobiles and parts _
40.4
Furniture and household equipment . 36.3
13.3
Other
37.1
37.4
14.2
37.8
37.3
13.5
39.1
37.6
14.0
38.8
37.0
14.6
32.7
37.6
14.6
44.1
39.5
14.0
45.7
40.4
14.6
247.6 264.7 259.4 262.9 265.5 270.9 272.0
279.8
122.5 131.8 128.9 131.4 132.4 134.3 135.1
50.3 52.6 51.6 52.1 52.4 54.2 54.9
21.1 22.9 22.5 22.6 22.9 23.5 23.8
53 7 57. 5 56.4 56.9 57.8 59.0 58.3
138.2
57.0
24.3
60.4
242.1 262.5 256.1 260.2 265.0 268.9 275.0
280.4
84.0 91.2 88.7 90.3 91.8 94.1 96.4
33.7 36.1 35.1 35.7 36.7 36.9 37.7
16.5 17.9 17.5 17.6 18.1 18.3 18.6
107.8 117.3 114.8 116.6 118.3 119.5 122.3
98.6
38.6
18.9
124.2
Food and beverages
Clothing and shoes
Gasoline and oil
Other
-
Services
Housing
Household operation
Transportation
Other
Table 12.—Foreign Transactions in the National
Product Accounts (4.1)
Receipts from foreigners
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
10
60.9
37.9
Nondurable goods
Current dollar cost per unit of
1958 dollar gross product
originating in nonfinancial
corporations 2
_ . 1.166 1.215 1.192 1.205 1.220 1.242 1.253
114 0
58.4
Equals : Personal saving
Durable goods
Gross product originating in
nonfinancial corporations
430.5 425.0 428.2 427.7 427.6 416.7 431.8
17 Q
QQ 7
Q7 9
116 2
Less: Personal tax and nontax payments
... 116.2 115.9 116 7 118 0 113 5 115 2 112 7
436.5
Capital consumption allowances
Indirect business taxes plus transfer
paymen ts less subsidies
Compensation of employees
Net interest
O9A 5
532%2
202.2
160 1
126 0
94 3
109 8
92.6
69.6
330.5 344.2 341.7 342.7 346.9 345.4 355.7
293.7 305.2 303.5 304.2 307.4 305.6 313.9
36.9 39.0 38.2 38.6 39.5 39.8 41.9
Cash flow, gross of dividends
Cashflow,net of dividends.
Rift 7
541.4
200.7
158 3
129 1
96 7
114 8
91.0
68.2
54.1
Corporate profits and inventory
valuation adjustment
. . .
Profits before tax
...
Profits tax liability
Profits after tax.
Dividends
Undistributed profits
Inventory valuation adjustment...
II
509.6
197.4
157 6
120 0
88 1
104 1
92.6
69.8
52.9
Net interest ..
I
750 3 803 6 784 3 803 8 809 8
Wage and salary disbursements
Commodity-producing industries..
Manufacturing
Distributive industries .
Service industries
Government
91.3
68.9
Income originating in nonfinancial
corporations
. 405.5 412.2 409.3 412.4 416.5 410.7 427.8
Compensation of employees
Wages and salaries. .
Supplements
Personal income
Transfer payments
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits
Veterans benefits
.. .
Other _
Gross product originating in
502.0 516.2 510.4 515.5 521.5 517.4 540.9
nonfinancial corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
IV
Table 10.—Personal Income and its Disposition (2.1)
Income originating in corporate busi425.9 433.1 429.0 432.6 438.1 432.9 450.3
ness
- Compensation of employees
Wages and salaries
Supplements
III
Billions of dollars
Table 9.—Gross Corporate Product * (1.14)
Gross corporate product
II
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
I
1971
Exports of goods and services ...
55.6
63.8
62.4
64.1
64.6
64.0
66.8
67.1
55.6
62.9
61.5
63.2
63.7
63.2
66.1
66.4
.9
.9
.9
.9
.9
.7
.7
67.1
Capital grants received by the United
States
Payments to foreigners
Imports of goods and services
Transfers to foreigners
Personal
Government
Net foreign investment
-
- -
Income and
55.6
63.8
62.4
64.1
64.6
64.0
66.8
53.6
59.3
58.0
59.0
59.7
60.5
61.9
66. 9
2.9
.9
2.1
3.1
.9
2.2
3.0
1.0
2.1
3.0
1.0
2.0
3.2
.9
2.3
3.3
.9
2.4
3.1
.9
2.2
3.2
1.0
2.2
-.9
1.3
1.4
2.0
1.6
2
1.8
-3.0
SURVEY OF CURRENT BUSINESS
September 1971
1971
1970
1969
1970
I
II
13
III
IV
1970
-ry-
1969
1970
I
Seasonally adjusted at annual rates
196.9 191.5 191.6 193.8 191.3 189.3 195.6
Federal Government expenditures
93.8
30 6
89.7
31 9
91.0
29 0
87.6
32.4
88.4
33 4
19.0
48.2
19.1
49.2
19.7
50.0
19.4
49.8
20.6
55.0
20.6
55.9
189.5 205.1 196.1 207.9 206.7 209.8 213.2
220.9
92.2
30 6
19.0
46.8
19.3
49.3
Purchases of goods and services
National defense
Other
99.2
78.4
20.7
97.2 100.2
75.4 78 9
21.9 21.3
96.8
75 1
21.6
96.1
74.2
21.9
95 9
73 2
22.7
96.7
73.0
23.7
95.7
71.8
23.9
Transfer payments
To persons
To foreigners (net)
52 4
50 4
2.1
63.4
61.2
2.2
56 1
54 0
2. 1
65 3
63 3
2 0
64 6
62 4
2.3
67 5
65 0
2.4
69 6
67.4
2.2
77.5
75.3
2.2
Grants-in-aid to State and local governments
20.3
24.4
23.0
23.9
24.9
25.9
27.3
29.5
Net interest paid
13.1
14 6
14.3
14 3
15 0
14.8
14.0
13.4
Subsidies less current surplus of government enterprises
4.6
55
5.0
5.5
5.8
5.7
5.7
4.8
Less : Wage accruals less disbursements
.0
.0
—2.1
2.5 -2.1
-.4
—.4
.0
.0
.0
Surplus or deficit (— ), national
income and product accounts
-17.5 -a.
-22.6
7.3 -13.6 -4.5 -14.1 -15.4 -20.5 -IT..
Table 14. — State and Local Government Receipts and Expendil,ures
(3.3, 3.4)
State and 1 ocal government receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
...
..
Contributions for social insurance
Federal grants-in-aid
23.6
3.5
73.6
23.0
3.5
70.7
23.5
3.5
72.8
23.8
3.7
74.5
24.2
3.3
76.4
25.1
3.8
78.7
81> 1
7.3
20.3
8.3
24.4
7.9
23.0
8.2
23.9
8.4
24.9
8.7
25.9
8.9
27.3
^y. o
State and local government expendi- 118.9 132.9 126.9 130.0 135.1 139.8 144.1
147 7
Purchases of goods and services
110.6 122.2 117.1 119.7 124.0 127.9 131.5
Transfer payments to persons 11.8 14.4 13.3 14.0 14.8 15.6 16.4
.2
Net interest paid
.0
.1
.1
.1
.1
.3
Less: Current surplus of government
4.0
4.0
enterprises
3.5
3.6
3.8
3.9
3.8
.1
.5
1.1
1.9
.2 -1.3
-.4
/5. b
-
16
-9
.o
._
Federal
State and local _ .
Capital grants received by the United
States
Gross investment
1.6
58.4
17.3
60.9
20.5
— 5 g —4 2 — 5 5 —2 6 —3 5
—5 1
46.2
16.6
54.2
16.4
173 7
57.4
17.7
58 5
14.3
54 4
55 7
56 7
58 0
62 6
64 0
31 0
.0
31 3
.0
31 5
.0
31 8
.0
32 9
.0
33.3
.0
7.4 -13.1 -3.4 -12.2 -15.2 -21.7
.9
.9
.9
.9
.9
.7
.7
136.9 136.6 132.6 136.2 140.2 137.5 145.6
149.4
152.4
-3.0
114.7 120.6 119.2 119.8 121.6 121.7 125.2
110.8 119.2 116.2 117.7 121.4 121.5 123.4
125.2
123.8
Government purchases of goods and
services
. . . 144.0 157.3 152.4 156. 1 159.3 161.7 165.8
167.9
-
....
Federal
State and local
134.4 148.6 144.3 148.2 150.5 151.8 157.2
153.9 165.1 160.0 163.1 166.8 170.2 172.8
158.2
175.5
Table 17.— Implicit Price Deflators for Gross National Product by
TVfairn* TVT>e of Product (8.2)
Gross national product. _
Final sales
-
-4.1 —4.5 —7.3 —5 8 —3 2 — 1 6 —4 9
—4 0
128.21 135.29 132. 82 134.32 135. 97 138.07 139.88 141.27
128.3 135.3 132.8 134.4 136.0 138.2 140.0
141.4
117.3 122.3 120.7 121.6 122.6 124.1 125.0
125.7
111.7 115.4 114.0 114.5 115.8 117.5 118.5
121.4 127.0 125.4 126.6 127.6 128.3 129.7
118.9
130.6
Services
140.9 150.1 146.8 149.2 151.0 153.2 156.6
158.4
Structures
140.9 150.2 145.7 147.9 152.5 154.9 157.1
161.1
104.5 107.9 106.2 106.6 107.8 112.4 114.4
115.2
Goods output
Durable goods
Nondurable goods
Addendum:
Table 18. — Implicit Price Deflators for Gross National Product by
Sector (8.4^
Private
Business
Nonfarm
Farm
.
-
128. 21 135. 29 132.82 134.32 135.97 138.07 139. 88 141.27
.
. .
124.29 130.38 128. 13 129. 43 131. 00 132. 98 134. 45 135. 81
...
123.2 129.0 126.8 128.1 129.5 131.4 132.9
123.5 129.4 126.8 128.4 130.0 132.4 133.7
115.5 118.0 126.8 120.0 116.8 108.4 112.8
Households and institutions
General government
.
134.2
135.0
115.6
172.8 186.8
.
171.1 188.7 183.8 187.5 190.4 193.2 199.6
201.9
Table 19.—Gross National Product: Change from Preceding
Period (7.7)
-17.9 -21.0
7.3 —13 6 —4.5 — 14 1 — 15 4 —20 5 — 17.5 — 22.6
.1
5
2 —1.3 — . 4
1.6
1.1
1.9
Gross private domestic investment. . 137.8 135.3 131.2 134.1 138.6 137.3 143.8
-.9
2.0
Net foreign investment
1.3
.2
1.4
1.6
1.8
Statistical discrepancy
Exports
Imports
Cross national product
133.5 153.4 142.4 153.3 157.8 160.0 167.7
Personal saving
- ... 37.9 54.1
Undistributed corporate profits
20.0 16.2
Corporate inventory valuation adjustment
— 5 5 —4 5
Corporate capital consumption
allowances
51 3 56 2
Noncorporate capital consumption
allowances
29 9 31 4
Wage accruals less disbursements
.0
.0
Government surplus or deficit (— ),
national income and product
accounts
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross auto product
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving. .
II
119.0 133.4 128.0 131.9 135.3 138.5 143.7
21.3
3.4
66.7
Surplus or deficit (—), national
income and product accounts
I
198.3
94.5
30 9
94.9
36.3
IV
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Personal tax and nontax receipts. ..
Corporate profits tax accruals
Indirect business tax and nontax
accurals
Contributions for social insurance
III
Seasonally adjusted
Billions of dollars
Federal Government receipts
II
1971
Percent
Percent at annual rate
Gross national product:
Current dollars _
Constant dollars
Implicit price deflator
Chain price index
...
7.5
2.5
4.8
4.9
4.8 3.4
-.6 -3.0
5.5 6.6
5.3 5.7
5.3
.7
4.6
5.0
6.3 2.0
1.3 -4.1
5.0 6.3
4.7 5.5
13.8
8.0
5.3
6.4
9.0
4.8
4.0
4.8
Gross private product:
Current dollars
Constant dollars
. . .
Implicit price deflator
Chain price index
7.3
. . 2.6
. 4.5
4.6
4.2 2.2
-.7 -3.1
4.9 5.4
4.7 4.5
5.0
.8
4.1
4.6
6.5 1.5
1.5 -4.4
4.9 6.2
4.5 5.4
13.4
8.5
4.5
5.5
9.5
5.2
4.1
4.8
14
SURVEY OF CURRENT BUSINESS
September 1971
1971 Plant and Equipment Programs Moderately
Reduced From Earlier Plans
CHART 7
Business capital spending programs
for 1971 have been revised moderately
downward again. The expected rise from
1970 as reported in August is 2.2 percent, as against 2.7 percent expected in
May and 4.3 percent in February.
Spending rose at an annual rate of
$2.3 billion in the second quarter and
expectations are for a $0.8 billion rise
this quarter with little further change in
the fourth quarter.
BUSINESSMEN plan to spend $81.4
billion1 on new plant and equipment
in 1971, according to the survey conducted in late July and August by
the Office of Business Economics and
the Securities and Exchange Commission. The projected 2.2 percent rise in
1971 compares with actual increases of
5.5 percent in 1970 and 11.5 percent
in 1969. Virtually all of the reports for
the survey were completed before the
President's August 15 announcement
of changes in economic policies.
Actual outlays in the second quarter
of 1971 were at a seasonally adjusted
annual rate of $81.6 billion, up $2.3
billion or 3 percent from the first
quarter; the advance from the fourth
quarter to the first was about 1 percent.
Outlays in the third quarter are projected to rise $0.8 billion to $82.4
billion, but little change is projected
for the final quarter of the year.
The latest findings show a projection
for the year that is about $400 million
lower than the projection reported in
the May survey and about $1.7 billion
lower than that reported in February.
The revision of expectations for the
year 1971 centers in manufacturing,
1. The expectations figures have been adjusted for systematic biases in survey responses (footnote 2, table 4). Before
adjustment, 1971 expenditures were expected to be $81.3
billion for all industries, $30.7 billion for manufacturing and
$50.6 billion for nonmanufacturing. The adjustments were
applied separately to each major industry; their net effect
was to decrease the manufacturing total by $0.6 billion and
to raise the nonmanufacturing total by $0.8 billion.
where downward revisions have been
widespread (see table 1). The sharpest
cutbacks are by producers of aircraft,
stone, clay, and glass, and paper. In
nonmanufacturing, downward revisions
were reported for the communications,
railroad, and "other transportation''
industries but these were offset by upward revisions for mining, electric utilities, and "commercial and other"
categories.
Plant and Equipment Expenditures
Billion $ (Ratio scale)
100 - ALL INDUSTRIES
50 I I 1,1
30
MANUFACTURING
20
Table 1.—Plant and Equipment Expenditures, Annual Percent Change 1970-71
Durables
15
\
Nondurables
Actual
1970
10
Expected 1971 as
reported in
February
May
4.3
2.7
August
i i i I i i i I i i i I i i i I i i i 1 i i i I i i
40
COMMUNICATION AND COMMERCIAL
30
A H industries _ _
5.5
Manufacturing industries
.8
Durable goods
-1.0
Primary metals
Blast furnace, steel
works
Nonferrous-
-.3
-2.5
.3 -10.5
-4.2
11.6
1.0
Transportation
equipment
Motor vehicles
Aircraft
-12.2
-3.5
-34.8
Stone, clay and glass
Other durables * - ..
-7.6
1.2
-5.8
-7.1
-9.4
-8.1
-11.0
-8.6 -12.8 -12.5
12.3 -12.6 -8.2
Electrical machinery
Machinery except
electrical
2.2
-17.4
-6.3
-5.9
-7.1
-10.7
-16.9
-3.8 -10.0
-.4 -4.1
-5.9 -23.1
-12.6
-7.8
-29. 1
-1.0
4.7
-5.2
-2.0
-12.1
1.1
2.8
1.9 -1.4
Food including beverage _ 9.6
4.0 -6.5
Textile
-11.3
-4.8 -2.7
Paper
4.4 -14.7 -16. 1
Chemical
11.0
5.3 -2. 1
-2.1
-6.2
3.8
-26.4
-.5
Petroleum
Rubber
O ther nondurables J
-.2
Nondurable goods
_
Mining
.
Air transportation
Other transportation
Public utilities
Electric
Gas and other
7.0
6.7
-15.3
2.7
7.4
7.3
7.5
- TRANSPORTATION INCLUDING RAILROADS
Nonmanufacturing
industries
Railroad
5.9
-13^7 -16.5 -19.4
.6
9.1
9.5
20
-
Communication
Commercial and other
_.
8.8
1.4
.5
5.2
10.0
. -4.6
2.6
-2.6
-7.7
20.7 -22.4 -40.0
-39.2
-27.2
13.4
18.3
7.6
13.2
19.1
-6.6
17.5
22.4
-3.5
16.5
21.0
-2.6
18.1
23.1
-3.4
21.6
10.3
11.2
8.8
3.4
3.8
6.8
8.1
1. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business
Economics, and the Securities and Exchange Commission.
1966
67
68
69
70
71
72
Seasonally Adjusted at Annual Rates
• Expectations
U.S. Department of Commerce, Office of Business Economics
Data: OBE-SEC
71-9-7
SURVEY OF CURRENT BUSINESS
September 1971
ranging between 15 percent and 30
percent. Smaller declines are projected
by the nonferrous metal, motor vehicle,
electrical machinery, food-beverage,
and stone, clay, and glass industries.
Increases are expected by manufacturers of petroleum (7 percent), textiles
(4 percent), and "other nondurable
goods" (3 percent).
Annual investment programs
Nonmanufacturing industries project an aggregate 1% percent increase
in spending from 1970 to 1971, while a
decline of 6 percent is expected by
manufacturers. The strongest nonmanufacturing increases are 23 percent
for electric utility firms and 10 percent
for mining companies. Communication
companies expect an increase of 9 percent and both die "commerical and
other" group and transportation firms
other than rail and air carriers expect to
raise capital spending about 8 percent.
In the latter group, pipeline companies
are projecting very sharp increases.
Airlines and railroads expect decreases
of 39 percent and 8 percent, respectively, while gas utilities are projecting
a 3 percent decline.
Manufacturers of durable goods expect a 9 percent decline in capital
outlays this year and nondurable goods
producers a 2 percent decline. Producers of iron and steel, aircraft, nonelectrical machinery, paper products,
and rubber products project declines
Investment determinants
In recent months, the factors believed
to be influential determinants of nearterm investment have continued to
show the mixed pattern which characterized the first half of the year. The
volume of economic activity, profits,
and cash flow were improving, which
should tend to support a rising rate of
capital expenditures. In addition, interest rates were well below the mid1970 levels. The major negative factor
was the low rate of capacity utilization
in manufacturing. The latest OBESEC survey found a further drop in
the proportion of manufacturers'
facilities considered inadequate to meet
production requirements over the next
15
12 months (table 2) and significant
declines in the value both of new
manufacturing investment proj ects
started and the carryover on projects
underway (table 3). However, the
recent introduction of liberalized depreciation procedures and implementation of the new economic policies
announced by the President on
August 15, particularly the proposed
investment tax credit for capital equipment, should have a strengthening
effect on capital expenditures during
the next year.
Semiannual patterns
Capital spending in the first half of
1971 was up only fractionally from the
second half of 1970 and up about 1%
percent from the first half of 1970.
Almost all manufacturing industries
reported smaller outlays in the first
half of 1971 than in the second half of
1970. In nonmanufacturing, first half
CHART 8
7
Manufacturers Evaluation of
Existing Capacity*
Table 2.—Manufacturers' Evaluation of Their Capacity
(Percent distribution of gross capital assets)
l
Percent of Capital Assets Held by Respondents Reporting •
1968
19 ro
19 69
60
19 71
MORE CAPACITY NEEDED
Dec. Mar. June Sept. Dec. Mar. June Sept. Dec, Mar. June
30
30
30
30
30
31
31
31
31
31
31
50
More plant and equipment needed :
All manufacturing
Durable goods 2
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemical
Petroleum
47
48
43
44
46
44
42
41
40
33
30
40
45
41
49
49
54
58
40
46
41
49
49
46
72
39
40
30
49
46
43
56
41
40
31
47
48
44
71
42
39
33
43
53
47
73
47
37
30
41
51
46
68
48
34
30
36
49
44
68
47
33
32
35
48
44
48
61
31
25
35
50
40
57
60
28
20
34
38
38
43
38
25
19
24
35
35
42
38
30
48
47
52
51
49
50
52
51
53
60
61
48
45
48
48
41
40
59
47
44
48
48
49
25
60
53
56
48
51
53
43
58
53
54
50
49
53
27
57
53
52
52
44
49
26
53
53
54
52
47
51
31
52
56
54
56
48
53
31
53
55
51
54
48
51
51
39
61
73
54
45
52
40
40
63
77
55
57
52
53
62
63
70
63
59
53
55
62
About adequate:
60
All manufacturing .
_ _
..
.
Durable goods 2 - _ _ _ _ _ _ _ . . _ _ _ .
Primary metals
Metal fabricators 3 ..
-.
Nondurable goods 2
Food including beverage
_
Chemical
Petroleum . .
..
2
Durable goods
Primary metals 3
Metal fabricators
Nondurable goods 2
Food including beverage
Chemical
Petroleum
_ - _ - ..
_ ._
50
I ...I
40
Existing plant and equipment exceeds needs:
AH manufacturing
_ CAPACITY ADEQUATE
5
5
5
5
5
6
6
8
7
7
9
7
14
3
3
5
2
1
7
15
3
3
5
3
1
7
14
3
3
4
1
1
7
15
3
3
3
2
1
8
15
5
3
4
1
0
10
16
7
2
3
1
0
10
16
8
3
3
1
0
12
17
11
4
5
1
0
8
2
11
5
8
3
0
9
3
11
5
10
4
0
12
11
13
6
12
3
0
10 -
CAPACITY EXCEEDS NEEDS
1964
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account their
current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals industries.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
66
67
68
69
70
71
End of Quarter, Not Adjusted for Seasonal Variation
* Relative to prospective operations during the ensuing 12-month period.
Data: OBE-SEC
U.S. Department of Commerce, Office of Business Economics
71-9-8
SURVEY OF CURRENT BUSINESS
16
outlays were buoyed by increases for the decline in the second half is attribuelectric utilities, communications, min- table to the food-beverage, paper, petroing, commercial companies, and trans- leum, rubber, and "other nondurables' 7
portation firms other than rail and air. industries.
Airlines showed a sharp drop in capital
spending in the first half of 1971.
Manufacturers' capacity evaluation
Spending in the second half of 1971
Manufacturers' evaluations of their
is expected to be up about 2% percent capacity, taking into account prospecfrom the first half. Nonmanufacturing tive sales over the next 12 months, indiindustries expect an increase of 4% cate a further sharp reduction between
percent, with the largest advance (11 March 31 and June 30 in the need for
percent) scheduled by electric utilities. more facilities. Companies owning 30
Spending by manufacturers is expected percent of total fixed assets in manuto drop 1 percent from the first half to facturing reported that they need more
the second, with durable goods pro- facilities, as against 33 percent in
ducers planning a 2% percent increase
and nondurables firms expecting a 4 March and 42 percent in June 1970
percent decline. In the durable goods (table 2). A decline between March
category, increases are projected by and June in the need for additional
the stone, clay, and glass, motor vehicle, facilities was reported by all major
electrical machinery, and "other dur- manufacturing groups except the petroable goods" industries. In nondurables, leum industry. The metal fabricator
September 1971
group reported a particularly sharp
decline.
Companies reporting capacity in excess of current and near-term needs
accounted for 9 percent of total fixed
assets at June 30, up 2 percentage
points from March 31 and 3 percentage
points from June 1970. Facilities viewed
as "about adequate" as of June 30
represented 61 percent of manufacturers' fixed assets, up from 60 percent
3 months earlier «and 52 percent 12
months earlier.
Starts and carryover
Investment projects started by manufacturers during the second quarter
totaled $6.5 billion, after seasonal
adjustment, down 3 percent from the
first quarter (table 3). Durable goods
manufacturers reported a 13 percent
Table 3.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1968-71
[Billions of dollars]
Carryover 2
Starts i
1970
Annual
Manufacturing
3
Durable goods 3 - _
..- .._ . ..
...
-
Primary metals
_
__. ._
Electrical machinery
Machinery except electrical4
Transportation equipment
-- - -.Stone, clay, and glass
-- ... - - - - - Nondurable goods 3
Food including beverage
Textile
Paper
_.
Chemical
Petroleum _ . .
.
_.
.
Public utilities
1970
1971
1971
I
II
III
IV
I
II
Mar.
June
Sept.
Dec.
Mar.
29.18
8.64
6.92
6.54
7.09
6.91
6.48
23.75
22.51
21.06
19.49
19.70
18.64
14.04
4.42
3.37
3.13
3.12
3.49
2.80
12.27
11.56
10.82
9.67
10. 05
9.33
2.96
2.80
3.60
2.66
1.08
2.55
2.18
3.29
2.04
.82
.65
.82
.84
.78
.32
.54
.41
.86
.58
.13
.93
.36
.68
.35
.22
.42
.59
.91
.34
.15
.78
.53
.57
.65
.25
.56
.29
.64
.32
.17
3.67
2.36
1. 17
2.78
.70
3.43
2.21
1.10
2.68
.56
3.54
2.02
.94
2.43
.55
3.02
1.93
.97
2.21
.45
3.14
2.04
.89
2.39
.50
2.98
1.80
.79
2 21
"!48
15.05
17.22
15.14
4.21
3.54
3.41
3.97
3.42
3.68
11.48
10. 95
10.24
9.81
9.66
9.31
2.32
.59
1.42
2.9S
5.57
2.97
.60
1.59
3.62
6.19
2.50
.49
1.54
3.06
5.64
.66
.16
.58
.96
1.39
.65
.15
.33
.71
1.23
.60
.10
.18
.69
1.34
.58
.08
.45
.70
1.67
.50
.18
.21
.87
1.26
.70
.20
.17
.83
1.23
1.53
.30
1.29
3.10
4.04
1.44
.31
1.19
2.92
3.90
1.32
.27
.95
2.74
3.80
1.19
.21
.97
2.51
3.80
1.08
.26
.89
2.60
3.75
1.04
.31
.75
2.56
3.52
12.86
15.16
5.63
4.16
2.83
4.58
7.13
4.28
22.39
23.26
22.51
23.35
27.36
27.81
1968
1969
1970
29.64
34.07
14.59
16.85
3.21
1.81
2.70
2.90
1.06
17.20
June
Adjusted for Seasonal Variation
Manufacturing 3
Durable goods 3
Primary metals
Electrical machinery
Machinery except electrical4
Transportation equipment
Stone clay and glass
- -
Nondurable goods 3
Food including beverage
Textile
Paper
Chemical
Petroleum
_.
Public utilities
...
. . .....
..
..
i
8.56
6.76
7.26
6.92
6.71
6.53
24.17
22.82
22.04
21.22
20.32
19.33
4.33
3.39
3.52
2.91
3.35
2.91
12.90
12.21
11.80
10.98
10.78
10.17
.61
.78
.71
.84
.32
.60
.42
.99
.45
.12
1.04
.40
.82
.36
.22
.39
.55
.81
.36
.16
.72
.48
.56
.65
.23
.69
.30
.64
.28
.18
3.87
2.30
1.60
2.81
.76
3.68
2.15
1.66
2 59
!62
3.92
1.98
1.60
2.38
.60
3.48
1.97
1.63
2.23
.53
3.43
1.97
1.47
2.35
.54
3.39
1.73
1.39
2.13
.54
4.23
3.37
3.74
4.01
3.36
3.62
11.27
10.61
10.25
10.25
9.55
9.15
.71
.21
.49
.94
1.42
.59
.14
.29
.55
1.28
.63
.10
.20
.81
1.51
.59
.07
.64
.85
1.42
.54
.20
.16
.78
1.26
.63
.18
.15
.73
1.36
1.61
.33
1.20
3. 13
3.99
1.50
.33
1.08
2.81
3.85
1.44
.29
.85
2.70
3.93
1.33
.23
1.10
2.73
3.89
1.18
.29
.92
2.65
3.63
1.10
.32
.77
2.53
3.48
3.95
4.84
3.65
4.91
5.10
4.45
21.12
22.77
22.96
24.45
25.89
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects
already underway at end of period.
3. Includes data not shown separately.
26.61
4. Includes guided missiles and space vehicles.
NOTE: Details may not add to totals because of rounding.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
SUKVEY OF CURRENT BUSINESS
September 1971
declined; this was the fifth consecutive
quarterly decline. Manufacturers' carryover of $19.3 billion (seasonally adjusted) at June 30 was down $1 billion
from March 31 and $3.5 billion from
June 30, 1970. Declines in carryover
were widespread among major industries.
decline but nondurable goods producers showed an increase of 8 percent.
The value of new projects started by
manufacturers was smaller than their
capital expenditures in the second
quarter, so that carryover—i.e., the
amounts still to be spent on plant and
equipment projects already underway—
17
New projects started by public utilities in the second quarter had a value
of $4.4 billion, down 13 percent from
the record set in the first quarter.
Carryover rose to $26.6 billion at June
30, an increase of $700 million from
March 31 and of $3.8 billion from
June 30, 1970.
Table 4.—Expenditures for New Plant and Equipment by U.S. Business,1 1969-70
[Billions of dollars]
Annual
Quarterly, seasonally adjusted annual rates
Quarterly, unadjusted
1969
1970
I
II
III
IV
I
II
III
I
IV
II
19'ro
1969
1971
1969 1970 1971 2
III 2
IV 2
I
II
III
IV
I
II
-I
1971
VI
I
II
III 2
IV 2
All industries
75.56 79.71 81.44 16.04 18.81 19.25 21.46 17.47 20.33 20.26 21.66 17.68 20.60 20.55 22.61 72.52 73.94 77.84 77.84 78.22 80.22 81.88 78.63 79.32 81.61 82.38 82.42
Manufacturing industries
31.68 31.95 30.11 6.58 7.82 8.16 9.12 7.14 8.15 7.99 8.66 6.69 7.55 7.45 8.42 29.99 31.16 33.05 32.39 32.44 32.43 32.15 30.98 30.46 30.12 29.74 30.22
15.96 15.80 14.31 3.36 3.98 4.03 4.59 3.59 4.08 3.87 4.26 3.11 3.52 3.60 4.08 15.47 15.98 16.53 15.88 16.40 16.32 15.74 14.92 14.21 14.06 14.53 14.45
Durable goods . 3
Primary metals
3.23 3.24 2.88
Blast furnace, steel works. - 1.83 1.68 1.38
1.10 1.24 1.16
Nonferrous
.71
.41
.23
.81
.47
.27
.81
.46
.28
.90
.50
.32
.69
.35
.27
.78
.43
.28
.81
.42
.31
.95
.47
.38
.65
.33
.24
.72
.33
29
.72
.34
.30
.80
.39
.32
3.37 3.31 3.20 3.09 3.28 3.15 3.21 3.31 3.08 2.91
1.98 1.91 1.80 1.70 1.72 1.73 1.67 1.60 1.60 1.33
1.04 1.12 1.11 1.12 1.25 1.12 1.21 1.35 1.08 1.22
2.83 2.77
1.32 1.34
1.16 1.16
E lectrical mach inery . . ... . 2.03 2.27 2.11
Machinery, except electrical.. 3.44 3.47 2.88
.39
.72
.50
.84
.49 .65
.86 1.01
.48
.82
.56
.93
.55
.84
.68
.88
.41
.65
.53
.73
.50
.72
.66
.78
1.86 2.04 2.02 2.16 2.25 2.27 2.28 2.27 1.94 2.13
3.22 3.34 3.66 3.50 3.62 3.69 3.52 3.12 2.88 2.90
2.10 2.21
2.96 2.80
Transportation equipment ._ 2.76 2.43 2.12
Motor vehicles
1.65 1.59 1.47
Aircraft *
.83 .54 .38
.59
.34
.18
.69
.40
.22
.77
.46
.23
.71
.44
.19
.60
.38
.14
.68
.47
.14
.60
.41
.12
.55
.34
.13
.47
.33
.09
.50
.34
.09
.56
.40
.10
.59
.39
.11
2.76 2.73 3.00 2.60 2.74 2.71 2.29 2.04 2.16 1.97
1.57 1.55 1.78 1.67 1.70 1.85 1.54 1.29 1.48 1.33
.88 .92 .92 .64 .67 .58 .48 .46 .44 .37
2.10 2.27
1.50 1.56
.37 .37
Stone, clay and glass
Other durables 5.
.23
.71
.28
.86
.27 .30
.84 1.02
.24
.76
.27
.87
.22
.84
.26
.94
.20
.72
.19
.86
.22
.87
.26
.99
1.03 1.11 1.14 1.01 1.06 1.05 .94 .92 .87 .72
3.24 3.45 3.50 3.52 3.45 3.46 3.50 3.27 3.29 3.42
.94 .94
3.60 3.46
3
Nondurable goods
1.07 .99 .87
3.44 3.41 3.45
15.72 16.15 15.80 3.22 3.84 4.12 4.53 3.56 4.07 4.12 4.40 3.58 4.03 3.86 4.34 14.52 15.18 16.52 16.50 16.05 16.11 16.40 16.05 16.25 16.06 15.21 15.76
Food including beverageTextile
Paper
Chemical
2.59 2.84 2.66
.63 .56 .58
1.58 1.65 1.22
3.10 3.44 3.42
.64
.16
.32
.94
2.45 2.38 2.68 2.86 3.00 2.80 2.80 2.79 2.76 2.84
..59 .63 .69 .61 .58 .57 .55 .53 .55 .60
1.42 1.58 1.62 1.70 1.71 1.65 1.68 1.59 1.34 1.18
3.00 2.95 3.19 3.22 3.32 3.44 3.67 3.32 3.43 3.40
2.59 2. 49
.56 .61
1.19 1.18
3.40 3.44
Petroleum _ . .
Rubber
Other nondurables 6
5.63 5.62 6.00 1.12 1.32 1.49 1.68 1.14 1.38 1.44 1.66 1.31 1.46 1.44 1.78
1.09 .94 .79 .24 .28 .28 .28 .24 .25 .23 .22 .19 .19 .21 .20
1.10 1.11 1.14 .21 .27 .32 .30 .25 .25 .29 .31 .26 .30 . 27 .31
5.04 5.41 5.98 5.98 5.15 5.68 5.70 5.86 6.06 6.07
1.07 1.12 1.13 1.04 1.10 .98 .90 .80 .86 .78
.04 1.11 1.24 1.09 1.18 1.00 1.10 1.15 1.26 1.19
5.66 6.18
.82 .73
1.00 1.14
Non manufacturing industries
Mining
.54
.13
.31
.67
.64
.16
.40
.76
.68
.17
.41
.76
.73
.16
.46
.91
.67
.13
.37
.76
.74
.15
.43
.89
. 72
.14
.42
.87
.71
.14
.43
.92
.62
.12
.29
.78
.74
.16
.30
.88
.67
.14
.30
.81
43.88 47.76 51.33 9.45 10.99 11.10 12.34 10.32 12.18 12.27 12.99 10.99 13.06 13.10 14.19 42.53 42.78 44.80 45.46 45.78 47.79 49.73 47.66 48.86 51.50 52.64 52.20
1.86 1.89 2.08
.42
.48
.47
.49
.45
.47
.46
.50
.49
.54
.52
.54
1.83 1.88 1.89 1.85 1.92 1.84 1.86 1.94 2.04 2.08
2.10 2.09
Railroad .
1.86 1.78 1.64
.38
.44
.49
.55
.42
.47
.46
.43
.34
.47
.43
.40
1.68 1.76 2.06 1.94 1.74 1.88 1.96 1.56 1.46 1.88
1.78 1.46
Air transportation
2.51 3.03 1.84
.68
.66
.53
.64
.73
.80
.74
.76
.34
.60
.37
.54
2.89 2.22 2.23 2.80 2.94 2.88 3.24 3.08 1.29 2.28
1.58 2.21
Other transportation
1.68 1.23 1.32
.38
.46
.40
.44
.28
.31
.30
.33
.28
.36
.34
.34
1.87 1.66 1.65 1.63 1.37 1.12 1.22 1.22 1.33 1.40
1.32 1.23
Public utilities .
Electric
Gas and other
Communication..
Commercial and other '
11.61 13.14 15.52 2.36 2.99 3.03 3.23 2.54 3.28 3.58 3.74 3.11 3.83 4.12 4.46 11. 52 11.68 11.48 11.80 12.14 12.72 13.84 13.68 14.64 14.91 16.05 16.36
8 94 10.65 13.12 1.88 2.22 2.23 2.61 2.15 2.59 2.79 3.12 2.70 3.20 3.3* 3.83 8.62 8.71 8.98 9.36 9.77 10.15 11.34 11.20 12.16 12.61 13.69 13.83
2.67 2.49 2.41 .48 .77 .80 .62 .39 .69 .78 .63 .41 .63
.64 2.90 2.97 2.50 2.44 2.37 2.57 2.50 2.48 2.48 2.30 2.36 2.53
8.30 10.10 10.99 1.81 2.00 2.11 2.39 2.14 2.59 2.56 2.81 2.50 2.81
16.05 16.59 17. 94 3.41 3.97 4.07 4.60 3.76 4.26 4.16 4.42 3.94 4.44
1. Excludes agricultural business; real estate operators; medical, legal, educational, and
cultural service; and nonprofit organizations.
2. Estimates are based on expected capital expenditures reported by business in late July
and August 1971. The estimates for the full year 1971 and for the third quarter and fourth
quarters have been corrected for systematic biases. The adjustment procedures are described
in the February 1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments,
1971 expenditures were expected to be $81.29 billion for all industries, $30.71 billion for manufacturing, and $50.58 billion for nonmanufacturing.
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles
443-741 O - 71 - 3
h
7.90
,,»
7.92 8.71 8.76 9.14 10.38 10.62 10.20 10.70 11.21
p. 80 28.86
U5.00 15.67 16.78 16.67 16.52 16.98 17. 01 15.97 17.39 17.72
5. Includes fabricated metal, lumber, furniture, instrument, ordnancs and miscellaneous
except guided missiles and space vehicles.
6. Includes apparel, tobacco, leather and printing-publishing.
7. Includes trade, service construction, finance and insurance.
NOTE.—Details may not add to totals because of rounding.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
SURVEY OF CURRENT BUSINESS
18
September 1971
Manufacturers' Inventory and Sales Expectations
MANUFACTURERS are projecting
small sales increases and moderate inventory additions for the third and
fourth quarters. The projections suggest a much slower growth in sales and
larger inventory accumulation than occurred in the first two quarters of 1971.
The expected additions to stocks are in
line with the sales change, so that the
stock-sales ratio would hold steady from
midyear to yearend.
Manufacturers' overall evaluation of
inventory condition did not change between March 31 and June 30, after
showing improvement during the previous year. The net excess inventory fell
for the fifth consecutive quarter and
was quite small on June 30.
These are the results of the latest
OBE quarterly survey of Manufacturer's Inventory and Sales Expectations, conducted in late July and
August. Most of the reports were completed before the President's August 15
announcement of changes in economic
policies.
Nondurable goods producers' sales
are expected to rise 1 percent in the
third quarter and \% percent in the
fourth. Sales rose 3H percent and \%
percent in the first and second quarters,
respectively, but had been sluggish
throughout most of 1970.
Inventory additions
Manufacturers expect to add $400
million to inventories in the third quar-
ter and $1.2 billion in the fourth. Inventories were virtually unchanged in the
first two quarters of the year.
Durable goods producers reduced
holdings $325 million between December 31, 1970 and June 30, 1971. They
plan additions of $200 million in the
third quarter and $900 million in the
fourth, making second-half accumulation about equal to those in the first
CHART 9
Manufacturers1 Sales and Inventory Expectations
• Manufacturers expect small sales gains in the third and fourth quarters
• The projected inventory rise is moderate and about in line with sales
DURABLE GOODS
NONDURABLE GOODS
Billion $
(Ratio scale)
Billion $
150
150
Sales
100
100
90
\
90
80
80
70
70
60
60
\
Manufacturers* sales
50
Manufacturers expect sales to increase less than 1 percent in the third
quarter and a little over 1 percent in
the fourth. Quarterly gains earlier this
year were sizable, partly reflecting
recovery from the General Motors
strike and stockpiling of steel in anticipation of a strike.
Durable goods producers project little
change in the third quarter and a 1 percent rise in the fourth; sales rose 9 percent in the first quarter and almost 3%
percent in the second. Steel producers
expect third quarter sales to fall sharply
as steel users reduce their heavy stocks.
Metal fabricating industries foresee gains
in the third quarter.
40
40
30
30
50
Inventories
I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 20
20 1 I I I I I I I I I I I I I I I I I I I I i I I I I I i I I i i
Ratio
Ratio
2.0
2.5
STOCK-SALES RATIO
STOCK-SALES RATIO
1.5
2.0
1.5
1.0
1965
66
67
68
69
70
71
72
1965
Seasonally Adjusted
•
Expectations
U.S. Department ot Commerce, Office of Business Economics
66
67
68
69
70
71
72
SURVEY OF CURRENT BUSINESS
September 1971
and second halves of 1970. Metal fabricators plan a substantial cutback in the
third quarter, but this is more than
offset by increases elsewhere.
Nondurable goods producers increased their holdings $400 million in
the first half of 1971. They expect to
add another $500 million during the
second half, with additions slightly
larger in the fourth quarter than in the
third. The projected rates of accumulation are smaller than last year's.
In both durable and nondurable goods
manufacturing, the stock-sales ratio fell
during the first half of 1971 and is
expected to show little change in the
second half. Durable goods producers'
stocks were equivalent to 2.03 months of
sales on June 30, down from 2.30 on
December 31; a ratio of 2.04 is projected
for both September 30 and December
31, 1971. The nondurable ratio fell from
1.41 to 1.35 months between December 31 and June 30, and is projected
at 1.34 months at yearend 1971.
and has been falling since then. On
June 30, manufacturers had $2.0 billion
of excess inventory (after netting excesses and deficiencies), compared with
$2.2 billion on March 31 and $2.5
billion on June 30, 1970. The excess at
19
June 30, 1971 was equivalent to only 2
percent of producers' stocks.
Durable goods producers' excess inventory has been shrinking since mid1970. The net excess was $1.55 billion
on June 30, 1971, compared to $1.74
Table 1.—Manufacturers' Inventories and Sales: Actual and Expected
[Billions of dollars]
1968
I
II
1969
III
IV
I
II
1970
III
IV
I
II
III
1971
IV
I
II
III 2
IV 2
Inventories, end of quarter:
Unadjusted:
86.2 87.8 88.5 90.5 92.8 94.1 94.7 96.4 98.4 99.0 98.7 100.1 101.0 100.7 100.2 102.2
... ._ 56.0 57.3 57.7 58.7 60.5 61.5 61.9 62.8 64.2 64.4 64.5 64.8 65.4 65.0 64.7 66.0
30.2 30.5 30.8 31.8 32.4 32.5 32.8 33.6 34.1 34.5 34.2 35.4 35.5 35.7 35.5 36.2
All manufacturing. .
Durables. . ..
Nondurables
Seasonally adjusted:
All manufacturing
Durables
...
Nondurables
85.7 87.6 89.3 90.7 92.3 93.9 95.5 96.7 97.9 98.7 99.6 100.5 100.5 100.5 100.9 102.1
55.7 57.0 58.1 59.0 60.2 61.3 62.3 63.2 63.9 64.2 65.0 65.2 65.1 64.8 65.0 65.9
.. 30.0 30.6 31.2 31.8 32.2 32.6 33.2 33.5 34.0 34.5 34.6 35.3 35.4 35.7 35.9 36.2
Sales, total for quarter:
Unadjusted:
All manufacturing
. . _ ._144.6 153.5 148.2 157.2 156.4 163.4 158.8 165.0 161.8 168.1 162.1 161.1 168.7 179.2 171.5 179.5
Durables .. .. __
80.6 86.1 79.1 86.5 87.0 90.9 85.6 91.0 87.8 92.5 86.3 85.6 92.2 99.5 91.1 97.7
Nondurables
64.0 67.3 69.0 70.7 69.4 72.5 73.2 74.0 74.0 75.6 75.8 75.5 76.6 79.7 80.4 81.8
Seasonally adjusted:
Inventory condition, June 30
Manufacturers holding 20 percent of
producers' stocks judged their June 30
inventories "high" relative to sales and
unfilled orders, 79 percent of the stocks
were in the "about right" category, and
1 percent were "low." These percentages are identical to those reported for
March 31. The "high" figure had
fallen from 24 percent at mid-19 70.
The figures for durable goods producers on June 30, 1971 were 23 percent
"high," 76 percent "about right," and
1 percent "low." The evaluation did not
change on balance between the end of
last year and the middle of this year.
Their "high" ratio was 28 percent on
June 30 last year, following 1% years of
increasing imbalance, but it had declined to 23 percent by December 31.
Nondurable goods producers reported
14 percent of their holdings as "high,"
84 percent "about right," and 2 percent
"low" on June 30—little changed from
the March 31 proportions. The "high"
percentage has been generally declining
since March 31, 1970, when it was 19
percent.
Inventory
imbalance, June
June 30
Inventory imbalance,
31)
rpi
„
.
"U 1 1
J
by producers rose in 1969 and early 1970
443-741 O - 71 - 4
All manufacturing
Durables _
Nondurables
_
._
145.3 149.5 151.8 156. 0 157.6 159.4 163.0 163.7 163.4 164.1 166.1 160.3 170.5 175.0 176.0 178.3
80.6 82.7 83.0 85.4 87.2 87.5 90.1 90.0 88.2 89.1 90.6 85.0 92.6 95.8 95.9 96.8
64.7 66.8 68.8 70.6 70.4 72.0 72.9 73.7 75.2 75.0 75.5 75.2 77.9 79.2 80.1 81.5
1. All actual data have been adjusted to conform with the recent revision by the Bureau of the Census (Report M3-1.3).
2. Expectations reported by manufacturers in August 1971. Inventory expectations have been corrected for systematic
biases.
Sources: U.S. Department of Commerce. Expectations, Office of Business Economics; actuals; Bureau of the Census.
Table 2.^Manufacturers' Evaluation of the Condition of their Inventories
x
[Percentage distribution]
High
About
right
Nondurables
Durables
Total
High
Low
About
right
High
Low
About
right
Low
18
22
28
78
75
70
4
3
2
21
27
33
75
70
65
4
3
2
13
14
18
83
83
79
4
3
3
31
31
27
25
68
67
69
72
1
2
4
3
37
36
34
31
62
63
63
67
1
3
2
20
20
15
15
78
76
81
81
2
4
4
4
March 31, 1968
June 30, 1968.
September 30, 1968
December 31, 1968. ...
25
25
24
18
72
72
73
80
3
3
3
2
31
31
28
19
66
67
70
79
3
2
2
2
15
16
16
16
82
80
79
82
3
4
5
2
March 31, 1969
June 30, 1969
September 30, 1969
December 31, 1969
20
21
23
23
78
77
76
76
2
2
1
1
21
22
26
25
77
76
73
73
2
2
1
2
17
18
17
18
82
80
82
81
1
2
1
1
March 31, 1970
June 30, 1970
September 30, 1970
December 31, 1970
24
24
22
21
75
75
77
78
1
1
1
1
27
28
25
23
72
71
74
76
1
1
1
19
17
16
16
80
81
82
83
1
2
2
1
20
20
79
79
' 1
75
76
r 2
1
' 14
14
85
84
' 1
2
June 30, 1966
September 30, 1966.
December 31, 1966
March 31, 1967
...
June 30, 1967
Septemb er 30, 1967. .
December 31, 1967
March 31, 1971
June 30, 1971
..
r
.
1
r
23
23
00
r
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting compa nies. Percent
distribution of inventory book values according to companies' classifications of their inventory condition.
NOTE: Due to change in survey questionnaire, data starting December 31, 1968 are
are, not strictly comparable to
t prior data.
Department of Commerce, Office of Business Economics.
Source: UtS .
SURVEY OF CURRENT BUSINESS
20
billion on March 31 and $1.90 billion on
June 30, 1970. The net excess in June
1971 was about 2% percent of durable
goods producers' inventories, down
from almost 3 percent in June 1970.
Nondurable goods producers reported
a slight increase in net excess—from
$430 million to $470 million—between
March 31 and June 30, 1971. The net
excess on June 30 was 1.3 percent of
their total holdings, as compared with
1.7 percent in June 1970.
The average excess for companies
that judged their stocks "high" was 11
percent of their holdings at mid-1971,
and the average deficiency for the small
number of companies judging their
stocks "low" was 23 percent.
Table 3.—Inventory Imbalance
Net ( xcess
InvenInventory
defitory
excess ciency Amount Percent
of total
inventories
(Billions of dollars)
All manufacturers:
Dec. 31, 1968
1.73
0.25
1.48
1.7
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969-
1.87
1.96
2.36
2.50
16
24
15
16
1.71
1.72
2.21
2.34
1.9
1.9
2.4
2.5
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970
Dec. 31, 1970
2.58
2.62
2.48
2.44
10
15
.11
.13
2.48
2.47
2.37
2.31
2.5
2.5
2.4
2.3
. ._ ' 2.31
. _
2.34
.14
.32
Dec. 31, 1968-
1.19
.20
.99
1.7
Mar 31 1969
June 30, 1969
Sept. 30, 1969.
Dec. 31, 1969.
1.31
1.35
1.75
1.91
.12
.18
.11
.13
1. 19
1.17
1.64
1.78
2.0
1.9
2.7
2.8
Mar 31 1970
June 30, 1970
Sept. 30, 1970
Dec. 31, 1970
1 97
2.00
1.94
1.88
.09
.10
.07
.07
1.88
1.90
1.87
1.81
2.9
2.9
2.9
2.8
'1.81
1.73
.07
.18
' 1.74
1.55
'2.7
2.4
.54
.05
.49
1.6
.56
.61
.61
.59
.04
.06
.04
.03
.52
.55
.57
.56
1.6
1.7
1.8
1.7
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970
Dec 31, 1970
.61
.62
.54
.56
.01
.05
.04
.06
.60
.57
.50
.50
1.8
1.7
1.5
1.5
Mar 31, 1971
June 30, 1971
.50
.61
.07
.14
.43
.47
' 1.2
1.3
Mar. 31, 1971
June 30, 1971
__
r
2. 17
2. 02
r
22
2.'0
Durable goods:
Mar. 31, 1971
June 30, 1971
__
Nondurable goods:
Dec. 31, 1968
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969.
Dec. 31, 1969.
..
r
Revised.
Source: U.S. Department of Commerce, Office of Business
Economics.
September 1971
The Census Bureau has published benchmark and seasonal factor revisions of the data
on manufacturers' shipments and orders beginning with January 1966. The revised data
are published in Manufacturers' Shipments, Inventories, and Orders: 1966-1971 (Revised),
Series M3-1.3, U.S. Government Printing Office, Washington, D.C. 20402. Price 70
cents. Shown here are the resulting revisions in aggregate manufacturing and trade sales
and inventories, regularly published on page S-5 of the SURVEY.
Manufacturing and Trade Sales, Inventories, and Inventory/Sales Ratios
Unadjusted
Inventories
1966:
January
February
March
April
May
June
__
-
_ .
_
1968:
January
February
March
April
May
June
1.42
1.44
1.42
1.45
1.47
1.47
129, 119
129, 698
130, 787
133, 895
136, 428
135, 262
82, 668
87, 115
89, 237'
90, 699
89, 287
93, 420
129, 737
131, 190
132, 235
133, 786
135, 231
136, 714
86, 688
87, 631
88, 263
88, 199
87, 594
87, 988
1.50
1.50
1.50
1.52
1.54
1.55
137, 179
138, 764
140, 409
141,477
141, 585
140, 738
81, 264
83, 173
90, 959
88, 217
90, 667
93, 890
138, 019
138, 674
139, 288
139, 954
140, 172
140, 395
88, 743
88, 059
88, 649
88, 776
88, 996
90, 004
1.56
1.57
1.57
1.58
1.58
1.56
140, 163
140, 375
140, 988
142, 773
145, 002
143, 792
84, 932
89, 993
91, 584
91, 737
92, 715
97, 364
140, 953
141, 923
142, 189
142, 497
143, 678
145, 072
89, 492
90, 529
90, 763
89, 162
91, 091
92,764
1.58
1.57
1.57
1.60
1.58
1.56
144,
146,
147,
149,
150,
150,
885
444
957
657
666
314
86, 254
89, 873
95, 206
95, 565
98, 303
99, 896
145, 588
146, 354
146, 799
148, 012
149, 191
149, 952
93, 103
93, 651
94, 661
94, 760
96, 051
97, 127
1.56
1.56
1.55
1.56
1.55
1.54
149,
149,
150,
153,
155,
153,
638
865
569
642
373
587
94, 311
96, 095
98, 694
103, 639
101, 627
103, 243
150, 419
151,440
152, 218
153, 463
153, 983
154, 869
98, 282
96, 376
98, 319
99, 169
99, 866
98, 910
1.53
1.57
1.55
1.55
1.54
1.57
1969:
January
February
March .
April
May
June
154, 640
156, 681
158, 796
160, 285
160, 903
160, 565
92, 550
94, 831
101, 576
102, 349
104, 279
106, 080
155, 397
156, 588
157, 648
158, 477
159, 301
160, 281
99, 508
100, 640
101, 222
101, 898
102, 446
102, 927
1.56
1.56
1.56
1.56
1.55
1.56
160, 335
160, 262
161, 708
164, 367
166, 082
164, 290
98, 658
101, 745
106, 093
110, 160
104, 292
109, 334
161, 134
162, 054
163, 086
164, 322
164, 650
165, 659
102, 572
103, 790
104, 324
105, 087
104, 144
103, 530
1.57
1.56
1.56
1.56
1.58
1.60
_ . .
164, 678
166, 591
168, 082
169, 861
169, 282
168, 898
96, 535
99, 053
105, 333
104, 508
106, 810
111,073
165, 621
166, 610
167, 081
167, 935
167, 654
168, 413
104, 140
105, 181
104, 763
104, 338
106, 062
106, 614
1.59
1.58
1.59
1.61
1.58
1.58
..
168, 714
168, 252
168, 946
171, 120
173, 107
170, 300
103, 269
104, 729
108, 385
109, 021
103, 621
112,030
169, 539
170, 205
170, 956
171, 168
171, 768
171, 998
106, 754
107, 123
106, 672
104, 523
103,411
105, 663
1.59
1.59
1.60
1.64
1.66
1.63
_
, . . . .
_. .
..
......
. _
. ...
....
.
July
August
September
October
November
December
..
. . .
.. .. . ,
...
.. _ _ _ . . - _ _ , _ _ . . . - _ _
1970:
January
.. .. _ .
February . . . . _.. ...
.
March
April
May
June
. . . . . ... . . ... .
.
-.---_._
.
...
Inventory/
sales ratios
85, 558
85, 707
87, 317
86, 665
86, 177
87, 575
...
__ .
. ...
July
August
September
October
November . _
December
July
August
September
October
November
December
.
Sales
121, 634
123, 027
124, 241
125, 315
126, 842
128, 573
..
_.
Inventories
78, 045
80, 893
88, 872
88, 012
86, 850
90, 960
..
1967:
January
February
March
- - - . - _ - - .
April
May
June
. .- _ . . . . . . .
July
August
September
October.
_
November
December
Sales
120, 894
123, 172
125, 342
126, 705
128, 061
128, 858
_.
..
July
August
September
October
November
December
Seasonally adjusted
By KENNETH L. LAY and KENT L. JONES
Economic Impact of Defense Procurement
from 8.9 percent to 6.9 percent of GNP
over this period, and purchases from the
private economy from 6.0 percent to 4.1
percent of private GNP.
This reduction has many implications
for economic policy. A significant
change in defense spending affects the
fiscal posture of the Government, the
distribution of resources between the
private and public sectors, and the proportions of the Nation's output which
are available for defense and civilian
purposes. Sudden shifts in defense programs can create imbalances in the
economy which require compensatory
adjustments in monetary and fiscal
policy.
Despite the subject's importance,
information on defense activity is inadequate for the needs of economists
and policymakers. One of the major
shortcomings is that there is little
reliable information on defense production, a key variable in gaging the impact
of defense activity on the economy. In
the national income and product accounts, which are the main tool for
studying the economic impact of defense activity, that activity is measured
by purchases (deliveries). This is unsatisfactory, because much of the
impact occurs earlier, when production
JL HE U.S. economy has had to adjust takes place. Total defense production
in the recent past to large changes in cannot be measured in the present
defense activity. Government purchases national accounts framework because
of goods and services for national de- adequate data are lacking on the change
fense appear to be stabilizing now, but in inventories of defense goods, which
this follows a decline from an annual must be added to purchases in order to
rate of $79.4 billion in the fourth quarter get the measure of total production.
(Defense inventories are included in
of 1968 to $71.8 billion in the second
GNP as part of change in business
quarter of 1971. If military and civilian inventories (CBI), but are not sepaemployee compensation is excluded in rately identified.) One of the aims of
order to focus on purchases from the this article is to gage the magnitude of
private economy, the decline was even defense production and defense ingreater. Total defense purchases fell ventory change.
The Office of Business Economics is
vitally interested in improving the
measurement of the impact of defense
activity on the economy, as reflected in
the national income and product accounts. The econometric work presented
in this article indicates that the time-ofdelivery method used for recording most
defense transactions in the national
accounts has given inadequate signals of
the impact of defense activity since the
mid-1960's. The work presented here
suggests the extent to which the NIA
series on defense purchases and the
Federal fiscal position may have understated both the expansionary impact of
defense activity in the mid-1960's and
the impact of the more recent decline.
These findings reinforce the desirability
of developing better statistics bearing
on this subject within the framework
of the national income and product
accounts.
The work described here was originally carried out by the authors as an
adjunct to a study by the Defense
Department aimed at implementing an
accrual accounting system. At the time,
both authors were on active duty as
officers in the U.S. Navy Reserve,
assigned to the Office of the Assistant
Secretary of the Navy for Financial
Management.
The data source for this study is a
sample of 51 defense procurement contracts largely awarded during the
Vietnam buildup. The data were collected from contractors in 1969 by a
Defense Department study group as
part of the Government's effort to
implement an accrual accounting
system.
Based upon an analysis of these
contracts, this article will (1) discuss the
sample data on obligations, production,
payments, and deliveries, (2) use a
statistical model to estimate defense
production during the 19'65-71 period,
(3) adjust the national accounts (NIA)
series on defense purchases, CBI, and
Federal Government surplus or deficit
to reflect the estimates derived from
the model, (4) suggest several possible
data problems, and (5) explain in
detail the mathematical derivation of
the model.
Most important, the article will show
that the time-of-delivery method used
for recording most defense transactions
in the national income and product
accounts has given inadequate signals
of the impact of defense activity on
the economy during the Vietnam war
period. Specifically, the article will
show that the delivery method of recording defense goods and business
inventories understated the expansionary impact of defense activity from
mid-1965 through 1966 and understated the impact of the decline since
late 1968.
The Sample Data
As noted earlier, the sample data
were collected as part of the Defense
Department's work in establishing a
system of accrual accounting. Along
with other Government agencies, the
21
SURVEY OF CURRENT BUSINESS
22
Table 1.—Characteristics of Defense
Contract Sample
Contract characteristics
Procurement program :
Aircraft
Missile
Electronics
Other
Size: (Million$)
Over 200 million
100-200
50-100
...
25-50
5-25
1-5
_
.-
Number of
contracts
.- -
23
15
11
2
2
8
12
8
9
12
..
Period of initial production :
Before April 1965
April 1965-March 1966.
After March 1966
20
16
15
Pricing provision :
Fixed price
Cost plus
43
8
Military Service :
Navy ..-Air Force
-.-
35
16
Source: A Final Report on the Proceedings of the DOD
Special Study Group on Defense Contractor Constructive
Delivery (Accrual Accounting Implementation), May 1, 1970.
DOD is working toward recording
expenditures on an accrual rather than
a cash basis, as recommended by a
Presidential Commission in 1967.1 For
work produced to Government order,
such as on defense procurement contracts, accrued expenditures are to be
recorded at the time of "constructive
delivery," defined as the time when
contractors perform work and incur
costs on the contracts.2 (Goods purchased "off-the-shelf" would be recorded under the accrual concept at the
time of physical delivery; employee
compensation and other payments for
services would be recorded at the time
of performance.)
purposes of analysis, between two and
five contracts \vere selected from each
contractor, distributed as evenly as possible by size and time of performance.
The total sample (table 1) consisted of
51 contracts for major hardgood procurement items whose value approximated $2.8 billion. All of the contracts
were begun prior to 1969, most beginning soon before or during the sharpest
phase of the Vietnam buildup.
Production, payments, and deliveries
Although some economic activity associated with defense contracts, e.g.,
output associated with research and
development, or investment in new
plant and equipment, may occur before
the contract orders are placed, the
major impact occurs when production
on the contract takes place.
The cumulative value of production
at any point during the life of one of
the sample contracts was approximated
by the accrued costs of the prime contractor plus the contractor's final profit
allocated over the life of the contract
according to the time pattern of deliveries. This sum equals value added by
CHART 10
Obligations, Production, Payments, and
Deliveries, All Sample Contracts, 1964-68
The procurement contract sample
It was not possible to derive the
sample of contracts used in this study
in a scientific manner because information on the characteristics of the total
"population" of outstanding DOD contracts does not exist. Instead, 12 large
prime contractors provided data on
monthly orders, costs, and billings. For
1. Report of the President's Commission on Budget Concepts,
U.S. Government Printing Office, October 1967.
2. See A Final Report on the Proceedings of the DOD Special
Study Group on Defense Contractor Constructive Delivery
(Accrual Accounting Implementation), U.S. Department of
Defense, May 1970.
1964
65
66
i. Department of Commerce, Office of Business Economics
67
68
71-9-10
September 1971
the prime contractor plus value added
by all other businesses contributing to
the final output under the contract, i.e.,
subcontractors and their suppliers. It
represents the incomes generated in
production (including depreciation and
indirect business taxes) and is theoretically equal to the standard definition of
production as the sum of deliveries of
finished goods plus inventory change.
The payments data represent the issuance of checks by DOD disbursing
officers. Payments for major hardgoods
reflect a blend of preproduction payments (advance payments), payments
roughly coincident with production
(progress payments), and payments
lagging production (final payments).
The major differences between payments and production occur because
progress payments do not fully cover
the value of production. At present,
progress payments average about 85
percent of production costs, with the 15
percent balance paid only after final
delivery. Because both payments and
deliveries lag production, both measures
are unsatisfactory indicators of changes
in defense output.
Chart 10 shows obligations, payments, deliveries, and production data
aggregated from all 51 sample contracts.
(The obligations series consists of contract awards and subsequent modifications to the contracts.) On the average,
. the obligations incurred on procure. merit items lead production by about
six months while payments and deliveries lag production by about two
months and six months, respectively.
Another way of depicting the relationship among payments, deliveries,
and production can be seen on chart 11,
which shows data calculated by
beginning all 51 contracts at a
hypothetical month zero and continuing
them for 40 months. "Unpaid production" is production on the contracts
less payments and "undelivered production" is production less deliveries.
At the end of 20 months, cumulative
production exceeds cumulative payments by about $335 million, or 11
percent of total obligations, and exceeds cumulative deliveries by approximately $1 billion or more than onethird of total obligations. These sample
September 1971
SURVEY OF CURRENT BUSINESS
23
Table 2.—Estimated Production on Defense Procurement Contracts, Actual Payments, and Actual Deliveries
[Billions of dollars]
Calendar Year
1965
1966
1967
1964
1968
1969
1965
1966
III
1970
III
IV
Annual rates, not seasonally adjusted
Production
Payments
Deliveries
Production less paymentsProduction less deliveries-
14.7
12.4
13.5
2.3
1.2
18.8
16.2
15.3
2.6
3.5
24.0
23.4
22.8
.6
1.2
22.8
22.0
20.1
.8
2.7
22.8
23.4
23.1
-.6
-.3
18.4
20.4
20.5
-2.0
-2. 1
14.2
13.7
14.0
.5
14.1
11.5
13.1
2.6
1.0
13.8
11.0
12.9
2.8
1.0
1968
1967
III
15.8
13.8
13.6
2.0
2.2
IV
17.1
15.5
14.5
1.6
2.6
16.6
14.6
14.2
2.0
2.4
III
IV
21.6
17.1
16.6
4.5
4.9
19.8
17.6
15.8
2 2
3i 9
1970
1969
III
IV
14. 9
13.4
14.2
1.6
.7
1971
III
IV
17.7
20.2
20.3
17.4
19.3
19.2
-2.6
-1.9
Annual rates, not seasonally adjusted
Production
Payments
Deliveries
Production less payments
Production less deliveries
22. 1
20.
18.8
21.8
21.1
19. 3
.7
2.5
23.5
24.2
21.5
-.7
2.1
23.8
22.4
20.9
1.4
2.9
23.6
23.5
22.0
.2
1.7
23.0
23.0
21.8
-. 1
1.2
24.0
22. 9
23.6
1.2
.4
Source: Production—Estimates by authors (Equation 16). Payments—Checks issued for
Department of Defense budget category "Procurement," published in monthly issues of
Defense Indicators (Series 682); quarterly average of unadjusted monthly data. Deliveries—
data suggest that any significant increase in defense orders will result in
production advancing considerably
more rapidly than payments or deliveries. The data also show that when
orders slacken, payments and deliveries
decline less
rapidly
than
production.
CHART 11
Cumulative Value of Undelivered
Production and Unpaid Production,
All Sample Contracts
Billion $
1.2
1.0
Undelivered
Production
6
12
18
24
30
36
Months Elapsed Since Beginning of Contract
NOTE.-Data plotted are 3-month moving averages of
cumulative values.
U.S. Department of Commerce, Office of Business Economics
40
225.5
2
24.3
2
23.9
1. 1
25.5
24.8
23.8
23.5
24.3
22.6
-.8
21.7
22.0
22.8
20.5
22.4
23.1
-1.9
-2.6
20.0
21.5
21.9
-1.4
-1.9
18.5
20.5
20.6
-2.0
17.6
17.7
19.4
.0
-1.7
17.7
18.6
19.0
-.9
-1.3
National defense purchases of goods and services, not seasonally adjusted, modified to exclude
all items except purchases in the budget category "Procurement."
Estimates of Defense
Production
Estimates of aggregate production
resulting from all defense contracts for
procurement items were obtained for
the period 1964-IV—1971-11 by use
of the econometric model developed
from the contract sample. The derivation and estimation of the model are
described in the final section of this
article. The estimates of production
resulting from all defense procurement
contracts (table 2) were derived with
equation 16, using changes in lagged
values of unpaid obligations outstanding (UO) as explanatory variables.
The UO series was obtained by eliminating double-counting of intra-DOD
obligations from "gross unpaid obligations outstanding for procurement"
(GUOO) as published by DOD.3
As indicated by table 2 and chart 12,
changes in payments and deliveries
lagged after changes in estimated
defense production during the Vietnam
buildup and the recent defense slowdown. During the initial buildup from
the fourth quarter of 1964 to the
fourth quarter of 1966, estimated
production on defense procurement
contracts increased from $14.2 billion
(annual rate) to $21.6 billion, a rise of
CHART 12
Estimated Defense Production,
Actual Payments, and Actual
Deliveries, 1964-71
Billion $
30
Payments
25
\
Production
20
15
10
i ii
1964
3. The data in table 2 on production, payments, and
deliveries, and the UO series used in deriving estimated
production, all refer to the DOD budget category "Procurement." The principal items included in the "Procurement"
account are aircraft, ships, tracked combat vehicles, ordnance (including missiles), vehicles and related equipment,
and electronics and communication equipment.
65
66
67
68
69
Quarterly at Annual Rates
U.S. Department of Commerce, Office of Business Economics
70
71
SURVEY OF CURRENT BUSINESS
24
of either payments or deliveries data
in providing economic analysts and
policymakers with information on the
magnitude or the timing of defense
activity during periods of rapid change.
This strongly supports the desirability
of developing additional statistical
estimates of defense activity and its
impact within the framework of the
national income and product accounts.
$7.4 billion. In the same period,
payments on defense procurement
contracts increased only $3.4 billion
and deliveries only $2.6 billion. In the
slowdown period, estimated production
decreased from a rate of $25.5 billion
in the fourth quarter of 1968 to $17.4
billion in the fourth quarter of 1970, a
drop of $8.1 billion. In the same period,
payments and deliveries declined only
$5.0billion and $4.7 billion, respectively.
The gaps were widest in the second
half of 1966, when production exceeded
payments by $3.3 billion (annual rate)
and deliveries by $4.4 billion. These
data strongly suggest the inadequacy
Adjusting the NIA Data
By the standard definition used in
the national accounts, production is
the sum of deliveries (purchases) of
September 1971
finished goods plus inventory change.
Thus, an estimate of defense-related
inventory change in the private sector
can be derived as a residual by subtracting deliveries from the estimate of
production. This is shown as the last
line in table 2. Although none of the
data in table 2 are seasonally adjusted,
it is assumed in the following steps
that the estimated series on defense
inventory change has no significant
seasonality.
If estimated defense inventory change
is added to the published NIA defense
purchases series, the latter is converted
to something much more closely ap-
Table 3.—Published and Adjusted Series for National Defense Purchases, Federal Surplus or Deficit, and Change in Business Inventories
[Billions of dollars]
Calendar Year
1965
1966
1967
1966
1968
1969
IV
III
1970
III
IV
Seasonally adjusted at annual rates
National defense purchases:
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series...
50.1
51.3
64.2
10.6
12.9
72.4
75.1
11.7
10.9
78.3
79.5
5.9
4.4
78.4
78.1
.1
-1.4
75.4
73.3
-3.0
-4.8
48.9
49.0
37
M.4
3.7
-12.4
-15.1
-12.2
-11.4
-6.5
7.3
7.6
13.8
15.3
-13.6
-11.5
-20.9
-19.1
14.8
11.3
5.2
2.9
8.2
5.5
-6.6
-5.8
7.1
5.9
-1.1
.4
7.4
7.7
2.8
4.9
-4.6
-2.8
48.6
49.6
-.3
.6
49.2
50.2
50.1
50.8
.6
.6
.9
.6
-.6
4.4
3.4
5.0
4.1
4.7
3.7
.3
.3
7.7
7.6
10.9
9.9
3.2
2.3
1.0
52.5
54.7
2.4
3.9
55.3
57.7
58.5
61.1
3.2
3.4
63.3
67.2
4.8
6.1
65.6
70.5
2.3
3.3
-3.1
-3.8
-7.8
-7.5
1.4
-1.0
2.5
2.3
3.0
.4
1.6
1.4
-1.2
-5.1
-4.2
-5.5
-4.1
-9.0
-2.9
-3.9
-2.0
-2.0
8.9
7.9
9.1
8.4
.2
.5
1L3
8.9
1.6
1.4
16.2
13.6
4.9
4.7
11.9
8.0
-4.3
-5.6
19.9
15.0
8.0
7.0
1.0
.7
2.4
2.6
3.9
Federal surplus or deficit ( — ) :
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series..
1.2
.0
-7.7
5.9
7.4
Change in business inventories:
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series..
8.4
Estimated defense inventory change:
(Production less deliveries)
1967
III
IV
1971
1970
1968
III
IV
III
III
IV
IV
Seasonally adjusted at annual rates
National defense purchases:
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series..
69.9
73.2
4.3
2.7
74.3
1.9
1.1
-11.6
-14. 9
-7.5
-6.9
-12.5
-15.0
-.9
-.1
-13.1
-15.2
-.6
-.2
9.6
6.3
-10.3
4.5
2.0
-5.1
-4.3
6.6
4.2
4.6
3.3
2.5
2.1
73.0
75.1
1.2
79.4
81.0
.3
1.5
78.3
80.0
-1.1
-1.0
-3.9
-4.3
7.3
8.1
-1.1
-2.7
2.8
1.6
9.1
7.4
10.2
10.1
7.7
7.3
-1.9
-1.1
8.1
6.5
.4
6.6
4.9
-1.5
-1.6
1.6
1.7
74.7
77. 6
1.7
2.5
76.5
78.2
1.8
.6
78.3
79.5
1.8
1.3
79.1
79.5
-12.3
-15.2
-9.8
-11.5
2.5
3.7
-11.2
-12.4
-1.4
-.9
10.0
7.1
1.3
.5
2.9
1.2
-7.1
-5.9
9.6
8.4
6.7
7.2
-L3
73.2
71.3
-1.0
-.3
73.0
71.3
-.2
.0
71.8
70.5
-1.2
-14.1
-11.9
-9.6
-9.3
-15.4
-12.8
-1.3
-.9
-20.5
-18.6
-5.1
-5.8
-17.5
-14.2
3.0
4.4
-22.6
-21.3
-5.1
-7.1
2.1
4.3
1.7
2.0
5.1
7.7
3.0
3.4
3.7
5.6
-1.4
-2.1
3.2
4.9
-.5
5.7
7.0
2.5
2.1
-2.6
-1.9
79.4
78.3
1.9
-.1
78.4
75.8
-1.0
-2.5
78.9
77.0
.5
1.2
75.1
72.9
-3.8
-4.1
11.7
10.8
2.6
3.4
5.1
6.2
-6.6
-4.6
3.4
6.0
-1.7
-.2
-4.5
-2.6
-7.9
-8.6
6.8
5.9
.2
1.0
10.4
11.5
3.6
5.6
5.7
8.3
-4.7
-3.2
.4
2.3
-5.3
-6.0
-2.6
-1.9
77.5
78.4
-1.6
74.2
71.6
o
Federal surplus or deficit (—) :
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series..
Change in business inventories:
Published NIA series
Adjusted series
Change in NIA series
Change in adjusted series..
Estimated defense inventory change:
(Production less deliveries)
-1.1
Source: Estimated defense inventory change—table 2. NIA Series—various issues of the SURVEY (see "Historical Statistics" note on page 10).
-1.3
September 1971
SURVEY OF CURRENT BUSINESS
preaching a defense production series.4
This adjustment is shown in table 3,
along with the associated adjustments
in the change in business inventories
component of GNP—from which defense-related inventory change is subtracted—and in the Federal surplus or
deficit on the NIA basis—which is
adjusted to reflect defense production
rather than purchases (deliveries).
These adjustments do not affect total
GNP, only its composition.
The published NIA defense purchases series rose $10.6 billion in 1966
and $11.7 billion in 1967, and fell $3.1
billion in 1970. Adjusted to a production basis, however, the series shows an
increase of $12.8 billion in 1966 and
$10.9 billion in 1967, and a decline of
$4.9 billion in 1970. Consequently, the
Federal budget position, after adjustment to make defense spending coincide
with production, shows a steeper shift
into deficit in 1966 and a somewhat
smaller shift into deficit in 1970.
On a quarterly basis, a similar picture
emerges from the data in table 3.
During the sharpest phase of the
Vietnam buildup, from late 1965
through 1966, the quarterly increase
in the adjusted defense spending series
consistently exceeded the increase in
the published NIA defense purchases
series. The situation was opposite
during the de-escalation phase in 1969
and 1970, when adjusted defense spending generally decreased much faster
than the published NIA series. Similarly, the Federal fiscal position, as
adjusted, suggests (1) a considerably
more expansionary fiscal policy during
during 1965-66, and (2) a more restrictive stance since 1969, than indicated in the published figures on the
NIA surplus or deficit.
Possible Data Problems
There are a number of hazards in
applying the model and coefficients
developed from the sample to the much
4. The estimates of defense production and inventory change
are for items included in the "Procurement" category of the
DOD budget (see footnote 3). It is these goods for which significant deviations occur between the time of actual produc
tion and the times of payment and delivery. In 1970, deliveries (purchases) of ''Procurement" items accounted for
about $20.5 billion (table 2) of the $75.4 billion total NIA
defense purchases; the remainder consisted of: employee
compensation, $33.3 billion; structures, $1.4 billion; and all
other goods and serivces, $20.2 billion.
larger, and perhaps much different,
total population of defense procurement
contracts.
First, as indicated earlier, the sample
of 51 contracts is neither a random nor
a representative sample of the total
population of defense procurement contracts. It consists primarily of Navy
and Air Force aircraft, missile, and
electronics contracts. Omitted completely are ship construction and "softgoods" contracts as well as Army and
Marine Corps contracts. Since much
of the production buildup associated
with the Vietnam conflict involved
such items as ammunition, rifles, etc.,
necessary to fight a conventional war,
use of a contract sample heavily
weighted toward more sophisticated,
strategic weapons could significantly
bias the estimators.
Second, it is unlikely that the profit
rate on procurement contracts is constant over time, as assumed in this
study. The value of aggregate production on all procurement contracts
was estimated by use of the relationship
between production and unpaid obligations established from the sample. Since
profits are included in the value of
production, the average rate of profit on
the sample contracts was in effect assumed to hold for all procurement
contracts. While the assumption that
the sample contracts generated "typical" rates of profit is considered reasonable, there is no doubt that profit
rates on defense contracts may fluctuate from year to year. As a result, actual
fluctations in production may be obscured if they are accompanied by
shifting profit margins.
Third, the adjustments made to the
GUOO series to eliminate doublecounting may be inadequate. Doublecounting occurs when one military service obligates funds to another service
to procure certain goods from private
contractors. Both the intra-Defense
Department obligations and the obligation to the contractor are counted
in the published GUOO series. The
exact extent of double-counting is not
known, but estimated at about 15 percent to 25 percent of GUOO in the
1964-69 period. To correct for doublecounting, the published data were
lowered by a constant 20 percent, a
25
ratio suggested by certain Defense
Department data.
Fourth, the published GUOO series
excludes obligations by revolving and
management funds, which serve us
intermediaries between the obligating
military service and the private sector
for the procurement of many items.
Obligations by such funds may precede
or lag the related obligations in the
GUOO series, and this can distort the
timing relationship between the GUOO
series and production. For example, an
obligation entered into the GUOO
series for goods already in the inventory
of a revolving or management fund will
lag the original obligation by the fund
for the procurement of the goods.
Conversely, obligations entered into
GUOO can precede obligations by the
funds if the goods to be procured have
yet to be manufactured.
Any of the data problems noted
above could introduce systematic bias
in the production estimates, but the
extent of such bias cannot be determined. It is hoped that the bias is small
and does not seriously distort the implications of this analysis.
Derivation of Model
We start with a model in which new
orders for defense procurement items
(NO) placed in a given period will lead
to production (Q) in the same and subsequent periods in a pattern of fixed
proportions (Ai) to the initial NO. This
model is represented by the following
equation:
(1)
t=S A 1 NO t _ 1 + i
where
1=1
i=l, and 11 is the number of
periods in which production
on an NO occurs.
Next, we introduce an identity involving Q, NO, and unproduced orders
(UO), as follows:
(2) AUO t =NO t -Q t .
Substituting (1) in (2) we obtain
(3)
=NO t -SAi N0t_1+1.
1=1
Next, we want to write (3) so that it
involves only AUO and Q. To do so,
SURVEY OF CURRENT BUSINESS
26
we introduce the lag operator A(L)5
where
(4)
A(L)=A 1 +A 2 L+A 3 L 2 +
. . . +AnL-1.
Substituting (4) in (3) gives
(5) AUO t =NO t -A(L)NO t , or
(6) AUO t =[l-A(L)]NO t , or
(7) I
(8) B(L)AUO t =NO t if we set
The value of the constant, a*, in
(14) is derivable from the lag operator
B(L). a* can be seen also as equaling
the ratio of the average Q on an NO
over the n periods required to produce
the NO to the average UO associated
with that same NO. This, in turn,
equals the ratio of Q to UO in a situation in which a constant level of NO
has been maintained for at least n
periods.7
Redefining the terms in parentheses
in (14) as (Gi — a*)=a l 5 we have the
final form of the equation as used in this
study:
Substituting (8) in (2), we have
(9) AUO t =B(L)AUO t -Q t , or
(10)Q t =[B(L)-l]AUp t .
We have now replaced an expression
involving Q and NO by one involving Q
and AUO. 6 Next, we derive the regression equation actually used. If we define
[B(L)-1] in (10) as G(L), we can expand (10) to read as follows:
(11) Qt=
G 3 AUO t _ 2 + ____
This form can be changed further by
introducing the level of UOt into the
equation. We can write the level of UO
at time t as a sum of changes in UO's
(12)
+ AUO t _ 2 + . . .
and when (12) is multiplied by a constant, a*, we obtain
(13)
a*UOt = a*AUO t
+ a*AUO t - 1 + a*AUO t _ 2 + . .. .
Subtracting the right-hand-side of (13)
from its left-hand-side and adding the
resulting expression (whose value is
zero) to the right-hand-side of (11)
yields
(14) Q t -a*UO t +(G 1 -a*)
AUO t +(G 2 -a*)AUO t _ 1 + (G 3 -a*)
AUO t _ 2 + . . . .
5. See, for example, Zvi Griliches, "Distributed Lags: A
Survey," Econometrica, January 1967.
6. Valid use of the lag operator technique requires that the
derived lag be dynamically stable. Stability depends on the
roots of the polynomial given by l-A(L). For the model used
in this study, stability is always assured because the A; as
defined in equation (1) are always positive. Examination of
the lag operator term in (7) shows that the lag derived on
AUO will not terminate. As will be shown, however, a transformation which involves the level of UO can result in effective lags which are very short.
The introduction of a* and the
level of UO has a distinct advantage
over the use of the lag structure obtained on the basis of change terms
only. Depending upon the original
distribution of the AI and the associated convergent properties of the lag
operator, the a t given in (15) can become very small after only a few terms.
This can be seen from an examination
of the terms in parentheses in (14)
where convergence of the Gj to a*
implies convergence of the ai to zero.
In the present study, as will be seen
from an examination of the regression
results given below, the underlying
production parameter (Ai) distribution
led to a very short effective lag structure, from which rapid convergence
could be inferred.
September 1971
Further comments on model
The following comments are intended
to round out the foregoing explanation
of the model. First, the considerations
that led to the adoption of a model involving fixed production lags are not
discussed in this report. Second, the relation between Q and UO was substituted for the more transparent relation
between Q and NO primarily because
the latter involved a very long lag and
it was desirable to circumvent the practical difficulties that arise when long lag
structures must be estimated from a
small sample of observations. Third,
unpaid orders were substituted for
unproduced orders (UO) because the
GUOO series relates to unpaid rather
than unproduced orders, and the GUOO
series (adjusted to eliminate double
counting) was to be used in estimating
production under the total of all procurement contracts; the sample series
had to be defined correspondingly so
that the relationships derived from the
sample could be used to estimate total
production under all contracts. Fourth,
the regression techniques were applied
(Continued on page 31)
CHART 13
Actual and Estimated Production,
All Sample Contracts
Million $
200
7. This can be shown for a case involving only three periods
to produce an NO. Let the NO = 10, Ai = .3, A2=.5, and
A3 = .2; then average Q-(3+5+2)/3=10/3, average UO =
(7+2+0)/3=9/3, and their ratio is 10/9=1.11111. The same
value can be obtained via the lag operator as follows: The
denominator given in (7), evaluated with the As given here,
is (.7-.5L-.2L2). This can be factored into (1-L)(.7+.2L).
Thus, the fractional operator term in (7) can be expressed in
partial fractions as
150
Estimated
1
C2
.7-.5L-.2L2 (1-Lr (.7+.2L).
In this expression, Ci = a*. The constants Ci and €2 are
obtained by multiplying the numerators and denominators
of the right-hand terms so as to obtain a common denominator and then multiplying both sides of the equation by
.7-.5L-.2L2 to yield Ci(.7+.2L)+C 2 (l-L) = l. Setting
L=l, we obtain Ci = l/.9=l.11111, the same value for a* as
obtained above. Setting L=0, we have Ci(.7)+C2=l, or,
after substituting the value for Ci, C2=.2/.9=.222222. Using
the second partial fraction and the value for C->, on division
we obtain
100
50
.22222/(.7+.2L) = .31746-.09070L+.02591L2
-.00740L3+.00211L4- . . .
Thus, the full lag given by (7) contains in addition to the
constant value a* a component with alternating signs which
converges to zero. The speed of convergence is entirely a
function of the Ai. The set of coefficients derived above
from Ci can be identified with the a; coefficients (ai, a-2,
as, . . .) given in equation (15) which are deviations from
the constant value a*.
0 I. . . . . I . . . . . I
6
U.S.
I 1 1 . . il
I
12
18
24
30
Months Elapsed Since Beginning of Contract
Department of Commerce, Office of Business Economics
I ..
36
71-9-13
By HOWARD MURAD
Plant and Equipment Expenditures by Foreign Affiliates of
US. Corporations, 1970-72
reduced gains in petroleum and in viously, and allows, for the first time,
publication of bias-adjusted projections
mining and smelting.
The 1970 figures are final figures in all the tables.
(the E report for that year), and the
total differs only slightly from the Industry pattern
estimate made 6 months earlier (the
Outlays by manufacturing affiliates
D report). The 1971 figures are based (see table 2) are expected to show only
on the C reports and the 1972 figures small gains in 1971, the total rising 4
on the A reports. As usual, table 1 percent above 1970 to $6.8 billion.
gives 1971 and 1972 estimates adjusted If current expectations for 1972 are
to take account of systematic bias in realized, outlays will increase 13 percent
XPENDITURES for property, the reports of planned spending. How- to $7.6 billion. In both 1971 and 1972,
plant, and equipment by foreign affili- ever, the bias adjustment procedure affiliates plan to increase spending
ates of U.S. corporations are expected now used differs from that used pre- in all major areas except Canada. The
to total $14.7 billion in 1971, up 12
percent from the final 1970 estimate of
$13.1 billion. First estimates for 1972
CHART 14
indicate an increase of 10 percent over
1971 to a total of $16.1 billion. (See
Expenditures for Plant and Equipment by Foreign Affiliates of U.S. Companies
chart 14, and table 1.)
Billion $
(Ratio scale)
These findings are based on the latest Billion $
OBE semiannual survey of about 450 20 _ BY INDUSTRY
_
BY AREA
- 20
large U.S. firms, with approximately
4,800 foreign affiliates, taken in June
1971. The figures, therefore, reflect the 10
economic environment prevailing at
that time. The new economic program
announced by the President in August,
including the decision to allow the
dollar to float against other currencies
in foreign exchange markets, has clearly
changed that environment.
Spending increased 21 percent from
1969 to 1970. Compared to that increase, the current estimate of 1971
spending shows a considerable slow•**•""*
Latin America
down in the rate of growth. The deceleration is centered in manufacturing,
Other Areas
and probably reflects the general economic slowdown in Europe. On the
Mining and Smelting
other hand, expenditures in petroleum
and mining and smelting show sub- .2 I i i i i i I
I
I
I I
I
I I I I
I I I
I I I
I 1.2
i i i i
1957
59
61
63
65
67
69
71
73
1957
59
61
63
65
67
69
71
73
stantial increases. The expected growth
NOTE.—See text for explanation of methodology.
• Expected
of spending in 1972 reflects a recovery
71-9-14
in manufacturing coupled with sharply
Foreign affiliates of U.S. corporations
are planning to increase expenditures for
plant and equipment 12 percent in
1971 to a total of $14.7 billion, to be
followed by a 10 percent increase in
1972 to a total of $16.1 billion. These
increases represent a considerable slowdown from the 21 percent growth rate
registered in 1970.
E
U.S. Department of Commerce, Office of Business Economics
27
SURVEY OF CURRENT BUSINESS
28
small size of the 1971 increase in part for leasing to others, a significant
reflects reported delays of 1971 spending factor in the computer manufacturing
industry abroad, is counted as part of
until 1972.
Within manufacturing, affiliates in affiliates' capital expenditure. Therethe chemical industry plan little change fore, not all the growth registered in
in 1971 and 1972 from the $1.3 billion this area represents expansion of plant
reached in 1970, with affiliates in capacity.)
Manufacturers of transportation
Canada planning a decrease of 22 percent in 1971 and 9 percent in 1972. equipment expect spending to decline
Affiliates in Europe plan an 11 percent 6 percent in 1971 to $1.0 billion,
increase in 1971 spending, but expect to reflecting substantial reductions in
reduce spending 6 percent in 1972. Canada and the United Kingdom.
Both the increase in 1971 and the Investment is expected to pick up
decrease in 1972 are due largely to the slightly in 1972, but to remain below
spending pattern of affiliates in the the 1970 level.
United Kingdom and Germany.
All other manufacturing affiliates
Affiliates engaged in machinery pro- taken together expect to increase spendduction plan relatively large increases. ing 6 percent in both 1971 and 1972,
They plan to increase spending 7 per- following an increase of 31 percent in
cent in 1971 and 35 percent, to $2.8 1970. Increases in 1971 are especially
billion, in 1972. In both years spending significant in Canada and the United
is expected to show especially strong Kingdom. In 1972, increases are particgrowth in Canada, Latin America, the ularly large in the United Kingdom,
United Kingdom, and Japan. Largely Germany, and Japan.
Affiliates in the petroleum industry
reflecting spending in Germany, machinery producers in the EEC are (see table 3) estimate expenditures of
projecting a small decrease in 1971, $4.6 billion in 1971, up 22 percent from
followed by a steep rise of 41 percent in 1970. Increased expenditures are re1972. (The cost of machinery acquired ported for nearly all major geographic
or produced by manufacturing affiliates areas, but are especially large for
September 1971
tanker construction. The expected rise
in 1972 is only 2 percent, concentrated
in Canada, the Middle East, Japan,
and those European countries affected
by exploration in the North Sea (the
United Kingdom, Norway, and the
Netherlands). Major declines are reported .elsewhere for 1972, particularly
in Libya and Latin America.
Led by investment in Canada and
Australia, affiliates in mining and
smelting show the largest percentage
increase of any major industry group
in 1971, with spending rising 36 percent. The strength of the expected
increase in both countries is more than
enough to offset a 25 percent decline
now seen for mining affiliates in Latin
America. The sharp drop in Latin
American spending is centered on
reductions in Chile, where the government has nationalized some American
holdings. The rise in spending by
mining and smelting affiliates is much
smaller in 1972. A large increase is
expected in Canada and affiliates in
Mexico and Central America also plan
increases, but investment totals for
Latin America are expected to remain
far below the 1970 volume for that
area.
Table 1.—-Summary of Estimates of Plant and Equipment Expenditures by U.S. Corporations' Foreign Affiliates, by Percentage Change
and Dollar Amount
Percent change
Industry, area, and schedule
Billions of dollars
Projection
Actual
1966
1969 '
1968
1967
1970
1971
Projection
Actual
1965
1972
1966
1967
1968
Total
16
7
1
15
21
12
10
7.4
8.6
9.3
9.4
By industry
Mining and smelting .. _. ..
_
Petroleum
Manufacturing
.
25
11
18
17
19
-1
12
10
-7
9
10
19
22
5
31
36
22
4
7
2
13
.6
2.3
3.9
.8
2.5
4.6
.9
3 0
4.5
1.0
3.3
4.2
21
19
11
21
16
4
-18
-7
0
-7
-22
-6
-9
32
29
27
16
43
33
31
1
7
-6
6
-1
35
3
6
.9
.9
.9
1.3
1.0
1.0
1.0
1.5
1.2
1.1
.8
1.4
Other industries -
14
10
3
23
30
4
22
.7
.7
By area
Canada
...
. ..
Latin American Republics and other Western Hemisphere..
Europe
28
2
23
-5
17
12
-5
29
-14
10
12
20
17
5
20
13
—2
9
11
6
14
1.8
1.1
2.6
31
15
15
8
-19
-7
20
19
42
26
9
10
16
11
3
9
17
15
17
24
12
12
3
16
22
3
4
30
11
12
13
24
8
-16
17
14
18
11
24
32
Chemicals
Machinery . _ . - - - - - - - - - - - .
Transportation equipment
Other manufacturing
.
European Economic Community
Other, including United Kingdom
Other areas
--
.__.-.
._ .
. ..
...
1969 *
1970
1971
1972
13.1
14.7
16.1
1.1
3.6
5.0
1.4
3.8
6.5
1.9
4.6
6.8
2.0
4.7
7.6
1.2
1.0
.6
1.3
1.1
1.3
.8
1.7
1.3
1.9
1.1
2.2
1.3
2.0
1.0
2.4
1.3
2.8
1.0
2.5
.8
.8
1.0
1.4
1.4
1.7
2.4
1.1
3.3
2.2
1.3
3.6
2.1
1.6
3.1
2.3
1.8
3.7
2.7
2.0
5.0
3.1
1.9
5.5
3.4
2.0
6.2
1.4
1.2
1.9
1.4
2.1
1.5
1.7
1.4
2.1
1.7
2.9
2.1
3.2
2.3
3.7
2.6
6
1.9
1.9
2.1
2.5
2.9
3.4
4.2
4.4
12
9
5.6
6.3
7.0
7.2
8.4
10.3
11.6
12.7
16
12
9
8
4
16
1.7
2.0
1.8
1.8
2.1
2.4
2.0
2.4
2.7
2.4
2.6
2.2
2.9
2.9
2.6
3.2
3.6
3.5
3.7
4.1
3.8
4.0
4.2
4.4
10.8
By OFDI schedule
All schedules 1- 2
Schedule A
Schedule B
Schedule C . . _
. . ...
NOTE.—Projections are corrected for systematic bias; see text.
T
Revised.
1. Does not include Canada.
2. Beginning with 1970 Spain is classified in Schedule B; prior to 1970 it is classified in Schedule C.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
September 1971
Affiliates in other industries are expected to increase outlays 4 percent in
1971 (to $1.4 billion) and 22 percent in
1972 (to $1.7 billion). All major areas
of the world showed increases in both
years, except Canada, where a slight
29
spending decrease is expected in 1971.
Most of the planned growth in this
aggregate group is related to expendi-
Table 2.—Estimates of Plant and Equipment Expenditures by U.S. Corporations' Foreign Manufacturing Affiliates, by Selected Country—
Summary of Surveys
[Millions of dollars]
Actual
1966
1967
1968
1969'
1970
1971
1972
4,583
4,525
4,191
4,976
6,524
6,751
7,642
1,040
1,046
966
1,531
1,210
1,088
795
1,432
1,208
1,016
618
1, 349
1,118
1,344
796
1,719
1,294
1, 920
1,060
2,250
1,310
2,053
1,000
2, 389
1,303
2,765
1,032
2,542
1,174
1,001
854
1,036
1,159
1,110
1,061
_
221
186
255
513
166
190
234
411
158
144
194
358
169
222
211
434
186
212
289
472
146
259
173
532
133
318
183
427
Latin American Republics and Other
Western Hemisphere __. .
_.
453
505
575
611
669
698
890
All areas
Chemicals
Machinery _ _ _ _ _ _ _ _ ._
Transportation equipment
Other manufacturing
Canada
Chemicals
Machinery
Transportation equipment-Other manufacturing ._ _ -.
146
65
71
171
150
78
88
188
179
86
90
220
198
95
104
214
170
141
112
246
165
176
116
241
193
215
204
278
Argentina*
Chemicals
Machinery
.
...
Transportation equipment
Other manufacturing
91
27
11
33
20
100
30
18
34
18
71
15
16
22
18
95
14
23
40
18
138
15
45
49
29
112
13
41
31
27
124
14
56
29
25
Brazil
Chemicals
Machinery . _ „ ._ ... _
Transportation equipment
Other manufacturing
100
19
30
20
32
131
29
35
34
33
186
60
40
51
35
184
72
40
39
33
181
40
56
31
54
225
24
85
51
65
386
55
110
144
77
Mexico
Chemicals
Machinery ...
Transportation equipment
Other manufacturing
126
62
14
6
44
133
60
17
8
48
181
70
17
5
89
170
58
22
14
76
205
61
28
26
90
204
79
36
20
69
234
87
38
23
86
135
38
11
12
74
141
30
8
13
90
136
33
12
13
78
161
55
9
11
86
145
54
12
6
73
157
49
14
14
80
146
37
11
8
90
2,244
2,332
2,012
2,539
3,614
3,846
4,427
462
664
564
553
636
713
379
604
524
689
233
566
483
881
390
784
676
1,316
551
1,071
749
1,341
605
1,151
705
1,897
509
1,316
698
115
164
180
239
643
127
141
124
251
582
111
148
74
249
858
126
183
168
380
1,093
175
233
196
489
1,198
186
278
153
581
1,292
140
368
135
649
1,331
275
444
373
239
1,438
427
510
245
256
1,195
314
486
146
249
1,440
288
620
210
321
2, 191
418
976
335
462
2,323
481
948
440
454
2, 775
493
1,376
360
546
Belgium and Luxembourg
Chemicals _ _ _ _ _ _ _ _ _
Machinery
Transportation equipment
Other manufacturing
186
56
24
60
46
200
110
46
23
21
152
78
42
5
27
111
33
30
4
43
181
66
38
7
70
207
88
38
13
68
236
83
73
13
67
Franco
Chemicals-..
Machinery
Transportation equipment
Other manufacturing
288
31
139
44
74
371
50
176
75
70
307
28
179
32
68
338
30
192
41
75
547
40
315
84
109
574
39
335
77
123
708
55
439
92
122
Germany
Chemicals
Machinery
Transportation equipment
Other manufacturing
581
60
191
267
63
518
96
184
142
96
424
64
166
106
88
607
65
273
159
110
955
138
409
237
171
1044
178
381
338
147
1208
182
568
238
220
.. _
Other
Chemicals
Machinery
Transportation equipment
Other manufacturing
Europe
Chemicals
_ _ .. ...
Machinery
Transportation equipment
Other manufacturing
United Kingdom. _ _ _ _
Chemicals
Machinery
_ _ _
Transportation equipment
Other manufacturing.-. _ _ . _ _
European Economic Community
Chemicals. _
_
_ .*
Machinery
Transportation equipment _
Other manufacturing
r
Revised.
NOTE.-Projections are correctedf or systematic bias; see text.
1966
1967
1968
Projection
1969'
1970
1971
1972
Europe— Continued
125
26
57
2
40
150
34
66
2
48
165
39
74
2
50
181
20
90
4
67
279
39
161
5
74
260
32
145
6
79
376
44
229
10
93
151
102
32
1
16
198
137
38
2
21
147
105
26
1
15
203
141
35
1
26
228
135
53
2
38
238
144
51
6
37
247
129
67
7
44
215
251
235
242
330
325
361
72
56
11
76
83
61
10
98
100
54
12
69
68
78
12
83
83
107
20
120
82
115
12
116
72
153
14
121
153
190
227
268
374
460
638
55
63
2
33
81
64
2
43
128
55
3
41
108
90
2
68
110
173
2
89
157
203
2
98
197
239
2
200
Africa
.. .
Chemicals
Machinery
Transportation equipment.
Other manufacturing
329
67
47
72
142
256
47
28
86
95
295
66
32
96
101
306
59
35
86
126
395
44
51
105
196
400
37
57
102
204
405
18
66
131
190
Australia and New Zealand _
Chemicals..- . .. _ ._ _ - _
Machinery
Transportation equipment
Other manufacturing
289
57
42
63
127
214
33
23
76
82
244
57
26
76
85
264
52
30
80
101
335
38
42
158
327
25
49
85
168
307
9
62
98
138
40
10
4
10
16
42
14
5
10
13
52
10
6
19
17
42
7
5
6
24
60
6
9
7
38
73
12
8
17
36
98
9
4
33
52
56
31
15
14
31
47
24
2
2
1
3
54
27
4
1
1
9
2
1
9
6
4
1
20
4
2
1
40
2
2
1
19
Italy
Chemicals
- ___ .
Machinery
Transportation equipment
Other manufacturing
-
Netherlands
- __
Chemicals
Machinery
Transportation equipment
Other manufacturing.... _
Other
Chemicals . _ ._ .
Machinery. ._.
. .._
Transportation equipment
Other manufacturing
_
Actual
Projection
Chemicals
Machinery
Transportation equipment. _
Other manufacturing
Japan _
_ . . . -
_.
_
Chemicals
Machinery
Transportation equipment _ _
Other manufacturing
Australia, New Zealand, and South
South Africa
Chemicals
_ _ _ _ ..
Machinery
Transportation equipment _
Other manufacturing
Other Africa .
___ _
_. .
__._
Chemicals
Machinery
Transportation equipment
Other manufacturing
Middle East
Chemicals.. _
_ ._- _.. _
Machinery.
Transportation equipment
Other manufacturing .
23
62
111
73
126
27
29
18
3
50
1
103
1
63
2
50
2
2
1
6
1
3
11
7
8
74
24
22
150
148
102
130
155
164
168
68
22
1
59
78
14
5
52
47
8
1
46
35
18
2
75
52
21
1
81
50
14
1
99
49
27
2
90
India
Chemicals. .
_ _ _ _ _
Miachinery
Transportation equipment
Other manufacturing
91
44
15
50
28
6
26
11
3
47
11
5
66
23
9
90
25
6
85
24
18
31
16
12
31
34
59
43
Other
59
98
77
83
89
74
83
24
7
1
28
50
8
5
36
36
5
1
35
24
13
1
45
29
12
1
47
25
8
1
40
25
9
Other Asia a n d Pacific.
_____
Chemicals
...
___
Machinery
Transportation equipment .
Other manufacturing
Chemicals
Machinery
Transportation equipment
Other manufacturing ..
Source: U.S. Department of Commerce, Office of Business Economics.
47
SURVEY OF CURRENT BUSINESS
30
the growth of spending in European
countries outside the EEC is sparked
by outlays of manufacturing affiliates
Geographic pattern
in the United Kingdom and petroleum
After a rise of 20 percent in 1970 to affiliates in the United Kingdom,
$5.0 billion, European affiliates are Denmark, Norway, and Spain.
Spending by affiliates in Canada is
expected to increase spending 9 percent
in 1971 and 14 percent in 1972 to $6.2 expected to increase 13 percent in 1971
billion (table 1). The relatively small and 11 percent in 1972 to $3.4 billion,
gain in 1971 reflects the moderate 6 after increasing 17 percent in 1970. The
percent increase by manufacturing af- increases in all 3 years are due largely to
filiates in the European Economic expenditures by affiliates in the extracCommunity; in 1972, these same affili- tive industries. Expenditures by mining
ates are planning a 19 percent in- and smelting affiliates are expected to
crease. Petroleum affiliates plan a 23 rise 84 percent in 1971 and 11 percent
percent increase in 1971 and a 2 per- in 1972. This heavy spending is concent decrease in 1972. In both years, nected with the development of iron
tures by affiliates engaged in trade,
leasing, and services.
Table 3.—Estimates of Plant and Equipment Expenditures by U.S. Corporations' Foreign
Affiliates in the Petroleum and Mining and Smelting, and Other Industries (Except
Manufacturing)—Summary of Surveys
[Millions of dollars]
Projection
Actual
By area and major industry division
1966
1967
1968
1969 *
1970
1971
3,311
Petroleum
All areas
1972
2,526
3,000
3,640
3,808
4,642
4,732
Canada
649
636
669
629
726
796
884
Latin American Republics and other Western Hemisphere
Venezuela
Other Latin American Republics
Other Western Hemisphere .
268
101
109
58
307
103
149
55
405
175
164
66
501
238
138
125
514
212
183
119
553
216
245
92
435
189
194
52
Europe _
778
851
876
974
1,145
1,187
163
289
283
246
256
247
274
European Economic Community
Belgium and Luxembourg. _ .
France
Germany. _
Italy
Netherlands
434
40
96
172
87
39
582
101
61
251
93
77
401
71
62
100
86
82
472
31
86
154
111
91
546
71
107
128
166
74
671
133
96
177
187
78
658
41
119
208
195
95
Other..,
United Kingdom.
.
.
.
1,045
180
174
167
158
172
251
277
Japan
Australia, New Zealand, and South Africa
Other Africa...
120
92
265
146
96
363
207
133
507
189
211
560
242
155
440
321
158
328
354
167
234
Middle East..
Other Asia and Pacific.
International shipping
206
99
49
191
125
94
185
158
196
154
201
319
141
304
312
230
388
699
345
434
670
All areas
_
Mining and Smelting
790
920
1,035
1,132
1,384
1,885
Canada
297
332
340
340
413
762
889
Latin American Republics and other Western Hemisphere
229
288
456
497
477
359
386
3
4
3
5
3
7
3
7
4
12
3
18
3
12
257
292
229
285
478
743
720
Europe:
European Economic Community
Other, including United Kingdom .
Other areas. .
All areas.
Other industries (except manufacturing)
1,355
1,408
2,010
1,722
741
822
850
1,039
Canada
237
264
265
326
434
425
590
Latin American Republics and other Western Hemisphere
144
183
220
248
291
312
325
Europe:
European Economic Community
Other, including United Kingdom
85
140
100
146
118
134
149
164
188
237
192
272
251
342
Other areas. _
135
129
113
152
205
207
214
NOTE: Projections are corrected for systematic bias: see text.
T
Revised.
Source: U.S. Department of Commerce, Office of Business Economics.
September 1971
ore, nickel, and copper deposits. Manufacturing affiliates in Canada expect to
reduce spending moderately in both
1971 and 1972.
Outlays in Latin America are expected to decrease 2 percent in 1971
but to rise 6 percent in 1972 to $2.0
billion. Continuing recent trends, mining and smelting affiliates are expecting
to reduce spending in both years, but
manufacturing firms are planning a
4 percent rise in 1971 and a 28 percent
rise for 1972. Increases planned by
manufacturers in Brazil and Mexico
are especially large.
Affiliates in "other areas" are
planning a 24 percent increase in 1971
to $4.2 billion, and a 6 percent increase
to $4.4 billion in 1972. A large portion
of the 1971 increase is due to spending
by affiliates in mining and smelting
and petroleum, which expect increases
of 55 percent and 33 percent, respectively. The projected 1972 rise reflects
increases in petroleum and manufacturing. The projected 1972 decrease in
mining and smelting reflects reduced
spending by affiliates in Australia,
where large projects to develop nickel
and bauxite deposits will be nearing
completion.
Classified according to the country
schedules established by the Office of
Foreign Direct Investments, affiliates
in Schedule C countries (including
most of continental Western Europe
and South Africa), for which controls
on capital outflows from the United
States are strictest, expect increases of
9 percent in 1971 and 16 percent in
1972, to $4.4 billion (table 1). While
these rates of increase are considerably
below the 32 percent reported in 1970,
total spending by affiliates in Schedule
C countries in 1972 will exceed totals
for Schedules B and A for the first
time since initiation of the control
program in 1968. In both 1971 and
1972 the largest increases in the Schedule C aggregate are by manufacturing
and petroleum affiliates.
The large expenditures projected by
affiliates in Schedule C countries do
not necessarily lead to an increase in
the use of U.S. funds overseas, which
the OFDI program is designed to limit.
To the extent that investment needs
can be financed by borrowing abroad,
September 1971
spending for plant and equipment is
not limited by OFDI regulations.
Affiliates in Schedule B countries
(including the United Kingdom, Japan,
and Australia) except to increase spending 12 percent in 1971 and 4 percent
in 1972 to $4.2 billion. Affiliates in
Schedule A countries (including most
of the less developed countries), for
which controls on capital outflows are
most lenient, show the largest growth
in 1971—a rise of 16 percent. An
increase of 8 percent to $4.0 billion is
expected in 1972.
Note on methodology
The spending projections presented
here were prepared with a revised
method to eliminate—or at least reduce—any systematic bias in responses
to the four expectations surveys taken
for each year (in June and December
of the preceding year and June and
December of the year in question, i.e.,
A, B, C, and D reports). The revised
method has two primary advantages
over the old method. (For a complete
discussion of the old method see the
technical note on page 46 of the March
(Continued from page 26)
to the sample data after they had been
rearranged so that production on all
sample contracts was treated as beginning at the same time, i.e., in a hypothetical month zero. This rearrangement of
the sample data was designed to deal
with certain difficulties that stemmed
from contract renegotiations. It is
apparent that these two modifications
of the basic Q-UO model may introduce
errors into the calculations. Attempts to
define the direction, let alone the magnitude, of these possible errors in a manner
helpful to the evaluation of the results
have been unsuccessful. Other limitations of the study are discussed in the
SURVEY OF CURRENT BUSINESS
31
1969 issue of the SURVEY.) The first
advantage of the new method is that
it relies on experience over the last 5
years to adjust for possible bias in the
current projection. The second advantage is that the method is applicable at
disaggregated levels, thus making possible tabulation of cell data on a biasadjusted basis.
The first step under the new method
was to calculate, for the 1971 C and
1972 A reports separately, ratios of
actual spending (the final E estimate)
to the reported expectation, for each of
the previous 5 years. No bias adjustment was made unless there was a
deviation in the same direction in at
least 4 of the 5 years. Also, no adjustment was made to items below $10
million. When an adjustment was necessary under these criteria, the median
ratio of actual to expected spending in
the 5-year period was applied as an
adjustment factor.
The decision as to whether the first
(A) and second (B) survey estimates
for a given year need adjustment must
be made without actual/expected ratios
for the preceding year since there are
no actual figures yet available for that
year. In deriving the bias-adjusted 1972
data presented here, the years 1966-70
were used since actual data for 1971
are not available. In calculating bias
adjustments for the third (C) and fourth
(D) estimates of 1972 spending, the
years 1967-71 will be used since final
1971 data will be available.
The tables published in this article
were prepared by applying the "four
out of five" rule at or below the lowest
published country-industry data cell
and then summing up to the published
totals by industry and area.
A comparison of bias-adjusted projections derived under the old and the
new methods indicates only minor
differences for the 1971 C projection but
major differences for the 1972 A
projection:
previous section which deals in greater
detail with the sample data.
R2=.951, Durbin Watson statistic = 1.10, standard error/mean of dependent variable =.118, t ratios in
parentheses.
Estimation of the model
Equation (15) was estimated using an
Almon lag. A second degree polynomial
was used with the restriction that the
coefficient (a4) of the last lagged variable have the value of zero. This was
justified, because the influence of successive UO's diminished quickly.8
(16)Q t =.0989UO t - .1173 AUOt
(52.3)
(-4.13)
- .0824 AUO t _i- .0433 AUO t _ 2
(-6.79)
(-2.31)
8. A third degree polynomial and different lag lengths were
also tested.
Million $
Old
1971 .
1972
. . „__
New
Percent change
from preceding year
New
Old
14, 830
14, 686
14
12
15, 646
16, 104
6
10
The coefficients on the lagged variables deteriorate smoothly to zero, the
t ratios for a*, ai and a2 are significant
at the 99.5 percent level of confidence,
and the t ratio for a3 is significant at
the 97.5 percent level. With 33 observations and a Durbin Watson statistic
of 1.10, the hypothesis that significant
autocorrelation of the error terms exists
is not accepted at the 97.5 percent level
of confidence.
The actual and predicted values of
production on the sample contracts are
shown on chart 13.
By JACK J. BAME
U.S. Balance of Payments Developments:
Second Quarter 1971
Speculative foreign exchange market
activity, a continued wide spread between money market rates in the United
States and abroad, and a combination
of other factors—both special and more
fundamental—contributed to heavy dollar outflows from the United States in
the second quarter of 1971. All balance
of payments measures showed record
deficits. The balance on current account
and long-term capital and the net
liquidity balance both deteriorated
sharply. The official reserve transactions
deficit, though little changed, exceeded
$5% billion for the second consecutive
quarter.
these factors largely explained the
recent deterioration in the U.S. external position, the absolute size of the
deficits reflected persistent and funda-
mental disequilibrating factors not
subject to quick or easy reversal.
The balance on current account
and long-term capital is intended to
CHART 15
Balances on Major U.S. International Transactions
Billion $
I
12
r
Official Reserve
Transactions Balance
A
marked, broad-based deterioration
of the U.S. balance of payments accounts was registered in the second
quarter of 1971, as all measures of the
deficit reached record figures (see table
A and table 1). The intense speculative
exchange market activity which preceded the appreciation of the German
mark and other currencies in May had
a substantial adverse impact on both
recorded capital transactions and unrecorded fund outflows, with the latter
soaring to an unprecedented level. A
confluence of other factors, such as
interest rate disparities between the
United States and other leading industrialized countries, anticipations of
strikes and of import restrictions, and
sluggish business activity abroad,
coupled with some revival of activity
in the United States, contributed to the
sharp unfavorable shifts in most U.S.
balance of payments measures. While
Net Liquidity Balance
Current Account and
Long-Term Capital
-12
-16
-20
- -6
-24
-28
12
Merchandise Trade*
N/
Current Account
1966
67
68
69
Annually
NOTE.—Max Lechter also made a significant
contribution.
32
* Excludes exports under military grants and U.S. military agency
sales contracts and imports of U.S. military agencies.
U.S. Department of Commerce, Office of Business Economics
70
1968
69
70
Quarterly, Seasonally Adjusted
September 1971
SURVEY OF CURRENT BUSINESS
33
serve as a rough indicator of long- central banks to meet reserve targets threatened strikes in steel and other
term trends in the U.S. balance of or exchange rate objectives.) The float- metals industries. Nervousness regardpayments (but is subject to a number ing of the Canadian dollar last year, ing exchange rates and possible import
of deficiencies, as discussed in the June and of the German mark and Dutch restrictions probably further accelerated
SURVEY article on the revised presenta- guilder in the second quarter of 1971, import deliveries, while a decline in
tion). This balance—which is not af- represented moves in this direction. tanker rates helped spur petroleum
fected by errors and omissions, recorded There were further major changes in imports. The unfavorable swing in
flows of short-term funds or allocations exchange rates after August 15, which trade was partially related to the comof SDR—worsened by $1.8 billion to a are beyond the scope of this report.
bined effect of lacklustre business condeficit of $3.1 billion in the second
ditions abroad and a revival of economic
Major Developments
quarter. (All figures are seasonally
activity in the United States. More
adjusted unless otherwise indicated.)
basic influences were probably reflected
Most of the deterioration was accounted The balance of goods and services in the continued across-the-board
and the current account
for by a sharp adverse swing in the
growth trend in U.S. imports.
merchandise trade balance and a
The deterioration in the balance on
Among the other items included in
lesser—but still substantial—deteriora- goods and services—which, with few the balance on goods and services,
tion in private long-term capital flows. interruptions, has continued since transfers under military agency sales
The net liquidity balance—intended 1964—accelerated sharply in the second contracts rose $35 million from an
to be a broad indicator of potential quarter. The balance was in deficit by already high first quarter figure, with
pressure on the dollar resulting from $20 million, the first deficit since 1959, large shipments to Israel, Iran, and
changes in our liquidity position— representing an adverse shift of almost Germany. There was a sharp jump—
deteriorated $3.2 billion to a deficit of $1.2 billion. The second quarter results $385 million—in income on U.S. direct
$5.8 billion. This reflected, in addition reflected both transitory and more basic investments abroad, mainly related to
to the factors affecting the balance on factors. The merchandise trade balance higher returns in the petroleum incurrent account and long-term capital, deteriorated by $1.3 billion, as exports dustry and very large dividends dea huge unfavorable shift in errors and slipped more than $300 million and clared by two companies. These
omissions.
imports jumped almost $1 billion (see favorable shifts were partly offset by a
The official reserve transactions Highlights and Perspectives and table $205 million deterioration in the travel
balance deteriorated only $170 million 1). Exports were adversely influenced and transportation account. The above
to a $5.7 billion deficit, as recorded by a decline in agricultural shipments developments, together with a $60
liquid private capital outflows showed from first quarter levels, while imports million increase in U.S. Government
a marked reduction, due to unusual were swollen by anticipatory shipments non-military grants, resulted in a $1.2
factors. This virtual stability in the associated with hedging against the billion unfavorable shift in the balance
"official" balance, as opposed to the West Coast dock strike and actual or on current account.
sharp negative swing in the net
liquidity balance, was accounted for
by the fact that the latter balance is
not affected by recorded flows of liquid
Table A.—Summary of U.S. International Transactions
private capital. Although the "official"
[Millions of dollars, seasonally adjusted]
deficit was little changed from the first
19 71
19''Of
quarter to the second, it was nonethe- Line Lines in tables 2, 3, and 9 in which transactions
Change:
1970f
are included are indicated in ( )
1971 1-II
less very large in both quarters.
IV
HP
I
II
III
I'
The "official" balance is intended
to indicate the net exchange market
1
Merchandise trade balance (2, 16)
-1,309
704
142
2,110
751
269 -1,040
513
2
Services, net (4-13, 18-27)
140
294
1,018
291
368
878
528
1,481
pressure on the dollar during the re3 Balance on goods and services. _
-22
3,592
-1, 169
1,045
1,147
995
670
881
4
Remittances, pensions and other transfers
porting period resulting from inter—342
(31, 32)
—1 410
—362
-357
—359
-15
—338
-351
5 Balance on goods, services, and remittances
2,182
-379
683
805
636
319
-1,184
543
national transactions of the United
6
U.S. Government grants (excluding mili-57
tary) (30)
-444
-485
-485
-1,739
-391
-428
—418
States. However, this interpretation
7 Balance on current account
-1,241
292
192
-166
-864
444
377
125
U.S. Government capital flows, net, and
8
assumes relatively fixed exchange rates.
nonliquid liabilities to other than foreign
49
-312
-673
-680
official reserve agencies (33, 55)
-2, 029
-590
-631
-453
If foreign central banks do not intervene
9
Long-term private capital flows, net (39-643
41, 44, 48-50, 52)
_ .
-272
-1,453
-220
7 -1,003 -1, 646
-969
in the exchange market and rates are
-1,835
-832 -1,306 -3, 141
10 Balance on current account and long-term capital -3,038 -1,297
-570
-340
11
Nonliquid short-term private capital flows,
free to fluctuate, exchange market
-454
-175
396
—115
-58
net (42 45 51)
— 545
—140
— 115
-1
179
12
180
Allocations of SDR (63).
.
_ _. ...
867
217
217
216
217
pressures show up as changes in ex-1,309
13
-1, 104
-233 -1,026 -2, 335
-375
-437
Errors and omissions, net (64)
-59
-3, 203
14 Net liquidity balance
-675 -1,024 -2, 548 -5, 751
-3, 821 -1,254
-868
change rates rather than in the official
3,035
45
-536 -1,400 -2, 454 -2, 990
15
Liquid private capital flows, net (43, 46, 56) _-6, 000 -1,610
-168
16 Official reserve transactions balance
-9, 821 -2, 864 -1,404 -2, 075 -3, 478 -5, 538 -5, 706
balance. (Of course, the balance would
be affected by exchange operations of
f Lines 11, 13, 14, and 15 have been revised. r Revised.
Preliminary.
SUEVEY OF CURRENT BUSINESS
34
Balance on current
long-term capital
account
and
U.S. Government capital flows and
nonliquid liabilities to other than foreign
official reserve agencies showed a nominal net positive shift of $50 million, as
special inflows offset a rise in transfers
associated with ongoing programs. Most
of the special inflows, which totaled over
$230 million, reflected transactions associated with the agreement with
Germany to offset the foreign exchange
costs of U.S. troop expenditures there
(see table D).
Despite the foreign exchange market
turmoil, recorded long-term private
capital flows showed a smaller deterioration in the second quarter than in the
first—$640 million, compared with about
$1 billion. Addition of government and
long-term private capital flows to the
balance on current account gives the
balance on current account and longterm capital, which deteriorated more
than $1.8 billion in the second quarter.
Data now available oh direct investment outflows actually showed a small
decline (see table C), although there
may have been substantial outflows
early in the quarter which were reversed toward the end of the period.
There was a $115 million negative shift
in foreign direct investment in the
United States, the third consecutive
quarterly decline.
Net transactions in foreign securities
showed an unfavorable swing of $45
million (see table 6). U.S. purchases
of new bond issues were practically
unchanged. While Canadian issues in
the United States rose $120 million to
over $300 million, issues by international organizations dropped sharply.
At the same time, American purchases
of foreign stocks increased $50 million
to $120 million. An $80 million jump
in purchases of Japanese securities was
partially offset by U.S. sales of stocks
from other areas. The attraction of
the yen and a strong Japanese stock
market were probable contributing
factors.
There was a $355 million deterioration in net foreign purchases of U.S.
securities other than Treasury issues.
Net foreign purchases of U.S. stocks
shifted unfavorably by about $80
September 1971
CHART 16
U.S. Merchandise Exports and Imports, Total
and by Selected End-Use Commodity Categories
Billion $
TOTAL EXPORTS AND IMPORTS*
50 -
Exports
40
30
Imports
20
* Adjusted to balance of payments
basis, excluding "military"
10 I
I
I
I
I
67
1965
69
71
Annually
'
" "I IV I
II III IV
1970
1971
Quarterly, Seasonally Adjusted
at Annual Rates
Billion $
Billion $
INDUSTRIAL SUPPLIES AND MATERIALS
CAPITAL GOODS, EXCEPT AUTOMOTIVE
20
20
Imports
Exports
10
10
Exports
Imports
o
1 I
1 1 I
1 I
I i
i
i I
i
i i
I
1 1
i
1 I 1
i i
i i i
1 0
20
20
CONSUMER GOODS (NONFOOD)
EXCEPT AUTOMOTIVE
AUTOMOTIVE VEHICLES, PARTS, AND ENGINES
10
10
Imports
Exports
i
1965
67
69
Annually
71
i
i i
1970
1971
Quarterly, Seasonally Adjusted
at Annual Rates
U.S. Department ot Commerce, Office of Business Economics
i I i i i
i i
' " I" "v I II I" IV
1965
67
69
Annually
71
I
H HI IV I
II III IV
1970
1971
Quarterly, Seasonally Adjusted
at Annual Rates
September 1971
SURVEY OF CURRENT BUSINESS
million, to virtually no net movement
of funds in the second quarter. There
was a $275 million negative shift in
net foreign purchases of U.S. fixed income securities. New issues sold abroad
by U.S. corporations declined $55
million. Uncertainties about future exchange rates and a sagging U.S. stock
market probably contributed to this
development. A $220 million unfavorable shift in foreign purchases of other
bonds was mainly attributable to a
swing from substantial purchases of
U.S. agency issues by an international
organization in the first quarter to net
sales in the second.
Other transactions in U.S. private
long-term claims and liabilities resulted
35
flows which were not covered by the
statistical reporting system was most
probably associated with foreign exchange market speculation and, to a
lesser extent, with the continued Atlantic interest rate gap, at times in
favor of Eurodollars by more than 2%
Net liquidity balance
percentage points. The negative shift
in
nonliquid short-term capital flows
The net liquidity deficit worsened by
from
the first quarter was relatively
$3.2 billion. This reflected all the developsmall—$60
million—but there were subments reviewed above, which added up
stantial
crosscurrents
within this cateto a $1.8 billion deterioration in the
balance on current account and long- gory. Bank-reported nonliquid shortterm capital, plus a huge negative shift term loans to Japan jumped sharply,
of $1.3 billion in errors and omissions, but lending in other areas decreased.
as unrecorded outflows reached a rec- Short-term nonliquid claims reported
ord level of more than $2.3 billion. The by nonbanks showed a small decline for
unusually heavy volume of capital the quarter.
in a net adverse shift of $185 million,
mainly due to a decline in long-term
borrowing abroad—other than new
issues—by U.S. non-banking concerns
and an increase in bank-reported longterm lending.
Table Bl.—U.S. Merchandise Trade, By Principal End-Use Categories—Reconciled to Balance of Payments Basis
[Millions of dollars, seasonally adjusted]
Line
[Numbers in parentheses ( ) refer to line numbers in table 4]
I
IV
III
II
Change:
1971
I-II
1971
1970
1970
I*
HP
EXPORTS
1 Total, adjusted to balance of payments basis, including "military" 1 (6)
42,990
10, 438
10,861
10, 911
10, 780
11,328
11,075
1,010
197
279
215
319
298
359
61
Equals: Total, adjusted to balance of payments basis, excluding "military" (8)
Agricultural goods
Nonagricultural goods _
41, 980
7,344
34,636
10,241
1,743
8,498
10,582
1,772
8,810
10, 696
1,888
8,808
10, 461
1,943
8,518
11,030
2,125
8,905
10, 716
1,922
8,794
-314
-203
-111
Foods, feeds, and beverages (19) .
Industrial supplies and materials (23) .
Agricultural
Nonagricultural
Capital goods, except automotive (34)
.
..
Machinery, except consumer-type (35)
Civilian aircraft, complete — all types (44a)
Automotive vehicles, parts, and engines (46).
.
To Canada (47)
To all other areas (48)
.
Consumer goods (nonfood), except automotive (52)
All other, including balance of payments adjustments not included above
5,839
13, 783
1,541
12, 242
14, 371
11, 570
1, 528
3,652
2,474
1,178
2,717
1,624
1,328
3,463
399
3,064
3,449
2,759
390
920
613
307
676
405
1,420
3,519
385
3,904
3,583
2,793
483
1,005
724
281
673
382
1,551
3,385
331
3,054
3,678
3,046
285
991
682
309
681
410
1,534
3,438
421
3,017
3,689
3,003
345
756
473
283
692
352
1,563
3,367
548
2,819
3,893
2,999
507
1,114
791
323
682
411
1,495
3,245
452
2,793
3,716
2,797
533
1,113
825
288
690
457
-68
-122
-96
-26
-177
-202
26
-1
34
-35
8
46
988
2
Less: Exports under U.S. military sales contracts identified in Census documents (7)
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
. . .
-253
IMPORTS
1
18
Total, adjusted to balance of payments basis, including "military" (13)
19
Less: Imports of U.S. military agencies identified in Census documents (14).
20
21
22
23
24
25
26
27
28
29
30
40,049
9,773
9,881
10,031
10,364
10,808
11, 796
179
45
50
39
45
47
40
-7
Equals: Total, adjusted to balance of payments basis, excluding "military" (15)
39,870
9,728
9,831
9,992
10,319
10,761
11,756
995
Foods, feeds, and beverages (61)
Industrial supplies and materials (66)
Capital goods, except automotive (80)
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89) ..
Automotive vehicles, parts, and engines— adjusted . .
.
From Canada (adjusted to transactions value) (92)
From all other areas (93).
Consumer goods (nonfood), except automotive (97)
All other, including balance of payments adjustments not included above
6,154
15, 106
3,783
3,592
239
5,610
3,241
2,369
7,553
1,662
1,553
3,681
916
874
58
1,314
791
523
1,830
434
1,563
3,659
949
897
61
1,414
847
567
1,851
395
1,487
3,770
943
901
59
1,470
857
613
1,897
425
1,550
3,986
977
922
60
1,429
751
673
1,962
415
1,551
3,895
990
932
59
1,744
999
745
2,092
489
1,687
4,410
1,059
993
61
1,844
1,017
827
2,253
503
136
515
69
61
2
100
18
82
161
14
BALANCE
31
32
Balance on merchandise trade adjusted to balance of payments basis, including "military"
(export surplus -f) (16)...
2,941
665
980
880
416
520
-721
-1,241
Balance on merchandise trade, adjusted to balance of payments basis, excluding "military"
(export surplus -f) (17)
2,110
513
751
704
142
269
-1,040
-1,309
r
Revised.
* Preliminary.
1. Includes goods physically exported from the United States under U.S. military agency
sales contracts and recorded in Census trade statistics; includes goods physically imported
into the United States directly by U.S. military agencies (and by the Atomic Energy Commission and the Coast Guard) and recorded in Census trade statistics.
NOTE: Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SURVEY OF CURRENT BUSINESS
36
Official
reserve transactions balance
The "official" balance deterioration
in the second quarter was only $170
million, despite the substantial worsening of the other measures of the deficit.
This was due to a large swing in liquid
private capital flows—from a $3 billion
first quarter outflow to practically no
net flow in the second. This change was
associated with two unusual factors.
First, there was a virtual halt in the
decline of net liquid liabilities to foreign
commercial banks, especially branches
of U.S. banks, following three quarters
of sharp reductions (which had reduced
U.S. banks' liquid liabilities to their
branches to very low levels). In addition, the U.S. Treasury sold $1.5 billion
of special certificates of indebtedness—
with attractive yields—to foreign
branches of U.S. banks, offsetting the
reduction of other U.S. bank liabilities
to their branches.
Because the net flow of liquid private
capital was virtually zero, the deficit
in the net liquidity balance (a record
$5,751 million) was fully reflected in the
$5,706 million deficit in the official balance and in substantial dollar accumulations by foreign central banks. Such
gains were particularly heavy early in
the quarter, with some reflux of funds
toward the end of the period as Germany was able to sell off some of her
huge stock of dollars after the mark had
appreciated somewhat. Nonetheless, the
September 1971
net result for the second quarter was a
record increase of $5,216 million in U.S.
liquid liabilities to foreign official reserve agencies, while U.S. official gold
holdings declined $456 million and
other reserve assets fell $203 million.
The largest reserve increases—mostly
dollars—were registered by Japan and
the United Kingdom, with substantial
gains also recorded by Germany,
France, Switzerland, and Australia.
Highlights and Perspectives
Merchandise trade
The merchandise trade balance
shifted to a deficit of $1,040 million in
Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas 1—Balance of Payments Basis, Excluding "Military"
[Millions of dollars, seasonally adjusted]
Line
1970
1970
I
III
II
Change:
1971
IV
HP
P
1971
I-II
EXPORTS
1 Total, all countries (line 2, tables 2, 3, 9)
41,980
10,241
10,582
10,696
10,461
11,030
10,716
-314
2
29,447
7,215
7,482
7,556
7,194
7,689
7,416
-273
14, 174
2,518
11, 656
9,044
4,648
1,581
3,477
607
2,870
2,276
1,095
367
3,607
662
2,945
2,333
1,153
389
3,564
616
2,948
2,344
1,219
429
3,525
630
2,895
2,094
1,182
393
3,710
722
2,988
2,465
1,079
435
3,371
545
2,826
2,636
1,029
380
-339
-177
-162
171
-50
-55
12,533
3,026
3,100
3,140
3,267
3,341
3,300
-41
6,494
368
5,671
1,570
82
1,374
1,601
93
1,406
1,624
97
1,419
1,697
97
1,473
1,670
102
1,569
1,613
96
1,591
-57
-6
22
3
4
5
6
7
8
9
10
11
12
Developed countries, total
Western Europe
United Kingdom
Other Western Europe (incl. EEC)
Canada
Japan
Australia, New Zealand, and South Africa
Developing countries, total
Latin American Republics and other Western Hemisphere
Eastern Europe
Other countries in Asia and Africa..
IMPORTS
13
Total, all countries (line 16, tables 2, 3, 9)
39,870
9,728
9,831
9,992
10,319
10,761
11,756
995
14
Developed countries, total
29,014
7,084
7,125
7,270
7,528
8,053
8,653
600
11,275
2,216
9,059
10, 720
5,894
1,125
2,723
578
2,145
2,680
1,381
300
2,790
544
2,246
2,673
1,408
254
2,786
520
2,266
2,687
1,517
280
2,978
576
2,402
2,679
1,577
294
3,101
592
2,509
2,977
1,737
238
3,359
670
2,689
3,115
1,881
298
258
78
180
138
144
60
10,856
2,644
2,706
2,722
2,791
2,708
3,103
395
1,478
62
1,251
1,447
57
1,204
1,596
65
1,442
149
8
238
269
-1,040
-1,309
15
16
17
18
19
20
21
22
23
24
Western Europe
United Kingdom
Other Western Europe (incl. EEC)
Canada.
Japan
Australia, New Zealand, and South Africa..
Developing countries, total
Latin American Republics and other Western Hemisphere
Eastern Europe
Other countries in Asia and Africa
5,913
218
4,725
1,452
55
1,137
1,517
51
1,138
1,471
51
1,200
BALANCE
25
Total, all countries
26
Developed countries, total
27
28
29
30
31
32
33
34
35
36
Western Europe
United Kingdom
Other Western Europe (incl. EEC)
Canada.
Japan
Australia, New Zealand, and South Africa..
Developing countries, total
Latin American Republics and other Western Hemisphere
Eastern Europe. .
Other countries in Asia and Africa
••Revised.
»Preliminary.
1 Annual country and area data shown in this table correspond to the annual data in table
9, lines 2, and 16; seasonally adjusted quarterly data shown in this table are computed from
2,110
513
751
704
142
-1,237
-873
433
131
357
286
-334
-364
2,899
302
2,597
-1,676
-1,246
456
754
29
725
-404
-286
67
817
118
699
-340
-255
135
778
96
682
-343
-298
149
547
54
493
-585
-395
99
609
130
479
-512
-658
197
12
-125
137
-479
-852
82
1,677
382
394
418
476
633
197
-436
581
150
946
118
27
237
84
42
268
153
46
219
219
35
222
223
45
365
17
31
149
-206
-14
-216
-597
-255
-342
33
-194
-115
corresponding unadjusted quarterly data in table 9, lines 2 and 16.
NOTE: Seasonally adjusted quarterly details may not add to unadjusted annual totals.
September 1971
SUEVEY OF CURRENT BUSINESS
the second quarter following a surplus
of $270 million in the first. The adverse
swing of $1.3 billion occurred as exports
declined by $320 million while imports
soared by $995 million. (All figures are
on the usual balance of payments basis,
excluding "military," as shown in table
1.)
For the first 6 months of 1971, the
trade balance showed a deficit of $770
million, a sharp deterioration from the
same period a year earlier when the
balance was in surplus by $1,265
million. Both imports and exports
were higher than a year earlier but
imports increased more than 15 percent
while exports rose only 3 percent.
The worsening in the trade balance
this year has been related to a combination of factors: special situations
such as strikes; divergent cyclical conditions here and abroad; and a continuation of the long-term growth trend in
U.S. purchases of foreign products.
Imports of metals were increased by
actual or threatened strikes in the
domestic steel and nonferrous metals
industries. Second quarter trade may
also have been affected by the scheduled
expiration of longshoremen's labor contracts on the West Coast at the end of
June. Uncertainties about exchange
37
rates and the possibility of import level production in Libya, the reopening
restrictions probably accelerated import of a major Middle East pipeline to the
purchases. More fundamentally, how- Mediterranean, and a significant drop
ever, exports of industrial supplies and in tanker rates. Automotive imports
capital equipment so far in 1971 have from Canada and overseas suppliers
been restrained by a slowdown in the increased, especially Japanese shiprate of economic growth and an increase ments. Imports of other nonfood conin idle capacity abroad, while these sumer products continued to register
same factors, combined with a pickup large gains.
On an area basis, there was a deterioin U.S. business activity, have stimuration of almost $900 million in trade
lated imports.
During the second quarter, exports of with the developed countries (see table
agricultural products dropped substan- B-2) in the second quarter. The balance
tially below their first quarter peak, with Western Europe, which was in
adversely affected by large grain har- surplus by $600 million in the first
vests in competing supplier countries quarter, dropped to near zero in the
(see table B-l and table 4). The drop in second; the export balance with Ausnonagricultural (nonmilitary) exports tralia, New Zealand, and Republic of
was largely centered in a sizable reduc- South Africa combined fell from $200
tion in machinery exports, which was million to less than $100 million; our
only partially offset by a minor gain in long-standing trade deficit with Japan
commercial aircraft deliveries. While worsened by $200 million, to $850
automotive exports to Canada rose, million; and there was a $450 million
there was an offsetting decline in ship- contraction in our export surplus with
the less-developed nations. The single
ments to other foreign destinations.
The second quarter advance in im- exception to these adverse movements
ports was broadly based, but was es- was a nominal improvement in our trade
pecially marked in industrial supplies deficit with Canada (which runs about
and materials, as imports of petroleum, $500 million).
The newly calculated total mersteel, and nonferrous metals showed
substantial gains. The petroleum in- chandise trade balance, including "milicrease, mainly crude oil, was probably tary" exports and imports of the
associated with the resumption of high- defense agencies (see table B-l and
Table C.—Net Change in U.S. Corporate Foreign Assets and Liabilities Related to Direct Investment Abroad 1
[Millions of dollars, seasonally adjusted]
Line
1
2
3
4
5
G
7
8
9
10
11
Credits ( -f) ; debits (— ) [Lines in table 2 in which transactions are included are indicated in ( )]
Direct investment (39)
of which: Short-term intercompany accounts with incorporated affiliates, n.s.a
Branch accounts, n.s.a
Other long-term claims (44) __
.
New issues of securities sold abroad by U.S. corporations (49f) 2
..
Other long-term liabilities (50)
Sum of capital flows above current account and long-term capital balance
Short-term claims, non-liquid
(45f)3
Short-term liabilities (51 f) 3
Sum of capital flows above net liquidity balance. - Short-term claims, liquid (46)
. .
... . .
12
Sum of capital flows above the official reserve transactions balance
13
Uses of funds obtained through new issues of securities sold abroad by U.S. corporations
14
15
16
17
...
Additions to, and refinancing of, direct investment (39\) .
Short-term claims reported by U.S. residents other than banks (#>t)
Reductions in corporate liabilities to foreign4 residents (50], 51\}
Transfers of funds to U.S. residents (5tff)
t Lines 8,10,11, and 12, have been revised.
T
Revised.
» Preliminary.
n.s.a. Not seasonally adjusted.
fPortionof line.
*Less
than $500,000 (±).
n.a. Not available.
1. Excludes claims and liabilities of U.S. banking and brokerage institutions but includes
other private transactions, a number of which are unrelated to direct investment and cannot
bo disaggregated.
2. 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
.
Change:
1971
I-II
19 71
19 70J
19701
I
II
III
—4 445
— 690
— 949
5
—291
— 1 358
— 751
— 195
5 —95
— 1 257
-232
— 666
822
1,153
163
159
—2, 761
—1,131
— 35()
— 174
915
229
— 2 205
—1,076
361
122
-13
267
358
-645
—61
185
-521
-33
IV
—897
-232
-113
-129
193
312
-521
—29
167
QQQ
36
-1,844
-954
822
163
267
193
—378
—99
—21
—64
-68
-35
—84
-360
-43
-554
—14
-189
-347
-90
-934
525
25
-54
199
324
—465
—95
334
-226
236
10
199
-147
-14
-38
UP
lr
-1,370
-595
-188
-32
317
222
-863
-1,315
n.a.
n. a.
23
264
73
-956
55
n.a.
n.a.
55
-53
-149
-92
-90
-80
-348
-154
10
194
-1,301
-1,189
112
-225
66
291
-1,526
-1,123
403
264
-53
317
-90
-109
-100
-18
-119
-75
-70
-29
34
100
-52
as if they had been issued by U.S. corporations to the extent that the proceeds of such issues are
transferred to U.S. parent companies.
3. Excludes brokerage transactions.
4. A (—) reflects a decline in foreign deposits and money market paper held in the United
States.
5. Excludes an increase in U.S. corporate long-term claims of $286 million that was associated
with increased foreign direct investment in the United States.
NOTE.—Detail may not add to totals due to rounding.
SURVEY OF CURRENT BUSINESS
38
table 4), fell by $1.2 billion in the
second quarter, about $70 million less
than the decline in the balance excluding "military." Recorded exports
under U.S. military agency sales contracts rose $60 million, while "military"
imports of the defense agencies dipped
slightly.
U.S. corporate capital
Recorded U.S. corporate capital
movements, despite the unusually
heavy outflow in most other sectors of
the payments accounts, showed a net
positive shift of $405 million in the
second quarter compared with a $1.5
billion deterioration in the first (see
table C). It is possible that there were
outflows of funds early in the quarter,
CHART 17
Financial Market Developments
12
SELECTED INTEREST
RATES
10
90 Day
Eurodollar Rate*
I
I
I
I
I
I
Billion $
i.o
FOREIGN TRANSACTIONS IN U.S. SECURITIES
.6 -.
Net Foreign Purchases of
U.S. Stocks
:_
" Foreign Purchases
of New Issues Sold
Abroad by U.S. Corporations
-.2
L_
1968
I
I
1969
I
19
^Quarterly average.
U.S. Department of Commerce, Office of Business Economics
1971
L_
September 1971
Table D.—Selected Intergovernmental Transactions
[Millions of dollars]
Line
Credits (+); debits (-)
19'n
1970
1970
I
II
III
IV
II
I
Items that affect major balances:1
1
Nonscheduled repayments of U.S. Government
assets (table 1, line 17)
244
88
114
2
40
2
3
U.S. Government nonliquid liabilities to other than
foreign official reserve agencies (table 1, line 18)
Special deposits in accounts with U.S. Treasury..
German Government 10-year loans to U.S.
Government
.
67
-8
-15
-15
-27
-27
75
34
34
5
Long-term liabilities to Germany reported by U.S.
banks (table 1, line 24)
109
4
75
75
55
4
102
133
33
100
55
55
1. Major balances include the balance on current account and long-term capital, the net liquidity balance, and the
official reserve transactions balance.
associated with exchange market uncertainties, that were reversed toward
lie end of the period, after the appreciation of the German mark and other
currencies. There may also have been
some transfers outside normal reporting
channels (which would contribute to
the outflow of errors and omissions).
Corporate long-term capital transactions above the balance on current
account and long-term capital—including direct investment, new issues of
securities sold abroad and other longterm corporate claims and liabilities—
accounted for a net negative swing of
$90 million in the second quarter.
Direct investment outflows registered
a $55 million favorable shift but remained large. Long-term borrowing
shifted unfavorably by $205 million,
as new bond issues fell $55 million to
$265 million and medium- and longterm bank financing dropped $150
million to only $75 million. Uncertainties concerning exchange rates
probably
contributed
to
these
developments.
Corporations' short-term nonliquid
claims declined by about the same
amount as in the first quarter, and their
short-term foreign liabilities moved
favorably by $195 million. These shifts,
combined with the net deterioration in
long-term
transactions
mentioned
above, resulted in a net $115 million
improvement in corporate capital flows
above the net liquidity balance.
The largest swing was in corporate
short-term liquid claims. They declined
by $65 million in the second quarter,
compared with an increase of $225 million in the first, a positive shift of $290
million. Utilization of proceeds from
previous foreign bond issues which had
been deposited abroad and the absence
of the first quarter reversal of year-end
positioning under regulatory programs
may have been contributing factors.
Selected
actions
intergovernmental
trans-
Payments under the agreement with
Germany to offset foreign exchange
costs of U.S. troop expenditures had a
substantial favorable influence on the
balance on current account and longterm capital in the second quarter (see
table D). Nonscheduled repayments of
U.S. Government credits rose about
$100 million, largely reflecting purchases by Germany (under the offset
agreement) of outstanding U.S. claims
on third countries. In addition, "offset"
transactions resulted in a $133 million
increase in U.S. Government nonliquid
liabilities to other than foreign official
reserve agencies and accounted for $55
million in long-term liabilities to
Germany reported by U.S. banks.
These payments also favorably affected
the net liquidity balance and the
"official" balance.
September 1971
SURVEY OF CURRENT BUSINESS
39
Table 1.—U.S. Balance of Payments Summary
[Seasonally adjusted, millions of dollars]
Line
1
2
3
Merchandise trade balance 1
Exports
Imports
4
5
Military transactions, net
Travel and transportation, net
6
7
8
9
10
11
_
Other services, net
Balance on goods and services
.. .. .
_.
3
. ..
Ir
llt>
142
10,461
-10,319
269
11,030
-10,761
-1,040
10, 716
-11,756
-3,371
-1,979
-908
-448
-808
-500
-884
-553
-770
-478
-667
-427
-677
-632
-10
-205
10 11
12 13
24, 25, 26, 27. ..
6,242
7,906
3,503
-5,167
1,577
2,039
886
-1,348
1,469
1,905
886
-1,322
1,571
1,973
882
-1,284
1,626
1,988
851
-1,213
1,760
2,033
864
-1,137
2,155
2,419
820
-1,084
395
386
-44
53
588
147
133
157
150
212
172
-40
881
1,045
670
1,147
-22
-1,169
31 32
-1,410
-
2,182
U.S. Government giants (excluding military)
Balance on current account 4
IV
3, 17
4, 5, 6, 18, 19, 20..
3,592
Balance on goods, services and remittances. _ _
III
704
10, 696
-9,992
__
13
II
Change:
1971
I-II
751
10, 582
-9,831
7, 8, 9, 21, 22,
23.
Remittances, pensions and other transfers. _
15
I
19 71
513
10, 241
-9, 728
2
Investment income, net ...
_ ...
U.S. direct investments abroad
Other U.S. investments abroad
Foreign investments in the United States
1970f
1970f
2,110
41, 980
-39, 870
2
16
12
14
Reference
lines
(table 2)
(Credits +; debits -)
30
543
-362
683
995
-359
-351
636
-342
-357
-15
-1,184
319
805
-379
-444
-485
-428
-485
-57
444
125
292
192
-166
377
-864
-1,241
-1,739
.
-338
-1,309
-314
—995
-418
-391
16
17
18
U.S. Government capital flows excluding nonscheduled repayments, net 5 _ - . 34,35,36
Nonscheduled repayments of U.S. Government assets.
37
U.S. Government nonliquid liabilities to other than foreign official reserve 55
agencies.
-1,837
244
-436
-511
88
-30
-480
114
-224
-396
2
82
-450
40
-263
-602
4
-82
-711
102
-22
-109
98
60
19
20
21
22
23
24
25
Long-term private capital flows, net
..
U.S. direct investments abroad
Foreign direct investments in the United States
Foreign securities
U.S. securities other than Treasury issues
Other, reported by U.S. banks.... ._
Other, reported by U.S. nonbanking concerns
-1,453
-4, 445
969
-942
2,190
199
576
-969
-1,358
486
-210
304
31
-222
-272
-1,257
105
93
374
68
345
-220
-897
218
-488
720
44
183
7
-934
160
-337
792
56
270
-1,003
-1,370
92
-353
559
-121
190
-1,646
-1,315
-24
-396
206
-213
96
-643
55
-116
-43
-353
-92
-94
26
Balance on current account and long-term capital 5 _ _ .
-3,038
-1,297
-570
-340
-832
-1,306
-3,141
-1,835
27
28
29
30
Nonliquid short-term private capital flows, net
Claims reported by U.S. banks
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns
42
45
51
-545
-1,015
-360
830
-115
-162
-116
163
-140
-268
-23
151
-115
-189
-50
124
-175
-396
-171
392
-396
-85
-125
-186
-454
-143
-66
-245
-58
-58
59
-59
31
32
Allocations of special drawing rights (SDR)
Errors and omissions, net
63
64
867
-1,104
217
-59
217
-375
217
-437
216
-233
180
-1,026
179
-2,335
-1
-1,309
-3,821
-1,254
-868
-675
-1,024
-2,548
-5,751
-3,203
43
46
56
-6,000
242
-119
361
-6,242
-6, 507
179
86
-1,610
262
140
122
-1,872
-1,863
142
-151
-536
-160
-127
-33
-376
-441
-124
189
-1,400
-17
-53
36
-1,383
-1,315
82
-150
-2,454
157
-79
236
-2,611
—2 888
79
198
-2, 990
-297
-72
-225
-2, 693
-3,042
271
78
45
104
38
66
-59
-85
174
-148
3,035
401
110
291
2,634
2,957
-97
-226
-9,821
-2,864
-1,404
-2,075
-3,478
-5,538
-5,706
33
34
35
36
37
38
39
40
41
42
Net liquidity balance
.. _
...
4
.
Liquid private capital flows, net. _ ,
Liquid claims
.
Reported by U.S. banks
. ._
Reported by U.S. nonbanking concerns
Liquid liabilities
To foreign commercial banks
... ...
To international and regional organizations
To other foreigners
Official reserve transactions balance
.
44
45
Financed by changes in:
Nonliquid liabilities to foreign official reserve agencies reported by U.S.
Government.
Nonliquid liabilities to foreign official agencies reported by U.S. banks
Liquid liabilities to foreign official agencies _
46
47
48
49
50
U.S. official reserve assets, net
Gold
SDR .
Convertible currencies
Gold tranche position in IMF
43
39
48
40
49
41 52
44 50
_. .
...
-168
54
535
735
-12
77
-8
-8
0
53
57
-810
7,619
-154
3,020
-235
99
-233
1,736
-188
2,765
-203
5,067
-161
5,216
42
149
58
59
60
61
62
2,477
787
-851
2,152
389
264
-44
-270
831
-253
805
14
-254
818
227
584
395
-251
34
406
824
422
-76
469
9
682
109
-55
373
255
659
456
17
-66
252
-23
347
72
-439
-3
613
n.a.
137
n.a.
191
n.a.
116
n.a.
169
n.a.
191
n.a.
162
n.a.
-29
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-4,721
-1,629
-745
-1,154
-1,194
-3,236
-5,995
-2, 759
1,490
1,165
709
-1,280
-1,887
-4, 723
173
-197
-729
-3, 525
-6,572
-6,444
-1,317
-1,362
-1,438
-2,245
-4,685
-1,721
-266
Memoranda :
51
52
53
54
Transfers under military grant programs (excluded from lines 2, 4. and 14)
Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded
from lines 7 and 20) .
Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded
from lines 9 and 21).
LIQUIDITY BALANCE, excluding allocations of SDR
56, 57,58,63...
Not seasonally adjusted
55
56
57
58
59
60
Balance on goods and services
Balance on goods, services and remittances
Balance on current account
Balance on current account and long-term capital 5
Net liquidity balance
Official reserve transactions balance. . . .
r
fLines 26, 27, 29, 32, 33, 34, 35, and 37 have been revised.
Revised.
* Preliminary.
*Less than $500,000 (±).
n.a. not available.
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports of U.S. military agencies.
2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States.
3. Equal to net exports of goods and services in national income and product accounts of
the United States.
1,234
913
465
-1,310
-510
-1,965
1,300
925
487
-899
-1,704
-2, 069
-291
-657
- 1, 060
-1,535
-1,454
-2,612
1,349
1,002
552
706
-152
-3, 174
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income and
product accounts of the United States.
5. Includes some short-term U.S. Government assets.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
40
September 1971
Table 2.—U.S. International Transactions
[Millions of dollars]
Line
(Credits+; debits-) 1
I
1
2
3
4
5
6
7
8
9
10
11
12
13
Exports of goods and services 2
Merchandise, adjusted, excluding military s
Transfers under U.S. military agency sales contracts
Travel . .
Passenger fares
Other transportation.
Fees and royalties from unamliated foreigners . .
Other private services
U.S. Government miscellaneous services..
..
Transfers of goods and services under U.S. military grant programs, net
15
Imports of goods and services
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures Travel - .
Passenger fares
Other transportation __ ..
Fees and royalties to unamliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
...
.
Direct investment interest, dividends and branch earnings 4
.
Other private liabilities
U.S. Government liabilities
28
U.S. military grants of goods and services, net
29
Unilateral transfers (excluding military grants) , net
30
31
32
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
.
33
U.S. Government capital flows, net
-
Loans and other long-term assets
Foreign currencies and other short-term assets, net
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
Direct investments abroad 4 _
Foreign securities _
41
42
43
Claims reported by U.S. banks:
Long-term..
Short-term, nonliquid _ .
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid . .
47
Foreign capital flows, net
-
--
_
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U.S. nonbanking concerns
.
...
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U S banks
Long-term liabilities to foreign official agencies, reported by U S. banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
56
57
U.S. liquid liabilities:
To private foreigners
To foreign official agencies
Errors and omissions, net
-
459
1,363
648
180
511
1,706
649
289
450
1,573
643
176
531
1,811
615
218
210
190
-14,693
-17,001
—39 870
—4,851
—3 953
— 1,215
—2, 789
-119
— 620
-729
-9,458
-1,182
— 617
-224
-631
-30
-152
-159
— 10,024
- 1, 255
— 1 030
—382
-695
-30
— 157
-151
—9,858
— 1,211
— 1 624
—398
-755
-30
— 158
-214
-10,530
-1,203
— 682
-211
-708
-30
-153
-205
-10,478
-1,174
-653
-205
-692
-31
-170
-155
-12,004
-1,220
-1,129
-440
-769
-31
-174
-166
-111
-441
—3, 591
-1,024
-23
-125
-995
-204
-30
-97
-928
-243
-28
-98
-876
-273
-30
-120
-793
-304
-26
-142
-648
-320
-27
-98
-553
-390
-90
...
T
tLines 38, 45, 46, and 64 have been revised.
Revised.
* Preliminary.
*Less than
$500,000 (±).
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
492
1,344
662
241
154
..
Gold
SDR
.
Convertible currencies
Gold tranche position in IMF
Allocations of special drawing rights (SDR)
418
1,613
639
197
-14,967
-----
. .. .
-
. ...
-613
-147
-222
-154
-210
-190
—3, 148
-769
—813
-768
-798
-781
-902
-1,739
-462
-948
-447
-100
-221
-439
-118
-257
-402
-122
-244
-450
-122
-226
-457
-124
-201
-532
-141
-229
-1,593
-484
-439
-357
-314
-661
-683
—3, 285
-27
-874
19
-920
-43
-707
43
-784
-46
— 1, 175
81
-1,314
76
1,475
244
283
88
411
114
306
2
475
40
429
4
454
102
—6,914
-1,944
-2,269
-995
-1,706
-2, 193
-2,624
-4,445
—942
-1,573
—210
-1,662
93
-747
-488
-464
-337
-1,545
-353
-1,680
-396
183
-1,015
-119
24
13
240
49
-461
-135
22
275
-6
88
-842
-218
32
90
28
-174
-336
30
— 577
—360
361
—381
-54
-3
— 13
-42
-99
-129
17
61
-54
-281
402
-32
-62
-351
23
-85
-6
5,824
1,600
1,668
2,030
526
2,380
5,593
969
2,190
486
304
105
374
218
720
160
792
92
559
-24
206
1,153
830
16
-810
79
93
7
-154
343
166
19
-235
227
209
22
-233
504
362
-32
-188
142
-256
-153
-203
58
-230
-39
-161
535
-436
-259
-28
743
-255
-5
36
55
-188
-2
-69
-4
-87
-6, 242
7,619
-1, 692
2,764
-131
539
-1,213
2,049
-3, 206
2,267
-2, 513
4,783
104
5,771
-386
1,022
801
1,040
145
838
422
140
469
9
109
-592
373
255
456
196
-66
252
-97
-1,097
2,477
Transactions in U.S. official reserve assets, net
64
1,880
6,026
2,597
906
90
.
50
51
52
53
63
387
11, 161
619
645
148
848
174
301
104
-15,522
. . .
Direct investments in the United States 4
U.S. securities other than Treasury issues
59
60
61
62
17,174
10, 903
475
526
123
734
174
300
106
222
.
48
49
58
16, 183
10, 818
434
496
119
768
150
267
110
-15,021
-- -
.
.
16 317
10, 018
303
716
184
841
150
269
103
147
..
.
-
15 231
11, 027
488
617
145
800
150
267
87
-13,801
U.S. private capital flows net
39
40
16 320
613
. . .
-- -
..
-
II"
-59,311
-
34
35
38
--
!«•
10, 117
256
490
105
697
150
266
87
600
14
IV
15 035
1,069
.. ...
III
41, 980
1,480
2 319
553
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets .
U.S. Government assets
. __
II
62 903
3,106
. .
19'n
197 ot
1970f
787
-851
2,152
389
867
-1,104
-44
-920
831
-253
14
-37
818
227
395
-34
34
406
717
867
-119
-467
-421
-2,395
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
NOTE.—Details may not add to total because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
September 1971
SURVEY OF CURRENT BUSINESS
41
Table 3.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
Line
197 1
197Of
(Credits+; debits-) »
I
II
IV
III
II*
Ir
1 Exports of goods and services 2. _ .
15 374
15,806
15, 930
15, 795
16, 547
16,632
2
10, 241
10, 582
10, 696
10, 461
11, 030
10, 716
447
573
142
774
150
267
80
327
589
134
803
150
269
107
433
601
141
793
150
267
110
507
596
160
773
174
300
110
3
4
5
6
7
8
9
10
11
12
13
Merchandise, adjusted, excluding military s
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
...
Other transportation
...
Fees and royalties from unaffiliated foreigners.
Other private services. . .
U.S. Government miscellaneous services-
274
556
136
736
150
266
90
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets .
U.S. Government assets. .
14
Transfers of goods and services under U.S. military grant programs, net...
15
Imports of goods and services
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services. .
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private liabilities
U.S. Government liabilities
28
29
30
31
32
33
.
.
Unilateral transfers (excluding military grants), net
U.S. Government grants (excluding military). .. ... .
U.S. Government pensions and other transfers
Private remittances and other transfers .
.
.
.
.
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
38
U.S. private capital flows, net
.
.
.
..
Direct investments abroad
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
.
Short-term, nonliquid - - - - - - Short-term, liquid
-
Foreign capital flows, net
.
.
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
. . ...
Long-term, reported by U.S. banks
Long-term liabilities to foreign official agencies, reported by U S banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
56
57
U.S. liquid liabilities:
To private foreigners _ - To foreign official agencies.Gold
SDR
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
468
483
1,520
1,550
660
222
642
209
651
213
_
.. .
.
-
191
116
169
191
162
-14,761
-14,935
-15,125
-15,400
-16,654
—9, 728
-1,182
—925
—290
-661
-9,831
-1,255
— 1 010
-286
-693
-9,992
-1,211
-1 021
-320
-738
-10,319
-1,203
-997
-319
-697
-10,761
-1,174
-967
-266
-723
-11,756
-1,220
-1,098
-331
-766
-30
-30
-30
-30
-31
-31
— 150
-179
-153
-181
-157
-182
-160
-187
-167
-174
-170
-198
-23
-30
-28
-30
-26
-27
-120
-998
-207
-109
-942
-241
-104
-866
-286
-107
-786
-290
-135
-651
-325
-110
-561
-386
-137
-191
-116
-169
-191
-162
-756
-753
-803
-836
-770
-842
-418
-100
-238
-391
-118
-244
-444
-122
-237
-485
-122
-229
-428
-124
-218
-485
-141
-216
-423
-366
-394
-410
-598
-609
-723
-130
-881
-846
-835
-1,022
-1,275
16
70
17
-68
136
342
88
385
114
380
2
368
40
488
4
428
102
-1,941
-1,579
-1,748
-1,647
-2,230
-1,967
-1,358
-210
-1,257
-897
-488
-934
-337
-1,370
-353
-1,315
-396
32
-85
-72
-174
-143
93
24
49
22
88
-162
-268
-127
-189
-396
-13
-23
-33
-129
-54
-32
-50
36
-171
236
-125
-225
23
-66
66
1,416
2,615
4,937
92
559
-24
206
1,006
-53
1,586
-79
486
304
105
374
218
720
160
792
159
163
7
358
151
19
312
124
22
324
392
-32
-154
-235
-233
-188
735
-12
82
-266
-30
..
602
218
137
1,817
-
535
1,884
-14,493
122
50
51
52
53
Transactions in U.S. official reserve assets, net
466
1,507
648
238
-381
-116
-
Direct investments in the United States 4
U.S. securities other than Treasury issues
..
496
1,409
648
238
140
48
49
See footnotes on p. 40
._.._.
4
39
40
59
60
61
62
.
U.S. Government capital flows, net
Loans and other long-term assets
Foreign currencies and other short-term assets, net
58
...
U.S. military grants of goods and services, net
34
35
47
..
449
1,590
543
599
145
819
174
301
96
-224
38
222
73
-186
-153
-203
-245
-263
-8
-82
-8
-22
77
-39
-161
-59
-1,872
3,020
-376
99
-1,383
1,736
-2,611
2,765
-2,693
5,067
5,216
264
805
584
824
682
659
422
-76
461
<
109
-55
373
255
456
17
-66
252
-44
14
395
-270
-254
-251
831
818
227
34
406
-253
217
217
-59
-375
217
-437
216
180
179
-233
-1,026
-2,335
SURVEY OF CURRENT BUSINESS
42
September 1971
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1971
1970
1971
1970
1970
I
II
III
IV
Ir
II P
I
II
III
IV
I'
II"
EXPORTS
1
Merchandise exports, Census basis, including reexports and military
grant shipments
43,224
10,341
11,353
10, 275
11,255
11,247
11,561
10,474
10,932
10,970
10,918
11,370
11, 121
2
Merchandise exports, Census basis, including reexports, excluding
military grant shipments
42, 659
10, 194
11,218
10, 797
10,848
3
3a
3b
3c
3d
3c
Regular additions to Census exports
Private gift parcel remittances
Virgin Islands exports to foreign countries
Gold exports, nonmonetary
Inland freight (to Canada)
valuation adjustment
Other regular additions J
4
Regular deductions from Census exports 2
5
5a
Special adjustments net ^
Of which: quarterly allocation of annual seasonal adjustment
discrepancy 4
6
Equals: Merchandise exports, adjusted to balance of payments basis,
including "military"
42, 990
10,314
11,306
10,233
11, 137
11,201
7
Less: Merchandise exports transferred under U.S.
military agency
sales contracts identified in Census documents 5
1,010
197
279
215
319
8
Equals: Merchandise exports, adjusted to balance of payments basis,
excluding "military" (table 2, line 2)
41,980
10, 117
11,027
10,018
39,952
9,455
10, 069
9,873
10, 153
11,094
11,117
11,406
10,327
10, 757
11,240
10, 966
'(*)*
63
10
92
17
4
(*)
70
1
90
18
6
(*)
65
1
83
25
5
(*)
67
-14
90
15
3
(*)
64
8
121
17
12
(*)
74
18
97
16
2
(*)
69
10
86
17
4
(*)
64
1
91
18
6
(*)
66
1
82
25
5
(*)
66
-14
94
15
3
(*)
68
8
116
17
12
(*)
69
18
28
7
7
7
7
6
7
7
7
7
6
7
3
36
3
-3
-33
356
76
17
(*)
265
2
91
16
21
-15
-21
-52
-16
-18
-18
-18
11,520
10,438
10,861
10,911
10,780
11,328
11,075
298
359
197
279
215
319
298
359
10,818
10, 903
11,161
10,241
10,582
10, 696
10,461
11,030
10,716
10,555
10,527
12, 026
9,721
9,864
IMPORTS
9
Merchandise imports, Census basis (general imports)
10
lOa
lOb
lOc
11
lla
lib
Regular additions to Census imports
Virgin Islands imports from foreign countries
Gold imports, nonmonetary
Other regular additions "
Regular deductions from Census imports
Automotive valuation adjustment
Other regular deductions 7
12
12a
Special adjustments net ^
Of which: quarterly allocation of annual seasonal adjustment
discrepancy ^
13
Equals: Merchandise imports, adjusted to balance of payments basis,
including "military"
14
15
Less: Merchandise imports
of U.S. military agencies identified in
Census documents 8
Equals: Merchandise imports, adjusted to balance of payments basis
excluding "military" (table 2 line 16)
407
242
152
13
350
346
4
108
69
36
3
87
86
1
40
27
102
63
36
3
99
98
1
83
43
36
4
65
65
(*)
114
67
44
3
99
97
2
6
5
112
64
45
3
114
113
1
146
89
52
5
128
127
1
10, 023
10,328
10, 809
11,769
108
69
36
3
86
85
1
102
63
36
3
92
91
1
83
43
36
4
85
85
(*)
114
67
44
3
87
85
2
112
64
45
3
113
112
1
146
89
52
5
119
118
1
30
7
10
9
3
5
4
4
11,796
40,049
9,503
10,074
9,897
10, 575
10,525
12, 044
9,773
9,881
10,031
10,364
10,808
179
45
50
39
45
47
40
45
50
39
45
47
40
11,756
9,728
9,831
9,992
10,319
10,761
-524
665
980
880
416
520
-721
-843
513
751
704
142
269
- 1, 040
11,561
1,887
9, 674
9, 519
10,474
1,735
8, 739
8,592
10,932
1,774
9,158
9, 023
10,970
1,888
9,082
8,960
10,918
1,958
8,960
8,799
11,370
2,118
9, 252
9,122
11,121
1,905
9,216
9,061
1,536
816
318
402
1,438
708
306
424
1,328
671
279
378
1,420
721
331
368
1,551
782
364
405
1,534
871
272
390
1,563
795
340
428
1,495
748
325
422
3,495
464
3,243
372
3,357
424
3,463
355
3,519
393
3,385
394
3,438
454
3,367
432
3,245
404
297
198
47
107
737
298
274
104
190
724
277
372
194
118
712
281
340
153
122
777
263
268
97
129
801
285
277
103
121
788
301
226
57
108
736
291
279
118
130
735
286
341
163
181
726
276
325
140
138
750
631
695
686
693
645
658
667
682
678
674
69
238
371
3,716
2,797
492
2,305
488
222
926
85
423
161
39,870
9,458
10, 024
9,858
10,530
10,478
Balance on merchandise trade, adjusted to balance of payments basis,
including "military" (line 6 less line 13) [export surplus +]
2,941
811
1,232
336
562
676
Balance on merchandise trade, adjusted to balance of payments basis,
excluding "military" (line 8 less line 15) [export surplus +]
2,110
659
1,003
160
288
425
43,224
7,351
35, 873
35, 308
10,341
1,679
8,662
8,515
11,353
1,754
9,599
9,464
10,275
1,691
8,584
8,462
11,255
2,227
9, 028
8,867
11,247
2,048
9, 199
9,069
5,839
3,071
1,216
1,552
1,307
690
262
355
1,367
684
313
370
1,412
769
235
407
1,754
929
406
419
13,783
1,596
3,330
307
3,636
408
3,323
418
1, 139
1,049
378
488
3,052
254
291
116
84
777
290
288
111
107
814
2,648
648
674
12,004
BALANCE
16
17
TRADE BY END-USE
18
18a
18b
18c
Merchandise exports, Census basis, including military grant shipments (line 1)
Agricultural products
Nonagricultural products
Excluding military grant shipments
19
20
21
22
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods, feeds, and beverages
23
24
Industrial supplies and materials
Fuels and lubricants
25
26
27
28
29
30
Paper and paper base stocks
Textile supplies and materials
Raw cotton, including linters
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals, wood, rubber, tires,
etc.)
31
32
33
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel-
547
1,388
1,873
100
369
499
166
417
473
155
327
452
126
274
449
73
238
396
76
246
399
129
378
495
151
404
442
132
348
473
134
261
470
94
241
388
34
35
36
37
38
39
40
41
42
43
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction machinery and nonfarm tractors and parts
Textile and other specialized-industry machinery and parts Other industrial machinery and parts n e e
Agricultural machinery and farm tractors and parts
Business and office machines, computers, etc., and parts
Scientific, professional, and service-industry equipment
14,371
11,570
2,077
9, 493
1, 963
931
3,901
359
1,702
637
3,505
2,730
502
2,228
465
210
921
102
378
152
3,796
2,974
552
2, 422
503
239
1,000
94
419
166
3,397
2,860
493
2,367
503
233
967
82
420
161
3,673
3,006
530
2,476
491
248
1,013
81
485
158
3,957
2,955
521
2,434
484
230
1,017
85
448
171
3,941
2,984
532
2,452
514
239
997
102
424
176
3,449
2, 759
510
2, 249
482
222
932
93
369
151
3,583
2,793
512
2,281
478
223
932
79
417
152
3,678
3,046
530
2,517
508
247
1, 029
97
463
173
3,689
3,003
532
2,471
498
240
1,020
94
456
163
3,893
2,999
531
2,468
504
244
1,032
77
439
172
SURVEY OF CURRENT BUSINESS
September 1971
43
Table 4.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1970
1971
1970
I
Civilian aircraft engines parts
Civilian aircraft complete — all types
Other transportation equipment _ - _ _ _ - -
Seasonally adjusted
II
r
IV
III
I
II*
I
1971
1970
II
IV
III
II"
Ir
2,659
1,528
141
748
479
27
783
496
39
509
231
29
620
322
46
961
626
41
892
545
65
660
390
30
758
483
32
595
285
36
639
345
44
849
507
45
867
533
52
46
47
48
49
50
51
Automotive vehicles, parts, and engines
3,652
To Canada
- -__ __ _ .
.. .
2,474
To all other areas
1,178
Passenger cars n e w a n d used
_ _ _ _ _
837
Trucks, buses, and special vehicles - _ _ _ _
_ .__ _
560
Parts, bodies, and accessories, including engines and parts, n.e.c _ _ . 2,255
908
607
301
179
143
586
1,101
806
295
303
148
650
814
534
280
179
138
497
829
527
302
176
131
522
1,101
784
317
290
149
662
1,222
920
302
353
164
704
920
613
307
166
143
611
1,005
724
281
290
129
586
991
682
309
267
151
573
756
473
283
141
135
480
1,114
791
323
268
150
696
1,113
825
288
337
143
633
52
53
54
55
Consumer goods (nonfood), except automotive ... _ _ _ .._ . _ _ _
Consumer durables manufactured
Consumer nondurable^, manufactured _ _ _
_ ._
Unmanufactured consumer goods (gem stones, precious and
n o n precious)
-_
_ _ _
. _ _
2,717
1,007
1,587
666
243
393
704
256
416
661
237
394
685
271
383
673
247
394
723
269
419
676
247
401
673
241
401
681
252
395
692
269
390
682
251
402
690
253
404
123
30
32
29
32
32
35
28
31
34
32
29
33
56
Special category (military-type goods)
1,359
289
364
283
423
369
452
289
364
283
423
369
452
57
58
59
Exports, n.e.c., and reexports
Domestic (low-value, miscellaneous) _
Foreign (reexports) . _ _ _
_-
1,503
869
634
336
202
134
385
221
164
385
221
163
397
225
173
368
214
154
428
242
185
349
210
139
368
215
153
401
234
167
386
212
174
382
222
160
410
236
174
60
Merchandise imports, Census basis (line 9)
39,952
9,455
10,069
9,873
10,555
10,527
12,026
9,721
9,864
10,023
10,328
10,809
11,769
6,154
2,085
1,159
725
4,069
1,473
494
292
131
979
1,566
554
307
206
1,012
1,490
534
278
214
956
1,626
503
283
174
1,123
1,470
499
292
147
971
1,692
561
308
210
1,132
1,553
528
289
190
1,025
1,563
552
320
180
1,011
1,487
506
278
183
981
1,550
499
274
173
1,051
1,551
535
290
214
1,016
1,687
549
322
184
1,138
15,106
3,057
3,650
846
3,758
710
3,738
705
3,959
796
3,866
834
4,524
862
3,681
773
3,659
740
3,770
740
3,986
801
3,895
749
4,410
901
1,578
399
396
372
411
385
434
413
389
382
393
392
426
2,866
1, 209
111
836
710
746
314
49
209
174
736
309
30
227
169
672
285
16
195
176
712
301
16
205
191
804
343
34
243
184
875
383
31
269
193
687
297
25
203
162
710
299
28
212
171
721
291
40
204
186
758
323
29
216
190
738
320
16
233
169
846
370
29
252
195
44
44a
45
61
62
63
64
65
Foods, feeds, and beverages
Coffee, cocoa, a n d sugar
_ __ _
___
Green coffee
Cane sugar
_ - _ _ _ . _
Other foods feeds and beverages
66
67
Industrial supplies and materials _ . . _
Fuels and lubricants
68
69
70
71
72
73
.. _
___
.. _ _ _
_
_ _ _ _ _ _
__
_
Paper and paper base stocks
Materials associated with nondurable goods and farm output,
n.e s
_ - _
_ _ _ _
Textile supplies and materials
Tobacco unmanufactured
_ Chemicals, excluding medicinals
___ __ _ __ _ _
Other (hides, copra, materials for making photos, drugs, dyes) _ _ .
74
Building materials, except metals
._
1,001
220
260
266
255
261
345
238
245
252
264
278
326
75
76
77
78
79
Materials associated with durable goods output, n.e.s
Steelmaking materials
__ __ __ _
Iron and steel products
Other metals, primary and advanced, including advanced steel.
Nonmetals (gums, oils, resins, minerals, rubber, tires, etc.)
6,604
734
2, 191
2,650
1,030
1,439
116
410
646
267
1,657
184
523
684
266
1,723
238
576
663
245
1,786
196
682
656
252
1,583
137
606
587
253
2,007
240
805
674
289
1,570
187
481
635
267
1,575
172
498
644
261
1,675
198
531
697
249
1,770
176
667
675
252
1,738
218
706
565
249
1,911
225
767
635
284
80
81
82
83
84
3,783
3, 592
1,017
2,574
923
881
235
645
979
927
256
671
925
883
260
623
957
901
266
635
999
941
264
677
1,092
1,027
302
724
916
874
232
642
949
897
258
639
943
901
262
639
977
922
266
656
990
932
261
671
1,059
993
303
690
566
939
359
471
138
239
106
107
144
239
101
126
147
228
77
110
137
234
75
128
159
228
106
126
178
252
102
131
134
243
99
108
144
231
84
119
145
228
89
118
143
239
88
126
154
232
99
127
177
243
85
124
89
89a
Capital goods, except automotive
Machinery, except consumer-tvpe
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized-industry machinery and nonfarm tractors and parts
Other industrial machinery and parts, n.e.s
Agricultural machinery and farm tractors and parts
Business and office machines, computers, etc., and parts. _ _ _ _
Scientific, professional and service-industry equipment and
parts; and miscellaneous transportation equipment
Civilian aircraft, engines, parts
Civilian aircraft, complete— all types
239
191
48
56
42
16
61
52
15
61
42
9
60
55
9
57
58
13
61
66
13
58
42
16
61
52
15
59
42
9
60
55
9
59
58
13
61
66
13
90
91
92
93
94
95
96
Automotive vehicles, parts, and engines
From Canada
From Canada, transactions value _
From all other areas_
Passenger cars, new and used
_.. _ _
Trucks, buses, and special vehicles
Parts, bodies, and accessories, including engines and parts, n.e.s__
5,956
3,587
8,241
2, 369
3,731
730
1,496
1,449
885
799
564
955
162
332
1,613
1,021
923
593
1,064
167
381
1,260
715
650
545
729
177
355
1,634
965
868
669
982
223
428
1,919
1, 119
1,006
800
1,253
172
494
2,108
1,241
1,114
867
1,395
206
508
1,399
876
791
523
909
165
325
1,504
937
8Jf7
567
956
179
369
1,555
942
857
613
935
209
411
1,507
836
751
673
930
181
396
1,856
1,111
999
745
1,196
175
485
1,962
1,135
1,017
827
1,250
221
491
97
98
99
100
Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems, nursery stock)
7,553
4,068
2, 960
525
1,652
872
648
132
1,809
979
705
125
2,084
1,106
852
126
2,007
1,112
753
142
1,891
1,000
761
131
2,205
1,222
832
151
1,830
984
708
138
1,851
1,006
718
127
1,897
1,023
746
128
1,962
1,047
783
132
2,092
1,127
828
137
2,253
1,255
846
152
101
Imports, n.e.s. (low value, goods returned, military aircraft, Government purchased uranium, movies, exhibits) _
1,399
308
343
376
372
382
404
342
338
371
346
425
398
85
86
87
88
••Revised.
"Preliminary.
*Less than $500,000.
1. Mainly net additions to or liquidations of U.S.-owned grains stored in Canada, and
exports of electrical energy.
2. Mainly exports of exposed motion picture film for rental rather than sale, and exports to
Panama Canal Zone.
3. Irregular and occasional adjustments; valuation adjustments for goods considered to be
underpriced or overpriced in Census data; timing adjustments for goods recorded in Census
data in one period but found to have been shipped in another; and coverage adjustments for
special situations in which shipments were omitted from Census data.
4. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted recorded annual totals.
5. Exports of military equipment under U.S. military agency sales contracts with foreign
governments to the extent such exports are identifiable from Census export documents.
These exports are included in table 2, line 3: "Transfers under U.S. military agency sales
contracts."
6. Mainly imports of electrical energy.
7. Mainly foreign charges for repair of U.S. vessels abroad, which are included in tables 2, 3,
and 9, line 20 (Other transportation); also imports from Panama Canal Zone, and imports of
domestically-owned grains returned from storage in Canada.
8. Merchandise imported directly by the Department of Defense, as well as "defense"
imports of the Coast Guard and Atomic Energy Commission, to the extent such imports are
identifiable from Census import documents and verifiable from separate reports of the importing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense expenditures."
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
44
September 1971
Table S.^Major U.S. Government Transactions
[Millions of dollars]
197 0
Line
I
A.I
la
U.S. Government grants (excluding military) and capital flows increasing Government assets, total (table 2, lines 30, 34,
and 35 with sign reversed)
Seasonally adjusted . ..,. . - .
- _. . .
.
-- -
1 280
1 303
1 550
1 518
1 771
1 624
1 739
200
—24
447
112
—42
439
34
49
402
20
—31
450
34
(*)
457
88
—86
532
22
—40
288
196
162
1
10
101
45
45
(*}
2
85
54
48
63
50
35
(*}
4
39
37
37
63
61
47
1
39
47
33
(*}
2
180
149
8
343
234
49
98
(*)
89
66
696
24
31
22
1
85
50
837
—7
47
14
4
88
48
573
53
53
16
2
81
69
681
46
44
83
2
71
35
1 052
5
234
. 334
368
343
328
510
303
66
66
93
89
349
553
339
50
102
104
85
209
510
175
48
78
82
88
280
506
278
69
89
89
81
211
708
484
35
103
75
71
416
810
385
49
132
110
94
119
26
— 10
52
51
6
—38
Estimated transactions involving no direct dollar outflow from the United States
4 348
Expenditures on U.S. merchandise
3 110
Expenditures o n U.S. services 2.
.
.
.
.
. ... 843
3 4
Military sales contractsfinancedby U.S. Government credits - (line
B.
14)
.
.
.
.
.
.
361
U.S. Government credits to repay prior U.S. Government credits 2
174
U.S. Government credits 3 to repay prior U.S. private credits
308
Increase in claims on U.S. Government associated with Government grants and capital flows increasing Government
assets (including changes in retained accounts) (line B.17)
— 30
Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)
- 343
Less dollar recoveries
on
short-term
claims
financing
military
sales
contracts
and
U.S.
Government
credits
to
repay
private credits 3
74
Estimated dollar payments to foreign countries and international and regional organizations through U.S. Government
grants and capital flows increasing Government assets
- 702
1 123
827
224
70
56
57
1 220
891
221
101
49
88
926
625
188
129
34
66
1 079
768
209
62
35
96
1 385
792
209
246
135
105
1 610
1 072
—9
8Q
— 18
85
_3
88
(*)
81
6
71
13
27
25
9
36
52
179
182
140
201
166
161
—286
488
511
743
735
31
70
—5
—12
-133
—186
55
77
30
-72
-90
-2
-8
-91
-30
-4
-8
—89
32
800
—3
-5
By disposition
35
UP
I'
1 067
1 $20
17
18
19
20
21
22
23
24
25
33
34
IV
1 401
1 256
By program
Under farm product disposal programs.
_
_
.
..
...
Under Foreign Assistance Acts and related programs
Under Export-Import Bank Act
Capital subscriptions to international and regional organizations, excluding IMF
Other assistance programs . - ---..- . .
Other foreign currency assets acquired (lines A. 6, A. 7, and A. 9)
Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)
Advances under Exchange Stabilization Fund agreements, net . . _ . . .
.
Other (including changes in administrative cash holdings) , net
26
27
28
29
30
31
32
III
1 303
1 271
10
11
12
13
14
15
16
5
6
7
g
9
II
5 050
By category
Grants, n e t
-- ..
-. ....
Credits repayable in foreign currencies
Other foreign currency assets (excluding administrative cash holdings) , net
Receipts from—
Sales of agricultural commodities
Interest
Repayments of principal.
-Reverse grants
Other sources
Less disbursements for—
Grants in the recipient's currency
Credits in the recipient's currency
Other grants and credits
-- ..- . .
- .
Other U.S. Government expenditures
.
Capital subscriptions to international and regional organizations, excluding IMF
Credits repayable in U.S dollars
- - Other assets (including changes in administrative cash holdings) , net
2
3
4
197 1
1970
.
_ .
. . _ .
...
.
. ..
_.
.
2 786
116
.
.
_ - _ . . _ _
.
_ ...
1 166
2 078
1 095
c*\
1
/*)
()
3
99
15
6
94
49
1 243
-36
l
B. 1
Nonliquid liabilities reported by U.S. Government, including medium-term securities and long-term obligations payable
prior to maturity only under special conditions, net increase (+)
Seasonally adjusted . .
_.
-.
-To foreign official reserve agencies (table 2, line 54)
Seasonally adjusted
U S Treasury securities issued in connection with Columbia River downstream rights
U.S. Treasury securities issued in connection with prepayments for military purchases in the United States (line
B.13)
5
U S Treasury obligations to be liquidated against
U S claims
6
U.S. Treasury securities not included elsewhere 5
7
Export-Import Bank obligations to be liquidated against U S claims
8
Export-Import Bank securities not included elsewhere
9
Other
10
To other official and private foreigners (table 2, line 55)
10a
Seasonally adjusted
11
Associated with military sales contracts 6
lla
Seasonally adjusted--- 12
U.S. Government receipts from foreign governments (including principal repayments on credits financing
military sales contracts) , net of refunds
- -13
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States
(line B 4)
14
Plus military sales contracts financed by U S Government3 credits 3 > 7 (line A 29)
15
Less U.S. Government receipts from principal repayments - 16
Less transfers of goods and services (including transfers financed by credits) (table 2 line 3)
17
Associated with U.S. Government grants and capital flows increasing Government assets 8 (line A. 32)
17a
Seasonally adjusted
18
Non-interest-bearing securities issued to IDA to I1)B or to U N for special programs
19
Foreign funds retained in U.S. Government accounts for purchases in the United States
20
Other.. ...
.
. ...
21
Other
21a
Seasonally adjusted
22
German Government 10-year loan to U S Government
23
Associated with U.S. Government nonmilitary sales and miscellaneous operations
- 24
U.S. Treasury securities not included elsewhere 5
25
Export-Import Bank securities not included elsewhere
la
2
2a
3
4
r
Revised.
» Preliminary.
*Less than $500,000 (±).
1. The identification of transactions involving direct dollar outflow from the United States
is made in reports by the operating agency. However, such data for third and fourth quarters
1970 and for first and second quarters 1971 are only extrapolated estimates by OBE, because
of incomplete reports from one operating agency.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency collected as principal, as recorded in lines A.6 and A.7.
3. Lines A.29 and A.31 include some short-term U.S. Government claims, collections of
which are recorded in line A.34. Collections of those short-term claims recorded in lines A.29
and B.14 are included in line B.15.
4. Consists of transfers of military goods and services financed by U.S. Government credits
and of advanced payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
/*N
100
-296
535
30
— 111
—259
—266
-14
32
648
—4
(*)
— 242
_2
—436
—28
—470
90
_2
—3
—5
-4
-69
(*)
-87
— 223
-192
—27
19
—188
—263
-111
-292
-71
-84
-199
-134
208
271
246
50
475
6
273
124
619
36
863
207
213
176
267
— 14
70
38
256
—9
—9
— 89
101
138
488
— 18
— 18
—3
129
32
303
-3
-3
—9
(*)
— 15
— 15
-18
(*)
— 14
-4
1
66
—5
62
117
434
(*)
(*)
1
-1
29
— 14
66
29
-15
-14
(*)
(*")
75
-9
(*)
29
75
-10
(*)
(*)
94
82
—255
—22 If.
— 111
361
325
1 480
-30
-30
(*)
65
(*)
-2
(*)
—30
241
273
47
122
oa
6
5
(*)
-4
—4
-4
(*)
-22
(*)
(*)
(*)
(*)
112
112
100
6
6
6. Transactions under military sales contracts are those in which the Defense Department
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
The entries for the several categories of transactions related to military sales contracts in this
and the other tables are partially estimated from incomplete data.
7. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.16) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by credits
to foreigners by U.S. Government agencies.
8. Excludes liabilities associated with military sales contracts financed by U.S. Government
credits and included in line B.ll.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
August 1971
45
Table 6.—Direct Investments and Securities Transactions
[Millions of dollars]
1970
I
1 U.S. direct investments abroad (table 2, line 39)
2
3
5
6
7
8
Transactions with foreign incorporated affiliates
Intercompany accounts* short-term
: long-term
Capital stock
and other equity, net Increase l
.. . .
. _ _ . . _ - _ .
Decrease 2 3
Miscellaneous
.
--
9
Branch accounts
10
11
12
13
14
15
16
17
18
19
20
21
22
.-
. - . - - -- -
_ - _ - _ _
. . __
.
..
.
- ..
_._ _-
. . .
-
- ---.
..
- - -
-
. __
- -- _ _ -
Branch accounts
..
Of which' manufacturing affiliates
--
-1,662
—747
—464
-1,545
— 1,680
-995
—232
-141
-561
-599
38
-62
-634
—232
12
-389
-452
63
-25
-489
525
— 128
-868
-1,060
192
-18
-1,357
— 595
-510
-232
-322
90
-20
n.a.
n a.
n.a.
n.a.
n.a.
n.a.
n.a.
—949
-195
—666
-113
25
-188
n.a.
-388
— 110
-745
—409
—397
—339
—104
-177
-122
86
-251
-503
-1,159
-60
-408
-698
-407
-85
— 1,360
—584
-373
n.a.
71 a.
na
na
969
486
105
218
160
92
—24
933
191
742
750
—8
490
53
437
442
113
43
70
70
(*)
191
53
138
141
—3
139
42
97
97
(*)
104
63
41
46
—5
-23
—10
— 13
5
— 18
—1
_ . -1,538
_
_
.
.
-
36
-4
—8
27
21
— 12
196
101
199
15
46
81
-942
-210
93
-488
-337
-353
-396
38
-67
—17S
-5
-20
87
9
-26
—68
-145
— 15
77
108
— 20
12
—23
-15
-15
87
56
48
7
-24
35
—92
-130
35
27
—7
17
—2
- _..
-933
—59
-338
-57
- -
—874
— 1 311
— 760
— 117
— 193
—241
434
3
— 55
47
19
—7
Foreign securities, net U.S. purchases (— ) , balance of payments basis (table 2, line 40, or lines 27 + 38 below)-
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
bonds, net, Treasury basis 5
- - less: recorded in line 1 as U.S. direct investments abroad
plus: other adjustments
Bonds, net, balance of payments basis
Newly issued in the U.S
Canada
- -..
Latin America
--___. . .
Other countries
International
6
Redemptions of U.S. -held foreign bonds
- Other transactions in outstanding bonds 6
Canada .
Western Europe 6 - - - - - - Japan
Other
.
.
- -
.
.. .
- _ - - ..- -
. . .._
-
.-.
_- - . - _. . .
U.S. securities other than Treasury issues, net foreign purchases (+), balance of payments basis (table 2,
line 49, or lines 54 -f- 61 below)
51
52
53
54
55
56
57
stocks, net, Treasury basis 5 _
- .
- _
plus: exchange of stock associated with U.S. direct investments abroad ..
plus: other adjustments
Stocks, net, balance of payments basis
_ _ _
Canada ..
Western Europe 6 _
Other
58
59
bonds, net, Treasury basis 5 ... . .. .
plus: proceeds obtained by U.S. parents from securities issued by Netherlands Antilles finance subsidiaries
plus: other adjustments
Bonds, net, balance of payments basis
New issues sold abroad by U.S. corporations 7
. _
----. .
of which denominated in: Dollars
: German marks
Nonguaranteed U.S. Government agency bonds, investments by International and Regional organ!
zations
Other transactions in U.S. bonds
60
61
62
63
64
65
66
. .
p Preliminary.
"Less than $500,000 (±).
n.a. Not available.
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Total and partial sales and liquidations of capital stock and other equity holdings.
3. Includes security issues placed with interests in the United States other than the parent,
the amortization of these security issues, and verified transactions of non-reporters not classified by type of transaction.
4. Mining and smelting includes the exploration and development of mining properties,
the extraction of raw ores and the processing necessary for basic refined metals. Petroleum
includes the exploration, development, and production of crude oil and gas, and the transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining and the smelting operations of mining companies.
-
—41
-263
511
.
4
stockSf net, Treasury basis 5
.
less: recorded in line 1 as U. S. direct investments abroad
plus: exchange of stock associated with direct investments in the U.S
plus: other adjustments
Stocks, net, balance of payments basis
Newly issued in the United States
of which: Canada
Other foreign stocks
Canada
Western Europe
Japan
..- - - - - . . ..
Other
II 9
I'
-1,378
-751
-55
-493
-508
15
-79
- -.
_
IV
-1,573
---------
-
III
-3,496
— 690
-312
-2,311
-2,619
308
_ _.
-184
Foreign direct investments in the U.S. (table 2, line 48)
Transactions with U.S. incorporated affiliates
Intercompany accounts
Capital stock and other equity, net
Increase *2
Decrease
II
-4,445
__ _
23
24
25
26
27
28
29
30
31
32
33
34
50
- _..
-
--
By industry of foreign affiliate: 4
Mining and smelting
Petroleum
- -.
Manufacturing
Other
19 71
1970
(Credits+; debts-)
Line
. . ..
72
-281
-418
-314
-8
-47
-49
127
10
-10
16
3
1
-82
-11
-120
-10
—83
-71
38
30
5
—2
5
-83
—5
— 66
-10
—2
— 71
29
—44
— 52
—4
-118
-8
—8
-110
57
-26
-133
(*)
20
—38
-356
41
1
-259
—5
—1
-297
—15
—878
58
—99
(*)
—41
(*)
125
32
(*)
34
6
—8
—396
—476
—241
-15
—28
— 192
101
-21
— 14
—6
6
—7
—255
—318
— 148
-94
— 76
-278
-436
-302
-20
— 114
81
-18
-31
4
4
5
-282
—460
— 181
-5
— 62
—212
122
56
15
26
—1
16
— 58
5
-33
— 130
-63
a
—23
—8
127
31
30
-19
—6
26
2 190
304
374
720
792
559
206
623
79
—5
-97
12
—1
-133
41
—2
381
7
—2
472
19
73
6
-2
3
697
—8
554
151
-86
-93
-21
28
— 77
— 19
386
8
326
52
491
76
325
90
78
-16
55
39
1
-35
-15
51
945
308
208
225
202
348
468
82
77
5
114
—5
89
10
132
202
7
205
264
200
55
-49
-10
1,493
822
611
54
390
163
127
324
347
94
133
—94
2
188
72
468
267
238
334
193
136
27
301
199
110
27
480
317
300
94
107
86
55
50
52
128
36
"Other" industries includes all industries except those previously listed, the major ones
being agriculture, public utilities, transportation, trade, insurance, finance and services.
5. As published in Treasury Bulletin.
6. Redemptions measure scheduled retirements and identifiable premature retirements of
U.S.-held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45 of
this table.
7. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
NOTE.—Details may not add to totals because of rounding.
SOURCE: U.S. Department of Commerce, Office of Business Economics.
46
SURVEY OF CURRENT BUSINESS
August 1971
Table 7.—Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns
[Millions of dollars]
Line
197 0
(Credits (+); increase in U.S. liabilities or decrease in U.S. assets. Debits (— ); decrease in U.S.
liabilities or increase in U.S. assets.)
Amounts
outstanding
June 30,
1971
197 1
1970
II
I
IV
III
P
HP
Claims reported by U.S. banks.
A.
I
Long-term (table 2, line 41)
2
Short-term, nonliquid (table 2, line 42)
3
7
8
9
10
Payable i n dollars
By type:
Loans
Acceptance credits
Collections outstanding
By area:
Canada
Western Europe l
- - - - Japan
Other
11
12
Payable in foreign currencies. ..
Of which Canada
13
Short-term, liquid (table 2, line 43)
4
5
6
_
_
-
_
-
-
- -
_
-
-
,
.._
22
88
32
— 174
3 209
13
-461
275
—842
90
— 336
9 830
-923
4
-457
280
— 750
20
— 343
9 741
86
231
—37
192
42
—392
—910
— 60
—32
38
91
—42
3 388
3 935
2 418
— 54
— 51
—252
—210
.
- _ _ .. ,_
..
— 12
—26
-764
— 399
158
— 142
—243
— 188
-92
— 83
Payable in foreign currencies
By type:
Deposits
Foreign government obligations and commercial and finance paper
By area:
Canada
Other
_ ...
_ __
. _._
26
-50
142
— 114
—47
2
—221
— 191
24
2
179
75
49
567
178
403
—80
—32
— 65
476
1 536
3 411
4 318
7
16
89
16
9
1
—4
1
—5
—9
—92
—76
70
61
—36
240
— 135
—6
218
28
30
1 159
—76
-36
148
97
—87
9
— 67
9
139
75
11
39
35
14
686
307
—43
92
—48
g
79
17
—5
473
—40
— 14
—34
51
43
27
52
27
—3
52
40
—6
1
371
102
—87
44
50
42
50
2
15
7
72
7
17
(*)
21
-26
203
270
-119
- - _ _ - _ - _ _ - -
49
240
—467
—408
16
B.
24
-51
3
- -
Payable in dollars
Of which Canada.
19
20
_
-_
14
15
17
18
.
183
- 1, 015
— 10
Claims reported by U.S. nonbanking concerns:
1
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Long-term (table 2, line 44) _
__
Short-term, nonliquid (table 2, line 45) _ _
...
_. _
... _ _.
_
Reported by brokerage concerns
Reported b y others
._
. ..- _. . _ . . . . - - - - - Payable in foreign currencies
Payable in dollars
Canada
- .. _ .,. . . - - - - - - - - - _ _ _ .
.__
United Kingdom .
_
. _ ... -..
European Economic Community
Japan .
..Other
Payable in foreign currencies
By type:
Deposits
Other claims (of major U.S. corporations only)
By area:
Canada.. _
Other
129
—54
—32
23
3,171
—54
—42
17
281
—62
-85
3,384
—1
-359
58
38
—80
12
—92
14
76
—35
—27
—4
—23
14
-99
15
15
11
65
21
38
66
28
11
—40
22
—9
12
300
3,084
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
..
_ ___
-
— 112
—205
—431
— 39
— 64
— 39
— 74
—215
— 154
108
(*)
361
—3
—99
61
402
—351
-6
1,512
385
— 51
—35
141
330
—330
30
1,100
357
28
—26
—25
—47
12
150
—9
980
50
— 316
— 14
53
-23
930
170
203
33
342
21
52
92
49
-333
—49
-12
90
-48
238
595
267
—80
72
—21
-36
412
-59
23
290
122
—8
145
287
42
—42
-20
—22
-40
— 30
—
—
—
—
— 47
—47
—32
60
63
—24
43
—64
11
.. .
-381
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
72
Short-term, liquid (table 2, line 46)
Payable in dollars
By type:
Deposits (of major U.S. corporations only)
Other claims (of major U.S. corporations only)
By area:
Canada
United Kingdom
Other
— 13
—360
—577
._ __
-207
48
157
—22
11
24
— 14
— 13
7
— 10
—7
25
23
— 15
66
— 35
—49
— 14
67
5
3
—24
-39
15
16
32
—29
—35
— 66
— 14
40
32
— 13
28
-64
137
275
188
84
163
57
—30
38
31
—58
—42
4^
40
46
-18
81
176
571
16
1
2
19
—44
22
15
—32
— 102
-39
-50
809
577
1 153
79
343
227
504
58
3,713
830
93
166
— 85
— 66
— 34
915
-17
932
159
44
115
-10
130
200
36
164
209
-43
253
9
244
5
139
100
362
58
304
-230
-91
-139
n.a.
n.a.
n.a.
n.a.
n.a.
3,270
419
2,851
n.a.
n.a.
n.a.
n.a.
n.a.
Memorandum:
24
25
C.
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line B. 14)A.S reported in Canadian banking statistics
Nonliquid liabilities to private foreigners reported by U.S. banks:
1
2
D.
Long-term (table 2, line 52)
Of which International and regional organizations
— 75
-153
-160
Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
1
Long-term (table 2, line 50)
2
3
4
5
6
7
8
9
Short-term (table 2, line 51)
Reported by brokerage concerns
Reported by others .
_- _ Payable in foreign currencies..
Payable in dollars
Canada.. ...
Western Europe *
Other
.
.
.
p Preliminary.
* Revised.
*Less than $500,000. (±)
N.A. Not available.
1. Includes United Kingdom, European Economic Community and other Western European countries.
2
702
232
—5
9
88
74
-105
409
1
345
63
142
-256
162
-418
-15
-403
-17
-350
-36
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
August 1971
47
Table 8.—U.S. Liquid Liabilities to All Foreigners, Nonliquid Liabilities to Foreign Official Reserve Agencies, and U.S. Official Reserve
Assets, Net
[Millions of dollars]
Line
1
2
3
3a
4
5
(Credits (+): increase in U.S. liabilities or decrease in U.S. assets. Debits (-): decrease in U.S.
liabilities or increase in U.S. assets.)
Liquid liabilities to all foreigners (table 2, lines 56, 57)
Liquid liabilities to private foreigners (table 2, line 56)
To foreign commercial banks
Seasonally adjusted
_
.
To foreign branches of U.S. banks l
To others
Demand deposits
Time deposits 2 _
U.S. Treasury bills
and certificates
Other obligations 1 2 3
10
To international and regional organizations
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
.
--- -
_
_.
Demand deposits.
_
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 2 3 _
.
To other private foreign residents and unallocatedDemand deposits
.
Time deposits 2 _ _ _ __
U.S. Treasury obligations:
Bills and certificates _
Bonds and notes
Other obligations 2 3
To central banks and governments
1 377
1 072
408
836
—939
2,270
5,875
51,318
-1,692
-131
-1,213
-3,206
-2,513
104
20, 168
-6, 507
-1,683
-196
-1,145
-3, 483
-2,862
78
14, 346
-1,863
—441
-1,315
-2, 888
-3, 042
-85
-6 3A3
—164
—1 291
-392
— 157
-1 523
378
-3,372
-111
-1,905
-957
32
4,359
9,987
—4 383
-665
-6
— 1 453
—2 042
-40
1
398
115
—677
44
-3
-509
— 1,779
-569
-9
-1,126
-3, 914
-445
-4
1,501
-880
-236
2,001
-807
7,567
653
2,011
4,115
179
142
— 124
82
79
271
174
1,292
7
72
24
48
-3
-10
15
-4
20
4
6
-10
53
63
219
—33
—25
158
86
(*)
-16
— 137
— 15
-6
98
33
-21
51
31
115
115
-78
2
207
164
143
703
86
-151
189
-150
198
78
-148
4,530
57
-186
2
76
-116
-54
81
70
37
-18
29
-32
1,753
1,833
-39
-100
5
—216
— 11
2
25
_
_ _ __
24
110
22
— 18
-53
49
32
60
19
-7
31
—4
17
72
-42
4
33
22
-48
-25
-72
86
573
285
7,619
2,764
539
2,049
2,267
4,783
5,771
31, 150
4,790
5,782
30, 602
1,437
2,263
_.
8,072
__
_ _
.-.
. . .
Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the United States
-53
-35
260
-873
-69
-324
9 456
9 510
2,145
2 145
977
1 031
3,121
3 121
3,213
3,213
4,801
4,549
2,201
2,181
20, 518
20, 098
-39
-3
— 126
20
(*)
(*)
-73
(*)
-3
(*)
87
3,023
3,000
379
3,452
3,000
(*)
-491
(*)
—581
(*)
-239
(*)
385
573
2,553
— 126
767
-54
17
—9
-275
-413
508
—810
-154
-235
535
-259
— 542
— 542
—4
_2
_
r
p Preliminary.
Revised.
"Less than $500,000 (±).
1. Through April 1970 data for foreign branches of U.S. banks are estimates which were
derived from weekly and daily figures compiled by the Federal Reserve System. Beginning
in May 1970 these data are reported monthly by U.S. banks and include custody items held
by reporting banks on behalf of their own foreign branches. Included in the custody items
are special Export-Import Bank and Treasury securities held for foreign branches in the
amount of $3.0 billion as of June 30, 1971.
2. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1
year or less are included with "other obligations."
3. Includes nonguaranteed U.S. Government agency securities with a maturity of 1 year
3,394
-203
-161
331
-4
3,063
24
2,265
To Germany
To other countries
_
548
-165
-30
90
42
43
Gold (table 2, line 59)
___ ._
SDR (table 2, line 60)
Convertible currencies (table 2, line 61) . _
Gold tranche position in IMF (table 2, line 62)
-11
-205
25
800
U.S. official reserve assets, net (table 2, line 58)
-7
-133
-5
300
47
48
49
50
-21
-238
—3
—30
1 190
46
—423
55
40
41
-2
542
167
(*)
2
—2
12
—4
32
32
452
-188
—89
U.S. Treasury obligations to Germany to be liquidated against U S claims
23
42
-5
— 14
Export-Import Bank obligations
20
-233
— 111
45
252
743
To Canada:
In connection with Columbia River power rights
Other
44
2,288
-27
63
—453
^
2,472
—471
461
-126
— 544
Nonliquid liabilities to foreign official reserve agencies (table 2, lines 53 and 54)
539
—291
-384
— 126
. .
2,773
-122
20
—54
To International Monetary Fund 4
Reported by U.S. Government (table 2, line 54)
HP
_
Demand deposits
Time deposits 2 _
_ __
_
U.S. Treasury obligations:
Bills and certificates
Payable in U.S. dollars
Payable in foreign currencies
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible
Payable in U.S. dollars
Payable in foreign currencies .
.
Other obligations 2 3
37
I'
_ _
_
Keported by U.S. banks 5 (table 2, line 53)
IV
III
24
-94
Liquid liabilities to foreign official agencies (table 2, line 57) _.
36
38
39
. . . . . .
II
-6,242
--
6
7
8
9
11
12
I
Amounts
outstanding
June 30,
1971
1971
19 70
1970
28
2,477
-386
1,022
801
1,040
145
838
13,504
787
-851
2,152
389
-44
-920
831
-253
14
-37
818
227
395
-34
34
406
422
140
469
9
109
-592
373
255
456
196
-66
252
10, 507
1,247
322
1,428
or less.
4. Includes liabilities of U.S. monetary authorities for gold deposited by and held for the
IMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the
IMF to the United States to acquire income-earning assets. Upon termination of investment,
the same quantity of gold can be reacquired by the IMF.
5. Includes, in addition to foreign official reserve agencies, other foreign official agencies
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
48
August 1971
Table 9.—U.S. International
[Millions
United Kingdom
(Credits+; debits-) 1
Line
1970
1970
2
3
4
5
6
7
8
9
10
11
12
13
Merchandise, adjusted, excluding military 3
.
Transfers under U.S. military agency sales contracts...
T ravel
Passenger fares . . _ _ _ _ _ _ _ _ _
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
_.
U S. Government miscellaneous services
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment
interest, dividends and branch
earnings 4
Other private assets
U.S. Government assets. . _
14
Transfers of goods and services under U.S. military grant
programs, net
__ _ _
15
Imports of goods and services .
16
17
18
19
20
21
22
23
24
25
26
27
Payments of income on foreign investments in the
United States:
Direct investment fees and royalties
Direct investment!
nterest, dividends and branch
earnings 4
Other private liabilities. .
U.S. Government liabilities. _ . ..
28
U.S military grants of goods and services, net
Unilateral transfers (excluding military grants) , net
30
31
32
U S Government grants (excluding military)
U S. Government pensions and other transfers
Private remittances and other transfers
U S Government capital flows, net
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets, net
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
38
U.S. private capitalflows,net . . .
..
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid _ ..
Short-term, liquid
50
51
2+53
54
55
6+57
58
59
60
61
62
III
IV
11*
I'
I
II
III
IV
II*
IT
4,289
967
1,106
978
1,033
992
11, 125
2,653
2,923
2,738
2,811
2,879
3,003
2,518
177
51
70
305
67
92
18
584
31
9
12
68
17
23
5
681
49
13
18
82
17
23
4
586
16
20
27
85
17
23
5
667
81
9
13
70
17
23
4
691
9
13
13
68
17
26
4
562
48
14
18
87
17
26
4
8,369
270
166
95
485
168
118
27
1,989
41
28
16
105
42
30
8
2,247
118
47
24
129
42
30
6
1,991
43
50
36
137
42
30
8
2,142
68
41
19
113
42
30
6
2,061
177
32
19
114
51
35
9
2,110
179
52
24
139
51
35
14
249
375
48
88
68
68
60
82
73
136
55
88
62
90
393
774
87
246
101
102
95
241
110
186
104
225
112
237
200
167
52
30
55
28
48
9
45
100
41
8
49
16
169
90
41
21
44
33
42
24
43
12
39
14
38
12
(*)
(*)
1,239
(*)
(*)
-6
-55
-6
-33
-4
-37
-3
-39
-5
-60
-5
-34
-2
-132
(*)
-35
-2
-29
(*)
-34
-1
-34
-937
-37
-277
-9
-251
-8
-223
-10
-185
-11
-124
-22
-84
-48
-585
-393
-153
-51
-142
-89
-143
-105
-146
-149
(*)
(*)
(*)
(*)
-49
-9
-14
-13
-14
-11
-14
-21
4
-7
-7
(*)
-107
87
(*)
-23
27
.
-
..-.-.
-1
-32
-2
-26
-139
-150
-132
-178
-6
-9
-9
8
(*)
-27
22
(*)
-30
20
(*)
-27
18
-27
35
-33
33
-6
-8
-5
-8
-14
62
-11
95
-43
80
165
2
125
45
-7
-10
69
-10
-5
-17
19
-18
7
-7
-32
-38
-8
-12
32
-67
15
-22
5
-14
-15
16
-16
-6
-27
-4
-31
-9
134
3
60
118
99
19
40
99
44
16
22
36
72
273
-733
-150
-1,235
-680
-445
-273
163
-612
-610
-424
5
-22
-28
-4
-4
131
-52
-11
59
-567
-72
-133
-6
-7
-6
-6
. .
. . .
-642
-175
-352
-7
-150
-7
-102
-128
-38
-33
-257
-38
-97
-61
-971
48
-476
51
-410
34
-262
-6
177
-31
-570
-5
-
-4
13
16
-1
-40
30
2
37
-22
2
13
5
-7
3
3
-40
-72
-5
-1
-70
-6
-52
19
10
-25
7
42
-4
-35
12
-5
-30
(*)
-18
77
-44
-23
-38
20
-41
-82
-13
6
-20
308
-7
8
-198
-2
10
61
4
-22
95
11
-16
350
-8
20
-333
-4
17
72
-265
-36
12
-283
11
-7
-16
-14
-12
-6
23
13
40
-56
18
16
-17
5
7
-2)
-60$
-3,845
-970
-190
224 -2,910
-755
8,576
823
2,979
3,163
2,757
625
512
253
326
128
-22
-95
166
119
42
101
-42
68
-11
36
109
887
-21
78
89
247
11
242
30
320
79
191
-35
123
773
487
-9
39
156
1
134
118
1
242
20
1
358
193
-12
-49
-59
9
8
-58
-32
133
207
127
51
-5
14
136
7
56
-66
55
2
12
150
55
91
-202
-7
-5
-132
52
-112
-21
-47
18
-63
10
-36
-621
-19
-556
-18
-57
-69
-3
53
-5
15
-147
-4
-13
-5,749 -1,599
-280
-341 -3, 529
-692
1,312
7,753
1,280
1,202
2,685
2,586
2,753
639
535
-532
476
433
158
25
331
179
20
159
25
356
476
413
-1
-
Foreign capital flows, net
Direct investments in the United States 4
U.S. securities other than Treasury issues-- ._
U.S. nonliquid liabilities to private foreigners reported
by U.S. nonbanking concerns:
Long-term _ _ _ _ _ _ _ _
. . . . _.
Short-term
Long-term liabilities to all foreigners reported by U.S.
banks.
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners.. .
U.S. liquid liabilities to all foreigners
Transactions in U.S. official reserve assets, net
Gold ...
SDR
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR).
64
Errors and omissions and transfers of funds between
foreign areas, net.
-19
-164
. . . .-498
4
Direct investments abroad _
Foreign securities _ _ .
48
49
II
193
39
40
47
1971
-4,715 -1,154 -1,230 -1,198 -1,134 -1,030 -1,283 -10,607 -2,337 -2,690 -2,820 -2,760 -2,769 -3,219
Merchandise, adjusted, excluding military 3
... _ . -2, 216 -541
-515
-607
-557
-682 -6,651 -1,544 -1,663 -1,641 -1,803 -1,834 -1,997
-553
-373
-340
-330
-338
Direct defense expenditures
-59 -1,285
-228
-66
-53
-328
-56
-63
-288
-53
-195
-51
-71
-261
Travel
-293
-126
-23
-20
-115
-48
-162
-46
-542
-98
-141
-60
Passenger fares
- - _ _ _ - _ _ _ _ - _ _ . _ . _ _ . - _ _ - -282
-145
-63
-90
-119
-48
-51
-395
-71
-108
-93
-42
-126
Other transportation
-114
-114
-117
-272
-73
-111
-63
-69
-104
-68
-68
-78
-446
-15
-14
-14
-15
Fees and royalties to unaffiliated foreigners
-9
-9
-14
-38
-9
-10
-54
-14
-9
-10
-14
-14
-13
Private payments for other services
. -215
-54
-54
-51
-13
-54
-13
-13
-54
-58
-58
-21
-17
-17
U.S. Government payments for miscellaneous services . -14
-4
-18
-19
-3
-71
-17
-4
-3
-3
-3
29
33
1970
1971
1970
I
1 Exports of goods and services 2
European Economic Community
1,847
1,459
296
-377
469
1,219
306
1,847
1,459
296
-377
469
306
2,841
288
42
529
1,982
1,234
-845
-8,538
-532
1,612
(*)
67 -1,994 -3,093 -3,518 -2,278
392
-61
-199
SURVEY OF CURRENT BUSINESS
August 1971
49
Transactions, by Area
of dollars]
1971
1970 f
1970
1971
1970
II
III
IV
I'
II P
1971
Line
1970
1970
1970 f
I
Canada
Eastern Europe
Other Western Europe
I
II
III
IV
I'
II »
I
II
III
IV
Ir
II P
4,979
1,254
1,257
1,147
1,321
1,352
1,310
419
105
101
99
114
129
104
12,491
3,065
3,369
3,035
3,022
3,283
3,737
1
3,287
152
101
49
595
35
70
91
852
44
21
9
134
9
18
17
837
35
27
13
155
9
18
16
726
26
30
16
162
9
18
25
872
47
23
11
144
9
18
33
895
27
17
10
139
9
19
26
843
48
30
14
167
9
19
20
368
93
89
83
103
116
92
3
1
5
(*)
3
1
5
1
4
1
5
(*)
3
1
5
1
3
1
5
1
4
1
5
1
2,256
6
190
2
42
8
31
1
2,529
13
236
2
46
8
31
1
2,100
10
315
3
52
8
31
3
2,159
13
3
18
o
9,044
35
885
8
191
30
124
7
144
2
52
8
31
2
2,459
18
216
2
48
8
36
1
2,844
16
252
2
55
8
36
2
2
3
4
5
6
7
8
9
140
229
31
67
38
50
33
42
39
70
29
126
37
69
357
972
82
254
84
204
96
211
95
303
88
195
95
212
10
11
131
99
32
22
35
26
31
28
33
23
31
24
33
23
836
1
195
(*)
215
(*)
207
(*)
219
1
214
(*)
215
1
12
13
-3,345
-3,398
-3,315
-3,255
-3,798
15
-2, 520
-60
-571
-2, 834
-60
-160
-2,860
-52
-103
-3, 281
-52
-242
-50
-1
-28
-3
-55
-1
-28
-2
-54
i
-28
-2
-45
-1
-31
-3
-55
-1
-31
2
16
17
18
19
20
21
22
23
7
8
2
1
2
1
2
5
2
1
1
2
1
1
14
231
55
85
32
59
93
-4,872
-1,101
-1,287
-1,325
-1,160
-1,138
-1,431 -259
-64
-63
-67
-65
-64
-80 -12,999
-2,941
-2,408
-261
-475
-265
-512
-13
-30
-57
-571
-71
-54
-40
-117
-3
-8
-11
-604
-64
-148
-101
-126
-3
-657
-60
-47
-42
-130
-3
-8
-16
-647
-75
-56
-38
-124
-4
-9
-11
-721 -218
-59
-1
-175 -24
-121
-151
-6
-4
(*)
-9
-17 -8
-59
(*)
-52
(*)
-49
(*)
-14
-58
-1
-2
-57
-1
-2
-65 -10,720
-253
-1
-10 -1,049
-2, 565 -2,801
-72
-61
-85
-233
o
-14
-576
-66
-226
-82
-138
-3
-8
-16
-1
(*)
-1
(*)
2
2
(*)
2
-1
(*)
-2
(*)
-21
-67
-2
-16
-5
-17
-7
-15
-7
-19
_2
-16
-4
-19
(*)
-647
-117
-177
-31
-170
-27
-159
-30
-142
-28
-128
-28
-121
-31
-1
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
-231
-55
-85
-32
-59
-93
-68
-247
-55
-64
-65
-63
-60
-70
-30
-6
-6
-8
-10
-6
-29
-91
-128
-8
-19
-28
n
-24
-33
-6
-24
-35
-8
-24
-32
-6
-24
-30
-8
-29
-34
-9
-8
-13
-1
-2
-4
-1
-2
-3
-3
2
-3
-4
2
-4
_2-^
-3
68
-2
-2 - 2
-201
-4
-110
-10
-42
-1
-27
-62
-39
-14
-11
-15
-8
-16
-3
-17
-17
-16
-21
-15
-8
24
25
(*)
(*)
-378
-174
-103
-30
-91
-43
-92
-50
-93
-50
-74
-50
-62
-49
26
27
-6
-88
-11
-22
-33
-22
-19
-27
29
-53
-35
-11
(*)
-14
-8
-13
-20
-14
—7
-14
-5
-16
-11
30
31
32
-2
(*)
2
(*)
Q
28
•£
0
-94
-49
-35
13
-23
-16
-50
6
3
—5
10
-2
(*)
-6
-7
-4
1
-2
-2
-10
-3
33
-262
—7
-80
-6
-75
-7
-40
5
-67
1
-70
8
-100
-48
20
-10
5
-15
7
-13
7
-11
2
-19
7
-21
8
-10
(*)
-3
-3
-5
6
-1
-1
(*)
-2
-9
-1
-7
3
34
35
173
3
37
44
3
48
44
47
50
34
8
3
16
7
12
7
(*)
2
(*)
2
36
37
32
-79
-1,572
-35
-31
-135
38
39
40
(*)
-237
-73
-291
69
-118
36
-28
16
-128
16
-17
2
-251
39
-61
17
51
-35
-7
18
-17
2
_2
-4
(*)
33
25
2
-39
(*)
9
-141
-13
-53
-58
16
1
-12
(*)
-3
-20
-10
16
39
11
-2
-13
-30
-34
3
-34
-8
34
-1
__2
-527
609
-392
-354
-390
179
1,019
12
70
414
29
24
14
109
11
170
17
110
42
118
51
75
113
-49
1
-9
-27
(*)
67
-8
(*)
20
19
2
35
-33
-1
45
-9
9
35
-23
2
4
(*)
-4
-1
-2
5
(*)
-2
14
-19
_2
(*)
-7
(*)
-1,071
589
-573
-588
-499
-24
890
-25
-100
47
5
23
127
50
26
-4
1
22
60
55
-51
-96
46
7
2
1
67
-5
1,023
-485
442
657
408
-56
Q
-117
-388
-113
-14
-5
-'
2
-1
-9
(*)
(*)
2
(*)
(*)
5
-3
-4
-15
23
-16
(*)
-6
(*)
-5
(*)
7
2
(*)
-2
3
-1
3
1
_1
1
8 -16
20
-4
9
-493
-318
-725
-915
-475
-192
-214
-301
37
-105
-169
-317
-129
-97
-77
2
-151
96
-134
-123
2
27
147
-10
-46
-117
(*)
15
-6
104
-130
-147
44
10
56
o
-20
35
41
42
43
— 11
-14
219
-8
13
-61
-40
46
-59
-49
-64
7
-11
44
-5
-10
16
44
45
46
1,413
-30
697
424
321
-581
-161
47
233
123
143
-58
61
22
19
51
11
109
26
19
39
-26
48
49
3
-31
(*)
4
-9
3
1
4
-2
1
7
1
-2
-56
1
50
51
52+53
-108
( -19
I
106
7
(*)
1
(*)
(*)
(*)
(*)
(*)
9
-29
2
^*)
(*)
(*)
(*)
-2
1,160
-11
300
-1
800
8
-14
60
-4
-5
-6
54
55
22
-18
20
-4
11
-75
-385
-192
365
137
-621
-111
56+57
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
58
59
60
61
62
63
-716 -133
-18
-48
-17
-51
-61
-24
763
-43
-206
292
720
613
388
64
SURVEY OF CURRENT BUSINESS
50
August 1971
Table 9.—U.S. International
[Millions
Japan
Latin American Republics and Other Western Hemisphere
(Credits+; debits-)i
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
.. .,
Direct investment
interest, dividends and branch
earnings 4
Other private assets
. ...
U.S. Government assets
14
Transfers of goods and services under U.S. military grant
programs, net
15
16
17
18
19
20
21
22
23
Imports of goods and services
Merchandise adjusted excluding military 3
Direct defense expenditures
- -Travel... _ _ . _ . _ .
Passenger fares
Other transportation
. ..
.
24
25
26
27
.
1970
II
1971
III
IV
1,441
1,128
4
26
17
78
50
9
4
1,489
1,176
10
27
18
82
50
9
7
1,561
1,238
5
27
20
74
50
9
8
1,457
1,093
7
27
21
71
63
10
11
1,345
1,002
5
35
23
82
63
10
7
22
36
24
18
22
9
20
32
18
57
32
18
77
7
75
8
72
7
73
6
71
9
61
9
I
II
III
IV
F
II*
10,395
6,494
41
879
156
360
48
232
67
2,452
1,502
10
198
33
80
12
57
16
2,707
1,637
11
233
41
93
12
58
17
2,565
1,594
12
227
47
97
12
59
16
2,672
1,761
8
221
35
89
12
57
17
2,503
1,595
9
197
38
84
13
64
17
2,712
1,647
9
225
36
95
13
65
18
5,914
4,648
25
101
70
303
201
36
23
1,422
1,106
6
21
15
69
50
9
4
321
1,081
75
301
89
329
78
254
79
197
74
251
96
330
87
94
553
164
132
35
142
45
135
32
144
51
131
31
130
48
297
29
25
6
6
6
7
7
7
I
II"
I'
(*)
(*)
-8,407 -2,188 -2,148 -2,028 -2,043 -2, 154 -2,190 -7,415 -1,619 -1,805 -2,021 -1,971 -1,960 -2,257
-5,913 -1,522 -1,529 -1,400 -1,462 -1,524 -1,613 -5,894 -1,268 -1,408 -1,630 -1,588 -1,599 -1,878
-158
-157
-156
-179
-177
-169
-38
-670
-159
-46
-43
-43
-41
-38
-27
-14
-15
-16
-295
. -1,200
-32
-298
-340
-97
-36
-285
-277
-340
-15
-14
-16
-13
-17
-70
-17
-70
-16
-15
-19
-23
-21
-18
-74
-77
-64
-66
-71
-236
-59
-63
-71
-54
-60
-63
-60
-271
Private payments for other services
U.S. Government payments for miscellaneous services. .
-39
-41
-43
-36
-44
-45
-38
-47
-44
-41
-48
-40
-19
-21
-5
-5
-5
-5
-5
-5
-6
-6
-5
-6
-4
-5
-6
-6
-6
-5
-5
-4
-17
-1
-22
-1
-4
-1
-4
-1
-6
-1
-7
-1
-6
-446
-14
-125
-3
-121
-3
-109
-4
-91
-4
-74
-5
-60
-8
-261
-87
-64
-25
-65
-24
-67
-19
-66
-20
-54
-26
-48
-37
-164
-169
Payments of income on foreign investments in the
United
States:
Direct investment fees and royalties - - Direct investment
interest, dividends and branch
earnings 4
Other private liabilities
_.- _-__--.
U S. Government liabilities
0
28
U.S. military grants of goods and services, net
-25
-6
-6
-6
-7
-7
-7
(*)
(*)
29
30
31
32
Unilateral transfers (excluding military grants) , net
U S Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
- - -
-522
-262
-43
-217
-137
-71
-11
-55
-132
-66
-11
-56
-118
-59
-11
-49
-135
-66
-11
-57
-132
-66
-13
-52
-140
-71
-14
-55
-43
-10
-11
-11
-10
-9
-9
-10
-33
-2
-8
-3
-9
-3
-9
2
-8
2
-7
-3
-7
33
34
35
U.S. Government capital flows, net
Loans and other long-term assets.
... Foreign currencies and other short-term assets, net
-507
-844
-6
-121
-200
(*)
-157
-245
-5
-100
-172
(*)
-129
-228
-1
-74
-154
-99
-189
-7
62
-161
9
53
-54
1
-23
-48
5
8
-23
2
23
-36
2
-31
-81
3
-1
—58
1
36
37
38
39
40
Repayments on credits:
Scheduled
Nonscheduled 5 - U.S. private capital flows, net
Direct investments abroad * _
Foreign securities
- ..-
-.,
41
42
43
Claims reported by U.S. banks:
Long-term
_
..
.
Short-term, nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
47
48
49
50
51
2+53
54
55
6+57
r
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
_ _ . ..
-.. .-.
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
_.
U.S. Government miscellaneous services
1970
1971
1970f
1970f
-
343
(*)
78
93
(*)
72
100
76
4
97
92
121
25
81
21
29
18
40
47
27
29
-1,477
-601
-135
-303
-135
-20
-335
-168
2
-304
-128
-21
-535
-170
-95
-7
-66
18
-302
-316
2
-650
-132
31
62
-36
10
-279
-50
22
199
9
5
-632
-55
-6
257
-41
-53
-284
-44
-139
12
-377
-11
-7
-51
15
-4
-109
2
-17
-1
-1
40
-216
-27
56
37
-39
43
61
-23
-26
-466
8
1
143
1
-5
-221
-3
-16
179
3
-6
-567
7
-10
403
5
-100
-45
26
-177
-188
-40
-65
-7
-50
-110
-26
-20
-47
2
-15
13
-83
2
(-73
I 6
-16
-42
1
-8
-13
-1
22
-5
2
4
-13
4
-21
-10
-16
28
-6
-5
-520
39
66
345
17
20
237
12
-36
-936
10
16
1
67
-329
16
22
368
-8
16
1,101
3
12
80
-10
1
-26
-47
2
54
-2
4
993
61
6
1,044
-31
2
2,244
-60
13
84
106
-8
-6
32
19
37
79
37
47
-18
12
-23
18
1
-11
3
-18
2
22
13
8
1
22
(*)
-2
-42
-18
-91
37
-93
-34
-19
-60
-98
-92
4
-10
-2
-3
6
-5
-1
-1
415
1,338
122
87
131
998
1,176
2,426
4
4
119
119
-759
-1,037
-
Foreign capital flows, net
Direct investments in the United States 4
U.S. securities other than Treasury issues
U.S. nonliquid liabilities to private foreigners reported
by U.S. nonbanking concerns:
Long-term
Short-term
Long-term liabilities to all foreigners reported by U.S.
banks
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
U.S. liquid liabilities to all foreigners .
58
59
60
61
62
Transactions in U S official reserve assets, net
Gold
SDR
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, and transfers of funds between foreign areas, net--
[
-114
-5
-9
363
263
131
131
7
7
9
9
907
-54
-22
-679
-181
p
f Lines 38, 45, 46, and 64 have been revised.
*Less than $500,000(±).
Preliminary.
Revised.
1. Credits,+: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S. official reserve assets.
-11
-916
-166
3
-389
4
4
111
111
919
223
-307
(*)
(*)
194
-351
-269
913
-125
-132
(*)
119
119
11
702
282
-83
Debits, — : Imports of goods and services; unilateral transfers to foreigners; capital outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in U.S.
official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
August 1971
SURVEY OF CURRENT BUSINESS
51
Transactions, by Area—Continued
of dollars]
Australia, New Zealand and South Africa
1970
1970
III
IV
I'
2,475
1,581
168
41
48
61
24
36
1
573
359
20
8
10
14
6
9
(*)
588
391
22
11
15
15
6
9
(*)
685
433
89
14
15
17
6
9
(*)
629
398
37
8
8
15
6
9
(*)
595
423
9
7
10
15
7
10
(*)
145
293
36
99
39
54
28
60
42
80
53
25
12
2
15
11
12
2
15
11
-23
-1
-339
-278
-13
-11
-13
-8
(*)
2
-5
-317
-257
-12
-10
-14
-9
(*)
2
-6
(*)
(*)
600
380
38
11
16
16
I
II
1970
1971
1970f
1970f
HP
II
-1,367
-1,125
-48
-40
-55
-34
[
1971
I
International organizations and unallocated 6
Other countries in Asia and Africa
III
IV
HP
I'
I
137
128
143
273
160
270
]
221
51
54
58
57
55
58
i
.
(
163
41
41
41
41
47
47
i
i
51
654
23
174
5
10
6
5
7
4
6
155
5
14
7
145
1(
11
66
85
60
96
85
15
29
1
13
9
30
4
13
38
1
13
(*)
110
115
-915
-201
-204
-281
-229
-193
-195
-31
-578
-9
-126
-146
-8
-168
-5
-139
-10
-138
-11
-143
-110
-12
-53
-44
-5
-2
10
(*)
2,408
1,376
98
15
9
131
6
45
36
2,701
1,488
236
24
15
144
6
45
38
2,353
1,329
97
33
21
147
6
45
38
2,675
1,478
181
23
11
150
6
45
39
2,793
1,570
220
17
11
137
7
50
37
3,101
1,681
277
26
15
145
7
50
39
41
61
40
56
165
2,034
33
513
45
514
41
459
47
548
37
557
12
1
15
12
266
310
69
78
66
80
69
68
63
84
358
86
131
52
88
-341
-284
-12
-8
-12
-8
(*)
2
-7
-278
-221
—9
-15
-12
-5
(*)
(*)
(*)
(*)
-5
-368 -7, 754 -1,857 -1,932 -2, 015 -1,950 -1,853 -2, 181
-302 -4, 725 — 1,110 -1,157 -1,221 -1,237 -1, 179 -1,465
-12 -1,936
-491
-500
-455
-436
-471
-490
-41
-13
-50
-233
-56
-57
-55
-81
-15
-10
-12
-47
-11
-8
-8
-18
-234
-9
-62
-65
-53
-59
-63
-60
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
-7
(*)
-247
-60
-61
-2
(*)
(*)
(*)
-237
-70
-70
-19
-64
-18
-64
-62
-64
-66
-1
-1
(*)
(*)
-1
(*)
-56
-18
-47
-16
-34
-11
-27
-11
-25
-10
-6
-2
-6
-2
-7
-3
-6
-3
-6
-2
-5
-3
358
86
131
52
88
110
115
-23
-6
-5
-7
-6
-4
-19
-5
i
-4
-1
-5
-1
-4
-1
-6
-1
-5
-5 -1,971
-1,283
-1
-125
-4
-563
-506
339
-28
-145
-499
-311
-31
-157
-478
-308
-33
-137
-488
-332
-33
-124
-494
-332
-34
-128
-56
-143
1
-16
-19
(*)
10
-28
(*)
-71
-74
(*)
21
-21
1
-35
-37
-1
12 -1,240
-32 -1,640
2
-48
-308
-446
21
-404
-462
-66
-252
-350
6
-275
-382
-9
86
3
38
4
42
3
46
430
19
111
6
113
11
90
. 2
-272
-270
12
-108
-128
4
-148
-122
3
27
13
4
-43
-34
2
-111
-72
2
-191
-147
18
-573
-397
-157
-244
-176
-41
-518
-397
-37
53
-27
-5
31
-9
-4
13
-5
_2
-4
-6
3
13
-7
_2
-4
-15
-28
-34
-1
52
4
-7
-16
-19
-8
-27
-4
21
-4
-11
-9
-11
A
2
119
1
-14
37
3
45
-3
-7
11
27
60
(*)
-13
264
-4
13
32
2
9
5
5
4
9
2
9
9
5
-8
-6
-4
6
-4
-38
-7
4
133
37
44
11
11
11
-889
Q
(*)
-172
-276
-225
— 14
-25
2
2
-595
-418
-37
-141
-155
-155
-35
-35
-54
-54
-27
-27
-40
-40
-51
-51
-35
-35
2<
3(
3
3i
-431
-725
76
-676
-857
50
-53
-58
-29
-32
-12
-12
3
-15
-15
-11
-13
-9
-9
&
3<
3,
116
217
132
5
3
131
33
-23
57
142
-57
-325
-134
-47
-562
-294
-106
-386
-226
-159
10
38
-28
59
-81
27
81
-1
-40
42
-8
-2
-94
9
5
-90
-5
(*)
(*)
-3
-69 |
-5
-414
2
102
513
(*)
12
-279
1
36
-107
3
32
-541
-1
22
-257
3
7
-33
1
-4
10
-5
10
71
1
1
38
5
41
4
-9
-2
5
1
69
-18
-458
-127
-194
-68
-69
-40
5
-230
22
-148
-4
-100
52
12
89
605
-12
-116
-388
-282
-117
165
165
-23
-23
4
4
42
42
142
142
17
17
-6
-6
307
-298
-15
-26
-15
-42
40
-311
1,651
17
928
326
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
2'
21
-18
-24
-5
-17
41
2'
2(
-18
-33
7
7
-25
2
2
-18
-30
-3
-54
19
-1
i
i
i
i
i
-20
-34
-14
11
-19
Q
1
i:
i<
-75
-121
-15
-53
5
11
11
-143
6
-38
7
HP
I'
IV
III
681
10, 136
5,671
612
95
56
572
24
179
151
-370
-306
-12
-11
-16
-9
(*)
2
-5
II
Line
1971
1970
381
550
952
2!
-11
-35
24
-244
-77
-166
1
-1
3(
3'
3
3
-141
-152
10
-250
-59
-191
(*)
(*)
-279
-296
18
3*
3(
4(
-1
41
&
41
4^
4
4
—1
-1
-90
208
-57
-249
8
267
40
346
100
96
91
59
145
-23
4
4!
4<
5(
5
-66
37
32
-135
-109
-40
52+5,
5<
5,
76
-153
-377
84
231
103
56+5'
-306 -1,197
156
-24
-851
-920
190
-37
694
322
-34
7
-142
140
-330
7
-592
459
11
196
227
406
9
255
252
5*
K
6C
6]
65
-370
389
-253
• 867
867
358
240
6C
717
20
-40
138
-309
-251
64
u.i. x^^o
Includes transactions
n<»««un
with shipping companies operating under the flags of Honduras,
Liberia, and Panama,
NOTE.—Details may not add to total because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
52
August 1971
Table 10.—Summary of Known Current and Long-Term Capital Transactions, by Area
1
[Millions of dollars]
19 70
1970
[Receipts by foreign areas (— )]
Line
I
4
5
All areas, balances on :2
Merchandise trade
Goods and services
Goods, services and remittances
Current account .
.
Current account and long-term capital 3
6
7
8
9
10
United Kingdom, balances
on:
Merchandise trade 2
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
11
12
13
14
15
European Economic Community,
balances on:
Merchandise trade 2
Goods and services
Goods* services and remittances
Current account
Current account and long-term capital 3
16
17
18
19
20
Other Western Europe,2 balances on :
Merchandise trade
Goods and services
Goods, services and remittances
C urrent account
Current account and long-term capital 3
21
22
23
24
25
Eastern Europe, balances
on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
26
27
28
29
30
Canada, balances on: 2
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
31
32
33
34
35
Latin American Republics
and Other Western Hemisphere, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
36
37
38
39
40
Japan, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
41
42
43
44
45
Australia, New Zealand,2 and South Africa, balances on:
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
46
47
48
49
50
Other countries in Asia2 and Africa, balances on:
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
51
52
53
54
55
International organizations
and unallocated, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
_
Current account
Current account and long-term capital 3
1
2
3
.
..--
.. _
._
.
-
.
..
-
.
2 110
3,592
.
160
288
425
1,349
1,002
1 490
1,165
552
706
709
71
77
60
105
91
91
557
584
234
228
228
360
350
—82
-91
-91
—85
339
50
41
41
579
233
—30
-87
-94
85
150
— 177
-236
-242
188
281
153
106
98
24
-95
215
161
105
98
175
248
214
160
154
143
— 121
-184
-191
-192
150
160
139
130
136
34
41
35
35
37
37
38
33
32
27
34
32
27
24
36
45
49
43
39
37
59
65
60
59
61
27
24
19
18
9
1 003
1 300
444
925
487
-3 038
— 1 310
—899
302
43
-427
—476
-476
-186
— 195
-195
-104
518
497
497
532
-
-
.
..
.
.. .-
-
-
879
107
._ ...
..
-
-- --
...
-112
-140
.. ._
-
.
-
.- -
..
-1,676
-508
-596
-596
— 1 651
581
.. .
1,988
1,728
1,466
.. . .
199
.. - - .-
...--.
. . -
.._--.---
—219
-20
263
197
126
-202
-272
25
3
3
-183
108
560
493
428
23
-420
-364
-397
-397
-656
194
536
476
418
54
-675
-293
-315
-315
-591
299
628
560
493
326
-407
227
110
118
118
113
-216
-216
-216
-530
-260
122
-401
-437
-61
-88
-88
28
9
9
-91
-242
71
349
284
217
197
-506
-503
-512
-512
-697
34
522
453
382
5
-876
-912
-921
-921
-1,224
134
271
265
265
160
127
314
309
309
231
114
288
281
281
260
202
317
311
311
208
78
232
227
227
58
266
550
377
44
331
769
581
270
108
338
168
241
725
568
237
-70
391
940
778
446
216
920
742
325
768
411
2,16.
1,15.
1,15, 31, 32.
1,15, 29.
1, 15, 29, 33, 39-41, 44, 48-50, 52, 55 (by
area only part of line 52 is included).
124
113
113
-120
-291
—305
-305
-391
81
235
230
230
118
-1,472
-
-309
134
3
—8
-8
456
946
..
-321
-220
—233
-233
173
-197
-729
—3 525
-162
— 197
-207
-207
-207
2,382
1,694
.
445
316
320
320
128
-124
-138
-138
-263
-1 280
—843
-1,246
— 1 502
— 1,545
-1,545
— 1,577
1,106
1,083
1,083
- -
HP
I'
—291
— 657
-1,060
— 1 535
659
913
465
1 718
_
. .
IV
III
1 234
2,182
266
r
» Preliminary.
Revised.
1. Balance of payments by area on the net liquidity basis and the official reserve transactions basis lack validity because liquid dollar holdings of private and official foreigners
may be affected not only by their transactions with the United States but also by transactions among themselves. The balances shown by area here have some shortcomings due
to statistical discrepancies including errors, omissions, and incorrect area attributions.
Balances are derived from lines in table 2 (all areas) and table 9 (individual areas) as follows:
Merchandise trade
_
Goods and services.
Goods, services and remittances
Current account
Current account and long-term capital.
...
..-
II
19 71
-23i
-231
-386
— 544
-455
-64
-64
-99
14
-280
-365
-376
-376
-476
-635
-75
-75
-129
-56
-454
-531
-542
-542
-515
-140
-312
-137
-137
-164
-276
-350
-409
-419
-419
-380
44
44
4
-229
-129
-33
-33
-84
-309
-719
75
75
40
-310
rga
other areas includes only liabilities to regional organizations. Increases in the long-term
liabilities to other private foreigners included in the total, but not in the areas, amounted
to (millions of dollars): 1970-1, 5; 1970-11, 63; 1970-111, 7; 1970-IV, 43; 1970 year, 118; 1971-1,
7; 1971-11, 11.
2. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports under direct defense expenditures.
3. Includes some short-term U.S. Government assets; area data exclude long-term liabilities
reported by U.S. banks other than to international and regional organizations (see footnote 1)
4. Net purchases of gold by U.S. private residents from U.S. monetary gold stock.
NOTE: Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
U. S. GOVERNMENT PRINTING OFFICE : 1971 O - 443-741
CURRENT BUSINESS STATISTICS
J_HE STATISTICS here update series published in the 1969 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $3.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1965 through 1968 (1958-68 for major quarterly series), annually, 1939-68; for selected series,
monthly or quarterly, 1947-68 (where available). Series added or significantly revised after the 1969 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1968 issued too late for inclusion in the 1969 volume appear in the monthly
SURVEY beginning with the September 1969 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
The sources of the data are given in the 1969 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1968 1 1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1970
II
III
1969
IV
I
II
Annual total
1970
III
IV
I
| II
1971
III
IV
I
II
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil.$
864.2
929.1
974.1
857.4
875.2
890.2
906.4
921.8
940.2
948.0
956.0
968.5
983.5
988.4 1,020.8 ••1,043.1
Personal consumption expenditures, total
do
536.2
579.6
615.8
529.0
544.0
552.5
564.3
575.8
584.1
594.2
604.0
613.8
620.9
624.7
644.6
660.9
Durable goods, total 9
.
__
Automobiles and parts _
Furniture and household equipment
do
do__
do
84.0
37.5
34.3
89.9
40.4
36.3
88.6
37.1
37.4
-82.4
36.2
33.8
86.3
38.9
35.1
87.0
39.0
35.0
89.5
40.1
35.6
90.6
39.9
37.0
89.4
40.4
36.2
90.3
41.0
36.2
88.6
37.8
37.3
90.7
39.1
37.6
90.4
38.8
37.0
84.9
32.7
37.6
97.6
44.1
39.5
100.8
45.7
40.4
...do
do
do_ _
do
230.8
46.3
115.3
19.0
247.6
50.3
122.5
21.1
264.7
52.6
131.8
22.9
227.8
45.3
114.6
18.6
233.6
47.4
116.5
19.2
236.9
47.7
117.9
19,4
241.5
48.5
120.4
20.2
246.4
50.6
121.9
20.8
249.4
51.0
122.9
21.5
253.1
51.1
124.8
21.9
259.4
51.6
128.9
22.5
262.9
52.1
131.4
22.6
265.5
52.4
132.4
22.9
270.9
54.2
134.3
23.5
272.0
54.9
135.1
23.8
279.8
57.0
138.2
24.3
do
do
do_ _
do
221.3
31.2
77.3
15.5
242.1
33.7
84.0
16.5
262.5
36.1
91.2
17.9
218.8
30.8
76.6
15.4
224.1
31.5
77.8
15.7
228.6
32.1
79.7
15.8
233.4
32.8
81.4
16.2
238.9
33.0
83.0
16.4
245.2
34.1
84.7
16.6
250.8
35.0
86.9
16.8
256.1
35.1
88.7
17.5
260.2
35.7
90.3
17.6
265.0
36.7
91.8
18.1
268.9
36.9
94.1
18.3
275.0
37.7
96.4
18.6
280.4
38.6
98.6
18.9
do
126.0
137.8
135.3
127.0
126.2
130.7
134.3
137.0
141.8
138.0
131.2
134.1
138.6
137.3
143.8
152.4
146. 7
107.0
38.2
68.8
39.7
39,1
5.7
5.2
Gross national product total f
Nondurable goods, total?
Clothing and shoes
Food and beverages
Gasoline and oil
--
Services, total 9
___ .
Household operation
Housing
_
Transportation
-
Gross private domestic investment, total
_do_ _
do
do
do
do
_do
do
-do
118.9
88.8
30.3
58.5
30.1
29.5
7.1
6.9
130.4
98.6
34.5
64.1
31.8
31.2
7.4
7.3
132.5
102.1
36.8
65.4
30.4
29.7
2.8
2.5
117.4
87.0
29.6
57.3
30.5
29.9
9.6
9.4
118.5
88.8
30.0
58.8
29.7
29.2
7.7
7.5
122.6
91.2
31.2
60.1
31.4
30.8
8.1
8.1
127.6
95.0
33.1
61.8
32.7
32.1
6.6
6.5
130.2
96.6
33.0
63.6
33.6
33.1
6.8
6.7
131.4
100.7
36.0
64.7
30.7
30.1
10.4
10.3
132.3
102.2
36.0
66.2
30.1
29.5
5.7
5.5
130.8
100.8
36.1
64.7
30.0
29.4
.4
.1
132.1
102.1
36.6
65.6
29.9
29.3
2.1
1.8
133.5
104.8
37.3
67.5
28.7
28.1
5.1
4.7
133.6
100.8
37.1
63.7
32.8
32.2
3.7
3.3
140.6
104.3
37.9
66.3
36.4
35.7
3.2
3.0
do
-do
do
2.5
50.6
48.1
2.0
55.6
53.6
3.6
62.9
59.3
3.4
50.7
47.3
3.4
53.1
49.7
1.3
50.8
49.5
1.4
48.0
46.6
1.2
56.9
55.7
2.8
58.3
55.5
2.7
59.2
56.6
3.5
61.5
58,0
4.2
63.2
59.0
4.0
63.7
59.7
2.7
63.2
60.5
4.2
66.1
61.9
Govt. purchases of goods and services, totaL.do
Federal
_
_
_ _ _ _ _ __do
National defense
do
State and local
__
do_ -
199.6
98.8
78.3
100.8
209.7
99.2
78.4
110.6
219.4
97.2
75.4
122.2
198.0
98.5
78.3
99.5
201.6
99.8
79.1
101.8
205.7
100.6
79.4
105.1
206.5
99.2
78.3
107.3
207.8
97.7
77.5
110.1
211.5
100.3
79,4
111.2
213.0
99.5
78.4
113.5
217.3
100.2
78.9
117.1
216.5
96.8
75.1
119.7
220.1
96.1
74.2
124.0
223.7
95.9
73.2
127.9
228.2
96.7
73.0
131.5
By major type of product: f
Final sales, total
Goods, total
Durable goods _ _
Nondurable goods
Services
Structures
do
do
do
do
do
.do. _
857.1
422.4
169.6
252.9
346.6
88.1
921.7
449.9
180.9
269.0
377.4
94.4
971.3
465.5
180.8
284.7
410.3
95.5
847.8
417.5
167.4
250.1
343.0
87.4
867.5
428.9
172.4
256.5
351.4
87.2
882.1
433.1
174.0
259.1
357.6
91.4
899.8
441.3
179.1
262.2
364.0
94.5
915.0
447.7
179.6
268.0
371.9
95.3
929.8
452.3
181.3
271.0
383.0
94.5
942.3
458.3
183.4
274.9
390.6
93.4
955.6
461.5
181.5
279.9
400.8
93.4
966.5
466.6
183.7
282.9
406.2
93.7
978.4
469.8
184.9
284.9
413.7
94.9
984.7 1,017.6 ••1,037.4
488.9
480.0
464.0
191.5
188.0
173.1
297.4
292.0
290.9
'439.8
420.6 432.3
108.6
105.2
100.1
do _ _
_ do_
do
7.1
4.9
2.1
7.4
4.5
2.9
2.8
-.6
3.4
9.6
6.7
2.9
7.7
4.5
3.1
8.1
6.0
2.1
6.6
3.8
2.8
6.8
4.7
2.1
10.4
6.5
4.0
5.7
3.0
2.8
.4
— 1.8
2 2
2.1
—2.0
4.0
5.1
4.7
.4
bil. $_
706.6
724.7
720.0
705.3
712.3
716.5
721.4
724.2
727.8
725.2
719.8
721.1
723.3
do
452.7
469.3
475.9
448.4
457.7
460.2
465.7
469.0
469.9
472.6
474.4
477.1
477.9
do
do
do
81.3
197.1
174.4
84.8
202.7
181.8
81.4
207.3
187.2
80.0
195.3
173.1
83.4
198.6
175.8
83.3
199.4
177.5
85.2
201.6
178.9
85.6
202.8
180 6
84.0
203.0
182 9
84 4
203.4
184 8
82 3
205 7
186 4
83 8
206.5
186 8
82.8
207.3
187 9
76 6
209.7
187 9
do.__
105.2
109.6
102.2
106.8
104.9
107.7
108.4
109.4
112.4
108.2
101 0
102.7
104.0
101.2
104.7
109.9
do_ _
do
do
do
98.8
75.6
23.2
6.4
103.2
80.1
23.1
6.4
99.9
78.6
21.3
2.3
98.0
74.4
23.7
8.8
97.9
75 3
22.6
7.0
100.3
76.6
23.7
7.4
102.8
78 6
24.1
5,7
103.5
79 1
24 4
5.8
103 2
81 1
22 1
9 2
103 3
81 7
21 6
49
100 7
79 3
21 4
3
100 7
7Q 4
21 3
2 0
100 1
80 1
20 0
39
98 1
75 5
22 6
31
102.1
77 5
24 6
2.6
105.0
78.7
26.4
4.9
2.4
1.8
1.6
—.3
—.5
6
6
17
26
32
21
26
Fixed investment
Nonresident ial
Structures
Producers' durable equipment
Residential structures
Nonfarm
_ _ _ _ _
Change in business inventories
Nonfarm
_
Net exports of goods and services
Exports
_
_ «
Imports
.
_
Change in business inventories
Durable goods _
Nondurable goods
r
-.5
••66.4
'66.9
230.2
95.7
71.8
134.5
3.2
3.8
-.6
5.7
2.7
3.0
715.9
729.7
' 738. 4
474.2
484.8
492.3
86.7
209.2
188 8
89.2
213.2
190.0
3.7
-3.4
7.1
GNP in constant (1958) dollars
Gross national product, total f
- - - -
Personal consumption expenditures, total
Durable goods _ _ _ _
Nondurable goods
Services
Gross private domestic investment, total
Fixed investment
Nonresidential
Residential structures.
Change in business inventories.—
Net exports of goods and services
do
1.0
.1
Govt. purchases of goods and services, totaL.do
147.7
145.6
139.4
148.2
148.0
Federal
do
65 4
78 1
73 8
78 8
78 4
State and local
_
do
69.6
69.4
71.9
69.7
74.0
r
Revised.
» Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1967 (see p. 13 ff. of the July 1971 SURVEY) ;
149.0
146.1
147.8
144.8
143.8
142.6
138.7
76 3
78 1
73 9
73 2
71 6
69 4
65 3
7l'.4
72! 1
70.9
7L6
72*. 2
73.2
73.4
revisions prior to May 1970 for personal income appear on p.
9 Includes data not shown separately.
' — 1.0
137.1
138.2
137.6
138.3
60 5
61 5
63 8
63 2
76.6
74.3
76.1
75.2
22 ff. of the July 1971 SURVEY.
s-1
SURVEY OF CUERENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
196S
1969
1970
1969
1968
rv
Annual total
September 1971
I
II
1970
III
IV
I
II
1971
III
IV
I
II
III
IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $__
711.1
763.7
795.9
732.7
745.9
758.9
771.7
778.2
785.8
793.4
802.2
802.1
828.3
'844.5
Compensation of employees, total
do
514.6
565.5
601.9
533.6
545.9
559.1
573.6
583.6
593.2
598.5
606.5
609.3
627.9
639.5
Wages and salaries, total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9
Farm
Rental income of persons
do
do ._.
do
do
do
do
do
do
do
464.9
369.2
17.9
77.8
49.7
64.2
49.5
14.7
21.2
509.6
405.5
19.0
85.1
56.0
67.0
50.3
16.8
22.6
541. 4
426.6
19.4
95.5
60.5
66.9
51.0
15.8
23.3
481.6
382. 7
18.2
80.7
52.0
65.3
49.8
15.5
21.3
491.8
391.8
18.1
81.9
54.1
66.7
50.2
16.5
22.0
503.7
402.0
18.4
83.4
55.3
67.1
50.5
16.6
22.6
516.9
410.4
20.0
86.5
56.7
67.1
50.5
16.6
22.7
525.8
417.7
19.6
88.5
57.8
67.2
49.8
17.4
22.9
534.7
422.5
20.2
92.1
58.5
68.0
50.2
17.8
23.0
538.5
424.4
19.5
94.5
60.0
67.6
51.0
16.6
23.2
545.2
429.4
19.2
96.6
61.3
66.0
51.4
14.5
23.4
547.2
429.9
18.6
98.6
62.1
65.9
51.5
14.4
23.7
562.3
441.2
19.2
101.8
65.7
66.0
51.2
14.8
23.8
572.4
449.8
18.6
104.0
67.1
66.7
51.5
15.2
24.2
84.3
78.6
70.8
84.7
82.7
80.7
78.0
73.3
69.8
71.5
73.0
69.0
75.5
'78.3
11.3
73.0
41.7
19.3
22.4
12.1
66.5
36.0
17.5
18.4
12.8
58.1
29.5
16.6
13.0
11.8
72.9
41.6
19.1
22.5
12.0
70.7
39.3
18.2
21.1
12.3
68.4
36.9
18.0
18.9
12.2
65.8
34.8
17.0
17.8
12.0
61.3
33.0
16.9
16.1
11.3
58.5
31.1
16.7
14.3
12.1
59.4
31.5
16.5
14.9
13.5
59.5
30.6
16.8
13.8
14.0
54.9
25.0
16.2
8.8
14.1
61.4
32.4
16.4
16.0
13.6
'64.7
33.3
17.3
16.1
10.6
20.7
10.0
20.6
8.0
20.5
10.3
21.0
10.6
20.8
10.4
21.0
9.8
21.2
9.1
19.2
8.2
19.2
7.8
20.1
7.9
20.9
8.1
21.9
7.3
21.6
7.7
23.6
87.6
39.9
47.8
23.6
24.2
-3.3
26.9
84.2
39.7
44.5
24.4
20.0
-5.5
29.9
75.4
34.1
41.2
25.0
16.2
-4.5
33.0
89.0
40.4
48.5
24.3
24.3
-4.2
27.8
88.7
41.8
46.9
24.0
22.9
-6.0
28.6
86.9
41.0
45.9
24.2
21.6
-6.3
29.4
81.2
38.2
43.0
24.7
18.3
-3.2
30.2
80.0
37.7
42.3
24.9
17.4
-6.7
31.1
75.6
34.1
41.5
25.0
16.6
-5.8
31.8
75.8
34.5
41.3
24.9
16.4
-4.2
32.6
78.5
35.6
42.9
25.2
17.7
-5.5
33.4
71.6
32.3
39.2
25.0
14.3
-2.6
34.2
79.1
36.2
42.9
25.6
17.3
-3.5
35.0
'83.3
37.4
'46.0
25.4
'20.5
-5.1
35.8
688.9
97.9
591.0
551.2
39.8
750.3
116.2
634.2
596.3
37.9
803.6
115.9
687.8
633.7
54.1
712.6
107.1
605.5
568.1
37.3
726.8
113.6
613.2
580.4
32.8
743.1
117.2
625.9
592.4
33.4
759.3
116.1
643.2
600.9
42.3
772.2
117.8
654.5
611.4
43.1
784.3
116.7
667.6
621.5
46.2
803.8
118.0
685.7
631.5
54.2
809.8
113.5
696.2
638.9
57.4
816.7
115.2
701.5
643.0
58.5
834.3
112.7
721.6
663.2
58.4
854.8
114.0
740.8
679.9
60.9
67.76
28.37
14.12
14.25
75.56
31.68
15.96
15.72
79.71
31.95
15.80
16.15
19.03
8.10
4.16
3.94
16.04
6.58
3.36
3.22
18.81
7.82
3.98
3.84
19.25
8.16
4.03
4.12
21.46
9.12
4.59
4.53
17.47
7.14
3.59
3.56
20.33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
21.66
8.66
4.26
4.40
17.68 ' 20. 60 'i 20. 55
6.69 '7.55 '7.45
3.11 '3.52 '3.60
3.58 '4.03 '3.86
39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14
43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
10.93
.40
.38
.66
.47
2.90
2.16
.74
2.00
4.13
9.45
.42
.38
.68
.38
2.36
1.88
.48
1.81
3.41
10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97
11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07
12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60
10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16
12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42
10.99 ' 13. 06
'.54
.49
'.47
.34
'.60
.34
'.36
.28
3.11 '3.83
2.70 '3.20
'.63
.41
2.81
2.50
3.94 '4.44
do
do
do
do
69.05
28.70
14.39
14.31
72.52
29.99
15.47
14.52
73.94
31.16
15.98
15.18
77.84
33.05
16.53
16.52
77.84
32.39
15.88
16.50
78.22
32.44
16.40
16.05
80.22
32.43
16.32
16.11
81.88
32.15
15.74
16.40
78.63
30.98
14.92
16.05
79.32
30t46
14. 21
16.25
' 81. 61 'i 82. 38 i 82. 42
' 30. 12 ' 29. 74 30.22
' 14.06 ' 14. 53 14.45
' 16. 06 ' 15. 21 15.76
do
do
do
do
do
do
do
do
do
do
40.35
1.52
1.34
2.87
1.75
10.63
7.74
2.89
7.34
14.91
42.53
1.83
1.68
2.89
1.87
11.52
8.62
2.90
7.74
15.00
42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67
4180
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78
45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67
45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52
47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16. 98
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39
' 51. 50 ' 52. 64 52.20
'2.08 '2.10
2.09
1.46
'1.88 ' 1.78
2.21
'2.28 '1.58
1.23
'1.40 '1.32
' 14. 91 ' 16. 05 16.36
13.83
' 12.61 '13.69
2.53
'2.30 '2.36
11.21
'2
29.
80
2 28. 86
' 17. 72
12, 701
8,378
11, 995
7,510
14, 222
9,490
14, 574
9,602
14, 811
9,888
15, 374
10, 241
15, 806
10,582
15, 930
10, 696
Corporate profits and inventory valuation adjustment, total
bil. $-.
By broad industry groups:
Financial institutions
do
Nonfmancial corporations, total
_do
Manufacturing, total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilities
bil. $..
All other industries
do
Corporate profits before tax, total
___do
Corporate profits tax liability
do
Corporate profits after tax
do
Dividends
do
Undistributed profits
do
Inventory valuation adjustment
do
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $._
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
..do . _
Less: Personal outlays©
do
Equals: Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals :t
All industries
bil $
Manufacturing
do
Durable goods industries ^
do
Nondurable goods industries ^
do
NonmanufacturingMining
Railroad.
Air transportation _ _
Other transportation
Public utilities
Electric
„
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:}:
All industries
Manufacturing
Durable goods industries f
Nondurable goods industries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communicntion
Commercial and other
do
do
do
do. . _
do ~
do
. . do
do
do
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd*
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $
Merchandise, adjusted, excl . military
do
Transfers under U.S. military agency sales contracts,
mil $
Receipts of income on U.S. investments
abroad
mil $
Other services
do
50, 623
33, 588
55, 600
36, 490
62, 903
41, 980
1,395
1,515
1,480
9,233
6,407
10, 539
7,056
11, 409
8,034
i 22. 61
8.42
4.08
4.34
' 13. 10
'.52
'.43
'.37
'.34
'4.12
'3.38
'.73
14.19
.54
.40
.54
.34
4.46
3.83
.64
'2 7. 33
27.90
15, 795 ' 16,547 16, 632
10, 461 ' 11,030 ' 10,716
357
407
329
442
336
274
447
327
433
507
2,339
1,627
2,471
1,607
2,585
1,818
2,716
1,814
2,767
1,820
2,925
1,934
2,791
1,986
2,855
2,052
2,839
2,062
' 2, 897
' 2, 113
-48,134 -53, 589 -59,311 -12, 384 -11, 657
Imports of goods and services
do
-32,964 -35, 830 -39,870 -8,441 -7,589
Merchandise, adjusted, excl military
do
Direct defense expenditures
do
-4,535 -4,856 -4,851 -1,173 -1,198
Payments of income on foreign investments in the
-929
-800
U.S
mil. $.. -3,013 -4,564 -5,167
Other services
do
-7,621 -8,339 -9,425 -1,970 -1,941
l
' Revised.
p Preliminary.
Estimates (corn>cted for systema tic biases for Ju lySept. and Oct.-Dec. 1971 based on expected capital expenditiires of biisiness. E xpected ex2 in(eludes co mpenditures for the year 1971 appear on p. 14 ff. of the Sept. 1971 SURVE Y.
munication.
fSee corresponding note on p. S-l.
9Includes inv entory VEiluation adjustment.
J Revised series; explanation of revisioi is and annual anc quarterl^y data b£ ick
to 1947 appear on pp. 25 ff. of the Jan. 1970 SUR^?EY; see £ilso pp. 19 ff . of tli e Feb. 1970
- --
543
3,239
2,134
-13, 926 -13, 866 -14, 142 -14, 493 -14, 761 -14, 935 -15, 12£ '—15,400 -16, 654
-9,566 -9,278 —9, 397 -9,728 -9,831 -9,992 -10, 319 '-10,761 '—11,756
-1,187 -1,221 - 1, 251 -1,182 -1,255 -1,211 -1,203 ' -1,174 -1,220
-1,078 -1,242 —1,315 -1,348 -1,322 -1,284 -1,213 ' -1,137 -1, 084
-2,095 -2, 125 —2, 179 -2,235 -2,353 -2,448 -2,390 ' -2,328 -2, 594
SURV EY.
© Persona] outlay 3 compr se pers<mal con sumptio n expen ditures, interest
§P ersonal saving is
paid 3y consuimers, arid persoilal transfer paynlents to foreigner s.
excess of dispo sable inc ome over persona I outlays
ts appear in the
omponen
HD<ita for in dividual durable and non lurable £*oods inc ustries c
0"Revised ; more <complete details,
Mar., June, S 3pt., and Dec. is sues of t he SURV EY.
as we 1 as revised quarl erly data back to 1966, apiDear on i>. 24 ff. o f the Ju ne 1971 SURVEY.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1970
1969
1968
III
Annual total
S-3
IV
I
II
1970
III
IV
I
1971
II
III
IV
I
-803
-394
-836
-410
' -770
' -598
UP
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transfers, excl. military grants, net
mil. $.. -2,875 -2,910
-2,268 -2,193
U S. Government capital flows, net.
do
-3, 148
-1,593
-758
-570
-779
-363
-630
-411
-839
-630
-693
-691
U.S. private capitalflows,net .
..do . -5,383 -5,424 '-6,914 -1,692 -1,662 -1,494 -1,889 -1,380
9,411 12, 306
3,338 3,989 3,458
5,824
2,409 3,515
Foreign capital flows, net
do
Transactions in U.S. official reserve assets, net
-1,076
-48
-299
-686
-571
-880 -1,187
2,477
mil. $..
Allocation of special drawing rights (SDR)
Errors and omissions net
Balance on goods and services
Balance on goods, services, and remittances
Balance on current account
Balance on current account and long-term
867
do
-493 -2,603 '-1,104
do
3,592
2,489 2,011
do
1,321
2,182
745
do
444
-386 —899
do
capital
mil. $.. -1,349 -2,879 -3,038
-433
-754
-1,610 -6,084 ••-3,821
1,641 2,702 -9,821
172 -6,958 -4,721
-357
327
65
-531 -1,234 -3,019 -1,996
1,337
1,659
-679
-410
111 -1,469 -3,287 -2,366
Net liquidity balance
Official reserve transactions balance
Liquidity balance excluding SDR
do
do
do
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes areas shown in
the 1969 edition of BUSINESS STATISTICS
1969
332
848
525
90
47 -1,092
338
317
52
26
-292
-462
1970
Annual
-628
296
-22
-543
-717
708
386
15
-147 -2,019 -1,070
-749
-461
-756
-423
-753
-366
-662 '-1,941 '-1,579 '-1,748 '-1,647 '-2,230 -1,967
1,523 r 1, 817 '1,006 ' 1, 586 ' 1, 416 ' 2, 615 4,937
-154
264
805
584
217
881
543
125
217
'-375
1,045
683
292
217
'-437
995
636
192
216
180
179
'-233 '-1,026 -2, 335
670 ' 1, 147
'-22
'805
319
-379
'377
-166
-864
356 -1,297
-570
-340
-832 '-1,306 -3, 141
-166
669
328
-80
'-59
Aug.
Sept.
824
682
659
163 '-1,254 '-868 '-675 '-1,024 '-2,548 '-5,751
384 '-2,864 '-1,404 '-2,075 '-3,478 '-5,538 '-5,706
164 '-1,629 '-745 '-1,154 '-1,194 '-3,236 '-5,995
1971
1970
July
-842
-609
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug. '
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates: t
Total personal income
750 3
803 6
805 3
809 0
814.9
813.6
815 7
820.9
830.0
833.2
839.7
844.4
850.0
870.1 ' 859. 2
868.0
Wage and salary disbursements, total
do,
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
_do
509.6
197.4
157.6
120.0
541.4
200.7
158.3
129.1
543.0
201.4
159.4
130.1
545.1
201.6
158.9
130.8
548.7
201.3
159.0
131.3
544.2
196.6
153.8
131.9
545.9
196.6
153.2
132.2
551.5
202.1
158.4
131.4
559.2
202.8
159.4
134.2
561.5
202.5
159.2
135.4
566.1
204.3
160.2
136.8
569.0
205.4
160.6
137.6
573.3
207.1
162.0
138.7
574.8 574.7
207.5 ' 206. 2
162.4 ' 161.4
138.6 ' 138. 6
581.3
207.1
162.0
140.2
Service industries
Government
Other labor income _
Proprietors' income:
Business and professional
Farm
do
do
do
88.1
104.1
28.2
96.7
114.8
30.8
96.8
114.7
30.9
97.2
115.5
31.2
97.8
118.3
31.4
98.8
116.8
31.7
99.8
117.3
32.0
100.4
117.7
32.2
101.9
120.3
32.4
102.4
121.2
32.6
103.3
121.6
32.8
103.9
122.1
33.1
105.0
122.6
33.4
105.7 ' 106. 3
123.0
123.6
33.9
33.7
107.3
126.7
34.1
do
do
50.3
16.8
51.0
15.8
51.4
15.2
51.4
14.6
51.4
13.9
51.5
14.2
51.4
14.5
51.5
14.6
51.2
14.7
51.1
14.8
51.3
14.9
51.4
15.1
51.5
15.2
51.6
15.3
51.7
'16.1
51.8
17.0
22.6
24.4
58.8
65.9
23.3
25.0
64.7
79.6
23.3
25.1
64.9
79.9
23.4
25.2
65.6
80.8
23.5
25.4
66.3
82.9
23.5
25.4
66.5
84.7
23.7
25.5
66.7
84.5
23.8
23.9
66.8
85.1
23.9
25.6
66.9
86.8
23.5
25.7
67.0
87.8
24.0
25.5
67.0
89.1
24.1
25.5
67.3
89.8
24.2
25.6
67.5
90.5
24.3
25.2
67.5
109.0
24.4
25.6
'68.1
'96.2
24.5
25.7
68.6
96.5
31.4
'31.5
bil. $
Rental income of persons...
do
Dividends
do
Personal interest income
do
Transfer payments..
._ __
do. __
Less personal contributions for social insurance
bil. $Total nonagrlcultural income
do
26.3
28.0
28.2
28.3
28.5
28.2
28.3
28.6
30.7
30.8
31.1
31.1
31.3
727.7
781.4
784.3
788.1
794.2
792.5
795.0
800.5
808.7
811.6
818.0
822.5
827.9
848.0 ' 836. 4
31.6
844.2
FARM INCOME AND MARKETINGS J
Cash receipts from farming, including Government
payments, total!
mil. $
51, 911
52, 948
4,152
7,024
4,582
5,847
5,183
4,233
4,283
3,406
3,557
3,493
3,443
3,763
6,146
48, 117
19, 527
28, 590
6,206
17, 639
4,426
49, 231
19, 636
29, 595
6,523
18, 497
4,303
3,948
1,500
2,448
546
1,513
368
3,901
1,486
2,415
530
1,508
359
4,539
1,980
2,559
521
1,633
388
5,750
2, 965
2,785
542
1,852
374
5,153
2,884
2,269
519
1,374
360
4,201
1,999
2,202
556
1,267
354
4,242
1,929
2,313
562
1,400
327
3,383
1,113
2,270
525
1,434
286
3,543
1,082
2,461
587
1,539
313
3,418
976
2,442
581
1,527
308
3,428
952
2,476
618
1,521
310
3,744
1,246
2,498
585
1,558
334
' 3, 986
' 1, 609
' 2, 377
'568
' 1, 443
'348
4,234
1,713
2,521
539
1,598
367
Indexes of cash receipts from marketings and CCC
loans, unadjusted:©
All commodities O
1967=100
Crops
do_
Livestock and products
do
113
106
118
115
106
122
111
98
121
110
97
119
128
129
127
162
193
138
145
188
112
118
130
109
119
126
114
95
72
112
100
70
122
96
64
121
96
62
122
105
81
124
112
'105
' 118
119
112
125
Indexes of volume of farm marketings, unadjusted :t
All commoditiesO
1967-100
Crops..
_
do
Livestock and products
do
105
110
101
104
103
104
100
97
103
99
92
105
113
116
110
148
181
122
137
183
103
117
135
103
122
145
104
83
67
95
85
58
106
81
48
106
81
47
107
91
68
109
'101
'100
'102
106
105
107
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
_
Meat animals
Poultry and eggs.. _
_
do
do
do
do
do
do
INDUSTRIAL PRODUCTION rf1
Federal Reserve Board Index of Quantity Output
Unadjusted total index cf1
By market groupings:
Final products
Consumer goods
Automotiv0 products
Home goods and clothing
Equipment
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures
106 7
103 4
107 1
106 5
109.0
111.1
117 4
108.8
106.1
104 4
110.3
99 9
104 7
96.1
102 1
107.7
87 2
97 6
94.3
104 5
112.4
75 2
107 7
93.5
102.9 ' 102. 7
113.6 ' 113.5
127 2
121 9
106 9 ' 106. 9
88.0
87.6
do
112.4
107 8
102 2
107.3
109.0 ' 110. 8
do
do
do
110.5
110 0
111.1
105.2
101 5
110.6
101.6
97 4
107.6
104.9
99.3
113.1
118.0
118.2
123.6
112.7
Mining and utilities
do
'Revised. *> Preliminary. §Seenote'V'onp.S-2. f See corresponding note on p. S-l.
JSeries revised beginning 1967; monthly data prior to May 1970 are shown in the Farm
Income Situation, July 1970 and July 1971, available from the U.S. Dept. of Agriculture,
Economic
Research Service.
ONew reference base, 1967=100; comparable data for earlier
periods will be shown later.
9 Includes data for items not shown separately.
cf Effechttp://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
' 107 3 ' 109 4 ' 101 9 105.3
110 7
do
do
do
do
do
1967—100
107. 1 ' 101. 1
119. 4 '111.9
130 6 '95 1
110. 8 '99.2
'89.9 '86.1
104.9
118.0
101.8
109.2
86.4
110.5
'99.6
102.5
105.0 '106.0 '107.9
100.4 ' 101. 7 ' 102. 5
111.7 ' 112. 1 ' 115.6
'99.5
'92.6
109.4
102.9
94.3
115.2
'
'
'
'
117.0 '120.6 ' 120. 7
124.0
117.9
tive with the September Survey the industrial production index comparison base has been
updated from the 1957-59 average to the single year 1967. All revisions have been carried back
in detail to 1954. Historical data are available upon request from the Board of Governors of
the Federal Reserve System, Washington, D.C.
SUEVEY OF CUKRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969 9
1970 9
1970
July
Annual
September 1971
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output—Con.
' HO. 7 ' 106. 7 ' 107. 5 ' 107. 5 " 106. 5 ' 103. 7 •• 102. 6
«• 104. 6
' 105. 3 ' 105. 7 ' 105. 5
r
106. 2
••107. 0
'107. 0
'106.0
105.1
109.7
109.0
111.1
106.0
104.4
110.3
107.1
105.5
112.2
106.5
104.9
111.6
105.2
103.5
110.1
103.6
101.4
109.0
102.6
100.2
107.7
104.2
102.2
110.8
104.6
102.9
112.8
105.0
103.0
112.9
104 5
102.5
112.7
105 5
103.6
114.6
105 9
103.9
115.7
105.9
104.3
115.9
106.1
104.3
115.8
105 7
104.1
115.5
113.7
117.4
111.4
128.9
104.8
99.9
86.6
125.6
111.0
112.7
105.3
126.7
110.3
111.2
103.9
125.4
102.2
91.1
70.4
130.9
97.1
77.6
51.1
128.7
95.5
76.0
51.8
122.3
102.9
110.0
88.6
122.2
108.4
110. 9
104.1
124.1
111.1
117.8
112.8
127.4
111.7
117 8
112.2
128.6
112.2
113 7
103.2
133.9
117.2
123.1
108.3
151.4
115.8
121.3
107.9
147.1
115.7
120.2
107.9
144.2
114.6
120.8
108.6
144.5
do
- -do
do
111.6
107.7
115.7
107.6
103.4
108.4
110.3
108.5
110.4
109.9
109.9
108.0
108.6
106.7
108.6
108.3
109.8
108.8
106.6
107.6
108.6
104.6
104.5
106.3
106.5
104. 9
106.4
106.5
102.5
110.1
108.2
107.9
108 3
111.4
116.4
110 7
113.9
120.7
111.7
112.7
116.9
113.6
113.1
115.5
116.1
110.8
do
do
do
do
do
110.1
105.6
111.4
107.3
115.6
112.4
101.2
115.4
110.6
120.4
112.8
101.5
115 8
109.3
122.8
112.1
100.9
115.2
109.9
120.7
113.0
110.5
116.4
110.6
122.6
113.5
100.0
117.2
111.9
122.9
112.3
96.3
116.6
112.5
120.9
113.8
99.1
117.7
112.8
122.9
114.6
99.7
118.5
114.0
123.2
113.8
97.3
118.1
112.6
123.9
113.1
96.9
117.4
111.8
123.2
115.5
101.0
119.4
112.7
126.4
115.1
102.6
118.5
113.2
124.2
116.0
103.3
119.3
113.5
125.3
115.9
115.8
119.3
111.5
127.6
119.4
112.1
126.9
Equipment
do
Business equipment
do
Industrial equipment 9
-do
Building and mining equipment-do
Manufacturing equipment
do
106.1
107.9
103.6
106.3
99.3
96.1
101.1
98.8
95.9
91.8
96.2
102.5
99.9
93.5
92.1
95.5
101.7
97.6
92.9
90.0
94.2
100.5
98.0
91.5
91.8
90.8
95.9
94.6
91.7
86.7
89.8
94.6
93.9
93.3
84.6
90.3
95.6
94.0
93.6
84.2
88.9
94.2
91.5
90.6
82.9
89.3
96.0
93.4
94.3
82.2
88.4
95.0
92.4
92.4
81.3
88.1
95.1
92.4
91.2
82.1
87.8
94 4
90 9
91.5
79 5
88 1
95 0
90 9
88.8
80 1
88 3
95 4
91 6
88.8
81 0
88 2
95 0
90 3
90.9
79 i
Commercial, transit, farm eq9---do
Commercial equipment
do
Transit eouipment
do
112.8
114.4
113.6
103.7
110.6
94.4
105.7
110.2
99.4
106.5
111.9
99.5
103.4
110.0
92.5
97.1
108.2
79.8
95.6
106.0
77.5
97.9
105.3
87.4
97.2
105.5
88.6
99.0
107.0
89.1
98.0
106.6
87.2
98.2
107.1
87.3
98,4
107.6
87.3
99.6
107.6
90.5
99.8
107 4
88.0
100.4
108.0
88.0
Seasonally adjusted, total index cf
..1967=100..
By market groupings :d*
Products total
do
Final products
- do _
Consumer goods
.. do
Durable consumer goods
Automotive products
Autos
Auto parts and allied goods
Home goods 9
\ppliances, TV, and radios
Carpeting and furniture
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco
Nonfood staples
do. ._
do
do
do -
-do
103.2
87.9
86.0
85.1
83.9
82.6
81.7
81.2
80.0
78.1
77.5
76.5
76.9
76.6
76.6
77.0
do
do .
do
112.0
113.0
111.2
111.9
110.6
113.0
113.5
111.8
114.9
112.2
111. 7
112.5
111.4
110.0
112.8
111.9
111.5
112.1
111.6
110.4
112.4
112.1
112.5
111.9
110.9
111.1
110.8
112.5
111.9
113.1
112.0
112.6
111.4
112.4
113.4
111.6
113.5
115.5
111.9
111.4
114.2
109.2
112.9
115.7
110.6
111 3
112.6
Materials
... ...
do
Durable goods materials 9
do
Consumer durable parts
do_.
Equipment parts
... . ..do
Nondurable goods materials 9
do
Textile, paper, and ehem. materials. -do
Fuel and power, industrial ... .. ...do
112.4
112.2
112.2
105.9
112.8
116.3
111.7
107.8
103.4
96.5
95.1
112.5
113.0
117.0
108.5
105.4
104.3
95.8
111.6
113.3
116.9
109.3
106.4
107.1
94.7
111.6
112.1
118.6
109.0
105.1
101.7
93.7
112.9
113.2
119.7
104.1
96.2
80.4
88.0
113.4
112.6
118.2
102.8
93.6
76.9
86.6
113.3
112.6
117.8
105.4
99.4
95.8
86.6
112.1
111.8
117.6
106.5
101.5
99.4
88.4
111.7
111.2
117.8
106.8
101.6
101.4
87.6
112.1
111.7
118.6
107.1
101.9
103.2
86.4
112.0
111.9
121.1
107.5
102.2
102.8
86.0
112.7
113.2
121.0
108 9
104 8
105 1
88 9
112.8
113.7
119 7
108 7
103 0
104 8
87 1
114.4
115.7
121 4
105 8
98 7
97 3
87 9
113.5
114.7
119 4
104 2
96 4
99 g
88 5
113.3
114.8
116 5
do. ..
do
. _ -do
do
do
. . do . . .
do
110.5
110.0
113.8
114.1
113.0
116.0
113.6
105.2
101.5
108.1
106.9
105.3
109.8
109.4
106.9
103.7
109.6
107.5
105.6
108.9
112.2
105.5
103.5
111.8
111.9
111.8
111.8
111.8
104.8
100.7
108.9
108.8
108.2
111.1
109.0
101.4
95.7
104.2
102.5
102.4
103.3
106.3
110.2
93.8
101.2
98.4
95.6
104.8
104.5
102.4
97.3
105.1
104.3
101.4
112.6
106.2
103.3
98.1
106.8
108.1
106.9
111.2
105.4
103.9
98.6
106.0
105.5
104.8
107.7
106.6
103.2
98.3
105.8
106.6
105.2
109.8
104.9
104.4
99.1
108.6
108.7
109.1
108.2
108.5
105.7
100 5
111 5
114.3
112 9
115.8
108 5
105 3
100 0
108 3
108.1
105 3
111.0
108 5
104 7
99 2
104 3
98.3
99 3
95 6
111 0
103 4
97 2
96 6
83.7
73 0
do
do
. _ .do
do
108.2
106.8
106.0
107.7
97.6
100.4
99.6
100.5
100.6
103.6
102.0
105.6
99.6
101.5
100.4
102.8
96.2
100.4
99.8
101.1
89.9
96.5
95.6
97.5
88.4
94.9
93.2
96.7
92.4
94.8
92.4
97.4
93.0
93.4
90. 1
97.1
93.5
94.2
92.3
96.3
93.0
94.0
91.1
97.1
92.7
94.2
91.4
97.4
93.8
95.3
90.9
100.2
94.2
95 3
91.6
99.3
94.4
96 8
93.4
100.7
94.8
96.7
93.6
100.4
107.6
115.4
100.2
111.6
90.3
96.9
83.9
110.8
96.3
110.8
82.5
110.8
96.1
111.3
81.4
110.5
87.5
94.6
81.0
108.9
73.8
68.6
78.8
107.3
71.7
65.4
78.0
106.5
86.8
98.5
75.8
104.9
91.1
107.7
75.2
106.5
92.6
113.0
72.9
105.3
91.3
112.2
71.2
105.5
89.5
108.4
71.4
106.7
90.9
110.2
72.3
108.0
92.2
112.7
72.4
108.5
90.0
109.2
71.5
107.9
91.1
110.8
72.2
109.0
Lumber, clay, and glass
...do
Lumber and products
do
Clay glass and stone products
do
111.1
108 6
112 5
106.3
106 3
106 3
106.4
107 7
105.9
106.6
108 9
105.1
105.6
107 2
104.8
105.3
106.8
104.5
105.0
106 4
104.1
107.5
106.8
107.9
106.9
109 7
105.3
109.8
110 8
109.2
110.8
110 3
111.1
113.0
112 5
113.3
112.3
110.0
113.7
111.7
111.0
112.2
111.0
112 1
110.3
107.9
F urnitur e and miscellaneous .
Furniture and
fixtures
Miscellaneous manufactures
do
-do
do
111.6
107.4
115.5
108.8
99.4
117.3
109.9
100.8
118.3
110.0
100.1
119.1
109.4
99.3
118.5
108.7
100.1
116.7
105.7
96.5
114.0
104.9
95.5
113.4
105.2
94.2
115.2
107.1
96.0
117.2
105.6
95.0
115.4
109.5
98.7
119.3
109 9
97 6
121.2
110 3
100 9
118 8
112 1
103 2
120 2
111.0
Nondurable manufactures
do
Textiles, apparel, and leather
. do
Textile mill products
do
Apparel products
do
Leather products _ ... . . - ...do
111.1
105.9
113.2
102.5
96.0
110.6
100.2
106.3
97.8
90.8
111.6
101.5
107.3
99.3
92.5
108.6
99.3
105.6
97.0
89.5
110.7
99.1
105.2
96.8
90.2
109.7
98.7
104.1
96.9
89.6
109.6
96.0
102.8
93.4
85.0
110.0
97.1
103.3
94.9
86,, 7
110.9
98.6
103.1
97.4
89.5
111.7
98.0
105.4
94.5
89.0
110.4
97.3
105.3
94.0
85.4
112.1
99.8
106.3
97.3
89.9
113.3
101 5
107.5
99 7
89.8
113.0
103 3
113.3
98 8
89.3
112.8
101 0
108.0
112.4
100.2
109.1
114.2
105.7
107.8
113.3
104.1
110.0
115.5
106.1
107.9
112.7
104.6
106.7
109.8
104.5
106.1
111.9
102.3
106.4
113.3
101.9
105.0
110.6
101.2
107.1
116.9
100.5
108.1
116.0
102.8
104.6
111.0
100.2
106.9
114.4
101.8
106.9
115.1
101.4
102 4
104 0
102.4
101.0
101.5
101.3
Chemicals, petroleum, and rubber. ..do
Chemicals and products
...do
Petroleum products
do
Rubber and plastics products
do .
118.4
120.4
108.4
119.5
118.2
120.2
112.6
115.7
119.5
122.5
111.0
116.0
117.8
119.4
112.1
117.5
119.1
121.5
112.9
115.9
117.2
120.3
113.2
110.0
117.8
119.7
116.9
111.4
118.9
121.2
118.1
111.8
118.2
119.3
117. 2
115.5
120.9
121.7
117.1
120.6
120.5
121.0
116.3
122.7
122.4
123.4
115.8
124.5
124.2
123.7
112 7
135.4
125.1
126.4
114.9
129.1
125.0
127.5
116 0
123.5
124.8
127.5
Foods and tobacco
Foods
Tobacco products
.do
-_do_do
107.5
108.3
96 8
110.8
111.7
100.0
110.6
111.2
102.6
104.4
104.7
100.4
112.0
113.1
100.5
111.7
112.3
104.4
111.9
112.7
102.3
112.5
113.5
99.5
113.9
114.6
106.6
113.1
114.1
100.1
112.2
113.8
90.3
112.9
114.1
96.9
113.6
114.6
100.3
113.7
115.4
92.1
113.4
114.9
113.9
115.4
do
. -do.. .
do
do
. do
...do
do
do
112.7
107.2
124.8
102.8
106.1
101.1
106.9
104 8
118.0
109.7
131.3
98.8
109.2
105.8
109.7
109.4
117.0
106.5
122.3
102.4
105.5
102.3
106.2
103.9
118.4
108.8
129.1
97.6
108.6
108.8
108.7
108.2
121.1
110.9
130.5
96.2
111.3
109.7
111.5
112.3
121.9
112.4
134.3
98.6
112.3
108.7
112.9
114.5
120.6
113.7
148.5
98.4
112.6
107.9
113.4
114.7
120.1
112.1
144. 7
97.3
111.0
103.6
112.3
113.1
119.3
111.1
140.1
95.6
110. 6
112.3
110.3
111.1
119.9
110.1
139.0
96.3
109.3
108.8
109.3
110.1
120.2
111.4
135.1
95.6
111.4
116.2
110.6
112.7
120.6
110.4
124.7
94.2
111.4
115.5
110.8
111.9
119.0
108.6
122.6
'J2. 4
109.6
110.2
109.6
109.5
120.1
109 0
116.8
96.4
110.1
110.9
110.0
109.8
119.2
106.1
91.3
94.8
109 3
107.4
109.6
108.4
118.7
106.6
Defense and space equipment
Intermediate products
Construction products
Misc intermediate products
By industry groupings rtf
Manufacturing, total.. _
Durable manufactures
Primarv and fabricated metals
Primary metals
Iron and steel
Nonf errous metals
Fabricated metal products
Machinery and allied goods 9
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
. do_.
Motor vehicles and parts
do. .
Aerospace and misc. trans, eq. _-do
Instruments
.. ..
...do
Paper and printing
Paper and products . ...
Printing and publishing
Mining and utilities
Mining
.
.
Metal mining
Stone and earth minerals
Coal, oil and gas
Coal
Crude oil and natural gas
Crude oil
do
do
do
130.2
119.5
128.5
130.5
133.9
Utilities
do
132.8
137.5
133.2
130.8
122.1
Electric. _.
.
...
do
121.4
121.2
121.7
114.0
121.0
Gas
do
r
Revised.
? Preliminary.
cfSee corresponding note on p. S-3.
9 FRASER
Includes data for items not shown separately.
fRevised data for 1961-65 for mfg. and
Digitized for
trade
invent., total, unadj. and seas. adj.. and invent.-sales ratios for mfg. and trade, total
appear on pp. 38 ff. of the Oct. 1970 SURVEY; those for 1966-70 for mfg. and trade sales and
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
110 9
87.1
109.0
104.8
109.7
129.6
130.2
129.6
132.2
131.5
134.1
134.0
133.2
132.1
134.0
135.8
138.4
137.6
131.9
132.5
131.5
133.6
134.9
135.5
136.3
133.8
135.9
122.4
123.6
121.9
122.1
123.0
124.3
invent., total, unadj. and seas, adj., and total mfg. and trade invent.-sales ratios appear on
p. 20 of the Sept. 1971 SURVEY. Revised data for 1961-65 for unadj. and seas. adj. mfg. and trade
sales., total and for 1961-June 1970 for invent.-sales ratios (mgf., total, durable, and nondurable)
are available upon request (see also corresponding note on p. S-7).
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
July
Annual
S-5
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jane
July
Aug.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
Mfg. and trade sales (unadj.), total f..
Mfg and trade sales (seas adj ) total f
Manufacturing, total f
Durable goods industries
._
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
mil. $_. ••1,231,886 '1,264,359 ' 103,269 ' 104,729 ' 108,385 ' 109,021 ' 103,621 ' 112,030 '99,030 ' 103,445 ' 113,021 ' 113,431 ' 113,986 ' 120,153 109, 680
'11,231,886 '11,264,359 ' 106,754 ' 107,123 ' 106,672 ' 104,523 ' 103,411 ' 105,663 ' 108,210 ' 109,913 ' 111,733 ' 112,421 ' 113,493 ' 115,014 113, 715
do
'1643,545 '1653,145 '55,386 '55,644 '55,073 '53,235 '52,562 '54,464 '55,718 '56,982 ' 57, 790 '57,680 '58,352 '58,988 58, 156
do
354, 465 352. 189 30, 176 30, 483 29,900 28, 152 27, 680 29, 185 30, 166 30, 856 31,616 31, 308 31, 850 32,650 31, 857
_ do
289, 080 300, 956 25, 210 25, 161 25, 173 25, 083 24, 882 25, 279 25, 552 26, 126 26, 174 26, 372 26, 502 26.338 26, 299
do
1351,633 1364,571 30, 729 30, 781 30, 885 30,534 30, 208 30, 481 31,154 31,597 32,267 32, 844 32, 692 '33,310 33, 029
do
8,659
8,380
9,480
9, 791 10,181 10, 449 10,217 '10,518 10, 531
9,487
9,503 9,556 8,927
112, 779 109, 694
do
238,854 254, 877 21, 242 21,278 21, 329 21,607 21, 828 21, 822 21,674 21,806 22,086 22, 395 22, 475 ' 22, 792 22, 498
do
1236,708 1 246, 643 20, 639 20,698 20, 714 20,754 20, 641 20, 718 21, 338 21,334 21,676 21, 897 22, 449 '22,716 22,530
do
9,273
9,226
9,435 9,410
9,430
9,458
9,736
9,423 9,420
9,887 10, 350 ' 10, 510 10, 346
109, 578 111, 778
do
127, 130 134, 865 11,216 11, 278 11, 279 11,344 11, 368 11, 492 11, 908 11,876 11,940 12, 010 12, 099 '12,206 12, 184
do
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj ) total f
mil. $ '164,290 ' 170, 300 ' 168,714 ' 168,252 ' 168,946 ' 171,120 ' 173,107 ' 170,300 ' 171,263 ' 172,791 ' 174,920 ' 176,115 ' 176,535 ' 175,554 174, 778
Mfg. and trade inventories, book value, end of year
or month (seas adj •)> total t
mil. $ '165,659 '171,998
' 96, 673 ' 100, 476
Manufacturing, total f
do
65, 152
63, 160
Durable goods industries
_
_do
35, 324
33, 513
Nondurable goods industries
do
44, 918
44, 623
Retail trade, total $
do
19, 040
19, 980
Durable goods stores
do
25, 878
24, 643
Nondurable goods stores
do
26,
604
24,
363
Merchant wholesalers, total
do
15, 565
14, 579
Durable goods establishments
do
11,
039
9,784
Nondurable goods establishments
do
' 169,539 ' 170,205 ' 170,956 ' 171,168 ' 171,768 ' 171,998 ' 172,508 ' 172,840 ' 173,706 ' 174,194 ' 174.933 ' 175,252 175, 671
'99,164 ' 99, 329 ' 99, 576 ' 100,282 ' 100,927 ' 100,476 ' 100,878 ' 100,602 ' 100,502 ' 100,420 ' 100,647 ' 100,536 100, 358
64, 720 64, 913 64, 965 65, 218 65, 517 65, 152 65, 308 65, 090 65, 082 65, 033 65, 079 64, 825 64, 743
34, 444 34, 416 34, 611 35, 064 35, 410 35, 324 35, 570 35, 512 35, 420 35, 387 35, 568 35,711 35,615
44, 965 45, 453 45, 691 44, 883 44, 507 44, 918 44, 984 45, 432 46, 416 46, 728 47, 146 47, 383 47,500
19, 739 20, 119 20, 270 19, 291 18,542 19, 040 18, 987 19, 480 20, 131 20, 232 20, 716 20, 815 20, 879
25, 226 25, 334 25, 421 25, 592 25,965 25, 878 25, 997 25, 952 26, 285 26, 496 26, 430 26, 568 26, 621
25,410 25,423 25, 689 26,003 26,334 26, 604 26, 646 26,806 26, 788 27, 046 27, 140 '27,333 27, 813
15, 066 15, 165 15, 275 15,369 15,451 15, 565 15, 653 15,840 15,780 16, 025 16, 128 '16,197 16, 620
10, 344 10, 258 10, 414 10,634 10,883 11, 039 10, 993 10,966 11,008 11,021 11,012 '11,136 11, 193
.
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total f-.-
. .
Manufacturing, total f Durable goods industries t--Materials and supplies
Work in process ..
Finished goods
Nondurable goods industries f
Materials and supplies
Work in process
Finished goods
.
Retail trade, total £ Durable goods stores
Nondurable goods stores
.
' 1.56
'1.60
'1.59
' 1.59
' 1.60
'1.64
'1.66
'1.63
' 1.59
'1.57
'1.55
' 1.55
' 1.54
'1.52
1.54
do
do _
do
do
do
'1.75
'2.07
.61
.96
.50
' 1.82
'2.20
.64
1.00
.55
'1.79
' 2.14
.62
.98
.54
'1.79
'2.13
.62
.97
.54
'1.81
'2.17
.63
.99
.55
'1.88
'2.32
.67
1.05
.59
' 1.92
'2.37
.69
1.07
.61
'1.84
' 2.23
.65
1.00
.58
'1.81
' 2.16
.63
.97
.56
' 1.77
'2.11
.62
.94
.55
' 1.74
'2.06
.60
.91
.55
'1.74
'2.08
.62
.91
.55
'1.72
'2.04
.61
.90
.53
'1.70
'1.99
' .60
' .87
'.51
1.73
2.03
.63
.88
.52
.do
do
do
do
'1.36
.52
.21
.63
'1.37
.50
.20
.66
' 1.37
.50
.20
.66
'1.37
.50
.20
.67
'1.37
.50
.20
.68
'1.40
.51
.20
.69
'1.42
.52
.21
.70
' 1.40
.52
.20
.68
'1.39
.51
.20
.68
'1.36
.50
.19
.67
' 1.35
.49
.19
.67
' 1.34
.49
.19
.66
' 1.34
.49
.19
.66
' 1.36
'.50
'.20
'.66
1.35
.49
.20
.67
do
do
do
1.47
2.05
1.19
1.47
2.13
1.18
1.46
2.08
1.19
1.48
2.12
1.19
1.48
2.12
1.19
1.47
2.16
1.18
1.47
2.21
1.19
1.47
2.20
1.19
1.44
2.00
1.20
1.44
1.99
1.19
1.44
1.98
1.19
1.42
1.94
1.18
1.44
2.03
1.18
'1.42
' 1.98
1.17
1.44
1.98
1.18
1.19
1.53
.89
1.23
1.61
.92
1.23
1.60
.92
1.23
1.61
.91
1.24
1.62
.92
1.25
1.83
.94
1.28
1.67
.96
1.28
1.69
.96
1.25
1.66
.92
1.26
1.67
. 92
1.24
1.62
.92
1.24
1.62
.92
1.21
1.56
.91
1.20
' 1.54
.91
1.23
1.61
.92
17, 189
20, 122
1,583
1,776
1,517
1,676
1,750
1,770
1,675
1,668
1,529
1,523
1,785
1,621
1,550
1,644
1,838
1,894
2,017
1,898
1,708
1,681
1,803
1,741
ratio
Merchant wholesalers, total
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
Shipments (not seas, adj.) total f
do
' 1, 752 1, 529
1,716
1.706
'643,545 '653,145 '51,154 '53,702 '57,236 '55,415 '52,699 '53,006 '51,947 '57,410 '59,383 '58,379 '58,709 '62,142
53, 589
do
do
do
do
354, 465
17, 074
55, 153
26, 343
352, 189
17, 746
55, 740
25, 733
27, 203
1,481
4,345
2,105
28, 239
1,572
4,598
2,196
30, 815
1,617
4,845
2,301
29, 133
1,600
4,409
1,951
27, 723
1,414
4, 169
1,836
28, 766
1,407
4, 178
1, 950
27, 981
1,373
4,511
2,200
31, 280
1,464
4,918
2,385
32, 898
1,616
5,270
2,576
32, 003
1,754
5,694
2,880
32, 536
1,772
5,814
2,860
34, 949
1,905
5.810
3,000
28, 593
1,770
4,907
2,787
Fabricated metal products
Machinery, except electrical
Electrical machine^
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
do
39, 579
55, 649
49, 123
87, 093
51, 524
11,726
41, 920
56, 135
50, 819
81, 173
45, 113
12,153
3,345
4,347
3,919
5,912
3,108
936
3,512
4,425
4, 189
5,764
2,887
1,015
3,735
4,807
4,672
6,714
3,815
1, 089
3, 599
4,539
4,572
6,104
3,177
1,020
3,435
4,336
4,516
5, 925
3,048
976
3,430
4,467
4, 521
7,060
3,918
955
3, 185
4,400
4,004
6,913
4,474
870
3,492
4,944
4,416
8,027
5,186
957
3, 596
5,230
4, 479
8,475
5,455
959
3, 548
4,956
4,218
7,554
4,895
960
3, 623
4,923
4,304
7,803
4, 979
976
3,800
5,383
4,759
8,657
5 f 298
1,034
3,249
4,498
4,077
5, 905
3,551
946
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
do
do
do
do
289, 080
93, 550
5,151
23, 112
300, 956
99, 767
5, 464
22, 297
23, 951
7,930
474
1,601
25, 463
8, 256
474
1,850
26, 421
8,885
482
1,992
26, 282
8,814
469
2,026
24, 976
8,352
461
1,908
24, 240
8,286
493
1,827
23, 966
7,975
437
26, 130
8,497
450
26, 485
8,672
465
26, 376
8,570
463
26, 173
8,606
484
27, 193
8,961
533
24, 996
8, 422
506
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products .
do
do
do
do
24, 057
48, 153
24, 412
15, 733
25, 192
48, 763
26, 604
17, 502
1,980
3,812
2,181
1,424
2,113
4,101
2,246
1,453
2,148
4,212
2,223
1,482
2,167
4,072
2,242
1,484
2,068
3,889
2,232
1,367
2,024
3,642
2,348
1,273
2,007
3,850
2, 289
1,338
2,141
4,305
2,373
1,501
2,211
4,291
2,275
1,563
2,148
4,537
2,323
1,618
2,153
4,454
2,282
1,647
2,300
4.549
2,382
1,690
2,071
4,104
2,342
1, 512
Durable goods Industries, total?
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Shipments (seas, adj.), total f
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
do
do
do
do
do
'55,386 '55,644 '55,073 '53,235 '52,562 '54,464 '55,718 '56,982 '57,790 '57,680 '58,352 '58,988
58, 156
32,650
1,762
5,404
2,750
31, 857
1,798
5,294
2,952
30, 176
1,504
4,773
2,232
30, 483
1,480
4,809
2,266
29, 900
1,475
4,895
2, 409
Fabricated metal products.
do
3,503 3,617
3,578
4,682
4,696
4,773
Machinery, except electrical
do
4,301
Electrical machinery
do
4,295
4,355
7,641
7,144
6,761
Transportation equipment
do
4,657
3,830
Motor vehicles and parts
do
4,088
1,002
990
Instruments and related products
do
1,033
r
Revised.
i Based on data not seasonally adjusted.
2 Advance estimate ; total mfrs.
shipments for July 1971 do not reflect revisions for selected components §The term "b usiness" here includes only manufacturing and trade; business inventories as shovrn on p. S-l
cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufac tur-
28, 152
1,461
4,450
2,062
27, 680
1,444
4,316
2,002
29, 185
1,551
4, 439
2,124
30, 166
1,617
4,624
2,202
30, 856
1,587
4,780
2,327
31,616
1,659
5,014
2,401
31, 308
1,728
5,385
2,667
31,850
1,713
5,501
2,641
_ .
::..:::.
__
3,461
3,466
3,582 3,507
3,459 3,591 3,550
3,511
3,458 3,534
5,015
4,951
4,794
4,855
4,505
4, 407
4,440
4,908
4,748 4,936
4,469
4,380
4,376
4,402
4, 369
4,340
4,348 4,501 4,476
4,497
7,432
8,011
5,796
7,142
7,832
7,340
7,388
8,018
5, 617
6,726
4,856
4,647
4,576
4,442
5, 132
4,730
2,859
5,010
2,803 3,890
1,043
982
984
1,007
963
1,010
967
1,007
926
900
ingar 3 shown Delow an I on p. S-6; those for whol esale anc retail tr ade on p p. S-ll a nd S-12'
9 In"
fSee correspo nding notesonpp . S-4 andS-7.
:Seecorre,sponding note on p. S-12.
eludes data for items nc t shown separate ly.
SUEVEY OF CURRENT BUSINESS
S-6
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
|
1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf— Continued
Shipments (seas, adj.) f— Continued
By industry group:
Nondurable goods industries, total 9 - - .mil. $. .
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By market category:
Home goods and apparel
_
Consumer staples
Equipment and defense prod., excl. auto
Automotive equipment.
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Defense products (old series)
Defense products (new series)
Producers' capital goods industries
Inventories, end of year or month :t
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
Book value (seasonally adjusted), total t
By industry group:
Durable goods industries total 9
Stone, clay, and glass products
Primary metals .
Blast furnaces, steel mills
25,161 r 25,173 r 25,083 r 24,882 ' 25,279
8 252
8,335
8,363
8,310
8,218
493
479
'458
451
467
1,856
1,856
1,920
1,868
1,830
2,050
2,067
2,071
2,094
2,073
4,021
3,976
3,975
4,033
4,087
2,232
2,219
2,189
2,347
2,221
1,383
1,406
1,470
1,357
1,503
163, 134 161, 247 r 5, 256 r 5, 173
do
1121,708 1128,970 10,585 10,659
do
196, 846 199, 238 r 8, 403 r 8, 378
do
do __ 160, 053 153, 590 ' 4, 792 r 5, 318
151, 722 153, 344 r 4, 529 '4,519
do
1250,082 1256,756 21,821 21,597
do
do
do
do
do
126, 485
146, 051
124, 511
25,552 ' 26,126 ' 26,174 ' 26,372 ' 26,502 ' 26,338
8,882
8,497
8,667
8,747
8,795
8,699
489
478
479
471
471
495
2,150
4,064
2,317
1,448
2,144
4,303
2,398
1,484
2,173
4,192
2,344
1,499
2,137
4,290
2,368
1,538
2,171
4,315
2,295
1,604
2,219
4,363
2,287
1,582
r 5, 292 r 5, 304 ' 5, 457 ' 5, 311 ' 5, 340 ' 5, 489 ' 5, 516 ' 5, 583 ' 5, 437
r 5, 301
' 10,781 r 10,798 r 10,685 ' 10,838 10,858 ' 11,182 ' 11,290 ' 11,431 ' 11,274 ' 11,286
r 8, 296 ' 8, 217 r 8, 034 ' 8, 037 ' 8, 363 ' 8, 273 ' 8, 479 ' 8, 217 ' 8, 555 ' 9, 134
' 4, 509 r 3, 509 r 3, 444 ' 4, 542 ' 5, 042 ' 5, 623 ' 5, 700 ' 5, 283 ' 5, 136 ' 5, 226
r 4, 536 r 4, 438 r 4, 426 ' 4, 626 ' 4, 790 ' 4, 776 ' 4, 941 '5,019 ' 5, 116 ' 5, 171
'21,650 r 20,981 r 20,669 ' 20,964 21,354 ' 21,788 ' 21,891 ' 22,214 ' 22,688 ' 22,734
' 2, 181 ' 2, 263 ' 2, 231
' 3, 860 ' 3, 877 ' 3, 755
2,021
2,036
1, 913
r 5, 815
' 5, 821 ' 6, 125
' 2, 234 '•2,379 '
' 3, 740 ' 3, 771 '
1,887
1,898
' 6, 054 ' 6, 181 '
2, 435
3, 594
1,825
5, 973
' 2, 396
' 3, 820
' 2, 006
' 6, 203
'
'
'
'
2, 407
4, 338
2, 589
6, 396
125, 713
146, 603
i 24, 308
171, 159
r 2, 157
' 2, 091 r 2, 170
r 3, 870
2,048
r 6, 130
r 3, 920
2,112
r 6, 034
do__ - ' 96, 390
62, 838
do
33, 552
do
100,135
64, 781
35, 354
98,803
64, 501
34, 302
99,030 ' 98,708 r 99,501 '100,264 '100,135 100,977 '101,112 '100,956 '101,257 '101,626 '100,734
64, 816 64, 497 64, 696 65, 013 64, 781 65, 133 65, 352 65, 412 65, 649 65, 790 65, 046
34, 214 34, 211 34, 805 35, 251 35, 354 35, 844 35, 760 35, 544 35, 608 35, 836 35, 688
r 96, 673
100,476
99,164
99,329 ' 99,576 '100,282 '100,927 '100,476
do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
25,210
8,177
460
1,866
2,120
4,078
2,199
1,552
' 170, 093
r 3, 897
2,121
r 5, 947
r 2, 174
r 4, 016
2,184
r 5, 819
do
do
do
do
63, 160
2,126
8,281
4,419
65, 152
2,278
9,139
4,854
64, 720
2,213
8,883
4,772
64, 913
2,253
8, 966
-4, 828
64, 965
2,283
8,987
4,800
65, 218
2,306
9,114
4,866
65, 517
2,313
9,233
4,948
do —
do
do
do
do
do
6,653
13, 203
9 832
14, 682
4,081
2,256
6,972
14, 072
10, 186
14, 133
4,115
2,417
6,787
13, 848
10, 200
14, 461
3,950
2,429
6,889
13, 861
10, 193
14, 374
3,908
2,432
6,949
13, 874
10, 239
14, 281
3,840
2,446
6,941
13, 968
10, 303
14, 267
3, 958
2,421
7,068
14, 026
10, 256
14, 297
4,041
2,412
26, 299
8,697
491
2,215
4,376
2,360
1,648
5,254
11, 219
8,370
5,435
5,252
22, 626
2,271
3,543
2,015
6,354
99, 996
64, 536
35, 460
100,878 '100,602 '100,502 '100,420 '100,647 '100,536 100,358
65, 152
2,278
9, 139
4,854
65, 308
2,281
9,443
5,102
65, 090
2,263
9, 487
5,117
65, 082
2,267
9, 498
5,138
65, 033
2,265
9,333
5,040
65, 079
2,269
9,236
4,985
64, 825
2,280
9,170
4,815
64, 743
2,296
8,860
4,464
6,972
14, 072
10, 186
14, 133
4,115
2,417
7,061
13, 970
10, 022
14, 032
3,994
2,421
7,072
13, 976
9,968
13, 870
3,981
2,387
7,122
13, 932
10, 020
13, 813
3, 996
2,374
7,140
13, 879
10, 005
13, 942
4,076
2,365
7,283
13, 837
9,930
14,035
4,193
2,379
7,410
13, 854
9,973
13, 668
4,289
2,358
7,575
13,823
9,893
13, 784
4,229
2,331
By stage of fabrication:
Materials and supplies 9
Primary metals
Machinery (elec and nonelec )
Transportation equipment
do
do
do
do
' 18, 678
3,002
6,171
3,343
' 19, 056 18,658
3,201
3,309
6,296
6,326
3,134
3,251
18,771 ' 18,825 r 18,869 ' 19,006 ' 19,056
3,355
3,309
3,329
3,271
3,247
6,304
6,326
6,265
6,302
6,297
3,246
3,115
3,148
3,251
3,138
19,109 ' 19,061 ' 18,996 ' 19,359 ' 19,570 ' 19,696
3,373
3, 389
3,358
3,330
3,396
3,420
6,422
6,504
6,431
6,495
6,448
6,490
3,145
3,164
3,086
3,037
3,285
3,151
20, 008
3,434
6,524
3,167
Work in process 9
Primary metals
Machinery (elec and nonelec )
Transportation equipment
do
do
do
do
' 28, 963
2, 909
10, 932
9,869
r 29, 233
3,168
11,210
9, 406
29,699
3,090
11, 299
9,817
29,659 r 29,622 r 29,636 r 29,665 ' 29,233
3,145
3,204
3,168
3,117
3,097
11,251 11, 256 11,342 11, 301 11, 210
9,580
9, 406
9, 670
9,713
9,741
29,254 ' 28,944 ' 28,811 ' 28,594 ' 28,547 r 28,329
3,315
3,213
3,166
3,277
3,126
3,068
10, 905 10, 836 10, 754 10,703 10, 678 10, 758
9, 343
9,333
9,112
9, 430
9,326
9,338
28,183
2,975
10, 651
9, 226
Finished goods 9
Primary metals _
Machinery (elec. and nonelec )
Transportation equipment
do
do
do
do
r 15, 519
r 16, 863
2,662
6,722
1,476
16,363
2,592
6,453
1,510
16,483
2,622
6,501
1,495
r 16,518
r 16,713
2,370
5,932
1,470
2, 599
6,560
1,453
2,640
6,664
1, 449
' 16,846 ' 16,863
2,674
2,662
6,722
6,677
1,471
1,476
16,945 ' 17,085 ' 17,275 ' 17,080 ' 16,962 ' 16,800
2,682
2,912
2,809
2, 739
2,780
2,814
6,665
6,677
6,594
6,579
6,660
6,767
1,435
1,405
1,417
1,457
1,438
1,458
16, 552
2,451
6,541
1,391
Nondurable goods industries, total 9. -do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods
do
33, 513
8,230
2,208
3,655
2,588
6,153
2,150
2,066
35, 324
8,765
2,191
3,398
2,769
6,758
2,418
2,165
34, 444
8,383
2,163
3,523
2,713
6,501
2,293
2,116
34, 416
8,246
2,178
3,507
2,713
6,529
2,341
2,088
34,611
8,329
2,179
3,471
2,719
6,604
2,336
2,115
35,064
8,593
2,195
3,516
2,704
6,654
2,367
2,133
35, 568 ' 35,711
8,894
8,966
2,190
2,180
35, 615
8,841
2,139
By market category:
Home goods and apparel
do
Consumer staples
__.do
Equip, and defense prod., excl. auto do
Automotive equipment
do
Construction materials and supplies do
Other materials and supplies
do
Supplementary series:
Household durables _ _ _ _ _
do
Defense products (old series)... .
do
Defense products (new series)
do
Producers' capital goods industries
do
New orders, net (not seas, adj.), totalf
Durable goods industries total
Nondurable goods industries, total
New orders, net (seas, adj.), totalf
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills
r 12, 583
r 5, 135
r 15, 795
35, 410
8,781
2,221
3,461
2,732
6,726
2,455
2,154
35, 324
8,765
2,191
3,398
2,769
6,758
2,418
2,165
35, 570
8, 932
2,207
35, 512
8,879
2,265
35, 420
8,858
2,215
35, 387
8,756
2,214
2,756
6,725
2,407
2,132
2,734
6,750
2,381
2,123
2,718
6,746
2,348
2,147
2,725
6,745
2,351
2,142
2,738
6,799
2,375
2,131
2,731
6,808
2,402
2,131
2,761
6,804
2,402
2,158
' 13, 026 12,539 r 12,510 r 12,524 ' 12,718 ' 12,874 ' 13,026 ' 13,024 ' 13,013 ' 12,897 ' 12,927 ' 12,918 ' 13,058
r 5, 055 r 5, 165 r 5, 063 r 5, 074 r 5, 119 ' 5, 141 ' 5, 055 ' 5, 116 ' 5, 090 ' 5, 092 ' 5, 090 ' 5, 155 ' 5, 143
r 17, 243 16,740 r 16,843 r 17,013 r 17,227 ' 17,395 ' 17,243 ' 17,430 ' 17,409 ' 17,431 ' 17,370 ' 17,495 «• 17,510
12, 917
5,158
17, 540
' 10,487 ' 10,492 ' 10,512 ' 10,476 ' 10,498 ' 10,518 ' 10,561 ' 10,628
r 13,487 ' 13,450 ' 13,666 ' 13,673 ' 13,634 ' 13,593 ' 13,723 ' 13,774
' 26,173 ' 26,056 ' 26,081 ' 25,961 ' 25,868 ' 25,881 ' 25,808 ' 25,371
' 5, 227 ' 5, 288 ' 5, 149 ' 5, 124 ' 5, 127 ' 5, 214 ' 5, 322 ' 5, 428
' 7, 970 ' 7, 817 ' 7, 883 ' 7, 888 ' 7, 934 ' 7, 933 ' 7, 973 ' 8, 025
' 37,583 ' 37,373 r 37,587 ' 37,480 ' 37,441 ' 37,281 ' 37,260 ' 37,310
10, 652
13, 678
25, 473
5,384
8,074
37, 097
r 12, 809
' 25, 688
' 5, 244
r 7, 559
r 35, 152
r 10, 492 10,267
r 13, 450 r 13,099
r 26, 056 r 26,476
r 5, 288 ' 5, 113
'7,817 r 7, 664
r 37, 373 r 36,545
' 4, 777
r 13, 088
7,459
r 4, 839 ' 4, 854 r 4, 909 ' 4, 900 ' 4, 914 ' 4, 818 ' 4, 790 ' 4, 824 ' 4, 829 ' 4, 850 ' 4, 895 4,935
r 4, 914
r 4, 800
r 12, 034 ' 12,899 r 12,741 r 12,633 r 12,380 ' 12,259 ' 12,034 ' 12,122 ' 12,021 ' 11,937 ' 11,922 ' 11,805 ' 11,273 11,303
6,067 ' 5, 507 5,502
6,020
6,108
6,189
6,008
6,675
6,493
6,803
7,056
6,986
7,143
6,493
' 17, 569 r 17,102 ' 17,174 ' 17,271 r 17,434 ' 17,523 ' 17,569 ' 17,446 ' 17,415 ' 17,381 ' 17,438 ' 17,440 ' 17,507 17, 528
' 10, 221
' 16, 219
r 10,381
r 13,017
r 10,400
r 10,510
r 13,153 ' 13,311
r 26,341 r 26,311 r 26,220
' 5, 075 ' 5, 007 r 5, 155
r 7, 735 r 7, 811 ' 7, 843
r 36,780 r 36,894 ' 37,243
do
do
do
r 645,216 r 646,388 r 51,508 ' 52,758 ' 56,093
356, 177 345, 332 27, 573 27, 334 29, 645
289, 039 301, 056 23, 935 25, 424 26, 448
r 54,151
27, 769
26, 382
' 52,144 ' 54,075 r 53,516 ' 58,318 ' 59,297 ' 57,433 ' 56,428 ' 60,001
27, 138 29, 823 29, 551 32, 167 32, 761 31, 032 30, 280 32, 805
25, 006 24, 252 23, 965 26, 151 26, 536 26, 401 26, 148 27, 196
do
ri645,216 '1646,388 r 55,272 ' 54,932 ' 53,567
r 51,951
' 52,463 ' 55,468 ' 57,255 ' 57,165 ' 57,699 ' 56,597 ' 57,028 ' 57,009
53, 914
28, 917
24, 997
57, 977
_ _ d o 356, 177
56, 332
do
27, 099
__.do
345, 332
55, 031
25, 696
30, 073
4,726
2,314
29, 748
4,694
2,264
28, 355
4,547
2,224
26, 779
4,164
1,939
27, 560
4,348
2,005
30, 140
4,818
2,549
31, 666
5,558
3,032
31, 071
5,139
2,656
31, 472
5,155
2,494
30, 228
4,882
2,290
30, 601
4,800
2,079
30, 666
4,536
1,945
31, 676
4,500
2,130
39, 947
57, 921
49, 413
85, 113
24, 562
42, 555
54, 847
50, 629
76, 554
23, 284
3,546
4,603
4,388
7,195
2,350
3,555
4,480
4,265
7,227
2,095
3,644
4,517
4,096
6,036
1,769
3,494
4,369
4,167
5,072
1,396
3,464
4,431
4,416
5,490
2,050
3,975
4,498
4,641
6,689
2,063
3,468
4,854
4,250
7,900
2,254
3,331
4,766
4,278
7,957
1,537
3,576
4,985
4,291
7,627
1,827
3,419
4,599
4,310
7,032
1,853
3,532
4,809
4,409
6,958
1,623
3,462
5,122
4,333
7,065
1,968
3,512
4,887
4,879
7,597
2,243
289, 039 301, 056 25, 199 25, 184 25, 212
Nondurable goods industries total
do
6,635
6,646
6,737
79, 840
77, 774
Industries with unfilled orderse
__do
211, 265 221, 216 18, 462 18,538 18, 577
Industries without unfilled orderslf
do
r
1
2
Revised.
Based on data not seasonally adjusted.
Advance estimate; total mfrs.
new orders for July 1971 do not reflect revisions for selected components.
fSee correspondingFRASER
note on p. S-7.
9 Includes data for items not shown separately.
©Includes textile
Digitized for
mill products, leather and products, paper and allied products, and printing and publishing
25, 172
6,660
18, 512
24, 903
6,573
18, 330
25, 328
6,729
18, 599
25, 589
6,831
18, 758
26, 094
6,833
19, 261
26, 227
7,047
19, 180
26, 369
6,913
19, 456
26, 427
6,973
19, 454
26, 343
7,082
19, 261
26, 301
6,942
19, 359
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do
_._do
do
do
do
industries; unfilled orders for other nondurable goods industries are zero.
IIFor these industries (food and kindred products, tobacco products, apparel and related
products, petroleum and coal products, chemicals and allied products, and rubber and plastics
products) sales are considered equal to new orders.
SUKVEY OF CUKRENT BUSINESS
September 19T1
1970
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
S-7
1971
1970
Annual
July
Oct.
Sept.
Aug.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS! -Continued
New orders, net (seas. adj.)f— Continued
By market category:
Consumer staples
do
Equip, and defense prod., excl. auto
do
Automotive equipment
- do
Construction materials and supplies
do_ __
Other materials and supplies
do
Supplementary series:
Household durables
do_ ._
Defense products (old series)
do
Defense products (new series)
do
Producers' capital goods industries _ _ do __
Unfilled orders, end of year or month (unadjusted),
total
- mil. $
Durable goods industries, total... ._ _ _ do
Nondur goods ind with unfilled orders© do
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil. $
By industry group:
Durable goods industries, total 9
. do
Primary metals
do
Blast furnaces, steel mills
do
' 2 62,977 ' 2 61,236
••2121,670 ••2128,981
' 22 97,232 'r 22 95,944
'r 2 60,314 2 52,909
51,860 ' 53,871
'2251,163 '2253,447
r
5, 196
' 10,576
r 2 26,360 ' 22 25,740 ' 2, 103 ' 2, 124
' 2 43,279 '2 42,865 ' 4, 175 ' 3, 666
23, 455
3,067
2 23, 118
1,846
'2 72,885 ••269,530 ' 5, 898 '5,683
r
80, 527
77, 485
7,408
3,776
6,687
3,727
83,124 ' 82,412
80, 303
7,025
3,609
11,218
27, 517
21, 223
Nondur goods ind. with unfilled orders© do
2,941
3,042
2,821
15,815
'1,987
'47, 397
10, 237
27, 699
r
r
r
r
T
' 5, 531 ' 5, 516
' 2, 173 ' 2, 133 ' 2, 193 ' 2, 294 ' 2, 240 ' 2, 199 ' 2, 421 ' 2, 433
' 3, 186 ' 3, 120 ' 3, 814 ' 3, 970 ' 3, 848 ' 3, 247 ' 3, 275 ' 3, 496
2,005 r 2,125 r 2,016
2,170
1,580
1,500
2,051
2,357
r
5, 614
5, 843
5, 871 ' 5, 925 ' 6, 442 ' 6, 617 ' 6, 219 ' 5, 677
'5,682 ' 5, 365
' 11,273 ' 11,266
' 8, 037
' 5, 234
' 8, 298
' 5, 184
' 5, 077
'5,066
' 21,736 '21,819
'
'
'
'
2, 483
3, 233
1, 573
6, 193
'
'
'
'
1, 603
29, 804
20, 372
24, 245
r
r
r
10, 765
14, 940
79, 568
6,910
r
80,906
78, 023
3,607
6,562
3,422
10, 817
14, 724
14, 779
27, 103
21,042
10, 844
14, 559
14, 520
26, 378
20, 589
2,844
2,883
r
79,622 ' 79,523
76, 650
6,276
3,299
10, 872
14, 423
r
76, 530
6,308
3,302
80,527 ' 82,064 ' 82,247 ' 82,156 ' 81 073' 79,749 ' 77,775
77, 485
6,687
3,727
11,218
78, 985
7,621
4,557
79,200
7,980
4,886
25, 654
19, 708
10, 825
14, 447
14, 325
25, 527
19, 618
14, 505
14, 469
25, 490
19,504
11, 179
14, 451
14, 339
26, 248
19, 710
11, 052
14, 469
14, 248
26, 373
2,972
2,993
3,042
3,079
79, 056
8,121
4,979
11,094
77, 976
7,618
4,602
19,108
14, 518
14, 199
25, 982
18, 705
11, 054
14, 323
14, 161
25 674
18, 562
3,047
3,100
3,097
' 1, 992 ' 1, 945 ' 1, 994 '1,977 ' 1, 954 ' 1, 970 ' 1, 992 '2,009 ' 1, 978
'r 43,090 ' 43,409 ' 44,026 ' 44,334
43, 409 ' 45,050 'r 44,474 ' 43,639 ••43,225
T
10, 737 'r 10,174 10,245 ' 10,336 10,420 10,375 ' 10,737 ' 10,730 ' 10,560
24, 389 25,955 ' 25,699 ' 24,954 ' 24,023 ' 24,088 ' 24,389 ' 25,299 ' 25,375
'2,033
' 44,080
' 10,639
' 25,404
14,815
14,311
5,316
11,225
8,796
5,472
5,416
21, 752
2, 338
2,337
4,098
3, 628
1, 678 2,187
6,244
6, 237
87, 320
84, 379
r
14, 505
14, 469
25, 490
19, 504
do
do
do
do
' 5, 316
r
10, 596
do
do
do
do
' 5, 315 ' 5, 481 ' 5, 314
' 80, 268 ' 83,105 ' 82,161 '81,018 ' 79,754 ' 79,199 ' 80,268 ' 81,837 ' 82, 745 ' 82,659 ' 81,713 ' 79, 432 ' 77,294
77,263 80, 230 79, 325 78, 155 76, 791 76,206 77,263 78,833 79, 720 79,583 78, 612 76, 356 74,211
2,875 2,836
2,863 2,963 2,993 3,005
3,004
3,005
3, 025
3,076 3,101 3,076
3,083
2,905
r
' 5, 258
87, 025
84, 120
14, 681
30, 055
23, 382
By market category:
Home goods apparel, consumer staples
Equip, and defense prod., inch auto
Construction materials and supplies
Other materials and supplies
Supplementary series :
Household durables
Defense products (old series)
Defense products (new series)
Producers' capital goods industries
' 5, 205 ' 5, 288
10,676 ' 10,777 ' 10,809 ' 10,690 ' 10,836 ' 10,872 ' 11,175 ' 11,303 ' 11,440
' 8, 954 ' 8, 552 '8,163 ' 8, 013
'5,068 ' 5, 652 ' 5, 762 ' 5, 228
'4,783 ' 4, 606 ' 5, 020 ' 4, 952
' 21,586 ' 21,341 ' 20,905 ' 20,050 ' 20,734 ' 21,265 ' 22,264 ' 21,864 ' 21,920 ' 21,448
do
do
do
do
do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft missiles, and parts
r
' 8, 707 'r 7, 877 ' 7, 523 ' 7, 828 ' 8, 021 ' 8, 352
' 4, 777 5, 243 ' 4, 447 ' 3, 484 ' 3, 322 ' 4, 546
' 4, 430 ' 4, 590 ' 4, 627 ' 4, 522 ' 4, 381 ' 4, 988
77, 613
74, 533
3,080
77, 592
76, 727
6,917
74, 748
4,040
6,049
3,235
10, 995
14, 277
10,909
25 244
18,044
14, 385
13, 925
24, 297
17, 369
10, 958
14, 322
14, 335
24, 462
17, 687
3 022
3,027
3,026
14,069
74, 566
5,255
2,412
' 2,042 ' 2, 140 ' 2, 048 2,113
' 43,821 ' 43,401 ' 42,525 42, 987
' 10 572' 10 522 ' 10,430 10, 593
'24 638 '23 686 ' 22,772 21, 899
' 1, 639 rr 1, 601 ' 1,634 ' 1,637 r r 1, 596 r 1, 608 r 1, 639 ' 1,648 ' 1 613' 1, 655 ' 1 653' 1 740' 1 672 1,737
26, 078 27,892 ' 27,638 ' 26,927 26,031 ' 25,985 ' 26,078 '26,171 ' 25,678 ' 25,182 ' 25 084' 24,497 ' 23,787 24, 342
19, 506 19, 936 19, 670 19, 554 19, 496 r 19, 475 r 19, 506 19, 769 20, 227 19, 920 19, 595 ' 19,122 ' 18,211 18, 383
' 22, 574 ' 23,074 ' 22,723 ' 22,390 ' 22,414 22,470 22,574 ' 22,891 ' 23,454 ' 23,492 ' 23 196' 23 186' 23 028 22, 917
r
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted
__
number
Seasonally adjusted©
do
274, 267
INDUSTRIAL AND COMMERCIAL
FAILURESd"
Failures, total
number
Commercial service
do
Construction ...
_
_ do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
do
9,154
1,159
1,590
1,493
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
thous. $
do
do
do
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns
4,070
842
266, 086
10, 748
1,392
1,687
2,035
4,650
984
22, 831
22,106
20, 241
22, 055
21, 501
22, 372
21, 452
21, 625
19, 178
22, 383
22, 699
22, 085
23, 372
22, 338
19, 698
20, 923
25, 752
23, 220
24, 389
22, 770
23,899
24 168
26, 063
24 500
916
126
123
191
398
78
910
131
160
157
382
80
906
111
118
199
391
87
941
114
149
185
419
74
939
126
133
174
414
92
869
114
112
176
372
95
905
134
140
167
380
84
860
107
141
170
361
81
1,042
989
126
159
167
440
97
912
139
134
171
385
83
935
137
118
199
410
71
156
154
196
444
92
786
106
109
156
340
75
1,142,113 1,887,754 251, 920 169, 587 232, 940 144, 773 119, 836 121, 723 168, 803 150, 903 224, 646 153, 796 249, 489 165, 840 147, 028
126, 537 298, 736 29, 155 63, 931 55, 678 19, 950
9,896 19, 963 26, 235 11,567 95,547 19, 252 46, 032 16, 122 39, 055
171, 717 231, 533 29,049 15, 169 15, 044 14,109 15 390 13, 662 39, 145 13, 582 18, 128 23, 788 23,881 24,406
8,593
406, 450 817,841 144, 516 44, 034 91, 431 67, 607 52, 624 45, 820 57, 073 76, 501 47, 949 53, 873 62, 175 85, 082 62, 851
265, 122 360, 603 30, 134 27, 434 54, 970 29, 410 29 809 25, 901 30, 785 30, 960 38, 132 41,368 104, 367 29,952 22, 523
172, 287 179, 041 19, 066 19, 019 15, 817 13, 697 12, 117 16, 377 15, 565 18, 293 24, 890 15,515 13, 034 10, 278 14,006
3
37. 3
343.8
46.8
47.4
50.0
45.9
50 8
44.5
43.3
41.8
43.9
42.9
42.8
44.3
39.6
264
224
263
177
192
170
270
231
292
178
199
171
284
237
317
182
201
172
282
242
353
178
201
170
282
244
351
188
199
171
286
251
351
192
199
174
257
614
284
614
288
258
347
196
205
176
329
614
286
250
331
202
195
165
288
614
295
623
317
352
315
345
316
339
314
334
401
128
317
339
323
347
401
129
403
130
409
134
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products t
1910-14=100..
Crops 9
do
Commercial vegetables
do
Cotton
_
do
Feed grains and hay
do
Food grains
do
Fruit
do
Tobacco
do
Livestock and products9
_
do
Dairy products
do
Meat animals
do
Poultry and eggs
do
Prices paid:
All commodities and services
do
Family living items
do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100
274
219
298
173
167
154
280
226
294
183
177
162
285
232
278
190
174
151
276
227
264
191
176
161
280
234
291
185
190
170
274
230
261
193
187
173
256
589
252
606
209
610
217
612
320
351
312
363
303
367
299
365
304
360
324
357
403
136
393
134
242
594
237
604
274
603
249
610
321
326
326
345
330
331
319
338
400
162
405
151
424
146
403
137
277
610
390
152
378
133
351
143
342
147
357
143
234
614
253
614
393
134
287
244
297
228
174
158
324
351
304
336
366
314
335
366
313
335
367
312
339
369
317
340
369
319
340
371
319
341
372
320
343
372
322
346
376
325
348
376
328
349
377
329
351
381
330
354
383
333
353
383
332
355
386
333
373
390
389
389
392
394
395
396
400
403
404
407
410
412
410
412
Parity ratio §__
do.
74
73
72
71
71
' Revised.
v Preliminary.
* Advance estimate;2 total mfrs. unfilled orders for July
1971 do not reflect revisions for selected components.
Based on unadjusted data.
t Revised for 1961-70 in Oct. 1970 and again in Aug. 1971 for 1966-71. The latter revision reflects:
Benchmarking to the levels of the Annual Survey of Mfrs. for each year 1966 to 1969; introduction
of a small number of other corrections; and development of new seas, factors. Re
vised data, seas, factors, and technical and analytic data appear in two special Census Buhttp://fraser.stlouisfed.org/
reau reports entitled Mfrs.' Shipments, Inventories, and Orders: Series M3-1.2 (data for
Federal Reserve Bank of St. Louis
270
231
280
187
184
175
70
70
70
70
70
70
66
69
68
68
70
1961-65) and Series M3-1.3 (data for 1966-71), available from the U.S. Government Printing
Office, Wash., D.C. 20402, priced $1.00 and $.70, respectively.
©See corresponding note
on p. S-6.
9 Includes data for items not shown separately.
cfCompiled by Dun &
Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
O Re visions for Jan. 1969Jan. 1970 will be shown later.
§ Ratio of prices received to prices paid (parity index).
\ Revisions back to Jan. 1966
are available from the Dept. of Agriculture, Statistical Reporting Service.
SURVEY OF CUEEENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1970
September 1971
1970
Annual
July
Aug.
Sept.
1S71
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
COMMODITY PRICES— Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes: J
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care
109.8
116.3
116.7
116.9
117.5
118.1
118.5
119.1
119.2
119.4
119.8
120.2
120.8
121.5
121.8
do
do
do
109.0
110.1
109.7
114.4
116.7
116.1
114.8
117.0
116,4
114.9
117.2
116.7
115.4
118.0
117. 2
116.0
118.9
117.9
116.3
119.6
118.3
116.8
120.2
118.8
117.0
120.3
118.9
117.4
120.4
119.1
118.0
120.6
119.4
118.6
120.9
119.8
119.2
121.6
120.4
119.8
122.2
121.1
120.0
122.4
121.4
do
do
do
do
do
-do
do
108.4
108.9
108.8
107.0
108.1
112.5
113.8
113.5
114.0
113.1
111.8
112.5
121.6
123.7
113.8
114.4
113.0
112.1
112.5
122.0
124.2
113.8
114.5
113.0
112.2
112.6
122.7
124.9
114.2
114.9
114.1
112.5
113.4
123.5
125.8
114.8
115.2
114.9
113. 9
114.5
124.1
126.5
115.1
115.3
115.4
114.7
115.1
124.9
127.3
115.6
115.6
115.7
115.2
115.5
125.6
128.0
115.4
115.4
115.3
115.2
115.2
126.3
128.7
115.5
115.7
115.4
115.0
115.2
126.6
129.0
116.1
116.4
115.7
115.2
115.5
126.6
128. 9
116.6
116.9
116.0
115.7
115.8
126.8
129.1
117.2
117.4
116.6
116.6
116.6
127.5
129.8
117.9
118.1
116.9
117.4
117.1
128. 2
130.6
118.1
118.3
116.7
117.5
117.0
128.8
131.2
108.9
110.8
106.7
109.3
110.8
113.3
105.7
116.0
103.6
105.6
102.8
109.0
111.5
107.2
106.5
104.4
103.1
112.7
110.3
113.4
109.3
108.7
114.9
116.5
111.8
113.4
118.9
123.6
110.1
128.5
107.6
110.1
107.3
113.4
116.1
112.7
111.1
107.6
104.3
128.5
116.2
120.6
113.2
113.4
115.8
117. 6
111.9
117.0
119.2
124.0
110.1
129.0
107.5
109.6
106.6
113.7
115.3
113.4
111.7
105.7
108.5
129.3
116.6
121.3
113.1
113.7
115.9
117.8
112.1
114.9
119.9
124.9
110.5
130. 0
108.0
110.1
107.3
113.9
115.4
112.7
111.0
105.5
106.3
129.4
117.2
122.0
113.7
114.2
115.7
117.0
112.5
111.5
120.6
125.9
110.9
131.3
108.4
111.4
1C7.6
114.2
117.2
113.0
111.2
105.1
104.9
131.2
117.7
122.6
114.0
114.7
115.5
116.1
113.1
110.0
121.2
126.5
111.4
131.9
109.2
112.5
108.8
114.5
118.2
115.2
113.4
110.8
1C7. 2
131.3
118.2
122.8
114.4
115. 2
114.9
114.3
113.5
109.4
121.9
127.1
111.8
132.5
110.7
113.9
109.9
115.1
119.0
116.0
114.2
112.5
108.8
132.5
118.7
123.4
114.5
116.0
115.3
113.7
113.6
110.6
122.6
127. 9
112.6
133.4
111.3
114.9
110.7
115.3
119.2
116.9
115.2
114.1
109.5
133.4
119.1
124.2
115.0
116.2
115. 5
113.1
113.9
109.6
122.7
128.0
112.9
133.4
112.1
116.7
111.5
115.4
117.6
117.5
115.8
115.4
107.0
133.9
119.8
124.9
115.3
117.3
115.9
113.6
114.0
112.6
122.6
127.3
113.6
132.3
113.1
117.2
112.8
115.9
118.1
117.5
115.8
115.2
105.5
134.4
120.2
125.8
115.4
117.5
117.0
115.6
114.2
116.0
122.4
126.7
113.9
131.2
113.8
117.4
113.3
116.4
118.6
117.8
115.9
114.3
106.8
136.0
120.6
126.8
115.8
117.7
117.8
115.7
114.6
120.0
122.5
126.5
114.4
130.9
114.1
117.3
113.9
117.0
119.1
118.1
116.2
113.8
109.8
136.4
121.2
127.5
116.3
118.4
118.2
115.8
115.1
121.4
123.2
127. 2
114.7
131.6
114.4
117.2
114.4
118.1
120.2
118.8
117.0
113.9
112.8
136.4
121. 6
128. 1
116. 5
118.9
119.2
117.4
115.7
125.1
124.0
128.3
115.2
133.0
114.6
117.4
114.6
118.7
120.1
119.6
117.6
113.9
114.1
139.0
122.1
128. 6
116.8
119.3
119.8
118.1
116.0
126.0
124.5
128.8
115.4
133.5
115.5
117.5
114.7
118.9
119.3
119.5
117.4
113.8
113.5
139.0
122.6
129.3
117.1
119.8
1967=100
.
Commodities
Nondurables
Nondurables less food
Durables 9
Commodities less food
Services
. .
Services less rent
Food 9
.
d
o
Meats, poultry, a n d f i s h . _ _ _
do _
Dairy products
do
Fruits and vegetables
_
do
Housing.
_
_do
Shelter9
do
Rent
do
Homeownership
_ do
Fuel and utilities 9
___
_. do
Fuel oil and coal
_ do
Gas and electricity
do
Household furnishings and operation do __
Apparel and upkeep _ _ ._
do_ __
Transportation
do
Private
_ ___
_ _ _ _ _ _ do
New cars
do.. .
Used cars
do
Public.
do_
Health and recreation 9
__do_ __
Medical care
do
Personal care
__do_ _
Reading and recreation
do
WHOLESALE PRICESa"1
-
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities :J
22 Commodities
...
. .1967=100
9 Foodstuffs
. do _
13 Raw industrials
do
1
110. 3
1
108. 9
1111.4
i 113. 4
i 112. 6
i 113. 8
112.9
113.6
112.4
112.9
115.3
111.2
112.0
114.3
110.5
110. 9
113.0
109.5
109.2
109.7
108.8
107.2
108.3
106.4
107.1
108. 9
105.9
109.9
113.7
107.2
109.3
111.6
107.8
109.7
109.0
110.2
108. 8
109. 1
108.6
108.1
111.1
106.1
108.3
113.8
104.7
108.3
111.3
106. 1
do
106.5
110.4
110.9
110.5
111.0
111.0
110.9
111.0
111.8
112. 8
113.0
113.3
113.8
114.3
114.6
114. 9
do
do
do _
do
do
108.3
105.9
106.6
106.5
106.9
112.2
109.8
110.4
109.9
111.9
114.3
110.2
110.6
110.3
111.6
111.3
110.4
110.1
109.5
111.9
113.0
110.6
110.8
110.4
112.3
111.3
110.9
110.9
110.1
113.8
108.7
110.9
111.4
110.5
114.2
108.6
111.0
111.5
110.5
115.1
110.7
111.5
112.2
111.3
115.6
115.9
111.8
112.8
112.0
115.9
114.3
112.6
112.9
112.1
116.0
115.2
113.1
112.9
112.0
116.1
115.8
113.6
113.5
112.7
116.3
116.9
114.0
113.8
113.1
116.5
116.6
114.8
113.8
113.0
116.8
115.2
115.6
114.1
113.3
117.1
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures __
Nondurable manufactures
do
do
do
do
do
107.9
105.3
106.2
107.7
104.6
112.4
108.9
110.2
112.0
108.2
112.5
109.6
110.6
112.2
108.7
112.6
108.8
110.6
112.3
108.6
112.8
109.6
110.8
112.5
108.8
113.8
108.9
111.2
113.6
108.6
113.7
108.8
111.2
113.6
108.6
113.8
108.9
111.2
113.8
108.5
114. 5
109.7
111.8
114.4
109.1
115.0
111.1
112.4
114.9
109.8
115. 5
111.1
112.7
115.5
109.9
116.1
111.2
113.0
116.1
109.9
116.5
111.8
113.5
116.5
110.5
116.7
112.5
113.8
116.7
110.8
117.5
112.4
114.5
117.5
111.4
118.4
112.4
114.9
118.5
111.2
Farm prod., processed foods and feeds
do
107.9
111.6
113.4
111.2
112.6
110.3
109.9
109.3
110.7
113.6
113.4
113.3
114.3
115. 4
115.0
114.6
Farm products 9
__
do
Fruits and vegetables, fresh and dried-do
Grains.
do
Live poultry
___
__ _ _ d o
Livestock .
do
108.8
109.3
90.3
109.6
117.0
111.0
111.6
98.8
99.6
116.7
113.4
110.8
96.7
100.0
124.8
108.5
98.0
96.7
94.6
117.3
112.1
111.6
109.0
99.8
113.6
107.8
100.8
104.1
93.4
110.6
107.0
107.7
104.2
95.2
101.2
107.1
111.3
108.0
80.5
99.5
108. 9
115.7
111.0
96.3
102. 2
113.9
118.3
111.7
100.0
118.9
113.0
125.3
108.4
100.1
114.9
113.0
120.8
106.8
99.5
116.9
114.0
127.5
107.2
101.3
119.0
116.0
136.1
109.4
108.1
118.9
113.4
109.3
102.5
121. 1
121.3
113.2
115.9
92.8
100.8
121.3
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed.
Meats, poultry, andfish_ .
107.3
106.0
102.6
108.2
107.9
113.8
112.0
112.9
107.6
111.2
110.4
115.8
113.3
113.1
107.4
111.3
110.9
120.3
112.9
113.7
108.0
111. 7
111.6
116.7
113.0
114.1
109.2
111.4
112.0
115.1
111.8
114.5
109.9
112.0
111.1
110.9
111.7
114.7
110.6
112.2
111.6
108.8
110.7
114.3
110.9
112.8
111.0
104.3
111.8
115.0
111.0
112. 8
111.2
108.6
113.3
115.2
111.1
112.3
111.5
115.2
113.7
115.3
111.5
115.0
111.9
112.9
113.5
115.6
111.5
115.5
113.0
113.3
114.5
115.7
111.5
116.2
114.0
116.4
114.9
115.7
111.5
116.1
115.4
116.7
116.0
115.9
111.5
116.2
115.9
119.6
115.4
116.1
111.4
115.4
116.2
117.7
All commodities t
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goods 0
Consumer finished goods
Producer finished goods
do
do _ .
do
do
__do __
..do
__
106.0
110.0
110.0
110.2
110.4
111.3
111.3
111.7
112.2
112.5
112.8
113.3
113.7
113.9
114.5
115.1
Chemicals arid allied products 9
Agric. chemicals and chem. prod. _
Chemicals, industrial..
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint
do
do. .
do
do
do
do
99.9
86.7
100.3
99.8
109.1
109.1
102.2
88.4
100.9
101.1
133.3
112.4
102.5
87.8
101.4
101.1
132.5
112.4
102.7
88.4
101.2
101.6
137.8
112.4
102.5
89.0
101.3
100.9
127.9
112.4
103.0
89.5
101.5
101.2
144.4
112.7
103.3
89.5
101.5
101.6
151.5
112.7
103.3
89.4
101.4
101.8
150.9
112.8
103.8
91.7
101.8
101.9
133.7
114.5
104.2
92.6
101.9
102.4
142.6
114.5
104.5
93.9
102.2
102.6
144.3
115.1
104.5
94.1
101.9
102.0
143.0
115.9
104.3
93.8
101.5
101.9
138.8
115.9
104.4
94.1
102.2
102.3
132.0
115.9
104.4
93.4
102.4
102.6
130.8
115.9
104.3
91.0
102.4
102.7
134.2
115.9
Fuels and related prod., and power 9
Coal
Electric power.
_
__
Gas fuels
Petroleum products, refined
do
do
do _.
do
_ . do
101.0
112.5
102.0
93.1
99.6
105.9
150.0
104.8
103.3
101.1
105.1
150.5
104.1
102.5
100.2
105.8
152.8
104.8
102.6
100.9
107.1
160.0
105.4
106.9
101.6
108.7
175.2
107.2
107.0
101.6
109.7
175.8
108.2
106.5
103.1
112.8
175.8
108.7
107.5
107.5
113.5
176.0
109.8
109.3
107.9
113.0
176.0
110.2
108.1
106.9
112.8
176.0
111.1
109.4
105.9
113.0
184.0
112.3
105.9
105.3
114.2
182.8
112.6
106.9
107.4
114.4
182.5
113.0
107.5
107.4
114.4
182.9
113.5
107.7
107.2
114.8
182.9
115.3
107.2
107.3
107.6
104.9
107.7
107.8
Furniture and household durables 9
do
107.5
105.2
105.4
105.3
103.1
105.3
Appliances, household
do
112.1
108.3
112.0
111.9
Furniture, household _ _
do ..
111.6
93.5
93.5
94.7
93.5
93.6
Home electronic equipment _
do
••Revised.
v Preliminary.
i Computed by QBE.
9 Includes data fc>r items not
shown separately.
dTor actual wholesale prices (}f individilal comm 3dit.es, »3e respect ive
108.0
105.9
112.1
93.7
108.4
106.1
112.4
94.2
108.7
106.4
112.7
94.2
109.3
107.0
112.9
94.4
109.7
107.1
113.9
94.2
109.6
107.0
114.0
93.7
109.7
107.1
114.1
93.7
109.9
107.1
115.0
93.7
109.8
107.1
115.2
93.6
110. 0
107.0
115.3
93.9
110.2
107.4
115.5
94.0
Industrial commodities
do
comm odities.
tNew referenc e base; c omparab le data for earlie r period s will be shown
later.
OGo Dds to uj>ers, incl . raw fo()ds and fuels.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-9
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
COMMODITY PRICES—Continued
WHOLESALE PRICESd*— Continued
(U.S. Department of Labor Indexes— Continued')
All commodities^— Continued
Industrial commodities— Continued
Hides, skins, and leather products 9
1967=100..
Footwear
_
do
Hides and skins
do
Leather
do
Lumber and wood products
do
Lumber
do
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals.
do
do _.
do
do
do...-do
do
do _
do
108.6
109.1
124.1
108.7
125.2
131.5
110.1
113.0
104.4
107.7
113.7
113.7
109.8
112.9
96.4
108.6
113.5
112.4
109.8
112.9
98.5
107.8
114.0
113.5
109.9
113.7
99.6
105.9
114.2
114.5
110.4
113.8
103.2
107.1
113.1
113.8
110.9
113.8
109.2
107.3
111.9
112.2
110.4
113.9
101.9
107.3
111.1
111.1
111.7
116,0
98.9
108.2
112.2
113.0
112.4
116.3
105.3
108.7
117.5
120.3
112.5
116.5
105.5
108.6
123.4
129.0
114.0
116.6
121.1
111.0
124.6
131.5
114.4
116.7
121.4
113.0
124.9
132.8
114.2
116.8
114.0
114.4
126.1
134.4
114.2
116.8
114.0
114.4
130.6
142.5
114.4
117.1
114.6
114.4
134.6
146.7
106.4
108.5
110.0
102.9
107. 8
111.4
113.0
115.5
106.4
114.0
111.5
112.3
114.6
106.7
114.9
111.6
112.4
114.9
106.9
1113
112.1
113.1
115.4
107.5
114.3
112.7
114.0
117.7
107.6
114.6
113.1
115.2
118.9
107.9
114.7
113. 8
116.3
119.6
108.2
115.1
114.2
116.3
120.2
108.8
115.2
114.6
116.8
120. 5
109.3
116.0
114.9
116.5
120.8
109.7
116.0
115.0
116,7
120.9
109.5
116.6
115.3
116.6
121.1
109.4
117.4
115.5
116.9
121.2
109.4
117.9
115.7
117.4
121.6
109.5
117.7
116.1
117.5
121.9
109.9
118.1
108.5
105.3
107.1
113.6
116.7
110.6
115.1
125.0
117.7
111.4
116.2
126.2
117.5
111.5
116.1
125.0
117.4
112.0
116.7
122.7
117.7
112.8
117.4
122.0
116.8
112.8
116.5
119.4
116.2
112.7
116.5
116.7
116.5
113.6
117.6
115.4
116.4
114.1
118.0
114.2
116. 5
114.5
118.2
113. 7
117.8
114.7
118.4
117.2
118.5
115.1
120.1
117.2
118.5
115.2
120.3
116.4
119.4
115.9
121.9
116.9
121.1
116.8
125.3
117.1
Nonmetallic mineral products 9
do
Clay prod., structural, excl. refractories
do
Concrete products. _
do__ _
Gypsum products
do
Pulp, paper, and allied products
do
Paper
do
Rubber and plastics products!
..do
Tires and tubes _
do
108.1
113.3
113.2
113.6
113.8
114.2
114. 6
115.1
118.8
119.0
120.9
121.6
121.8
122.2
123.3
124.2
106.0
106.5
103.5
104.2
106.0
105.4
102.3
109.8
112.2
100.0
108.2
111.0
108.6
109.0
109.9
112.2
98.0
108.4
110.8
109.0
112.0
109.9
112.8
101.8
108.2
111.4
109.7
112.0
110.5
113.6
96.5
108.3
111.5
109.4
112.0
110.7
113.7
97.1
108.9
111.9
109.5
112.0
110.9
113.9
96,0
108.7
112.1
109.1
112.0
111.3
114.5
95.1
108.5
112.1
109.4
112.0
111.4
117.1
97.0
109.0
112.6
108.4
107.5
112.7
117.6
97.9
109.3
112.7
109.1
107.5
113.6
118.5
98.9
109.3
113.1
109.1
107.5
114.5
119.4
101.0
109.6
114.3
109.0
107.5
114.5
119.6
101.2
109.9
114.2
108.7
107.5
114.5
120.1
104.0
110.2
114.3
108.7
107.5
114.5
121.5
112.7
110.5
114.6
109.7
111.2
114.9
122.8
114.3
110.6
114.7
109.8
111.4
Textile products and apparel 9
Apparel
__ .
Cotton products
Manmade fiber textile products
Silk yarns
Wool products
-
do
__do
do
_ do__ _
do
do
105.9
107.2
104.5
106.6
98.7
101.3
107.2
111.0
105.6
102.1
114.3
99.4
107.1
110.9
105.1
102.2
116.9
99.3
107.4
111.4
105.6
101.7
116.9
99.1
107.5
112.0
105.7
100.7
112.3
98.7
107.3
112.3
106.0
99.1
112.4
97.7
107.1
112.4
106.2
98.0
110.5
97.7
106.7
111.9
106.9
97.5
111.2
96.8
106.9
112.3
107.1
97.2
(0
96.2
106.7
112.0
107.5
97.4
(l)
95.4
106.9
112.2
107.8
97.6
(0
94.5
107.5
112.2
108.9
98.6
0)
94.4
107.8
112.2
109.6
99.7
0)
93.5
108.5
112.3
110.9
101.4
0)
93.4
109.2
113.3
111.9
101.9
0)
92.6
109.7
113.6
112.5
103.1
Transportation equipment 9 ---Dec. 1968=100Motor vehicles and equip.
1967=100.Miscellaneous products 9
do
Toys, sporting goods, etc .
do. ..
Tobacco products
. __
..do
100.7
104.7
104.9
105.2
107.0
104.5
108.5
109.9
109.4
114.0
103.2
107.0
111.1
109.5
116.7
103.3
107.1
111.2
109.8
116.7
103.6
107.3
111.5
110.1
117.0
108.2
112.5
111.6
110.6
117.0
108.5
112.8
111.8
110.4
117.0
108.9
113.4
111.9
110.5
117.0
109.5
113.9
112.3
111.7
116.8
109.7
114.1
112.6
112.3
116.9
109.5
113.8
112.8
113.1
116.9
109.7
114.1
112.7
112.5
116.5
109.8
114.2
112.5
112.4
116.5
110.0
114.4
112.6
112.6
116.5
110.3
114.7
112.8
112.6
116.6
110.5
114.9
113.0
112.6
116.8
$0. 939
.911
$0.906
.860
$0. 902
.857
$0. 905
.855
$0. 901
.851
$0. 901
.847
$0. 902
.844
$0. 901
.840
$0. 894
.839
$0.887
.838
$0. 885
.835
$0. 883
.832
$0. 879
.828
$0. 875
.823
$0. 873
.821
$0. 870
0)
92.7
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices}
Consumer prices t
1967=$!. 00. _
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total
Private, total 9
Residential (nonfarm)
New housing units
_
mil. $_.
90, 866
91, 266
8,307
8,584
8,507
8,397
8,245
7,689
6,725
6,559
7,282
8,220
'8,944 '9,584
9,767
do
_ .do. __
do
62, 806
30, 603
23, 689
63,079
29, 273
21, 914
5,581
2,650
1,990
5,737
2,707
2,075
5,813
2,721
2,093
5, 876
2,747
2,098
5,710
2,735
2,101
5,505
2,627
2, 053
4,787
2,334
1,856
4,547
2,159
1, 725
5,113
2,492
1,996
5,830 '6,285 '6,827
2,926 ' 3, 311 ' 3, 652
2,359 ' 2, 674 ' 2, 958
6,904
3,856
3,094
22, 033
6, 373
10, 136
22,292
5,930
10, 521
1,898
519
874
1,983
543
922
2,010
531
964
1,998
528
964
1,881
498
896
1,840
480
892
1,637
402
786
1,574
387
771
1,706
406
865
1,914
440
970
1,970 '2,109
440
'408
1,030 '1,048
1,982
388
1,078
2,172
Nonresidential buildings, except farm and public utilities total 9
mil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public total 9
5
Building ? (excluding military) 9
Industrial
Military facilities
Highways and streets
266
276
281
285
282
187
207
267
278
do
28, 187
2,847
2,694
2,521
2,535
2,184
1,938
2,012
2,169
2,390
do
do
11, 226
1,047
512
10, 657
1,105
496
893
87
24
984
86
42
926
93
47
814
46
45
988
106
36
900
141
50
831
88
44
859
92
37
843
98
42
948
106
51
1,011
97
56
962
104
'55
do
do
945
9,276
791
9,989
50
1,144
82
1,134
76
1,061
81
984
68
849
63
686
66
555
57
604
61
711
63
780
73
957
75
1,118
82
do
Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities total 9
bil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
do
2,659 ' 2, 757
2,863
34
89.1
90.0
91.0
92.3
92.9
99.1
99.7
102.0
102.2
103.9
103.9 ' 104.8
104.1
60.7
61.5
62.7
64.5
64.5
67.0
69.7
70.3
72.1
74.2
'74.3
'75.6
74.3
27.0
27.5
28.8
30.5
31.8
33.4
34.2
35.1
36.8
38.1
38.9
'39.0
39.3
21.9
5.9
10.0
22.4
6.2
10.2
21.8
5.7
10.4
21.8
6.0
10.2
20.6
5.8
9.3
21.5
5.4
10.4
23.5
5.9
11.6
23.2
5.6
11.8
23.1
5.2
12.2
23.8
5.5
12.2
23.3
5.2
12.2
'24.6
4.6
'13.5
22.8
4.4
12.4
3.3
3.0
3.3
3.2
3.2
3.1
2.9
2.9
3.2
3.4
3.0
3.0
28.4
28.5
28.3
27.9
28.3
32.2
30.1
31.7
30.0
29.6
29.6
'29.3
10.5
.9
.5
.7
10.0
10.4
11.1
10.4
11.6
10.4
11.4
10.5
12.3
11.3
1.2
1.2
1.2
.9
.8
1.2
.9
c 1.8
1.3
.6
.~5~
.6
.6
.5
.5
.4
.6
.5
.5
1.0
.9
.8
.8
.9
.9
.7
1.0
.9
.8
11.2
10.2
10.1
12.4
11.6
10.2
9.7
10.9
11.8
§ Beginning Jan. 1970, retitled to read "rubber and plastics products" to cover the direct
pricing of plastic construction products; continuity of the group index is not affected.
10.4
Buildings (excluding military) 9
do
1.0
Housing and redevelopment
do
.4
Industrial
do
.6
Military facilities
do
10.0
Highways and streets
do
' Revised.
* Preliminary.
1 Series discontinued.
° Corrected
cfSee corresponding note on p. S-8.
JSee corresponding note on p. S-8.
data for items not shown separately.
279
275
2,726
New construction (seasonally adjusted at annual
rates) total
bil $
Private, total 9
254
2,952
28,060
10.5
1.0
.6
.8
9.8
9 Includes
29.8
SURVEY OF CURRENT BUSINESS
S-10
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
| 1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts In 50 States (F. W. Dodge
Division, McGraw-Hill): 0
Valuation total
mil. $
67,446
67, 097
6,187
6,310
5,466
5,508
5,181
5,017
4,383
4,993
6,386
7,743
7,555
8,077
Index (mo. data seas. adj.)d"
1967=100..
i 124
U23
116
135
118
115
130
132
117
126
142
161
141
147
151
Public ownership
Private ownership
By type of building:
Nonresidential »_
Residential
Non-building construction .
New construction planning
(Engineering News-Record) O
mil. $__
__do
22, 687
44,759
23, 188
43, 909
r 2, 305
r 3, 882
2,181
4,129
1,889
3,577
1,903
3,604
1,790
3,390
1,734
3,283
1,464
2,919
1,578
3,415
1,722
4,664
2,074
5,669
2,065
5,489
2,795
5,281
2,683
4,987
do
do
do
25, 641
25, 261
16, 545
24, 180
24, 428
18, 489
«• 2, 477
'2,363
'1,347
2,357
2,379
1,575
1,965
2,198
1,303
1,889
2,319
1,299
1,715
1,961
1,504
1,716
2,062
1,239
1,711
1,631
1,041
1,654
1,818
1,521
2,199
2,729
1,458
2,080
3,168
2,495
2,264
3,310
1,981
2,800
3,485
1,792
2,621
3,357
1,691
do
57, 164
66, 937
5,248
4,829
4,303
7,555
7,013
6,023
4,682
5,481
5,245
4,580
5,502
2,837
4,725
1, 467. 0
1, 033. 2
1, 433. 6
812.9
143.4
103.4
140.8
75.5
131.6
93.4
128.7
77.3
133.4
89.2
130.9
76.0
143.4
99.7
140.9
79.4
128.3
91.0
129.6
67.4
123.9
89.5
121.4
69.0
114.8
85.9
110.6
54.9
104.6
77.5
102.2
58.3
169.3
123.6
167.9
91.6
203.6
147.3
201.1
116.0
203.5
144. 3
198.5
115.6
196.8
136.9
193.2
116.9
1,603
827
1,425
838
1,509
881
1,583
890
1,693
934
2,054
1,240
1,725
946
1,754
985
1, 959
1,048
1,912
1,098
1,975
1,124
2,000
1,177
'T 2, 215 2,228
1, 178
1,221
' 2, 052 2,008
'960
916
7,670
3,828
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures.
thous.. 1, 499. 6
1, 096. 5
do
1, 466. 8
do__
810.6
-do
Seasonally adjusted at annual rates:
Total privately owned
do .
r
r 195. 9
202.9
148.6
' 193. 2 201.4
' 106. 9 112.5
r 145. 6
New private housing units authorized by building
permits (13,000 permit-issuing places) :J
Monthly data are seas. adj. at annual rates:
Total
thous..
One-family structures
do
1,322
625
1,341
642
1,309
638
1,378
676
1,388
679
1,523
697
1,487
703
1,768
876
1,635
806
1,563
760
1,627
796
1,638
833
1,927
921
1,849
914
Manufacturers' shipments of mobile homes:*
Unadjusted
do
412.7
401.2
37.1
436
38.4
410
41.4
431
40.8
427
30.5
421
27.0
401
24.5
395
28.4
404
35.6
419
42.8
478
40.9
473
47.3
490
45.2
531
142
152
153
155
156
156
157
157
157
157
159
160
161
163
166
1,050
1,158
1,116
1,054
1,021
1,132
1,254
1,202
1,088
1,116
1,150
1,261
1,226
1,106
1,138
1,158
1,263
1,229
1,110
1,140
1,158
1,268
1,229
1,110
1,140
1,167
1,268
1,229
1,111
1,140
1,177
1,323
1,233
1,126
1,147
1, 185
1,323
1,233
1,128
1,147
1,190
1,323
1,291
1,138
1,153
1,194
1,364
1,291
1,142
1,153
1,211
1,393
1,305
1,163
1,168
1,218
1,393
1,305
1,168
1,168
1,241
1,257
1,286
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1957-59=100..
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St Louis
1913= 100. .
do
do
do
do
Associated General Contractors of America, Inc.,
The (building only)
1957-59=100..
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings.._1957-59=100. .
Commercial and factory buildings
_ do
Residences
.. . __ ._
do
1
Engineering News-Record: d
Building
1967-100
Construction
. do .
150
166
168
171
172
176
179
181
183
184
184
186
188
193
197
151.8
149.1
148.0
162.7
160.3
155.9
163.8
161.9
157.5
164.1
162.1
157.8
167.7
165.2
159.3
168.1
165.3
159.6
169.2
166.5
160.6
169.9
167.2
160.7
170.9
167.8
161.0
171.2
167.9
161.3
172.5
169.6
163.6
174.2
169.8
165.2
173.5
171.5
165.2
174.2
171.9
166.0
178.5
176.1
172.8
117.7
118.7
124.4
128.9
126.3
132.1
126.7
132.5
127.6
132.9
128.4
133.9
129.0
135.0
128.9
135.0
130.2
136. 9
130.6
137.0
134.4
139.6
136.2
141.2
138.8
144.2
140.6
147.2
Federal Highway A dm.— Highway construction:
Composite (avg. for year or qtr.) cf--- 1967 =100. __
111.8
125.6
130.2
134 0
198
' 141. 9 2 143. 4
148.3 ' 2 150. 8
133.4
124 1
CONSTRUCTION MATERIALS
Output index: J
Composite, unadjusted 9
Seasonally adjusted
1947-49=100..
do
Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted
do
do
do
166.2
176.8
184.0
174.7
158.9
172.9
166.0
173.0
153.0
146.8
154.2
r
145. 7
156.1
103.4
146.2
169.4
116.1
183.4
198.3
169.3
194.7
195.4
216.5
196.2
176.0
225.9
33.4
474
10.4
149
24.1
371
12.0
190
27.3
350
12.5
174
36.6
336
17.9
183
35.1
347
19.9
210
32.4
374
19.0
218
35.3
37.0
23.5
257
31.4
383
21.0
228
769. 79
318.97
751. 18
317. 70
771. 56
298. 85
734. 61
299. 69
849. 48
307. 20
759. 52
351. 49
793. 73
417. 95
951. 62
523. 36
983. 62
563. 32
7,241
167.8
164.5
204.2
166.4
161.8
194.3
183.7
165.1
253.4
175.8
167.2
249.1
168.0
170.3
228.2
166.3
176.7
234.1
141.5
152.7
178.6
152.5
153.0
158.2
184.9
299.1
138.2
143.7
26.2
297
12.7
126
27.3
327
13.2
152
28.9
337
12.0
139
27.6
326
14.3
168
23.4
345
11.1
157
7, 120. 63 8, 113. 73
4, 073. 86 3,442.90
705. 61
297. 73
751. 81
306. 24
788. 61
325. 77
867. 76
340. 56
REAL ESTATE
Mortgage applications for new home construction:
FHA net applications!
thous units
Seasonally adjusted annual rates!
do
Requests for VA appraisals
do
Seasonally adjusted annual rates!
do
Home mortgages insured or guaranteed byFed Hous A dm * Face amount
mil $
Vet. A dm,: Face amount §
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
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 t
Fire losses (on bldgs., contents, etc.)
number
10, 615
10, 373
10, 446
10, 524
10, 539
10, 524
10, 615
10, 326
9,926
9.690
8,269
7,268
21, 847
21, 387
2,080
2,111
2,183
2,127
1,972
2,474
1,667
1,887
2,795
3,168
3,438 ' 4, 301
4,023
4,757
11, 244
5,836
4,150
10, 239
6,998
393
1,071
616
369
1,147
595
388
1,100
695
406
1,032
689
355
919
698
416
968
1,090
307
752
608
521
1,143
1,131
597
1,306
1,265
620
'718
1,451 '2,109
1,367 r 1, 474
649
2,039
1,335
189. 44
175. 36
95, 856 ' 101, 070
mil. $_. 1, 952. 02 2, 263. 92
8,672
8,557
8,431
8,809
8,353
9,069
8,975
8,774
10, 351
177. 85
200.93
176. 27
185. 67
158. 49
224. 02
200. 66
202. 26
221. 54
r
Revised.
p Preliminary.
1 Computed from cumulative valuation total. 2 index
as of Septemberl, 1971:Building, 147.4;construction, 153.7.
ODatafor Jan., Apr., July, Oct.,
and Dec. 1970 are for 5 weeks; other months, 4 weeks.
*New series. Data from Mobile
Home Manufacturers' Association; seasonally adjusted annual rates calculated by Bu.
of the Census.
©Data for all periods shown here are on a 50-State basis.
cTNew Base;
comparable data for earlier periods will be shown later.
JRevisions for Jan. 1967-Oct. 1970
7,338 i
9,289
346
818
723
194. 02
195. 50
P20.0
*21.9
for permits, for 1961-68 for FHA applications, and for 1961-Feb. 1969 for requests for VA
appraisals (seas. adj. annual rates) will be shown later. Revisions for 1964-68 for construction
materials output indexes appear in the Dec. 1969 issue of Construction Review (BDC).
t Re vised series.
9 Includes data for items not shown separately. § D ata include guaranteed direct loans sold.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
S-ll
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
DOMESTIC THADE
ADVERTISING
Marketing/Communications
seasonally adjusted :f
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
199
249
318
165
127
204
247
333
170
134
202
250
330
165
129
190
230
313
163
117
199
245
319
163
133
201
252
325
156
137
197
229
335
165
128
188
213
284
172
132
190
217
286
177
130
190
221
290
170
131
198
237
290
168
145
202
241
309
179
134
1,245.3
60.6
114.4
26.5
158.7
101.5
1, 192. 7
50.8
96.5
21.0
156.6
99.5
70.7
71.0
102.6
123.7
120.6
95.9
69.8
92.8
109.7
115.8
128.2
11.6
11.7
12.9
11.5
10.5
101.8
76.5
60.0
15.7
48.2
481.4
98.1
71.2
43.9
16.3
64.7
474.0
6.3
4.2
2.8
1.0
4.5
4.3
3.3
3.0
1.0
5.7
25.0
26.9
1957-59=100
__do
-- do .._
-do
do
Magazine advertising (general and natl. farm magazines):
Cost total
.
mil. $
Apparel and accessories
do
Automotive, incl. accessories
do
Building materials
-_ do
Drugs and toiletries
do
Foods, soft drinks, confectionery
do
Beer, wine, liquors..
do
Household equip., supplies, furnishings.. do
Industrial materials
_ _ _do
Soaps, cleansers, etc
.
do
Smoking materials
do
Allother
. .
..do
1.1
5.9
.8
7.6
4.7
4.9
1.2
5.5
5.9
7.8
7.1
2.0
11.4
13.4
6.5
14.9
10.5
14.4
11.2
12.3
7.0
6.6
3.9
1.2
6.2
9.9
9.2
4.0
1.8
6.5
11.7
15.1
40.9
47.3
49.3
2.3
4.3
8.5
1.6
8.2
3.4
1.7
6.4
2.8
5.1
1.0
9.2
4.8
2.3
1.1
6 6
35.6
Newspaper advertising expenditures (64 cities) : ©
Total*
mil. $
Automotive
do
Classified
do
Financial
do
General
-do
Retail
do
1.9
6.4
.6
9.4
4.3
2.6
2.4
2.4
.9
8.1
30.8
3.2
9.3
1.1
12.9
9.0
3.6
3.2
2.2
1.3
9.8
4.7
5.8
4.2
104.2
77 5
15
2.2
9.7
1.6
6.7
g
1.7
2.4
2.8
14.0
14.2
15.3
8.6
9.7
14.6
11 1
8 2
7.2
7.3
2.9
1.6
8.8
8.2
3.5
2.0
8.9
4.8
3.1
1.4
11.5
49.3
10.8
37.8
5 5
36
2 0
15
9 5
26 9
9.1
5.7
5.8
2.6
1.9
37.2
10.0
42.5
10 3
43.9
9.2
227.7
6.7
55.4
10.2
31.9
123.5
WHOLESALE TRADE
236, 708
109, 578
127, 130
246, 643
111, 778
134, 865
20,972
9,699
11,272
20, 623
9,437
11, 186
21,410
9,794
11,616
21 757
9,863
11,894
20, 704
9,121
11, 583
21 404
9,095
12,308
19, 181
8,271
10,910
19,200
8,502
10,698
22,507
10, 085
12, 422
22002
10201
11,801
22 053 r 23 684 22 274
10, 261 '11 233 10* 365
11, 792 ' 12, 451 11 909
24, 365
14, 376
9,989
26,622
15, 318
11,304
25,092
15,135
9,957
25,295
15,246
10, 049
25, 579
15, 197
10, 382
26,272
15,328
10,944
26, 627
15, 322
11, 305
26,622
15,318
11,304
26, 716
15, 432
11, 284
26,755
15,671
11,083
26, 873
15,814
11, 060
27,099
16 215
10*884
27, 114 ' 27, 308
16 265 '16 420
10, 848 r!0 888
27 556
16 724
10 832
All retail stores:
Estimated sales (unadj.), total .
mil. $
351, 633
Durable goods stores 9
do
112, 779
Automotive group
do __ 66, 911
Passenger car, other auto, dealers
do
62, 048
Tire, battery, accessory dealers _ do
4,863
364, 571
109, 694
62,847
57, 737
5,110
31, 143
9,959
5,860
5,389
30, 404
9,229
5,178
4,739
29, 739
9,039
4,986
4,573
31,849
9 539
5,293
4,840
30, 218
8,234
4,291
3,847
27, 902
8,070
4,859
4,485
444
31, 131
10, 260
6,529
6,085
496
374
26, 835
8,443
5,268
4,913
453
37,620
9,306
4,399
3,903
33 050
10 747
6*737
6,209
33 224 '34 327
10795 r 11 690
6 640 '7 193
6,125 r 6, 620
515
'573
33 817
11 042
6 657
6*116
16 719
10 439
5,223
16, 817
10,393
5,226
1,395
1,392
1,377
1 459
1 464
1,817
1,049
1,280
1,236
1 381
1 345
r 1 480
r 896
1 457
14, 562
11, 278
3,284
238 854
20 158
4,761
7,606
3 505
14, 535
11,315
3, 220
254, 877
20, 396
4,683
7,710
3,619
1,381
1,079
21, 184
1,500
863
849
ggQ
955
116
12, 750
27, 872
81, 466
76, 071
26,504
1,031
2,554
7,112
6,639
2,414
58 615
62, 867
4,790
5,060
53 083
36 411
3,519
6 548
7 403
56,852
38, 558
3, 834
7,056
8,060
4,323
2,919
4 569
3,069
Merchant wholesalers sales (unadj.), total, mil. $
Durable goods establishments
do
Nondurable goods establishments
do
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $_.
Durable goods establishments
do
Nondurable goods establishments
do _ _
RETAIL TRADE
Furniture and appliance group 9
do
Furniture, homefurnishings stores., .do _
Household appliance, TV, radio
do _.
Lumber, building, hardware group
do
Lumber, bldg. materials dealers cf. do
Hardware stores
do .
Nondurable goods stores 9
do
Apparel group
__ do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
..do
Drug and proprietary stores
Eating and drinking places.
Food group
Grocery stores. .
Gasoline service stations
do
.do
do
do
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores _
do
Estimated sales (seas, adj.), total
do
11
25
75
70
25
471
854
450
302
344
566
263
278
532
697
439
870
429
1,365
1,086
279
21, 175
1,625
413
856
420
912
447
1,319
1,051
1,362
1,076
1,210
268
286
938
272
20 700
1,653
22 310
1 820
21 984
1,841
405
696
335
434
698
315
1 079
2 465
7 227
6 775
2 241
5,046
4 549
3 099
335
608
319
353
621
336
1,047
2,612
6,859
6,387
2,275
1,047
2,431
6 665
6 215
2 141
298
565
687
936
434
304
555
648
Revised.
i Data are for Jan. 1970.
fRevised series; not comparable with previously published indexes. Revisions for Jan.Mar. 1970 are as follows: Combined index—196; 192; 197; television (network)—252; 238; 248;
spot TV—306; 301; 304; magazines—165; 166; 171; newspapers—122; 121; 122 (no comparable
data prior to Jan. 1970 are available).
© Source: Media Records, Inc., 64-City Newspaper Advertising Trend Chart.
* New
'1 073
'2
580
T
l 139
'6 649
'2 423
4,173
4 031
5 052
5 546
5 498
••5 753
5 404
3 532
2 330
4 549
3 057
5 041
3 414
'317
5 005
3 412
'5
°83
r
3 608
'322
'601
r 709
4 940
3 307
354
595
698
455
629
702
30,534
8,927
4,942
4,515
277
492
201
305
632
256
992
1,993
6 336
5 922
1 961
953
220
439
665
30, 208
8,380
4,447
4,016
30,481
8,659
4,713
4,313
31,154
9,480
5,481
5,011
31, 597
9,791
5,875
5 387
1 354
1,437
861
433
890
411
1 228
1,245
953
275
735
1,187
1,221
r
1 095
2*510
7 174
6 689
2 348
3,726
2,508
Lumber, building, hardware group71 _ do
Lumber, bldg. materials dealers d
do
Hardware stores
_
_
do
958
279
1 088
2 302
7 133
6 660
2 265
8 789
6,013
431
1,237
1 077
2 208
6 808
6*358
2 183
9,413
1,388
958
278
22 303
1 790
314
5 437
3,677
427
1,236
20 871
1 552
290
6,077
1 384
931
290
18 392
1,250
' 1, 613 1 631
'1 271 1 299
'343
333
22 429 r 22 637 22 775
1 680 r \ 707 1 590
375
'396
342
687
••688
653
261
'261
240
916
225
5 503
438
856
402
19,832
1,444
1,439
1 125
911
458
4 950
3*350
1 345
851
445
28314
2,935
1,346
1 056
'491
1,051
2,095
6,980
6,558
2,111
1,399
848
443
925
727
198
853
427
1,452
2,283
7 483
6,989
2 278
1,395
432
938
743
195
1,141
889
359
1,248
832
417
541
1,046
2,260
6 523
6,087
2 211
do
do
do
431
868
412
1 365
420
30, 885
9,556
5,652
5,214
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
748
405
528
1,112
30, 781
9,503
5,522
5,090
do
do
784
395
444
349
550
235
30,729
9,487
5,544
5,113
Durable goods stores 9
Automotive group
611
355
972
273
501
400
863
415
1,257
1 002
255
470
895
435
1,290
1 031
259
252
438
592
346
524
638
376
707
313
607
661
260
610
701
488
32844
10,449
6,347
5 836
1 436
1 483
1 472
868
475
854
472
1 260
1 300
1 024
1 347
1 055
874
473
1,221
944
277
919
466
990
270
276
297
583
745
32,692 r 33, 310 33 029
10,217 ' 10, 518 10, 531
6,131 '6,267
6,353
5 640 '5 762 5 869
491
'505
484
32, 267
10,181
6,171
5 676
*495
511
1 065
2 627
7 712
7 205
2 527
1 429
292
'1 487 1 450
'867
905
'505
445
' 1, 431
1 440
'1 111 1 139
'320
301
series. Beginning Jan. 1971 the series was revised to reflect trends in newspaper advertising
expenditures in 64 cities instead of linage in 52 cities as formerly published.
9 Includes
data for items not shown separately.
cfComprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§Except department stores mail order.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
22 475 r 22 792
1 758 r 1 802
r 403
392
r 737
710
r 263
266
June
July
Aug.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Men's and boys' wear stores
"Women's apparel accessory stores
Eating and drinking places
do
do
- do
Gasoline service stations
do __
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept store mdso )do
Variety stores
do
Estimated inventories, end of year or month: t
Book value (unadjusted), total t
__mil. $__
Durable goods stores $
do
Automotive group _
do
Furniture and appliance group
do
Lumber, building, hardware group, -do
Nondurable goods stores 9
do
Apparel group
- -_do •
Food group
do
General merchandise group with nonstores
mil. $_.
Department stores
do
Book value (seas, adj.), total J-do
Durable goods stores 9
do
Automotive group
__do
Furniture and appliance group
do
Lumber, building, hardware group do
Nondurable goods stores 9
do
Apparel group
do _
Food group
__
_
__do
General merchandise group with nonstores
mil. $
Department stores
do
Firms with 11 or more stores:
Estimated sales (unadj.), total 9
21, 242
1,704
386
650
295
21,278
1,715
380
658
324
21,329
1,650
387
627
304
21,607
1,746
398
655
332
21, 828
1,775
403
673
325
21,822
1,743
389
668
314
21, 674
1,704
379
659
279
21,806
1,737
390
661
281
22, 086
1,759
384
695
262
22 395
1,729
388
677
270
1,055
2,299
6,751
6,299
2,237
1,071
2,347
6,814
6,349
2,156
1,101
2,374
6,870
6,420
2,165
1,090
2,386
6,859
6,422
2,217
1,099
2,394
6,866
6,421
2,242
1,083
2,339
7,007
6,550
2,264
1,078
2,300
6,980
6,525
2,213
1,084
2,320
6,972
6,508
2,231
1,113
2,339
7,010
6,548
2,248
1 120
2 349
7 104
6 620
2 270
1 104
2 411
7 912
6 656
2 277
1 097
2 427
7 121
6 642
2 308
1 071
2 384
7 167
6* 659
2 335
5,246
5,187
5,248
5,342
5,422
5,439
5,426
5,529
5, 664
5 756
5 723 r 5 975
5 790
4,766
3,247
327
575
693
4,672
3,154
317
580
710
4,736
3,231
311
603
687
4,802
3,259
324
597
690
4,788
3,240
321
596
689
4,953
3,342
303
603
647
4,943
3, 322
317
619
712
4,966
3,343
329
600
705
5,151
3, 462
341
632
711
5 257
3 582
338
602
702
5 248
3 562
303
641
710
r 5 500
r
3* 743
739
5 313
3 587
*363
612
710
r
r
r
r
r
r 3Qg
r 632
r
22 498
1 746
*378
723
259
19, 527
9,424
3,122
2,546
43, 543
18, 353
8,204
2,938
2,591
44, 819
20, 116
10, 007
3,017
2,539
43, 927
18, 684
8,573
3,005
2,520
44,659
18, 665
8,546
3,022
2,534
45, 347
18, 227
7,965
3,100
2,526
46, 216
18, 124
7,697
3,129
2,544
43, 543
18, 353
8,204
2,938
2,591
43, 570
18, 901
8,831
2, 879
2,623
44, 924
19, 857
9,663
2,922
2,681
47, 091
20, 920
10, 519
2,977
2,799
47, 759
21, 284
10, 783
3,039
2,795
47, 795
21, 587
11, 079
3,020
2,824
47, 514
21, 534
11, 193
2,998
2,786
47, 226
21 139
10, 867
2,967
2,744
24, 008
4,426
4,691
25, 190
4,470
4,887
24, 703
4,480
4,687
25, 243
4,685
4,660
25, 994
4,853
4,670
27, 120
4,945
4,850
28, 092
5,149
5,055
25, 190
4,470
4,887
24, 669
4,301
4,796
25, 067
4,411
4,784
26, 171
4,689
4,955
26, 475
4,713
5,003
26, 208
4,629
5 024
25, 980
4,568
5 064
22, 087
4 605
5 081
9,186
5,348
9,864
5,652
9,980
5,768
10, 253
5,937
10, 806
6,276
11, 505
6,689
11,839
6,916
9,864
5,652
9,813
5,628
10, 089
5,743
10, 567
6,097
10, 800
6,208
10, 782
6,199
10, 628
6,063
10, 683
6,102
44, 623
19, 980
9,558
3,199
2,627
44, 918
19, 040
8,563
3,020
2,674
44, 965
19, 739
9,613
3,026
2,552
45, 453
20, 119
10, 050
3,011
2,558
45, 691
20, 270
10, 114
3,004
2,575
44, 883
19, 291
9,113
3,024
2,564
44, 507
18, 542
8,320
2,980
2,549
44, 918
19, 040
8,563
3,020
2,674
44, 984
18, 987
8,683
2,974
2,674
45, 432
19, 480
9,159
2,991
2,716
46, 416
20, 131
9,803
2,998
2,755
46, 728
20, 232
9,911
3,003
2,706
47, 146
20, 716
10, 296
3,017
2,758
47, 383
20, 815
10, 510
2,995
2,753
47,500
20, 879
10, 561
2,982
2,747
24, 643
4,606
4,672
25, 878
4,656
4,868
25, 226
4,647
4,763
25, 334
4,593
4,750
25, 421
4,583
4,712
25, 592
4,579
4,746
25, 965
4,720
4,879
25, 878
4,656
4,868
25, 997
4,695
4,840
25, 952
4,585
4,827
26, 285
4,661
4,950
26, 496
4,708
5,003
26, 430
4,704
5,024
26, 568
4,753
5,095
26, 621
4,747
5,153
9,777
5,677
10, 508
6,013
10, 198
5,922
10, 277
5,961
10, 369
6,017
10, 394
5,988
10, 544
6,056
10, 508
6,013
10, 621
6,164
10, 681
6,116
10, 726
6,146
10, 867
6,252
10 912
6,287
10 948
6,309
10 892
6,246
9,910
9,910
43, 535
103, 070
110, 848
9,018
9,007
8,946
9,857
9,811
13, 612
8,350
7,751
9,108
9,840
9, 642
do __
_.do
do
_ do
__do
do
- do .._
5,921
905
2,090
1,598
3,777
2,487
1,354
6,191
852
2,250
1,712
4,307
2,683
1,281
428
55
160
117
356
231
105
502
59
179
151
352
243
100
510
60
180
162
357
242
100
565
77
204
165
364
253
118
578
85
213
155
361
230
114
914
113
381
200
542
196
151
379
43
145
98
331
165
95
352
36
137
86
305
155
97
493
42
206
109
367
166
104
576
65
227
140
382
172
113
508
66
210
110
375
168
107
General merchandise group with nonstores 9
mil $
General merchandise proup without nonstores §
mil. $
Dept. stores, excl. mail order sales
do
Variety stores
do
41, 997
45, 302
3,463
3,624
3,620
3,945
4 388
6,958
2,986
2,893
3,705
4,070
4 010
4, 254
3,964
39, 222
28,934
5,232
42, 165
31, 105
5,627
3,222
2,376
424
3,376
2,491
448
3,364
2,500
442
3,654
2,705
477
4,025
2,968
511
6,593
4,860
950
2,745
2,026
342
2,603
1,887
344
3,436
2,516
421
3,791
2,798
491
3,737 '4,001
2,799 '3,003
'476
483
3,716
2,754
459
Grocery stores
Tire, battery, accessory dealers
37, 163
1,816
40, 557
1,747
3,515
164
3,324
146
3,260
139
3,699
158
3,242
143
3,842
178
3,609
122
3,213
114
3,452
146
3,643
181
3,576
165
' 3, 557
'184
3,920
174
do
9,227
9,229
9,279
9,420
9 508
9,494
9,547
9,516
9,760
9,910
9 842 ' 10,149
9,898
do
do
do
do
do
do
509
68
187
138
364
221
526
72
187
155
367
236
499
67
178
143
378
232
541
71
190
169
375
245
556
72
204
160
376
236
528
59
217
135
352
204
492
49
195
124
356
176
522
51
201
126
355
176
548
52
231
115
393
167
538
66
213
121
395
164
537
71
221
114
380
165
'536
'63
'230
'105
'366
'170
535
64
224
110
359
166
3,746
3,695
3,765
3,827
3,890
4,004
3,951
3,979
4,143
4,265
4,167
'4,425
4,199
3,504
2,569
467
3,441
2,534
465
3,511
2,599
477
3,558
2,636
480
3,538
2,620
479
3,710
2,752
478
3,683
2,703
494
3,690
2,711
478
3,888
2,856
498
3,946
2,921
492
3,920
2,916
506
' 4, 172
'3,099
'499
3,950
2,911
491
3,377
154
3,427
146
3,424
155
3,451
152
3,449
141
3,480
139
3,542
155
3,470
157
3,519
167
3,561
168
3,616
154
'3,659
'162
3,640
186
21 490
7,174
14 316
8,648
12 842
20 257
7,139
13 118
8,357
11, 900
20, 286
7,143
13 143
8,305
11, 981
20, 140
6 976
13,164
8,280
11,860
20, 533
7 015
13, 518
8,357
12 176
20, 628
7,056
13, 572
8,362
12, 266
.
Apparel group 9
Men's and boys' wear stores
.
Women's apparel, accessory stores
Shoe stores
_
Drug and proprietary stores.
Eating and drinking places
Furniture and appliance group
Estimated sales (seas adj ) total 9
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
__do
do
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
do
do - -
All retail stores, accounts receivable, end of yr. or mo.:
Total (unadjusted)
mil $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
do
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts.
Installment accounts
do
do
do
do
do
' Revised.
tSeries revised to reflect benchmarking to the levels of the 1968 and 1969
Annual Retail Trade Reports (Census Bureau), and also recalculation of seas, factors for
all lines of trade; description of revisions and revised data back to 1961 appear on pp. 38 ff.
of the Oct. 1970 SURVEY.
stores mail order.
9 Includes data not shown separately.
'523
'64
'219
'109
'357
'175
' 117
r
462
50
198
94
359
174
115
§Except department
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-13
1971
1970
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total incl. armed forces overseas t
mil.. ^202.60
1
204. 80
204.80
205.00
205.21
205.43
205.63
205.82
206. 02
206. 18
206.34
206.51
206. 68
206.84
207. 01
207 18
85,903
82, 715
78 627
75, 165
3,462
4,088
87, 955
84, 801
SO, 291
76, 173
4,118
4,510
87, 248
84, 115
79 894
76, 112
3,782
4,220
85, 656
82,547
78 256
74, 730
3,525
4,292
86, 255
83, 175
78 916
75, 522
3,394
4,259
86, 386
83,347
78 741
75, 515
3 226
4,607
86, 165
83 152
78 516
75, 564
2 952
4,636
85, 628
82, 652
77 238
74, 361
2,877
5,414
85, 653
82, 703
77 262
74,415
2,846
5,442
85, 598
82, 668
77 493
74, 452
3,042
5,175
85, 780
82, 898
78 204
74, 699
3,505
4,694
85, 954
83,104
78 709
75,111
3 598
4,394
87,784
84 968
79 478
75,559
3 920
5,490
88, 808
86 Oil
80 681
76, 710
3 971
5,330
88, 463
85 678
80 618
76, 853
3 764
6,061
375
662
82, 711
78, 574
75, 066
3,508
4,137
694
82 770
78, 508
75, 073
3 435
4 262
727
82 975
78, 479
75.043
3,436
4,496
788
83, 300
78, 691
75, 398
3,293
4,609
754
83 473
78 550
75, 197
3 353
4 923
880
83,609
78,463
75, 055
3,408
5,146
1,084
83 897 83 384
78, 864 78, 537
75, 451 75, 208
3 413 3 329
5 033 4 847
1,079
1,069
83 475
78, 475
75, 079
3,396
5,000
1,107
83,783
78, 698
75, 140
3,558
5,085
1,071
84 178
78 961
75 503
3 458
5 217
1,202
83 132
78 443
75 149
3 294
4 689
1,173
83 829
78 941
75 574
3 367
4 888
1,311
84 312
79 197
76 782
3 415
6 116
1,306
3.5
2 1
37
12.2
3.5
4.8
6.0
6.1
4 4
LABOR FORCE
Labor force, persons 16 years of age and over__thous_.
Civilian labor force
do
Employed total
do
Nonagricultural employment—
do
Agricultural employment
do
Unemployed (all civilian workers)
do
Seasonally Adjusted J
Civilian labor forcej
do
Employed, total
do
Nonagricultural employment
. do. _.
Agricultural employment
do
Unemployed (all civilian workers)
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group):!
All civilian workers
Men 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
Married men
Negro and other races _ _
White workers
Occupation: White-collar workers
Industry of last job (nonagrieultural):
Private wage and salary workers
Construction
.
Manufacturing
Durable goods
84,239
80, 733
77, 902
74, 296
3,606
2,831
1.5
6.4
31
2.1
4.9
6.0
3.3
5.1
5.4
5.5
5.9
6.2
3.7
4.8
3.9
5.0
4.1
5.0
4.2
5.6
4.6
5.8
6.0
4.3
5.7
5.8
4.2
5.6
4.2
6.8
15.3
14.2
15.8
16.5
17.0
17.6
17.8
17.6
16.7
17.8
2.6
8.2
4.5
2.8
2.7
8.3
4.6
2.8
8.4
4.8
2.8
2.9
8.8
5.0
3.0
9.3
5.2
2.9
3.0
3.2
9.0
5.5
3.6
3.4
9.5
5.6
3.8
3.3
9.5
5.6
3.5
3.2
9.6
5.3
3.5
3.2
9.4
5.6
3.7
3.9
3.5
5.0
3.7
4.9
5.2
9.7
5.6
3. 0
3.0
fi
K
5.5
10.8
5.87
5
5.5
11.8
5.8
7 Q
5.8
12.7
6.1
a Q
7 ^
6.0
11.7
6.7
7
0
6.2
9.1
7.3
Q
0
6.6
6.4
11.8
7.6
11.2
o n
7.2
6.1
11.0
6.8
6.4
10.9
6.9
6.0
17.2
3.1
10.0
5.6
3.8
6.3
9.6
7.0
2
5
0
3
3
5
7
6.6
4 2
56
15 8
5 2
10.1
5 3
3.7
3.1
3.6
7. 0
7. 1
6.5
6.0
10.4
6.1
6.5
9.6
6.6
6. 9
6. 6
6
4
6
17
3
10
5
11 2
6.9
3.1
9.4
8
3
7
2
6 1
4 5
58
17.0
3.1
3.2
9.8
5.6
3.5
5
4
5
16
6.2
10.2
6.9
EMPLOYMENT
Employees on payrolls of nonagrieultural estab.:^
Total, not adjusted for seasonal variation --thous .. ' 70, 284
Private sector (excl. gov't).
do... 58 082
Seasonally Adjusted
Total
thous
70 284
Private sector (excl. gov't)
... do..58, 082
Mining.
do
619
Contract construction
do
3,435
Manufacturing
do
20, 167
Durable goods
do...
11, 895
' 70, 616 '70,542 ^70,452 '70,841 '70,604 '70,562 '71,151 '69,527 '69,450 '69,782 '70,309 '70,738 '71,355 '70,479
58, 081 58, 487 58, 495 58, 469 57, 883 57, 727 58, 266 56, 728 56, 541 56, 811 57, 331 57 745 58 422 58,082
19, 369
11, 198
19, 394
11, 222
19, 258
11, 132
70,480
57, 942
620
3,274
19, 235
11,116
242
572
237
564
234
564
455
631
1,311
1,381
1,980
1,937
1,845
458
423
8,172
1,777
83
454
633
1,306
1,377
1,953
1,910
1,826
453
422
8,126
1,772
82
230
567
457
637
1,324
1,387
1,935
1,896
1,811
452
420
8,119
1,767
79
454
631
1,284
1,326
1,892
1,856
1,506
447
415
8,071
1, 759
79
452
626
1,253
1,304
1,870
1,811
1,497
442
413
8,068
1,766
80
450
627
1,260
1,333
1,854
1,816
1,773
438
415
8,058
1,763
79
449
626
1,262
1,328
1,829
1,800
1,782
437
413
8,050
1,765
79
. 449
624
1,260
1,328
1,810
1,792
1,771
432
411
8,042
1,764
79
70, 616
58, 081
622
3,345
70, 605
58, 092
619
3,307
70, 445
57, 925
620
3,302
70, 082
57, 465
18, 669
10, 598
18, 517
10, 449
18, 796
10, 738
3,271
18, 747
10, 697
3,198
18, 684
10, 642
18, 609
10, 571
222
565
217
564
212
560
208
563
200
565
195
566
450
622
1,264
1,298
1,796
1,787
1,753
429
411
8,038
1,760
77
621
3,284
69, 985
57, 314
624
3,294
70, 313
57, 630
623
3,302
70, 454
57, 735
625
70, 391
57, 647
622
70, 480
57,688
622
3,264
70, 599
57, 768
70,583
58, 275
70, 552
57, 658
70 769
57 911
70 657
57, 819
70, 566
57, 692
18, 639
10, 598
18, 702
10, 651
10, 598
10, 554
194
567
452
628
1,270
1,333
1,784
1,789
1,745
426
410
8,041
1,753
79
196
570
193
574
190
580
457
633
,272
,339
,783
,793
,768
429
411
8,051
1,758
78
458
629
1,259
1,333
1,769
1,783
1,759
430
411
8,010
1,751
77
462
624
1,227
1,339
1,770
1,771
1,751
431
409
7,976
1,760
68
462
627
1,182
1,334
1,775
1,773
1,746
431
415
7,979
1,763
66
623
3,282
622
3,275
619
3,255
18,608
599
3,228
18,530
610
3,213
18,501
10, 522
Ordnance and accessories
do
Lumber and wood products,.
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do ..
Machinery, except electrical
do
Electrical equip, and supplies
do
Transportation equipmentdo
Instruments and related products, do Miscellaneous manufacturing ind
do
Nondurable goods.
do
Food and kindred products
do
Tobacco manufactures
do . .
Textile mill products
do
Apparel and other textile products... do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
.do
Petroleum and coal products
do
Rubber and plastics products, nee . .do
Leather and leather products
do
484
656
1,361
1,440
2,033
2,020
2,060
477
441
8,272
1,791
83
1,002
1,409
711
1,094
1,060
182
596
343
460
638
1,315
1,380
1,977
1,923
1,807
459
426
8,171
1,782
82
1,372
706
1, 107
1,051
190
580
322
1,380
704
1,106
1,050
190
586
325
1,363
701
1,104
1,048
190
577
319
1,364
702
1,105
1,048
189
578
317
1,355
696
1,103
1,043
189
569
315
1,358
697
1,101
1,037
190
567
312
1,360
695
1,099
1,033
191
566
311
1,356
693
1,099
1,030
192
564
310
1,359
691
1,096
1,026
192
567
309
1,374
690
1,088
1,021
190
577
311
963
956
1,368
689
1,092
1,021
191
574
308
1,373
681
1,091
1,024
190
582
311
1,357
682
1,088
1,016
189
583
311
1,340
677
1,084
1,008
188
587
305
1,338
680
1,085
1,003
188
587
312
Transportation, communication, electric, gas,
and sanitary services
thous..
Wholesale and retail trade
do
Wholesale trade
_
do
Retail trade . . . .
do
Finance, insurance, and real estate
. do
Services
do
Government
do ...
Federal
do
State and local
..
-do
4,429
14, 639
3,733
10, 906
3,564
11, 229
12, 202
2,758
9,444
4,504
14, 922
3,824
11, 098
3,690
11, 630
12,535
2,705
9,830
4,542
14, 916
3,829
11, 087
3,690
11, 624
12, 513
2,655
9,858
4,523
14,907
3,816
11,091
3,683
11, 632
12, 520
2,635
9,885
4,518
14, 931
3,826
11, 105
3,698
11, 666
12, 538
2,657
9,881
4,517
14, 946
3,833
11,113
3,706
11, 722
12, 617
2,659
9,958
4,506
14,902
3,827
11,075
3,721
11, 750
12, 671
2,664
10,007
4,450
14, 952
3,832
11, 120
3,731
11, 776
12, 683
2,661
10, 022
4,507
15, 039
3,841
11, 198
3,746
11,800
12, 719
2,661
10, 058
4,526
15, 059
3,845
11, 214
3,749
11, 809
12, 744
2,662
10, 082
4,520
15, 074
3,852
11, 222
3,758
11, 841
12, 792
2,662
10, 130
4,505
15, 107
3,854
11, 253
3,769
11, 843
12, 831
2,667
10, 164
4,518
15, 148
3,866
11,282
3,788
11, 858
12, 858
2,667
10, 191
4,500
15, 135
3,837
11, 298
3,807
11, 895
12, 838
2,640
10, 198
4,477
15, 150
3,835
11,315
3,805
11,903
12, 874
2,643
10, 231
4,453
15, 183
3,845
11, 338
3,803
11, 895
12, 894
2,638
10, 256
316
607
978
971
970
970
963
960
961
962
959
958
958
959
195
582
957
Production (or nonsupervisory) workers on private
nonagrieultural payrolls, not seas, adj ^thous.. ' 48, 105 ' 47, 950 ' 48,304 ' 48,328 ' 48,347 ' 47,777 ' 47,649 ' 48,196 ' 46,678 •• 46,505 ' 46,775 ' 47,296 ' 47,708 '48,322 '47,978 •• 48, 185
13,602
14, 033 13, 946 14, 083 14, 201 13, 550 13, 374 13,617 13, 400 13, 378 13, 345 13,357 13, 441 13, 611 13, 320
Total on manufacturing payrolls
do
14, 767
Seasonally Adjusted
14, 033 14, 073 13, 972 13, 963 13, 406 13,279 13, 577 13, 551 13, 507 13,448 13, 502 13, 569 13, 496 13, 445
13, 429
14, 767
Total on manufacturing payrolls
do
8,079
8,026
7,510
7,384
8,016
7,686
7,612
8,043
7,665
7,625
7,578
7,569
7,627
7,600
7,667
8,651
Durable goods
do...
127
102
124
114
111
126
118
97
108
97
131
99
94
182
98
95
Ordnance and accessories
do
486
486
486
486
487
480
493
485
483
488
503
487
501
526
491
495
Lumber and wood products
do
374
374
373
370
377
373
370
369
372
381
379
370
380
402
375
378
Furniture and
fixtures
.do
502
494
501
506
503
496
497
496
492
494
497
507
498
502
526
499
Stone, clay, and glass products
do
1,040
1,037
984
1,055
1,015
992
997
997
1,002
936
1,008
1,012
1,043
996
967
1,087
Primary metal industries
do
1,053
1,055
999
1,011
1,006
1,014
1,019
1,061
981
1,007
980
1,020
1,020
1,051
1,013
1,108
Fabricated metal products
do
1,324
1,300
1,159
1,288
1,245
1,229
1,198
1,172
1,319
1,217
1,183
1,163
1,152
1,156
1,382
1,159
Machinery, except electrical
do
r
{Effective Feb. 1971 SURVEY, labor force data reflect new seasonal factors; comparable
Revised.
*> Preliminary. J As of July 1.
figures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1971 (USDL, Bureau
fMonthly estimates have been adjusted to the 1970 Census; revisions prior to Dec. 1969
of Labor Statistics).
appear in Current Population Reports, Series P-25, No. 465, Estimates of the Population
HSee corresponding note, p. S-14.
of the United States and Components of Change: 1940 to 1971 (Bureau of the Census).
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Annual
September 1971
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. »
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on mfg. payrolls— Continued
Durable goods— Continued
Electrical equipment and supplies
thous..
Transportation equipment
. . . -do
Instruments and related products
do
Miscellaneous manufacturing ind
_do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products _
do
Apparel and other textile products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do.
Rubber and plastics products, nee
do
Leather and leather products
do
' 1, 346 ' 1, 268 " 1, 285
1,453
1,246
1,286
294
345
6,116
1,202
70
884
1,238
550
682
622
112
462
294
277
329
5,990
1,199
68
858
1,203
544
681
603
116
443
275
37.7
43.0
37.9
40.6
37.1
42.7
37.4
39.8
276
326
5,994
1,196
69
852
1,211
541
680
602
116
449
278
1,266
1,280
273
326
5,946
1 191
69
850
1 195
538
677
599
115
440
272
r 1, 254
r 1, 223
1,269
271
324
5,947
1 186
66
850
1 196
540
680
602
114
442
271
965
266
319
5,896
1 179
66
844
1 185
534
676
597
114
432
269
' 1, 183 r I, 192 '1,183
1,236
1,245
961
261
260
263
319
315
318
5,891
5,886
5 895
1 187
1 186
1 187
66
65
67
842
845
841
1 192
1 187
1 189
532
535
531
675
672
674
592
588
588
116
116
115
430
430
431
266
263
264
' 1, 184 ' 1, 179
1 253
1 246
255
256
318
318
5 902
5 869
1 178
1 184
65
64
838
845
1 204
1 188
519
520
667
667
588
585
116
115
449
448
266
265
r 1, 177
r 1, 173
1,237
256
318
5,882
1 186
66
841
1 189
529
671
586
118
433
263
1 225
253
316
5 879
1 184
64
839
1 197
526
668
583
116
440
262
1 225
253
317
5 890
1 181
66
840
1 202
527
666
584
116
443
265
36 9
36 6
42 9
37.6
39.6
39 8
2.8
36 9
36 5
42.6
36.8
39.4
39 8
2.8
r 36 9
36 7
42 8
37.8
39.7
39 8
2.9
37 0
36 7
42 2
37.1
39.5
39 §
2.9
36 9
36 8
42 4
36 8
40.0
40 0
3 0
r 1, 177
1 245
257
317
5 845
1 187
57
842
1 171
515
662
582
115
452
262
1,16
1 24
25
32
5 85
1 19
5
84
1 16
51
66
57
11
45
26
r 37 o
37 2
42 3
37.2
40.2
40 0
2.9
36 9
37 3
42 2
37 1
39.8
40 0
2 9
37
37
42
37
39.
39
2
r 1, 169
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of private nonagnc. estab. t hours
Not seasonally adjusted
do
Mining
-do
Contract construction
do.Manufacturing: Not seasonally ad justed.. -do
Seasonally adjusted
do
Over time hours
.
do
'37 2
••37 1
37.6
42.3
37.3
39.8
39.8
2.9
'36 7
37 0
42. 1
35.0
39.6
39.3
2.8
36 9
36 9
42 7
37.0
39.6
39 4
2.8
36 9
36 8
42 7
37.2
39.7
39 6
2.7
37 0
37 1
42.8
37.7
39.9
39.5
2.7
r
3. 6
3.0
42.4
37.4
39.9
40.1
3.0
Durable goods. _
do
Overtime hours
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 ...
M achin ery , excep t electrical
do
Electrical equipment and supplies
do
Transportation equipment
_ do Instruments and related products
do
Miscellaneous manufacturing ind
do
41.3
38
40.4
40.2
40.4
41.9
41.8
41.6
42.5
40.4
41.5
40.7
39.0
40.3
2 9
40.6
39.7
39.2
41.2
40.5
40.7
41.1
39.9
40.3
40.1
38.7
40.6
30
40.4
39.7
39.2
41.1
40.5
41.3
41.1
40.2
40.8
40.3
39.0
40.2
2 9
40.4
39.7
39.0
41.0
40.4
40.6
40.9
39.7
40.6
40.0
38.6
39.8
2 7
39.7
39.5
38.3
40.9
41 0
39.8
40.1
39.0
39 8
39.4
38.1
39.9
2 6
40.2
39.3
39.2
41.0
39 9
40.2
40.4
39.7
39.9
39.8
38.4
40.0
2 5
40.4
39.8
39 3
41.1
39 6
40 1
40.6
39.7
40 0
39 9
38.5
40.0
26
40.7
39.7
39.5
41.3
39 9
40.2
40.3
39.7
40 2
39.6
38.7
40.3
2 7
4L1
39.8
39.5
41.2
40 3
40 4
40.2
39.7
41 3
39.8
38.6
40.3
2 8
41.4
39.8
39.6
41.3
40 6
40 4
40.1
39.7
41.5
39.7
38.4
40.4
2 8
41.9
39.9
39 7
41.7
40 8
40 3
40.2
39.7
41 7
39 7
38.8
40.3
2 8
41.5
40.1
39 5
41.1
41 0
40 1
40.0
39.8
40 6
39 7
38.6
40.5
2 9
4L5
39.8
39 9
41.4
41 0
40 7
40.5
39.9
41 1
40 0
38.9
40.6
2 9
41.6
40.4
39 9
42.0
41 0
40 6
40.7
39.9
41 4
39.7
38.7
40.4
2 8
41 9
40.3
40 1
41.8
40 5
40 7
40.7
40.0
39 6
39 9
39.2
40.
2
42!
40.
40
41.
39
40
41.
39.
40
40.
39.
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products.
39.7
3.4
40.8
37.4
40.8
35.9
39.1
3.0
40.5
37.8
39. 9
35.3
39.2
2.9
40.3
37.7
40.1
35.4
39.1
30
40.6
37.4
39.8
35 2
38.6
2 8
40 0
36.4
38.9
34 1
38.9
2 8
40 5
38.0
39.6
35 0
39.0
2 8
40 4
38 4
39.7
35 3
39.0
2 7
40 5
39.3
39.7
35 3
39.2
2 9
40 7
39. 1
40.4
35 2
39.1
2 9
40 7
36.1
40.2
35 0
39.1
2 9
40 5
38 0
40.3
35 2
39.2
2 9
40 5
37 5
40.4
35 1
39.4
3 0
40 5
38 3
40.8
35 5
39.3
31
40 4
36. 2
40.8
35 4
39.2
30
40 4
37.0
40.3
35 8
39.
2
40
37.
40.
35
43.0
38.4
41.8
42.6
41.1
37 2
41.9
37.7
41 6
42.7
40.3
37 2
41.7
37.8
41 5
43 0
40.6
37 4
41 8
37.6
41 4
44.0
40.3
36 9
41 5
37.4
42 0
43 5
40.0
36 6
41 6
37.4
41 3
43 1
39.6
37 0
41 7
37 5
41 3
42 8
39.5
37 i
41 4
37 5
41 4
43 3
39.6
37 2
41 7
37 6
41 5
42 5
40.1
37 1
41 8
37.4
41 5
42 9
39.9
36 9
41 9
37 5
41 4
41 9
40.3
37 4
42 3
37 5
41 7
41 7
40.3
38 3
42 1
37 7
41 5
41 7
40.4
37 8
42 3
37 7
41 7
42 3
40.7
37 5
42 4
37 6
41 4
42 4
40.3
37 8
42
37.
41
43
40.
38
40.7
35 6
40.2
34 2
37. 1
34 7
40.5
35 3
40.0
33 8
36.8
34 4
40.7
35 4
40.0
33 8
36.8
34 5
40.4
35 2
39.9
33 9
36.9
34 6
40.5
35 2
39 7
33 7
36 7
34 4
40.2
35 2
39 9
33 8
36 7
34 3
40.3
35 2
39 8
33 7
36 7
34 3
40.3
35 1
39 8
33 7
36 7
34 3
40.0
35 1
39 7
33 6
36 7
34 2
40.3
35 1
39 7
33 6
36 8
34 2
40.5
35 0
39 7
33 5
36 9
34 0
40.5
35 2
39 6
33 7
36 9
34 1
40.5
35 1
39 8
33 7
37.0
34 1
40.6
35 2
39.9
33 7
37.0
34 1
38.9
35 3
39 6
33 8
37.1
34 4
40.
35
39.
33
37.
34
Man-hours, all wage and salary workers, nonagric.
establishments, for 1 week in the month, seas,
adjusted at annual ratef
bil. man-hours. . 139. 09
138. 59
138. 70
138. 24
138. 09
137. 04
136. 97
137.32
137. 55
136. 76
137. 89
137. 89
138. 47
138. 18
138.04
137.9
•• 94 1
101 3
101.5
92 6
89 3
r 94 2
r 93 1
100 4
95.1
92 5
89 3
r 93 7
100 9
100.3
92 4
88 9
r 93 7
101 7
100.3
92 9
89 6
99 7
99.3
92 5
88 9
94 4
100 1
98.3
93 5
90. 2
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
.
Rubber and plastics products, nee
Leather and leather products
Trans., comm., elec., gas, etc.*
Wholesale and retail trade
Wholesale trade . . .
Retail trade
Finance, insurance, and real estate
Services* .
do
do
do
do
do
do
do
do . .
do
do
do
. do
do
do
.do
do
do
do
Seasonally Adjusted
Man-hour indexes (aggregate weekly), industrial
and construction ind., total f.._ . ..1967=100..
Mining
do
Contract construction
do
Manufacturing. _ _
do
Durable goods.
..do
r
99 0
98.5
93 1
90.0
' 93.2
94 8
97.4
92.4
89.0
93.
96
97.
92.
88.
56 0
93.6
98.9
99 9
54.4
95.8
99.6
100 8
54.2
96.7
100.7
99.3
56.
97.
102.
99.
94.9
93 0
79 8
95.3
95 0
80 6
93.8
94 1
80.5
89.9
95.0
80.8
85.
94.
81.
87.6
90 1
86 5
91 9
88.2
87 7
86 5
91 7
88.9
90 8
87.8
92 7
88.5
90.9
87.5
92 2
88.0
86.9
88.3
93.1
87.
87.
89.
94.
97 4
98.8
85 4
97 3
94.6
97 8
98.5
86 9
97 6
94.7
98.3
98.8
87 4
99.2
95.9
97.7
98.0
81.4
98.4
94.4
97.3
98.8
74.1
97.6
94.1
97.
99.
73.
98.
93.
94 4
99 2
93.3
94 4
92 6
r 92 6
99 5
100.4
95 7
93 8
100 8
99.0
91 1
87 1
92 1
101 1
99 9
90 4
85 7
. do
. .do .
do
do
70 1
92.4
96.4
99 2
67 8
92 2
95.4
99 5
65 3
91 5
96.6
98 8
63
92
96
98
4
5
8
0
62 2
91 3
96.6
98 7
61 1
92 1
96.6
98 3
58 1
92 7
96.5
98 1
57 1
93 1
97.0
98 7
55 4
93.8
97.1
98 4
do
do
-do
96.2
98 0
91 3
99.3
96 6
88 6
93.0
91 9
86 3
89 5
90 0
85 6
90.9
93 0
84 2
92.3
93 1
82 7
93.0
93 0
81 4
93 9
90 4
80 9
do
do
. -do
do
94.6
91 6
94 0
94 3
92.0
89 0
91.9
92 5
91.4
67 9
91 1
91 8
88.4
67 8
90 3
90 9
89.1
87 6
89.0
92 5
88.4
90 6
89. 1
92 0
87.9
90 5
87 5
91 5
Nondurable goods
do
98 4
97. 1
Food and kindred products
do ..
99.6
97. 7
Tobacco manufactures
do
90 6
84 3
Textile mill products
do
95 1
97 3
Apparel and other textile products
do
94.4
91.5
r
Revised.
v Preliminary.
^Beginning with the Sept. 1971 SURVEY, payroll employment, hours, earnings, and turnover data reflect actual employment levels for Mar. 1970 and new seasonal factors. Data in the
1969 BUSINESS STATISTICS are in accordance with Mar. 1968 benchmarks and are not com-
97 1
98.3
88 1
96 2
93.1
97 3
98.7
90 3
96 1
94.2
97.3
99.0
91 1
96.2
94.5
97.7
99.5
89 3
98 2
93.8
97 3
99.4
83 7
97 3
93.4
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
r 96.5
' 94. 1
parable with current estimates nor with the revised historical statistics in BLS Bulletin No.
1312-8, EMPLOYMENT AND EARNINGS, UNITED STATES, 1909-71, to be available from the
Superintendent of Documents, Government Printing Office, Wash., D.C. 20402.
*New
series.
fData through June 1971 are not yet adjusted to Mar. 1970 benchmarks.
SURVEY OF CUKEENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969 | 1970
Annual
S-15
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
'99.0
98 4
98 9
98 9
108 7
87 6
' 97.0
99 1
99 1
98 9
110 2
86 8
'97.7
99 1
99 1
99 5
111 3
85 7
'97.0
98 1
97 9
99 7
110 9
85 5
124. 05 ' 125.49
170 89 171 30
205 35 209 05
139 83 142' oo
150 40 153 09
156 94 158 12
123 11 125 42
111 25 113 76
147 55 151 01
171 39 170 57
147 26 162 22
158 00 160 79
136 72 138 90
175 12 182 52
137 86 140 10
113 19 114 07
125 65 127 01
134 13 136 21
118 91 125 07
102 00 103 94
127. 22
172 10
213 94
143 51
155 04
160 93
129 65
116 29
155 24
173 87
153 38
162 39
139 95
183 85
140 10
114 46
128 44
136 89
121 44
104 96
127. 57
172 53
216 79
142 09
151 58
160 66
127 43
115 53
155 82
169 71
150 32
161 20
138 65
173 01
140 58
113 48
128 90
136 89
121 11
102 66
172
220
142
153
165
130
121
157
170
151
163
140
174
142
115
129
136
119
104
155 24
158. 34
164 30
195 11
137. 57
98 30
166 87
101 60
146 40
87 72
121. 36
101 57
156 88
157. 92
164 37
196 88
137. 94
98 81
163 49
103 61
146 43
89 78
122. 06
103 36
158 10
157. 92
164 36
195 43
138. 57
97 66
169 71
103 61
146 80
90 04
123. 13
104 05
108.97 ' 110.10 ' 111.45
Aug. p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURS AND MAN-HOURS— Continued
Man-hour indexes, seas, adjusted— Continued
Manufacturing indus., nondurable goods— Con.
Paper and allied products
1967=100..
Printing and publishing
do
Chemicals and allied products
_ . -do .
Petroleum and coal products
do
Rubber and plastics products, nee
.do
Leather and leather products
do
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Avg. weekly gross earnings per prod, worker on
payrolls of private nonagric. estab. t-- -dollars. .
Mining
do
Contract construction
do
Manufacturing establishments
..
.- do
Durable goods
. do .
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do. ..
Primary metal industries
do ...
Fabricated metal products.
do
Machinery, except electrical
do
Electrical equip, and supplies
do .
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
....
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do . .
Apparel and other textile products
do
Paper and allied products
.do .
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee
do
Leather and leather products
do ..
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
'99.9
100.3
100.7
103.5
108.0
86.6
122. 20
114.61 '119.46
155 23 163 97 " 163" 56" 163 58
128. 21
103. 74
115. 53
120. 77
196. 35
133. 73
143. 47
146. 57
117. 51
108. 58
140. 08
159. 17
143. 67
154. 95
130. 87
163. 62
134. 34
109. 13
120. 43
127. 98
107. 86
141. 25
159. 96
144. 79
153. 06
131. 80
166. 06
133. 60
107. 90
121. 44
128. 61
139. 32
141. 70
145. 05
170. 40
126. 18
144. 14
147. 78
153. 50
182. 76
128. 96
144. 70
148. 18
153. 59
184. 88
129. 68
148. 15
91.14
129. 85
155. 93
159. 06
98.10
137. 83
84.91
112. 98
97. 72
181. 54
129. 51
139. 59
138. 17
110. 15
105. 85
133. 66
158. 42
138. 94
152. 15
124. 84
161.44
97.99
95.47
82.93
87.79
78.66
108. 70
90.57
110.38
97.76
84.37
92.63
95.66
137. 60
82.47
113.34
96. 66
200 45
134. 46
143. 87
143. 28
118.01
113.32
96.96
84.25
93.99
Spendable earnings per worker (with 3 dependents), total private sector
current dollars. . 99.99 r 104. 61 106. 18
89.95 90.99
91.07
1967 dollars
115 90 116 48
111 44
Manufacturing
current dollars
99.66
1967 dollars.. 101. 49
99.81
Avg. hourly gross earnings per prod, worker on pay3.22
3.04
rolls of private nonagric. estab. 1
dollars
3.84
3.61
Mining
do
3.82
5.25
4.79
5.22
Contract construction
do
3. 36
3.19
Manufacturing
do
3.37
3.24
3.06
Excluding overtime
do
3.25
3.56
3.38
3.57
Durable goods
do
3.24
3.43
3.44
Excluding overtime
do
3.61
3.42
3.60
Ordnance and accessories
do
2.96
2.74
2.98
Lumber and wood products
.do ..]
2.77
2.62
2.78
Furniture and
fixtures
do
3.40
3.42
3.19
Stone, clay, and glass products
.do
3.93
3.94
3.79
Primary metal industries
do
3.53
3.34
3.54
Fabricated metal products
do
3.77
3.58
3.77
Machinery, except electrical
do
3.28
3.09
3.32
Electrical equip, and supplies.
do
4.06
3.89
4.08
Transportation equipment
do
3.35
3.34
3.15
Instruments and related products.
do
2.82
2.66
2.81
Miscellaneous manufacturing ind
do
3.08
2.91
3.09
Nondurable goods
...
do
2.97
Excluding overtime
do
2.79
2.98
3.16
2.96
3.16
Food and kindred products
do
2.92
2.62
Tobacco manufactures
do
3.03
2.34
2.45
Textile mill products
do
2.43
2.39
2.31
Apparel and other textile products
do
2.38
3.44
3.24
Paper and allied products
do
3.47
3.92
Printing and publishing. _ _
do
3.69
3.92
3.69
3.47
Chemicals and allied products
do
3.71
Petroleum and coal products
do
4.00
4.28
4.26
3.20
3.07
Rubber and plastics products, nee
do
3.21
2.36
2.49
Leather and leather products
do
2.48
Trans., comm., elec., gas, etc.*
do
3.64
3.85
3.87
Wholesale and retail trade _
do
2.56
2.71
2.71
Wholesale trade
do
3.44
3.23
3.42
Retail trade
do
2.30
2.44
2 44
Finance, insurance, and real estate
do
2.93
3.08
3.07
Services*
do
2.61
2.81
2.80
Miscellaneous hourly wages:
Construction wages, 20 cities (E NR) : d"
Commonlabor
$perhr
Skilled labor.
""
do "
Farm, without board or rm., 1st of mo
do
Railroad wages (average, class I)
do
r
4.629
6.514
1.55
1
3. 708
5.224
7.314
1.64
i 3. 939
5.396
7 50
1.66
3.874
204 82
134. 13
143. 92
145. 93
122. 00
111 00
142. 35
160. 79
144. 89
152 31
131.41
164.00
134. 52
108. 85
121. 04
128. 96
104 81
97. 36
'98.6
99.6
100.2
100.4
104.2
85.9
121. 73 ' 121.03
164 55 168 56
194 76 204 54
135. 43 133. 45
145. 16 142. 76
145. 64 147. 53
120. 99 120. 38
108 92 111.72
142. 83 143. 31
166. 87 157. 61
145. 44 142. 61
152. 76 153. 92
131. 20 132. 47
167. 26 161. 60
135. 38 136. 40
108. 77 110. 30
122. 15 122. 07
130. 56 129. 51
108 29 111. 11
99.50
96.19
'99.1
99.6
99.3
100.6
103.4
85.2
121.07
169
197
134
143
52
65
58
16
151.07
120. 78
111 56
143. 85
156. 81
142. 66
155 09
133. 60
162. 81
137 48
111.64
123 17
131. 54
112 81
100. 80
'97.8
99.7
98.9
102.7
103.7
84 4
83.45
84.46
147. 07
150. 38
155. 70
187. 06
129. 28
138 35
160. 36
97. 08
138 16
159. 18
96. 60
139. 25
113. 65
98 70
113. 46
98 78
115. 18
98 50
106. 78
91.34
116 22
106. 40 r 105.85
105. 88
117 25
115 68
99.79
97.95
116 58
3.25
3.84
5.32
3.37
3.24
3.58
3.45
3. 63
3.05
2.81
3.43
3.98
3.56
3.77
3.31
4.10
3.38
2.82
3.08
2.97
3.13
2.78
2.44
2.40
3.49
3.95
3.73
4.27
3.23
2.48
3.90
2 72
3.45
2 45
3.08
2.82
3.29
3.89
5.38
3.42
3.29
3.62
3.49
3.65
3.04
2.80
3.45
4.07
3.60
3.80
3.33
4.14
3.41
2.84
3.14
3.02
3.20
2.88
2.46
2.44
3.54
4.01
3.79
4.33
3.26
2.50
3.94
2.75
3.48
2 48
3.10
2.88
3.28
3.92
5.44
3.37
3.25
3.56
3.44
3.67
3.04
2.80
3.47
3.99
3.53
3.81
3.32
4.00
3.41
2.85
3.13
3.01
3.19
2.82
2.50
2.42
3.51
4.01
3.77
4.32
3.24
2.50
3.94
2.76
3.49
2.48
3.13
2.88
3.29
3 97
5.46
3.39
3.27
3.57
3.46
3.73
3.05
2.81
3.50
3.98
3.54
3.82
3.34
4.01
3.42
2.87
3.15
3 04
3.24
2.93
2.52
2.43
3.53
4.02
3.79
4.34
3.29
2.51
3.96
2 77
3.52
2 49
3.15
2.90
3.30
3 96
5.46
3.47
3.35
3.68
3.56
3.76
3.02
2.83
3.51
4.05
3. 63
3.86
3.42
4.30
3.46
2.91
3.17
3.06
3.27
3.00
2.53
2.44
3.55
4.05
3.81
4.34
3.32
2.53
3.99
2 75
3.52
2 47
3.15
2.91
5.42
7 553
5.427
5.480
5.52
7 67
5.53
7 706
3.935
3.932
3. 961
4.001
98.46
85.75
99.42
90.50
83.82
90.55
7.61
92.00
83.08
89.63
7.64
1.61
3.913
86.02
147. 55
150. 75
157. 29
187. 05
130. 61
93. 37
160. 38
96.67
139
83
115.
99
74
17
92
18
89.35
98.38
'98.3
99.5
99.1
100.8
105. 2
84 5
'98.2
98 9
98.8
103 5
105 2
83 7
'97.9
98 7
98 1
99 4
108 0
84 5
122. 43 ' 121.88 ' 122.28 ' 123.31
170 28 168 75 167 60 168 82
204 20 199 08 197 38 205 53
138 45 138 60 138 29 139 74
149 04 149 17 149 23 151 50
154. 54 156. 83 155 32 157 59
119. 89 117. 09 120 26 121 70
114 33 110 09 109 91 112 29
144 96 141. 86 144 13 147 44
161. 60 164. 83 165 65 168 10
147. 38 147. 17 146 07 146 77
157 87 155 57 156 39 159 57
137 83 135. 83 134 46 137 36
176. 30 181. 69 181 15 182 55
138 40 137 02 136 76 138 55
113 49 112. 22 111 72 113 68
124 58 124. 09 123 84 124 87
133. 09 134. 13 132 80 133 27
119 10 115 28 107 51 114 45
101.45 101. 60 101 60 102 51
86.13
85.61
86.06
87.44
148. 75 147 74 148 21 149 76
153. 90 151. 03 151. 37 153. 38
158 50 158 18 158 59 158 98
186. 19 186 06 189 93 188 10
132. 47 132. 47 131. 47 132. 47
95 89
95 20
95 23
96 09
161 20 159 20 162 00 161 60
97.08
97 92
98 55
97 51
141 15 141 37 141 45 142 16
83 73
83 41
84 07
84 41
115.61 117. 07 119. 23 119. 56
99 81
99 62 100 30 100 30
147. 97
151. 18
159. 18
187. 92
132. 03
85.20
146. 23
149. 31
153. 68
184. 46
130. 82
91. 51
158. 34
Revised.
p Preliminary.
1 Includes adjustments not distributed by months.
1 See corresponding note, p. S-14.
* New series.
cf Wages as of Sept. 1, 1971: Common, $6.185; skilled, $8.515.
'99.5
100.2
102.7
101.4
107.6
85 6
106. 96 ' 107.29 ' 107. 60 ' 108.40
89.81
90 12
90 01
90 48
119 66 120 55 120 31 121 47
100. 47 101. 13 100. 76 101. 39
86.45
87.69
151 26
154. 42
162 57
193 73
134. 06
95 98
162 41
99 18
142 63
85 25
120. 29
100 64
152 04
157. 17
161 85
194 65
136. 21
97 52
164 42
99 88
145 33
85 58
121. 77
101 02
87.69
88.43
90 66
121 54
101. 11
91.14
123 27
102. 04
91.73
124 48
102. 45
111. 73
91.73
123 35
101. 27
97.7
98 0
97 5
101 3
110 1
87 9
129.00
99
80
44
14
42
15
25
78
71
07
22
49
24
36
54
17
35
19
75
89.89
3 33
3 98
5.53
3.50
3.38
3.72
3.61
3.77
3.01
2.83
3.52
4.08
3.67
3.87
3.43
4.41
3.46
2.93
3.19
3 08
3.32
3.01
2.54
2.46
3.56
4.06
3.83
4.43
3.32
2.56
4.00
2 81
3.57
2 52
3.19
2 93
3 35
4 00
5.56
3.51
3.40
3.74
3.62
3.77
3.06
2.84
3.55
4.09
3.67
3.90
3.43
4.44
3.48
2.94
3.20
3 10
3.32
3.02
2 54
2.48
3.58
4.08
3.84
4.49
3.32
2.58
4.04
2 83
3.59
2 54
3.24
2 95
3 36
4 01
5.54
3.52
3.40
3.75
3.63
3.77
3.05
2.85
3.57
4.12
3.66
3.94
3.46
4.42
3.49
2.93
3.21
3 10
3.34
3.11
2.55
2.47
3.60
4.09
3.84
4.50
3.32
2.59
4.03
2 84
3.59
2 55
3.24
2.95
3 38
4 04
5.55
3.54
3.42
3.76
3 64
3.80
3.07
2.86
3.59
4.17
3.70
3.95
3.47
4.40
3.49
2.94
3.23
3 12
3.37
3.24
2.55
2.47
3.61
4.14
3.88
4.58
3.36
2.58
4.05
2 85
3.62
2 56
3.26
2.96
3.41
4 04
5.65
3.55
3.43
3.78
3.66
3.81
3.12
2.88
3.63
4.15
3.74
3.97
3.49
4.43
3.52
2.94
3.24
3.13
3.38
3.30
2.56
2.47
3.62
4.18
3.90
4.58
3.38
2.58
4.08
2 87
3.67
2 57
3.30
2.98
3.42
4.04
5.63
3.57
3.44
3.80
3.67
3.85
3.17
2.90
3.67
4.21
3.75
3.99
3.49
4.43
3.52
2.95
3.26
3.13
3.38
3.30
2.56
2.47
3.67
4.20
3.94
4.58
3.38
2.58
4.10
2.87
3.66
2 58
3. 98
6O
2.97
3.42
4.05
5.69
3.57
3.44
3.78
3.66
3.89
3.17
2.91
3.71
4.18
3.73
4.00
3.51
4.38
3.55
2.94
3.28
3.16
3.38
3.30
2.56
2.47
3.70
4.20
3.98
4.60
3.44
2.58
4.16
2.87
3.67
2.58
3.29
2.97
3.44
4 08
5.75
3.57
3.45
3.80
3.68
3.92
3.19
2.95
3.73
4.30
3.73
4.03
3.53
4.40
3.55
2.94
3.27
3.15
3.35
3.17
2.58
2.49
3.72
4.20
3.97
4.62
3.43
2.57
4.18
2.87
3.67
2.58
3.31
2.99
5.629
5.629
5.64
7 878
5.717
7 992
1.76
5.86
8 21
6.014
6.05
8.38
1.74
6.156
8.471
7 828
1.76
7 841
8.365
SURVEY OF CURRENT BUSINESS
S-16
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index*
1967=aOO_.
LABOR TURNOVERA
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires
-do
Separation rate, totaldo
Quit
do
Layoff
-- --do
Seasonally adjusted:
Accession rate, total
do
New hires
___
___do
Separation rate, total
do
Quit
do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
number
Workers involved
thous
In effect during month :
Work stoppages
number
AVorkers involved
thous
Man-days idle during period
do
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
thous
Unemployment insurance programs:
Insured unemployment, all programs §
do
State programs:
Initial claims
do
Insured unemployment weekly avg do
Percent of covered employment:^
Unadjusted
Seasonally adjusted
Beneficiaries weekly average
thous
Benefits paid
mil. $
Federal employees, insured unemployment,
weekly average
_ thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment weekly avg
do
Beneficiaries, weekly average
do
Benefits paid
mil. $
Railroad program:
Applications
thous
Insured unemployment, weekly avg.-.do
122
93
92
91
87
78
80
80
75
77
78
78
79
83
4.7
3.6
4.8
2.7
1.1
4.0
2.7
4.8
2.1
1.8
4.4
3.0
5.3
2.1
2.3
5.1
3.5
5.6
3.0
1.7
4.7
3.4
6.0
3.3
1.7
3.8
2.7
5.3
2.1
2.2
3.0
1.9
4.3
1.4
2.1
2.4
1.4
4.1
1.2
2.2
3.5
2.0
4.2
1.5
1.9
3.1
1.9
3.5
1.3
1.4
3.5
2.2
3.7
1.5
1.4
3.7
2.3
4.0
1.6
1.4
3.9
2.6
3.7
17
1.2
'4.9
'3.5
3.8
r
1.8
1.2
P 2.1
4.1
2.8
4.1
2.9
3.8
2.6
3.6
2.4
3.7
2.4
3.8
2.3
3.8
2.3
3.7
2.4
3.9
2.5
4.0
2.5
38
2.5
'3.7
2.4
P 3 6
P 2.5
2.1
1.6
2.1
18
2.0
1.9
1.9
2.1
1.7
2.0
1.9
18
1.8
1.7
1.7
15
1.7
15
1.7
16
18
15
' 19
15
p 18
v 15
••5,716
' 3, 305
490
192
420
135
550
539
410
159
270
72
160
449
280
222
330
114
410
116
540
174
580
702
610
272
410
820
42, 869 ' 66, 414
750
354
4,378
700
202
2,800
810
655
7,625
650
608
10, 056
510
469
6,458
370
527
2,438
440
286
2,709
490
169
1,771
590
200
2,292
750
254
2,184
790
774
3 437
850
384
3,923
670
967
7,906
5,700
2,481
*85
"
P
v
P
3.9
2. 7
4. 7
18
5 153
3,845
333
330
345
304
289
230
257
233
295
309
308
365
1,177
2,070
1,897
1,855
1,746
1,889
2,233
2,632
3,195
3,216
3,091
2,756
2 443
2,332
2,431
10, 385
1 101
15, 387
1 805
1,502
1,761
1,068
1,710
1,079
1,607
1,208
1,724
1,432
2,017
1,863
2 369
1,756
2 799
1,291
2,751
1, 265
2,577
1 111
2 283
964
2 001
1,152
1,893
1,993
2.1
3.4
3.2
3.7
1,500
313.1
3.0
4.1
1,375
299.9
3.2
4.4
1,377
305. 1
3.7
4.5
1,553
341. 9
4.4
4.0
1,900
462.0
5.2
3.7
2 302
526.7
5.2
3.8
2,423
557.7
4.8
3.9
2,339
631.0
4.3
4.0
2 105
545 0
38
4 2
1 769
430 8
3.6
4.4
1, 712
3.8
4.0
1,518
3, 848. 5
3.3
3.5
1,414
314.7
20
31
31
33
32
33
35
36
37
37
35
31
29
31
36
333
37
34
87.0
556
79
75
203.2
51
84
77
18.0
44
89
87
18.6
46
81
81
51
97
86
19.1
59
113
107
26.2
56
127
123
27.8
50
128
127
28.2
57
128
128
33.3
51
121
r
122
30.6
45
113
110
27.0
54
114
115
30.1
120
18.3
49
83
75
17.3
128
187
21
15
20
16
»> 17r.
0 Q
8
20
9
20
14
31
38
22
30
19
85
20
923
2, 127. 9
100
17
Q7 ft
On
12
18
Q
16
22
C
°, 7
r
3
36
18e
45
13
9
4
89
15
3
0
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $
Commercial and finance co. paper, total
do
Placed through dealers
do
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period.
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
7,058
31, 765
12,671
19, 094
5,973
36,961
12, 034
24,927
5,979
36,570
12, 044
24,526
5,848
6,167
33,958 34, 401
12, 518 13, 084
21,440 '21,317
6,267
33, 966
13, 301
20, 665
7,058
31, 765
12, 671
19, 094
6,912
32, 295
13, 433
18,862
6,984
32, 506
13, 921
18, 585
7,174
31, 223
13, 570
17, 653
7,301
31, 367
13, 489
17, 878
7,494
7,645
31,115 -29,472
13, 000 11, 736
18, 115 ' 17, 736
13, 204
14, 774
14, 308
14, 338
14, 443
14, 573
14, 616
14, 774
14, 957
15, 206
15,492
15, 718
15, 899
16, 146
16, 137
6,714
1,732
4,758
7,187
2,030
5,557
7,026
1,762
5, 519
7,061
1,778
5,499
7,101
1,852
5,489
7,137
1,973
5,463
7,156
2,020
5,439
7,187
2,030
5,557
7,210
2,119
5,628
7,258
2,164
5,784
7,347
2,153
5,993
7,426
2,113
6,179
7,502
2,056
6,341
7,579
2,041
6,527
7,650
1,997
6,490
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil $
New York SMSA .
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's f
226 other SMSA's
10,207.8 10,550.5 10,552.0 10,780.2 10,533.9 10,896.5 10,668.4 11,508.9 11,425.9 11,658.7 11,119.8 '11,815.4 11,767.2
4, 324. 3 4, 770. 6 4, 668. 1 4, 899. 8 4, 824. 0 5, 016. 1 4, 825. 9 5, 477. 4 5, 309. 7 5, 356. 8 4, 903. 9 5, 202. 8 5, 147. 4
5,883.6 5,779.9 5,883.9 5,880.5 5,709.9 5,880.3 5,862.5 6,031.5 6,116.2 6,301.9 6,215.9 '6,612.6 6, 619. 8
2, 508. 2 2, 478. 8 2, 502. 9 2, 497. 4 2, 420. 1 2, 480. 1 2,453.5 2,524.1 2,505.3 2,597.1 2,573.9 '2,764.2 2, 773. 9
3,375.3 3,301.1 3,381.0 3,383.0 3,298.8 3,400.2 3,408.9 3,507.4 3, 610. 9 3,704.8 3, 642. 0 '3,847.4 3, 846. 0
do
do
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
Reserve bank credit outstanding, total 9 ..do
Discounts and advances _ . _
do
U.S. Government securities
do
Gold certificate account
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
91, 210
92, 945 *91S 899
84, 050
90, 157
84, 794
85, 708
87, 366
86, 609
88, 464
90,157
88, 334
88, 536
90, 681
60, 841
183
57,154
66, 795
335
62, 142
62, 411
1,292
58, 597
62, 089
538
59, 947
63, 297
852
59, 975
63, 527
428
60, 015
63, 737
300
61, 233
66, 795
335
62, 142
64, 900
308
61, 783
65, 616
263
62, 462
67, 387 86, 665 69, 757 68, 565
391
81 ' 1, 051 '446
64,160 r 63,721 ' 65,764 65, 518
90, 357
69, 285
778
65, 841
10, 075
do
10, 036
10, 457
11, 045
11,045
10, 819
10, 819
10, 827
10, 457
10, 464
10, 464
10,464
10, 475
10, 075
10, 075
do
84, 050
90, 157
84, 794
85, 708
87, 366
86,609
88, 464
90, 157
88,334
88, 536
90, 681
90, 357
91, 210
92, 945 P91, 899
do
...do
24, 338
22, 085
26, 687
24, 150
25, 253
23, 072
24, 536
22, 557
26, 037
23, 938
26, 007
24, 206
24, 104
22,689
26, 687
24, 150
26, 441
24, 565
26, 396
24, 409
27, 748
25, 895
26, 949
24, 735
27, 604
25, 494
26, 701
24, 540
27, 345
25, 311
do
48, 244
51, 386
48, 746
48, 952
49, 128
49, 314
50, 390
51, 386
50, 206
50, 200
50, 593
50,889
51, 485
52, 228
52, 619
' Revised.
p Preliminary.
{Monthly data rior to 1969 Will be avai lable la ter.
Revisions for Mar. and May 1970 (1967 = 100): 103 anc 99.
A See note "T',P £5-14.
§Beginning Jan. 1970, data include claims filed under ex ended dtiration previsions of
regular State laws.
7,454
29, 746
11,470
18,276
5,451
31,709
11,817
19, 892
F
cfln sured un employn lent as °/ fo of aver ige cover ed emplc)yment i n a 12-m Dnth peri od.
OT(Dtal SMS A's inclu de some cities an d counticis not de signated as SMS^L'S.
line ludes B oston, P hiladelpllia, Chi 3ago, D(jtroit, San Fran cisco-Oa kland a nd Los
Angel BS-Long Beach.
9 Incliides datei not sho wn sepa rately.
SURVEY OF CUREENT BUSINESS
September 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
| 1970
End of year
S-17
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
29,265
28, 993
30, 488
30, 209
29 686
29,487
29 885
29,745
140
148
82, 590
May
June
July
Aug.
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held total
- mil. $__ i 28, 031 i 29, 265
i 27, 774 128,993
Required
- -do
1272
1257
Excess
do
1321
i 1, 086
Borrowings from Federal Reserve banks _ _ _ d o
i -49
Free reserves
- --do . i -829
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:i
Deposits:
Demand, adjusted c?
- mil. $..
Demand, total 9
-_
do
Individuals, partnerships, and corp
do
State and local governments
do
U S Government
do.
Domestic commercial banks .
_ __do
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
2
87, 739
79, 857
79,713
2 150,897 22 147,355 128, 669
105,605 103,149
91, 029
27,942 22 6, 774
5,695
2
4,
380
2,
989
4,887
2
20, 801 2 21, 704 17, 072
2
do
do
2
2
. do
do
- do
_ .do. ..
90,288
141
2
do
Loans (adjusted) , totald*
do
Commercial and industrial
_
do
For purchasing or carrying securities
do
To nonbank financial institutions
do
Real estate loans
. . do
Other loans
__ __
_
do. __
Investments, total
.U.S. Government securities, total
Notes and bonds
Other securities
_ _ . ..
2
28,825
28, 553
1,358
-1,217
28,349
28,204
145
827
-682
28, 128
27, 987
96, 589 2119,443 106, 495
46, 490
36, 502
2
175,756
2
81, 491
2
7,811
2
13, 148
2
33,
617
2
44, 177
2
2
2
2
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.:
Total loans and investments©
bil. $
LoansO
-do_ _
U.S. Government securities
do
Other securities
do
2
2
48, 035
51, 650
2
180,429
2
81, 693
2
8, 560
2
13, 642
2 34, 035
2
50, 906
59, 536 22 72, 194
28, 061
23, 853
19, 789 2 21, 983
2
44, 133
35, 683
46, 335
41, 862
28, 558
28,432
607
-335
28,701
28,447
254
462
-208
425
-305
321
-49
370
-91
29,880
29,679
201
328
-127
80, 407
80,780
83,086
87, 739
82,284
81,234
272
120
272
279
199
319
—120
T
r
—8
30 419
30,107
'312
330
r
— 18
30 023 p30 547 »30 430
29,892 ' 30,385
30 259
' 162
171
'131
453
805
'820
'-322 r — 658
-634
82, 275
84 927
T
83 921
r
T
83,819
84,696
131,607 140, 018 131,032
93,030 94, 516 92, 376
6,194
7,682
5,925
3,815
3,722
5,798
18,235 20, 962 19, 382
139,560 147, 355 138,249
96,854 103, 149 94,883
6,774
6,460
6,808
6,563
4,220
4 380
20,752 21, 704 19,651
135,249 146,456 141 474
93,744 99, 265 97, 099
6,483
6,957
6,353
4 320
2,873
5 833
20, 175 24, 704 20 750
143,628 '152,998 '139,726
100,703 ^102,160 ' 97,291
7,228 'r 7, 623 6,150
3 899
2 738 r 5 328
22 045 24,975 20, 831
145, 012
99, 579
6,601
4 838
21, 937
110,633 113, 635 114, 820
116,426 119 443 123, 102 125, 842 129, 175 129 338
r
131 127 !31,890 132, 954
134 070
46,327
44,897
47,475
50,376
46, 811
47, 540
171,858 173,241 175,627
79, 319 79,504 81, 154
5,934
6,235
6,091
13 053 13,037 13, 229
33,743
33,
939
33, 620
45, 428 47,389 46, 574
47, 013
49, 086
173,826 174,487
79, 968 80,132
6,436
7,153
12, 573 12,604
34, 065 34,059
47, 025 49,013
48, 035
51 650
49,145
53,770
50, 458
54, 889
52, 973
55, 544
180429 175,201 175,635 177 240
81 693 80,039 80,800 81 208
7,292
6,915
8 560
7 314
13 642 12,617 12 412 13 278
34,284
34,416
34-035
34 553
50, 906 48,093 49,007 48 224
61, 268
23, 378
19 644
37 890
63,449
24,764
21,014
38,685
64, 851
24, 793
20, 698
40, 058
66, 319
25, 593
20, 720
40, 726
70,017
27,364
21,868
42,653
72 194
28,061
21 983
44 133
73,229
28,268
22,322
44,961
73, 618
27,593
22 361
46, 025
75 515
28,060
22 384
47 455
412.8
281.5
55.8
75 5
418.3
284.1
57.5
76.7
423.7
287.3
57.6
78.8
424.4
287.3
56.3
80.8
428.2
288.4
56.7
83.1
435 1
290 5
58.5
86 0
438.9
292.0
58.7
88.2
444.6
295.2
59.9
89.6
448 6
295 2
61.4
92 o
52, 970
58 430
r
180002 r!82,830 180 753
81, 909 r 82,521 ' 81,830
r
7, 590
6,729
7,
012
6 716
r
•IQ' OQC
13 926 14,784 13, 713
'
35,628
36,
149
OA 7^0 35 087 r
AQ QOK
50, 794 49,986 ' 50,605
185 343
82 951
7,715
13 966
36, 727
53, 296
74 883 'r 76,338 ' 75,152
25, 453 r 26,623 ' 25,397
21 652 22,434 ' 21,850
49 430 ' 49,715 ' 49,755
74, 250
24,934
22 122
49, 316
' 456. 8
297.4
63.0
96.3
460.0
300.2
62.0
97 8
465 0
305. 7
61.8
97 5
53, 535
55 732
-IQ1
0-1
7K C78
26, 569
99 ifin
4Q 10Q
22 435. 1
290. 5
2
58. 5
2
86.0
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
.
. .percent per annum . 38.21
38.02
New York City
do
38.53
7 other northeast centers
do
38.48
38.22
3
8. 86
8.50
8.24
8.89
8.07
7.74
8.47
66.75
6.27
7.18
66.68
6.26
6 80
6.00
5 66
6 25
3
3
8.47
8.49
8.53
8.54
8.05
8.15
8.08
8.16
6.83
7.04
6.72
6 81
6.65
6 88
6 59
6 63
5.95
6 37
6.17
6 12
do
do
do . .
do
Discount rate (N.Y.F.R. Bank), end of year or
month
..percent--
38.24
37.93
38.19
38.18
8. 46
8. 44
38.52
3
8. 49
53, 658
56, 532
53, 145
57,210
53 043
54 797
2 401. 3
2
278. 1
251.9
271.3
8 north central centers..
7 southeast centers
8 southwest centers
4 west coast centers
r
r 448 8
294 9
60.2
93 7
453 0
297 9
60.2
94 9
5.50
6.00
6.00
6.00
6.00
5.75
5.50
5.00
4 75
4 75
4 75
4.75
4.75
5.00
37.23
3
8. 50
8.66
8.62
8.51
8.30
8.08
7.86
7.64
7.24
6.80
6 35
6.11
6.05
6.01
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent
Existing home purchase (U.S. avg.)
do
37.66
37.68
3
3
8. 27
8. 20
8 32
8.21
8.35
8.25
8.31
8.27
8.33
8.20
8.26
8.18
8 20
8 12
8 03
7.94
7 74
7 67
7 52
7 47
7 37
7 34
7.36
7.33
7.38
'7.38
7 .51
7.50
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6 months).. do
Finance Co. paper placed directly, 3-6 mo. do
Stock Exchange call loans, going rate
do
47.61
47.83
<7.16
47.96
47.31
47.72
47.23
47.95
7.61
8 29
7.64
8.00
7.20
7.90
7.48
8.00
7.03
7.32
7.12
7.90
6.54
6.85
6.76
7.75
5.79
6.30
6.16
7.40
5.32
5.73
5.48
6.92
4.77
5.11
5.07
6.28
4.09
4 47
4.37
5.88
3.80
4 19
4.05
5.49
4 36
4 57
4! 27
5.32
4.91
5 10
4.69
5.50
5.33
5.45
5.24
5.50
5.60
5.75
5.54
5.93
5.57
5.73
5.57
6.00
6. 458
7 37
6.468
7 58
6.412
7 56
6.244
7.24
5.927
7 06
5.288
6 37
4.860
5 86
4.494
5 72
3.773
5 31
3.323
4 74
3.780
5 42
4.139
6 02
4.699
6 36
5.405
6 77
5.078
6 39
Federal intermediate credit bank loans
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues
do
6.00
4 6. 677
46.85
4
4
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
mil. $
122, 469
do
98 169
101 161
99 302
99, 860 100, 142
99 959
99, 790 101 161 100 101
99 244
99 igs 100 028 100 692 101 862 102 848
do
do...
...do
do
36 602
27,609
4,040
29 918
35 490
29, 949
4,110
31 612
36 918
27, 538
4,081
30 765
36 908
27, 801
4,104
31 047
36, 738
28, 055
4,123
31 226
36 518
28, 152
4,126
31 163
36 Oil
28, 378
4,133
31, 268
35 490
29, 949
4,110
31 612
35 004
29, 575
4,067
31 455
34 869
28, 928
4,051
31 396
35 028
28, 591
4,045
31 504
35
28
4
31
By type of holder:
Financial institutions, total
Commercial banks.
Finance companies^
do
do
do
84, 982
40 305
31, 734
87,064
41 895
31, 123
86 876
41 703
31, 561
87,315
41, 934
31, 588
87, 471
42, 051
31, 510
87, 243
42 010
31,309
86, 820
41, 740
31, 081
87, 064
41 895
31, 123
86, 308
41,611
30, 791
85, 910
41 446
30, 511
86,015
41 563
30, 326
Credit unions.. _ _
Miscellaneous lenders If
do
do
11 594
1,349
12 500
1,546
12 141
1,471
12, 292
1,501
12 409
1,501
12 422
1,502
12, 438
1,561
12 500
1,546
12, 353
1,553
12 351
1,602
do
do.
13, 187
14 097
12 426
12,545
337
12, 671
'337
12,716
'335
12,970
332
14, 097
13, 793
13, 334
Installment credit, total
_
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
Retail outlets, total
Automobile dealers..
r
c
336
126,802 123, 092 123,655 123, 907 123, 866 123, 915 126, 802 125, 077 123, 815 123, 604 125 047 126, 025 127,388 128, 354
C
327
337
Revised.
» Preliminary.
Corrected.
i Average for Dec.
2 Beginning June 1969, data are revised to include all bank-premises
subsidiaries, and other significant majority-owned domestic subsidiaries; also, loans and
investments 3are now reported gross. For complete details see the Aug. 1969 Federal Reserve
Bulletin.
Average for year.
4 Daily average.
« Revised series. Feb. 1971 data on
old basis are in Jan. 1971 column; details are in June 1971 Federal Reserve Bulletin.
JRevisions for Jan. and Feb. 1970 are in the Mar. 1971 Federal Reserve Bulletin.
cfFor demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial
bank and U.S. Government, less cash items in process of collection; for loans,
http://fraser.stlouisfed.org/
443-741 O - 71 - S3
Federal Reserve
Bank of St. Louis
327
324
819
706
126
041
36 349
28, 976
4,186
32 351
36 763
29, 165
4,240
32 680
86 805
42 094
30 369
87 491
42 482
30, 441
88,544
43 Oil
30, 609
89, 458
43 509
30, 906
12 509
1,617
12 686
1 656
12 874
1 694
13 206
1,718
13 296
1,747
13, 153
13 223
13 201
13, 318
13, 390
496
682
077
773
35
28
4
32
323
339
325
344
344
330
exclusive of loans to and Federal funds transactions with domestic commercial banks and
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately.
©Adjusted to exclude interbank loans: beginning June 1969, data are reported gross.
§For bond yields, see p. S-20.
^Finance companies consist of those institutions formerly classified as sales finance, consumer
finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual savings banks.
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
July
Annual
September 1971
Aug.
1971
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FINANCE—Continued
CONSUMER CREDIT— Continued
Outstanding credit— Continued
Noninstallment credit, total-mil$__
Single-payment loans, total
do
Commercial banks
do
Otherfinancialinstitutions .
_. do
Charge accounts, total
Retail outlets
Credit cards
Service credit
-
_do_ _
do
do
do
Installment credit extended and repaid:
Unadjusted:
Extended, total
do_.
Automobile paper
do
Other consumer goods paper _ _ _ _ .do
All other
_
do
Repaid, total
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
_do
do
_ do
do
Other consumer goods paper
All other
do
do
Repaid, total
Other consumer goods paper
All other
24,300
9,096
7,900
1,196
25,641
9,484
8,205
1,279
23, 790
9,254
8,005
1,249
23, 795
9,294
8,041
1,253
23, 765
9,316
8,062
1,254
23, 907
9,313
8,059
1,254
24, 125
9,345
8,071
1,274
25, 641
9,484
8,205
1,279
24, 976
9,480
8,196
1,284
24, 571
9,506
8,205
1,301
24, 436
9,557
8,249
1,308
25, 019
9,676
8,350
1,326
25,333
9,765
8,425
1,340
25, 526
9,862
8,512
1,350
25. 506
9,854
8,498
1,356
8,234
6,650
1,584
6,970
8,850
6,932
1,918
7,307
7,509
5,727
1,782
7,027
7,508
5,664
1,844
6,993
7,489
5,617
1,872
6,960
7,656
5,797
1,859
6,938
7,757
5,884
1,873
7,023
8,850
6,932
1,918
7,307
8,094
6,144
1,950
7,402
7,353
5,435
1,918
7,712
7,207
5,316
1,891
7,672
7,689
5,774
1,915
7,654
8,004
6,046
1,958
7,564
8,214
6,199
2,015
7,450
8,271
6,173
2,098
7,381
102, 888
32, 354
33, 079
37, 455
104, 130
29, 831
36, 781
37, 518
9,497
2,952
3,141
3,404
8,915
2,540
3,152
3,223
8,580
2,402
3,097
3,081
8,670
2,463
3,200
3,007
8,271
2,006
3,147
3,118
10, 194
2,045
4,562
3,587
7,545
1,997
2,868
2,680
7,489
2,336
2,431
2,722
9,575
3,074
3,076
3,425
10, 079
3,100
3,363
3,616
9,562
2,883
3,148
3,531
10, 667
3,301
3,538
3,828
10, 098
3,032
3,415
3,651
94, 609
29, 882
30, 369
34, 358
101, 138
30, 943
34, 441
35,754
8,894
2,843
2,906
3,145
8,357
2,550
2,889
2,918
8,298
2,572
2,843
2,883
8,853
2,683
3,103
3,067
8,440
2,513
2,921
3,006
8,823
2,566
2,991
3,266
8,605
2,483
3,242
2,880
8,346
2,471
3,078
2,797
9,651
2,915
3,413
3,323
9,219
2,632
3,272
3,315
8,898
2,560
3,124
3,214
9,497
2, 771
3,268
3,458
9,112
2,618
3,226
3,268
9,065
2,685
3,124
3,256
8,809
2,537
3,168
3,104
8,849
2,621
3,071
3,157
8,580
2,349
3,113
3,118
8,414
2,127
3,113
3,174
8,536
2,170
3,281
3,085
8,916
2,461
3,252
3,203
9,081
2,687
3,204
3,190
9,533
2,897
3,210
3,426
9,751
2,872
3,415
3,464
9,690
2,756
3,295
3,639
9,715
2,838
3,433
3,444
9,675
2,773
3,399
3,503
8,622
2,752
2, 874
2,996
8,577
2,632
2,967
2,978
8,490
2,599
2,913
2,978
8,662
2,550
3,036
3,076
8,716
2,577
3,082
3,057
8,515
2,618
2,945
2,952
8,829
2,623
3,145
3,061
8,979
2,636
3,212
3,131
9,038
2,696
3,164
3,178
9,088
2,566
3,249
3,273
9,197
2,640
3,211
3,346
9,190
2,678
3,233
3,279
8,914
2,565
3,203
3,146
do
do
do
do
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: J
Expenditure account:
Receipts (net)
mil. $._ 1 187,784 1 193,743 12, 609
Expenditure (excl. net lending)
do
1 183,072 1 194,460 19,344
Loan account:
Net lending
Budget surplus or deficit ( — )
Budgetfinancing,totalt
Borrowing from the public
Reduction in cash balances
i 4, 712 i
do
1-1,476 i -2,128
-66
-114
-150
-112
do
Federal Government expenditures, total.. .do
Purchases of goods and services
do
National defense
do
Transfer payments
do
Grants-in-aid to State and local govts
do
Net interest paid
_
_
do
Subsidies less current surplus of government
enterprises
bil $
do
15, 429 15, 773
15, 876 16, 870
-447 -1,097
326
-245
15, 130 13, 205
16, 717 18, 328
-1,096 -5, 123
170
-318
21, 024 13, 190
17, 769 16, 882
3,255 -3,692
-49
-270
22,449 13, 198
20,003 18,507
2,446 -5,309
-112
-49
3,206 -3,961
-121 -1,341 -1,417 -5, 441
2,334 -5,358
5,441 -3,206
5,358
1,341
3,961 -2,334
121
1,417
675
4,226
-271
2,197
660
-310
3,024
240
4,766 -2, 935
1,132
1,764 -2, 024
681
-2, 903
1,177
863 403, 742 408, 736 409,468 415,677
i 367, 144 i 382,603 388, 214 392, 545 390, 335 391, 840 395, 274 400, 825 401, 020 402, 342 403,
i 279,483 i 284,880 290, 877 293, 593 292, 246 294, 808 298, 113 301, 138 301, 798 302, 038 302, 713 302, 442 304, 638 304,328 308, 554
11,493 14, 134
6, 110' 7,181
524
669
15, 429
6,209
4,484
15, 773
10, 579
526
15, 130
6,493
372
13, 205
3,366
3,523
21, 024
9,630
4,015
13, 190
3,846
623
22,449
9,801
6,469
13, 198
6,519
879
2,697
2,018
4,108
2,322
2,545
1,717
2,720
1,949
5,943
2,321
3,990
2,326
4,970
2,409
6,366
2,355
3,773
2,406
3,464
2,336
17, 443
304
6,160
17, 640
1,157
6,140
16, 728
695
5,851
15, 550
353
6,521
17, 115
886
5,777
16,546
191
5,720
18,646
320
6,309
17, 818
281
6,041
17, 152
437
5,809
20, 115
353
7,612
18, 556
2,056
5,046
4,866
1,818
282
719
4,886
1,264
302
765
4,758
1,854
266
827
5,037
1,699
318
806
4,998
1,785
262
765
5,049
1,803
295
794
5,374
1,869
333
962
5,226
1,816
252
881
5,143
1,819
274
874
12, 609
6,281
838
15, 172
7,219
484
18, 725
9,449
4,278
145,298
125,203
3,184
2,306
5,330
2,138
2,962
2,036
1 184,548 1 196,588
i 8, 330 i 8, 307
i 77,872 i 77, 150
19, 327
2,649
6,570
17, 495
1,032
6,059
4,626
1,670
268
730
4,720
1,851
282
764
1 187,784 1 193,743
i 87,249 i 90, 412
i 36, 678 i 32, 829
139,918
i 23,940
Defense Department, military
do
Health, Education, and Welfare Department
mil. $.. i 46,594 i 52, 250
i 16,924 1 19, 510
Treasury Department
do
i 4, 247
National Aeronautics and Space Adm do
i 3, 749
i 7, 669
i 8, 653
Veterans Administration
_ _ .do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $..
196.9
191.5
Personal tax and nontax receipts..
do
'94.9
92.2
Corporate profit tax accruals
do
36.3
30.6
19.0
Indirect business tax and nontax accruals. do
19.3
Contributions for social insurance
do
46.8
49.3
Surplus or deficit (— )
17
18, 725 11, 493 14, 134
17, 329 17, 490 16, 616
1,396 -5,997 -2,482
1,281 -6, 147 -2, 594
i 3, 236 i -2,845 -6, 718 -2,323
do
do. . . 1-3,236 12,845 6,718 2,323 -1,281 6,147 2,594
3,306
2,561
5,997
2,716 -1,347
do
1-11,146
i 5, 399
-712
3,586
721
-393
66
i 7, 910 1-2,554
do
Gross amount of debt outstanding J
do
Held by the public
do
Budget receipts by source and outlays by agency :J
Receipts (net), total
mil. $
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contribution's
(net)
mil. $__
Other
do
Expenditures and net lending, total 9
15, 172
17, 429
-716 -6,735 -2, 257
r
r 7, 175
1,776
246
870
191.3
89.7
31 9
19.7
50.0
189.3
91.0
29.0
19.4
49.8
195.6
87.6
34.2
20.6
55.0
198.3
88.4
'33.4
20.6
55.9
189.5
99.2
78.4
52.4
20.3
13.1
205.1
97.2
75.4
63.4
24.4
14.6
206.7
96.1
74.2
64.6
24.9
15.0
209.8
95.9
73.2
67.5
25.9
14.8
213.2
96.7
73.0
69.6
27.3
14.0
220.9
95.7
71.8
77.5
29.5
13.4
4.6
5.5
58
5 7
5.7
4.8
4
o
.0
-15.4
-20.5
-17.5
r
5,418
1,739
377
796
.0
22.6
7.3
-13.6
197. 21
10.91
84. 57
72.03
66.25
207. 25
11.07
88.52
74.38
68.73
201. 49
11.15
85.66
73.39
67.72
202. 50
11.17
86.15
73.46
67.80
203.81
11.91
87.05
73.58
67.92
204. 76
11.12
87.59
73.78
68.10
205. 91
11.19
88.15
73.89
63.23
207. 25
11.07
88.52
74.38
68.73
208. 21
11.03
90.13
74.37
68.78
209.88
11.13
91.04
74.44
68.87
211. 50
11.02
92.63
74.52
68.97
212. 70
10.95
93.76
74.54
68.99
213. 41
10.95
94.20
74.55
69.00
214. 28
10.79
95.03
74.54
68.97
5.91
13.82
1.63
8.33
6.32
16.06
1.76
9.15
6.16
15.38
1.34
8.41
6.18
15.54
1.44
8.55
6.21
15.70
1.43
8.74
6.26
15.84
1.42
8.86
6.28
15.95
1.57
8.86
6.32
16.06
1.76
9.15
6.34
16.11
1.29
8.94
6.45
16.22
1.58
9.03
6.48
16.29
1.56
8.99
6.54
16.37
1.37
9.18
6.59
16.44
1.40
9.29
6.64
16.52
1.46
9.31
LIFE INSURANCE
institute of Life Insurance:
Assets, total, all U.S. life insurance cos. t— bil. $..
Government securities*
do
Corporate securities*
do
Mortgage loans, total
._
do
Nonfarm
_
do
Real estate
Policy loans and premium notes
Cash
_
Other assets
do
do
do
...do
•• Revised.
* Preliminary.
i Data shown in 1969 and 1970 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
t Revisions for July 1967-Apr. 1969 for budget receipts and expenditures and for Jan .-Mar.
1969 and Jan.-May 1970 for assets of all U.S. life insurance cost will be shown later.
9 Includes data for items not shown separately.
*New series.
SUEVEY OF CUEEENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-19
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FINANCE—Continued
LIFE INSURANCE— Continued
Institute of Life Insurance— Continued
Payments to policyholders and beneficiaries in
U S total
.mil. $._
Death benefits
do
Matured endowments
do
Disability payments
_ _ _
do
Annuity payments
do
Surrender values
do
Policy dividends
do
15,524.5
6, 758. 1
952.6
204.7
1, 558. 6
2, 721. 6
3,328.9
16, 449. 4 1,301.6 1, 301. 1 1,348.1 1, 329. 9 1, 231. 2 1, 810. 9 1, 286. 2 1,328.3 1, 571. 7 1, 414. 4 1, 353. 7 1, 430. 0
575.3
7, 017. 3
549.5
567.9
550.5
681.9
565.6
591.5
519.1
702.0
611.1
635.7
592.8
75.4
978.3
72.4
77.0
81.4
81.6
84.8
78.5
80.0
95.6
87.7
81.9
85.4
232.9
19.1
18.2
21.6
20.7
18.8
17.6
18.2
20.5
23.8
20.1
19.9
25.2
149.0
1, 757. 1
149.4
146.1
160.4
122.1
148.7
154.5
149.7
166.7
161.3
157.4
164.9
2, 886. 4
243.2
223.4
235.8
222.3
229.4
262.7
231.5
216.9
275.6
249.7
234.3
243.5
239.6
3, 577. 4
288.2
299.7
247.5
283.9
645.0
246.5
254.7
308.0
284.7
267.2
275.3
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :J
Value estimated total
__ _
mil. $._ 159, 283 2193, 593 14, 533
113, 500 122, 661 10, 093
Ordinary (incl. mass-marketed ord.)
do
3,887
39, 329 264, 422
Group
do
6,454
6,510
553
Industrial
- do._
Premiums collected:
1,707
18,933
19, 940
Total life insurance premiums
_
do
1,264
14, 912
13, 142
Ordinary (incl. mass-marketed ord.)
do
350
3,492
3,753
Group
-_ _
-do
94
1,275
1,299
Industrial
- __
do
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)... mil. $_.
Net release from earmark§
_ _
do
Exports
_.
thous. $..
Imports
_
_
do_ _
Production:
South Africa
mil. $__
Canada
do
United States
do
Silver:
Exports
_
thous. $
Imports
do.
Price at New York
dol. per fine oz
Production:
Canada
thous. fine oz1.
Mexico
do
United States
_.do.
Currency in circulation (end of period)
bil. $__
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
bil. $
Currency outside banks
do
Demand deposits __.
do
Time deposits adjustedl
do
U.S. Government demand depositsU _ do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks
do
Demand deposits _
do
Time deposits adjusted^
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's) O_ .ratio of debits to deposits..
New York SMSA
do.
Total 232 SMSA's (except N.Y.)
do...
6 other leading SMSA'scf
do.
226 other SMSA's
.
do
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $..
Food and kindred products
_ do.
Textile mill products
do
Lumber and wood products (except furniture)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
Petroleum refining
_
. do
Stone, clay, and glass products
do.
Primary nonferrous metal
_ ..do
Primary iron and steel. ._ . .
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $_.
Machinery (except electrical)
do.
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc.)
mil. $
Motor vehicles and equipment
do
All other manufacturing industries
__do
Dividends paid (cash) , all industries
...do.
Electric utilities, profits after taxes (Federal Reserve)
mil.$
2
30, 883
9,688
20, 671
524
14, 075
9,652
3,860
563
14, 065
10, 620
2,864
581
14, 758
10, 506
3,729
523
21, 853
12, 325
9,031
497
1,607
1,202
307
97
1,475
1,154
321
91
1,708
1,308
305
95
1,596
1,198
304
95
2,082
1,457
392
234
2
12, 194
8,828
2,832
536
12, 580
9,615
2,401
564
17, 020
11, 895
4,503
622
16, 237
11, 015
4,487
735
14, 713
10, 537
3,488
688
16, 273
11,344
4,294
635
14, 097
10, 259
3,296
542
10, 332
-50
1,955
7,259
10, 732
-615
37,789
237,464
11,367
23
239
29, 516
11,367
-66
449
11, 531
11,117
-328
330
27, 115
11,117
-6
253
14, 536
11,117
-27
618
62, 760
10, 732
-282
10, 671
14, 223
10, 732
-32
15, 473
10, 411
10, 732
-23
2,379
37, 721
10, 732
-76
9,774
20, 296
10, 732
-38
2,614
20, 795
10, 332
-352
10, 430
35, 386
10,332
-62
3,564
18, 469
1, 090. 7 '1,128.0
89.1
81.8
60.1
95.2
6.8
96.3
6.3
96.2
6.6
96.6
6.9
94.4
6.5
89.7
6.8
91.3
7.0
89.6
6.6
94.3
6.7
91.9
6.5
91.5
6.7
91.3
6.7
1,268
3,741
1.687
2,870
6,676
1.798
1,888
5,301
1.802
1,079
4,419
1.746
1,277
3,763
1.760
5,890
4,876
1.635
4,218
5,267
1.640
1,970
2,746
1.600
3,273
5,204
1.669
2,661
5,907
1.726
1,527
2,900
1.667
1,269
3,785
1.608
10, 367
755
12, 287
236, 905
1 156, 720
1 80, 061
1.791
27, 613
64, 957
1.771
913
3,645
1.581
10, 332
1.587
3,513
41, 926
42,904
41, 552
47, 483
4,422
3,164
3,380
3,707
4,262
3,735
3,336
5,280
4,699
3,535
3,985
3,867
64.0
57.1
54.5
54.7
54.8
55.0
56.4
57.1
55.3
55.6
56.3
56.6
57.4
58.4
58.6
201.5
44.8
157.0
198.8
5.6
210.0
47.7
162.3
208.4
6.4
209.0
48.3
160.7
208.1
6.8
208.7
48.3
160.4
214.0
7.1
211.4
48.2
163.1
218.4
6.8
213.0
48.5
164.5
222.5
6.1
215.3
49.2
166.1
224.6
5.6
221.1
50.0
171.1
228.7
7.1
221.3
49.1
172.1
234.5
6.6
215.5
49.2
166.3
240.3
8.3
217.4
49.5
167.8
246.9
5.4
222.2
50.1
172.1
249.2
5.5
219.7
50.5
169.2
252.1
7.8
223.6
51.1
172.5
254.4
5.4
r 225. 8
51.9
173.9
256.4
6.8
224.6
51.9
172.7
259.0
6.7
210 6
48.1
162.5
208.2
211.8
48.2
163.7
213.2
212.8
48.2
164.6
218.5
213.0
48.5
164.5
222.2
213.5
48.7
164.8
225.0
214.6
48.9
165.7
230.4
214.8
49.2
165.5
235.3
217.3
49.6
167.7
240.9
219.4
50.0
169.4
246.1
221.1
50.5
170.5
248.3
223.9
50.9
173.0
251.4
225.6
51.2
174.4
254.4
227.5
51.7
175.8
256.8
228.0
51.8
176.2
258.1
73.1
145.3
53.6
79.4
43.1
75.7
162.8
52.5
77.9
42.2
75.3
161.0
53.0
77.9
42.8
78.1
175.9
53.4
78.4
43.2
75.6
168.5
51.6
75.8
41.8
77.0
170.6
52.4
76.7
42.6
76-3
168.3
52.6
76.8
42.9
82.0
191 3
54.0
79.5
43.9
79.5
183.5
53.3
76.5
44.1
80.7
185.6
54.4
78.7
44.7
76.7
171.2
53.4
77.9
43.7
80.1
179.3
55.8
82.4
45.4
79.8
178.9
55.7
82.7
45.1
33, 248
2,382
621
28, 572
2,549
413
6,973
701
110
6,739
664
98
6,995
612
93
8,525
700
151
640
987
3,591
5,884
822
1,414
1,221
304
719
3,434
5,893
627
1,297
692
93
161
849
1,437
225
280
154
55
136
799
1,633
157
234
110
88
128
907
1 524
69
210
204
160
156
1,015
1,390
289
256
351
1,326
3,138
2,594
1,066
2,689
2,349
290
657
556
187
621
676
226
520
542
330
648
663
945
2,845
4,835
15, 058
593
1,424
4,522
15, 070
138
60
1,263
3,405
115
99
1,153
4,025
101
867
903
3,805
182
937
1,298
3,882
3,186
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total..
mil. $
5,896
52,747 * 88, 665
8,155
8,199
By type of security:
Bonds and notes, total
do
5,279
79, 985
44, 351
7,817
7,495
Corporate
do
30,264
2,151
18, 348
2,814
1,935
Common stock. _
do
7,292
7,714
529
246
528
Preferred stock
do
682
1,388
88
92
176
r
Revised.
p Preliminary.
1 Monthly data beginning July and annual total figures
exclude silver coin. 2 includes $17.2 bil. SGLI.
{Revisions for Jan. 1968-Feb. 1969 will
be shown later.
§0r increase in earmarked gold (—). 0Beginning Dec. 1970 SURVEY, data reflect new benchmarks and changes in seasonal factors, as well as the improved handling of international
8,353
9,040
7,651
7,438
6,523
11, 070
7,244
6,969
10, 994
9,230
7,270
2,694
903
180
8,142
3,283
774
124
6,941
3,270
541
168
6,949
2,627
413
76
5,998
2,476
424
100
9,777
' 2, 782
982
311
5,825
2,623
882
537
6,337
2,638
579
54
9,661
3,042
1,228
104
7,034
1,868
669
1,527
transactions of specialized banking institutions. Revised monthly data back to 1959 will
be available later, ^f At all commercial banks. OTotal SMSA's include some cities and counties not designated as SMSA's. & Includes Boston, Philadelphia, Chicago, Detroit, San
Francisco-Oakland, and Los Angeles-Long Beach.
c Corrected.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate, total 9
.
.
. mil. $
Manufacturing
do
Extractive (mining). .
do
Public utility
-do
26, 744
6,356
1,721
6,736
38, 944
10, 513
2,082
11,017
2,768
638
139
843
2,273
683
70
630
do
do
do
2,146
2,188
4,409
2,280
5,142
5,497
223
144
526
125
279
370
do
do
do
26,003
4,765
11, 460
49, 721
14, 831
17, 762
3,128
405
1,310
5,882
3,573
1,318
do
do
11, 460
11, 783
17, 762
17, 880
1,310
1,113
2, 286
68.6
79.0
64.49
3,777
1,006
180
1,101
4,182
1,107
186
1,350
3,980
1 056
90
955
3,115
716
118
676
3,000
661
84
1,069
6,075
2,417
111
1,452
4 042
1 135
'109
1 267
3 271
789
100
588
4 375
1 206
*174
1 055
4,064
529
101
721
138
371
586
177
693
580
365
282
968
167
391
667
89
683
314
161
532
1,038
335
273
591
339
405
876
297
218
813
200
1,622
660
4,681
1,428
1,650
4,576
412
1,882
4,858
2 414
1,684
3,671
402
2,245
4,323
436
2,614
3,522
431
1,823
4,995
517
2,104
3 202
1 859
3 698
466
2 114
6 619
2 779
1 988
5,166
1 153
1 951
1,318
1,226
1,650
2,049
1,882
1,216
1,684
2,022
2,245
2,254
2 614
1 552
1,823
1,886
2,104
2,452
1 859
2,482
2 114
1 840
1 988
2 932
1,907
1,342
22,180
2,083
2,236
2,163
2,197
2,286
2,452
2,743
2,798
2,660
2 500
2 440
2,210
61.5
72.3
59.0
70.6
60.0
73.8
60.8
72.7
61.3
71.9
61.9
75.0
64.7
79.8
66.5
79.9
66 8
81.5
65.8
82.8
65 0
80.4
63 7
75.6
63 5
74.8
63 2
74.0
63.4
77.4
60.52
60.59
59.20
60.10
60.44
63.27
65.63
66.10
66.78
67.94
67.57
65.72
65.84
66.16
67.33
4, 501. 18 4, 763. 27
5, 123. 47 6, 299. 55
370. 56
536. 56
311. 80
442. 43
400. 69
516. 87
417. 18
538. 59
398. 18
506. 43
648. 58
828. 96
703. 09
866. 98
710. 03
843. 48
766. 76
879. 80
766 33
877. 50
761 07
891. 01
667 64
798 58
603 44
702. 30
3, 550. 33 4, 328. 33
4, 123. 33 5, 554. 92
344.53
489. 26
289. 98
401. 69
358. 08
443. 37
382. 93
485. 02
370. 35
460.35
605. 01
760. 03
631. 95
753. 59
624. 69
720. 88
682.48
767. 53
688. 22
782. 02
690.89
793. 11
613 16
727. 51
564 20
646.00
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 3, 646. 16 4,494.86
394. 13
349. 78
396. 30
370. 23
404. 43
557. 12
641. 95
541.68
600.80
615. 41
574. 79
509. 87
444. 24
489. 80
8.85
8.73
8.68
8.63
8.65
8.35
8.04
7.75
7.84
7.86
8.03
8.14
8.14
8.12
8.03
8.44
8 71
9.33
8.05
8.42
8 74
9 38
7.64
8. 13
8 48
9. 12
7.36
7.90
8.15
8.74
7 08
7.67
7 85
8.39
7.21
7.73
7.96
8.46
7
7
7
8
25
74
99
45
7.53
7.84
8 14
8 62
7
7
8
8
64
96
20
75
7 64
7.96
8 21
8 76
7.59
7.93
8.20
8.76
Transportation!
Communication __ _ _
Financial and real estate
Noncorporate, total 9
TT.8, QovorTlTTifynf:
State and municipal
State and municipal issues (Bond Buyer) :
Long-term
Short-term
3,518
994
193
1,241
145'
445
347
r 467
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks.
Customers' debit balances (net)
Customers' free credit balances (net)
_.mil. $..
do
do.
1923
17,445
i 2, 803
1
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited1
dol per $100 bond
Domestic municipal (15 bonds)
_ do
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.
do
do
Yields:
Domestic corporate (Moody 's)
By rating:
Aaa .
Aa.
A
Baa.. .
By group:
Industrials
Public utilities.
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
...
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable©
7.36
8.51
do
do
do
do
7.03
7.20
7.40
7.81
8.04
8.31
8 56
9.10
8.44
8.64
8 92
9.40
8 13
8.49
8.85
9.44
8.09
8.47
8.78
9.39
do
do
do
7.25
7.49
7.46
8.26
8.67
9.04
8.61
9.01
9.11
8.44
8.83
9.19
8.40
8.80
9.10
8.35
8.74
9.06
8.37
8.77
9 06
7.95
8.45
8.96
7.57
8.17
8.70
7.24
7.94
8.39
7.36
8.08
8.39
7 43
8.05
8 37
7.68
8.23
8.40
7 80
8 39
8 43
7.85
8.34
8.46
7.80
8.30
8.48
.do
do
5.79
5.81
6.34
6.50
6.40
6.69
6.16
6.33
6.39
6.45
6.40
6.55
5.41
6.20
5.58
5.70
5.16
5.70
5.34
5.55
5.15
5.44
5.69
5.65
5.70
6.14
6.19
6.22
6.05
6.31
5.95
6.10
6.59
6.57
6.75
6.63
6.59
6.24
5.97
5.91
5.84
6.71
5.75
5.96
5.94
5.91
5.78
8.98
9.83
4.61
4.60
6.40
9.44
8.99
9.76
4.69
3.92
6.77
10.44
8.95
9.70
4.71
3.95
6.70
10.48
8.94
9.70
4.71
3.79
6.70
10.48
8.93
9.70
4.71
3.79
6.82
10.48
8.91
9.67
4.71
3.79
6.82
10.48
8.84
9.56
4.72
3.79
6.90
10.49
8.85
9.57
4.73
3.79
7.13
10.49
8.91
9.64
4.74
3.82
7.28
10.52
8.84
9.54
4.74
3.82
7.28
10.57
8.84
9.55
4.75
3.82
7.28
10.57
8.85
9.57
4.78
3.82
7.28
10.57
8.85
9.55
4.78
3.85
7.28
10.57
8.85
9.57
4.78
3.84
7.28
10.57
8.82
9.53
4.78
3.84
7.28
10.57
8.77
9.43
4.78
3.84
7.28
10.66
262. 77
313. 15
94.55
93.90
226. 70
270. 83
79.06
65.61
212. 90
252. 79
74.55
56.18
221. 25
264. 25
77.17
57.02
226. 91
272. 90
75.66
65.13
224. 96
272. 65
74.15
61.70
235. 68
285. 04
81.54
64.62
248. 66
298. 78
88.59
72.50
256. 44
306. 35
90.82
77.38
258. 89
312. 77
87.70
79.23
268.58
326. 01
89.49
80.28
277. 35
339. 59
85.82
87.10
263. 90
324. 75
81.51
83.44
261. 94
320. 58
84.95
84.56
251. 35
305. 79
83.31
81.86
262. 95
322. 28
79.70
93.50
4.20
3.84
6.32
7.03
4.01
4.19
4.04
3.67
6.10
6.65
3.83
4.15
3.94
3.55
6.23
5.82
3.99
4.01
3.96
3.55
6.35
6.14
4.27
4.05
3.75
3.35
5.79
5.87
4.16
3.88
3.56
3.20
5.34
5.23
4.04
3.59
3.47
3.15
5.22
4.94
4.24
3.45
3.41
3.05
5.40
4.82
4.16
3.33
3.29
2.93
5.31
4.76
3.74
3.23
3.19
2.82
5.56
4.39
3.95
3.27
3.35
2.94
5.86
4.61
4.26
3.35
3.38
2.99
5.63
4.54
4.39
3.15
3.51
3.12
5.74
4.69
4.46
3.15
3.34
2.93
6.00
4.11
4.34
2.92
percent..
.
.do
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's) :
Dividends per share, annual rate, composite
dollars..
Industrials
do
Public utilities
do.
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do
Price per share, end of mo., composite
Industrials
Public utilities
Railroads
do
do
do
...do
Yields, composite
Industrials
Public utilities
Railroads. _ _ _ _ _ _
N.Y. banks
Property and casualty insurance cos
percent..
do
do
do
do
do
3.42
3.14
4.88
4.90
3.72
3.37
3.97
3.60
5.94
5.97
4.03
4.02
Earnings per share (indust., qtrly. at arm. rate;
pub. utll. and RR., for 12 mo. ending each qtr.) :
Industrials
dollars
Public utilities
do
Railroads
do_
17.53
6 92
7.28
15 30
6 89
3.53
13.83
6 82
4.38
r
2
Revised.
*> Preliminary.
1 End of year.
Because of changes in series, data
beginning July 1970 are not directly comparable with those for earlier periods.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data restated to include "other transportation" in addition to railroad data formerly shown.
15.51
6 89
3.53
17.08
6.91
"3.76
r 18. 32
••6.88
P4.42
cf Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
STJEVEY OF CUERENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-21
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)...
percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation^
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43 =10..
6.41
7.22
7.62
7.41
7.31
7.33
7.30
6.88
6.53
6.32
6.48
6.59
6.82
6.99
7.03
7.04
301. 35
876. 72
123. 07
221. 02
243. 92
753. 19
108. 75
152. 36
223. 29
712. 80
102. 83
125. 75
229.99
731. 97
105. 36
130. 91
240. 57
759. 38
108. 79
141. 25
245. 02
763. 72
106. 68
152. 66
246. 16
769. 23
110. 98
148. 37
263. 81
821. 51
118. 88
160. 34
279. 62
849. 04
124. 86
180. 85
290. 14
879. 69
123. 77
193. 79
296. 67
901. 29
123. 22
200. 55
309. 11
932.54
122. 92
217. 16
307. 39
925. 49
117. 75
221. 10
300. 23
900.43
114. 36
217. 96
294. 95
887.81
118. 12
214. 94
297. 74
875. 40
113. 28
222. 89
97.84
83.22
75.72
77.92
82.58
84.37
84.28
90.05
93.49
97.11
99.60
103.04
101. 64
99.72
99.00
97.24
.do
do
do
do
do
107. 13
103. 75
87.06
62.64
45.95
91.28
87.87
80.22
54.48
32.13
83.00
77.99
73.10
50.91
26.59
85. 40
78.38
74.76
52.62
26.74
90.66
84.96
79.65
54.44
29.14
92.85
87.90
82.12
53.37
31.73
92.58
86.47
83.09
54.86
30.80
98.72
92.12
88.69
59.96
32.95
102. 22
95.97
91.72
63.43
36.64
106.62
101. 58
95.38
62.49
38.78
109.59
104.69
98.54
62.42
39.70
113.68
109.38
102. 41
62.06
42.29
112. 41
108. 61
101. 96
59.20
42.05
110. 26
105. 46
100. 96
57.90
42.12
109.09
102. 46
100.08
60.08
42.05
107. 26
100. 90
99.82
57.51
43.55
do
do
45.39
87.73
43.83
77.06
42.12
72.07
44.21
76.07
45.22
79.49
43.51
79.39
42.66
77.37
45.11
81.13
46.88
87.48
45.96
86.58
48.02
89.58
49.05
93.01
46.24
88.82
44.68
85.97
44.54
85.83
42.97
85.08
Property-liability insurance (16 stocks)_.do
85.43
78.34
71.10
72.48
77.07
81.56
79.73
88.33
95.96
101. 59
103. 88
112. 76
114. 06
119. 24
126. 23
123. 73
54.67
57.44
46.96
42.80
70.49
45.72
48.03
32.14
37 24
60 00
41.15
43.04
26.46
34.90
54.00
42.28
44.20
27.66
35.74
56.05
45.10
47.43
30.43
36.74
60.13
46.06
48.87
32.38
36.01
59.04
45.84
48.54
31.23
36.71
57.40
49.00
51.68
33.70
39.93
61.95
51.29
53.72
37.76
42.52
66.41
53.42
56.45
40.37
42.30
68.19
54.89
58.43
41.71
41.60
70.66
56.81
60.65
43.35
41.73
73.91
56.00
60.21
45.48
39.70
70.89
55.06
59.25
44.90
38.71
70.01
54.83
58.70
44.02
39.72
70.42
53.73
57.62
44.83
38.17
69.41
130, 531
4 567
8,554
378
8, 026
299
11, 027
427
12, 176
458
9,239
324
13, 715
470
13, 769
510
17,234
601
18, 721
581
18, 678
581
16, 670
535
15, 186
462
13, 563
409
103 063
3 213
6,985
250
6,443
216
8,721
304
9,701
329
7,308
234
11, 289
350
11, 036
375
13, 628
428
14, 661
397
14, 850
415
13, 368
395
12, 249
337
10, 903
296
2,937
228
219
303
262
230
335
349
371
390
402
303
304
265
321
612 49
15, 522
531. 08
15, 823
555. 49
15, 869
579. 75
15, 930
570. 41
15,981
598. 64
16,023
612. 49
15, 522
668. 01 678. 13
16, 100 16, 181
709. 33
16, 306
734. 34
16,375
706. 82
16, 471
709. 59
16, 663
684.56
16, 797
711.93
16, 915
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
New York Stock Exchange common stock indexes:
Composite
_...
12/31/65=50Industrial
do
Transportation
_ _
do
Utility
.
do
Finance.
.
do
Sales:
Total on all registered exchanges (SEC):
175, 298
Market value _ _
mil. $
Shares sold
millions
4,963
On New York Stock Exchange:
129, 603
Market value
mil $
3,174
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions-2,851
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $
Number of shares listed
millions
629. 45
15, 082
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (rndse.), incl. reexports, total
Excl. Dept of Defense shipments
Seasonally adjusted
By geographic regions:
Africa...
Asia
Australia and Oceania .
Europe. _
Northern North America
Southern North America
South America
.
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
_ _
Malaysia
Indonesia
Philippines
Japan
. . . .
.
Europe:
France
East Germany
West Germany
Italy..
Union of Soviet Socialist Republics
United Kingdom
mil. $.. 38, 005. 6 '43,224.0 3,592.4 3,305.7 3,374.0 3, 975. 3 3,544.8 3, 736. 9 3, 532. 3
3,558.3 4, 156. 0
3, 850. 6 3,970.4
3, 740. 0 3, 397. 7
do
do
37, 331. 7 '42,659.3 3,549.7 3,264.8 3, 335. 2 3, 916. 7 3, 494. 1 3, 685. 2 3,481.8
3,699.1 3,592.4 3, 553. 4 3, 688. 7 3, 499. 3 3, 570. 2 3, 735. 4
3, 527. 0 4, 107. 9
3, 689. 7 3, 814. 6
3, 806. 6 3,913.5
3, 522. 3 3,782.6
3,685.5 3, 340. 0
3,660.6 3, 494. 5
do
do
do
do
160.1
121.5
163.8
149.2
142.6
139.3
139.4
137.2
131.6
126.1
151.7
1, 391. 6 1, 579. 1 132.1
131.3
708.1
786.5 921.4 818.7 960.3 842.9
878.0
778.9
821.7
903.1 889.6
930.8 823.8
8, 261. 4 10, 022. 8
93.3
91.8
85.8
94.2
121.1
103.3
103.6
90.7
105.8
73.8
156.6
83.5
88.9
997.9 1, 188. 2
12, 641. 6 14,818.6 1, 175. 8 1, 083. 3 1, 126. 7 1, 342. 1 1, 220. 0 1, 282. 0 1, 223. 1 1, 193. 6 1, 512. 0 1, 303. 0 1 ,324. 4 1, 149. 5 1, 120. 0
do
do
do
9, 137. 6
2, 761. 1
2,814.4
9, 084. 8
3, 287. 4
3, 245. 5
729.2
273.8
281.9
680.4
266.6
279.9
741.7
253.7
249.8
770.1
320.1
333.7
709.3
286.8
267.2
712.1
273.9
285.7
686.4
246.6
292.7
768.6
244.8
262.1
943.5
274.7
282.8
883.8
271.9
281.7
936.0
267.1
306.8
999.1
265.4
273.8
740.7
272.8
302.8
.do
do
67.2
505.5
80.7
562.7
4.0
53.8
5.0
53.0
5.0
48.1
4.1
48.7
7.6
48.7
5.5
44.4
10.3
53.4
6.0
56.8
3.0
50.9
4.2
44.0
3.8
46.7
2.7
49.2
10.3
50.2
do
do
do
do
860.0
517.1
194.9
50.8
1, 003. 1
573.2
325.4
66.6
101.7
54.3
23.7
6.5
74.2
34.9
28.4
5.4
78.4
37.0
18.3
5.3
137.4
52.0
33.8
4.8
80.0
40.2
17.0
5.0
70.3
56.8
45.2
6.8
74.6
49.7
28.8
6.1
91.9
48.0
19.4
5.3
77.5
61.7
30.2
5.0
91.7
87.1
16.9
5.0
64.6
78.3
18.8
5.1
72.7
49.5
11.6
9.5
81.8
52.1
16.7
4.4
do
do
do
201.1
374.3
3, 489. 7
264.4
373.2
4, 652. 0
29.7
29.3
415.3
12.4
30.7
377.5
17.5
27.0
385.2
27.4
33.7
424.4
32.8
29.4
386.1
23.7
26.2
431.8
25.2
23.0
364.2
22.0
31.0
364.9
18.3
30.8
364.2
17.3
30.4
331.2
27.2
29.8
370.5
25.6
36.6
303.4
21.4
25.5
261.0
do
do
do
1, 195. 1
32.4
2, 142. 1
1, 484. 3
32.5
2, 740. 2
129.6
2.1
217.6
107.7
2.6
208.9
110.2
3.1
211.3
127.1
3.0
260.4
107.2
.5
218.7
132.9
3.8
222.0
122.8
4.3
219.0
105.1
2.9
221.1
144.6
2.2
254.3
124.7
1.5
298.1
131.4
.7
274.4
113.6
1.2
219.0
108.3
.3
240.9
do
do
do
1, 261. 5
105.5
2, 334. 6
1, 352. 8
118.4
2, 536. 8
134.3
6.1
210.1
91.4
6.0
177.7
88.1
12.2
200.9
111.6
11.7
$36. 9
97.1
9.3
220.8
121.1
16.6
208.9
108.6
11.6
207.6
123.9
11.3
215.9
123.6
18.4
283.7
119.5
12.2
189.4
143.6
8.0
194.4
92.2
11.0
179.0
87.1
12.8
164.4
768.6
770.1 709.3 712.1 686.3
affect continuity of the series.
9 Includes data not shown separately.
943.5
883.8
934.6
999.1
740.7
North and South America:
Canada
.do .. 9. 137. 0 9. 083. 8
741.7
728.8 680.4
r Revised.
cfNumber of stocks represents number currently used; the change in number does not
SURVEY OF CURRENT BUSINESS
S-22
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
| 1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
484.3
34 6
80 0
18 5
31 5
137 3
71 8
501.5
38 9
88 0
18 4
32 9
135 1
79 9
477.8
29 1
72 9
19 3
29 5
135 7
70 0
502.5
32 9
88 9
20 2
35 1
135 5
70 7
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America— Continued
mil. $.. 4,869.2
378.3
do__
672.0
do __
314.6
do___
302.8
do
1,
449. 5
do__ .
708.2
do
Latin American Republics, total?
Argentina
__ _
_Brazil
Chile
Colombia
Mexico
Venezuela
Exports of U. S. merchandise, total
Excluding military grant-aid.
Agricultural products, total. .
Nonagricultural products, total
5, 696. 2
441.5
840.6
300.4
394.9
1, 703. 7
759.3
482.6
41.0
65.8
32.8
39.0
143.0
60.6
479.0
36.5
73.2
29.2
29.4
136.6
70.0
445.0
39.4
64.2
21.4
24.2
134.5
63.2
568.4
42.4
115.8
22.4
35.1
161.3
76.6
476.9
28.2
71.8
25.8
32.2
147.1
61.0
490.0
40.1
77.2
22.7
35.9
145.6
61.3
474.6
41.1
103.5
21.3
28.5
125.4
54.9
444.0
31 1
70.7
17 6
34 7
129.4
62.4
487.3
29 0
77 5
19 0
39 0
144.2
66.9
37, 461. 6 42, 593. 3 3,530.8 3,257:1 3, 321. 4 3, 902. 4 3, 495. 7 3, 686. 1 3,484.1 3, 501. 7 4, 106. 6 3 807 7 3 911 2 3 679 2 3
-do
do _ _ 36, 787. 7 42, 028. 5 3,488.1 3,216.3 3, 282. 6 3, 843. 9 3, 445. 0 3, 634. 4 3, 433. 6 3 470.4 4 058 5 3 763 8 3 854 3 3 624 7 3
528.5
558.3
561.1
724.1
719.5
5,936.4 7, 173. 7
746.1
671.6
do
715.9
635.7
623 6
633 5
605 6
do.. 31, 525. 2 35, 419. 6 2, 972. 0 2, 729. 9 2, 760. 4 3, 178. 3 2, 776. 2 2,939.9 2, 812. 5 2, 866. 0 3, 390. 7 3 174 2 3 287,6 3 073 6 2
_
352 3
294 7
579 0
773 3
By commodity groups and principal commodities:
Food and live animals 9 mil. $__ 3, 732. 7
199.4
Meats and preparations (incl. poultry)__do
2, 127. 1
Grains and cereal preparations
do
4, 349. 2
174.8
2, 588. 4
713.5
701.7
53.0
43.7
64.7
75.8
92.5
80.1
56.6
47.0
67 0
57 9
64 3
60 0
61 4
3, 568. 6
do
280.2
do
822.4
do.. .
710.7
do.. -
4, 608. 5
372.2
1, 215. 8
938.2
359.8
24.5
70. 5
94.0
359.3
10.7
81.1
93.5
344.2
11.1
83.7
86.1
419.5
22.9
128.3
85.7
409.3
32.7
135.8
71.2
448.9
46.8
141.3
69.2
382.9
57.6
106.1
56.2
363.8
59.5
101.5
38.1
409.4
74.6
110.2
45.7
381.9
62.4
102 9
48 2
353.2
44.6
92 8
45.2
361 5
44.5
110 0
40 3
298 4
31.2
109 2
39 8
1, 130. 2
636.3
433.3
1, 594. 1
1, 044. 1
487.3
141.0
91.8
43.1
128,5
88.3
35.1
147.3
102.0
40.3
169.6
113.7
50.3
132.1
88.4
39.0
161.9
106.9
47.2
119.5
76.8
35.7
121.4
77.9
37.4
130.1
82 5
43.0
141 8
86 4
50 0
147.7
99 8
42 7
133 5
89 1
41 0
107 1
65 0
36 6
Beverages and tobacco _
do
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
Mineral fuels, lubricants, etc. 9
Coal and related products __
Petroleum and products
.. ...do
_do_ _
do
Animal and vegetable oils, fats, waxes
Chemicals
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
- -
Machinery and transport equipment,
Northern North America ._
Southern North America
South America ...
__
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India. _
.
Pakistan
Malaysia
Indonesia
_
_
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
r
361.5
14.9
209.3
363.9
18.1
216.1
459.0
17.9
289.6
419.6
19.7
252.9
405.1
13.7
254.5
382.7
12.8
233.1
356.0
13.4
222.5
388.2
16.8
226.0
343 0
14.3
195.8
358 6
15.9
213.2
334 9
15.0
172.3
r
13.3
184.2
do
307.6
493.0
43.8
40.4
44.0
40.3
32.5
56.0
51.7
51.5
56.5
54.2
49.2
49.3
62.7
-do
3, 382. 6
3, 826. 1
326.1
304.5
286.0
325.7
284.4
306.0
279.7
295.6
335.6
323 9
338 8
347 9
368 0
-do
-do
do
do
4, 554. 0
575.6
972.9
711.5
5, 067. 0
603.2
1, 270. 1
892.5
417.3
44.6
115.1
70.3
396.0
46.4
103.2
60.8
380.6
46.7
86.9
63.0
411.0
53.7
84.7
73.3
375.5
49.7
81.3
56.6
387.8
51 4
77.5
67.5
372.9
53.3
70.5
64.0
357.2
46.8
60.3
59.8
404.5
56.3
67.9
61.4
388
53
65
60
380.8
53 7
65.3
57.5
390
50
72
54
353 3
50 1
72 1
35.3
6
9
8
2
4
0
7
1
total
mil. $-. 16,402.8 17, 875. 4 1, 468. 5 1, 299. 2 1, 363. 7 1, 654. 2 1, 419. 1 1, 472. 7 1,489.3 1, 580. 7 1, 948. 3 1, 728. 1 1, 840. 1 1, 633. 0 1,421.8
9, 864. 0 11.371.6
644.4
628.1
343.4
395.7
1, 248. 0 1, 422. 4
2, 677. 0 2, 999. 7
6, 538. 8 6, 503. 8
3, 787. 3 3, 549. 3
2, 445. 7 2, 571. 4
1, 224. 0 1, 507. 0
977.7
52.3
35.7
127.8
245.2
490.8
256.7
213.7
136.4
899.0
49.3
36.6
114.4
236.5
400.3
247.8
205.9
119.3
do
do
36,042.8 '39,951.6
3,311.5
3,254.5
3,116.0
3,346.2
do
do
do
do
1, 046. 3 1, 110. 6
8, 275. 4 9, 625. 9
828.4
870.9
10, 333. 6 11,400.9
85.8
834.2
87.0
990.0
76.8
860.6
89.6
860.8
91.8
87.4
98.0
96.0
82.8
902.4
932.8
836.4
851.4
841.3
75.6
74.1
62.8
88.0
57.1
915.3 1, 033. 9 1, 033. 6 1, 025. 4 1, 006. 4
80.2
784.0
45.0
907.2
113.1
94.7
106 1
104 3
96 3
979.5
890.2
935 1 1 119 2
851 5
68.6
63.2
76.7
83 4
86 3
1,152.8 1, 108. 1 1 114 8 1 216 4 1 185 1
10,386.9 11, 093. 9
2, 516. 8 2,881.4
2, 643. 1 2, 955. 4
851.9
224.7
235.7
759.5
207.3
259.1
916.9
204.8
256.2
1,019.9
227.5
249.5
941.3
217.1
225.4
978.3
261.6
266.0
906.1
236.4
265.2
937.3
245.2
191.3
1,140.1 1, 081. 5 1, 105. 8 1 217 0
278.8
300.9
269.6
260 0
263.4
266.2
233.2
280 3
Machinery, total9
do
Agricultural
do
Metalworking.
.
do
Construction, excav. and mining.. __do_ _.
Electrical
_ _
- _ . -do
Transport equipment, total __ _ _ do__
Motor vehicles and parts..
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Value of Imports
General imports, total. _
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
-
370.6
12.1
214.4
do
do
do_ _
904.4 1, 059. 3
51.7
58.2
30.8
33.3
112.4
128.9
236.7
277.6
459.4
594.8
320.3
289.7
211.2
229.8
115.8
117.6
928.2
46.0
31.7
117.0
253.5
491.0
251.9
214.9
115.6
978.8
44.1
34.9
116.9
261.6
493.9
260.9
208.1
159.4
956.3
44.8
42.5
108.5
255.0
532.9
288.0
209.4
139.4
897.0 1, 073. 6 1 012 3
48.1
61.4
60 7
29.3
35.4
32 6
113.1
135.1
143 2
232.1
264.5
255 1
683.7
874.7
715 8
339.8
412.6
358 7
211.5
248.1
231 2
116.9
119.0
157.1
994.7
53.2
32.3
126.6
264.9
845.4
393.7
232.1
146.5
959 2
53 2
31 1
111 9
246 9
673 8
415 7
233 4
135.3
908.3
49 6
29.8
110.3
244 3
513 5
271.8
221. 1
134.9
3,451.9 3, 598. 9 3, 405. 8 3, 555. 5 3,422.0 3, 193. 8 3, 911. 5 3 897.6 3, 844. 9 4 283 1 3 699 1
3,428.2 3, 500.5 3, 428.4 3,404.3 3, 686. 3 3, 553. 4 3, 569. 2 3 757 8 3 987 6 4 023 2 3 798 6
968 3
230 9
976 7
do ...
do
37.8
246.3
22.9
288.0
1.5
22.1
.4
20.2
1.5
27.9
.7
17.6
.5
22.7
.2
31.4
.4
20.9
1.4
20.2
2.5
25.4
2.4
19.5
.9
33.5
7
28.8
__do__
do
do _..
do
_ do
do.__
do
4
595.0
344.0
73.1
307.4
193.7
422.6
888. 2
622.7
298.1
80.2
270.2
182.2
475.9
5 875. 3
57.4
21.1
7.1
17.1
9.9
45.7
512.7
60.5
17.9
5.6
12.7
12.7
53.9
541.9
55.4
17.5
4.3
23.4
14.5
59.1
571.9
51.1
31.3
6.1
21.0
17.5
41.8
565.8
45.8
26.1
7.6
20.5
15.6
35.4
529.4
56.2
25.9
8.3
29.7
18.4
48.1
488.9
41.6
28.7
9.0
22.0
16.4
26.6
551.0
34.2
21.4
6.5
16.5
14.6
30.3
488.9
41.2
25.4
10.8
21.9
17.3
33.5
555.1
45.8
26.9
7.0
22.6
17.6
47.0
614.5
55.3
28 0
3 2
19.9
18 8
38.4
574 5
57.4
31 7
4 2
32 2
17 5
48 8
685 1
63
26
4
13
17
39
490
842.2
8.0
2, 603. 4
1, 203. 7
51.5
2, 120. 4
942.1
9.4
3, 129. 6
1,316.1
72.2
2, 195. 8
77.9
1.1
269.0
114.7
6.5
201. 7
85.2
.6
236.0
124.1
5.1
136. 5
71.4
.5
271.0
97.6
2.9
175.4
82.4
.9
277.3
112.3
2.9
212.7
88.9
1.0
292.0
104.1
5.9
203.0
95.0
.9
290.1
114.7
6.7
185.6
89.5
1.1
294.5
117.7
3.7
184.4
79.1
.7
267.2
102.2
3.8
155.1
98.2
1.1
313.9
125.5
7.6
216.6
94.2
.8
313.6
121.0
5.0
205.2
102 3
.9
299 5
109 9
6.4
230.2
108 8
g
336 6
128 1
6.1
246 6
101 4
9
336 0
128 1
5.1
222 9
10 383. 6 11 091 1
851.8
759 0
916 5
1,019 0
941 3
978.3
906 0
937 1 1 140 0 1 081.3 1 105 7 1 216 7
967 7
Latin American Republics, total 9
do
4, 213. 8 4, 779. 2
Argentina
do
155 3
171 8
Brazil __ _
do
669.4
616.7
Chile
do-151.4
154.0
Colombia
do
240 4
268 9
Mexico
do
1 029.3 1 222.4
Venezuela
do
940.1 1. 082. 1
Revised.
9 Includes data not shown separately.
372.6
13.9
57.8
13.5
22.9
83.2
87.2
385.7
15.6
68.3
10.9
20.4
82.0
86.2
371.5
18.3
56.0
14.4
18.4
80.6
86.4
383.3
18 2
63.1
14.1
16 5
93 1
80.9
358.0
11.9
66.3
10.1
15.8
91.9
75.3
418.9
12.2
49.6
15.2
22 0
110.1
105.2
407.4
9 7
89.6
10.4
19 1
99 8
87.1
355.8
9 7
44.4
8.6
15 4
110.9
76.4
450.1
13.5
59.8
9.7
23.2
124.2
107.9
406 3
17 4
76 7
9.4
27 4
83 4
100.2
do
do
do
do-_.
do
do
do
452.6
15 5
38.2
14.5
20 0
126.3
135.3
405 4
10 6
46 8
5 7
20 3
114 4
104.8
441.8
15 9
81 7
7.1
22 0
105 0
107.4
7
19.2
4
2
7
9
4
8
6
Aug.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Annual
S-23
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Imports— Continued
General imports— Continued
By commodity groups and principal commodities:
Agricultural products, total
mil. $
Nonagricultural products, total
do
4,953.7 5, 664. 9
454.2
454.7
450.6
461.1 434.9
422.0
534.7
484.9
500.8
555.3
31,089.1 34,298.3 2, 861. 3 2, 662. 3 2, 939. 5 3, 137. 8 2, 970. 9 3, 020. 8 2, 937. 0 2, 771. 8 3, 410. 7 3,342.3
Food and live animals 9
do . 4,530. 6
Cocoa or cacao beans
do
168.2
Coffee
do
893.9
Meats and preparations
do
863.7
Sugar
do
" 638.2
Beverages and tobacco
do
777.8
3, 460. 1
Crude materials, inedible, exc. fuels 9
do
Metal ores
.
.do
1, 012. 5
Paper base stocks
do__
520.8
260.1
Textile
fibers
do
Rubber
_
_
do
279.5
479.7
529.8
487.3
3365. 2 3,753.4 3,211.8
5,378.9
200.7
1, 159. 5
1, 014. 5
729.1
855.0
3,312.2
1, 148. 9
501.9
201.7
236.5
436.3
14.9
94.4
97.3
62.6
68.2
280.5
114.3
41.2
15.9
15.7
435.1
12.5
99.7
91.2
74.5
49.8
290.7
117.9
39.7
14.9
15.2
447.8
15.4
83.8
91.3
80.9
63.5
301.5
117.1
37.2
13.2
18.7
459.3
17.5
103.9
86.0
53.4
87.9
275.7
98.2
40.8
10.2
17.7
423.2
9.8
95.8
75.9
44.5
95.0
266.0
98.7
39.2
10.2
18.4
488.5
18.1
83.6
82.7
76.2
86.9
267.8
91.9
44.4
13.2
18.9
459.7
30.1
124.1
70.2
45.6
63.1
235.4
71.4
37.4
13.0
17.2
385.7
14.5
86.7
64.8
33.9
56.2
208.2
51.1
38.0
12.9
17.2
458.7
14.8
81.3
87.6
67.4
69.0
309.6
94.8
49.9
16.0
15.4
522.1
17.3
110.4
83.7
81.1
70.4
281.6
86.1
44.0
16.0
15.1
446.1
9.9
95.2
79.5
58.8
74.6
297.7
105.2
39.8
13.1
17.1
500.7
15.6
102.3
105.0
69.9
92.7
352.3
126.7
49.2
12.3
25.4
482.1
16.0
113.8
94.6
68.1
83.1
323.6
125.4
37.8
14.2
16.8
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
do
do
do
do
2, 794. 0
2, 559. 9
136.7
1,228.3
3,080.8
2, 770. 0
159.6
1,450.3
213.1
188.9
13.1
114.1
255.5
231.4
14.9
124.9
240.4
216.0
9.2
111.9
255.0
229.2
16.0
130.8
239.1
212.8
11.3
119.8
311.1
279.4
21.3
121.3
267.6
237.0
11.9
124.0
255.8
219.5
15.5
125.4
315.6
283.8
16.1
145.5
269.3
234.5
17.6
150.4
297.0
264.3
15.8
150.4
303.0
268.0
13.9
142.3
303.8
275.6
12.0
138.6
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals __
Textiles
do
do
do
do
do
7, 892. 9
1, 809. 1
939.0
1, 534. 2
1, 018. 5
8,437.4
2,032.0
929.6
1,652.7
1, 135. 4
726.2
178.3
73.4
136.3
99.2
654.5
171.2
68.1
116.8
89.1
736.1
189.7
76.5
150.9
84.5
768.6
203.5
79.9
136.0
104.0
762.0
239.5
78.1
120.7
99.4
754.4
199.9
93.5
146.7
95.9
719.9
193.7
76.0
123.1
110.0
636.1
180.8
62.6
105.9
97.6
795.7
190.0
83.8
136.4
127.1
824.0
208.1
89.6
152.7
128.4
851.4
260.8
83.2
130.3
120.9
948.2
300.0
85.2
149.5
132.3
783.0
254.3
74.2
122.9
113.2
Machinery and transport equipment
Machinery, total 9
Metalworking
_
Electrical
do
do
do
do
9, 762. 7 11,171.3
4,488.9 5, 289. 3
182.7
163.7
1, 948. 2 2, 271. 9
897.4
466.0
16.4
189.1
735.0
427.4
10.9
203.5
912.0 1,015.8
442.4
477.6
10.3
10.9
210.0
218.2
975.2
450.2
11.5
204.6
986.7 1, 033. 2 1, 032. 0 1, 236. 9 1, 200. 6
473.3
413.9
468.6
526.9
532.8
9.5
13.5
9.1
10.9
10.7
166.4
194.8
191.6
211.9
217.6
1168. 5 1,313.2
561.9
475.6
11.2
9.4
239.7
204.0
986.9
473.1
8.4
187.6
5, 273. 8
4, 618. 4
4, 127. 2
1,332.4
5,882.0
5,066.6
4, 843. 9
1, 273. 8
431.4
352.0
449.2
113.9
307.7
239.7
450.4
105.7
469.6
402.8
453.8
118.1
538.2
470.4
469.2
120.8
525.0
459.4
406.1
108.3
513.5
440.7
402.5
115.0
564.7
477.9
389.4
117.6
618.1
535.5
369.5
109.4
709.9
617.2
442.2
122.1
667.8
562.0
436.5
125.0
751.2
692.8
599.1 ' 652. 5
492.8
416.0
124.1
127.3
513.8
443.9
453.3
132.6
104.7
114.5
119.9
110.7
123.9
137.2
111.5
122.4
136.5
110.4
114.1
126.0
111.5
115.3
126.5
111.5
134.9
150.5
110.6
121.9
134.9
112.3
126.7
142.3
114.2
117.7
134.4
114.8
118.3
135.9
115.7
137.4
158.9
116.2
126.8
147.4
114.6
131.7
150.9
112.8
125.8
141.9
104.2
128.7
134.1
111.6
133.1
148.6
112.3
131.6
147.8
113.1
122.7
138.8
113.6
135.6
154.1
113.6
141.4
160.6
113.7
133.7
, 152. 0
114.2
138.9
158.7
115.3
132.4
152.7
115.9
123.0
142.5
117.9
148.0
174.6
116.1
149.9
173.9
116.9
146.7
171.6
117.2
163.1
191.1
199, 286 '239,774
19, 915 ' 24, 394
21, 734
2,075
19, 802
1,949
20, 818
1,920
23, 745
2,283
20, 034
2,057
21, 455
2,141
17, 431
1,964
16, 003
1,867
16, 934
2,129
17,923
2,045
18, 730
2,029
17, 844
1,929
288, 620 '299, 168 25,454
21,570 ' 24, 728 2,133
26, 182
2,085
25, 518
2,153
25, 202
2,210
23, 045
2,129
27, 150
2,179
21,448
2,155
16, 998
1,908
29, 103
2,347
25, 157
2,399
27, 363
2,381
29, 567
2,710
Transport equipment
_
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified.
do
Indexes J d*
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100__
Quantity
do
Value. _ _
do
General imports:
Unit value
do
Quantity
do
Value
_ _
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tonsValue
_
mil $
General imports:
Shipping weight
.thous. sh. tons..
Value
mil $
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:*
Passenger-miles (revenue)
bil__ 125. 42 1131.72
Passenger-load factor §
percent
50.0
49.7
Ton-miles (revenue), total f
mil." 16, 898
18, 167
Operating revenues 9
mil $
8,791 i 9, 290
Passenger revenues
do
7,120 i 7, 627
Freight and express revenues
do
750
686
Mail revenues
do
306
296
Operating expenses
do
8,403 i 9, 247
Net income after taxes
do
i 54 —i 201
Domestic operations:
Passenger-miles (revenue)
bil
i 102. 72 i 104. 16
Express and freight ton-miles.
mil.. i 2, 126 i 2, 216
Mail ton-miles
do
1807
i 715
Operating revenues
mil. $
i 6, 936 1i 7, 180
Operating expenses
do.." i 6, 613
7,181
Net income after taxes
do
131 -i 184
International and territorial operations:
Passenger-miles (revenue)
bil.. i 22. 70
1 27. 56
Express and freight ton-miles
mil
i 1, 224
1 1, 299
Mail ton-miles
do
1544
1766
1 1, 855 1 2, 109
Operating revenues
mil.$
Operating expenses
do
11,790
1 2, 066
123
Net income after taxes
do
-117
Local Transit Lines
Fares, average cash rate..
Passeneers carried (ravenn^
cents..
mil
24.3
fi 31 n
25.7
x ona
13.38
56.2
1,759
14.31
59.4
1,834
10.90
48.2
1,497
2,541
2,139
192
71
2,387
60
9.98
45.0
1,439
9.20
43.6
1,334
10.94
48.2
1,554
2,218
1,782
189
90
2 355
177
10.53
46.0
1,409
9.06
43.5
1,260
10.17
43.7
1,428
2,181
1,789
172
71
2,332
160
11.17
49.1
1,519
10.84
46.2
1,483
12.09
50.7
1,605
10.12
189
54
10.88
178
54
8.23
182
56
1 897
1,835
7.90
187
63
7.48
162
63
8.94
178
87
1 729
1 820
121
8.45
147
59
7.26
147
55
8.18
177
63
1 704
1 833
125
9.01
175
61
8.39
181
59
9.44
186
55
1.72
110
78
1.99
106
89
489
536
-56
2.08
96
54
1.80
101
51
1.99
116
55
477
499
—35
2.16
113
52
2.46
111
48
2.65
109
47
(2)
3.26
121
57
3.44
114
57
2.67
113
56
644
552
60
2.08
126
65
25.7
452
25.7
442
25.8
483
26.6
26.6
26.6
26.6
26.5
416
504
484
471
S3fi
*New series. Source: Civil Aeronautics Board. Certificated route industry covers passengercargo (including local service, helicopter, and other carriers) and all-cargo carriers. Operations between the 48 States and Alaska and Hawaii are included in domestic operations.
Selected revenues by type (as shown for total industry) and all traffic statistics cover scheduled service only; total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
r
Revised.
v Preliminary.
i Annual total reflects revisions not distributed to monthly
data.
2 For 33 quarter 1970, loss $386 thousand.
J Trade in silver is included in value and quantity indexes for 1968 and all indexes thereafter.
cfNew base; comparable data for earlier months will be shown later.
9 Includes data not shown separately.
§Passenger-miles as a percent of available
seat-miles in revenue service; reflects proportion of seating capacity actually sold and utilized.
If Applies to passengers, baggage, freight, express, and mail carried.
26.0
50Q
26.2
473
26.4
4QQ
26.4
4fiO
26.4
440
SURVEY OF CURRENT BUSINESS
S-24
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
Annual
September 1971
July
Aug.
Sept.
1971
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
Number of reporting carriers
Operating revenues, total
_ _ _ _ mil. $__
Expenses, total
do
Freight carried (revenue)
mil. tons-
1
Freight carried, volume Indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly.) ^...average same period, 1957-59=100..
Common carriers of general freight, seas, adj.f
1967=100..
Carriers of passengers, class I (qtrly.): §
Number of reporting carriers.. .
_
Operating revenues total
mil. $
Expenses, total
do
Passengers carried (revenue)
mil..
Class I Railroads
Financial operations (qtrly.):
Operating revenues total 9
fnii $
Freight
do
Passenger
do
Operating expenses
do
Tax accruals and rents
do
Net railway operating income
do
Net income (after taxes)
do
Traffic:
Ton -miles of freight (net), revenue and nonrevenue (qtrly )
bil
Revenue ton-miles
do
Revenue per ton-mile (qtrly avg )
cents
Passengers (revenue) carried 1 mile (qtrly. )_. mil. .
Travel
Hotels:
Average sale per occupied room
dollars
Rooms occupied
% of total
Restaurant sales index. ..same mo. 1951=100-.
Foreign travel:
U S citizens' Arrivals
thous
Departures
do
Aliens* Arrivals
do
Departures
do
Passports issued
do
National parks visits
do
1,373
2,951
2,784
144
1, 289
10, 482
10, 036
560
164.7
183.8
180.0
113.6
111.1
171
679.0
696.2
178.7
171
722.2
638.4
173.5
70
218.6
175.1
47.7
71
175.5
158.8
41.8
11, 423
10, 320
438
9,038
1,726
658
458
11,985
10, 916
420
9,731
1,844
2485
78
3,040
2,758
113
2,451
479
109
21
3,045
2,778
102
2,485
476
84
-35
22 3, 122
2, 874
2 91
2
2,511
2494
2 117
781.7
767.9
1 347
12, 169
777.2
* 762. 5
* 1 431
*10,770
190 4
189 2
1.458
2,986
194.5
191.1
1.453
2,501
2 183. 2
12.37
59
119
13.25
55
114
12.17
53
117
13.74
55
106
13.95
56
118
14.48
62
114
13.39
50
104
12.24
40
112
13.62
47
98
13.24
50
106
12.72
56
128
14.37
56
119
13.26
56
131
5,911
* 5, 767
3,602
4
3, 039
1,820
42, 403
6,659
6,499
4,065
3,449
2,219
45, 753
736
903
455
395
254
9,924
1,009
767
498
421
163
9,969
690
535
416
334
126
4,532
505
408
326
291
101
3,050
420
368
268
237
88
1,625
395
437
292
279
108
1,090
550
443
328
239
137
1,161
444
404
242
185
182
1,306
517
471
306
239
275
1,608
563
556
312
247
290
2,486
573
620
334
299
270
3,643
16, 781
8,213
6,506
10, 270
2,798
100.3
18, 103
8,912
6,947
11,581
3,058
104.1
4,568
2,236
1,765
2,955
758
103.1
4,637
2,300
1,769
2,987
802
104.1
4,760
2,341
1,845
3,046
813
105.2
4,897
2,386
1,909
3,109
859
105.9
391.3
330.8
32.9
402.5
334.6
34.0
98 1
85.1
6.4
100.2
80.8
6.9
91.2
78.8
6.8
98.7
85.3
4.8
179.9
132.5
39.1
193.7
144.9
39.3
47.7
36.0
9 4
50.1
38.1
9 4
51.9
36.6
12.7
50.4
37.6
10.1
179.8
116.3
116.5
115.8
112.7
108.3
180.9
119.4
116.1
121.4
124.3
124.7
130.3
129.2
2836
259.2 2. 3 75. 3
260.4 2.362.6
13.94
55
124
12.41
54
116
317
239
256.2
203
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil $
Station revenues
do
Tolls message
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil. $._
Operating expenses
do
Net operating revenues (before taxes)... do
International:
Operating revenues
do
Operating expenses
do
g
nues (
e a e ;..
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetvlene
mil cu ft
Carbon dioxide liquid cas and solid!
Chlorine, gas (100% Clj)
do
do
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOj)
do
Oxygen (high purity) J
mil cu ft
Phosphoric acid (100% PjOs)
thous sh tons
Sodium carbonate (soda ash), synthetic (58%
NajO)
thous sh tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate anhydrous
do
Sodium sulfate anhydrous
do
Sulfuric acid (100% HjSO«)
do
1,124
14 382
1 155 1 112 1,102
1,073
953
1,047
1 214
14 386
12 917 8 13 098 0 1 065 5 1 082 2 1 1026 1 059 7 1 096 5 1 140 7 1 091 4 969 0
80 8
103 5
77 3
80 2
106 6
87 9
77 9
1 069 4 l' 120 1 'l04 2
4
695.5
811.7
805.2 860.1 802.8 812.1 742.0
844.4
9,413.9 8, 895. 2
1, 910. 8
6,443 4
275 962
5 373 0
1, 917. 7
6,460. 1
279 352
5 685 6
166.8
475.7
23, 147
412 7
161.0
602.1
22,974
456 9
163.8
522.7
23,003
481 7
143.3
553.1
23,341
463.6
153.8
565.1
23, 822
526.9
5
160.6
567.3
26,612
492 9
149.0
536.6
26,194
521.5
175.9
603.7
29, 668
534.7
167.1
183.4
698.4 587.4
27, 634 r28, 934
539.4 519.5
178.9
528.6
26, 835
487.5
362.9
375.8
412.1
312.9
344.3
362.0
379.4
332.7 355.5 373.4
361.6
345.6
4,540 2 4 414. 4
12.2
12.2
12.1
11.3
10.7
13.3
11.8
14.7
11.6
13.2
12.4
149.5
12.7
152. 6
821.8
765.6
741.7
799.9 r795.4
798.1
889.3 879.1 829.1 889.1 830.9 842.8
9, 916. 6 10, 073. 7
63.5
38 7
56 2
50 6
51 7
61 4
55 8
56 1
46 2
48 7 r 48 g
39 1
612 4
657 1
115.4
111.5
122.7
116.0
109.1
117.6
116.0
119.1
123.0
97.9
119.8
103.4
1,482 6 1 362.4
29 536 9 r29 045 6 23107 2,303.9 2403 8 2 494.8 2,432.9 2,672.8 2,395.7 2,386.2 2, 592. 6 2,599 3 2,520.4 2, 358. 5
r
Revised.
*> Preliminary.
* Number of carriers filing
complete reports
for the year.
2
3
4
Estimate by Association of American Railroads.
For 5 weeks.
Annual total
reflects revisions not distributed to the monthly or quarterly data.
« Beginning
Jan. 1971,
6
includes low purity oxygen; comparable Dec. 1970 figure ,26,394 mil. cu. ft.
Before extraordinary and prior period items.
165.6
564.3
24,244
503.3
1,350
1,220
1,237
1 318
1 143 7 1 2480 1,256.2 1 129.2
85.2
101.7 r 100 4
116 5
790.5
777.6
764.6
776.5
f Revised monthly data (1957-May 1970) are available.
cf Indexes are directly comparable for the identical quarter of each year (and from year to year).
§Beginning with 1st quarter 1969 reporting period, motor carriers are designated class 1
if they have annual gross operating revenues of $1 million or over.
9 Includes data not shown separately.
{Revisions for 1967 available upon request.
SURVEY OF CURKENT BUSINESS
September 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
S-25
1970
1970
July
Annual
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :cf
Acetic anhydride
Acetvlsalicylic acid (aspirin)
Creosote oil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
Methanol synthetic
Phthalic anhydride
mil. lb._ 1 1,748. 0
37.5 "~~35.T
do
109.6
..mil. gal-- i 118. 3
132.2
2.4
8.0
127.8 ~~~~3.~3~
________
2.2
~"~3."5~ ~"~2.~9~
9.3
9.5
9.6
9.1
10.6
- .mil. lb__ i 153. 2
i 4,192. 8
do
322.4
do
30.5
do
1624.8
mil. gal_
774.0
mil. lb._
1 158. 7
14,312.4
8.3
324.2
9.7
353.2
16.2
397.8
14.7
370.8
10.2
400.8
336.1
29.6
i 744. 7
i 714. 0
25.3
25.3
43.4
61.0
27.9
24.6
53.2
58.8
26.1
24.4
50.6
63.6
27.8
23.0
60.4
54.9
125.8
2.7
8.4
120.2
2.5
8.4
140.3
2.9
9.6
133.5
2.8
10.3
137.0
2.6
10.7
127.0
2.3
12.1
130. 4
2.3
12.6
16.1
344.4
13.5
308.8
13.0
310.3
10.8
382.1
15.9
383.4
14.5
371.9
11.7
362.1
14.6
340.2
31.7
26.6
65.4
53.8
31.8
29.6
77.0
55.9
28.2
31.2
60.2
54.4
25.8
27.0
56.6
51.4
30.3
29.2
56.0
61.9
27.0
23.5
65.8
61.3
28.6
25.5
60.3
71.1
29.4
'23.4
65.4
67.7
26.9
20.9
54.3
67.9
ALCOHOL
Ethyl alcohol and spirits:
Production
_
Stocks end of period
Used for denaturation
Taxable withdrawals
mil. tax gal..
do
_ -_do_
do
737.7
179.7
592.6
85.6
' 631. 5
162.7
513.8
'84.8
56.9
184.8
45.0
6.0
46.9
176.9
42.3
6.4
58.3
177.8
42.7
7.5
54.8
169.4
42.9
8.6
41.4
161.3
37.1
7.7
48.3
162.7
37.6
6.7
45.0
162.8
37.8
6.2
41.5
159.4
31.8
6.1
41.7
155.1
37.7
7.4
44.4
151.2
38.1
6.6
43.4
148.2
38.8
6.5
mil. wine gal__
do
do
318.4
318.8
2.4
' 276. 9
276.2
3.0
24.3
24.4
2.8
22.8
22.9
2.7
23.0
22.9
2.8
23.2
22.9
3.0
20.1
20.1
3.0
21.0
20.9
3.0
20.4
20.2
3.3
17.2
17.7
2.8
20.4
20.4
2.7
20.6
20.7
2.7
20.9
21.0
2.8
thous. sh. tons. _
do
do
__do_ __
16, 599
1,799
12,229
1,233
16, 005
1,133
12, 543
966
1,550
140
1,148
103
1,414
130
1,086
74
1,341
76
1,034
115
1,479
105
1J89
74
1,420
114
1,163
73
1,293
101
980
70
1,800
58
1,528
66
1,168
62
905
87
1,285
67
986
83
1,680
94
1,381
72
do
- __do
do
do_ __
233
138
3,829
184
326
218
4,165
129
10
6
164
16
10
15
304
13
18
12
331
13
23
16
391
22
24
24
387
8
19
16
269
5
16
12
315
19
24
33
296
13
43
40
474
7
104
18
475
34
4,794
4,603
169
353
340
411
416
319
436
271
569
4,290
448
4,496
484
330
455
343
432
380
418
386
394
387
426
431
484
379
505
402
511
430
453
Explosives (industrial), shipments, quarterly!
mil. lb__ 1, 924. 8
2, 046. 5
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks end of period
"; 21.1
21.7
2.3
FERTILIZERS
Exports total?
Nitrogenous materials
Phosphate materials
Potash materials
_
_
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
Potash deliveries (K_0)
do
Superphosphate and other phosphatic fertilizers
(100%P_0«):
Production
thous. sh. tons
Stocks, end of period
do
1,210 <= 1,418
92
61 e
1, 122
968
108
90
1,616
82
1, 256
91
58
20
518
13
18
6
184
28
14
7
272
17
895
391
276
270
436
262
415
258
391
340
MISCELLANEOUS PRODUCTS
585.4
< 480. 0
696.4
484.0
Paints, varnish, and lacquer, factory shipments:
Total shipments _ _ _ _ _ _ _ _ _ _ _ _ _mil. $__ 2, 776. 7 2, 737. 1
1, 473. 5 1, 497. 6
Trade products
do
1, 303. 5 1,239.4
Industrial
finishes
do
255.8
152.8
103.0
254.7
147.2
107.5
256.4
138.2
118.2
220.6
117.2
103.4
185.9
99.4
86.4
177.0
88.4
88.6
183.8
93.4
90.4
203.6
106.2
97.4
241.4
127.0
114.4
260.3
144.2
116.1
266.8
148.8
118.0
297.8
171.1
126.7
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons
Stocks (producers') i end of period
do
i 8, 539
4,038
717
3,689
700
3,800
797
3,837
746
3,977
703
4,021
742
4,038
728
4,108
658
4,094
695
4,123
684
4,069
716
4,119
'686
4,095
721
4,156
i 628. 8 1600.2
i 6C7. 4 1646.1
11,123.8 11,041.6
i 770. 5 i 623. 5
55.3
49.1
74.1
44.7
51.7
53.6
83.1
54.7
56.9
54.7
82.2
52.8
50.1
58.0
92.8
50.7
43.6
54.0
85.1
48.2
42.8
54.2
79.5
46.0
48.7
82.1
47.7
51.7
81.2
48.2
59.4
93.7
53.2
60.7
91.2
55.6
63.6
90.7
55.8
66.7
91.4
59.1
62.2
81.0
52.3
10.4
10.3
10.8
11.0
9.9
9.1
25.3
272.5
298.4
503.2
25.7
274.3
310.5
488.7
24.6
293.8
314.0
497.4
25.4
271.9
311.7
517.7
28.2
279.6
288.6
487.6
28.0
283.8
289.2
509.8
267.2
294.7
493.5
270.5
289.5
459.9
303.9
321.4
491.7
287.1
306.8
543.4
345.4
344.7
541.9
326.5
'330.9
529.2
314.6
284.7
514.5
8,568
3,461
PLASTICS AND RESIN MATERIALS
Production:
Therm osetting resins:
Alkyd resins
Polyester resins,
_ _
Phenolic arid other tar acid resins
Urea and melamine resins
mil Ib
do
do
do
Thermoplastic resins:
Cellulose plastic materials
_
do
1 192. 6 i 140. 9
Coumarone-indene and petroleum polymer
resins
mil. Ib
i 332. 6 i 315. 3
Styrene-type materials (polystyrene)
do
13,251.6 13,402.9
Vinyl resins (resin content basis)
do. _ 13,638.8 1 3, 754. 4
Polyethylene
do
15,440.7 1 5, 872. 3
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil. kw.-hr__ 1,552,757 1, 638, 010 149, 700 151, 492 139, 839 132, 734 130, 925 141, 048 146, 329 131, 607 141, 605 131, 045 133, 925 150, 674
Electric utilities, total
By fuels
_ _ - _ . _
By waterpower
__
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
B y fuels
_ _ _ _ _
By waterpower
_
do
do
do
1,442,182 1, 529, 581 140, 633 142, 694 131, 106 123, 536 121, 979 132, 119 137, 388 123, 394 132, 657 122,301 125, 073 141, 896
1,191,990 1, 282, 253 119, 724 122, 769 113, 094 105, 384 102, 514 110, 322 114, 774 101, 359 107, 833 99,308 101, 347 118, 983
250,193 247,328 20, 909 19, 924 18, Oil 18, 153 19, 465 21, 797 22, 614 22,035 24, 824 22, 993 23, 727 22, 914
do
do
1,171,776 1,254,344 115, 291 117, 630 108, 928 102, 710 100, 257 108, 583 112, 269 100, 878 107, 331
270,406 275, 237 25, 342 25,064 22, 177 20, 827 21, 721 23, 536 25, 119 22, 516 25, 327
do
. d o
do
110,575
107,299
3,276
108, 429
105, 146
3,284
9,067
8,825
242
8,798
8,575
223
8,733
8,529
204
c
•Revised.
Corrected.
i Revised annual total; revisions are not distributed to the monthly data.
d"Data are reported on the basis of 100 percent content of the specified material unless
http://fraser.stlouisfed.org/
443-741 O - 71 - S2
Federal Reserve Bank of St. Louis
9,197
8,972
225
8,946
8,656
290
8,929
8,641
288
8,940
8,651
290
8,213
7,924
290
8, 947
8,628
319
98, 619 101, 413 116, 548
23, 682 23, 660 25,348
8,744
8,448
297
8,852
8,545
307
8,778
8,484
294
otherwise indicated.
9 Includes data not shown separately.
§Data have been restated to exclude black blasting powder formerly included,
t Revised data for the months of 1968 will be shown later.
Aug.
SURVEY OF CURRENT BUSINESS
S-26
1970
1970
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
July
Annual
September 1971
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers, total (EEI) mil.kw.-hr. 1,307,178 1,391,359 121, 481 126, 043 126, 257 117, 258 110, 690 115, 649 122, 035 120, 810 119. 704 115, 975 113, 830 119, 699
Commercial and industrial:
286,686 312, 750 29, 113 30, 128 29, 972 27, 109 24, 734 25, 147 26, 223 26,029 25, 703 25, 320 25,377 27,838
Small light and power§
- do
557,220 572, 522 48, 012 48, 997 49, 130 48, 614 47, 235 47, 583 47,480 47, 457 48, 947 49, 051 49, 338 50, 493
Large light and powerl
do
359
39, 530
828
3,223
416
362
42, 051
869
3,222
414
354
42, 219
917
3,261
404
375
36, 465
978
3,314
404
421
37,860
1,081
3,172
385
445
43, 156
1,087
3,260
384
403
42, 268
1,004
3,267
382
422
39, 819
973
3,426
415
- do
do
do_ _
- --do
do
4,531
407, 922
10, 772
35, 861
4,186
4,633
447, 795
11, 183
37, 816
4,660
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $
20,139.3
22, 065. 9 1, 935. 7 2, 013. 4 2,033.3 1, 908. 3 1, 807. 8 1, 887. 8 1,978.1 1, 977. 5 1, 955. 3 1, 912. 6 1,900.1 2, 014. 7
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
368
33, 839
1,029
3,118
366
380
36, 897
933
2,983
411
363
34, 263
888
3,198
402
355
36, 391
859
3,336
427
GAS
Manufactured and mixed gas:
Customers end of period total 9
Residential
Industrial and commercial
'577
••639
36
571
535
34
663
528
34
571
535
34
574
538
35
mil. therms..
do
1,522
818
671
1,481
825
625
165
64
99
351
190
151
646
392
238
Revenue from sales to consumers, total 9 -mil. $__
Residential
do
Industrial and commercial
do
129.9
79.1
48.3
132.3
82.4
47.4
16.1
8.4
7.5
33.1
20.4
11.9
60 1
39.1
19.5
40, 905
41, 204
' 37, 536 37, 826
' 3, 320 3,326
40, 393
37, 145
3,198
41, 204
37, 826
3,326
41, 599
38, 166
3,382
152, 374
47, 372
99, 461
31, 190
4,084
25,634
39, 424
11, 584
26, 168
53, 770
22, 940
29, 147
1, 631. 7
567.9
1, 010. 8
2, 550. 0
1, 271. 5
1,211.2
4, 002. 7
2, 315. 0
1, 609. 8
Sales to consumers, total?
Residential
Natural gas:
Customers end of period total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
thous
do
do
thous
do
do
mil therms
do
do
r
163, 199
48, 217
108, 848
Revenue from sales to consumers, total 9 -.mil. $__ 9, 342. 0 10, 242. 6
4, 801. 1 5, 133. 9
Residential
do
4, 324. 9 4, 862. 4
Industrial and commercial
do
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
11.33
9.82
9.41
12.38
11.01
10.28
9.28
12.53
9.62
127.32 ' 133. 10
12.33
12.37
13.71
Production
mil. bbl_
9.74
8.52
10.79
9.62
11.00
10.38
8.77
8.32
11.87
11.04
116. 27
122. 04
11.05
12.87
Taxable withdrawals
do
13.45
12.26
14.18
13.76
13.22
12.93
12.97
13.20
11.90
13.81
14.07
12.26
14.40
14.25
Stocks, end of period
do
Distilled spirits (total) :
16.82
11.22
17.99
18.11
19.21
18.14
16.18
16.20
15.93
230. 02
212. 26
12.89
13.44
13.11
Production
mil. tax gal
Consumption, apparent, for beverage purposes
30.21 32.49
24.99
47.71 24.60
27.14
31.46
29.76
35.17
29.22
mil. wine gaL. ' 361. 68 i 371. 47 28.00
12.32
16.04
11.62
15.64
16.32
13.86
14.38
18.22
11.05
13.41
164.55 ' 173. 65
16.73
Taxable withdrawals
mil. tax gal
13.78
991. 42 1, 008. 54 1,013.73 1,007.86 1,006.26 1,004.59 1,005.21 1,008.54 1,011.30 1,014.16 1,015.72 1,015.08 1,015.78 1,012.28
Stocks, end of period
do
6.36
9.84
7.63
5.68
7.65
5.97
10.84
10.45
7.06
9.03
Imports
mil. proof gal-90.89
6.89
7.49
87.08
Whisky:
12.69
12.96
7.16
10.37
11.15
12.29
13.42
12.20
9.12
8.54
10.47
6.85
169. 87 ' 146. 36
Production
mil. tax gal
8.30
7.78
9.04
8.89
9.85
10.67
12.93
6.72
8.53
10.09
11.01
8.29
' 108. 01 ' 112. 88
Taxable withdrawals
..do
954. 58 961. 12 957. 73 955. 42 952. 39 951. 94 954. 58 958. 21 960. 86 964. 24 963. 43 964. 97 960. 51
938. 46
Stocks, end of period
do
5.60
4.95
6.75
6.21
8.68
6.76
5.15
9.36
5.96
8.08
Imports
_
mil. proof gal. _
4.08
75.59
5.47
74.29
Rectified spirits and wines, production, total
mil. proof gal_ .
Whisky ..
do
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
Still wines:
Production
do
Taxable withdrawals
do
Stocks, end of period
do
Imports.
do
116. 23 ' 113. 67
64.37
68.01
7.65
4.27
8.78
4.86
10.08
5.79
11.57
6.88
11.13
6.70
8.87
4.58
8.25
4.28
8.15
4.58
9.87
5.10
8.61
4.30
8.70
4.58
10.22
5.80
6.93
6.04
15.80
13.96
6.19
2.41
22.95
20.48
7.38
1.79
1.41
1.24
8.27
.09
1.96
1.39
8.72
.10
1.77
2.04
8.31
.17
1.98
2.09
8.17
.19
2.17
2.30
7.90
.21
2.50
2.86
7.38
.28
2.33
1.85
7.72
.13
1.96
1.52
8.11
.08
2.81
1.79
9.06
.12
2.17
1.58
9.69
.14
1.08
1.44
9.24
.15
1.34
1.65
8.84
.15
.10
277. 80
197. 23
306. 36
22.28
244. 78
216. 73
293. 32
28.23
3.15
14.44
196. 38
2.20
11.05
16.32
187. 14
2.13
70.81
18.73
238. 03
2.20
92.19
20.75
302.36
2.51
38.34
19.45
313. 82
3.07
7.76
22.30
293. 32
3.46
5.43
19.85
276. 51
2.06
4.62
18.68
259.80
1.81
5.28
22.37
241. 99
2.65
'6.13
20.39
225. 62
2.61
'7.68
18.06
215. 71
3.09
6.30
20.59
198. 93
3.38
3.12
403.32
303. 08
4.45
28.76
126. 06
91.73
16.82
8.45
3.01
3.15
1.38
.62
5.96
2.80
mil. Ib
1,118.2
do
88.6
$ per lb._
.685
1, 136. 7
118.8
.704
92.1
203.5
.708
78.7
' 198. 0
.708
71.8
171.3
.713
81.6
147.5
.713
78.9
134.3
.709
93.1
118.8
.717
103.8
119.3
.708
97.8
133.2
.708
111.0
157.9
.707
113.0
180.4
.688
' 119. 5
209.8
.687
112.2
235.1
.688
9.02
' 253. 0
.687
mil. lb_. 1, 985. 9 2, 202. 6
do
1, 266. 4 1,431.2
' 197. 1
' 134. 6
181.5
120.6
167.6
104.5
172.2
103.4
161.5
95.9
179.1
109.0
181.0
113.8
168.7
104.8
202.8
126.9
210.3
137.3
232.5
159.0
233.8
161.9
209.0
141.6
' 385. 3 ' 372. 2
' 324. 4 ' 309. 4
10.8
11.8
358.5
289.2
11.1
336.3
264.8
15.6
326.8
254.8
18.0
324.5
254.0
24.6
320.9
255.1
"11.4
310.7
243.3
"9.0
302.1
236.3
'8.9
314.6
248.0
'7.9
337.4
268.8
'8.1
376.8
296.8
'6.4
'386.1
' 311. 6
7.6
.636
.640
.661
.653
.678
.679
.678
'.678
Distilling materials produced at wineries— _ do
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), total
American, whole milk.
_
Stocks, cold storage, end of period
do
American, whole milk_ _ _ _ _
_ _ _ _ d o
Imports
do
Price, wholesale, American, single daisies (Chicago)
__$ per Ib—
r
317.5
265.4
130.0
324.5
254.0
161.0
.603
.649
.636
Revised.
1 Reported annual total; revisions ar e not dist ributed tc the morithly dat a.
§Data are not wholly comparable on a year to }rear basis because of chang es from one
.665
.665
.656
c assificat on to an other.
9 Inclu ies data not show n separa tely.
246.2
379.5
304.6
.673
e
Correct ed.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-27
1970
July
Aug.
Sept.
1971
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production, case goods:
Condensed (sweetened)
mil. lb._
(8)
(6)
(«)
(•)
(6)
(6)
« 1, 483. 8 6 1, 268. 3 6 117. 7 6 109. 9 8 92.4 6 85.8
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of period:
(8)
(6)
(6)
1.9
Condensed (sweetened)
mil. Ib
(6)
(6)
105.0
115.7 « 192. 7 • 195. 9 « 187. 4 6 180. 0
Evaporated (unsweetened)
do
Exports:
6
o (i\
52 1
16 4
69
37.1
2.0
2.5
1.2
33.3
3.1
Evaporated (unsweetened)
do
Price, manufacturers' average selling:
7.50
8.12
8.11
8.06
8.12
7.98
Evaporated (unsweetened)
$ per case..
Fluid milk:
116,345 117, 436 10,226
9,767
9,273
9,280
Production on farms
_ _ . mil. Ib
5,013
57, 167
4,388
60,
108
5,595
4,418
Utilization in mfd. dairy products
do
r
5.49
5.68 '5.46 r 5. 58
5.81 ' 6. 03
Price, wholesale, U.S. average
$ per 100 Ib
Dry milk:
Production:
70.2
5.8
6.3
68.7
5.1
4.0
Dry whole milk
mil. Ib
I, 452. 3 1, 442. 8
141.4
117.7
88.2
89.6
Nonfat dry milk (human food)
_
do
Stocks, manufacturers', end of period:
6.6
9.4
4.7
9.3
8.6
6.6
Dry whole milk
do
83.9
165.5
154.0
101.4
144.8
122.8
Nonfat dry milk (human food) .
__ do
Exports:
15.6
.7
.7
.6
.5
13.8
Dry whole milk
do
111.6
7.7
212.3
19.9
34.1
19.9
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.235
.274
.271
.273
.273
milk (human food)
$ per Ib
.263
6
(6)
77. 9
(6)
6 147. 5
6
(6)
96. 5
(6)
6
6
(6)
86.8
(8)
8
6
(8)
(6)
(6)
90. 3 6 109. 0 8 116. 5 6 134 2
(6)
(6)
69. 4
6
(«)
67. 6
6
(6)
(8)
51. 2 8 104. 0
115. 7
681.3
3.0
3.9
2.7
2.3
2.6
11 3
2.7
2 2
38
8.13
8.14
9,349
4,479
6.06
9,547
4,745
5.96
9,010
4,636
5 91
10,209
5,557
5.83
10, 432
5,797
5.71
11,217
6,297
5 60
4.0
81.1
5.4
108.9
6.7
115.8
5.7
111.8
7.0
131.1
9.0
149.2
4.7
101.7
4.7
101.4
55
97 7
5.0
89.8
3.9
90.4
.9
25.4
1.1
2.3
.8
10.7
.7
10.0
.273
276
278
123.0
123.8
101 2
8,842
3,997
6.09
r
r
6
(6)
(6)
141 5 6 115.8
(8)
9
133. 8
(8)
6
162. 4
85
4 2
1. 6
10, 836
6, 438
5.50
10, 311
9.3
174.6
8 4
177.8
4.7
137.3
5.5
104.9
7.8
136.9
9.0
157.6
8.2
164.1
1.0
17.6
1.0
7.2
.7
15.0
34
16.7
1.9
4.3
276
.277
.304
.314
318
.328
103.7
105.5
94.2
108.5
79 8
92.1
.2
8.7
257 4
142.3
115.0
7.6
4.0
9.2
156.1
81.6
74.5
1.6
.5
1.24
1.24
1.30
1.29
1.26
1.25
1.26
1.26
1.29
1.28
1.26
1.26
1.19
1.17
35.3
26.6
1 564
1,169
395
27.6
40.1
1.51
1.48
1.51
1.54
1.59
1.52
1.49
1.43
c
T
5.61
9,871
i>5.74
GRAIN AND GRAIN PRODUCTS
111.5
114.5
8.3
8.1
489.4
305.6
183.8
6.4
4.4
6.7
381.1
238.9
142.2
6.3
'1.12
1.12
1.14
1.14
1.19
1.18
1.19
1.17
1.21
1.18
1.22
1.20
38.8
43.0
2 531
1,861
670
34.6
1.59
1.51
1.57
1.50
1.55
1.52
1,059. 0
1, 337. 5
2 423. 5
426 7
264.6
162.2
8.3
2 410. 4
381.1
238.9
142.2
55.1
1.12
1.12
1.14
1.13
mil bu
2 4, 583
2 4, 110
Stocks (domestic) end of period total mil bu
On farms
do
Off farms
do
Exports, including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago). _ _
__ _ $ per bu
Weighted avg., 5 markets, all grades
do
4 316
3 323
993
553.5
3,743
2,730
1,013
572.0
58.7
1.21
1.19
1.35
1.33
1.38
1.32
mil. bu
do
do
do
2950
885
724
161
2909
915
704
211
Exports, including oatmeal. _
__
do
Price, wholesale, No. 2, white (Chicago)
$ per bu
7.6
21.3
.5
.5
1.9
4.67
«.72
.67
.72
.76
Exports (barley, corn, oats rye, wheat), .mil. bu
Barley:
Production (crop estimate)
Stocks (domestic) end of period
On farms
Off farms
Exports, including malt§
Prices, wholesale (Minneapolis):
No. 2, malting
_ __
No. 3, straight
do
do
do
do
do
. $ per bu
do
Corn:
Production (crop estimate grain only)
Oats:
Production (crop estimate)
Stocks (domestic) end of period total
On farms
Off farms
Rice:
Production (crop estimate)
mil. bags 9
California mills:
Receipts, domestic, rough
mil. Ib
Shipments from mills, milled rice
do ..
Stocks, rough and cleaned (cleaned basis), end
of period
_ _
_
mil. Ib
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. lb_
Exports
do
Price, wholesale, Nato, No. 2 (N.O.)
$ perlb..
Rye:
Production (crop estimate)
.mil. bu._
Stocks (domestic), end of period
.
do
Price, wholesale, No. 2 ( Minneapolis).. $ per bu._
Wheat:
Production (crop estimate), total
Spring wheat ._
Winter wheat
Distribution
...
.
mil. bu
do
do
do
117.4
7 459 9
43.9
999
3569
3430
53.8
56.8
46.4
3,743
2,730
1,013
49.6
1.47
1.40
1.50
1.46
1.40
1.42
1.41
1.39
1.52
1.49
do
do
do
915
704
211
7.4
6.1
703
504
200
512
312
200
1.4
.4
.7
.3
.3
.84
.82
.83
.78
.75
.5
.1
.3
.80
68
282.9
1,755
1,393
303
302
161
130
67
110
160
68
100
47
84
78
79
59
117
47
268
184
161
180
202
113
323
264
270
82
188
184
42
79
102
82
76
112
135
77
114
101
6,605
4,818
6,497
4,438
95
291
1,049
267
1,672
401
1,482
547
472
429
367
373
349
428
240
294
139
323
108
279
67
268
28
221
141
206
1,695
4 183
!085
1,748
3 828
.085
318
371
.085
745
231
.085
1,502
189
.085
1,950
438
.086
1,852
447
.087
1,748
220
.087
1,563
284
.086
1,461
199
.086
1,258
259
.086
1,009
315
.086
809
268
.084
629
365
.087
528
144
.087
21,460
2313
2 1, 147
1 273
2 1, 378
2260
2 1, 118
1 498
83. 8
.087
7
1.05
1.08
49.1
1.10
1.16
1.17
41.5
1.15
1.18
1.17
34.7
1.14
1.18
1.18
27.9
1.21
7
381
352
335
52. 3
.94
.95
7
466
885
64
7
2,012
1,515
238.6
41.5
1.15
1.29
1.29
7
1,098
852
246
290.8
231.6
29.8
1.17
1.11
1. 11
7 5 266
3
1,534
1,798
1,417
611
673
534
1,126
923
884
r
l
2
Revised. * Preliminary. Less than 50 thousand pounds. Crop estimate for the year.
3
Old crop only; new crop not reported until beginning of new crop year (July for barley,
oats, rye, and wheat; Oct. for corn).
* Average for Jan.-Sept.
« Average for Jan., AprilStocks (domestic), end of period, total
On farms.
.__
Off farms
__
143.2
1,625
7
463
1 163
1,417
1,065
730
534
386
240
884
679
490
6
Sept., and Dec.
Condensed milk reported with evaporated to avoid disclosing operations
of individual firms. 7 Sept. 1 estimate of 1971 crop.
e
§ Excludes pearl barley.
9 Bags of 100 Ibs.
Corrected.
September 1971
SURVEY OF CURRENT BUSINESS
S-28
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
Annual
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports, total, including
Wheat only
flour
. mil. bu _
__ _ _ _ do._ _
489.2
439.9
689.1
638.7
49.9
47.9
59.0
56.3
52.4
49.9
74.7
69.0
63.8
60.3
66.5
61.6
61.9
59.3
51.3
47.8
62.7
59.9
53.7
50.7
70.3
66.7
50.0
43.4
51.2
47.4
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu_.
No. 2, hd. and dk. hd. winter (Kans. City) do
Weighted avg , 6 markets, all grades
do
1.80
1.48
1 75
1.91
1.54
1 79
1.92
1.42
1.71
1.86
1.54
1.80
1.93
1.62
1.87
1.95
1.60
1.88
1.97
1.63
1.89
1.92
1.63
1.84
1.91
1.65
1.82
1.90
1.65
1.80
1.82
1.62
1.77
1.82
1.62
1.75
1.84
1.62
1.78
1.82
1.64
1.75
1.73
1.56
1.65
Wheat flour:
Production:
Flour
.thous. sacks (100 Ib.) , 254 094 253, 094
4 553
4 409
Offal
thous. sh tons
Grindings of wheat
thous. bu
567 956 '563 714
Stocks held by mills, end of period
thous. sacks (100 lb.)__
4,595
4,329
21 130
Exports
do
21 596
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 lb_. 5.923
6.179
Winter, hard, 95% patent (Kans. City)__do____
5.569
5.438
19, 991
21, 233
22, 159
23,364
20, 707
20, 754
20, 894
19, 761
21,004
19, 662
20, 216 '20,994
20, 216
44,700
47, 440
49, 361
51, 708
46,161
46, 147
46, 405
44, 038
46, 705
43, 525
44, 970 '46,658
45, 150
863
1,164
4,438
1,074
2,438
1,537
4,329
2,104
1,134
1,528
4,732
1,188
1,282
1,536
4,586
2, 841
1,627
6.125
5.525
6.125
5.525
6.275
5.713
6.413
5.713
6.413
5.650
6.363
5.588
6.350
5.588
6.313
5.613
6.250
5.500
6.238
5.488
6.225
5.600
6. 200
5.588
6.113
5.475
232
2,538
971
264
2,723
1,010
266
2,752
1,233
245
2,424
1,135
276
2,611
247
2,569
31,031
237
2,299
*879
299
248
2,681
2,544
3 1, 140 3 1, 032
203
2,536
31,004
207
2,797
205
2,725
960
350
373
393
407
361
361
361
345
363
335
347
366
c
349
6.063
5.313
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected) :
Calves
thous animals
Cattle
do
Receipts at 38 public markets
do
Prices, wholesale:
Beef steers (Omaha)*
$ per 100 Ib
Steers, stocker and feeder (Kansas City) do
Calves, vealers (Natl. Stockyards, Ill.)__do
3 637
30 536
* 12 652
3 025
30, 793
1 11, 922
231
2,642
29 28
29 30
37.29
29 03
30.10
38.17
30.53
29.52
40.00
29.74
28.76
40.50
28.97
28.99
33.00
28.44
29.68
33.00
27.00
28.03
34.00
26.45
27.57
33.50
28.83
29.42
34.00
31.80
31.69
40.00
31.42
31.88
41.00
31.96
32.07
41.00
32.35
31.78
39.00
31.91
30.60
39.00
31.90
30.32
39.00
78 186
14 871
5,774
1,106
6,045
1,088
7,034
1,303
7,662
1,451
7,350
1,490
7,990
1,532
7,489
31,412
6,379
* 1, 230
8,266
3 1, 479
7,794
3 1, 455
6,932
3 1, 399
6,983
6,220
22 11
23.57
21.12
20.43
17.37
15.02
14 96
15.76
19 03
16.88
16.04
17 00
17.68
18 85
19.8
19.1
19.2
17.0
14.3
13.4
11.9
11.1
10.7
13.4
11.8
11.3
12.3
12.2
14.0
10 067
i 2 704
r 10 OH
829
230
789
225
'899
244
917
282
736
216
847
201
903
806
815
4131
3143
827
3178
3 178
772
i 2 468
3186
28 53
27 43
28.38
27.12
26.75
26.75
25.38
23 88
24 00
25 12
26.88
30.25
31 12
31.25
28 88
33, 369
i 34, 587
2,771
2,731
3,031
3,198
2,958
3,226
3,076
2,663
3,234
3,075
2,940
3,104
637
571
759
518
'606
1 685
1 844
673
31
171
43
167
588
53
167
646
49
155
715
74
134
759
51
143
771
39
133
749
41
112
791
49
151
869
35
141
901
46
133
890
43
170
18, 873
i 19, 496
1,644
1,582
'299
1,701
1,533
1,685
1,645
1,463
296
2
130
1,735
1,693
1,608
1,599
2
129
Hpgs:
Slaughter (federally inspected) thous animals
Receipts at 38 public markets
do
Prices:
Wholesale, average, all grades (Sioux City)*
$ per 100 Ib
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
Sheep and lambs:
Slaughter (federally inspected) thous animals '
Receipts at 38 public markets
do
Price, wholesale, lambs, average (Omaha)*
$ per 100 Ib
75 682
15 210
23 65
r
1
927
920
899
35.00
15.6
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil. Ib
Stocks (excluding lard), cold storage, end of
period
mil. Ib
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, inspected slaughter.
do
Stocks, cold storage, end of period
do
Exports. _
do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs ) (New York)
$ per Ib
Lamb and mutton:
Production, inspected slaughter
mil Ib
Stocks, cold storage, end of period
do
Pork (including lard), production, inspected
slaughter
mil Ib
Pork (excluding lard) :
Production inspected slaughter
do
Stocks, cold storage, end of period
do
Exports
..
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$ per lb._
Fresh loins, 8-14 Ib. average (New York) do
Lard:
Production, inspected slaughter
mil Ib
Stocks, dry and cold storage, end of period do
Exports
__
do
Price, wholesale, refined (Chicago)
$ per Ib..
310
3
113
335
3
94
313
4
72
306
5
99
299
5
99
'835
767
306
4
124
'321
338
1,739
39
155
1 194
1 319
320
3
122
2 492
490
.517
.505
.488
.473
.465
.454
.503
.539
.536
.546
561
549
546
510
16
514
19
41
23
39
23
44
21
46
21
38
20
44
19
48
21
44
20
49
20
47
20
40
<23
40
23
'21
19
13 986
14 577
1 086
1 111
1,286
1,417
1 383
1 497
1 383
1,157
1,491
1 420
1 301
1,324
11 563
12 119
924
217
5
24
1,066
1,174
210
11
25
246
9
30
1 143
1 249
1 153
1,195
1 098
1,104
353
4
27
978
344
4
29
1,226
336
67
347
905
255
5
32
476
5
32
'405
329
.580
575
.565
569
.536
.647
.535
. 572
.499
.560
.497
.510
.485
.461
.486
.445
.498
.479
.528
.530
.513
.438
.517
.432
.521
.485
.535
.501
.515
.584
.536
1 755
1 776
132
66
38
135
54
37
158
60
28
176
59
37
174
74
22
166
91
9
129
86
40
193
'81
44
162
80
39
.160
.153
.163
.145
.130
.138
.155
.150
146
91
31
158
101
18
.158
178
82
42
.146
.143
1 092
926
845
762
676
791
757
749
894
909
624
447
486
313
391
219
369
206
331
174
294
144
265
120
251
111
287
140
'354
'203
461
304
'.110
.120
'.110
.125
.130
.130
.125
.135
.140
.155
.135
363
28
211
152
316
70
262
.145
347
32
82
366
.160
.154
326
3
94
304
9
30
347
3
102
336
5
28
389
3
36
467
4
30
295
4
87
498
5
31
3
111
4
33
89
11
.151
.158
POULTRY AND EGGS
Poultry:
984
'956
1 020
Slaughter (commercial production)
mil Ib
9 492 r 10 445
Stocks, cold storage (frozen), end of period, total
319
516
391
307
'407
mil. lb_.
343
Turkeys_ . .
do
156
'238
219
192
Price, in Georgia producing area, live broilers
.120
'. 120
.120
'. 123
.140
$ per lb_.
r
Revised.
<= Corrected.
1
Annual total reflects revisions not distributed to the months.
2
Beginning Jan. 1969, quotations are on carlot rather than l.c,l. basis as previously.
3
4
Data are for 41 public markets.
Data are for 40 public markets.
*New series. Monthly data for earlier years will be shown later.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1971
1970
1970
Annual
S-29
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
mil. cases O
Stocks , cold storage, end of period:
Shell
thous. casesO..
Frozen
mil. lb__
Price, wholesale, large (delivered; Chicago)
191.9
195.2
16.3
16.2
15.7
16.4
16.1
17.0
17.1
15.5
17.3
16.8
17.3
16.5
16.7
51
43
51
50
147
60
98
63
178
60
136
58
76
55
51
50
60
49
53
51
139
54
80
60
101
67
98
75
'148
80
.460
.425
.415
.400
.455
.415
.448
.410
.372
.332
.331
.330
.363
.317
.360
Cocoa (cacao) beans:
Imports (incl shells)
thous. Ig tons
Price, wholesale, Accra (New York)
$ per lb._
218.4
.458
279.2
.341
24.1
.310
21.3
.388
23.3
.378
26.7
.354
14.5
.354
25.4
.329
45.0
.309
22.8
.273
25.2
.279
28.2
.273
17.8
.253
25.3
.268
28.7
.280
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous bagscf
Roastings (green weight)
do
3,811
20, 851
2 593
20, 075
Imports, total
do
From Brazil
_
do
Price, wholesale, Santos, No. 4 (N.Y.)..$ per lb._
Confectionery, manuiacturers' sales
mil. $_
20, 232
5,780
.408
' 1, 870
19, 727
4,712
.557
' 1, 906
$ per doz__
131
80
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
2,593
5,190
3,461
4,352
1,616
1,355
1,713
1,597
1,382
1,475
.570
••143
.578
'222
.588
'199
.575
^180
.550
'163
2,002
822
.550
171
1,528
.568
-•112
.550
' 178
.480
' 176
357
468
224
367
387
291
3,064
4,760
2,537
5,164
1,550
282
114
.286
2 030
310
.450
'156
1,759
1,941
2 132
.438
' 135
.438
'139
.430
121
317
666
570
.433
mil Ib
275
306
263
298
310
313
312
306
275
247
210
196
198
223
266
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
-thous. sh. tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do
4,300
6,350
1,501
4,710
6,675
1,497
111
139
515
138
720
708
226
509
112
992
367
120
664
64
118
693
144
1,043
1,113
2,218
15
315
143
42
151
412
119
150
88
97
170
178
176
103
441
159
692
143
10, 804
10, 655
2,796
11, 467
11,317
2,784
1,023
1,012
1,726
1,089
1,078
1,384
1,093
1,079
1,046
931
912
1,414
833
822
2,202
1,055
1,044
2,784
727
720
3,003
718
706
2,943
860
851
2,660
894
883
2,524
sh tons
968
7,892
37
58
26
194
128
146
50
44
12
1,179
21
25
37
thous. sh. tons
do
do
4,776
1,024
124
5,217
1,522
35
454
137
2
534
196
2
565
205
10
368
80
4
323
95
1
553
178
2
325
4
4
239
30
2
477
84
c
7
550
142
6
412
96
2
479
108
1
478
170
3
$ per lb_.
.078
.081
.082
.082
.081
.082
.080
.081
.084
.084
.084
.082
.084
.086
.086
.086
$ per 5 Ib
$per lb._
.638
.107
.674
.112
.680
.113
.682
.113
.683
.114
.678
.114
.680
.114
.677
.114
.680
.114
.679
.114
687
.117
.695
.116
.695
.116
.693
.116
.689
.118
.118
139, 962
135, 202
8,940
8,778
10, 805
11,971
10, 409
12, 682
13, 226
12, 360
15, 073
18, 078
15, 128
16, 529
20, 150
3, 480. 5
138.7
3 587 6
132.9
256.9
150.1
308.2
140.0
298.2
127.0
316.5
120.5
305.6
122.5
299.0
132.9
291.5
134.7
309.2
130.3
300 0
134.7
272 4
134.4
277.1
128.0
'290.4
136.7
259.6
110.1
3, 143. 7
70.5
3 389.3
75.6
279.2
99.7
268.3
87.3
268.6
68.5
289.4
80.0
286.7
83.4
299.9
75.6
283.9
74.4
281.7
71.6
292 0
70.7
270.1
72.0
288.6
81.1
' 351. 8
82.2
347.3
70.4
2, 181. 9
52.1
2, 230. 3
45.6
169.7
59.4
166.8
55.9
189.6
50.3
200.7
52.3
187.2
50.4
216.7
45.6
212.9
50.4
189.0
59.4
195.9
57 7
181.0
55.9
176.4
61 2
' 185. 9
'61.6
163.3
73.5
.260
.289
.290
.290
.290
.294
.306
.306
.306
.306
.305
.305
.305
.305
.308
534.6
510.9
46.0
558.2
567.7
46.7
41.8
43.3
35.2
43.6
48.0
29.3
48.3
40.9
36.9
47.0
45.1
36.3
45.6
49.4
37.9
46.9
48.0
46.7
50.1
51.5
47.0
49.1
61.7
37.7
51 7
53.3
37.0
43.2
44.4
34.9
42.8
44.9
42.4
'45.3
'46.6
'45.6
40.6
41.1
46.9
4 655 0
2,595.2
348.0
4 876 8
2 551.5
396.1
410.6
213.0
333.7
389.6
200. G
325.0
419.5
216.3
369.5
423.2
209.2
348.3
401. 5
208. 8
392.2
446.6
220.5
396.1
422.7
218.0
423.5
385.2
201.4
349.6
438 5
233,5
380.6
392 0
216.4
363.9
400.0
227.1
374.0
' 439. 9
' 231. 4
' 401. 9
396.8
206.5
439.1
171.6
75.7
84.0
207.0
68.7
103.5
40.0
39.0
27.4
20.8
147.9
110.2
6.7
4.4
127.8
128.6
114.3
103.5
386.3
547.5
732 6
205 9
424.6
(<*)
544. 0
749 6
202 9
584.2
(d)
(«0
00
(d)
(d)
465.5
438.1
r
441. 1
474 0
440 9
449.6
Deliveries, total 9
For domestic consumption
Stocks, raw and ref., end of period.. Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
Prices (New York):
Raw, wholesale
Reflned-.
Retail (incl. N.E . New Jersey)
Wholesale (excl. excise tax)
Tea imports
_
do
do
do
thous Ib
1,026
1 013
2,701
' 1, 087 P 1,040
' 1, 068
' 2, 156 » 1, 922
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening) :
Production
mil Ib
Stocks, end of period®
do
Salad or cooking oils:
Production
do
Stocks, end of period©
do
Margarine:
Production
_
do
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb..
Animal and fish fats:A
Tallow, edible:
Production (quantities rendered)
mil Ib
Consumption in end products _
do
Stocks, end of period f
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do
Consumption in end products
do
Stocks, end of period f _
do
Fish and marine mammal oils:
Production
_ _ __
do
Consumption in end products
do
Stocks, end of period J
do
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks crude and ref end of period 11
do
Imports
_
do
Corn oil:
Production* Crude
do
Refined
do
Consumption in end products
do
Stocks, crude and raf. and nf nprindlT
dn
54 1
43 9.
5.8
(<0
43.0
55 6
114 0
47.6
38.5
34.3
37.5
fi8. 1
5.0
44.1
61 3
123 8
46.9
6.0
51.0
62 5
145 6
27.0
37.4
35.3
35.3
fi3. 5
d
' Revised.
v Preliminary.
Data withheld to avoid disclosure of operations of individual firms. i Less than 500 short tons.
O Cases of 30 dozen.
cFBags of 132.276 Ib.
§Monthly data reflect cumulative revisions
5.7
7.6
4.8
.6
4.4
.6
4.7
9.2
4.0
21.8
'54.8
52.5
72.0
62.7
60 0
65.8
88.0
' 132. 0
155.5
(d)
(<*)
(d)
(<*)
1.4
5.6
47.6
62 1
165 0
63.9
40.9
60 4
176 0
14.1
44.6
63 6
202 9
12.3
48.7
63 7
217 0
129.2
44.2
60 9
180 9
41.7
42.0
34.0
42.3
34.6
43.3
38.0
fin. 1 54.7
40.1
36.9
36.4
51.3
34.7
39.1
40.4
43.2
38.0
39.6
39.5
3fi. n
37.3
31.9
34.4
37 1
(<*)
50 6
68 9
182 5
4.3
52.9
49.5
64 3
169 3
54.9
45.0
63 4
167 1
47.5
43 7
38 2
35 2
41 4
34 2
35.5
41.0
37.2
33.5
47 Q
5fi 8
57 Q
5.3
.312
5.7
(d)
(d)
42.7
34.6
38.2
64.7
42.4
39.2
36.3
65.2
49.4
39.9
52 4
'68 4
' 167 6 161.8
45.5
35.3
for prior periods.
9 Includes data not shown separately: see also note " §".
on lard, see
p. S-28.
©Producers' and warehouse stocks.
IfFactory a
e
stocks.
Corrected.
AFor data
SURVEY OF CURRENT BUSINESS
S-30
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
| 1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
Production
. . thous. sh. tons.. 2, 001. 4
74.8
Stocks ''at oil mills) , end of period
. do
Cottonseed oil:
1, 425. 8
Production* Crude
mil. Ib
1, 252. 0
Refined
do
889.7
Consumption in end products
.
do
Stocks, crude and refined (factory and ware398.6
house) end of period
mil. Ib
246.5
Exports (crude and refined)
-- do
.142
Price, wholesale (drums; N.Y.)
$ per lb__
Linseed oil:
Production crude (raw)
mil. Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. Ib
Price, wholesale (Minneapolis)
$ per lb_.
Soybean cake and meal:
Production
thous sh tons
Stocks (at oil mills) , end of period
do
Soybean oil:
Production* Crude
mil. Ib
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
- _.mil. lb_.
Exports (crude and refined)
do
Price, wholesale (refined; N.Y.)
$ per l b _ _
1, 725. 8
85.8
46.6
98.0
38.0
65.1
45.2
39.3
194.1
54.2
219.2
82.9
218.2
85.8
215.8
103.2
202.4
125.5
192.2
136.4
145.3
134.5
1,211.4
1, 019. 2
932.0
33.1
42.5
63.0
26.6
27.1
63.0
30.5
27.6
65.8
134.3
71.6
77.3
153.4
116.0
79.6
152.6
116.6
76.9
151.5
108.5
67.8
141.2
108.6
73.6
134.0
119.8
69.4
103.3
77.2
56.1
184.3
369.8
.175
213.9
17.5
.180
158.1
.178
121.4
17.8
.167
140.1
12.0
.167
163.5
18.6
.180
184.3
36.7
.178
202.3
43.5
.183
224.6
39.2
.195
246.9
40.3
.195
291.8
193.9
314.5
193.2
17.5
18.6
29.1
18.4
36.2
16.8
30.7
15.1
26.8
14.2
27.5
12.7
31.9
13.3
32.4
15.8
128 8
.120
148.5
.109
112.8
.110
117.1
.110
129.9
.100
134.9
.100
144.9
.100
148.5
.095
157.5
.095
170.5
.095
1,429.4 1.238.4
170.8
106.8
1,530.2
139.8
1,507.5
158.2
1,560.4
112.2
14,716.5 17, 379. 2 1, 441. 3
130.2
112.2
103.2
8.8
111.1 '86.1
148.9 r 136. 0
61.1
109 5
78.8
80.4
61.2
••61.0
73.2
'90.1
43 5
44 8
97.3
265.7
18.2
.193
279.7
21.4
.188
' 224. 6
31.7
1.88
167 1
69 8
1.93
34.9
18.4
36.7
19.6
36.8
' 19.6
41.4
22.7
23.3
18.8
180.7
.090
192.8
.088
187.2 •• 203. 8
.088
.088
193.0
.088
1,560.3 1, 387. 2 1, 463. 2
138.4
170.3
173.6
1,458.9
152.0
2.06
.088
1 464.8 -1,401.6 1 430 2
198.7 r 149. 4
192.0
6, 804. 7
5, 860. 0
5, 948. 2
8, 085. 9
6, 276. 3
6, 322. 7
664.7
488.1
488.3
655.6
516.5
513.7
563.8
491.9
524.3
729.8
534.5
548.2
705.6
514.5
519.9
727.7
538.8
552.3
724.8
543.5
534.7
653.2
511.1
505.8
695.9
557.9
535.0
695.7
495.0
497.9
670.9
696.4
526.7
506.7
505.6 ••556.3
675.5
483.9
508.2
517.2
761.1
.110
755.7
1, 372. 4
.133
638.3
136.0
.130
670.6
126.7
.143
543.4
165.2
.137
562.3
103.9
.161
717.6
52.7
.172
755.7
174.6
.163
751. 8
112.0
.168
787.8
109.3
.144
756.0
156.0
.145
765.8
168.0
.135
758.0
191 8
.137
763.1
189 0
.159
34, 699
20, 388
29, 555
23, 556
4,650
46, 766
15, 364
53, 650
21, 982
72, 845
33, 652
5,006
62, 477
14, 673
39, 336
20, 362
5,031
44, 165
3,685
47, 119
4,292
47, 245
3,926
50, 665
3,423
44, 026
4,138
41, 196
3,620
45, 634
' 719. 0
140.9
.146
.172
TOBACCO
Leaf:
Production (crop estimate)
mil. Ib
Stocks, dealers' and manufacturers' end of period
mil Ib
Exports, incl scrap and stems
thous. Ib
Imports, incl scrap and stems .
_ _do
1 1, 804
i 1, 906
4,940
579,106
213, 402
5,006
510, 325
235, 428
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) , taxable
Exports, cigarettes
47, 263
510, 532
6,744
24, 970
51, 166
532, 764
6,701
29, 147
millions
do
do
do
3
540
2,766
588
2,309
593
2,188
653
2,656
581
2,034
495
2,352
510
2,357
32, 303
17, 142
4,763
52, 352
17, 252
44, 458
18, 136
3,466
42, 518
3,954
43, 360
505
556
47 434
31. 305
4 369
39, 798
20, 413
36 112
17, 256
3,366
43, 590
4,142
43, 474
4,454
46, 582
571
2,476
552
3,038
4,270
39, 596
13, 124
2,198
2,381
558
2,258
11 512
1 784
497
3,033
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
Calf and kip skins
Cattle hides
Imports:
Value total 9
Sheep and lamb skins
Goat and k^d skins
145, 200
1,316
15, 222
10, 836
10, 151
10, 952
11, 205
11, 523
11, 619
11, 642
11, 985
14 933
1,123
1,235
1,196
1,247
1,258
1,207
1,251
1,611
1 239
1 304
12, 851
' 254
1,235
7 118
1,159
62 400
20 716
2
5 068
51, 300
18, 701
c 3, 028
4 500
1,294
4,500
2,172
102
2,800
849
36
2 800
863
20
3,500
1,242
65
3 000
3 100
174
3 800
1,548
6 200
2 879
7 400
3 591
5 000
1 670
6 900
2 774
170
185
4,900
1 877
133
.561
.146
.331
.129
.320
.123
.350
.135
.320
.130
.320
.131
.320
.131
.315
.110
.300
.115
.275
.115
.300
.158
.300
.168
.300
.141
.300
.148
3,381
22 030
5 856
25, 242
2 717
20 353
3 979
23, 598
1 318
1,747
2,145
1,989
265,802
79, 365
6,306
6,165
109.5
114.0
113.4
99.7
84.3
576, 961
558 530
do
do
do
463 388
100, 943
8,993
3,637
do
2,324
2 154
108.9
111.9
111.0
thous $
thous pieces
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 Ib
Hides, steer, heavy, native, over 53 Ib
$ per lb_.
do
LEATHER
Production:
Calf and whole kip
thous skins
Cattle hide and side kip
thous hides and kips
Goat and kid
thous skins
Sheep and lamb
do
Exports:
Upper and lining leather
thous. sq. ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1967=100..
LEATHER MANUFACTURES
Shoes and slippers:
Production total t
thous pairs
Shoes, sandals, and play shoes, except athletic t
Slippers t
Athletic t
Other footwear t
Exports
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality. __do
r
152, 446
1,652
14, 778
thous. $
thous. skins
thous hides
2
64
186
124
184
131
116
176
934
45
137
832
79
.300
.104
215
213
1 784
1 701
2,117
1 585
'202
2,013
1,949
1,803
5,870
6,300
5, 661
8,117
113.4
113.4
113.4
113.4
82.7
82.7
80.6
80.6
42 875
47 224
47 562
441 206 r 34 152
107, 562 '8,004
-•569
9,490
'150
3,305
36 870
9,345
36 188
10,209
935
452
802
391
139
156
219
213
113.3
112.9
112.9
114.6
116.2
117.1
116.4
117.5
116.4
117.5
116.4
117.5
Revised.
1 Crop estimate for the year.
c Corrected.
2 Annual total reflects revisions not distributed to the monthly data.
Sept. 1 estimate of 1971 crop.
3
85
135
240
1,622
260
832
293
1 681
244
838
487
163
168
179
189
180
289
317
258
129
1 871
1 848
1 745
1 825
1,820
6,557
113.4
80.6
80.2
48 821
40 770
43 255
36 714
10| 868
30 749
8,953
35 395
6,738
752
504
842
529
192
198
141
114.6
114.6
114.6
116.4
117.5
116.4
117.5
116.4
117.5
188
204
827
449
1 660
143
128
.300
.148
142
132
124
1 631
225
131
694
327
247
1,768
193
1 848 »• 1, 663
1,894
6,457
7,784
7 256
7,391
8,144
5,534
111.8
111.8
111.8
116. 4
116.4
114.1
114.1
114.1
80.2
79.4
79.4
82.7
85.2
87.7
87.7
87.7
44 596
44 727
50 153
46 747
43 916
T
46,490
37 531
36 709
6,889
36 614
6,910
40 650
8,245
37 432
8,104
T
937
321
919
292
34 477
8,422
220
117
248
175
167
146
211
144
116.7
116.7
117.1
117.1
117.1
117.1
117.1
118.3
118. 9
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
162
169
9 Includes data for items not shown separately.
{Revisions for Jan. 1968-Aug. 1969 will be shown later.
781
236
36 403 30 920
' 9, 086 5,913
581
••781
SURVEY OF CUKKENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-31
1971
1970
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9 1
National Forest Products Association:
Production, total
__
mil. bd. ft._
Hardwoods
do
Softwoods
do _
Shipments, total
Hardwoods
Softwoods _ _ _
_-
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
37, 943
8,468
29,481
36,603
7,964
28, 639
3,004
648
2,356
3,045
626
2,419
3,104
641
2,463
3,201
681
2,520
2,733
587
2,146
2,639
535
2,104
2,794
571
2,223
2,983
537
2,446
3,339
509
2,830
3,451
577
2,874
3,168
599
2,569
3,384
613
2,771
3,194
590
2,604
-do
. __do __
do
37, 615
8,676
28, 943
35, 596
7,078
28, 518
2,930
497
2,433
3,044
572
2,472
3,059
587
2,472
3,140
657
2,483
2,694
574
2,120
2,632
511
2,121
2,738
566
2,172
3,075
582
2,493
3,472
637
2,835
3,560
644
2,916
3,313
659
2,654
3,537
587
2,950
3,209
584
2,625
do
do
do
5,332
630
4,704
6,363
1,516
4,847
6,141
1,322
4,819
6,713
1,389
4,784
6,235
1,460
4,775
6,288
1,476
4,812
6,233
1,395
4,838
6,363
1,516
4,847
6,428
1,529
4,899
6,277
1,484
4,793
6,143
1,355
4,788
6,042
1,287
4,755
5,895
1,225
4,670
5,741
1,250
4,491
5,723
1,253
4,470
l 1, 158
6, 263
1,266
6,095
93
478
119
540
139
553
97
533
99
514
103
422
80
505
87
473
91
683
90
563
88
650
95
761
79
767
7,844
486
7,994
457
697
466
676
435
633
395
741
445
605
424
623
457
778
593
702
630
738
603
912
689
652
646
814
692
739
810
do
do. .
1
SOFTWOODS!
Douglas fir:
Orders, new
_
Orders, unfilled, end of period
_
mil. bd. ft...do
Production.
_
Shipments
Stocks (gross) , mill, end of period
do
do
do
8,218
8,179
1,010
8,071
8,023
1,058
627
637
1,036
690
707
1,037
693
673
1,057
692
691
1,058
637
626
1,069
579
590
1,058
635
642
3,051
684
665
1,070
806
765
1,111
792
826
1,077
679
695
1,061
767
818
1,010
643
621
1,032
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, p,tc
do
do
do
359
88
271
380
87
292
21
5
16
32
7
25
21
5
16
31
9
22
27
7
20
44
10
35
28
7
21
29
9
21
35
8
27
36
11
24
27
5
22
36
10
25
9
2
6
113. 52
92.22
90.33
93.00
95.04
94.27
92.85
90.68
91. 45
98.65
110. 95
111. 50
112. 12
116. 72
125. 72
129.92
212. 59
226. 76
225. 69
227. 32
228. 14
228. 14
229.65
226. 54 2228.10
228. 10
228.10
228. 10
224.99
224.22
224. 22
232.02
mil. bd. ft._
do
7,336
324
7,721
373
702
364
670
374
671
383
680
351
607
333
660
373
744
431
802
484
791
432
887
458
788
457
865
465
840
475
Production
do
Shipments. _ _ _
. . . __do
Stocks (gross), mill and concentration yards, end
of period
. .
mil. bd. ft
7,645
7,434
7,700
7,672
647
699
627
660
650
'662
720
712
641
625
641
620
670
686
739
749
797
843
842
861
779
789
820
857
805
830
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$perM bd. ft_Flooring, C and better, F. G., 1" x 4", R. L.
$perMbd.ft._
Southern pine:
Orders, new
Orders, unfilled, end of period
Exports, total sawmill products
1,348
1,376
1, 376
1,343
1,331
1,339
1,355
1,376
1,360
1,350
1,304
1,285
1,275
1,238
1,213
M bd. ft._ i 75,687
78,418
6,481
5,099
5,557
5,100
6,405
5,638
4,785
4,887
6,232
5,173
6,091
6,931
8,563
127.5
107.9
105.4
106.1
109.8
112.7
110.7
109.7
112.7
119.8
124.5
127.1
130.7
133.2
140.7
143.2
119.8
122.9
123.3
123.3
123.3
123.9
123.9
123.3
125.0
127.8
129.6
131.3
131.3
132.6
136.0
136.0
9,593
364
9,341
334
947
445
807
410
887
379
812
354
646
307
688
334
746
445
778
424
869
374
925
386
845
356
973
374
940
437
9,999
9,768
9,378
9,371
850
858
850
842
900
918
860
837
684
693
646
661
638
635
740
799
924
919
931
913
823
875
876
955
868
877
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. G., 1" x 4", S. L.
1967=100..
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft
do
Production
Shipments
2
_ do
do
Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, I" x
12", R. L. (6' and over)
$ per M bd. ft
1,627
1,634
1,645
1,653
1,635
1,658
1,649
1,634
1,637
1,578
1,583
1,601
1,549
1,470
1,461
107. 18
83.79
88.00
82.39
81.31
78.54
75.64
74.90
72.36
75.01
84.94
101. 21
99.29
92.70
96.40
380.6
12.0
304.4
9.1
31.1
10.3
27.9
10.7
25.6
9.3
23.6
7.8
19.7
7.0
26.6
9.1
25.5
9.7
24.5
10.5
25.6
9.4
25.2
9.3
27.7
9.3
32.1
11.6
32.3
14.5
393.1
387.8
29.6
315.2
306.7
33.3
26.9
30.0
29.4
27.8
27.5
29.6
29.0
27.4
31.2
28.3
25.2
33.6
22.2
20.5
35.5
23.9
24.7
33.3
23.2
23.8
32.8
24.5
23.8
33.5
28.7
26.8
35.4
28.2
25.2
38.1
24.7
27.7
35.2
25.4
29.9
32.5
25.0
29.4
28.1
102.24
HARDWOOD FLOORING
Oak:
Orders, new
mil bd ft
Orders, unfilled, end of period... _ _
_ do
Production
__
Shipments
Stocks (gross), mill, end of period
_
do .
do
_ _ _ _ do __
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
_ _ _ _ thous. sh. tons
Scrap
do
Pig iron
do
l 5, 229
9,176
44
7,053
10,365
310
635
1,045
2
566
918
43
398
832
20
379
722
18
355
781
18
299
730
43
254
641
1
199
460
186
472
3
189
626
7
183
642
1
249
579
5
286
440
5
Imports:
Steel mill products
Scrap
_ . _
Pig iron
14, 034
412
417
13, 364
346
266
1,134
33
33
1,111
27
20
1,277
23
33
1,334
31
26
1,714
35
14
1,347
29
49
1,305
28
6
1,230
18
5
1,254
24
7
1,363
26
31
1,792
20
26
2,112
30
40
1,688
24
37
l 56, 287 1 52, 464
l 36, 929 i1 33, 889
l 194, 816
85, 188
6, 552
7,668
4,363
3,982
6,808
6,657
4,377
2,608
6,841
6,828
4,450
2,705
6,984
7,008
4,269
2,940
6,814
7,346
3,817
2,519
6,157
7,585
4,079
2,541
6,542
7,668
4,491
2,664
7,512
8,048
4,436
2,870
7,280
7,420
5,145
3,319
8,373
7,518
5,022
3,069
8,304
7,301
5,066
3,084
8,308
7,195
do
do
do
Iron and Steel Scrap
Production
Receipts, net t
Consumption
Stocks, end of period
thous. sh. tonsdo
do
_
do__.
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$perlg. ton-40.17
29.76
39.18
40.72
42.36
Pittsburgh district
_
do
40.50
32.00
39.00
42.50
42.00
r
Revised.
v Preliminary.
1 Annual data; monthly njvisions a re not a vailable
2
Beginning Jan. 1971, data reflect changes in size specificat ions, and are not compar able
with those for earlier periods.
s Less than 500 ton s.
~i_. .
IfData for orders, production, shipments, and stocks have been revised back to 1962;
p
p
v
p
4, 758
3, 152
7,540
7,564
41.78
35.51
31.62
34.98 39.62
40.14
36.26
33.33 34.29
31.24
29.90
44.00
38.50
38.00 41.50
40.75
39.00
37.00
37.50
36.50
36.00
35.50
corres]oonding monthly revision 3 are ava lable for 1968 and 1969 only.
tRe seipts pr eviously shown for the p eriod Ap r. 1967-Sept. 196S have b een corr ected to
repres<mt net receipts (i.e.,lesssc rap shipp ed, trans [erred, 01• otherw ise dispo sed of du ring the
1970 SURVEY, p. S-31.
SURVEY OF CUERENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1869
j
1971
1970
1970
Annual
September 1971
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
Aline oroduction
thous Ig tons
88, 260
i 90, 581
40, 758
i 89,836
1 89,057
44, 876
9,651
11,698
5,193
9,382
12, 003
5,368
8,899
10, 952
5,222
8,260
9,658
3,818
5,991
6,815
3,448
5,961
3,966
3, 158
5,350
2,137
1,954
5,228
2,168
do
878
5,898
2,646
3,678
6,345
5,439
3,525
9,158
10, 495
4,643
9,071
11, 047
5,385
5,124
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
126, 165
128, 550
5,430
125, 107
123, 261
5,494
15, 524
10, 318
700
15, 407
10, 279
629
14, 483
10, 056
667
12, 593
10,200
561
9,582
9,607
423
8,020
10, 173
271
4,050
10, 609
239
4,220
9,946
98
4,880
11, 495
373
8,684
11, 054
366
14, 169
11,703
351
16, 042
10, 635
325
14, 780
9,158
355
do
do
do
do
i 67, 441
i 13, 790
51, 003
2,648
70, 488
14, 304
52, 781
3,403
64,538
19, 251
43, 010
2,277
67,466
16, 629
48, 138
2,699
70, 286
14, 615
52, 565
3,106
71, 718
13,223
54, 958
3,537
71, 007
12, 416
54, 933
3,658
70, 488
14, 304
52: 781
3,403
66, 820
17, 529
46, 182
3,109
64,198
21, 084
40, 477
2,637
59, 898
24, 372
33, 860
1,666
57, 762
25, 301
31, 490
971
59, 124
24, 001
33, 957
1,166
62,929
22, 057
39, 463
1,409
45, 085
1,723
do
1,124
990
102
149
81
117
98
115
54
49
74
93
93
114
143
7,578
7,415
1,929
7,414
7,402
1,814
7,527
7,499
1,833
7,233
7,074
1,856
7,557
7,440
2,082
7,804
7,552
1,928
7,378
7,298
1,937
8,518
8,492
1,885
8,421
8,387
1,860
7,930
8,783
8,714 v 7, 897
1,835 * 1, 845
6,851
2,082
7,618
7,417
1,924
69.33
69.26
70.33
68.20
67.92
69.00
68.20
67.92
69.00
72. 65 '
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74. 50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
78.70
73.33
74.50
888
13, 946
8,173
978
1,084
669
969
1,139
694
911
1,150
685
843
1,087
662
826
929
550
888
1,047
594
964
1,140
643
967
1,129
633
991
1,325
744
1,003
1,292
664
'942
' 1, 278
'667
916
1,291
689
78
852
521
100
61
41
94
68
42
91
63
44
72
58
42
90
53
38
78
73
43
78
75
42
71
73
36
73
82
45
67
77
44
'65
76
'43
68
80
47
10, 765
99.6
10, 726
102.6
10, 699
99.0
10, 008
95.7
10, 438
96.6
11,274
104.3
10,874
111.4
12,645
117.0
12, 565
120.2
12, 920
119.6
11,491
109.9
378
123
101
334
137
116
318
146
123
316
124
102
321
141
116
334
129
106
336
136
111
338
157
128
325
145
120
311
141
'113
305
154
125
Imports
Stocks total end of period
At mines
At furnace yards
At U S docks
Manganese (mn content) general imports
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons._ 95, 017 91, 435
i 94, 635 i 90, 068
Consumption
do
i 1, 723
Prices:
Composite
$ per Ig. ton__
63.78
64.00
Basic (furnace)..
__
_ _ - do __
"foundry, No. 2, Northern
do
64.33
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons._
1,091
Shipments total
do
15, 933
For sale
do
9,185
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons, .
117
Shipments total
do
1,172
For sale
do
672
1
78.33
79.50
78.33
79.60
Steel, Raw and Semifinished
Steel (raw):
Production
thous sh. tons 1 141, 262 1131,514 10, 781
99.8
111.0
103.4
Index
daily average 1967 = 100
Steel castings:
Orders, unfilled, for sale, end of period
381
321
thous. sh. tons__
446
129
Shipments, total
_.
do _ _
1,897
1,726
108
1,417
1,580
For sale, total
do
9,942 v 5, 784
92.0 ^53.5
i
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh
By product:
Sp.mifinishp.d products
Structural shapes (heavy), steel piling
Plates
Rails and accessories
__
i 93, 877
1 90, 798
7,759
7,511
7,767
6,867
6,119
6,949
7,509
7, 562
9,026
9,470
9,341
9,810
9,163
do
do
do _ _
do__ .
6,373
6,244
8,238
1,514
7,387
6,060
8,065
1,590
586
534
685
119
470
472
631
100
526
490
632
90
601
505
608
105
501
457
592
123
496
456
654
160
434
569
807
129
403
632
969
136
530
541
835
175
558
530
761
155
452
554
802
156
497
617
860
167
454
631
871
161
Bars and tool steel, total
_do
Bars: Hot rolled (incl. light shapes)
do_ __
Reinforcing
.__ _ _ _do _.
Cold
finished
do
Pipe and tubing
_ do
Wire and wire products
do
Tin mill products..
do
Sheets and strip (incl. electrical), total. _ . do
Sheets: Hot rolled
do
Cold rolled
do
14, 354
8,659
3,659
1,923
9,232
3,256
6,555
38, 111
12,471
16, 427
14, 577
8,107
4,891
1,490
7,778
2,998
7,243
35, 101
12, 319
14, 250
1,249
651
469
123
657
254
603
3,071
1,077
1,240
1,262
676
456
123
661
263
663
2,988
993
1,229
1,156
625
403
121
638
255
1,151
2,831
973
1,120
1,149
607
424
112
605
250
419
2,625
880
1,060
1,041
541
399
95
515
200
345
2,345
771
963
1,135
644
387
98
582
211
391
2,864
931
1, 248
1,173
732
322
113
593
230
583
2,992
946
1,318
1,240
783
334
117
569
207
419
2,987
956
1,296
1,592
1,008
431
147
730
248
551
3,823
1,216
1,673
1, 554
949
441
157
1, 013
289
635
3,974
1,224
1,802
1,447
861
441
138
750
289
749
4,141
1,315
1,825
1,472
844
476
146
769
310
865
4,252
1,394
1,825
1,430
796
509
118
815
312
1,040
3,448
1,228
1,345
1 17, 565
1 11, 402
i 4, 768
1 18, 276
U7, 678
110, 565
14,440
114,475
4,502
2,794
4,206
2,523
3,830
2,966
4,482 2 1, 796
2,511 2 1, 010
1,285
2516
5,268 2 2, 238
2 1, 550
2 1, 023
2520
2 2, 275
2 1, 616
2 1, 137
2581
2 2, 167
22 1, 794
1,183
2583
2
1,333
i 3, 344
i 5, 690
i 7, 145
i 25, 687
i 3, 098
i 5, 169
i 7, 775
127, 598
609
1,212
2,536
6,362
696
1,097
929
1,501
1,739
6,420
2286
2550
2685
2 2, 388
2
316
2595
2817
2 2, 245
2349
2532
2917
2 2, 510
2312
2475
22 1, 039
2, 443
9.8
69.3
70.0
9.4
67.1
67.5
10.5
7.2
6.4
11.7
7.3
6.1
13.0
7.3
6.0
'14.6
'7.9
6.3
15.9
6.3
5.0
6.3
7.2
6.2
6.6
6.5
6.5
6.5
7.2
6.9
6.8
7.0
7.6
'7.5
7.6
12.8
10.5
11.7
9.5
11.9
9.5
11.9
9.2
12.1
9.7
12.8
10.0
12.8
10.5
13.5
10.5
12.9
11.0
12.3
11.3
11.8
11.0
11.7
10.5
10.9
9.3
.1020 .1056 .1056
Steel (carbon), finished, composite price. ..$ per lb_.
.0917
l
••Revised.
» Preliminary.
Annual data; n jonthly revisions ani not ava lable.
2
For month shown.
.1056
.1062
By market (quarterly shipments) :
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive
._
tons
do_
-do
do_
do
Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials... do
Other
._ .
do
Steel mill products, inventories, end of period:
Consumers' (manufacturers only)__mil. sh. tons__
Receipts during period
do
Consumption during period
do
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.) .do
AT/^T'TT1 TJTk "D T TT< A TA C rr\ r\ n fT" (3 T> o oo. m-r\~n-~~r
11.7
10.2
A^/i
9.2
5.6
5.3
9.7
5.5
5.3
9.5
5.5
5.2
91 C.4-/-V
for one large consumer. End-of-month stocks as published for Sept. 1968-Dec. 1970 were
erroneously increased about 2,500 tons per month. Revised Dec. 31, 1970 stocks comparable
with Jan. 31, 1971 stocks, 117,700 tons.
1 H9S
' 6, 095
9.5
4.8
5.0
9.2
4.3
4.6
9.4
5.7
5.5
9.6
5.5
5.3
9.7
5.7
5.6
10.2
7.5
.1127
.1084
.1084
.1062
.1062
.1062
.1062
.1062
NO TE FO1R ZINC PRICE , P. S-33: cfEffe ctive Jari. 1971, t he price represents a flat
quota tion, del ivered bjisis, for a 11 domes tic sales (the forrtier East St. Lou is base price has
been discontirtued); co mparable delivere d price f<Dr Dec. 1970, 15.5 cents per pound.
SURVEY OF CURKENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-33
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons.. 3, 793. 1 3, 976. 1
835.0
i 978. 0
Recovery from scrap (aluminum content). .do
Imports (general):
Metal and alloys, crude
Plates, sheets, etc
Exports, metal and alloys, crude
339.3
71.0
330.9
65.0
323.0
68.0
334.6
68.0
327.0
60.0
345.2
70.0
331.9
62.0
304.3
67.0
338.8
78.0
327.1
75.0
341.8
72.0
327.1
do .
- -do
_do_ __
468.6
57.2
344.4
350.2
78.7
408.5
31.8
6.2
35.2
21.7
5.3
14.1
20.0
5.6
26.9
23.7
5.2
26.9
21.1
5.5
15.9
28.1
5.4
28.0
34.3
6.1
15.8
29.1
5.0
14.3
44.7
6.0
11.0
95.7
6.4
11.3
63.4
7.5
8.0
60.9
7.1
10.3
46.6
6.8
3. 6
Price, primary ingot, 99.5% minimum... $ per lb_.
.2718
.2872
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
10,717.5 19,941.9
7, 666. 3 1 7, 386. 2
3, 726. 8 3, 688. 6
1, 698. 1 1, 506. 5
758.3
592.1
296.7
114.4
786.1
605.5
309.8
118.1
824.5
637.9
334.7
117.4
808.9
614.6
298.0
114.3
713.4
541.1
260.2
99.7
812.8
584.4
297.2
121.3
768.6
584.6
292.2
121.3
768.7
578.5
280.1
128.0
943.9 ' 1, 067. 5 '1,124.9
748.6
774.2 T 844. 2
397.3
416.1 r 467. 1
145.4
134.9 r 134. 1
758.9
592.6
266.7
141.0
3,785
4,387
4,040
4,101
4,102
4,144
4,279
4,387
4,469
4,496
4,477
4,443
r 4, 274
4,468
Copper:
Production:
Mine, recoverable copper
thous. sh. tons.. 1, 544. 6
1, 742. 8
Refinery, primary
do
1, 468. 9
From domestic ores
do
273.9
From foreign ores
do 465.6
Secondary, recovered as refined
. _ -do
1, 705. 8
1, 765. 1
1, 521. 2
243.9
475.0
137.0
148.3
130.4
18.0
41.1
144.6
138.7
119.3
19.4
34.6
139.5
130.5
114.2
16.3
35.9
148.6
149.3
127.3
22.0
37.3
138.7
143.0
122.8
20.2
35.1
139.1
170.2
144.8
25.4
39.2
137.8
148.5
129.9
18.6
37.0
129.6
142. 3
124.3
18.1
31.0
143.1
170.5
144.8
25.7
33.9
141.3
160.0
141.6
18.4
28.8
145.4
150.0
136.4
13.7
34.7
' 150. 4
166.4
148.4
18.0
31.8
52.5
42.6
38.7
4.0
15.2
415.1
131.1
394.2
132.1
35.2
10.1
30.5
11.0
45.5
18.8
36.0
13.6
37.1
13.4
35.0
9.5
27.2
12.1
32.7
8.6
26.1
9.9
26.4
11.6
21.9
7.4
35.4
9.9
28.9
12.4
286.2
200.3
348.9
222.0
25.2
15.0
27.8
17.5
24.8
13.6
35.2
17.4
32.5
15.6
33.0
18.2
34.6
22.9
27.6
18.7
38.6
26.3
37.0
23.7
32.9
23.9
24.8
17.5
8.5
4.6
i 2, 042
i 348. 0
i 187. 0
123.2
230.3
173.4
166.9
225.8
170.9
177.6
227.0
166.3
164.4
248.7
168.5
153.3
306.9
171.3
150.8
348.5
187.9
149.4
373.3
200.0
166.3
385.8
211.3
187.6
380.6
216.3
192.0
365.3
234.1
205.7
334.3
223.9
202.6 p 107. 4
294.1 * 264.0
223.8 p 204. 2
2 4. 583
.601
.601
.601
.590
.561
.531
.5152
.5035
.5055
.5283
.5284
.5284
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)§..
Mill products, total §
Plate and sheet§
Castings A
mil. lb_.
do
..do
do
Inventories, total (ingot, mill prod., and scrap),
end of period*
mil. Ib
Imports (general) :
Refined, unrefined, scrap (copper cont.).. do
Refined
do
Exports:
Refined and scrap
do
Refined
. do-_.
i 2, 142
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do . . i 171.0
i 125. 0
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered t
.4793
$ per lb_-
Copper-base mill and foundry products, shipments
(quarterly total) :
Brass mill products
tnll Ih
Copper wire mill products (copper cont.)___do
Brass and bronze foundry products
do
3,111
2,524
853
2,513
2,329
751
551
542
171
551
551
166
647
564
174
.5290
754
649
187
Lead:
Production:
Mine, recoverable lead
thous. sh. tons__
Recovered from scrap (lead cont.)
do _
509.0 r 1 571. 8
1603.9
590.4
46.3
45.4
48.0
48.4
48.6
48.2
46.5
53.5
48.5
49.6
45.3
- 52.3
45.3
46.4
41.9
48.1
52.7
47.0
47.1
50.8
45.6
48.1
45.4
46.4
Imports (general), ore (lead cont.), metal... do
Consumption, total
__
do_._
389.6'
357.1
1, 389. 4 11, 360. 6
30.1
99.9
25.4
108.8
31.4
111.8
35.1
113.5
23.5
102.3
27.5
113.2
34.1
113.6
22.1
109.6
21.7
119.5
21.2
117.4
24.3
116.2
18.5
115.9
18.7
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) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons..
Price, common grade (N.Y.)
$ perlb_.
165.7
179.4
151.7
152.8
162.2
179.0
178.2
179.4
179.5
177.6
186.3
190.3
186.1
182.5
169.6
125.7
i 156. 4
97.7
188.4
78.9
175.9
87.1
174.8
86.2
178.8
90.5
178.8
93.2
183.1
97.7
188.4
98.5
e 113. 1
96.2
116.5
88.8
120.2
84.7
121.8
83.6
121.5
76.6
131.8
173.6
.1490
67.9
.1562
75.5
.1568
74.0
.1510
73.4
.1452
67.2
.1450
68.3
.1450
67.9
.1414
67.6
.1350
65.3
.1350
65.7
.1350
65.8
.1350
65.0
.1350
64.5
.1365
.1413
0
Ig. tons..
54,950
do
1 22, 775
do
1 3, 022
do
i 80, 790
do
i 57, 730
do
4,667
50, 554
1 20, 105
3,085
i 73,829
i 53,027
0
3,398
1,385
225
5,885
4,425
1,633
1,723
1,600
225
5,635
4,100
591
5,693
1,730
215
6,240
4,565
487
3,114
1,770
250
5,860
4,440
0
3,810
1,580
275
5,515
4, 110
507
5,523
1,610
275
5,690
4,315
0
3,659
1,590
205
5,830
4,500
0
1,635
1,595
285
5,660
4,160
0
4,703
1,765
280
6,355
4,715
10
4,478
1,805
255
6,305
4,710
430
4,100
1,680
285
6,175
4,615
0
5,541
1,091
2,059
6,240
4,625
3,217
13,824
1. 6444
4,966
11,318
1. 7414
673
11,330
1.6477
102
83
10, 700 11, 705
1. 7451 1. 7474
1,233
11, 965
1. 7365
233
11, 690
1. 7225
796
11,318
1. 6385
74
10,000
1. 6164
305
8,970
1. 6286
570
138
8,155
8,495
1. 6701 1. 6888
125
9,510
1. 6602
79
10, 600
1. 6448
Tin:
Imports (for consumption) :
Ore (tin content)
Bars, pigs, etc.
Recovery from scrap, total (tin cont.)
As metal.- _ __
_ _
Consumption, total...
Primary
Exports, incl. reexports (metal)
do
Stocks, pig (industrial), end of period.
.do
Price, pig, Straits (N.Y.), prompt
$ perlb..
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content). __
Metal (slab, blocks)
553.1
i 534. 1
47.0
46.4
43.5
43.2
43.4
43.4
41.6
40.7
43.7
41.4
'43.8
43.5
do
do
602.1
324.7
525.8
270.4
44.2
20.7
56.9
16.0
42.1
19.4
31.5
32.1
33.0
18.9
45.5
30.9
37.4
17.9
33.3
14.5
37.5
29.1
32.9
22.7
25.8
21.2
40.9
27.1
do
do
1 126. 7
i 302. 1
118.4
226.8
8.2
18.4
11.5
18.0
10.7
18.2
8.8
19.0
9.1
18.9
7.6
19.0
8.0
18.7
8.9
18.5
8.6
19.9
10.8
19.2
10.0
18.9
11.0
18.4
66.7
7.8
97.8
3
()
65.2
6.4
88.8
3
()
70.9
5.1
93.6
.1
71.6
6.9
96.4
4.8
69.2
5.6
99.3
2.2
74.2
7.4
111.5
1.7
75.8
6.8
116.7
1.1
74.5
6.3
115.6
1.3
65.7
6.6
110.6
2.1
thous. sh. tons
Consumption (recoverable zinc content) :
Ores
Scrap, all types _ _ .
Slab zinc:
Production (primary smelter), from domestic
65.3
71.7
68.8
and foreign ores
thous. sh. tons.. 1,040.6 1880.6
170.6
74.4
6.6
7.0
5.3
Secondary (redistilled) production
do
11,368.3 1 1, 187. 0
100.4
90.9
Consumption, fabricators..
do
100.5
3
3
(3)
Exports..
do
9.3
.3
()
()
Stocks, end of period:
167.7
125.7
117.2
198.3
112.8
Producers', at smelter (ZI)0
do
81.5
1 100. 5
84.8
79.0
Consumers'
___ _ _ _
do
189.6
.1532
.1550
.1533
Price, Prime Western (East St. Louis). $ per lb. . .1460
.1500
'2 Revised.
r> Preliminary.3
i Annual data; monthly
revisions are not available.
4
Average for Feb.-Dec.
Less than 50 tons.
Beginning Feb. 1970, the new METALS
WEEK price (based on mine production rates and known5 selling prices of U.S. producers
only) is not comparable with prices for earlier months.
See note d", bottom of p. S-32.
• See note 1, p. S-32. § Revised monthly data (1968-69) are available.
ARevised data (1966-68) are in the Apr. 1970 SURVEY.
*New series. Source, U.S. Dept.
of Commerce; monthly data back to Jan. 1967 are available.
113.6
81.8
.1500
.2900
.1412
376
1. 6644
1. 6607
21.0
30.3
0
118.6
128.3 119.8
127.3
99.4
62.6
84.3
65.2
80.7
68.5
80.4
88.2
79.0
89.7
80.0
99.2 '90.6
108.7
.1500
s. 1700
.1500 5. 1500 5.1500 5. 1507 s. 1550 5. 1578 5. 1600 s. 16l9
JPrices shown are averages of delivered prices; average differential between the delivered
and the refinery price is 0.400 cents per lb. through 1969, 0.500 cents for period Jan. 1970-Apr.
1971, and 0.625 cents thereafter.
cf Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap. See note "V p. S-32.
©Producers' stocks elsewhere, end of Aug. 1971, 19,700 tons.
SURVEY OF CURRENT BUSINESS
S-34
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
| 1970
July
Annual
September 1971
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Cast-iron
mil so ft radiation
Oil burners:
Shipments
thous
Stocks end of period
do
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers) shipments
thous
Top burner sections (4-burner equiv ) ship do
Stoves domestic heating shipments total
do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
shipments total
thous
Gas
do
W^ater heaters gas shipments
do
.3
3.9
.3
.4
.4
.4
647.0
47.7
64.8
77.0
87.3
62.9
2,324.5 2 2,2 156. 7
146. 3
198 7
172.4
11.2
201.9
10.6
236.1
14.9
217.1
13.8
185.7
13.6
17.0
78.5
i 523. 8
142.2
!
49.3
1
1,494.8
11,043.2
1, 286. 9
887.4
125.0
92.0
147.1
109.8
157.6
112.7
201.4
146.8
127.3
95.9
72.6
44.1
11,868.6
11,546.6
2 784 6
1, 904. 4
1, 481. 0
2, 789. 0
158.6
125.1
234.7
162.7
121.5
235.7
203.0
150.0
226.7
215.5
160.7
254.4
186.4
132.5
200.1
161.6
120.1
201.8
109.4
155.6
76.0
58.4
132.3
319.6
16.3
113.1
16.4
58 3
!88. 5
!8. 1
1
43.9
MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo avg shipments 1967—100
Furnaces (industrial) and ovens, etc., new orders
Electric processing furnaces
do
Material handling equipment (industrial):
Orders (new) index seas adjt
1967—100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number
Machine tools:
Metal cutting type tools:
Orders new (net) total
Domestic
Shipments, total
Domestic
Metal forming type tools:
Orders new (net) total
Domestic
Shipments, total
Domestic
Order backlog, end of period
mil $
do
do
do
do
do
do
do
do
Other machinery and equip., qtrly. shipments:
Tractors used in construction:
Tracklaying total
mil $
Wheel (contractors' off-highway)
do
Tractor shovel loaders (integral units only),
wheel End tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
off-highway types)
mil $
Farm machines and equipment (selected types),
excl tractors
mil $
99.0
129.8
82.4
118.9
102.7
73.1
54.9
15.8
52 2
56.9
12.5
.8
5.8
23.1
1.8
15 0
5 1 3
5 11 6
124.8
103.3
106.3
101.6
99.1
110.5
121.2
88.5
93.9
103.1
95.8
79.6
88.8
97.0
14, 579
14, 903
13, 816
14, 811
1,125
1,433
688
846
1,093
1,183
1,318
1,019
1,063
1,194
1,054
1,265
973
972
890
1, 044
1,161
1,470
1,179
1,299
984
1,120
1,080
1,129
50, 446
41, 194
3,533
2,346
3,685
3,114
2,873
3,112
3,637
3,485
4,890
4,233
3,605
3,612
1,195.30
1, 032. 65
1, 192. 45
1, 077. 45
812 4
651. 30
506. 75
992. 90
827. 35
470 7
62.70
47.70
74.90
61.30
644 9
34.20
23.45
62.15
47.75
616 9
44.15
35.75
83.35
67.00
577.7
36.70
28.65
70.95
60.40
543.4
29.00
21.00
55.80
45.70
516.6
39.70
26.95
85.60
67.50
470.7
36.75
27.30
57.65
43.50
449 8
39.00
31.70
59.40
47.65
429 4
43.00
36.50
64.85
51.75
407 6
42.30
36.60
71.75
60.15
378 2
46.85 '64.20
41.30 '50.90
52.55 '60.75
44.20 'T 49. 85
376. 0
372 5
533. 45
484. 35
405. 10
369. 30
382.8
261. 25
226. 60
450. 15
411. 60
234.8
14.75
12.30
38.75
36.25
288.5
12.50
8.95
30.40
28.15
270.6
23.85
22.25
31.40
28.90
263.1
38.35
36.25
35.25
33.15
266.2
9.85
8.80
35.35
30.75
240.7
29.75
19.10
35.70
32.15
234. 8
17.45
15.90
31.15
29.00
221.1
20 10
16.95
31.50
28.30
209.7
25 25
22.65
30.25
28.30
204.7
13.30
12.60
26.25
24.75
191.8
24.90
23.00
26.50
22.50
190.2
1475 6
179 i
6
i 464. 6
158. 6
121.7
45.7
101.7
624.8
r8
1 581. 1
139.5
130.2
r
1
178.2
199.7
284.6
255.7
610 2
1881 4
879. 9
1 151 6 1, 178. 7
80.2
19 4
' 20. 85
' 17. 85
' 28. 45
r 26. 90
' 182. 6
55.60
46.20
45.60
39.80
386 0
21.50
19.60
19.35
17.20
184.8
141.3
39. 1
150 2
35 0
6
172 7
177.7
214 5
238.1
ELECTRICAL EQUIPMENT
Batteries (auto replacement) shipments! thous
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous
Refrigerators and home freezers, output
1967 --100
Vacuum cleaners, sales billed
thous
35 510
37 863
2 949
3 056
4 306
4,017
3,928
3,865
3,480
2 892
2 516
1,943
2 192
2 631
2,342. 3
2, 361. 6
238.2
193.7
225.5
225.9
203.3
174.8
170.0
178.8
224.4
212.0
212.3
234.8
228.8
142.7
513.3
667.9
758.0
722.5
650.2
541.0
546.0
698.7
141.2
653.1
147.5
655.8
135.3
535.5
145.1
7, 133. 7
118.4
7, 381 . 7
628.0
142.0
570.9
4, 093. 3
337.7
356.4
387.6
399.6
348.5
289.1
351.3
328.9
370.0
303.4
304.4
398.8
399.3
424.3
2, 980. 9
198.5
278.7
335. 9
359.3
288.1
243.3
273.1
215.6
250.1
182.4
177.4
259.6
259.2
324.0
20, 549
11, 270
16, 406
9,483
975
534
1,480 * 1, 585
779 * 1,054
1,285
965
1,119 4 1, 458
*962
945
1,449
719
1,428 4 1, 864
811 4 1, 016
1,498
867
1,487
889
4 1, 690
4 1, 114
983
705
1,149
844
770 7
643 1
46 9
56 3
47 0
44 4
42 5
41 1
45 7
36 1
106
98
Washers, sales (dom. and export) cf
do
4, 378. 5
Dryers (gas and electric), sales (domestic and
export)
thous_. 3, 022. 5
Radio sets, production©
do
Television sets (incl. combination), prod.O-.do
Electron tubes and semiconductors (excl. receiving,
power and spec purpose tubes) sales
mil $
Motors and generators:
New orders indp* ntrlyA
1Q67— 100
49 3
42.7
46 4
41.6
40 8
90
98
254.5
91
86
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
901
Production
thous. sh. tons.. 10, 473 i 9, 481
708
858
135
Exports _
do
79
110
627
789
Price, wholesale, chestnut, f.o.b. car at mine
$ persh. ton.. 15. 100
16. 565 15. 954 15. 954 16. 640
Bituminous:
Production
thous. sh. tons.. 560, 505 1602,932 39, 365 52, 445 53, 745
r
Revised.
v Preliminary.
1 Annual data; monthly revisions are not available.
2
Total for 11 months.
s For month shown.
4 Data cover 5 weeks; other periods,
4 weeks.
s Effective 1st qtr. 1971, includes data for ovens; not comparable with earlier data
which cover furnaces only.
« Excludes figures for rubber-tired dozers (included for other
periods).
« Corrected.
872
100
794
78
790
80
722
17
652
16
777
69
793
75
779
92
16. 993
18. 169
18. 169
18. 365
18. 365
18. 365
18. 365
17. 581
738
66
604
36
16. 856 ' 17. 346
17. 346
55, 265 50, 635 52, 455 50,100 46,900 56, 755 55, 575 50, 640 52, 835 38, 965 55, 075
cf Re vised to exclude combination washer-dryers.
^Revised series. Data reflect adjustment to 1967 Census of Manufactures; monthly revisions (1957-69) are available.
ORadio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.
AShifted to 1967 base; 1st quarter 1969-lst quarter
1970:102; 115; 104; 103; 105.
fSee corresponding note, p. S-35.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
1970
July
Annual
S-35
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons. _ 507, 275
308, 461
Electric power utilities
do
185, 835
Mfg and mining industries, total
do
92, 901
Coke plants (oven and beehive)
do
520,815
320, 461
189, 703
97, 487
44,233
27, 522
16,241
7,956
43,440
28, 458
14, 385
7,928
41, 713
26, 424
14, 386
7,917
42, 465
25, 254
16, 057
8,317
43, 813
26,453
16, 245
8,068
48, 036
29,481
17, 436
8,296
49, 199
30, 804
17, 395
8,239
43, 698
27, 127
15, 733
7, 393
45, 513
28 040
16, 849
8,380
12, 666
10, 353
430
560
866
1,117
1,088
1,109
1,000
838
619
245
138
100
71, 285
54, 825
55. 654
59, 685
66, 087
69,681
71, 285
68, 643
67 001
69 982
77 527
83 432
87 423
8,924
6,517
6,719
7,112
8,180
8,674
8,924
8,489
8,237
8,966
9,804
10,642
10, 849
56, 234
70, 908
6,269
5,532
6,520
7,267
5,633
6,725
4,250
4,302
4 261
5,004
6,140
5 679
4,174
6.052
7.487
7,641
9,647
8,280
9.521
8.424
9.736
8.858
10.057
9.747
10. 921
9.747
11. 533
9.747
11. 533
9.747
11. 658
9.316
11. 658
9.316
11. 658
9.810
11. 200
9,719
11. 200
9.719
11. 200
9.719
10. 890
814
69
5,442
1,929
65
5,368
1,818
66
5,425
1,799
61
5,680
1,755
5, 537
1,743
68
68
5,672
1,845
59
5,647
1,803
60
5,054
1 652
68
5 752
1 853
5,621
1 832
77
5,693
1 803
5 268
3,006
2,952
54
1,038
244
2,963
2,914
49
1,051
268
3,057
3,019
37
1,094
286
3,433
3,388
46
1,081
288
3,777
3,691
86
1,036
269
4,113
4,018
4,241
4,149
4 054
3 994
3 842
3 803
3 599
3 560
3 343
3 295
3 153
3 097
1 170
1 151
1 248
1 192
1,129
3.21
335.5
90
912
3.21
341.7
92
1,234
3.21
330.3
92
986
3.21
336.6
90
882
3.21
330.6
92
1,454
3.41
346.7
93
846
3.41
344.9
'88
mil. bbl_. 5,111.8 ' 5,375. 1 '435.4
' 460. 1 ' 450. 3 '481.0
Retail deliveries to other consumers
do
Stocks, industrial and retail dealers', end of period,
total
thous sh tons
Electric power utilities
do
IVIfg and mining industries total
do
Oven-coke plants
. . . do. _.
Retail dealers
do
Exports
do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$per sh. ton_.
Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
..
Oven (byproduct)
Petroleum coke§ _
Stocks, end of period:
Oven-coke plants, total
At furnace plants
_ At merchant plants.
Petroleum coke
Exports..
_
thous. sh. tons
do
.do
_
do
do
do._
do
do
80, 482
60, 597
19 701
8,962
C
40, 895 '39,755 41, 944
25, 103 24 807 28 154
15, 522 ' 14, 784 13, 660
7,741
8,157 '8,307
184
710
64 014
20 574
65, 654
21, 074
3 120
3 020
4,113
4,018
95
99
1.059
2,514
1 040
1 629
95
1,059
220
92
1 089
171
60
1 127
78
39
39
48
9.719
10. 890
76
3 401
3 309
56
92
95
126
171
3 41
3 41
142
199
125
896
3 41
312.3
1 227
3 41
345.1
969
3 41
332.8
83
998
3 41
344.5
'88
880
3 41
336.2
'86
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
.
2 14, 368
number
3.18
Sperbbl
mil. bbl._ 3,879.6
92
% of capacity. _
All oils, supply, demand, and stocks:
New supply, totalo"
Production:
Crude petroleum
__
Natural-gas plant liquids
Imports:
Crude and unfinished oils _ _
Refined products
do
do,
do
do
2
13, 020
3.23
3, 967. 5
91
'88
' 440. 9
' 440. 0
463.5
422.1
482.0
452.2
467.4
457.7
3,371.8
584.5
3r 515.5
612. 2
284.9
'50.9
296.2
'51.3
295.5
'49.6
310.5
'52.0
301.1
'51.8
308.1
'53.7
301 5
52.7
274 4
48 5
305 0
52 8
295 1
51 3
301 0
52 8
290 1
51 1
552.9
602.7
522 6
724.8
42.0
57.6
39.0
54.3
43.3
51.6
39.5
58.1
40.6
56.9
53 0
66.3
37 8
71 5
40 2
58 9
45 9
78 3
48 5
57 4
49 6
64 1
53 9
62 6
27.0
15.6
17.9
—25.5
—37 4
—36 6
—9 4
« 11 3
40 2
17 6
' 413. 3 ' 442. 6
' 432. 4
' 503. 9
503 9
456 7
489 6
442 2
426 2
440 2
7
0
6 1
497.7
164 6
13 4
(i\
67
(i\
3
(i)
84
' 494. 7
182 0
12 3
449 9
154 6
12 7
17
481 8
182 6
88
80
433 9
187 6
6 3
6
419
184
3
37.7
3.1
11.8
5 331. 5
' 430. 2
' 426. 2
Change in stocks, all oils (decrease,—).
do
-17.4
Demand, total
Exports:
Crude petroleum.
Refined products
Domestic demand, total 9
Gasoline
Kerosene
do
5, 126. 6
do
do
do. _
do
do
14
83.4
5, 041. 8
2 042 5
100.4
do. .
do
do.
900 3
721 9
361 7
927 2
804 3
350 9
50.3
59.2
31.2
do. .
do
do. _
48 8
143 3
445 6
49 7
153 6
' 447. 4
4.0
4.3
21.3
'30.9
20.6
'31.2
18.8
'32.3
do
do
do
do
980 1
265 2
103 5
611 4
1, 017. 9
276 4
106 0
635.5
971.0
266.9
113 8
590.4
982.8 1, 009. 8 1 025 4 1 043.3 1 017 9
259.2
254.1
271 3
265 5
276 4
113.1
106.9
109 0
107 6
106 0
615.6
643.7
652 3
663 0
635 5
do
do
do
2 028 2
2 105.3
14
214.3
180.6
183.0
180 8
177 7
185 2
167 0
196.4
199 3
194 5
175 6
\
204.0
190 2
201.9
214.3
237 0
250 5
.118
.118
.130
.130
.125
237
265
256
254
241
1.6
1
1.8
M
1.7
I
1.4
I
4 6
50
5 1
8 2
31 0
9 2
31 5
85
27 8
Distillate fuel oil.
Residual fuel oil
Jet fuel
__
Lubricants
Asphalt
Liquefied gases
Stocks, end of period, total
Crude petroleum .
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation) :
Production.. _ _
Exports
Stocks, end of period
9 d.
217 4
r
r
.1
5 0
C1)
6.4
8.3
89.3
5,237. 3 ' 421. 9 ' 419. 7
190.4
195.2
2 131 2
4.8
5.0
96.0
4.2
2
52.9
61.2
30.8
.1
0
8.1
58.6
60.7
31.1
1
Prices (excl. aviation) :
Wholesale, ref. (Okla., group 3)
$ per gal..
.116
.119
.120
.120
.123
Retail (regular grade, excl. taxes), 55 cities
(1st of foil owing mo.)
$ per gal
.239
238
246
230
246
Aviation gasoline:
Production
mil. bbl
26.5
2.0
19.7
1.9
1.9
Exports
do
9
1
I
1.7
(i)
Stocks, end of period...
.
do
6.2
51
5 1
4 7
4 7
Kerosene:
Production
do
102.9
95 7
6 3
6 5
6 2
Stocks, end of period
do.
26.8
27.7
29 6
27 8
30 3
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal. .
.111
.122
.122
.118
.122
'Revised.
° Corrected.
1
Less than 50 thousand barrels.
2 Reflects revisions not available by months,
d" Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
2.0
7.7
1.6
6.3
' 405. 1 ' 433. 0 ' 424. 5
179.8
168 4
184 7
5.5
8.7
7 5
o
9
3
5
9
7
433
195
4
2
0
1
5
69 9
58 9
30 0
78.6
61 7
28 7
110 0
80 4
30 5
125 3
85 1
28 8
107 6
73 7
29 8
99 6
87 4
30 6
79 2
64 9
28 8
66 1
64 8
28 9
60 2
63 2
30 8
4 5
15 9
41
10 6
'42 7
4 0
7 8
r 46 5
36
48
51 6
3 7
4 9
43 7
4 1
81
38 2
4 5
10 4
31 3
4 0
14 0
29 2
4§
19 9
30 1
r 38 5
1
I
980
269
101
609
4
8
2
4
934
267
96
570
4
2
8
4
925
945 7
271 4
105 4
568 8
986 0 1 003 5
279 3
284 3
107 5
109 5
614 7
594 1
180 8
170 4
174 3
I
1
250 6
235 0
226 2
214 0
.113
.110
.125
.120
.120
.120
238
234
248
254
254
268
1.7
2
1.4
1.5
1
I
4 9
5 2
4 9
4g
1.5
I
4 5
4 4
9 5
23 9
84
19 7
8 3
19 2
6 7
19 5
6 0
21 g
23 6
I
943
266
97
579
8
9
2
8
3
I
I
2
.127
.127
.127
NOTE FOR MATERIAL HANDLING INDEX (p. S-34): fRevised series. Index
(expanded to cover new orders reported by members of Hoist Mfrs. Institute and Rack Mfrs.
Institute) is based on composite figures representing 81% of that portion of the business
covered by the combination of 8 material handling associations. Monthly data for 1968-69
are in the Apr. 1971 SURVEY, p. S-35.
.122
.122
.119
.123
.123
.121
.127
.127
SURVEY OF CURRENT BUSINESS
S-36
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil. bbl
Irnports
do
Exports
_-do_ __
Stocks end of period
- -do
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal. .
Residual fuel oil:
Production
mil. bbl.
Imports
doExports
-do
Stocks end of period
do
Price, wholesale (Okla., No. 6)
._$ per bbl__
848.4
50.9
1.1
171.7
897.1
53.9
.9
195.3
73.5
2.8
.2
163.5
74.8
2.8
(2)
188.2
73.4
2.8
.1
205.7
76.7
4.0
.1
216.4
218.1
80.5
6.7
.1
195.3
80.9
8.1
.3
158.7
72.3
5.5
.2
128.7
78.0
6.1
.4
112.9
76.7
3.4
.2
113.7
75.1
3.3
.2
125.8
3.6
.4
145.8
75.3
5.1
(2)
.101
.108
.112
.112
.112
.112
.112
.109
.113
.113
.111
.117
.117
.117
.117
.117
265.9
461.6
16.9
58.4
1.48
257.5
557.8
19.8
54.0
2.25
17.7
44.7
1.7
47.9
2.40
20.7
41.7
1.2
48.1
2.60
19.9
39.1
2.8
54.0
2.60
20.0
42.9
1.2
57.1
2.60
22.2
41.8
1.0
58.8
2.60
28.9
49.0
2.6
54.0
2.60
31.3
53.8
.5
53.9
2.60
27.1
42.6
1.4
48.9
2.35
26.5
62.5
1.5
49.4
2.35
22.2
45.3
1.7
50.6
2.35
19.0
51.4
1.2
55.4
2.35
47.3
1.1
58.7
2.35
2.35
2.35
321.7
28.1
301.9
27.6
26.9
30.0
26.6
30.6
25.9
30.2
26.0
30.8
24.6
30.1
24.5
27.6
25.9
27.6
23.7
27.0
26.3
27.1
25.1
27.3
25.8
28.5
28.8
65.1
16.4
14.1
66.2
16.0
14.7
5.5
1.7
13.3
5.7
1.2
13.7
5.6
1.1
14.0
5.6
1.5
13.6
5.8
1.1
14.2
5.9
1.4
14.7
5.3
1.2
15.2
4.9
1.3
15.2
5 8
1.4
15.5
57
1.5
15.2
5.7
1.4
15.4
15.4
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
mil. bbl
do
135.7
16.8
146.7
15.8
16.1
17.3
16.5
14.0
15.6
11.6
15.0
11.1
12.3
13.2
10.1
15.8
8.2
19.7
7.7
22.7
10.1
25.5
12.1
27.7
14.1
28.3
25.2
Liquefied gases (inch ethane and ethylene):
Production total
mil. bbl
At gas processing plants (L P G )
do
At refineries (L R G )
do
Stocks (at plants and refineries)
do
502.0
378 5
123.5
59.6
r 525. 6 '43.5
' 399. 6 '32.3
11.2
126.0
70.0
67,0
'42.8
'32.3
10.5
76.4
'42.1
'32.0
10.1
80.6
'44.1
'34.0
10.1
79.8
'44.2
'34.1
10.1
74.6
'46.2
'35.7
10.5
67.0
45.3
34.9
10.4
54.7
42.4
32.4
10.1
48.0
46.5
35.1
11.4
51.0
45.0
34.0
11.0
60.3
45.9
34.9
11.0
72.9
33.9
Asphalt and tar products, shipments:
Asphalt roofing total
thous squares
Roll roofing and cap sheet
do
Shingles all types
do
84, 430
34, 707
49, 723
82, 785
34, 670
48, 115
8,792
3,562
5,230
8,384
3,511
4,874
8.452
3,486
4,966
8,699
3,533
5,166
7,450
3,167
4,283
6,291
2,824
3,467
5,300
2,247
3,052
8,137
3,248
4,889
6,426
2,653
3,773
6,314
2,354
3,960
364
346
920
251
334
836
29
39
84
21
35
82
18
37
75
21
34
78
17
30
68
21
24
66
18
21
57
21
23
81
16
25
73
21
35
69
18
34
77
15
32
'81
Jet fuel
Production
Stocks end of period
mil. bbl
do
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, 'wholesale, bright stock (midcontinent,
f.o.b., Tulsa)
$ per gal..
Asphalt:
Production
Stocks end of period
Asphalt siding
Insulated siding
Saturated felts
do
do
thous sh tons
1
1.6
83.9
8,102 ' 8, 790 8,262
2,676 ' 3, 091 3,035
5,427 ' 5, 700 6,309
11
39
78
_
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks end of period
Waste paper:
Consumption
Stocks end of period
thous cords (128 cu ft )
do
do
i 65, 053
i 65, 017
4,788
65, 209
64,571
5,873
5, 531
5,251
5,193
5,565
5,439
5,417
5,537
5,147
5,813
5,645
5,670
5, 912
5,112
5,340
5,716
5,038
4,942
5,873
5.073
5,487
5,589
4.984
5,207
5,406
5,318
5,484
5, 249
5,450
5,415
5,258
5,052
5,382
4,891
5,540
5,463
4,982
thous sh tons
do
i 10, 222
608
10, 590
571
743
591
829
564
832
571
868
571
801
562
762
571
814
528
780
507
908
509
868
518
'867
'492
862
490
43, 416
1,676
29, 221
2,308
41, 805
1,716
28, 320
2,308
3,352
140
2,268
181
3,547
144
2,409
194
3,304
128
2,246
177
3,656
155
2,475
197
3,496
146
2,367
187
3,201
143
2,107
176
3,600
146
2,408
225
3,347
139
2,240
172
3,696
159
2,503
168
3,699
158
2,416
172
3,712
135
2,436
160
3,679
130
2,427
160
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulfite
thous. sh. tons_.
do
do
do
Groundwood
Defibrated or exploded
Soda semichem screenings etc
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
do
do
do
4,437
1,875
3,898
4,358
1,594
3,508
359
134
269
378
135
286
348
131
275
378
141
310
363
133
300
361
130
284
380
141
300
361
138
296
401
143
321
359
285
308
378
288
315
373
275
314
do
do
do
do
796
230
469
99
861
386
405
69
919
359
490
70
904
376
460
67
821
326
427
68
872
401
405
66
885
420
396
68
861
386
405
69
913
462
383
69
930
490
372
67
974
508
388
78
1,045
558
404
83
'985
584
'328
73
1,077
611
387
79
Exports, all grades, total
Dissolving and special alpha
All other
do
do
do
i 2, 103
1744
i 1, 359
1 3, 755
1869
1 2, 886
273
65
208
325
80
245
247
52
195
954
86
868
244
70
174
318
77
241
187
62
124
180
59
122
236
88
148
194
74
120
172
57
115
199
78
121
117
42
75
Imports, all grades total
Dissolving and special alpha
All other__
do
do
do
14,040
1298
1 3, 743
13538
1273
13,265
292
13
280
270
21
249
256
30
226
277
27
250
289
24
265
297
27
270
263
30
233
248
25
223
341
30
311
310
21
290
287
32
255
338
31
308
270
30
240
54, 058
23, 505
26, 022
148
4,384
52, 210
22, 975
24, 943
158
4,135
4,124
1,790
1,956
12
366
4,330
1, 882
2,074
14
360
4,092
1,762
1,959
16
356
4,584
2,014
2,169
16
385
4,265
1,864
2,054
14
333
3,979
1,790
1,851
13
325
4,544
2,035
2,142
14
353
4,253
1,865
2,018
14
356
4,686
2,029
2,238
17
403
4,576
1,987
2,172
16
400
109.5
101.1
101.2
108.4
100.5
101.4
108.4
100.5
101.3
108.4
100.9
101.0
112.1
102.3
100.9
112.1
99.5
100.9
112.1
99.5
100.3
112.0
99.3
100.1
112.0
101.3
100.4
112.0
102.5
101.4
112.0
103.0
101.7
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census) :
All grades, total, unadjusted. __thous. sh. tons..
Paper
do
Paperboard
do
Wet-machine board
do
Construction paper and board
do
New orders (American Paper Institute) :
All grades, paper and board
do
Wholesale price indexes:
Book paper, A grade
1967=100..
Paperboard .
do
Building paper and board
do
'Revised.
' 4, 513 4,611
' 1, 924 1,966
2,228
' 2, 177
15
'15
401
396
53 754
104.5
99.4
105.7
112.0
102.6
102.7
i Reported annual total; revisions not allocated to the months,
barrels.
112.0
102.8
103.2
109.2
102.8
103.6
112.0
102.8
104.3
2 Less than 50 thousand
SURVEY OF CURRENT BUSINESS
September 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
| 1970
Annual
S-37
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):t
Groundwood paper, uncoated:
Orders, new
thous. sh. tons
Orders, unfilled, end of period
. ..do..
Shipments.
do
Coated paper:
Orders, new
.
_
do
Orders, unfilled, end of period
do
Shipments
do
Book paper, uncoated:
Orders, new
do
Shipments
- -_do_.
Writing and related papers:
Orders, new
do
Shipments
do
Unbleached kraft packaging and industrial converting papers:
Orders, new
. do
Orders, unfilled, end of period
...do
Shipments
do
Tissue paper, production
do.
Newsprint:
Canada:
Production __
_
Shipments from mills
Stocks at mills, end of period. . _
1,171
107
1,123
1,171
81
1,165
117
117
94
86
81
105
93
81
98
91
71
104
94
79
98
99
81
97
87
76
93
79
74
74
108
88
102
3,230
200
3,313
3,148
182
3,237
260
227
263
258
213
269
244
200
267
270
209
270
250
204
260
218
182
257
262
228
258
242
228
251
2,515
2,588
2,500
2,572
217
209
208
211
203
209
221
225
205
212
194
197
225
206
2,952
2,898
2,775
2,820
208
218
226
228
231
231
245
246
219
222
226
223
3,922
189
3,866
3,602
3,700
110
3,739
3,671
280
115
281
303
303
127
299
326
314
142
315
278
322
131
318
318
310
126
308
298
do
do
_ do. ..
8,758
8,741
220
8,607
8,592
236
698
673
412
694
670
436
649
683
402
760
800
362
do_ _
do
do
3,232
3,233
27
3,310
3,303
33
272
266
75
289
277
87
243
258
72
Consumption by publish erscT
do
Stocks at and in transit to publishers, end of
period
thous sh tons
7,344
7,130
544
559
69"9
749
693
712
United States:
Production
_
Shipments from mills
Stocks at mills, end of period. .
_
98
98
90
101
93
103
99
96
90
291
236
291
271
257
268
260
235
270
291
264
266
221
203
275
244
244
232
233
242
222
229
224
231
231
227
261
263
249
253
265
258
247
248
290
110
289
281
319
119
305
324
302
118
294
307
357
134
334
341
299
121
298
307
298
120
292
309
283
125
276
321
766
802
326
712
802
236
695
629
303
662
583
382
711
683
410
670
692
388
665
666
387
638
654
371
643
621
394
292
295
69
283
287
65
267
298
33
294
262
66
266
244
88
289
309
67
270
257
80
285
265
100
277
273
103
252
259
96
581
626
645
608
544
528
597
600
627
569
529
708
717
682
749
745
731
753
741
672
687
672
r
r
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
_ $persh. ton_.
6,790
6,635
539
484
544
565
554
700
KO7
440
570
617
570
640
146. 10
150. 50
150. 50
150. 50
150. 50
150. 50
150 50
150 50
153 70
153 70
153 70
158. 10
158. 10
158. 10
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons__
Ord ers, unfilled §
do
Production, total (weekly avg.)
do_ _
479
939
507
349
742
489
451
723
444
492
711
490
467
732
490
748
492
729
349
742
454
644
515
719
518
758
523
801
527
867
509
830
184,425
15,888
15,370
16,488
17,153
14,490
2, 490. 0
1, 225. 0
202.1
100.2
202.8
210.2
103.9
227.0
190.1
94.4
Pa per pro ducts:
Shipping containers, corrugated and solid fiber,
shipments.
mil. sq. ft. surf, area.. 185,760
Folding paper boxes*.
..
thous. sh. tons
mil$
2, 627. 0
1, 229. 0
101.3
469
497
112.5
501
442
11,290
14, 347
206.8 «• 196. 8
101.8
506
488
'99. 1
513
515
514
514
497
975
631
1,039
467
522
15 467
15, 222
14, 211
14,283
14, 466
18 668
16 924
T
r
r
T
r
r
r
r
191. 0
96. 7
r
208. 7
107. 0
197 5
100.8
193 9
r
99. 7
158. 10
205 7
105. 4
185 1
94.1
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. Ig. tonsStocks end of period
do
Imports, incl latex and guayule
do
« 598. 27
106.49
585.28
559. 32
102. 60
549.92
44.44
92.36
37.78
45.03
94.73
33.73
48.29
96.69
46.60
46.68
92.36
46.74
41.46
93.64
46.88
43.19
102.60
48.90
46.21
91 36
45 23
48. 28
92 89
44.67
54.43
102. 65
41 15
.262
.218
.200
.195
.191
.183
.184
.193
.184
.180
.183
°2,250.19 2,197.00
1.917.85
"2,024.06
a
441. 03 514. 78
181.49
152.91
464.65
187.26
154.90
479. 43
182.93
160.41
481. 79
184.97
163.88
488.29
179.37
144.41
499. 30
181.10
149.58
514.78
183 62
165 24
526 31
166 47
161. 52
517 13
181. 79
185. 45
497. 56
Price, wholesale, smoked sheets (N.Y.)__$ per lb..
Synthetic rubber:
Production
Consumption
Stocks, end of period
_
Exports (Bu. of Census)..
thous Ig. tons
_
do
do
_
47 62
.200
.178
.166
59
184 12 ••196
171.78 r!71. 72
491 19 'SOI. 78
182 45
181. 68
487 74
.194
1 290. 06
23.24
23.28
22.06
24.12
24.52
26.21
19.82
23.29
27 28
24 41
25 91
do
238. 92
. d o .. « 231. 77
do
29.27
200. 56
199. 57
27.58
17.58
16.18
26.62
16.47
15.39
26.88
14.46
16.42
26.28
16.02
17.27
24.52
15.48
14.88
24.90
18.40
16.10
27.58
16.43
15.79
25.87
17 04
16.40
26.53
19.47
19.19
26.57
17.88
17.19
27.12
»• 16. 39
' 26. 17
a
52.36
104 87
74 53
226. 49
do
Reclaimed rubber:
Production
Consumption
Stocks, end of period
49 74
49.68
98 59 '105 88
42 77
49 77
r 16 64
20 78
.181
24 41
16 78
16.18
25.75
TIRES AND TUBES
Pneumatic casings, automotive:
Production _ _ _ _ _ _ _ _ _
thous
207, 826
190,403
15, 466
14, 657
15, 885
15, 938
14, 560
15, 079
16, 557
17,429
19 435
17 752
17 775
18 643
Shipments, total
Original equipment __
R eplacement equipment
Exports
_
do
do _
do
do
204, 835
55, 632
146, 785
2,419
194, 541
46, 135
146, 508
1,898
15, 367
2,346
12,906
114
15, 228
3,296
11, 813
119
16, 699
3,643
12, 883
167
15, 740
2,995
12, 576
169
12 333
2,527
9,624
182
13, 160
4,046
8,964
150
14, 181
4,734
9,297
150
14 184
4,897
9,132
155
18 371
5 445
12, 674
252
21 362
4 840
16 329
193
19 012
4 931
13 889
21 546
4 993
16 388
Stocks, end of period..Exports (Bu. of Census)
do
do _ _
49, 152
2,364
50, 175
1,531
45, 978
107
45,758
125
45, 328
116
45,586
178
48, 111
145
50, 175
97
52, 561
93
56, 093
95
57, 280
283
54, 089
167
53, 121
161
50,546
139
35, 687
41, 657
44, 860 1 41, 005
11, 191
9, 718
1, 002
1,098
3,127
3,390
9,252
99
2,654
3,206
8,934
71
3,081
3,436
8,905
60
3,463
3,570
9 133
115
2,862
2,647
9 704
109
2,758
2,988
9 718
46
3,055
3,458
9 447
130
3 097
3,180
9 626
46
3 375
3 427
9 736
85
2 941
3 270
9 683
124
2 945
3 275
9 576
2 801
3 760
8 872
Inner tubes, automotive:
Production.
Shipments
Stocks, end of period
.
Exports (Bu. of Census)
_ _ _ _ _ _ do___
do
do
do
•• Revised,
j> Preliminary.
»Annual total includes revisions not distributed to the
months.
JData have been regrouped by the American Paper Institute; details and available earlier
data appear in their April 1970 Monthly Statistical Summary.
o? As reported by publishers accounting for about 75 percent of total newsprint consumption.
192
72
164
86
103
73
.Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
*New series. Monthly data are available back to 1955.
° Revisions for Jan.- May 1969 will be shown later.
SURVEY OF CUEEENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
1969
Annual
September 1971
Aug.
July
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement
_. .
thous. bbl
1409,826 1389,762
42, 284
41, 630
38, 158
39, 134
29,859
26 440
17 285
18, 987
27, 809
35,576
37 096
43 395
629.4
17.8
161.2
607.6
14.7
153.4
612.3
10.5
156.7
622.0
13.0
150.8
530.8
11.2
127.9
493.4
13.6
115.8
361.2
11.7
93 1
395.0
10.5
94.7
590.9
15.9
131.4
687.6
17.7
159.0
••691 1
15.8
159 9
754.7
13.8
175 6
16.4
12.7
16.9
16.6
16.6
16.7
12 2
11.1
14.1
14.9
' 13.2
14.0
22.2
21.3
21.4
21.6
19.1
18.1
20 5
19.1
23.7
23.2
21.5
25.5
112.0
112.0
113.5
113.9
114.2
114.6
114 1
116 0
117.0
117.4
117 4
117.4
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
7, 289. 7 6, 496. 0
mil. standard brick
241.5
184.6
Structural tile, except facing
thous. sh. tons__
1, 783. 5 1, 622. 2
Sewer pipe and fittings, vitrified
do
Facing tile (hollow), glazed and unglazed
209.0
173.0
mil. brick equivalent- _
Floor and wall tile and accessories, glazed and un250.4
284.8
glazed
.- __ .
_
..mil. sq. ft_.
Price index, brick (common), f.o.b. plant or
112.2
N.Y. dock .
1967 =100. _
107.8
117 4
118.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
thous. $_. 416, 870 '382,969
101, 919
101,897
99, 183
109, 659
150 123 T 131, 551
266, 747 '251,418
34 079
67, 840
37 340
64,557
32, Q46
66, 237
35 589
74, 070
do
do
thous. gross
Shipments, domestic, total
do
General-use food:
Narrow-neck ford.
_ _
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous. gross
Beverage
Beer bottles
Liquor and wine
Medicinal and toilet
Chemical, household and industrial
Dairy products. _
_
Stocks, end of period
260, 267 ••267,411 22, 589
24, 910
21,863
24, 635
21,412
19, 914
20, 691
19, 956
23, 030
21, 770
22, 882
23, 445
21 815
264, 483 22, 051
23, 848
24, 358
24, 138
19,104
24, 477
15, 903
16, 838
22, 197
21, 230
21, 286
24.384
22 289
1,892
251, 050
24, 232
24, 806
1,847
2,718
2,863
2,080
1,674
2, 095
1,680
1,762
2,262
1,950
1,893
2,047
57, 828
58, 632
4,689
5,293
5,600
6,053
4,525
5,557
3,589
3,822
4,792
4,345
4,443
5,096
4,695
do
do
do
56, 232
51, 086
20, 677
69, 254
52, 626
20, 638
6,532
4,922
1,303
6,323
4 774
1,670
5,944
4,498
1,951
5,912
4,348
2,081
4,980
3,404
1,721
7,306
3,974
1,923
3,571
3,333
1,459
3,987
3,414
1,481
5,562
4,803
1.872
5,793
4,882
1,598
5,869
4, 951
1,501
7,348
5,483
1, 721
6 878
5 336
1 350
do
. do
do
35, 916
4,496
583
34, 252
3,896
379
2,459
273
26
2,745
294
31
3,140
319
43
3,236
396
32
2,465
303
32
3,207
373
42
2,030
215
26
2,104
240
28
2,539
337
30
2,329
308
25
2,302
308
19
2,34S
321
20
1 821
295
20
30, 260
30, 084 34, 404
35, 178
32, 504
32, 775
34,896
30, 084
34, 669
37, 601
38. 263
38,642
39,999 ' 38,866
38, 230
_ do .
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
Production
5 858
9 881
6,128
9,462
1,775
2,489
1,751
2,277
1,273
' 2, 210
1,617
2,622
do
9 324
8 654
2 301
2,134
2,194
2,509
do
do
4 681
316
4 219
265
1 267
51
950
67
746
63
1,264
69
do
do
473
702
408
588
104
155
90
141
94
119
102
140
917
9 090
275
749
8,764
228
197
2,308
64
175
2,269
58
117
2,359
60
116
2,741
72
thous sh tons
do
Calcined, production total
Gypsum products sold or used, total:
Uncalcined uses
Industrial uses
Building uses:
Plasters:
Base-coat
All other (incl. Keene's cement)
Lath
Wallboard
All other
mil sq ft
do
do
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:}
Production total 9
mil. linear yd
Cotton _ _ __
do
Manmade
fiber
do
915
516
390
902
520
374
2989
2581
2399
910
531
369
910
532
368
21,119
2646
2462
870
490
370
1,453
585
853
1,437
584
839
1,434
842
579
1,471
592
867
1,443
591
837
1,443
611
818
1,356
547
795
1,346
571
760
1,288
539
736
1,297
549
738
2,439
1,441
954
2,395
1,441
916
2,425
1,481
901
2,502
1,543
919
2,434
1,525
866
2,431
1,552
844
2,486
1,567
881
2,642
1,640
964
2,711
1,638
1, 036
'2,768
1,686
'1,046
2,772
1,686
1,056
280
1,135
4,163
8,830
39,786
* 10, 037
12, 907
7,159
5,546
11, 545
6,395
4,991
791
459
322
do
do
do
1,404
659
730
1,471
592
867
1,441
587
838
1,454
592
846
Orders, unfilled, total, end of period 9 1f___do
Cotton
__ _
do
Manmade
fiber
do
2,779
1,535
1,165
2,434
1,525
866
2,514
1,481
984
9,937
10, 112
6
9,990
8,294
10, 166
7,878
Stocks, total, end of period 9 d"
Cotton
Manmade fiber __
901 2 1, 088
502
2615
389
2463
'885 2 1, 075
499
2598
'376
2466
COTTON
Cotton (excluding linters):
Production:
GinningsA
thous running bales
Crop estimate, 480-pound bales, net weight
thous. bales..
Consumption
_ _
do
Stocks in the United States, total, end of period
thous. bales..
Domestic cotton, total
do
On farms and in transit
do
Public storage and compresses
do
Consuming establishments
do
Foreign cotton, total
do
2760
632
5,760 15, 789 14,811
11, 900
12, 265
5,733 15, 773 14, 795
11, 886
12, 248
360 10, 875
9,900
1,482
1,323
3,962
3,631 3,854
9,257
9,653
1,411
1,263
1,041
1,147
1,272
15
16
27
14
17
r
2 D£ita
Revised.
1 Reported annual total; revisions
m)t allocate d to the months
3
cover 5 weeks; other months, 4 weeks.
Ginning*> to Dec. 13.
* C innings to Jan. 16.
s Crop for the year 1970. 6 Sept. 1 est. 1971 crop, 9 Include s data not shown separate
t Effective Aug. 1969 SURVEY, data (1964-Apr. 19(39) reflect adjustm ents to rlew benc limarks; see Bureau of Census reports: Woven Fabr cs (1964-6>8), Series M22A-S uppleme nt
and (Jan.-Apr. 1969), M22A (69) 1-4 Supplement.
13, 949
13, 931
7,545
5,474
912
18
532
593
y-
641
2722
644
s 10,112
s 10,166
2815
665
127
637
646
'2797
365
e 10, 952
637
515
8,151 6,930
5,854 ' 4, 815 4,252
9,496
12, 732 11,900 10, 724
4,236
9,479
8,133
5,837 ' 4, 799
12, 719 11, 886 10, 708
6,915
369
1,482
879
400
403
1,093
545
2,845
1,285
2,206
1,709
5,577
9,257
8,126
3,672 '2,700
8,874
6,890
4,606
1,677
1,493
1,000
1,147
1,764
1, 762 ' 1, 730 1,630
1,297
1,496
14
'16
15
10
18
13
17
16
17
15
<?st ocks (owmed by weaving mills an d billed and hel 3 for otb ers) excliide beds heeting,
toweli ng, and jlanketirig, and b illed anc held sto cks of de nims.
nui ifilled ore lers cove r wool af parel (in eluding polyester -wool) fi nished fa brics; prc)duction
and st ocks excl ude figur es for sue h finishe d fabrics Orders ilso exclu de bedsh eeting, t oweling,
and b anketing
AT Dtal ginn ngs to eiid of mo nth indie ated, excjept as n Dted.
SURVEY OF CURRENT BUSINESS
September 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1971
1970
| 1970
Annual
S-39
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports. _
—
thous. bales..
Imports
-_
do
2,397
46
2,982
37
186
2
84
1
89
6
181
3
251
1
Price (farm), American upland
cents per lb__.
Price, middling 1", avg. 12 markets
do
120.9
122.2
921.5
123.6
22.5
23.0
22.6
23.0
21.9
23.0
22.8
23.0
22.1
22.8
mil-do
biL.
do
do
19.6
12.4
125.6
.476
80.9
18.6
11.6
113.0
.435
70.4
19.1
12.0
7.8
.388
4.8
19.0
11.9
8.6
.431
5.3
18.8
11.8
10.6
.423
26.6
18.8
11.7
8.7
.436
5.4
Cotton yarn, price, 36/2, combed, knit
$ per lb__
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
__mil. lin. yd
1.027
1.008
1.001
1.001
1.001
1.003
6,965
6,243
15.0
15.4
14.9
13.1
13.4
13.4
13.9
15.4
13.5
13.9
6.0
5.5
5.6
5.1
5.0
4.9
4.8
5.5
5.0
5.1
.42
.37
.39
.38
.37
.37
.37
.37
.37
330.5
573.3
274.3
543.3
19.3
52.5
16.5
37.2
18.6
37.9
23.0
35.4
22.7
52.8
19.7
38.1
43.27
43.57
43.11
42.98
43.29
43.53
43.96
15.0
19.8
15.0
19.8
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton . _
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
avg. weekly production .No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period, seasonally adjusted- .
Exports, raw cotton equiv..
Imports, raw cotton equiv
thous. bales
do
Mill margins:
Carded yarn cloth average
cents per lb-_
Prices, wholesale:
Print cloth, 38^-inch, 64 x 54 cents per yard
Sheeting, class B, 40-inch, 48 x 44-48
do
Imports: Yarns and monofilaments
Staple, tow, and tops
thous. Ib
do
do
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate) .
mil Ib
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments _
do
Staple, incl. towf
do
Textile glass
fiber
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 deniert
$ per lb._
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun) , knitting, 2/20, 3-6D._do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly ) total 9
mil lin yd
Filament yarn (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics.. _ __ _
do
Spun yarn (100%) fab., exc. blanketing 9 ..do
Rayon and /or acetate fabrics and blends
do— .
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)..
mil lin yd
441
3
455
6
562
8
467
3
327
3
307
2
214
1
21.0
22.6
21.0
22.8
21.5
23.2
21.0
23.6
22.2
23 8
22.7
24 5
23.2
25 1
23.9
25 3
827.0
8
26 8
18.6
11.8
8.8
.438
5.5
18.6
11.6
2 9.8
.393
2
6. 2
18.6
11.6
8.9
.446
5.6
18.6
11.6
9.1
.453
5 7
18.6
11.6
211.3
.450
70
18.6
11.5
8.9
.445
55
18.5
18.5
11.5
11.5
9.1 '211.3
.450
456
2
69
56
18.5
11.5
7.2
365
4 5
18.4
11.4
9.3
467
5 4
1.005
1.011
1.014
1.023
1.036
1.054
1.059
1.066
1.068
1.078
14.9
15.7
15.7
15.8
5.0
5.3
4.9
5.0
.36
.34
.34
31
.31
20.3
39.7
20.5
39.7
25.9
37.6
25.4
48.3
26 3
41 9
23.5
51.3
24.4
48 2
43.98
43.94
43.71
43.48
43.45
43.68
44.61
44.68
45.56
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15 0
20 3
15 5
15.6
16 4
1,467
MANMADE FIBERS AND MANUFACTURES
5, 562. 5 5 391 7
Fiber production, qtrly. total
mil Ib
774.4
Filament yarn (rayon and acetate)
do
730.8
758.8
Staple, incl. tow (rayon)
do
607 4
Noncellulosic, except textile glass:
1, 766. 9 1 793.4
Yarn and monofilaments
do
1, 761. 0 1, 792.8
Staple, incl. towf
do
501.4
Textile glass
fiber.
do
467 3
Exports: Yarns and monofilaments
Staple, tow, and tops
2
1,561
1,298.4
176.8
134.4
1, 366. 3
192.8
160.1
442.5
431.7
113.0
459.1
452.0
102.3
2
1,602
'1,411.3
191.8
141 3
1 493 1
200.2
147 3
' 477. 8
498.0
r
102 4
516 3
517.3
112 0
100, 539 148, 843
s 127, 484 152 871
11, 083
14, 197
11, 647
11, 880
10, 690
9,659
10, 367
11, 430
8,521
9,054
13, 134
13, 752
12, 611
13, 836
12, 230
15, 190
14, 640
16 041
13, 220
18, 688
13 ,482
15 202
11, 245
16 589
11, 387
15, 728
5 41, 063
s 159, 404
137 054
140 075
15 424
11, 425
13, 836
9,310
13, 198
11, 658
14, 760
8,187
14, 314
8,888
15 064
10, 131
20,040
10, 056
17, 016
13, 149
24 256
17 648
25, 540
20, 423
25 837
15 192
24 711
17 773
19 639
15, 202
78.4
75.6
75 0
76 0
77.9
72. 1
75.0
76.0
74.1
58 5
70 8
43 8
259.8
240.5
70.6
288 3
242 6
103 8
282.5
236.0
96.6
288.3
242.6
103 8
272.9
251.2
94.4
253 8
235.2
75 4
.61
.89
1.42
.61
3 93
1.39
5 396.4
1, 690. 7
776 4
7 345. 0
2, 951. 8
5 032 5
1 461 4
' 639* 7
271 4
2, 871. 3
1,208. 3
340.1
148 6
62.9
701.4
1 ,189. 4
332.8
134 6
63.7
691.2
629.7
1, 893. 1
444.8
1 969 8
102.5
482 6
114.0
467.5
517.0
472 6
111.6
107.4
.61
89
1.42
.61
.89
1.41
.61
4.93
1.40
.61
4.93
1.33
.61
4.93
1.33
WOOL
Wool consumption, mill (clean basis):
Apparel class
Carpet class. _ _ _
Wool imports, clean yield.
Duty-free (carpet class)
mil Ib
do "
do
do
219 0
93.8
189.2
95.7
163 7
76.6
153.1
73.3
9 8
50
13.7
5.8
10 8
7 5
14.7
9 2
2 13 3
28 4
11.2
7 6
10 7
61
8.4
5 4
10 8
5.4
6.9
4.0
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood.
Australian, 64s, warp and half-warpcf
$ per Ib—
do
do
1.221
.862
1.024
.872
.941
1.025
.880
.982
1.025
.880
.952
.953
.880
.854
.925
.875
.760
101.9
WOOL MANUFACTURES
Knitting yam, worsted, 2/20s-50s/56s, American
102.2
system, wholesale price O
1967=100
102.3
102.3
100.0
101.4
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil lin yd
35 4
222 5
178 6
Price (wholesale), suiting, flannel, men's "and"
boys', f.o.b. mill©
.1967=100
100.9
101.3
101. 3
101. 3
101. 3
2
' Revised.
1 Season average.
For 5 weeks; other months, 4 weeks.
3 Average
for
4 months, Sept.-Dec.
4 Effective Sept. 1970, average not
comparable with earlier prices.
5
6
Revised total; revisions not distributed by months.8
Less than 500 bales.
1 Omits
quantities of chiefly nylon combination fabrics.
Beginning Aug. 1971, prices are on
480-lb. net-weight bale basis (for earlier months, on 500-lb. gross-weight bale basis); to
362
(6)
.61
4.93
1.33
2
.61
4.93
1.33
.62
.61
.61
.62
1.33
1.28
1.28
1.26
::::::::
.62
.62
.62
1.25
1.25
1.25
1 ,225. 8
338.5
135 5
70.7
724.5
112.0
510.5
106.6
12 0
26 3
10.9
64
10 2
5 2
12.0
59
9 5
5.6
9.4
5.0
213
0
2
6. 7
11.2
6.2
9 4
53
11.1
6.9
9.7
5.3
11.5
6.3
r2 12 1
r27.2
10.4
7.0
7.3
4.8
13.8
11.3
.925
.875
.820
.850
.837
.802
.825
.810
.804
.825
.775
.790
.757
.685
.790
.708
.658
.790
.630
.640
.800
.597
.640
.828
.590
.640
'.802
.595
.640
.795
101.9
101.6
101.4
98.0
97.6
96.3
95.4
95.0
93.3
93.3
30 9
' 37 0
33.1
101.3
100.1
101.3
101.3
10L3
101.3
101.3
101.3
101.3
compute comparable prices for earlier months, multiply farm price by 1.04167 and market
price by 1.0438.
9 Season average to Apr. 1.
t Revised back to 1965.
9 Includes data
not shown separately.
JRevisions for 1967 are in the Dec. 1970 SURVEY.
cfBeginning
Jan. 1970, quotation refers to Australian wool 64's, Type 62; comparable prices prior to 1970
are not available.
OData prior to 1970 available on new base.
SURVEY OF CTJRKENT BUSINESS
S-40
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
September 1971
1970
July
Aug.
Sept.
1971
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
16, 975
20,684
July
Aug.
TEXTILE PRODUCTS— Continued
APPAREL
Hosierv, shipments f _ _ , _ _ thous. doz. pairs. .
Men's apparel, cuttings: J
Tailored garments:
Suits
.- thous. units..
Coats (separate), dress and sport. .
do
Trousers (separate) , dress and sport
do
Shirts (woven), dress and sport
-thous. doz...
Women's, misses', juniors' apparel, cuttings: f
Coats
thous. units
Dresses
.,
do
Blouses and shirts
thous. doz
Skirts
-do
248, 602
231,795
21,054
20,132
20,779
20,442
17,533
15,004
16,042
15, 402
17, 595
16, 720
21,091
14, 353
169, 542
21,125
16, 058
10, 910
177, 209
20, 438
880
581
13, 750
1,384
1,255
762
15, 274
1,673
1,217
839
15, 669
1,710
1,310
937
15, 768
1,994
1,164
862
13, 974
1,636
1,080
755
13, 196
1,431
1,169
804
14, 345
1,490
1,089
740
14,644
1,557
1,317
890
17, 683
1,692
1,317
959
16, 188
1,776
'1,264
••996
15,186
•• 1, 628
1,068
967
15, 565
1,791
21, 664
266,856
14,425
8,443
17, 153
236, 258
13, 582
6,398
1,474
18, 261
1,097
610
1,569
18, 352
966
490
1,542
18, 411
1,073
483
1,664
19,154
1,072
457
1,592
16,777
910
332
1,139
16,251
857
323
1,195
19, 029
1,011
376
1,274
20, 334
1,113
430
1,218
23, 085
1,311
466
1,140 ' 1, 145
24,128 " 19,534
1,205 r 1, 056
'404
389
1,535
21, 265
1,058
549
r
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
••5,171
'3,466
r
4, 629
r
5, 424
r
3, 479
Orders new (net), qtrly. total
mil. $
U S Government
do
"'"'rime contract
do
Sales (not) receipts o** billings otr'y total do
U S Government
do
22, 005
14,521
19, 289
24 648
16 560
21, 161
15, 116
19, 010
24 752
16 407
6,358
5,038
5,937
6 020
4 049
5,579
3,750
4,986
6 272
4,263
Backlog of orders, end of period 9
do
U S Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications) , products, services
mil. $
28, 297
14 298
15,610
3,578
24, 705
12 882
13 264
2,449
25,539
13 627
13 766
2,758
24, 705
12 882
13, 264
2,449
4,338
4 522
4 412
4,522
r
4, 335
3,974
2,881
2,791
2,754
2,791
' 2, 575
2,662
3, 593. 4
60, 117
1,239.2
3 605 0
59 436
1 527 2
288.2
4,495
123.8
304.3
4,974
55.2
215.6
3 850
51.9
329.2
5,756
101.2
278.2
4,709
109.0
254.8
4 004
112 1
165.0
2, 950
101.7
274.7
4,462
209.3
389.8
6,333
313.4
243.9
4,414
207.6
418.6
6 968
253.6
«•r 306. 9
4, 431
105.0
150.3
2,274
72.8
10,146.9
9, 587. 7
8, 223. 7
7, 806. 5
1,923.2
1,781.2
8, 239. 3
7 753 o
6 546 8
6 187.3
1 692.4
1 565 7
627.5
600.5
481.6
464.3
145.9
136.2
413.4
384.4
272.4
254.0
141.0
130.4
632.0
582.2
493.6
454.2
138.4
128.0
501.4
465.6
392.5
365.4
108.9
100.1
454.7
424.3
364.1
341.1
90.6
83.2
736.4
698 2
598.8
570.6
137.6
127.6
860.6
817.9
710.7
678.1
149.9
139.8
921.9 1, 057. 4
872.2
992.4
865.2
757.8
719.0
815.9
164.2
192.2
153.2
176.5
921.6
863.0
750.4
703.6
171.2
159.4
930.8 1, 008. 2
945 9
867 9
809.8
767 3
716.7
761.3
163.4
198.4
151.2
184.6
611. 7
580.3
494.0
472.4
117.7
107.9
2 674. 7
9,583
8,464
1,118
8,400
7,119
1 280
763
641
639
526
580
489
754
630
540
436
536
425
694
586
955
798
817
668
725
566
Aircraft (complete):
Shipments ©
Airframe weight ©
Exports, commercial
.
do
thous Ib
mil. $
4,143
2,671
3,631
6 164
4,023
r
24,489
' 12,972
r
12,926
T
2, 447
22,464
11,587
11,415
2,184
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total .
Domestic
thous ..
do
do
do
.do
do
Retail sales, new passenger cars : *
Total, not seasonally adjusted
thous..
DomosticsA
. do
ImportsA
do
Total, seasonally adjusted at annual rates mil
Domestics A
do
ImportsA
-do
122
9.2
7.8
1.4
112
8.9
7.6
1.3
92
8.9
7.8
1.1
125
7.4
6.0
1.4
1,509
1,504
1,269
1,521
1,261
1,496
1,053
1,280
2.3
2.4
2.3
285 04
245 62
92 28
16.83
14 70
7.69
13.89
12.55
7.46
1 846 72 2 013 42
' 691. 15
692. 78
146 01
115 82
150 64
46.86
4 05
Retail inventories, new cars (domestics), end of
period: *A
Not seasonally adjusted
thous .
Seasonally adjusted
do
1,467
1,542
1 220
1 294
Inventory-sales ratio, new cars (domestics)*A
ratio..
Exports (Bureau of the Census):
Passenger cars (new), assembled
To Canada
Trucks and buses (new), assembled
Imports (Bureau of the Census):
Passenger cars (new) complete units
From Canada, total.
Trucks and buses complete units
thous
do
do
do
do
do
333. 45
292 11
103. 23
Truck trailers (complete) shipments
number
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number
Registrations (new vehicles): O
Passenger cars
IniDort cars
Trucks .
thous
do
do
105
6.4
5.0
1.4
748
637
112
110
6.8
5.2
1.6
108
9.9
8.4
1.5
10.0
1,018
1,167
1,220
1,294
1,381
1,296
2.6
2.8
3.0
31.72
28.46
6.20
21.10
15.98
6.06
17.80
14 61
5.78
95 14
19.01
4.40
167. 62
48.58
10 05
168. 60
56.75
16.82
141
1,707
1,557
1,753
1,579
1,799
1,609
1,582
1,580
1,570
1,681
1.9
2.0
2.2
2.2
2.3
2.4
2.3
2.4
19.29
16 66
7.10
21.75
18.81
« 6.44
31.30
26.42
7.39
41.52
37.14
10.76
35.12
31.58
9.42
48.62
46 07
9.34
40.75
38.47
9.34
21.27
19.48
6.96
173 31
55.66
9 69
167 97
47.68
7 51
198. 87
47.20
10.51
204. 51
70.17
11.63
233. 92
81.09
12 77
222. 70
69.01
10.38
230 00
77.64
10 38
242. 53
84.73
12.07
183. 42
37.34
8.83
8 347
4,897
7,467
4,415
8,037
5,240
7,777
5,238
7,310
4,818
6,610
4,187
7,271
4,256
7,852
4,748
33 332
26 138
1,590
1,874
1,398
1,574
1,378
1,078
985
1,110
1,523
719. 0
112. 6
154. 2
159
1,683
1,530
8 780
5,817
612. 1
5 102. 8
5 153. 3
10.1
1,528
1,401
7 692
4,953
» 683 2
5 109.9
« 159. 4
149
9.8
8.1
1.7
8.3
1.7
4
537. 2 5 606. 7
99. 8 5 115. 4
118. 1 s 123. 8
4
4
5
10.0
10.0
8 387
5,880
9 446 5 a g 388 2 «837 7
1 061 6 5 1 231 0 5 112. 2
1 888 8 i si 790 2 5 179. 4
158
9.7
8.1
1.7
8.5
1.6
8.5
1.5
105 709
71 274
4
4
4
890
748
148
513. 6
2 161. 1
142
9.8
8.2
1.6
138 347
94 808
5
884
737
897
756
2
1, 192
3
»• 8, 672
8,410
' 5, 244 5,190
588. 3 5 618. 2
592.6
598.5
5 108. 4 5 115. 2
s 820. 3
833. 5
5 130. 0 3 125. 1
5 158. 2 3 168. 4
838. 7
126. 7
171. 5
1,727
1,122
1,240
4
4
4
8.3
1.8
4
4
4
897. 0
138. 6
178. 1
4
4
4
806. 0
130. 4
177. 6
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
Shipmentsc?-.
number
Equipment manufacturers
do
New ordersd1
do
Equipment manufacturers
do
Unfilled orders end of oeriodc?
do
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned end of period
thous
Held for repairs % of total owned
Capacity (carrying), aggregate, end of period
Average per car .
__
tons._
i 69, 028
i 54 112
^84 245
i 65 301
46 751
35 508
i 65, 958
i 52 184
i 50 148
i 42 385
27 558
22, 326
5,446
4,457
4,340
4,226
29 040
23, 074
5,164
4,127
2,148
2,148
25 782
20, 853
6,147
4,922
2,073
1,726
21 672
17, 621
4,675
3,787
3,053
2,516
20, 049
16, 349
4,569
3,573
8,164
8,026
23 644
20, 802
4,905
4,096
9,031
5,832
27 558
22, 326
3,725
3,183
3,152
2,932
26 903
21, 993
4,629
4, 059
3,042
2,792
25, 015
20, 425
5,026
4,262
5,304
3,885
25, 193
19, 948
5,497
4,431
4,107
3,782
23 563
19. 059
5,252
4,381
6,670
6,570
24 944
21,227
5,401
4,205
8,521
6,321
27, 977
23, 256
3,305
2,696
3,807
3,652
28, 547
24, 280
1 438
5 6
1 423
5 7
1 433
1 433
1 431
1,423
1,431
1,430
1 431
1 431
1,431
1,430
5.5
5.5
5.4
94 37
65.62
95 64
67.19
95 46
66.63
96.82
67.66
96.95
67.76
96.96
67.82
5.6
1 427
1 424
1 423
5.8
6.0
5.9
5.7
5.7
5.7
5.7
95 77
66.81
95 78
66.96
95 62
67.01
95.27
66.89
95.64
67.19
95.73
67.29
96.08
68.45
«• Revised.
» Annual total includes revisions not4 distributed by months.
2 Estimate
of production.
3 Omits data for three States.
Omits data for two States.
s omits
data for one State.
« Effective Jan. 1971, includes off-highway trucks and trailers; comparable 1970 total, 93.87 thous.
f Revisions available: Hosiery, 1969-Apr. 1970; women's apparel,
1968-69.
JMonthly estimates (1967-70) revised to annual benchmarks appear in Census
report, Men's Apparel, M23B Supplement (5/27/71).
*New series. Automobile Manufacturers Association and other industry sources; seasonal
adjustments by OBE. For earlier data, see p. 43, Dec. 1970 SURVEY.
5.6
96.38
67.37
5.6
96.70
67.55
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.
d"Amer. Railway Car Inst. and Assn. of Amer. Railroads, data cover new cars for domestic
users: backlog not adjusted for cancellations.
9 Total includes backlog for nonrelated products and services and basic research.
®Data include military-type planes shipped to foreign governments.
O Courtesy of R. L. Polk & Co.; republication prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators.
Commodity prices
Construction and real estate.
Domestic trade.
*
1-7
7-9
9,10
11,1*
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
13-16
16-21
21-23
23,24
Industry:
Chemicals and allied products.....
Electric power and gas
Food and kindred products; tobacco.
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber ami rubber products
Stone, day, and glass products
Textile products.
Transportation equipment
31
31-34
34-36
36,37
,
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles.
40
Agricultural loans
............
16
Air carrier operations
23
Aircraft and parts
4,6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum.
33
Apparel
1^3,4,8,9,11-15,40
Asphalt and tar products.
35,36
Automobiles, etc
1,3-6,8,9,11,12,19,22,23,40
Balance olinternational payments
2,3
Banking.......................
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
4,8,11,22,23,26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields
18-20
Brass and bronze
33
Brick
...
38
Broker's balances.
20
Building and construction materials.
6,7,
9,10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories.
5
Butter,
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products.
....
8
Chain-store sales, firms with 11 or more stores...
12
Cheese.
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
day products...
9,38
Coal
4,8,22, 34,35
Cocoa
23,29
Coffee
23, 29
Coke
35
Communication.
2,20,24
Confectionery, *«les
,
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads.
9,10
Housing starts.
10
Materials output indexes
10
New construction put in place
9
Consumer credit
„
17,18
Consumer expenditures.
1
Consumer goods output, index
3,4
Consumer price index
8
CoPPer
33
Corn
,
27
Cost of Bring (see Consumer price index).
8
Cotton, raw and manufactures
7,9*22,38,39
Cottonseed cake and meal and oil.
30
Credit, short, and intermediate-term
17,18
Crops
3,7,27,30,38
Crude oil and natural gas
4,35
Currency in circulation
,
19
Dairy products
Debits, bank.
Debt, U.S. Government.
Department stores
Deposits, bank
Disputes, industrial.
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
16
26
2,3,19-21
11,12
Earnings, weekly and hourly
15
Eating and drinking places
11,12
Eggs and poultry.
3, 7,8,28, 29
Electric power
4,8,25,26
Electrical machinery and equipment
4-7,
9,13-15,19,22,23,34
Employment estimates
13-15
Employment Service activities. *
.
16
Expenditures, U.S. Government.
18
Explosives
„
25
Exports (see also individual commodities)
1,2,21-23
Express operations.
23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages. f
15
Fats and oils
8,22,23,29,30
18
Federal Government
finance,.......
16
Federal Reserve banks, condition of.
17
Federal Reserve member banks.,
8,25
Fertilizers.....................
10
Fire losses
29
Fish oils and fish
31
Flooring, hardwood.
28
Flour wheat
Food products.'.''.'. \ \ 11. * *l,«,ii-15,19,22,23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
. 21-23
Foundry e q u i p m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
Freight cars (equipment)
4,40
< Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
»
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products.
Glycerin.
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products.
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
11
Hardware stores.
. 9,34
Heating equipment
Hides and skins
. 9,30
. 9,10
Highways and roads.
28
Hogs
8
Home electronic equipment
10
Home Loan banks, outstanding advances..
10
Home mortgages.
40
Hosiery
24
Hotels
14
Hours of work per_ week.
Housefumishings...~ , . . . [ [ . . . . . . . . ] ] [ ] 1,4,8,11,12
Household appliances, radios, and television sets,
4,
8,11,34
Housing starts and permits.
10
Imports (see also individual <
odities)... 1,2,22,23
income, personal.
18
Income and employment tax receipts ...... .
Industrial production indexes:
By industry ..... , ...... . . ........... , ...... 3,4
By market grouping ...... . . . . . . .
...........
3,4
Installment credit ..... ... ............. . . . . 12, 17, 18
Instruments and related products .......... 4-6, 13-15
Insurance, life ............. .
..................
18,19
Interest and money rates. ...
......
............
17
Inventories, manufacturers* and trade. ...... 5, 6, 11, 12
Inventory-sales ratios ........ ... ...... . . . . . . . .
5
Iron and steel
..............
4-7,9,10,19,22,23,31,32
tabor advertising index, strikes, turnover.
16
13
Labor force
28
Lamb and mutton
28
Lard
.
33
Lead.
Leather and p r o d u c t s . . . . . ; . ; . ; . ; . . . . . 4,9,13-15,30
Life insurance
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants.
35,36
Lumber and products
4,9,10-15,19,31
Machine tools.
34
Machinery...
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures.
9,39
Manufacturers* sales (or shipments), inventories,
orders.
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings... 13-15
Manufacturing production indexes.
3,4
Margarine
29
Meat animals and meats,
3,7,8,22,23,28
Medical and personal care.......
8
Metals
4-7,9,19,22,23,31-33
Milk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
23,24
Motor vehicles
1,4-6,8,9,11.19,22,23,40
Motors and generators
34
National defe
1,18
sand- ,product.
National income«National parks, visits.
Newsprint.
23,37
New York Stock Exchange, selected data..
20,21
Nonferrous metals
4,9,19,22,23,33
Noninstallment credit
?,.!.....
18
Oats
...,
27
Oil burners
34
£is and fats . . . . .
8,22,23,29,30
Orders, new and unfilled, manufactures*
6,7
Ordnance..
13-15
Paint and paint materials.
Paper and products and pulp.
Parity ratio........
Passports issued....
Personal consumptio tpenditures..
1
Personal income*.
Personal outlays. .. ....
Petroleum and products
4-6,
8,11-15,19,22,23, 35, 36
Pig iron
...31,32
Plant and equipment expenditures.
2
Plastics and resin materials.
25
Population
13
Pork.
28
Poultry and eggs.......
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment and earnings......... 13-15
Profits, corporate
2,19
Public utilities.
2-4,9,19-21,25,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
24
Radiators and convectors.
34
Radio and television
.
.. 4,11,34
Railroads...
2,15,16,20,21,24,40
Railways (local) and bus
fines
23
Rayon and acetate...
39
Real estate.
...
10,17,18
Receipts, U.S. Government
,..
18
Recreation
8
Refrigerators and home freesers
34
Rent (housing)
8
Retail trade
5,7,11-15,17
Rice
..?..!..
27
Roofing and siding, asphalt
36
Rubber and products (inch plastics)
4-6,
9.13-15,23.37
Saving, personal..
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
2
17
19,20
20,21
1,8,13
28
9,11,12,30
...
19
Soybean cake and meal and 08
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures . . . . . . . 22,23,31,32
Steel scrap
,
31
Stock prices, earnings, sales, etc
20,21
Stone, day, glass products
4-6,9,13-15,19,38
Stoves and ranges.
34
Sulfuricacid....
Superphosphate.
25
Tea imports
29
carriers
24
Television and radio..
4,11,34
Textiles and products.... 4-45,9,13-15,19,22,23,38-40
TirU and inner"tubes.. .*."."I! i""i"!!.!!'. *9,*ii,12,37
Tobacco and manufactures.
... 4-7,9,11,13-15,30
Tractors.
34
Trade (retail and wholesale)
Transit lines, local
Transportation
Transportation equipment
Travel
Truck trailers.
Trucks (industrial and other).
5,11,12
23
1,2,8,13,23,24
4-7,13-15,19,40
23,24
40
34,40
Unemployment and insurance
V.S. Government bonds
U.S. Government
Utilities
13,16
16,17,20
finance
If
2-1,9,19-21,25,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and
Veterans* benefits
fruits
Wages and salaries...
Washers and dryers
Water heaters
Wheat and wheat
flour
Wholesale price Indexes..
Wholesale trade
Wood pulp
Wool and wool manufactures.......
Zinc.
34
11,12
29,30
7,8
16
...2,3,15
34
3}
27,28
«.*
- 5,7,11,13-15
A fg
9,39
33
UNITED STATES
GOVERNMENT
PUBLIC DOCUMENTS
WASHINGTON.
DEPARTMENT
D.C. 2O4O2
OFFICIAL BUSINESS
current Data on
U.S. Defense Activity
andttsmpactonthe wtional economy
The principal time series on defense activity which
influence short-term changes in the national economy are now
available in this, monthly report from the Bureau of the
Census.
Defense Indie
s includes data on the following measures of defense activity:
•Obligations
"Orders
"Shipments "Employment
•Contracts "Expenditures "Inventories "Earnings
Recommended by an interagency committee established
by the Bureau of the Budget, the new report presents data
compiled by the Department of Defense, the Bureau of Labor
Statistics, the Bureau of the Census, the Treasury Department,
and the Office of Business Economics. With the exception of a
few quarterly series, the measures are updated monthly.
The approximately 30 time series included are grouped
in accordance with the time at which the activities they measure occur in the defense order-production-delivery process.
The measures are presented graphically in three charts to
facilitate interpretation:
•Comparison of National Defense Purchases with
Total Gross National Product
• Advance Indicators of Defense Activity
•Intermediate and Final Indicators of Defense
Activity
Analytical tables provide the original and seasonally adjusted
basic data in monthly, quarterly, and annual form. Descriptions and definitions of the time series are also included.
Defense Indicators is available from the Superintendent
of Documents, Government Printing Office, Washington, D.C.,
or any Department of Commerce field office, at $ 3.50 per year.
ORDER SUBSCRIPTIONS FROM
Superintendent of Documents
Government Printing Office
Washington, D.C., 20402
or any U.S. Department of Commerce field office
C3.241:
Annual subscription, $3.50 (additional $1.00 for foreign
mailing). Enclosed is $
(send only check, money
order, or Supt. Docs, coupons). I wish to subscribe to
DEFENSE INDICATORS.
A U.S. Department of
Commerce Publication
City, State & Zip .
@FedFRASER