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SEPTEMBER 1977 /

VOLUME 57 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS

U.S. Department of Commerce
THE BUSINESS SITUATION

1

Motor Vehicle Sales

4

NIPA Errata

7

National Income and Product Tables

8

Plant and Equipment Expenditures:
1977 Programs Revised

17

Capital Expenditures by Majority-Owned Foreign
Affiliates of U.S. Companies, 1977 and 1978

23

U.S. International Transactions,
Second Quarter 1977

31

I/.S. International Transactions,
Quarterly Data, 1960-66

36

Juanita M. Kreps /

Secretary

Courtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy, Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley

Staff Contributors to This Issue: Christopher L.
Bach, Douglas R. Fox, L. A. Lupo, Edward I. Steinberg, John T. Woodward

CURRENT BUSINESS STATISTICS
General

S1-S25

Industry

S25-S40

Subject Index (Inside Back Cover)

SURVEY OF CURRENT BUSINESS. Published monthly by
the Bureau of Economic Analysis of the U.S. Department
of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
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the BUSINESS SITUATION
CHART 1

Personal Income
Billion $ (Ratio scale)
3,000

2,000

Wage and Salary
Disbursements

400
Other Income*

300
\
200

Transfer Payments

100
80
60
50
40
Farm Proprietors' Income

15 ~

10

[[ III11 ti 11
1974
1975
1976
1977
Seasonally Adjusted at Annual Rates
* Other labor income, nonfarm proprietors' income, rental income of
persons, dividends, and personal interest income, less personal
contributions for social insurance.

U.S. Department of Commerce, Bureau of Economic Analysis




7791

JL AKING August as representative
of the quarter as a whole, the increase
in personal income decelerated sharply
in the third quarter—to 8 percent
(annual rate) from 11% percent in the
second quarter. On this basis, personal
income increased about $30 billion
(annual rate), as compared with $40K
billion in the second quarter (table 1
and chart 1). If transfer payments are
deducted from personal income to arrive
at a measure that is generally called
personal income from production, the
deceleration was even larger; transfer
payments increased $5% billion in
third quarter, reflecting mainly a costof-living increase in social security
benefits. The third-quarter increase in
income from production was about
$24% billion, as compared with $41
billion in the second quarter.
The third-quarter increase in wage
and salary disbursements was less than
one-half the second-quarter increase—
$14 billion as compared with $29%
billion. The deceleration was widespread: Manufacturing increased only
$3% billion after increasing $10% billion
in the second quarter; other commodityproducing industries (mainly construction) showed little change after a $6
billion increase in the second quarter;
and the increase in the distributive
industries, at $3 billion, was one-half
of the second-quarter increase. The
only major component of wages and
salaries that increased more in the third
quarter than in the second was government and government enterprises.
Public service jobs were the major
factor in the larger increase. The income of farm proprietors was the other
major income component that accounted for the deceleration. It declined

$4 billion following a much smaller
decline in the second quarter. The
third-quarter decline was mainly due
to a substantial drop in crop prices,
especially in the prices of wheat, corn,
and soybeans.
Of course, personal income from
production cannot be taken as a proxy
for production as measured by real
GNP. In the first place, the coverage of
the two current-dollar series is not the
same. For instance, corporate profits
are included in personal income only to
the extent that they are disbursed as
dividends. The larger and much more
volatile remainder of corporate profits—
corporate profits taxes and undistributed profits—is reflected only in
GNP. In addition to definitional differences in coverage, there are statistical ones that are reflected in the
statistical discrepancy; this discrepancy
changes from quarter to quarter.
Second, personal income reflects the
Table 1.—Personal Income
[Change from preceding period; billions of dollars at
seasonally adjusted annual rates]
1977:
I1977:

II

Personal income
Less: Transfer payments
Personal income less transfer payments
Wage and salary disbursements. _.
Manufacturing
Other commodity-producing..
Distributive
Services
Government and government
enterprises
Farm proprietors' income
Other income less personal contributions for social insurance

1977:111977:
Aug.

40.4

30.0

-.5

5.6

41.0

24.4

29.6
10.5
6.0
6.0
4.7

14.2
3.4
.3
3.0
4.2

2.4

3.4

-1.0

—4.2

12.6

SUEVEY OF CUERENT BUSINESS
prices of the current period and real
GNP, the prices of the 1972 valuation
period. Accordingly, personal income
reflects inflation, but real GNP does
not. The information now available
indicates that inflation slowed significantly in the third quarter. Therefore, in the third quarter, the deceleration in personal income from
production was larger than the deceleration in real economic activity.
Employment and unemployment
Data for July and August indicate
that after two quarters of marked
improvement, labor market conditions
held steady in the third quarter, with
both the employment-population ratio
and the unemployment rate remaining
at their second-quarter levels (table 2).
Employment, as measured in the establishment survey, increased 500,000—
one-half as much as in the second
quarter. The increase was concentrated
in services, State and local government,
and trade. A small increase in manufacturing was more than fully accounted
for by increases in machinery and
electrical equipment. Employment, as
measured in the household survey, also
increased much less than in the second
quarter. The number of unemployed
persons remained about steady; an
increase in those on layoff offset de-

clines in unemployed job leavers and
labor force reentrants.
The unemployment rate for whites
continued to decline, while the rate for
blacks increased to a July-August
average of 13.9 percent, approaching
the record high of 14.2 percent reached
in the second quarter of 1975. Black
employment remained at its secondquarter level; about one-half of the
third-quarter increase in the unemployment rate for blacks is attributable to
an increase in their labor force participation rate. Chances for early improvement in the unemployment rate for
blacks are impaired because relatively
few unemployed blacks have recent
work experience and are on layoff subject to recall. Fifty-five percent of the
unemployed blacks in the third quarter
were either reentrants or new entrants
to the labor force, compared with a
corresponding figure of 41 percent for
whites; only 7 percent of the unemployed blacks were on layoff, compared
with 13 percent of the unemployed
whites.

September 1977

personal income. The larger deceleration
is traceable to personal taxes, which
increased in the third quarter after
little change in the second. Legislated
changes in Federal personal taxes more
than accounted for the acceleration.
As can be seen from the accompanying
tabulation, the largest swing was in
[Change from preceding quarter; billions of dollars]
I
Federal p ersonal taxes _ . . . . .

Impact of legislation
Estate and gift taxes
Income taxes
... . .

II

III

12.9

-1.4

2.1

5.1
5.6

-8.0
-6.0
-2.0

-3.9
0
-3.9

7.8

6.6

6.0

.

Other

estate and gift taxes. Changes in legislation had resulted in large one-time
payments in the first quarter; the
absence of these payments in the
second quarter held down payments in
that quarter. The third-quarter increase
in estate and gift taxes was in line with
past trends. In contrast, the effect of
more recent legislated changes—such
as the increase in the standard deduction, changes in sick pay provisions,
and the job credit—held down income
taxes more in the third quarter than
in the second; in particular, the reduction in withholding rates associated
with the increase in the standard

Disposition of personal income
The increase in disposable personal
income decelerated more in the third
quarter—from 13% percent (annual
rate) in the second quarter to roughly
9 percent—than did the increase in
Table 2.—Selected Labor Market Indicators
[Seasonally adjusted]
1976
III

Civilian labor force (millions)
Employment
Unemployment
Job losers
On layoff

Other job losers

Job leavers, reentrants, and new entrants

Change

1977
July

IV

Aug.

1976: III-1976: IV

95.3

95.7

96.1

97.2

97.3

97.7

0.4

87.8
7.5
1.2
2.6

88.1
7.6
3.8
1.1
2.7

89.0
7.1
3.2
.9
2.4

90.4
6.8
3.0
.8
2.2

90.6
6.7
3.1
.9
2.2

90.8
6.9
3.3
1.0
2.3

.3
.1
0
-.1
.1

3.8

3.8

3.8

3.9

3.6

3.8

0

61.8
62.1
59.3

61.8
62.2
59.6

61.8
62.2
59.6

62.3
62.6
59.6

62.2
62.4
59.6

62.3
62.6
60.3

56.2

56.1

56.5

57.1

57.1

57.1

7.8
7.1
13.1

7.9
7.2
13.4

7.4
6.7
12.8

7.0
6.3
12.8

6.9
6.1
13.2

7.1
6.1
14.5

79.7

80.1

80.9

81.9

82.4

82.4

1976: IV-1977: I

1977: 1-1977: I I

1977: 11-1977:
average of
July and Aug.

0.4

1.1

0.3

.9

1.4
-.3

.3

-.5
-.2
- . 3

-.3
-»

0
-.2
9

0

Civilian labor force participation rates (percent):
Total
White
Black and other

"_"___""""

Employment-population ratio..

.4

. 1 I

-.1
-.1
.4

.3 !

.6
- . 1 I

Employment rate (percent):
Total
White
Black and otherEmployment: establishment survey (millions).

Source: U.S. Department of Labor, Bureau of Labor Statistics.




.1
.1
.3

-.5
-.6

-.4
-.4
0

0
-.2
1.1

1.0

.5

September 1977

deduction became effective June 1, so
that its full impact was not felt until
the third quarter. The deceleration in
wages and salaries also reduced personal
tax payments in the third quarter
relative to the second; increases in
withheld taxes attributable to increasing wages and salaries are included
in the last line of the tabulation.
Information on third-quarter personal consumption expenditures (PCE)
and other personal outlays is incomplete and the information that is
available is preliminary.1 It is apparent,
however, that some of the significant
features of the second-quarter change
in PCE were not repeated. Most important, PCE on energy goods and
services had decreased in the second
quarter, after an unusually high first
quarter. In the third-quarter, these
expenditures resumed a more normal
pace. PCE on motor vehicles had shown
little change in the second quarter,
after an unusually high first quarter.
In the third quarter, these expenditures
appear to have declined. (A review of
recent developments in motor vehicle
sales appears later in the "Business
Situation.") In contrast, PCE on durables other than motor vehicles—
mainly household appliances—appears
to have continued to show a significant
increase, and the total increase in PCE
on nondurables and services (other
than energy goods and services) appears to have remained weak.
The unusually large second-quarter
increase in food prices was not repeated.
In particular, the prices of meat, fresh
fruits and vegetables, and coffee weakened at the retail level, and held down
the increase in prices of PCE. A
1. The information that sheds light on the third-quarter
GXP is limited to 1 or 2 months of the quarter, and in some
cases is preliminary. The major sources are: for inventories,
July book values for manufacturing and trade, and unit
auto inventories through August; for personal consumption
expenditures (PCE), July and August retail sales, unit sales
of autos through the first 10 days of September, and July and
August sales of trucks; for non-residential fixed investment,
the same information for autos and trucks as for PCE, July
construction put in place, July shipments of equipment, and
business investment plans for the quarter as a whole; for
residential investment, July construction put in place, and
July and August housing starts; for net exports of goods and
services, July merchandise trade; for government purchases
of goods and services, Federal unified budget outlays for
July, State and local construction put in place for July, and
State and local employment for July and August; and, for
GNP prices, the Consumer Price Index for July and the
Wholesale Price Index for July and August.




SURVEY OF CURRENT BUSINESS
corresponding weakening in food prices increase was concentrated in comat the wholesale level held down the puters; the third-quarter increase may
increase in prices of government pur- have been more diffused.
chases. A leveling out of gasoline prices
Real final sales in the second quarter
also limited the increase in prices of had included a large increase in govPCE and government purchases.
ernment purchases (even apart from
Judging from the developments in construction). This increase largely
disposable personal income and per- reflected defense purchases and price
sonal outlays that have been reviewed, support operations of the Commodity
no major change in the personal saving Credit Corporation; both of these
rate occurred. The personal saving rate elements of Federal purchases had
had increased sharply in the second shown little change in prior quarters.
quarter, from 4.1 to 5.3 percent; in that It seems likely that another large
quarter the increase in disposable per- increase in these two elements wilL
sonal income, which was unusually occur in the third quarter, and it
large, outpaced the increase in personal seems possible that further increases
outlays.
are in store. State and local purchases
in the third quarter were supported by
Other third-quarter developments
an increase in public service job payOne of the major features of the rolls; these payrolls are likely to increase
second quarter was an extraordinarily further.
large increase in construction—resiIn addition, real final sales in the
dential and nonresidential, and public third quarter appear to have been
and private. This increase reflected a supported by a decline in petroleum
makeup of the effects of the cold imports. These imports, which are a
weather, which had held down con- particularly erratic part of net exports
struction in the preceding quarter; the of goods and services, had been at the
third-quarter increase in construction extraordinarily high rate of 9.8 billion
was much more moderate. In particu- barrels a day in the second quarter.
lar, private residential construction Such abrupt changes in petroleum imincreased little, after registering a 42% ports, although they are reflected in
percent (annual rate, constant dollar) final sales, should not be interpreted
increase in the second quarter. The as resulting in corresponding changes
third-quarter increase appears to have in demand for U.S. production, because,
been confined to multif amily structures. in their effect on real GNP, they are
The rate of increase in the price of likely to be offset by changes in business
structures, both private and public, was inventory investment.
somewhat less in the third quarter than
Little is known at present about
in the second.
third-quarter inventory investment—a
The BEA plant and equipment sur- component of GNP that is volatile.
vey, which is reviewed later in this However, it seems likely that real GNP
issue, suggests that despite the upward in the third quarter increased less than
revision in plans for the third and fourth
it had in the second. Otherwise, given
quarters, real expenditures for prothe limited increase in third-quarter
ducers' durable equipment other than
personal
income, an increase in corpomotor vehicles continued to increase at
rate
profits
of an improbable magnitude
only a moderate rate. Shipments data
would
be
implied.
indicate that, in the second quarter, the

SURVEY OF CUERENT BUSINESS

Motor Vehicle Sales
SHARP changes in sales of new cars
and trucks have been a major characteristic of economic activity in recent
quarters. In the analysis that follows,
unit retail sales data—classified in
several ways—will be used to help
identify factors that affected recent
developments and may affect prospects
for the future.

in the first (chart 2). At 11.7 million
units, sales were close to the record
of over 12 million units registered in
the first two quarters of 1973. All of
the second-quarter increase was in
sales of imported cars; sales of domestically produced cars fell slightly—
from 9.4 million to 9.3 million units—
but remained at the highest level in 4
years. Imports were a record 2.4
New car sales
million units, up sharply from 1.8
Retail sales of new passenger cars million in the first quarter. The renewed
increased 0.5 million units (seasonally popularity of imports pushed their
adjusted annual rate) in the second share of total car sales to over 20
quarter of 1977, from 11.2 million units percent, almost as high as in early
1975 when the market for domestic
cars had dwindled.
CHART 2
Partial data indicate that new car
sales for the third quarter will top 11
Retail Sales of New Passenger Cars
million units (annual rate), but will be
Million units (ratio scale)
somewhat below the second quarter.
20
July sales dipped to 10.9 million units,
but August sales recovered to 11.5
Total
million. At 2.2 million in July and 2.1
million in August, imports continued
to be strong. Domestics dropped to 8.7
million in July but rebounded to 9.4
million in August. Some of the August
Domestics
sales of domestics may have reflected
consumer price consciousness; it appears
that prices of 1978 models will average
6 percent higher than of 1977 models.
The high sales rate for domestics in
Imports
the second quarter held the inventorysales rate down to 2.1, which approximates the 60-day supply targeted by
dealers. The end-of-July rate was 2.4,
but the August sales spurt trimmed the
M 1| | | I [ I I I I I [ 1 M I 1M 1I I I I
ratio to 2.1, a level that suggests that
Seasonally Adjusted at Annual Rates
Percent
an adequate supply of 1977 and 1978
25
models is on hand to maintain strong
Imports as a Percentage
of Total
sales in September.
\
20
In the past, both wheelbase length
and vehicle weight have been used to
/
•
classify unit car sales. However, it is
15
difficult to use either of these criteria
/
•
for a classification that distinguishes the
categories that are most useful for
M i l i i i i i i i i it i 1 1 II 1 1 ! 1
10
1971
72
73
74
75
76
77
market analysis—subcompact, comData: Motor Vehicle Manufacturers Association of the United States, Inc.
pact, intermediate, and fu^-sized cars—
and Wards Automotive Reports; seasonal adjustment by BEA.
because of yearly changes in manufacU.S. Department of Commerce, Bureau of Economic Analysis
779-2

A
w \

1

I 1




September 1977

turers' size and weight specifications.
Models became heavier through the
early 1970's, and then lighter as fuel
economy became a more important
factor. Wheelbase lengths also were
changed, although less frequently. Despite these changes, however, the relative sizes of the cars in the four conventional categories remained about the
same until the 1977 model year.
The 1977 model year marked the
beginning of an extensive downsizing
program, which is to continue over the
next several years. Downsizing involves
reducing exterior dimensions and weight
of car models without sacrificing interior room. In 1977, some "full-sized"
models were downsized. As a result,
they are shorter and lighter than their
"intermediate-sized" counterparts, yet
retain the room, prestige, and price
characteristics that differentiate them
from "intermediate" models. Thus, for
1977, a measure of interior volume
(passenger plus trunk space) was found
CHART 3

Market Share of New Car Sales by
Domestic Size Category and Imports
Percent
100

40 -

20 -

1971

72

73

74

75

76

77

Data: Sales by model from Motor Vehicle Manufacturers Association of the United
States. Inc. and Ward's Automotive Reports.
NOTE.—Market share is the percentage that cars in each category are of total new car
sales from January through August of each year. For 1977, domestic cars were classified by an interior volume measure devised by the Federal Energy Administration
(FEA), but with FEA's categories redefined to make them correspond to previous years'
categories based on wheelbase length. The interior volume measure was based upon
head, leg, and shoulder space in the front and rear seats and trunk space. Cars having up
to 90 cubic feet of interior space were classified as subcompacts.those 90-108 cubic
feet as compacts, those 108-121 cubic feet as intermediates, and those over 121 cubic
feet as full-sized. Before 1977, cars were classified by wheelbase length; those having
less than 100.0 inches were classified as subcompacts, those 100.0-111.9 inches as
compacts, those 112.0-118.0 inches as intermediates, and those over 118.0 inches as
full-sized.
U.S. Department of Commerce, Bureau of Ecnomic Analysis

77-9-3

September 1977

to be the most appropriate way to
classify cars. In the analysis that follows, cars were classified into the
conventional categories using the interior volume criterion for 1977 models
and wheelbase lengths for earlier year
models. The resulting classification for
1971-77 closely corresponds to that used
in the trade journals. (See the note to
chart 3 for details about the classification categories.)
Chart 3 shows the distribution of
car sales by size category for the first
8 months of each year, 1971-77. Sales
for the first 8 months of each year are
shown because using that time period
avoids the complication of overlapping
sales of two different-year models
during the fall and the need to seasonally adjust the data on car sales
by size category. As shown in the chart
the market share of domestic small
cars (subcompacts plus compacts)
began to increase from 23% percent in
1971, even before the oil embargo in
late 1973. The subsequent gasoline
shortage lent additional impetus to
this shift, increasing the small car
share to $6 percent in 1975. When
imported cars, which are nearly all
subcompacts and compacts, are included, the small car share of the market
increased from 40% percent in 1971 to
56K percent in 1975. Since then, the
domestic small car share declined to
29K percent in 1977. The share going
to imports declined from 20% percent
in 1975 to 14% percent in 1976, but
recovered to 19 percent in 1977.
Underlying the increase in imports in
the 1970's, and especially since 1975,
was the impressive growth in Japanese
small-car imports (including imports by
U.S. manufacturers). In 1971 less than
6 percent of all cars sold in the United
States were manufactured in Japan,
but by 1977 this share had more than
doubled.
The market share of intermediates
gradually increased throughout the
1970's—from 21 percent in 1971 to 28
percent in 1977. The market share of
full-sized cars moved opposite to that
of small cars, falling gradually from
38% to 33 percent before the gasoline
shortage, then precipitously to 20%
percent in 1975, before rising to 24
percent in 1977. The recent recovery




SUEVEY OF CURRENT BUSINESS
was led by the new downsized models,
which offer increased fuel economy
without sacrifice of space.
The market shares of new cars sold
classified by gasoline mileage rating for
1975-77 are shown in chart 4. In 1975,
the year after the gasoline shortage,
33 percent of all cars sold in the
United States were rated at 14 or less
miles per gallon (mpg) and another
20 percent were in the 15-17 mpg
range. Cars rated at over 20 mpg held
only 26 percent of the market; one-half
of these were German and Japanese
imports. In 1976, the 14-or-less mpg
category comprised a mere 12 percent
of the market; cars rated 15-17 mpg
cornered the single largest share of the
market—42 percent. Sales of over-20
mpg cars dipped to a 22-percent share,
although the proportion going to the
most economical (27 mpg or more)
German and Japanese makes rose to 8
percent of total car sales. In 1977, cars
rated at 14 or less mpg dropped to 1
percent of total sales, and those 15-17
mpg dropped to a 31-percent share.
Cars rated 18-20 mpg captured 40
percent of the market; the increase was
largely due to the greater fuel economy
of the downsized large cars. The share
of over-20 mpg cars picked up slightly.
Domestic cars capable of 27 mpg or
more became available for the first
time; German and Japanese cars in the
27-mpg-or-more category comprised 11
percent of all cars sold in the United
States in 1977.
Apparently, improvements in overall
gasoline mileage from 1975 to 1977 have
largely been due to the introduction of
more economical cars and not to major
shifts in consumer car preferences
among the conventional categories. The
fuel economy category with the largest
market share shifted from 14 or less
mpg in 1975 to 15-17 mpg in 1976, and
to 18-20 mpg in 1977. However, over
this period, the market share of domestic intermediates and full-sized cars
rose. The share held by over-20 mpg
cars remained stable—although with a
shift toward 27-or-more-mpg cars, most
of which are imports.
Although some preferences for the
more economical foreign cars has been
revealed, the consumers' desire for
intermediate and full-sized cars remains

CHART 4

Market Shares of New Car Sales by
Gasoline Mileage Rating
Percent

30 -

20

-

10 -

14 or
Less

15-17

18-20

21-23

Miles Per Gallon

24-26

27 or
More

Data: Motor Vehicle Manufacturers Association of the United States, Inc., Wards
Automotive Reports, U.S. Environmental Protection Agency, and Federal Energy Administration.
NOTE.—Market share is the percentage that cars in each category are of total new car
sales from January through August of each year. For imports, only those from Germany
and Japan (including imports by U.S. manufacturers), which account for approximately
80 percent of all imported cars sold in the U.S., are shown; accordingly percentage
totals are less than 100. Gasoline mileage data are from the Environmental Protection
Agency. For 1976 and 1977, the combined city and highway miles per gallon rating is
used; for 1975, a weighted average of city and highway rating is used. Small alterations in the test conditions from year-to-year do not significantly affect results. For
models for which a range of engine options is offered, the fuel economy rating of the
engine with the most commonly selected number of cylinders and the smallest cubic
inch displacement is used. Generally, this is a four-cylinder engine for subcompacts, sixcylinder for compacts, and eight-cylinder for intermediates and full-sized models wfth an
automatic transmission. Imports are largely four-cylinder and manual transmission.
U.S. Department of Commerce, Bureau of Economic Analysis

77-9-4

6
an important factor in the American
market despite higher operating costs
and unfavorable publicity. However, a
tax on large (low mpg) cars and/or a
rebate on small (high mpg) cars might
alter consumer car-size preferences.
Tighter Government emission standards and higher fuel mileage requirements will affect developments in the
motor vehicle industry. The 1977 Clean
Air Act extends the present emission
standards of 1.5 grams per mile (gpm)
hydrocarbons, 15.0 gpm carbon monoxide, and 2.0 gpm nitrogen oxides
through 1979, and thereafter imposes
more stringent standards. Under the
Energy Act of 1976, a gasoline mileage
average of 18 mpg must be met by 1978
cars, and a goal of 27.5 mpg was
established for 1985. The weight reduction and downsizing of the last 2 years
were carried out to meet the immediate
fuel mileage requirement, and the
development and production of more
economical cars in all size categories
will be necessary to meet the longer
term goal.
The next several years in the auto
industry will be ones of rapid design
change amidst uncertain economic conditions and governmental regulation.
The downsizing that began in 1977 will
continue through the rest of the
1970's. Substitution of aluminum and
plastic for iron and steel, which comprise three-quarters of the present
automobile, will reduce weight, and
interior room will be preserved by the
introduction of front-wheel drive to
eliminate the center hump and of
"run-flat" tires to eliminate spare tires.
Also, several new small-car models will
be introduced in 1978. Drastic changes
in engine design are not likely in the
immediate future, but a continued
growth in the use of the more economical diesel engine is expected if nitrogenoxide emission standards can be met.
New truck sales
Retail sales of new trucks rose to a
record 3.6 million units (seasonally
adjusted annual rate) in the first
quarter of 1977, before declining slightly
to 3.4 million in the second quarter
(chart 5). This high level of truck sales
contrasts sharply with the recession
low of only 2.0 million units in the




SURVEY OF CURRENT BUSINESS
first quarter of 1975, and is above the
previous peak of 3.3 million reached in
the first quarter of 1973.
Partial third-quarter data indicate
that new truck sales will be slightly
below the second quarter. July sales
were 3.0 million, but August sales
increased to 3.5 million units.
The postrecession recovery in truck
sales, in unit terms, has been led by the
light-duty category (up to 14,000 pound
gross vehicle weight). Second-quarter
1977 sales were 3.0 million units, up
steeply from the 1975 first-quarter low
of 1.7 million, and considerably above
the 1973 first-quarter peak of 2.8
million. The light-duty category ranges
from mini-pickups to large delivery
trucks, and includes pickups, general
utility trucks, recreational vehicles, and
vans. Many of these are purchased for
personal use. The increase in light-duty
truck sales has been particularly strong
in the 6,000-10,000 pound category,
which accounted for over 50 percent of
all trucks sold during the first 8 months
of 1977. The greatest strength was in
conventional pickup trucks (up nearly
100 percent since 1975) and vans (up
nearly 200 percent). Sales of these
vehicles were bolstered because many
consumers buy them as substitutes for
cars; manufacturers have added a
variety of comfort and styling options
to meet this demand. Sales of recreational vehicles—truck campers and
motor homes—reflected in part the
cyclical recovery in personal income and
less concern than at the height of the
gasoline shortage about the low gasoline
mileage obtained by these vehicles.
Truck imports, like car imports, are
almost all in the smallest size class—
for example, Japanese mini-pickups are
under 4,000 pounds. Import penetration has not occurred to as large an
extent as in the auto market. Thus far
in 1977, imported trucks (including
U.S. manufacturers' imports from
Japan) have captured 9 percent of the
U.S. market. This is a gain of 2 percentage points over 1976, but is below
the record 10K percent share in 1975.
Sales of medium-duty trucks (14,00126,000 pounds) remain depressed at
1975 recession levels. Second-quarter
1977 sales reached only 175,000 units,
well below the first-quarter 1973 peak

September 1977

of 268,000 units. This size class consists mainly of buses and large parcel
delivery trucks. Each of the three
weight subclasses of trucks within
this category is depressed.
Sales of heavy-duty trucks (over
26,000 pounds) have doubled, from a
low of 97,000 units in the fourth
quarter of 1975 to 178,000 units in the
second quarter of 1977, but remain
below the nearly 200,000-unit levels of
1973 and early 1974. This size class—
dominated by large single-unit trucks
and diesel tractors designed to pull
trailers—typically lags behind the general business cycle.
The outlook for light-duty truck
sales remains favorable; the substitution of pickups and vans for cars is
expected to continue. Further, manufacturers are developing vehicles that
combine truck power and versatility
CHART 5

Retail Sales of New Trucks
Million units (ratio scale)

2 Light-Duty

Medium-Duty

.08

I I 11I 111111I 1I 1111) 11 111 11 I
1971
72
73
74
75
76
77
Seasonally Adjusted at Annual Rates
Data: Motor Vehicle Manufacturers Association of the United States, Inc.; seasonal adjustment by BEA.
NOTE.—Retail sales of new trucks, including imports of U.S. manufacturers, are classified by gross vehicle weight as follows: light-duty—up to 14,000 pounds; mediumduty—14,001 to 26,000 pounds; heavy-duty—over 26,000 pounds. Gross vehicle
weight (GVW) is the manufacturers' rating that includes cargo weight, the weight of the
truck chassis, and the weight of the body mounted on the chassis.

U.S. Department of Commerce, Bureau of Economic Analysis

77-9 5

SUEVEY OF CURRENT BUSINESS

September 1977

and car styling and comfort, a combination that could expand substitution
purchases. Downsizing of some truck
models is also planned, and an increased use of diesel engines in lightduty trucks to improve fuel economy
can be expected.
The outlook for medium- and heavy-




duty truck sales is less certain, despite
the recent recovery in the latter. Truck
prices have increased substantially over
the last few years, partly due to the
installation of expensive braking equipment. The installation of "silencing
packages" to meet exterior noise regulations—effective next year, with strict-

er standards to follow by 1982—will
probably increase prices further. Moreover, the underutilization of many
trucks during the 1975 recession, which
prolonged their useful life, and the
increased use of "glider kits" to rebuild
used trucks continue to contribute to
slack demand for new heavy trucks.

Errata
Corrections are shown here for certain items in the National Income and
Product tables published in the July 1977 SURVEY OF CURRENT BUSINESS. Additional corrections were published in the August 1977 SURVEY.
Table

Line or Column

Period

Published

Correct
-0. 6

1.19

12

1974

0.6

6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3

4
5
13
15
18
19
21
22
23
24
32
33
34
35
40
42
43

1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973

43, 836
3,167
107, 094
1,773
10, 881
14, 872
8,509
8,806
2,368
176, 446
13, 806
23, 089
8, 000
5,025
2, 799
594
1,492

43, 835
3, 168
107, 183
1,775
10, 910
14, 873
8,535
8,839
2,366
176, 357
13, 835
23, 095
8,029
4,872
2, 771
412
1,702

3. 6

10. 3

9

1973-IV

SUEVEY OF CUKEENT BUSINESS

8

September 1977

NATIONAL INCOME AND PRODUCT TABLES
1976
1975

1977

III

1976

IV

I

1976

II*

1975

II

1976

Seasonally adjusted at annual rates

1977

II*

IV

III

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product

,528.8 1,706.5 1,651.2 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,202.1 1,274.7 1,256.0 1,271.5 1,283.7

Personal consumption expenditures..

Durable goods
Nondurable goods.
Services
Gross private domestic investment-

,287.4

,311.0

1,330.7

815.5

822.7

839.8

850.4

854.1

125.4
316.1
365.6

126.7
319.3
369.6

127.1
321.5
374.0

130.7
329.4
379.7

136.9
329.7
383.8

137.9
330.0
386.3

173.0

168.1

175.2

179.4

169.2

186.7

197.2

980.4 1,094.0 1,056.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0

775.1

821.3

807.2

132.9
409.3
438.2

158.9
442.7
492.3

153.3
430.4
472.4

156.7
437.1
484.6

159.3
444.7
498.2

166.3
458.8
513.9

177.0
466.6
528.8

178.6
474.4
541.1

112.7
307.6
354.8

127.5
321.6
372.2

189.1

243.3

231.3

244.4

254.3

243.4

271.8

294.9

141.6

200.6

230.0

216.8

226.1

232.8

244.3

258.0

273.2

151.5

164.5

158.4

163.1

165.6

171.0

177.0

184.0

Nonresidential
.
Structures
Producers' durable equipment..

149.1
52.9
96.3

161.9
55.8
106.1

155.4
54.7
100.8

159.8
55.8
104.0

164.9
56.0
109.0

167.6
57.0
110.6

177.0
57.9
119.2

182.4
61.0
121.4

112.7
36.3
76.5

116.8
37.1
79.7

113.7
36.8
76.8

115.9
37.1
78.9

118.5
37.1
81.4

119.0
37.3
81.7

124.3
37.0
87.3

126.4
38.2
88.1

Residential
Nonfarm structures
Farm structures
Producers' durable equipment..

51.5
49.5
.9
1.1

68.0
65.7
1.0
1.3

61.4
58.9
1.2
1.2

66.3
64.1
1.0
1.2

67.8
65.7
.9
1.3

76.7
74.3
1.1
1.3

81.0
78.5
1.1
1.4

90.8
88.2
1.2
1.4

38.8
37.1
.7
.9

47.7
46.0
.7
1.0

44.8
42.9
.9
1.0

47.1
45.4
.7
1.0

47.1
45.4
.6
1.0

52.0
50.2

52.7
50.9
.7
1.1

57.6
55.7
.8
1.1

-11.5
-15.1
3.6

13.3
14.9
-1.6

14.5
15.9
-1.4

18.3
20.4
-2.2

21.5
22.0
-.5

-.9
1.4
-2.3

13.8
14.1
-.3

21.7
22.4
-.7

-9.9
-11.2
1.2

8.5
10.1
-1.6

9.7
11.1
-1.4

12.1
14.3
-2.1

13.8
14.4
-.6

-1.8
.7
-2.5

9.7
9.9
o

13.2
13.6
-.5

20.4

Fixed investment

Change in business inventories.
Nonfarm
Farm
Net export of goods and services.

Exports.
Imports.
Government purchases of goods and services..
Federal
National defense..
Nondefense
State and local

7.8

10.2

10.2

7.9

3.0

-8.2

-9.7

22.5

16.0

16.8

16.4

17.0

13.8

10.6

9.4

147.3
126.9

162.9
155.1

153.9
143.7

160.6
150.4

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

89.9
67.4

95.8
79.8

93.1
76.3

95.2
78.9

97.9
80.9

96.9
83.1

96.9
86.3

98.5
89.1

338.9

361.4

353.6

358.9

363.0

370.0

374.9

390.6

263.0

264.4

263.9

264.5

264.6

264.6

263.3

270.0

123.3
83.9
39.4
215.6

130.1
86.8
43.3
231.2

127.6
86.3
41.3
225.9

128.5
86.0
42.5
230.4

130.2
86.4
43.8
232.7

134.2
88.4
45.8
235.8

136.3
89.7
46.7
238.5

143.6
93.4
50.2
247.0

96.7

96.5

96.4

96.1

96.7

97.1

97.0

101.1

166.3

167. S

167.5

168.4

168. 0

167. 5

166.4

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, l.J
Gross national product

__

Final sales
__
Change in business inventories _

_

1,528.8 1,706.5 1,651.2 1,691.9 1,727.3 1,755. 4 1,810.8 1,869.9 1,202.1 1,274.7 1,256.0 1,271.5 1,283.7 1,287.4 1,311.0

1,330.7

1,540.3 1,693.1 1,636. 7 1,673.7 1,705.8 1,756.3 1,797. 0 1,848. 2 1, 212. 0 1, 266. 2 1, 246. 3 1, 259. 4 1, 269. 8 1, 289. 2 1,301.2
9.7
13.8
-1.8
12.1
8.5
-9.9
9.7
-.9
13.8
21.7
-11.5
14.5
18.3
21.5
13.3

1,317.5
13.2

Final sales
Change in business inventories

686.2
697.7
-11.5

764.2
750 9
13.3

744.6
730.0
14.5

761.7
743.4
18.3

776.0
754.5
21.5

774.7
775.6
-.9

805.9
792.1
13.8

827.1
805.4
21.7

538.8
548.7
-9.9

580.1
571.6
8.5

571.8
562.1
9.7

579.8
567.6
12.1

586.9
573.0
13.8

581.9
583.7
-1.8

602.4
592.7
9.7

608.5
595.3
13.2

Durable goods .
Final sales...
_
Change in business inventories

258.2
267.5
-9.2

303.4
299.3
4.1

285.6
287.6
-2.0

301.9
294.9
7.0

313.4
302.7
10.7

312.6
312.0
.6

334.4
326.6
7.8

341.0
329.5
11.5

212.0
219.2
-7.2

235.2
232.4
2.8

227.0
228.1
-1.2

235.9
230.9
5.0

240.8
233.5
7.2

237.0
237.0
.1

252.3
246.7
5.6

254.7
247.4
7.3

Nondurable goods. _
Final sales
Change in business inventories

428.0
430.2
-2.2

460.9
451.6
9.3

459.0
442.4
16.6

459.7
448.5
11.2

462.6
451.8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9
10.2

326.8
329.5
-2.7

344.9
339.3
5.7

344.9
334.0
10.8

343.9
336.8
7.1

346.1
339. 5
6.6

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

699.2
143.5

782.0
160.2

751.6
155.0

770.8
159.4

791.8
159.6

813.8
166.9

833.7
171.2

855.3
187.5

560.7
102.7

584.7
109.9

575.4
108.7

581.7
110.1

587.9
108.8

593.6
111.9

597.1
111.5

602.9
119.3

1,528. 8 1,706.5 1,651.2 1,691.9 1.727.3 1,755.4 1,810.8 1,869.9

,202.1 1,274.7 1,256.0 1,271.5 1,283.7 1,287. 4 1,311.0

1,330.7

1,518.3 1,692.1 1,637.0 1,678.4 1,712.0 1,740.9 1.793.2 1,851.4

, 197.3 1,268.0 1,249.2 1,265.1 1,276.7 1,280.9

Goods

Services
Structures

_ .

_. _

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product.
Gross domestic product
Business
Nonfarm
Nonfarm less housing.
Housing
Farm
Statistical d i s c r e p a n c y . .
Residual 1
Households and institutions..
Government
Federal
State and local..
Rest of the world.

1,303.3 1,322.8

1,289.6 1,444.3 1,395. 8 1,433.3 1, 463. 0 1,485. 2 1.532.3 1, 586. 4 1,013. 7 1, 082. 0 1,064. 2 , 079. 3 1,090. 5 1, 093. 9
974.3 1, 043. 8 1, 026. 4 1, 042. 5 1,051.2 1, 054. 8
1, 234. 6 1,390.9 1,343.1 1,378. 0 1.409.4 1,433. 4 1,478.0 1, 536. 7
870.5 934.9
944.7
934.0
941.6
919.3
1,115.1 1, 258. 7 1, 215. 6 1, 247. 0 1, 275. 4 1, 296. 8 1,337. 4 1,392.7
103.7
144.1
110.2
140.6
134.0
108.5
109.6
107.1
108.8
136.5
119.5
132.3
127.5
130.9
33.8
50.8
34.1
45.6
51.0
32.3
32.2
33.3
33.0
46.4
49.2
47.9
48.6
50.9
8.0
3.3
—1.
2
5.3
5.9
5.5
4.2
4.5
4.9
7.0
4.5
4.5
5.2
5.6

1,116.2
1, 077. 8
966.7
111.1
35.1

1,134. 9
1,099. 8
987.8
112.1
34.9

3.4

.2

50.4

56.2

54.4

55.5

56.4

58.3

60.4

62.0

38.9

40.2

40.1

40.3

40.0

40.6

40.6

41.2

178.2
59.0
119.2

191.6
62.4
129.2

186.8
61.4
125.4

189.6
61.6
128.1

192.6
61.8
130.7

197.5
64.7
132.8

200.5
65.4
135.1

203.1
65.5
137.6

144.6
48.5
96.1

145.8
48.4
97.3

144.9
48.3
96.6

145.5
48.3
97.2

146.2
48.5
97.7

146.4
48.6
97.8

146.5
48.6
97.9

146.7
48.6
98.1

10.5

14.4

14.2

13.5

15.3

14.4

17.6

18.4

4.9

6.7

6.4

7.0

6.5

7.7

7.9

*See footnote on page 9.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-7If.:
Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Office or the Superintendent of




Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,

respectively (except for seasonally unadjusted quarterly estimates,
which are in the September 1976 and August 1977 issues).

SURVEY OF CURRENT BUSINESS

September 1977

1976
1975

1976

I

II

1977
III

I

IV

1976

II*

1975

1976

Seasonally adjusted at annual rates

,528.8 1,706.5 1,651.2 1,691.9 1,727.3 1,755.4 ,810.8 1,869.9

179.0

173.!

177.0

130.9

142.0

137.5

140.1

Plus: Subsidies less current
surplus of government enterpri ses
Equals: National income
Less: Corporate profits with
inventory valuation
and capital consumption adjustments
Net interest
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government transfer
payments to persons. _
Personal interest income
Net interest
Interest paid by government t o persons
and business
Less: Interest received
by government
Interest paid by consumers to business..
Dividends
Business transfer pay>
ments
Equals: Personal income

180.9

184.5

189.0

193.3

149.0

151.2

-31.7 -37.1 -36.3 -36.9 -37.4 -37.8 -40.0 -42.1

Equals: Net national product.. 1,366. 3 1, 527.4 I All A 1,514
Less: Indirect business tax
and nontax liability...
Business transfer payments
Statistical discrepancy_.

,546.5 1,570.9 ,621.8 1,676.6

150.5

145.5

149.1

7.0
5.9

8.1
5.5

7.8
4.2

8.0
4. 5

1.0

.5

2.3

155.5

160.1

163.3

8.0

8.4
5.3

8.7
3.3

8.9
-1.2

1.1

.5

.5

.1

129.2
86.5

125.4
95.3

128.1
88.4

126.5
85.0

110.1

123.8

120.3

122.8

124.7

127.5

135.0

138.0

0

0

0

0

0

0

0

0

169.8
115.6
79.1

184.7
130.3
88.4

182.
125.0
85.0

180.8
127.5
86.5

132.3
90.1

189.5
136.4
92.0

194.8
140.3
95.3

194.0
145.4
98.9

133.5
90.1

123.1
92.0

140. 2
98.9

33.3

39.3

37.8

39.0

39.8

40.6

41.2

42.3

19.7

22.4

21.6

22.3

23.1

22.6

23.

24.7

22.9
32.4

25.0
35.8

23.8
33.6

24.4
35.0

25.5
36.0

26.3
38.4

27.5
38.5

28.9
40.3

7.0

8.1

7.8

8.0

8.4

8.

8.9

1,253.4 1,382.7 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517.2

1,202.1 1,274.7 1,256.0 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

122.2

126.0

125.0

125.6

126.3

127.0

128.0

129.2

Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises

118.9

126.1

123.4

124.9

126.9

129.2

131.1

131.9

5.6

5.2

4.5

4.5

7.0

4.9

3.4

.2

955.3 1,017.4 1,003.1 1,016. 5 1 023.5 1,026. 3 1, 048.4 1,069.4

•Second quarter corporate profits and related totals are revised from those shown last
month.

245-003 O - 77 - 2




Rest of the world
National income..

B usiness
Nonfarm
Farm
Households and institutions Government
Rest of the world.

10.5

14.4

14.2

13.5

15.3

14.4

17.6

18.4

217. 0 1,364.1 1,321.0 1,353.911,379.

,402.1 1,450.2 1,505.7

1,206.4 1,349. 8 1;,306.8 1,340. 4 1L, 364.

,387.6 1,432.6 1,487.3

977.8 1,102. 0 1,065. 6| 1,095. 2 1,115. 3 1,131. 8 1,171. 7 1, 222. 2
942.3 1,069. 2 1,032.1 1,059. 5 1,084.8 1,100. 5 1,135.1 1,187. 2
31.4
36.6
35.0
35.5
32.7 33.5 35.7
30.5
60.4
58.3
50.4
56.2 54.4 55.5
56.4
62.0
178.2 191.6 186.8 189.6192.6 197.5 200.5 203.1
10.5

14.4

14.2

13.5

15.3

14.4

17.6

18.4

Billions of 1972 dollars

Net domestic product
Business
Nonfarm
Farm
Residual *
Households and institutions
Government
Rest of the world
National income

201.5

Equals: National income

Business
1,127.1 1,265.3 1,222. o]l, 256. 2 1,282. 2 1,300. 7 1,343. 3 1., 393.1
Nonfarm
:. 0-1,225. 0 1,182.1 1,213.9 1,241.8 1,262. 4 1,302. 9 1., 357. 7
32.9
36.6
Farm
37.2
37.9
32.4
37.1
35.8
34.8
5.3
Statistical discrepancy
5.9
4.2
4.5
8.0
5.5
3.3 - 1 . 2
62.0
50.4
54.4
58.3
Households and institutions56.2
55.5
56.4
60.4
Government
178.2 191.6 186.8 189.6 192.6 197.5 200.5 203.1

Net national product99.3
79.1

Equals: Net national product,. 1,079.9 1,148.7:1,131.0 1,145.9 1,157.4 1,160.4 1,182. 9 1,L,

Residual

366.3 1,527.411,477.4 1,514. 9 1,546.5 1,570. 9 1,621.8 1[, 676.6
, 355.7 1,513.1 1,463.2|l, 501.4 1,531.2 1,556.5 1,604.2 IL,658. 2

1,217.0 1,364.1 1,321.0 1,353.9 1,379.6 1,402.1 1,450.2 1,505.7

[Billions of 1972 dollars]

Less: Capital
consumption
allowances with capital consumption adjustment

Net national product

Domestic income
138.7

Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)

Gross national product

Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)

Net domestic product
162.5

IV

Billions of dollars

Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1.9)

Less: Capital consumption
allowances with
capital consumption adjustment
Capital consumption
allowances without
capital consumption adjustment
Less: Capital consumption adjustment

III

Seasonally adjusted at annual rates

Billions of current dollars

Gross national produ ct

II

1977

Domestic income
B usiness
Nonfarm
Farm
Households and institutions
Government
Rest of the world.

1,079.9 1,148.7 1,131.0 1,145. 9 1L,157.4 1,160.4 1,182.9 1,201.5
1,075.0 1,142. 0 1,124.21,139. 5 11,150.4 1,153.9 1,,175.2 1,193.6
891.4 956.0
860.8! 927.0
25.01 23.8
5.6
5.2
38.9
40.
144. 6| 145.8
4.9

6.7

939.2'
910. 6
24.2
4.5
40.1
144.9

953.7
926.0
23.1
4.5
40.3
145.5

964.2
934.2
23.0
7.0
40.0
146.2

966.9
937.2
24.8
4.9
40.
146.4

6.8

6.4

7.0

6.5

988.2 1,005. 7
959.2 980. 2
25.4
25.6
.2
3.4
41.2
40.6
146.5 146.7
7. 7

7.9

955.3 1,017. 4 1,003.11,016.5 1,023.5 1 026.3 1,048.4 1,069.4
950.4 1,010.7

996.3 1,010.1 1,016.5 1,019.8 1, 040.7 1,061.5

766. 9 824. 7
740. 6 799. 2
25. 5
26. 3
38.9, 40.2
0.
144. 6' 145.8

811.31 824.3
785. 5| 799.3
25.0
25.8
40.1; 40.3
144.9' 145.5

4.9

6.7

6.8

5.4

830.3
805.
24.5
40.0
146.4

832.8
806.3
26.5
40.6
146.4

853.7
826.4
27.3
40.6
146.5

873.6
846.7
26.9
41.2
146.7

7.0

6.5

7.7

7.9

1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.—Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1 Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic businss product.
NOTE —Table 2: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of
product sold by the establshment holding the inventory; for construction, durable; and for
other industries, nondurable.
.
Table 3: The industry classification within the business sector is on an establishment basis
and is based on the 1972 Standard Industrial Classification.

SUKVEY OF CURRENT BUSINESS

10

1976
1975

II

1976

September 1977

1977
III

1976

IV

1975

1976

Seasonally adjusted at annual rates

Proprietors' income with inventory valuation and capital consumption adjustments.

Farm..
Proprietors' income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
_
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adjustments
Inventory valuation adjustment
Capital consumption adjustment
Rental income of persons with
capital consumption adjustment

Rental income of persons
Capital consumption adjustment
Corporate profits with inventory valuation and capital
consumption adjustments

930. 3 1, 036.3 999.•.61 ,024. 9 1 ,046.51 ,074. 2 1 ,109.9 1,144.7
805.7

891.8

861.5

882.4

900.2

923.2

951.3

980. 9

175.4
630.3

187.2
704.6

182.7
678.8

185.4
697.0

188.2
712.0

192.5
730.7

194.8
756.4

197.2
783.6

124.6

144.5

138.1

142.5

146.3

150.9

158.6

163.8

59.8
64.

68.6
75.9

66.4
71.7

68.0
74.5

69.1
77.3

70.
80.0

75.4
83.2

77.1
86.7

86.0

88.0

86.9

90.4

86.2

88.7

95.1

97.0

23.2

18.6

20.0

21.6

16.2

16.6

20.7

19.7

26.8

22.8

24.1

25.8

20.3

20.8

-3.6
62.8

-4.2
69.4

-4.2
66.9

-4.2
68.8

-4.2
70.0

-4.2
72.0

24.2
-4.2
74.3

-4.5
77.3

63.4

70.4

67.6

70.1

70.7

73.2

76.1

78.9

-1.2

-1.3

-1.0

-1.5

-1.1

-1.7

-2.0

-1.7

.3

.2

.4

.5

.3

23.0

22.9

23.3

24.1

24.5

24.9

38.9

39.4

40.3

41.5

42.9

44.6

22.3
36.8

23.3
40.0

- 1 4 . 5 -16.7 -15.9 -16.4 -16.9 - 1 7 . 3 -18.4
99.3

79.1

128.1

126.5

129.2

133.5

49.1
16.7

123.1

125.4

Capital consumption allowances with capital consumption adjustment

115.3 129.5
151.6 163.3
69.7
64.4
93.6
87.2
36.5
34.5
57.1
52.7
-20.6 -17.8
- 1 5 . 6 -15.9

11.6

11.4

11.2

11.3

11.5

11.7

12.2

12.7

44.0

51.0

48.6

50.3

52.0

52.9

54.0

55.1

97.3 107.0 104.0 105.6 108.0 110.2 112.5

114.2

Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies

778.0 884.0 854.4 877.9 896.7 907.0 936.8

980.7

98.8 100.0 102.5 105.3

107.5

Domestic income. _
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment

685.8 784.6 758.3 779.1 796.6 804.5 831.6
576.6 650.3 626.1 643.3 657.3 674.4 700.6
492.7 552.6 532.8 546.9 558.2 572.3 593.1

873.3
727.4
615.7

92.1

83.9

99.4

97.7

96.1

93.3

96.4

99.1 102.0 107.5

111.7

78.3 101.9 100.2 103.6 106.8 97.1 96.3 109.8
102.3 130.6 127.0 133.5 133.0 128.7 132.4 143.4
57.7
40.8 53.7 52.1 55.1 54.8 52.7 52.8
61.6 76.9 74.9 78.4 78.2 76.0 79.5 85.7
37.2
29.0 32.4 28.3 32.1 33.2 36.0 35.2
32.5 44.5 46.5 46.3 45.0 40.0 44.3 48.5
- 1 2 . 0 - 1 4 . 1 - 1 2 . 4 - 1 5 . 5 -11.7 - 1 6 . 9 _20.6 - 1 7 . 8
- 1 2 . 0 - 1 4 . 5 - 1 4 . 3 - 1 4 . 4 - 1 4 . 5 - 1 4 . 7 -15.5 - 1 5 . 8
30.9

32.4

31.9

32.2

32.6

33.0

34.6

36.1

Billions of 1972 dollars
142.7
156.
64.
92.1
35.8
56.4

141.1
153.5
63.1
90.4
33.6
56.8

143.7
159.2
66.1
93.1
35.0
58.1

148.2
159.9
65.9
94.0
36.0
58.0

137.9
154.8
63.9
90.9
38.4
52.5

141.0
161.
64.4
97.2
38.5
58.8

156.2
174.0
69.7
104.3
40.3
64.1

- 1 4 . 1 - 1 2 . 4 - 1 5 . 5 -11.7 -16.9 -20.6 - 1 7 . 8
- 1 4 . 7 -14.
88.4

85.0

- 1 4 . 6 -14.7 -14.8 -15.6 -15.9
86.5

90.1

92.0

63.3
27.6

63.4
29.8

63.1
28.0

67.6
31.6

59.2
20.8

Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies—
Domestic income

678.9 731.0 719.4 731.3 736.6 736.5 753.3
72.9 74.9 74.5 74.7 75.0 75.3 75.8
606.0 656.1 644.9 656.6 661.6 661.3 677.5

76.5
695.2

78.3 82.9 81.3 82.3 83.1 84.7 86.0
527.7 573.2 563.6 574.2 578.5 576.6 591.5

86.2
609.0

Dollars

61.0
22.5

70.6
30.3

919.2 1,041.9 1,007.0 1,033.9 1,056.6 1,070.1 1,103.3 1,150.0

111.8

110.4

112.9

115.2

117.6

Net domestic product
Indirect business tax and
nontax liability plus business transfer payments less
subsidies

817.5

930.1 • 898.3 923.4

943.7

954.9

985.7 1

99.9

108.3

104.7

107.7

109.2

111.9

115.0

117.4

Domestic income
Compensation of employees
Wages and salaries
Supplements to wages
and salaries

717.6

821.8

793.7

815.8

834.6

843.0

870.7

913.2

612.9
523.0

690.4
585.9

664.6
564.8

683.0
579.9

698.0
592.1

715.9
606.9

770.9
651.8

89.8

104.5

99.8

103.1

105.9

109.0

743.1
628.4
114.8

108.7

Gross domestic product of nonfinancial corporate business

95.3

101.7




II*

140.2

Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Gross domestic product
of corporate business..,

I

Gross domestic product of nonfinancial corporate business... 875.2 991.0 958.4 983.6 1,004.7 1,017.2 1,049.3 1,094.9

Net interest

Addenda:

Corporate profits with inventory valuation and capital
consumption adjustments:
Profits after tax.
Undistributed profits

Net interest

Capital consumption allowances with
capital consumption adjustment

Corporate profits with inventory valuation adjustment and without capital
consumption adjustment.. 111.5
123.5
Profits before tax
50.2
Profits tax liability
73.4
Profits after tax.
32.4
Dividends
Undistributed profits.. 41.0
Inventory valuation adjustment
-12.0
Capital consumption adjustment
-12.2
Net interest

Corporate profits with inventory
valuation and capital consumption adjustments
93.1 119 9 117.8 121.5 125.1 115.4
Profits before tax
117.4 148.7 144.9 151.6 151.4 147.1
Profits tax liability
50.2 64.7 63.1 66.1 65.9 63.9
Profits after tax
67.2 84.0 81.8 85.5 85.5 83.2
Dividends
29.4 31.8 27.8 31.4 32.4 35.5
Undistributed profits
37.9 52.2 54.0 54.1 53.1 47.7
Inventory valuation adjustment. - 1 2 . 0 - 1 4 . 1 - 1 2 . 4 - 1 5 . 5 - 1 1 . 7 - 1 6 . 9
Capital consumption adjustment
- 1 2 . 2 -14.7 - 1 4 . 6 - 1 4 . 6 - 1 4 . 7 - 1 4 . 8
Gross domestic product of financial corporate business *

.6

IV

Table 8.—Gross Domestic Product of Corporate Business—Con.

1,217. 01 , 364.1 1,321.01,353.91 ,379. 61,402.11,450.21,505.7

Wages and salaries
Government and government enterprises _.
Other
Supplements to wages and
salaries
Employer contributions
for social insurance
0ther labor income

III

Billions of dollars

Table 7.—National Income by Type of Income (1.13)

Compensation of employees. _.

II

Seasonally adjusted at annual rates

Billions of dollars

National income

I

1977

119.1

Current-dollar cost and profit
per unit of constant-dollar
gross
domestic product 2

Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital consumption adjustments
Profits tax liability
Profits after tax with inventory valuation and capital consumption adjustments
Net interest

1.289 1.356 1.332 1.345 1.364 1.381 1.393

1.419

.143
.145 .144 .147 .150 .149
1.146 1.209 1.188 1.201 1.217 1.231 1.244

.148
1.271

.140

.139

1.010 1.073 1.054 1.065 1.081 1.092 1.104
.916 .930
.849 . 890 .870

1.132
.943

.136

.136

.135

.136

.139

.115
.060

.139
.073

.139
.072

.142

.145
.074

.072

.128
.070

.142
.075

.055
.045

. 066
.044|

.067
.044

.066
.044

.071
.044

.060
.045

.058
.046

.068
.047

1 Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfinancial corporate business witn
the decimal point shifted two places to the left.

SURVEY OF CURRENT BUSINESS

September 1977

1977

1976
1975

II

1976

11

III

1976

IV

1975

III

1976

Seasonally adjusted at annual rates

Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
New purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services

46.2

62.9

61.1

63.5

47.5

61.8
55.0

59.5
52.7

61.6
54.5

39.2

38.9

39.5

15.8

13.8

15.0

8.8
15.7

9.0
15.1

8.9
15.6

-7.0
-2.6
6.4
8.9

-6.2
-2.8
6.1
8.9

-6.7
-2.5
6.5
9.1

.6

.6

.6

40.7
30.0
10.7
7.9
12.9
-5.0
-1.6
5.5
7.1

Change in business inventories of new and used
autos
New
Used

-1.4
-1.8
.4

1.0
1.0
0

1.6
1.2
.5

1.9
1.8
.1

Addenda:
Domestic
output
of new
autos i
Sales of imported new autos 2 _ .

37.2
10.5

50.5
11.5

50.1
10.3

51.0
11.6

II

Billions of dollars

Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Auto output.

IV

Seasonally adjusted at annual rates

Billions of dollars

Final sales

1977

60.9

73.2
73.3
65.1

Table 10.—Personal Income and Its Disposition (2.1)
Personal income.
Wage and salary disbursements
Commodity-producing industries 5
Manufacturing
Distributive industries 4 . . .
Service industries 5
Government and government enterprises

59.4
16.9

,382.7 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8

1,517.2

805.7

891.8

861.5

882.4

900.2

923.2

951.3

980.9

275.0
211.0
195.4
159.9

308.5
238.2
217.1
179.0

298.6
230.
208.2
172.0

306.7
236.7
213.7
176.6

310.8
240.2
220.2
180.9

317.7
245.1
226.4
186.7

329.0
255.4
234.5
193.0

345.4
265.9
240.5
197.7

175.4

187.2

182.7

185.4

188.2

192.5

194.8

197.2

Other labor income

64.9

75.9

71.7

74.5

77.3

80.0

83.2

86.7

Proprietors' income with inventory
valuation
and
capital consumption adj ustments

86.0

88.0

86.9

90.4

86.2

88.7

95.1

97.0

23.2
62.8

18.6
69.4

20.0
66.9

21.6
68.8

16.2
70.0

16.6
72.0

20.7
74.3

19.7
77.3

Farm
Nonfarm.

48.2
11.6

,253.4

Rental income of persons
with capital consumption
adjustment

22.3

23.3

23.0

22.9

23.3

24.1

24.5

24.9

Dividends....

32.4

35.8

33.6

35.0

36.0

38.4

38.5

40.3

Personal interest income

115.6

130.3

125.0

127.5

132.3

136.4

140.3

145.4

Transfer payments

176.8

192.8

190.3

188.7

194.3

198.0

203.5

203.0

81.4

92.9

89.3

95.8

17.4
14.5

15.7
14.4

17.5
15.9

15.0
14.4

15.1
13.6

15.0
13.9

15.1
14.3

12.3
13.7

22.6

25.7

24.5

25.7

26.4

27.1

28.4

9.2
31.7

9.9
34.3

9.8
34.6

9.9
34.5

10.0
33.8

10.0
34.3

10.0
37.0

10.2
36.6

Less: Personal contributions for social insurance-

50.4

55.2

53.9

54.8

55.6

56.6

59.6

60.8

Less : Personal tax and nontax
payments

169.0

196.9

184.8

192.6

200.6

209.5

224.4

221.8

Billions of 1972 dollars
Auto output.
Final s a l e s . .
Personal consumption expenditures
New autos
N e t purchases of used
autos...
Producers' durable equipment.
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services.
Change in business inventories of new and used
autos
New
Used
Addenda:
Domestic output
of new
autos l
Sales of imported new autos 2 _.

39.8

50.1

49 9

51.1

48. 2

51.2

56.8

56.4

40.9

49 4

48 9

49.8

48. 6

50.3

55.8

56.1

33.6
26.0

41. 6
32. 1

41 3
32. 3

41.8
32.6

40. 9
30. 9

42.5
32.7

46.5
36.3

46.6
37.1

7.5

9. 5

9.1

9.2

10.0

9.8

10.2

7.4
11.2

8. 3
12. 9

8 2
12 6

8.5
12.9

8. 1
12. 7

8.3
13.3

14.9

10.0
15.3

-3.8
-.5
4.7

-4. 6
-1. 0
5. 2
6 0

-4.4
-1.1
5.1
6 9

-4.4
-1.0
5.4
6 4

-4.6
-.9
5.3
6 ?

-5.0
-1.0
5.1
6.1

-5.3
-1.0
5.6
6.6

-5.3
-1.1
5.7
6.8

5

5

.5

5

.5

.6

.5

Equals: Disposable personal
1,084.4
income
-1.1
-1.4
.3

32.3
9.1

7
7
0

41.3
9.4

1 0
7
3

41 7
8 5

1.3
1.2
.1

42.1
9.5

-• 1
4

39 4
9 5

.9
.8
.1

42.1
10.1

1.1
1.2
-.1

47.8
11.1

.3
-.1
.3

46.6
13.3

1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
3. Consists of agriculture, forestry, and fisheries; mining; contract construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.
5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and is based on the 1972 Standard Industrial
Classification.




Old-age, survivors, disability, and health insurance benefits
Government
unemployment insurance benefits.
Veterans benefits
Government
employees
retirement benefits
Aid to families w i t h dependent children
Other

Less: Personal outlays
Personal consumption expenditures
Interest paid by consumers
to business
Personal transfer payments
to foreigners (net)

,185.8 1,153.3 1,174.1 1,193.3

1,222.6 1,252.4 1,292.5

1,004.2 1,119. 9 1,080.9 1,103. 8 1,128.5 1,166.3

1,201.0 1,223.9

980.4 1,094. 0 1L, 056. 0 1., 078.5 1>, 102.21,139.0

1,172.4 1,194. 0

22.

25.0

23.8

.9

1.0

80.2

65.9

72.4

Total, billions of 1972 dollars.

857.3

890.3

Per capita:
Current dollars..
1972 dollars

5,077
4,014

5,511
4,13'

Population (millions)

213.6

215.2

Equals: Personal saving

101.8

24.4

25.5

26.3

27.5

.9

.9

1.0

1.1

1.0

70.3

64.8

56.3

51.4

68.5

$87.8

890.7

901. 5 908.4

924.5

5,462
4,130

5,540
4,135

5, 665 5, 793 5,967
4,17^ 4,202 4,268

214.9

215.4

215.8

6. 0

5.4

28.9

Addenda:
Disposable personal income:

Personal saving as percentage
of disposable personal income

5.6

5,374
4,10

6. 3

216. 2 216.6

4.1

5.3

SURVEY OF CURRENT BUSINESS

12

1977

1976
1975

1976

II

September 1977

IV

III

1976
II

1975

II

1976

Seasonally adjusted at annual rates

1977

III

IV

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
Personal consumption expenditures..

980.4 1,093.9 1,056,0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0

775.1

821.3

807.2

815.5

822.7

839.8

850.4

854.1

177.0
85.3
67.4
24.2

178.6
84.5
69.3
24.8

112.7
45.1
49.8
17.8

127.5
55.7
52.8
19.0

125.4
55.1
51.7
18.7

126.7
55.7
52.2
18.7

127.1
55.4
52.7
19.0

130.7
56.7
54.6
19.5

136.9
62.7
54.8
19.4

137.9
62.1
55.9
19.8

458.8
232.0
79.9
43.5
13.3
90.0

466.6
237.9
79.3
44.1
13.7
91.6

474.4
244.8
80.4
44.3
12.3
92.5

307.6
151.9
61.5
24.8

321.6
159.7
64.7
25.2

316.1
156.1
63.9
25.0

319.3
158.6
63.4
25.1

321.5
160.1
64.7
24.9

329.4
163.9
66.8
25.6

329.7
165.4
65.5
25.8

64.2

66.4

65.6

66.7

66.2

67.1

67.1

330.0
166.4
66.0
25.6
5.1
66.9

513.9
173.7
78.8
37.6
41.2
38.7
222.8

528.8
177.6
80.7
38.7
42.0
39.5
230.9

541.1
181.9
79.2
36.1
43.1
40.5
239.4

354.8
129.3
50.1
20.6
29.5
28.4
146.9

372.2
136.3
52.7
21.6
31.1
28.9
154.3

365.6
133.8
51.6
21.3
30.3
28.7
151.5

369.6
135.8
51.6
20.7
30.9
28.8
153.3

374.0
137.3
52.5
21.0
31.5
29.0
155.2

379.7
138.2
55.1
23.4
31.8
29.1
157.3

383.8
139.2
55.8
23.6
32.2
29.2
159.6

386.3
140.3
54.6
21.7
32.9
29.3
162.0

Durable goods
Motor vehicles and parts
Furniture and household equipment.
Other

132.9
53.9
58.0
21.0

158.9
71.9
63.9
23.1

153.3
68.8
62.0
22.5

156.7
71.0
63.0
22.7

159.3
72.1
63.9
23.3

166.3
75.7
66.5
24.1

Nondurable goods
Food
Clothing and shoes.
Gasoline and oil
Fuel oil and coal...
Other

409.3
209.5
70.2
39.1
10.1
80.4

442.7
225.5
76.3
41.4
12.0
87.6

430.4
219.3
74.2
40.6
11.4
85.1

437.1
223.9
74.3
40.3
11.3
87.5

444.7
227.0
76.9
41.2
12.0
87.7

Services.
Housing
Household operation.
Electricity and gas.
Other
Transportation
Other

438.2
150.8
64.2
29.0
35.2
32.2
191.0

492.3
167.9
73.0
33.3
39.6
36.8
214.6

472.4
161.5
69.5
31.5
38.0
34.8
206.6

484.6
166.2
70.4
31.4
39.1
36.3
211.8

498.2
170.4
73.1
32.8
40.3
37.6
217.1

1976
1975

1976

I

II

5.1

5.7

5.4

5.5

III

IV

I

1975

II

1976

5.9

1977

I

II

III

IV

I

II*

Seasonally adjusted at annual rates
Billions of dollars

Billions of dollars

Table 12.—Federal Government Receipts and Expenditures (3.2)

Table 13.—State and Local Government Receipts and Expenditures (3.4)

286.9 332.3 318.4 329.1 337.1 344.5 364.9 371.2

Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes

125.6 147.3 138.0 143.9 150.3 157.1 170.0 168.6
120.6 141.6 132.7 138.5 144.5 150.7 157.9 163.2
_.
5.6
5.2
5.3
5.7
4.9
6.3 11.9
5.3
.1
.1
.1
.1
.1
.1
.1
.1

Corporate profits tax accruals

43.1

Indirect business tax and nontax
accruals
Excise taxes
Customs duties !
Nontaxes
Contributions for social insurance

24.0
16.4
5.9
1.7
357.1

Purchases of goods and services...
National defense
C ompensation of employees
Military. _
Civilian
Other

123.3
40.2
23.6
16.6
43.

Nondefense
Compensation of employees
Other..

39.4
18.8
20.6

Transfer payments.
To persons
To foreigners

55.9

54.4

57.0

56.9

55.1

55.4

59.9

23.4
16.9
4.6
1.

22.
16.7
4.3
1.7

23.2
16.7
4.6
1.

23.7
17.0
4.
1.9

23.8
17.3
4.5
2.0

24.2
17.2
5.0
2.0

24.6
17.2
5.4

105.7 103.2 105.0 106.2 108.4 115.4 118.1
386.3 378.7 375.3 390.6 400.4 403.7 411.5
130.1 127. 128.5 130.2 134.2 136.3 143.6
86.8 86.3 86.0 86.4 88.4 89.7 93.4
41.6 41.3 41.1 41.2 43.0 43.3 43.3
24.1 23.9 23.8 23.8 24.8 24.8 24.7
17.6 17.4 17.4 17.3 18.2 18.5 18.5
45.2 45.1 44.9 45.2 45.4 46.4 50.2
43.3
20.8
22.6

41.3
20.2
21.1

42.5
20.5
22.0

43.8
20.7
23.2

45.8
21.
24.0

46.
22.1
24.6

50.2
22.2
28.0

149.1 162.0 160.2 157.8 163.9 166.3 170. 169.3
146.1 158.8 157.1 155.0 160.0 163.1 167.8 166.4
3.9
3.2
2.
3.
2.9
3.1
3.0
State

and

local

Net interest paid
Interest paid
To persons and business
To foreigners
Less: Interest received by Government
Subsidies less current surplus of
Government enterprises
Subsidies
Less: Current surplus of Government enterprises
_

62.0

63.6

54.6

61.0

58.

56.8

63.1

65.,

23.3
27.1
22.6
4

27.2
32.2
2'
4.5

26.2
30.9
26.5
4.4

26.7
31.8
27.5
4.4

27. 3
32*.
28.1
4.6

33.4
28.7
4.

28.6
34.1
29.2
4.9

29.1
35.1
29.9
5.2

3.7

5.0

4.

5.2

5.4

4.9

5.5

6.0

6.7
4.7

5.9
5.7

6.2
5.7

6.1
5.7

6.0
5.9

5.9
6.1

Indirect business tax and nontax
accruals
_
Sales taxes
Property taxes
Other

49.6
26.8
16.0

46.8
24.8
15.4

48.7
26.1
15.8

50.3
27.1
16.3

6.2

6.8

6.5

6.7

7.0

7.1

8.9

8.6

9.1

9.0

-12.5 -12.1 - 8 .

-13.9 -15.0 -10.0 - 7 . 9

- 5 7 . 6 - 4 1 . 5 - 4 8 . 3 - 3 7 . 3 -39. 6 -40.9 - 2 8 . 8 -32.4

56.2
31.4
17.2

7.1

54.4
30.3
16.8
7.3

8.8

9.0

9.8

52.5
29.0
16.3

7.5

114.7 127.1 122.7 126.0 128.1 131.7 135.9 138.6
51.4 57.3 55.5 57.1 57.3 59.1 61.7 63.1
52.3 57.6 55.5 56.9 58.2 59.7 61.0 62.1
11.0 12.3 11.7 12.0 12.5 12.9 13.2 13.5

Contributions for social insurance

15.9

18.1

17.2

17.8

18.5

19.1

19.5

19.9

Federal grants-in-aid

54.6

61.0

58.5

56.8

63.1

65.5

62.0

63.6

Expenditures _ _

_ _

229.8 246.2 240.5 245.5 247.9 251.1 253.7 262.6

Purchases of goods and services _ _ _ ._ 215.6 231.2 225.9 230.4 232.7 235.8 238.5 247.0
119.2 129.2 125.4 128.1 130.7 132.8 135.1 137.6
Compensation of employees _
96.4 102.0 100.6 102.3 102.0 103.1 103.4 109.4
Other
23.8 25.9 25.3 25.8 26.2 26.5 27.0 27.7
Transfer payments to persons
-5.2 -5.7 -5.6 -5.7 -6.0 -5.7 -6.2 -6.3
Net interest paid
10.7 11.6 11.3 11.5 11.7 12.0 12.1 12.4
Interest paid
Less: Interest received by Government
- -. 15.9 17.3 16.9 17.2 17.6 17.7 18.3 18.7
Subsidies less current surplus of
government enterprises
Less: Current surplus of government enterprises _ _
Less: Wage accruals less disbursements
Surplus or deficit (—), national
income and product accounts.Social insurance funds
Other funds

-4.5 -5.2 -5.1 -5.0 -5.1 -5.5 -5.7 -5.7
2
2
.3
2
2
.3
.3
4.6

5.4

5.3

5.2

5.3

5.8

6.0

0

0

0

0

0

0

0

6.0
0

5.9

18.4

13.3

12.9

21.1

26.5

27.3

25.4

12.1
-6.2

14.5

13.7

14.8

3.9

-.4

14.4
-1.5

15.2
11.3

15.4
11.9

15.5
10.0

6.2

*See footnote on page 9.
1. Includes fees for licenses to import petroleum and petroleum products.

Surplus or deficit (—), national
income and product accounts.. -70.2 - 5 4 . 0 - 6 0 . 3 - 4 6 . 2 - 5 3 . 5 - 5 5 . 9 -38.8 - 4 0 . 3




__

43.4
22.8
14.4

.3

-2.0

Less: Wage accruals less disbursements

Social insurance funds
Other funds

235.7 264.7 253.8 258.4 269.0 277.5 281.0 288.1

Receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
._
Other _
.. _
Corporate profits tax accruals

94.2

Expenditures

Grants-in-aid to
governments

6.1

1976

1977

Seasonally adjusted at annual rates

Receipts-

5.6

SURVEY OF CURRENT BUSINESS

September 1977

1976
1975

1976

II

13

1977

III

1976

IV

1975

1976

Seasonally adjusted at annual rates

II

1977
III

IV

II *

Seasonally adjusted at annual rates

Billions of dollars

Billions of dollars

Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)

Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)

Receipts from foreigners. 147.3

162.9

153.9

160.6

168.4

168.5

170.4

178.1

Inventories 1

436.2

449.1

455.5

461.5

478.6

Exports of goods and services.. 147.3
Merchandise
107.1
Other
40.2

162.9
114.7
48.2

153.9
108.0
45.9

160.6
113.5
47.1

168.4
118.4
50.0

168.5
118.9
49.7

170.4
117.9
52.5

178.1
122.1
56.0

Farm.
Nonfarm
Durable goods
Nondurable goods..
Manufacturing
Durable goods
Nondurable goods..

63.9

65.7

61.3

59.8

62.8

60.0

372.3
209.0
163.4

383.4
213.8
169.6

394.2
220.9
173.3

401.7
225.8
175.9

415.8
231.4
184.4

422.5
235.0
187.6

190.7
121.4
69.3

196.3
124.1
72.1

201.7
127.5
74.2

206.1
130.8
75.3

210.8
133.1
77.8

213.7
134.4
79.3

Wholesale trade
Durable goods
Nondurable goods

69.8
42.8
27.0

72.8
44.3
28.5

74.3
45.6
28.7

75.2
46.0
29.2

78.8
47.5
31.2

79.5
48.8
30.7

75.7
33.1

77.7
33.6
44.1

80.4
35.8
44.5

81.2
36.5

86.0
38.2

44.7

47.8

88. R
39.0
49.5

36.5

37.9

39.1

40.2

Capital grants received by the
United States (net)

0

0

0

0

0

0

0

Payments to foreigners.. 147.3

162.9

153.9

160.6

168.4

168.5

170.4

178.1

Imports of goods and services.. 126.9
Merchandise
98.0
Other
28.9

155.1
123.9
31.1

143.7
113.3
30.4

150.4
119.7
30.7

160.6
129.5
31.0

165.6
133.2
32.4

178.6
145.8
32.8

187.7
153.3
34.5

0

Transfer payments (net)
From persons (net)
From government (net)

4.0
.9
3.1

4.2
.9
3.2

4.1
1.0
3.0

3.7
.9
2.7

4.8
.9
3.9

4.2
1.0
3.2

4.0
1.1
2.9

3.9
1.0
2.9

Retail trade
Durable goods

Interest paid by government
to foreigners

4.5

4.5

4.4

4.4

4.6

4.7

4.9

5.2

Other

Net foreign investment

11.8

-.9

1.8

2.2

-1.5

- 5 . 9 - 1 7 . 1 -18.8

195.1

237.0

228.9

242.1

244.8

232.2

251.4

Government surplus or deficit(—), national income and
product accounts
- 6 4 . 3 -35.6 - 4 7 . 1 - 3 3 . 3 - 3 2 . 4 - 2 9 . 4 - 1 1 . 5 -14.9
Federal
- 7 0 . 2 - 5 4 . 0 - 6 0 . 3 -46.2 - 5 3 . 5 -55.9 - 3 8 . 8 - 4 0 . 3
State and local
5.9
18.4
13.3
12.9
21.1
27.3
25.4
26.5
0

0

0

0

0

0

0

Gross investment
Gross private domestic investment
Net foreign investment

201.0

242.5

233.1

246.5

252.8

237.5

254.7

189.1
11.8

243.3
-.9

231.3
1.8

244.4

254.3
-1.5

Statistical discrepancy...

5.9

5.5

4.2

4.5

8.0

243.4 271.8 294.9
- 5 . 9 -17.1 -18.8
5.3
3.3
-1.2

0
276.1

*See footnote on page 9.
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
m business inventories (CBI) components of G N P . The former is the difference between two
inventory stocks, each valued at end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales by farms.
NOTE.— Table 16: Inventories are classified as durable or nondurable as follows- For manufacturing, by the type of product produced by the establishment holding the inventory for
trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other nonfarm industries, nondurable. The industry classification is
based on the_l972 Standard Industrial Classification
ai
ai
on the 1972 Standard Industrial Classificatio:




36.2

Final sales *_

1,381.3
.316
.270

277.2

Gross private saving
259.4 272.5 276.0 275.4 277.2 261.6 262.9 292.1
Personal saving
80.2
72.4
65.9
70.3
64.8
56.3
51.4
68.5
Undistributed
corporate
profits with inventory
valuation and capital
consumption
adjustments.
16.7
27.6
29.8
31.6
28.0
22.5
20.8
30.3
Undistributed profits
41.0
56.4
56.8
58.1
58.0
52.5
58.8
64.1
Inventory valuation adjustment
-12.0 -14.1 -12.4 -15.5 -11.7 -16.9 -20.6 -17.8
Capital consumption adjustment
-12.2 -14.7 -14.6 - 1 4 . 6 -14.7 - 1 4 . 8 -15.6 -15.9
Corporate capital consumption
allowances
with
capital consumption adjustment..
101.7 111.8 108.7 110.4 112.9 115.2 117.6 119.4
Noncorporate capital consumption allowances with
capital consumption adjustment
60.8
67.2
65.1
66.6
69.2
73.8
71.4
68.0
Wage accruals less disbursements
0
0
0
0
0
0
0
0

Capital grants received by the
United States (net)

42.6

Ratio of inventories to
final sales
Nonfarm 3

Table 15.—Gross Saving and Investment (5.1)
Gross saving

Nondurable goods..

1,415.0 1,441.5
.317
.271

1,486.1 1,518.5

.316
.273

432.5

40.8
1,564.7

.311
.270

.315
.274

.308
.270

306.1

Billions of 1972 dollars
Inventories 1..

297.4

300.8

300.4

302.8

42.7

42.1

42.0

41.4

41.3

41.2

251.7
144.4
107.3

255.2
145.6
109.6

258.8
147.4
111.4

259.0
147.4
111.6

261.5
148.8
112.7

264.9
150.7
114.2

124.4
81.4
42.9

126.1
82.0
44.1

127.7
82.4
45.3

128.1
82.7
45.4

128.7
83.0
45.7

130.3
83.8
46.4

Wholesale trade
Durable goods
Nondurable goods..

47.
30.4
17.5

49.0
31.0
18.0

49.8
31.5
18.3

49.7
31.2
18.5

50.5
31.8
18.

51.1
32.4
18.6

Retail trade
Durable goods
Nondurable goods..

55.9
24.5
31.4

56.7
24.6
32.1

58.0
25.7
32.3

57.7
25.
32.0

58.8
26.1
32.7

60.0
25.4
33.6

23.5

23.5

23.4

23.6

23.5

23.6

294.3

Farm.
Nonfarm

Durable goods
Nondurable goods..

Manufacturing
Durable goods
Nondurable goods

Other
Final sales 3 .

1,054.5 1,067.2 1,076.6 1,095.7 1,106.5 1,121.7

Ratio of inventories to
final sales
Nonfarm 3

.279
.239

.279

.279
.240

.274

.274
.236

.273
.233

Table 17.—National Income Without Capital Consumption Adjustment by Industry (6.4)
National income without capital consumption adjustment. _
1,246.7 1,399.3 1,355.3
Domestic income
Agriculture, forestry, and
fisheries
Mining and construction
Manufacturing
Nondurable goods..
Durable goods
Transportation
Communication.
Electric, gas, and santiary
services

388.9 1,415. 0 1,437.

, 490. 0 11,545.7

1,236.2 1,384.9 1,341.1 1,375.3 1,399.7 1,423.4 1,472.4 1,527.3
38.
87.5
369.9
148.2
221.7

89.5

45.4
90.

44. 2
99.5

353.9
145.6
208.3

43.5
86.7
365.3
145.5
219.8

370.
148.3
222.6

386.5
152.4
234.1

410.8
159.4
251. 4

50.6
30.9

48.1
29.6

50.5
30.2

51.7
31.4

52.1
32.5

53.2
33.3

55.5
34.5

25.9

25.8

26.3

25.4

28.0

27.4

42.7
79.7

40.8
87.1

41.2
84.5

311.5
127.1
184.4

365.0
146.9
218.1

44.5
27.1
24.4

Wholesale and retail trade _ Wholesale
Retail

195.4
82.4
113.0

220.7
91.1
1.29.6

211.9
88.3
123.6

216.0
89.
126.2

225.5
93.7
131.

229.5
92.7
136.8

234.8
94.6
140.1

241.8
98.7
143.1

Finance, insurance, and real
estate
Services
Government and government enterprises

143.1
168.2

160.8
188.2

155.1
181.6

158.3
186.0

166.8
195.5

173.0
202.5

177.8
207. 9

199.5

214.9

209.3

212.7

163.1
189.5
216.0

221.4

225.0

227.9

10.5

14.4

14.2

13.5

15.3

14.4

17.6

18.4

Rest of the world.

SUEVEY OF CURRENT BUSINESS

14

1976
1975

1976

I

II

September 1977

1977

III

IV

I

1976

II*

1975

1976

I

Seasonally adjusted at annual rates

Rest of the world..

99.3

128.1

126.5

129.2

133.5

123.1

125.4

140.2

115.3
19.1
96.3

129.5
19.7
109.8

10.1

10.7

93.1
14.8
78.3

119.9
18.0
101.9

117.8
17.6
100.2

121.5
17.9
103.6

125.1
18.3
106.8

115.4
18.3
97.1

6.1

8.1

8.6

7.6

8.4

7.7

142.7

141.1

143.7

148.2

137.9

141.0

156.2

105.4
15.0
5.7
9.4

134.6
18.2
6.0
12.2

132.4
17.8
6.0
11.8

136.1
18.1
5.9
12.2

139.8
18.4
5.9
12.5

130.2
18.4
6.1
12.3

131.0
19.2
6.1
13.1

145.5
19. 9
6.2
13.7

Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other

90.3
47.9
29.4
7.4

116.4
66.3
36.4

114.6
65.3
38.1
8.7

118.0
68.7
36.2
7.7

121.3
68.4
37.4
9.7

111.8
62.9
33.9
7.1

111.8
65.2
33.7
5.1

125.5
76.4
37.0
5.6

5.9

7.4

8.0

7.8

7.3

6.6

7.7

8.3

7.8
8.4

9.9
10.8

10.4
11.0

9.9
10.9

9.3
11.2

9.9
10.3

9.2
11.7

10.5
12.6

Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic equipment
Motor vehicles and
equipment
Other

18.5

29.9

27.2

32.5

31.0

29.0

31.5

39.4

3.3

2.4

2.9

3.5

2.2

1.1

1.0

2.7

2.9

3.5

3.4

3.8

3.7

3.0

3.2

4.1

4.3

5.9

5.2

5.7

6.3

6.6

6.8

7. 7

2.0

3.7

3.1

3.9

3.9

4.0

4.6

5.3

2.0
4.1

7.2
7.2

6.8
5.8

7.8
7.7

7.3
7.7

6.9
7.4

8.0
7.9

9.8
9.8

27.1

26.5

25.5

29.1

27.4

22.1

24.0

11.5
11.5

11.1
11.7

12.1
11.7

12.2
11.6

10.4
11.1

11.6
11.0

11.5
12.2

6.1

8.1

8.6

7.6

8.4

7.7

10.1

10.7

239.9

235.2

239.6

246.4

238.3

243.0

259.7

Domestic industries
Financial 1
Federal Reserve banks ._
Other

194.8
19.3
5.7
13.6

231.8
22.9
6.0
16.9

226.5
22.3
6.0
16.3

232.0
22.7
5.9
16.8

238. 0 230.6
23.3
23.2
6.1
5.9
17.2
17.2

232.9
24.2
6.1
18.1

249.0
25.0
6.3
18.7

Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other

175.6
85.0
46.6

208.9
106.3
55.2

204.2
104.2
56.3

209.3
108.0
54.8

214.8
108.8
56.5

207.3
104.2
53.3

208.7
107.2
53.5

224.0
119.0
57.2

10.4

11.7

11.9

11.0

13.2

10.6

8.7

9.3

11.9

12.4

12.2

11.9

11.2

12.5

13.2

Wholesale and retail trade.
Transportation,
communication, and electric, gas, and sanitary
services
Other
Rest of the world.




9.8
13.0
13.4

15.3
16.3

15.7
16.3

15.2
16.3

14.7
16.8

15.5
16.0

14.8
17.6

16.1
18.6

51.1

47.9

53.2

52.3

50.9

53.6

61.8

6.1

6.5

7.2

6.0

4.9

4.9

6.7

5.2

5.1

5.5

5.4

4.7

4.9

5.8

9.6

8.9

9.3

10.0

10.3

10.5

11.5

6.0

6.8

6.8

7.0

10.7
12.8

10.0
11.4

11.1
13.3

10.8
13.3

10.8
13.3

11.9
13.9

13.6
15.9

37.4

36.4

35.6

39.6

38.1

34. £

36.4

26.6

36.9
28.3

35.6
28.1

37.4
28.3

37.9
28.5

36.7
28.4

38.3
28.5

3S.8
29.9

6.1

8.1

7.6

8.4

7.7

10.1

10.7

38.3

4.5

4.8

5.1
9.4
31.5

Personal consumption expenditures
Durable goods
Nondurable goods
Services

126.5

133.2

130.8

132.3

134.0

135.6

137.9

139.8

117.9
133.1
123.5

124.7
137.7
132.3

122.2
136.2
129.2

123.8
136.9
131.1

125.3
138.3
133.2

127.2
139.3
135.4

129.3
141.5
137.8

129.5
143.8
140.1

132.4
132.3
145.

139.8
138.7
150.7

136.9
136.8
148.5

138.6
137.8
150.4

140.
139.2
150.9

142.
140.9
152.8

145.8
142.5
156.6

148.5
144.4
159.7

125.9
132.
133.2
132.

133.1
142.5
143.0
142.9

131.2
137.1
137.5
137.4

131.9
140.7
141.0
141.3

133.9
144.1
144.5
145.3

135.4
147.5
148.0
148.9

136.5
153.7
154.3
153.7

137.7
157.6
158.2
157.7

116.7

122.6

120.8

122.4

123.4

123.8

125.2

126.6

163.8
188.2

170.0
194.3

165.3
188.2

168.6
190/

172.0
198.4

174.0
199.3

175.9
207.0

180.8
210.6

128.9

136.7

134.0

135.7

137.2

139.8

142.3

144.6

127.5
129.7

134.8
137.7

132.4
134.9

133.7
136.8

134.7
138.6

138.2
140.7

140.6
143.4

142.0
146.2

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' d u r a b l e
equipment
Residential
Nonfarm structures
Farm structures
Producers' d u r a b l e
equipn ent
Change in business inventories
Net exports of goods and
services
Exports
Imports
Government purcha
goods and services..

of

Federal
State and local .

Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
Gross national product. . 127.7
Personal consumption expenditures

9.3
11.0

Corporate profits before
deduction of capital
consumption allowances with inventory
valuation adjustment.. 201.0

Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic equipment
Motor vehicles and
equipment
Other

II

Gross national product.. 127.18 133.88 131.47 133.06 134.56 136.35 138.13 140.52

Domestic industries
Financial J
Federal Reserve banks....
Other

Rest of the world.

I

Table 19.—Implicit Price Deflators for Gross National Product (7.1)

Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
__. 111.5

Wholesale and retail trade
Transportation, communication, and electric,
gas,
and
sanitary
services
Other
_

IV

Index number, 1972=100

Table 18.—Corporate Profits by Industry (6.18)

Domestic industries.
Financial *
Nonfinancial

III

Seasonally adjusted

Billions of current dollars

Corporate profits with
inventory
valuation
and capital consumption adjustment

II

1977

Durable goods
Nondurable goods
Services

134.9

132.3

133.9

135.5

137.5

139.9

142.3

127.2

134.0

131.7

133.1

134.8

136.3

138.6

140.9

118.2
134.4
123.7

124.8
138.9
132.6

122.4
137.5
129.5

124.0
13S.2
131.5

125.3
139.6
133.7

127.3
140.4
135.6

129.3
142.7
138.1

130.0
145.3
140.6

133.0
133.1
144.4

141.1
140.3
T48. 4

137.6
137.8
146.3

139.8
139.3
147.8

142.0
140.9
148.7

144.5
143.0
150.6

148.1
145.1
153.7

151.1
147.6
156.8

126.7
132. 8

135.7
142.5

132.9
137.1

134.4
140.6

136.4
144.0

133.6
147. 4

140.3
153.6

142.4
157.4

167.1
180.7

172.4
185.2

167.2
181.4

170.8
183.1

173.9
188.8

176. 2
190.6

177.8
194.5

182.6
198.7

Gross private domestic investFixed investment
Nonresidential
Structures
Producers'
durable
equipment
-_
Residential
Change in business inventories
Net exports of goods and services
Exports
Imports

-

- -

Government
purchases
goods and services
Federal
State and local

-

---

of
129.6

137.1

134.5

136.0

137.5

140.4

142.7

144.8

129.1
130.0

136.4
137.6

134.0
134. 8

135.0
136.7

136.3
138.3

140.4
140.3

142.3
142. 9

143. 6
145.7

127.6
127.3
127.7
127.7

134.8
134.4
134.7
134.7

132.2
131.9
132.1
131.7

133.9
133.5
133. 8
133.3

135.4
135.1
135.3
135.2

137.4
137.1
137.1
137.2

139.8
139.4
139.4
139.0

142.2
141.8
141.9
141.6

Addenda:
Final sales
Gross domestic product
Business
Nonfarm

8.3
1 Consists of the following industries: Banking; credit agencies other t h a n banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
N O T E — Table 18- T h e industry classification is on a company basis and is based on the
1972 Standard Industrial Classification.

SUEVEY OF CURRENT BUSINESS

September 1977

1976
1975

1976

I

II

15
1976

1977

III

I

IV

II

1975

II

1976

Seasonally adjusted

Gross national product.. 127.18 133.88 131.47 133.06 134.56 136.35 138.13
132.9

134.3

136.2

138.1

140.52
140.3

Final sales
Change in business inventories

127.1

Goods
Final sales
.
Change in business inventories

127.4
127.1

131.7
131.4

130.2
129.9

131.4
131.0

132.2
131.7

133.1
132.9

133.8
133.7

135.9
135.3

Durable goods
. 121.8
Final sales
122.0
Change in business inventories

129.0
128.8

125.8
126.1

128.0
127.7

130.2
129.6

131.9
131.7

132.6
132.4

133.9
133.2

131.0
130.6

133.6
133.1

133.1
132.5

133.7
133.2

133.7
133.1

134.0
133.7

134.7
134.6

137.4
136.8

124.7
139.7

133.8
145.8

130.6
142.5

132.5
144.8

134.7
146.6

137.1
149.1

139.6
153.6

141.9
157.1

Nondurable goods .
Final sales _
Change in business inventories
Services
Structures

IV

II

Index numbers, 1972=100

Table 21.—Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)

131.3

III

Seasonally adjusted

Index numbers, 1972 = 100

133.7

1977

Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
Net national product

126.5

133.0

130.6

132.2

133.6

135.4

137.1

126.1

132.5

130.2

131.8

133.1

134.9

136.5

138.9

126.4
125.9
149.0

132.4
132.1
146.1

130.1
129.8
147.7

131.7
131.1
163.9

133.0
132.9
140.9

134.5
134.7
132.9

135.9
135.8
144.8

138.5
138. 5
144.2

Households and institutions- 129.5
Government .
123.2

139.6
131.5

135.7
128.9

137.9
130.3

141.1
131.7

143.6
134.9

148.8
136.9

150.6
138.4

127.4

134.1

131.7

133.2

134.8

136.6

138.3

140.8

126.9

133.5

131.2

132.7

134.2

136.1

137.7

140.1

127.5
127.2
134.8

133.6
133.8
128.7

131.3
131.4
129.7

132.9
132.6
142.5

134.3
134.6
124.6

135.9
136.5
118.4

137.3
137.4
133.9

139.9
140.2
129.8

Households and Institutions- 129.6
Government .
123.2

139.6
131.5

135.7
128.9

137.9
130.3

141.1
131.7

143.6
134.9

148.8
136.9

150.6
138.4

Net domestic product
Business .
Nonfarm
Farm
Residual

Rest of the world
National income.

Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)

139.5

Domestic income.
Business
Nonfarm
Farm

Rest of the world

Table 25.—Implicit Price Deflators for Auto Output (7.9)
Gross national product._ 127.18 133.88 131.47 133.06 134.56 136.35 138.13
Gross domestic product

140.52

126.8

133.4

131.0

132.7

134.1

135.9

137.6

Business
_. 127.2
126.7
Nonfarm-. .
Nonfarm less housing._. 128.1
Housing
115.2
Farm . .
145.5
Residual

133.5
133.3
134.6
121.5
145.1

131.2
130.9
132.2
119.0
145.8

132.8
132.2
133.5
120.7
157.5

134.2
134.1
135.4
122.3
141.6

135.8
135.9
137.3
123.9
136.2

137.3
137.1
138.4
126.5
145.6

139.8
139. 7
141.0
128.6
145.6

Households and institutions. 129.5

139.6

135.7

137.9

141.1

143.6

148.8

150.6

Government .
Federal
State and local

131. 5
128.8
132.8

128.9
127.1
129.8

130.3
127.4
131.8

131.7
127.6
133.8

134.9
133.2
135.7

136.9
134.6
138.0

138.4
134. 9
140.2

123.2
121.6
124.1

140.0

Rest of the world

Table 23.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
(7.6)
Gross national product
Less: Capital consumption allowances with capital
consumption adjustment. .-

127.18 133.88 131.47 133.06 134.56 136.35 138.13

140.52

133.0

142.1

139.1

140.9

143.2

145.3

147.6

149.3

Equals: Net national product... 126.5

133.0

130.6

132.2

133.6

135.4

137.1

139.5

Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Residual
Equals: National income. _

Addenda:
Domestic
output of new
autos 1
Sales of imported new autos 2

120.6

125.2

123. 3

125.4

127.4

134.1

131.7

133.2

134.8

136.6

128. 4

130. 5

138.3

140.8

115.9

125.5

122.4

124.1

126.3

129.1

130.3

129.7

116.2

125.1

121.6

123.5

126.3

129.1

130.9

130.5

121.3
115.1

132.1
122.3

127.4
120.4

130.4
121.3

133.8
122.5

136.9
124.9

139.9
126.3

139.7
127.4

106.4
115.0

106.1
122.1

109.8
120.2

105.5

104.0
122.3

105.1
124.7

101.5
126.1

102.2
127.2

115.9
134.9

121.9
143.6

119.4
142.6

120.5
141.7

122.5
143.2

125.3
147.2

125.7
145.5

127.9
148.9

118.9

121.8

122.8

120.8

121.2

122.5

119.5

121.5

115.2

122.2
122.3

120.2
120.4

121.1
121.3

122.4
122.5

124.9

126.2
126.3

127.4
127.4

Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption
expenditures
Durable goods.

1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
N O T E . — Table 21 "Final sales" is classified as durable or nondurable by type of product.
Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the typo of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Tables 22 and 24 The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.




Auto output.
Final sales
Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used
autos

Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods.Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other

126.5

133.2 130.8

132.3

134.0 135.6

137.9

139.8

117.9

124.7

122.2

123.8

125.3

127.2

129.3

129.5

119.5

129.1

125.0

127.4

130.2

133.6

136.1

135. 9

116.5
118.0

120.9
122.1

119.8
120.4

120.
121.3

121.2
122.5

121.8
123.9

123. <)
125.1

133.1

147.2
121.9
173. 3
240. 0
138.3

137.7

136.2

136.9

138.3

139.3

123.1
124.8
141.5

137.9 141.2
114.2 117.9
157.6 164.4
197. 5 212.1
125.2 131.9

140.5
116.1
162.0
206.2
129.7

141.1
117.1
160.3
208.5
131.2

141.7
118.8
165.1
214.0
132.5

141.5
119.6
170.0
218.8
134.3

143.9
121.1
170.7
230.4
136.6

123.5

132.3

129.2

131.1

133.2

135.4

137.8

140.1

116.6
128.0
140.6
119.2
113.2
130.0

123.2 120.7
138.4 134.6
154.3 147.8
127. 4 125.3
127.5 121.2
139.0 136.4

122.4
136.5
151.4
126.5
125.7
138.1

124.1
139. 2
156.2
128.0
130.0
139.9

125.7
142. 9
161.0
129. 6
132.9
141.7

127.6
144.6
164.1
130.3
135.6
144.7

129. 6
145.2
166. 4
131. 2
138. 3
147.8

143.8

SURVEY OF CURRENT BUSINESS

16

1976
1975

1976

I

II

September 1977

1977

III

I

IV

II*

1975

I

1976

II

Seasonally adjusted
Percent

Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)
Gross national product:
Current dollars
8.2
1972 dollars
-1.3
Implicit price deflator._.
9.6
Chain price index
9.5
Fixed-weighted
price
index..
9.4
Personal consumption expenditures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..

10.2
1.9
8.2
8.2
8.3

Durable goods:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted
price
index
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
Services:
Current dollars
1972 dollars
Implicit price deflator._
Chain price index
Fixed-weighted
price
index

11.6
6.0
5.3
5.6

13.2

10.2
5.1
4.9
5.3

13.7
6.2
7.1
7.0

5.6

4.6

5.2

7.0

11.6
6.0
5.3
5.3
5.3

13.1
7.4
5.2
4.9
4.7

14.1
8.6
5.0
4.6
4.6

12.2
5.1

19.6
13.1
5.7
5.4

27.1
18.5
7.2
7.0

18.8
11.8
6.2
6.8

1.2
20.2
6.6
6.5

3.6
3.0
.6
1.9

5.6

7.2

6.7

6.3

2.2

7.6
1.8
5.7
6.6
6.8

8.8
1.2
7.5
7.6

6.4
4.1
2.2
2.2

13.3
10.2
2.8
2.4

7.0
.3
6.7
6.6

6.8
.3
6.5
7.4

7.6

2.1

2.4

6.7

7.5

12.0
4.4
7.3
7.4

9.6
2.7
6.8
7.5

10.6
6.5
3.8
3.6
3.1

4.9
1.1

Imports:
Current dollars
-3.8
1972 dollars
12.6
Implicit price deflator
10.1
Chain price index
8.6
Fixed-weighted price index..
8.7

22.2
18.4
3.2

Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
Federal:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted price index
State and local:
Current dollars
1972 dollars
Implicit price deflator._
C hain price index
Fixed-weighted price index...

12.0
3.0
8.7
8.7

13.3
5.0
7.8
7.7

10.8
4.4
6.2
6.4

11.7
4.9
6.4
6.4

8.8

7.2

7.9

6.5

6.6

6.0

7.5

7.5

Gross private domestic investment:
-11.9
Current dollars
-22.9
1972 dollars
Implicit price deflator.__
Chain price index
Fixed-weighted price index.

28.7
22.2

62.
60.9

24.5
18.1

17.3 - 1 6 . 1
9.9 - 2 0 . 9

55.5
48.4

38.6
24.3

Final sales:
Current dollars
1972 dollars
Implicit price deflator._
Chain price index
Fixed-weighted price index
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index.

-2.5
13.7
13.1
13.0

14.7
8.6
5.6
6.0

17.2
12.5
4.2
5.0

18.3
12.3
5.3
5.9

12.3
6.2
5.8

21.3
13.8
6.6
7.1

24.4
14,
9.0

25.7
16.8
7.6
7.8

12.3

6.0

4.9

6.6

6.5

7.3

10.2

8.3

Nonresidential:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted
prici
index

— 1.0
-13.7
14.7
14

8.6
3.6
4.8
5.5

13.1

13.
9.0
4.1
4.

6.7
1.8
4.
6.C

24.
19.0
4.6
5.

12.8
7.0
5.4
6.7

6.2

7.1

Structures:
Current dollars
1972 dollars
Implicit price deflatoi
Chain price index. _.
Fixed-weighted price
index

-2.
-14.7
13.
12.
12.

Producers'
durabl
equipment:
Current dollars
1972 dollars
Implicit price deflato
Chain price i n d e x . . .
Fixed-weighted prici
index
Residential:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted
pric<
index




14.4

3.9
5.0
4.9

5.6
2.2
3.3
3.

3.1
4.0

4.6

24.0
14.7
8.1

1.7
2.4

8.3

7.6
3.9
3.6
5.7

-13.
15.
15.

6.3
-6.
-13.

57.9
42.6
10.8
10.5

28.
22.
4.
5.0
5.0

10.

I

II*

10.5

Percent at annual rate

Exports:
Current dollars
6.8
1972 dollars
-3.3
Implicit price deflator
10.4
Chain price index
11.1
Fixed-weighted price index.. 10.6

13.3
6.2
6.7
5.9

11.

IV

Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes—Con.

12.4
4.9
7.1
7.1

Fixed investment:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index

III

Seasonally adjusted

Percent at annual rate

Percent

1977

1976

2.3
2.5

18.5
9.5
8.2
9.0
8.9

20.9
11.7
8.3
7.6
7.4

.3
-4.2
4.7
5.5
5.4

4.4
.0
4.4
3.2
3.9

19.3
7.0
11.5
11.2
11.2

20.0
13.9
5.3
3.2
3.7

29.9
10.8
17.3
14.7
13.0

13.0
11.0
1.9
4.1
4.0

35.4
16.5
16.2
6.9
8.3

22.1
13.9
7.2
7.4

2.5

43.6
36.9
4.9
3.0
3.4

12.0
2.1
9.7
9.6
9.6

6.6
.5
6.0
6.1
5.8

2.9
-2.2
5.3
5.0
4.1

6.1
.8
5.3
4.9
4.5

4.7
.3
4.4
4.8
4.5

7.9
.0
8.0
8.4

5.4
-1.9
7.4
7.0
6.8

17.9
10.6
6.6
6.2
6.1

11.0
10.0
9.6

5.5
-.2
5.7
5.9

-1.4
-4.2
2.8

2.7
-1.3
4.1
3.4

5.6
2.5
3.0
3.8

12.6
1.6
10.8
12.3

6.6
-.3
6.9
5.5

23.3
18.2
4.3
3.3

9.7

5.6

2.9

3.8

12.8

5.6

3.4

12.6
2.8
9.6

7.2
1.0
6.2
6.1

8.1
2.0
6.0
5.8

4.2
-1.0
5.2
5.4

5.4
-1.0
6.4
6.3

4.7
-2.8
7.7
7.9

14.9
6.3
8.1
7.9

9.6

5.8

5.5

5.0

5.9

7.7

7.9

9.7
.2
9.5
9.5

9.9
4.5
5.2
5.6

8.3
3.
4.2
4.9

9.4
4.3
4.9
5.3

7.9
3.4
4.4
4.6

12.4
6.3
5.8
5.9

9.6
3.8
5.6
6.9

11.9
5.1
6.5
7.0

5.6

4.6

5.2

4.8

6.0

7.1

7.0

9.4

11.4
5.9
5.2
5.6
5.6

12.4
8.3
3.8
4.8
4.6

10.5
5.2
5.0
5.4
5.2

8.2
3.7
4.4
4.5
4.6

6.9
1.3
5.5
6.0
6.1

12.
7.2
5.0
6.7
7.0

13.6
6.1
7.1
7.0
7.0

8.0
— 1.7
9.9
9.7

12.0
6.7
4.9
5.4

13.3
9.6

8.6
4.
4.
4.3

6.2
1.3
4.9
5.4

13.3
8.4
4.5

4.6

11.
5.8
5.1
5.4

14.9
6.9
7.5
7.5

9.5

5.4

4.3

5.3

5.5

6.8

7.5

8.3
-2.0
10.5
10.4

12.7
7.1
5.2
5.5

16.0
11.1
4.4
5.1

10.8
6.
4.1
4.6

7.0
1.4
5.5
6.5

13.1
9.0
3.7
5.5

16.9
8.4
7.8
7.5

5.5

4.8

5.0

6.4

7.5

10.8
5.3

7.4
2.

10.1
3.1

13.4
7.3

5.5
-1.1
6.6
6.5

Addenda:

Business:
Current dollars
1972 dollars
Implicit price deflator._
Chain price index
Fixed-weighted price index
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Disposable personal income:
Current dollars
1972 dollars

8.5
-1.1
9.7

9.

9.
3.4
5.9
5.6

1.2

10.2
4.

•See footnote on page 9.
NOTE
Table 27: The implicit price deflator for GNP is a weighted average
of the detailed price indexes used in the deflation of GNP. In each period the
weights are based on the composition of constant-dollar output in that period.
In other words, the price index for each item is weighted by the ratio of the
quantity of the item valued in 1972 prices to the total output in 19 < 2 prices.
Changes in the implicit price deflator reflect both changes in prices and changes
in the composition of output. The chain price index uses as weights the composition of output in the prior period, and, therefore, reflects only the change in
prices between the two periods. However, comparisons of percent changes in
the chain index also reflect changes in the composition of output The fixedweighted price index uses as weights the composition of output in 1^72.
Accordingly, comparisons over any timespan reflect only changes in prices.

By JOHN T. WOODWARD

mmmm^mmmmmmmmmm CHART 6

Plant and Equipment Expenditures:
1977 Programs Revised

Plant and Equipment Expenditures
Billion $ (Ratio scale)
180
_ ALL INDUSTRIES

100 80
_

60
50

I I I 1 I M 11 j 11 111 11 I 111111111II1111111111111

40 _ MANUFACTURING
30
Nondu rabies
\

20
15

r\

y

Durables
I I . I I I . I . I . I . . . I I I . 1111111 i l

10

-

iiJiiiIti

iliii

COMMUNICATION AND COMMERCIAL

11 i 111 i

15

15

i i 11 l

nlm

TRANSPORTATION INCLUDING RAILROAD

10 -

-

7

V
V
A

5
4
3

/

69 70 71 72 73 74 75 76

Seasonally Adjusted at Annual Rates
o Expectations
U.S. Department of Commerce, Bureau of Economic Analysis

manufacturing—especially in durable
goods. The machinery, transportation,
1977, 13.3 percent more than in 1976, and "other durables" industries reaccording to the BEA survey conducted ported sizable upward revisions. The
in late July and August (table I). 1 upward revision was entirely in the
This increase compares with 12.3 per- second half of the year. The third
cent reported in the April-May survey quarter was raised $1.5 billion to an
and 11.7 percent reported in the annual rate of $138.4 billion and the
January-February survey. Spending in
1976 was $120.5 billion, 6.8 percent
Table 1.—Expenditures for New Plant and
more than in 1975.
Equipment by U.S. Business: Percent
After increasing 4.0 percent in the Change From Preceding Year
first quarter, spending increased 3.1
1977 Expected as
percent in the second, to an annual
1976
reported in—
Actual
rate of $134.2 billion. The second
Feb.
May Aug.
quarter increase was the sixth successive
quarterly increase. Plans call for further
All industries6.8
11.7
12.3
13.3
increases: 3.1 percent in the third Manufacturing
14.2
15.5
9.4
12.7
quarter and 2.6 percent in the fourth.
15.9
17.9
Durable goods
8.4
13.5
Neither plans nor actual spending
Primary metals 1
2.4
-1.1
-.3
-2.3
Blast furnaces, steel
reported in the surveys are adjusted
works
-1.4
-1.7
—1 2 - 3 . 8
Nonferrous metals.. - 4 . 8
1.4
6.6
2
for price changes and only rough adjustElectrical machinery..
19.0
10.7
13.2
23.9
ments can be made. The implicit price
Machinery,
except
15.2
electrical.
18.1
11.6
16.8
deflator for fixed nonresidential investTransportation equip39.3
ment in the national income and
ment !
31.0
35.1
11.7
55.9
40.5
49.7
Motor vehicles
18.9
4.4
12.6
product accounts rose 4.8 percent in
4.0
2.4
Aircraft
11.3
7.7
Stone, clay, and glass.
20.7
1976 and at about that rate in the
O ther durables
20.3
8.0
19.2
25.8
first two quarters of 1977. If the latest
13.5
12.7
Nondurable goods
10.3
12.1
spending plans reflect expectations of a
Food including bever11.6
12.2
age
14.3
15.0
similar price rise this year, then an
13.9
11.2
13.6
Textile....
22 4
6.9
2.4
12.9
Paper
11.0
8-percent rise in real investment is
5.8
4.5
5.9
Chemicals
6.9
indicated for 1977, substantially above
20.4
17.9
12.0
10.5
Petroleum
30.4
27.4
27.6
9.4
Rubber
the 2 percent estimated for 1976.
10.4
11.3
20.7
6.9
Other nondurables
The upward revision in planned 1977 Nonmanufacturing
11.6
10.9
10.9
4.9
11.3
7.2
10.3
5.4
spending was widespread among inMining
11.8
6.8
-1.2
.3
Railroad
32.7
33.8
30.9
-29.2
Air transportation
dustries, but was most pronounced in
-33.7
14.3 -37.1 -34.0
Other transportation

-

111111111 It 1111111111 11111111111II 1 1 1 1 1 1 1 1 1
1967 68

B,
BUSINESS plans to spend $136.5
billion for new plant and equipment in

77

1. Plans have been adjusted for biases (table 5, footnote 2).
The adjustments were calculated for each industry. Before
adjustment, plans were $62.2G billion for manufacturing and
$76.68 billion for nonmanufacturing. The net effect of the
adjustments was to lower manufacturing $1.66 billion and
nonmanufacturing $0.80 billion.

Public u t i l i t i e s Electric
Gas and other..
Communication
Commercial and other,.

10.6
10.6
10.8

17.9
17.0
22.8

17.2
15.5
26.2

18.0
16.3
27.4

4.4
1.9

13.2
11.0

15.3
8.4

14.2
9.7

1. Includes industries not shown separately.

17

245-003 O - 77 - 3




SUEVEY OF CUERENT BUSINESS

18
fourth quarter was raised $3.0 billion,
to $142.0 billion. Second-quarter actual
spending of $134.2 billion was about
the same as had been planned three
months earlier.
Continued increases in spending in
the second half of this year are consistent with recent movements of other
indicators related to investment activity. The latest BE A survey shows a
further increase in manufacturers' capacity utilization in June to 84 percent.
Capital appropriations in manufacturing jumped sharply in the fourth
quarter of 1976 and have remained
high through the second quarter of

this year. New orders for nondefense
capital goods have increased in each
of the past six quarters.

MANUFACTURING
PROGRAMS
Capital spending by manufacturers
rose 5K percent in the second quarter,
compared with 3% percent in the first.
Plans call for increases of 3 percent in
the third quarter and 5 percent in the
fourth. The second-quarter rise and
the planned third-quarter rise reflected greater strength in nondurable
goods than in durables. The acceleraCHART 7

September 1977

tion in the fourth quarter is traceable
to durables.
For the year 1977, manufacturers
plan a 15/2-percent increase—18 percent
for durables and 13% percent for nondurables. In durables, large increases
are planned by motor vehicles (56
percent), "other durables" (26 percent) , electrical machinery (24 percent),
and nonelectrical machinery (17 percent). In nondurables, large increases
are planned by rubber (27 percent),
CHART 8

Starts and Carryover of Investment
Projects
Billion $ (Ratio scale)
MANUFACTURING

Manufacturers' Capital Spending and Capacity Utilization
Percent change from preceding year
50
CAPITAL SPENDING

40 -

• • " * " B a s i c Materials Industries^

All Manufacturing

30 _

^ H

. .\ •
\

(

0

•LJ
-10

1971

-

1
1972

1
1974

1973

\
Expenditures

r-

1
1
§l
J
^
Mi •4
LMJ

I

•20

Other Manufacturing

• /I

20

10

/

^m

-

I I I I I i I 11 I I I 11 I 1 I i I 11 i i I 11 I 1 I I I I i I I I
200

PUBLIC UTILITIES

150

-

1
1975

1976

1977-2/

1976

1977

Percent
95
CAPACITY UTILIZATIONS
All Manufacturing
90

Basic Materials Industries

85

80
Other Manufacturing

_L

75

1971

1972

1973

_L

_L
1974

1975

.1. Primary metals, paper, chemicals, and petroleum.
2. Expectations.
3. Annual averages of last month in each quarter except 1977, which is the average of March and June estimates.
U.S. Department of Commerce, Bureau of Economic Analysis.




77.9.7

I 1I I I I I I 1 1I I iI I II
11 I I I I l I l 11 l I I l I t I I 11 11
1967 68 69 70 71 72 73 74 75 76 77
Seasonally Adjusted
* Carryover as of end of period.
U.S. Department of Commerce, Bureau of Economic Analysis

SUEVEY OF CUERENT BUSINESS

September 1977

petroleum (20 percent), and textiles
(14 percent). Most other major manufacturing industries plan small increases ; iron and steel plans a 2-percent
decline.
Investment spending among manufacturing industries has shown considerable variation over the past several
years; this variation appears to be
related partly to capacity utilization
rates (chart 7). In 1973, the capacity
utilization rate for all manufacturing
reached 86 percent and utilization rates
were even higher for the basic materials
industries—primary metals, paper,
chemicals, and petroleum—where capacity shortages were widespread. Thus,
it was not surprising that in 1974 and
1975 the basic materials industries reported spending increases far exceeding
those of other manufacturers. In 1976
and 1977, however, the basic materials
industries' spending increase is at a

slower rate than that for other manufacturing industries. The strength in
1976 actual spending and 1977 planned
spending is largely attributable to other
manufacturing
industries—primarily
producers of intermediate and final
products. This shift is consistent with
capacity utilization rates: The basic
materials group is still operating substantially below their peak rate attained
in 1973, while other manufacturers as a
group have recovered to their 1973 rate
of utilization.
Manufacturing projects started in the
second quarter totaled $15.2 billion—
little changed from the first quarter
(table 2 and chart 8); starts in the first
two quarters of this year are substantially above those for each of the
quarters of 1976. Starts by durables
rose 7 percent from the first quarter,
with large increases by primary metals
and electrical machinery. Nondurables

19
reported a 7-percent decline, primarily
reflecting the sizable drops by petroleum
and chemicals.
Capacity utilization
The utilization rate of manufacturing
capacity increased 1 point from March
to June, to 84 percent, following a
2-point increase from December to
March (table 3 and chart 8).2 The rate
for June is 9 points above the trough in
June 1975 and only 2 points below the
peak of 86 percent in June 1973; the
2-point difference is entirely due to the
lower current rate for basic materials
industries, where, as noted earlier, 1973
capacity shortages had been concentrated.
2. The survey asks manufacturers to report actual and
preferred rates of capacity utilization for the last month of
each quarter. Utilization rates for industry and asset-size
groups are weighted averages of individual company rates.
See "The Utilization of Manufacturing Capacity, 190.1-73,"
SURVEY OF CURRENT BUSINESS, July 1974, p . 47.

Table 2.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities
[Billions of dollars]
Carryover 2

Starts i
1976

1974

1975

I
Manufacturing .

52.49

Durable goods 3

25.86

Primary metals
Electrical machinery
Machinery, except electrical
Transportation equipment 4
Stone, clay, and glass .
Nondurable goods 3
Food including beverage
Textiles
Paper
Chemicals
Petroleum

..

Public utilities

48.24
18.77

1977

1976

1977

1976

51.05
24.30

II

11.91
5.66

13.05
5.98

I

III

IV

12.40

13.70

6.34

6.31

Mar.

II

14.71
6.70

15.81
7.44

38.62
16.05

June

June

Sept.

Dec.

Mar.

39.02

37.93

36.25

38.44

39.41
17.35

16.43

16.75

15.79

16.70

6.18
1.76
2.51
2.11
1.07

6.11
1.75
2.66
2.56
1.11

5.96
1.96
2.70
2.89
1.22

8.20
2.72
5.14
3.32
1.48

5.02
1.85
4.62
2.23
1.22

5.18
3.04
5.42
3.87
1.83

1.31
.67
1.19
.94
.37

1.37
.58
1.39
.96
.43

1.41
.78
1.38
1.03
.51

1.10
1.00
1.46
.95
.53

1.12
.60
1.44
1.51
.46

1.24
.96
1.41
1.70
.61

7.06
1.54
2.28
2.04
.98

6.99
1.52
2.52
2.11
1.00

6.82
1.63
2.64
2.26
1.09

26.63

29.47

26.76

6.24

7.07

6.06

7.38

8.01

8.38

22.57

22.59

21.18

20.46

21.74

22.06

3.37
.71
3.08
7 36
9.29

3.31
.70
3.40
7 05
12.85

3.89
.90
2.94
5 22
10. 93

.84
.23
.72
1 04
2.62

1.08
.22
.73
1 80
2.52

.81
.29
.75
1 22
2.49

1.16
.16
.74
1 17
3.30

.83
.24
.80
1 69
3.59

1.18
.22
.86

2.35
.34
2.45
7.25
9.02

2.16
.42
2.33
6.79
8.44

2.33
.36
2.11
6.00
8.50

2.33
.39
2.17
6.24
9.23

2.48

3.23

2.25
.32
2.50
7 07
9.27

2.22
6.32
8.98

45.74

34.50

29.66

6.19

4.44

8.84

2.19

106.24

106.92

105.84

108.22

118.22

114.04

38.31

38.41

37.94

37.21

38.36

38.65

16.31

16.77

16.11

16.54

17.20

6.97
1.50
2.44
2.09
1.01

6.90
1.67
2. 69
2.21
1.03

6.29
1.79
2.59
2.18
1.11

5.96
1.70
2.63
2.58
1.12

5.94
1.95
2.61
2.84
1.24

22.10

21.17

21.10

21.82

21.45
2.48

10.19

15.55

1 76

.37

Seasonally adjusted
Manufacturing
Durable goods 3

_

11.64
.

Primary metals
Electrical machinery
Machinery, except electrical
Transportation equipment 4
Stone, clay, and glass
Nondurable goods 3___
Food including beverage . . .
Textiles . . .
Paper
...
Chemicals
Petroleum
Public utilities

.

13.22

12.88

15.26

15.15

7.00

7.47

1 02

1
1
1
1

5.70

6.09

6.61

1 09

1 53

1 53

70

62

85

83

1 54
1 00

1 28
1 02

46

55

50

.62

6.61

7.16

8.26

7.68

1 26

1 36

95
.39

91
41

5.94

6.68

5.72

66

1 55
1 53

38
03
34
60

15.86
6 88
1.50
2 24
2.05
1.00
22.45

88

1 11

70

1 16

92

1 16

2.26

2.39

2.11

2.35

2.34

19
62
81

22
71

30
94

18
64

.31

.33

.42

.39

.39

.37

75

22
86

1 09
3 29

1 84
3 62

1 59
9
78

2 34
7 32
8.57

2.41
6 74
8.46

2.20
6 08
8.90

2.11
6.33
9. 29

2.13
6.26
8. 59

9.76

3.79

107.67

112.03

115.45

112.92

2 59

1 97
1 99

1 16
2 98

3.43

8.56

7.54

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.




12.77

10.22

2 43
6 95
9.34
102.45

3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.

105.55

20

SUKVEY OF CURKENT BUSINESS

The June increase largely reflected a
6-point advance for primary metals, to
84 percent. Electrical machinery reported a 3-point increase, to 84 percent; nonelectrical machinery and aircraft reported 2-point increases, to 89
percent and 71 percent, respectively.
Motor vehicles dropped 2 points, to
104 percent, after an 11-point advance
from December to March. In nondurables, textiles reported a 2-point
increase, to 87 percent. Petroleum
reported a 4-point decline, to 91 percent. Other industries reported little
change.
Primary-processed goods industries
reported a utilization rate of 84 percent,
a 1-point increase from March;
advance-processed goods industries also
reported 84 percent, unchanged from
March.
Companies owning 31 percent of
manufacturers' fixed assets reported—
as of June 30—a need for more facilities
in light of their current and prospective
sales (table 4 and chart 9); the 1-point

decline from March 31 largely reflected
primary metals. Facilities viewed as
about adequate remained at 62 percent
and those viewed as exceeding needs
rose from 6 to 7 percent.

NONMANUFACTURING
PROGRAMS
Nonmanufacturers' spending increased 1% percent in the second
quarter, to a seasonally adjusted annual
rate of $74.8 billion; plans call for increases of 3 percent and 1 percent in the
third and fourth quarters. The secondquarter increase was in mining and
communications; the third- and fourthquarter increases are concentrated in
railroads, airlines, and public utilities.
For the full year 1977, spending
plans in nonmanufacturing are up
liy2 percent, compared with a 5percent increase in actual spending
last year. All major groups in nonmanufacturing except "other trans-

September 1977

portation" plan sizable increases in
spending this year.
Airlines plan a 33-percent increase
after 3 years of declining investment.
Railroads plan a 12-percent increase;
last year, their investment declined
1 percent. The planned decline for
"other transportation"—34 percent—
reflects completion of the Trans-Alaska
pipeline.
Gas and electric utilities plan increases of 27 percent and 16 percent,
respectively; last year both of these
industries increased their spending
about 11 percent. Starts of new utility
projects declined in the second quarter
to $3.8 billion, about half the value
of starts in each of the preceding four
quarters.
Communications firms plan a 14percent increase in spending this year,
compared with 4% percent last year.
Mining and commercial firms plan
more moderate increases—11 percent
and 10 percent, respectively.

Table 3.—'Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates
[Seasonally adjusted]
Operating rates (percent)
Industry and asset size

1977

1976

Mar.
All manufacturing.

Ratios of operating to preferred rates

June

Sept.

Dec.

Mar.

1976
June

Mar.

June

1977
Sept.

Dec.

Mar.
0.87

0.89

.90
.85

.91
.85
.87

.84

.87

.91

.84
.81

.86
.82

.79

.78

.91
.83
.83

.92
.83
.84

.82
.88
.92

.77

.81
.89
.92
.89
.99

.73
85

.88
.92
.94
.90
.99
.76
.85
.89

0.86

0.86

0.84

0.85

87
79

.88
.84

.89
.85

.85
.84

.87
.85

.85

78

.83

.82

.82

.82

86

.84

.86

.82

88

89

.87

.89

78
76

78
76

.82
.80

.,84
.78

74

78

84

80
64

81
86
83
95
66

81
87
91
106
69

84
89
90
104

.86
.89
.91
.84
.94

76

79

75

79

71
80

.81
.86
.88
.84
.92
.69

82

81

82

82

82

84
81
78

83
81
77

83
80
78

83
81
80

Food including beverage
Textiles
".
Paper
Chemicals
Petroleum
Rubber

77

76

89
89
80

85
88
82
96

68

79
83
85
79
90
82

Primary-processed goods 4 .5 . .
Advanced-processed goods _.

83
81

83
82

82
79

Asset size:
$100.0 million and over.
$10.0 to $99.9 million....
Under $10.0 million
Durable goods1
Asset size:
$100.0 million and over.
$10.0 to $99.9 million....
Under $10.0 million
Primary metals
Electrical machinery
Machinery, except electrical.
Transportation equipment 2_.
Motor vehicles
Aircraft
Stone, clay, and glass
Nondurable goods

3

Asset size:
$100.0 million and over.
$10.0 to $99.9 million....
Under $10.0 million

82

82

80

84
78
76

85
79
75

81

83

84
76
74

84
85
98
66

83
81
86
85
100
65

78

78
78

94
86

81

83

84

82
78

83
79

75

76

86
80
77

79

81

84

86

81

78
72

76
73

83
77
72

79
80

87
74

1. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.
2. Also includes other transportation equipment.
3. Also includes tobacco, apparel, printing-publishing, and leather.
4. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;
paper; chemicals (at y2 weight); petroleum; and rubber.




June

.83

.68
.81

.73
.75
.67
.84

.89
.91
.82
.90
.69
.80

82

.88

.87

.87

.88

.88

84
81
78

83
80
79

.90
.87
.84

.89
.87
.83

.88
.86
.85

.89
.87
.85

.90
.87
.86

77
84
85
78
93
85

77
85
87

76
87

.86

.84

87

79
91
87

.88
.91
.91
98

.71

.87
.86
.89
.85
.93
.85

.86
.87
.88
.86
.96
.89

.87
.87

80
95

.90
.92
.89

.89
.88
.98
.91

.85
.89
.89
.87
.94
.92

80
82

83
84

84
84

.87
.86

.86
.83

.84
.87

.87
.89

.89

86

.97
.90
.87
.86

5. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,
aircraft, other transportation equipment, l instruments, food including beverage, tobacco,
apparel, printing-publishing, chemicals (at /2 weight), leather, and miscellaneous.

SUEVEY OF CUKEENT BUSINESS

September 1977

I CHART 9

CHART 10

•••••

Manufacturers' Evaluation of Plant and
Equipment Facilities*

Manufacturers' Capacity Utilization
Rates by Major Industry Groups

Percent of Capital Assets Held by Respondents
Reporting—
60
MORE CAPACITY NEEDED

Percent
92

ALL MANUFACTURERS
-

88 -

21

84

50
/

80

V

76
72

-

- 7 ^\A^w

70

^

Durable Goods

WM
50

I l I 11 11 1 1 I 1 1 1 111 I M 1 111 1 i i 11 I 11 I n l 1 l 11 11 11

rA

hA

20

Primary-Processed

84

r"

/

y
\

i n i l ii l l l l l l M l l

40

92
88

VJ

CAPACITY ADEQUATE

60

76

V
/

?n i i i 11 11 It 1I1 I M 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

Nondurable Goods

80

72

-

30

92

84

^
\

Ill 1 I I I l l t l l l I I I 1I I I I II I I 1I I I I I1N i l ( M i l l 1

88

_V

40

I ll Ml

In

Mil

III!

Illll

II 1

CAPACITY EXCEEDS NEEDS

10

80
0 1 I II 1 I I I I I II I M I 1 I I I I I I I 1 I M I I I I I 1 I I I I M 1 I I I
1967 68 69 70 71 72 73 74 75 76 77

Advanced-Processed

76

* Relative to prospective operations during the ensuing 12-month period.

72 1 I 1 1 l 11 11 I I 11 111 11 1 11 M 1 1 11 11 11 1VI l I 11 I 11 l l
1967 68 69 70 71 72 73 74 75 76 77
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis

U.S. Department of Commerce, Bureau of Economic Analysis

77-9-11

77-99

Table 4.—Manufacturers' Evaluation of Their Plant and Equipment Facilities 1
[Percent distribution of gross capital assets]
1975

1977

1976
Mar. 31

Dec. 31

Mar. 31

Dec. 31

Sept. 30

June 30

June 30

More plant and equipment needed:
All manufacturing

35

Durable goods 2 .
Primary metals 3
Metal fabricators

Chemicals
Petroleum

_

._._

37

36

34

32

31

32

31

38

37

28
27

32

30

30
34

32

33

33

34

48

51

49

52

26

28

28

26

Nondurable goods 2
Food including beverage

37

38
29
54
44

41
28
57
54

41
31
58
53

37
28
56
43

36
32
48
42

34
28
40
41

53

52

55

57

59

62

62

53

52

55

55

57

60

36
62

34
61

45
59

41
60

54
57

57
60

63
66
60

30
43
42

About adequate:
All manufacturing
Durable goods 2
Primary metals
Metal fabricators

3

Nondurable goods 2
. .
Food including beverage
Chemicals
Petroleum

61
48

68
56

58

59

61
65
54
58

7

7

6

7

11

9

9
7
10

55

59

60

62
40

68
40

65
40

68
41

47

37

47

57

12

11

8

53

52

63

Existing plant and equipment exceeds needs:
All manufacturing
2

Durable goods
Primary metals
Metal fabricators

3

Nondurable goods 2
Food including beverage
Chemicals
Petroleum
1.1. According to respondent companies' characterizations of their plant and equipment
rilities, taking into account their current and prospective sales for the next 12 months.
facilit




15

15

12

11

16
12

15
13

6
13

7
12

8
11

6
10

9
9
6
9

7
4
3
9

4
4
2
0

4
4
3

4

7

3
4
4

0

4
0

2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals.

0

5
5
3
C

SURVEY OF CURRENT BUSINESS

22

September 1977

Table 5.—Expenditures for New Plant and Equipment by U.S. Business 1
[Billions of dollars]
Seasonally unadjusted
1975

All industries.

112.78

1976

1977 2

Seasonally adjusted at annual rates

1976

1977

1976

1977

II

III

IV

I

II

III 2

IV 2

I

II

III

IV

I

II

III 2

IV 2
142.02

20.49 [36.49

25.87

29.70

30.41

34.52

29.20

33.73

34.37

39.19

114.72

118.12

122.55

125.22

130.16

134.24

138.43

47.95

52.48

60.60

10.96

12.66

13.48

15.38

12.52

14.84

15.20

18.04

49.21

50.64

54.78

54.44

56.43

59.46

61.37

64.32

21.84

23.68

27.92

4.78

5.61

6.02

7.27

5.80

6.79

6.86

8.47

21.63

22.54

24.59

25.50

26.30

27.26

27.96

29.74

Primary metals 3
Blast furnaces, steel works
Nonferrous metals

5.99
3.03
2.28

5.97
2.99
2.16

5.90
2.94
2.17

1.21
.61
.45

1.58
.76
.59

1.74
.92
.61

1.19
.58
.46

1.39
.67
.53

1.44
.69
.55

1.88
1.01
.63

5.51
2.90
1.96

5.76
2.80
2.13

6.42
3.15
2.35

6.12
3.10
2.19

5.43
2.76
2.06

5.61
2.70
2.16

5.81
2.82
2.16

6.61
3.36
2.28

Electrical machinery
Machinery, except electrical3
Transportation equipment
Motor vehicles
Aircraft *

2.31
4.50
3.24
2.06
.92

2.62
5.03
3.62
2.45
.94

3.24
5.87
5.05
3.82
.99

.48
1.02
.75
.48
.21

1.43
.70
.52
.60
1.16
.88
.58
.25

.67
1.26
.89
.58
.25

.87
1.59
1.10
.81
.23

.61
1.30
1.05
.80
.20

.75
1.37
1.37
1.06
.24

.82
1.44
1.23
.89
.28

1.06
1.76
1.39
1.07
.27

2.30
4.70
3.25
2.14
.86

2.48
4.60
3.47
2 ?2
1.03

2.72
5.16
3.54
2.33
.99

2.86
5.54
4.17
3.08
.90

2.97
6.02
4.53
3.46
.84

3.10
5.46
5.34
4.12
.96

3.29
5.91
4.91
3.60
1.08

3.50
6.06
5.36
4.08
1.05

Stone, clay, and5 glass..
Other durables

1.42
4.38

1.72
4.73

1.91
5.95

.40
1.14

.42
1.19

.54
1.43

42
1.23

.49
1.41

.47
1.47

1.90
4.92

1.91
5.43

1.99
5.75

1.94
6.11

1.82
6.38

32.68

7.05

7.46

8.12

6.72

8.06

8.34

1.56
4.30
27.58

1.79
4.97

28.81

.53
1.84
9.57

1.58
4.65

26.11

.35
.98
6.18

28.09

30.20

28.93

30.13

32.19

33.40

34.58

3.26
.66
2.95

4.18
.93
3.35
7.07

.78
.19
.65
1.43

.20
.78
1.62

1.00
.21

.99
. 22
!97
1.95

.83
.22
.73
1.45

1.03
. 24

6.25

3.75
.81
3.27
6.68

1.10
.25
.78
1.78

1.22
.22
1.02
2.16

3.50
.76
2.98
6.32

3.91
.81
3.18
6.40

3.88
.86
3.50
6.97

3.69
.83
3.38
6.97

3.72
.88
3.36
6.40

4.05
.98
3.36
6.63

4.28
1.00
3.15
7.32

4.60
.86
3.51
7. 82

10.51
1.00
1.48

11.62
1.10
1.58

13.99
1.40
1.76

2.54
.24
.36

2.78
.30
.38

3.07
.26

3.23
.30
.46

2.86
.26
.37

3.62
.34
.46

4.04
.46
.46

11.38
1.06
1.59

11.04
1.24
1.52

12.38
1.04
1.56

11.36
1.06
1.65

12.94
1.17
1.66

13.92
1.38

14.44
1.36
1.86

14. 53
1.63
1.64

64.82

68.01

75.88

14.91

17.04

16.93

19.14

16.68

19.17

21.15

65.51

67.48

67.76

70.78

73.74

77.06

77.70

3.79

4.00

4.45

.92

1.04

1.05

1.02

1.12

1.16

3.83

3.83

4.21

4.13

4.24

4.52

4.54

2.55

2.52

2.81

.49

.64

.70

.59

2.63

2.71

2 74

3.19

1.84

1.30

1.72

.26

.42

.26

.35

.33

1.84

2.05

3.63

2.41

.72

1.02

.95

.94

.61

Manufacturing
Durable goods

Nondurable goods..
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables 6_
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation

3.18

Public utilities..
Electric
Gas and other.
Communication
Commercial and other

;

20.14
17.00
3.14

22.28
18.80
3.47

12.74

13.30

20.60

20.99

29
21.
4.42
15.19
23.02

4.79
4.18

5.50
4.74

.62

.76

2.92

3.21

5.52
4.54
.98

6.46
5.34
1.12

3.33

3.84

5.19

5.78

5.55
4.78

.35
.47
18.88
1.16

.43
6.37
5.34
1.03

.43

.53

1.18

1.44

1.12

1.41

1.62

.57

.47

3.29

4.16

3.44

3.49

2.96

6.73
5.49
1.24

7.63
6.25
1.38

9.65

10.48

.77
3.30

5.64

2.64

.87

.67

21.91
18.56
3.36

21.85
18.82
3.03

21.67
18.22
3.45

23.46
19. 49
3.96

25.35
21.19
4.16

1.89
74.78
4.49
2.57
1.43
2.96
25.29
21.14
4.16

12.54

12.62

13.64

14.30

14.19

15.32

. 20. 68

20.94

20.99

21.36

22.67

22.73

2.18

1.72

26.70
22.24
4.47

27.50

[ 39. 08

38.70

5.27
4.82
5.21
billion for manufacturing and $76.68 billion for nonmanufacturing.
1. Excludes agricultural business; real estate; medical, legal, educational, and cultural
services; and nonprofit organizations.
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
2. Estimates are based on planned capital expenditures reported by business in late July
5. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.
and August 1977. The estimates of expected expenditures for 1977 have been corrected for
6. Consists of apparel, tobacco, leather, and printing-publishing.
biases. The adjustment procedures are described in the February 1970 issue of the SURVEY
7. Consists of trade, service, construction, finance, and insurance.
OF CURRENT BUSINESS. Before adjustment, plans were $138.94 billion for all industries, $62.26




99

79

By L. A. LUPO

Capital Expenditures by Majority-Owned Foreign Affiliates
of U.S. Companies, 1977 and 1978
Affiliates plan sizable expenditure
increases both in developed and developing countries in 1978. In developed
countries, expenditures are expected to
increase 10 percent, to $23.7 billion,
after a 15-percent increase in 1977. The
lower rate reflects smaller increases by
manufacturing affiliates in most countries (table 2) and by petroleum affiliates operating in the North Sea (table

3). Mining affiliates plan substantial
increases.
In developing countries, expenditures are expected to increase 23
percent, to $7.4 billion, after an 11percent increase in 1977. The higher
rate mainly reflects stepped-up expansion by manufacturing affiliates in
Brazil and by petroleum affiliates in
most major oil-exporting countries.
CHART 11

Capital Expenditures by Majority-Owned Foreign Affiliates
of U.S. Companies
Billion $
40

Billion $
40

(Ratio scale)

BY INDUSTRY

BY AREA
Total

-

20

Europe

\

l l l

NOTE.—Tlie estimates were prepared by
Christopher Emond, Shirley Davis, and Seiko
Wakabayashi.

/

I

/
Latin America
.\

Other Industries




*<¥
/ >

20

-

10

:
^^ ~-

/ Other Developing
Countries

6

/-H 4

/ /
/ ^

- 2

\

Trade

——^

/
/

_
_

& Smelting

A

1

Other Developed,.

International

Countries

and Unallocated

/

.8

- .6
i

Mining

7

/

\

- .4
i

1. Capital expenditures are the expenditures that are made
to acquire, add to, or improve property, plant, and equipment, and that are charged to capital accounts; expensed
exploration and development costs are excluded. 1?he expenditures are on a gross basis; sales and other dispositions
of fixed assets are not netted against them. These are universe
estimates based on BEA's latest semiannual survey, taken
in June 1977, to which more than 300 U.S. direct investors
responded, providing data for their 4,400 majority-owned
foreign affiliates. See the December 1973 SURVEY OF CURRENT
BUSINESS for a description of the methodology used in
preparing the estimates.
Revisions made to the estimates beginning with 1973, other
than those due to the substitution of the June for the December survey results, are described in a technical note at
the end of this article.
2. The 1976 and 1977 estimates have been revised upward
from estimates made 6 months earlier. The earlier estimates
appear in table 1 of this article under "Earlier plans." They
differ from those published in table 1, page 33, of the March
1977 SURVEY under "Latest plans," because they incorporate
revisions described in the technical note.

/
Canada

/

l

Petroleum

/ ^

-

i i ii i

.FOREIGN affiliates plan to increase
capital expenditures 12 percent in 1978,
to $32.8 billion, following a 12-percent
increase in 1977 (table 1 and chart II). 1
Substantial increases are planned in
most areas and industries in both years.
Expenditures in 1976, depressed by the
slow recovery abroad from the 1974-75
recession, had declined 3 percent.2
The 1977 and 1978 spending increases are close to the 11.9-percent
average annual growth of the preceding
10 years. However, the estimates are in
current dollars, and inflation now accounts for more, and additions to
productive capacity for less, of the
increase than before the 1974-75
recession.
The 1978 estimate is subject to large
revisions because it is the first estimate
for the year. Also some large U.S.
companies, particularly in petroleum,
did not report in the June survey, and
others could not provide well-grounded
estimates.

.2

J
1966

68

I
70

I
72

i

I
74

76

78

1966

i

i
68

i

i
70

i

t
72

i

i
74

i

i

i
78

76

•Planned.
U.S. Department of Commerce, Bureau of Economic Analysis

23

SUEVEY OF CUKEENT BUSINESS

24
The 13-percent increase in 1978 for
the "international and unallocated"
category—which consists of affiliates,
mainly in shipping, that operate in more
than one geographic area—reflects
"bargain purchases" of tankers by
petroleum shipping affiliates in a depressed tanker market.

Manufacturing
Manufacturing affiliates plan to increase expenditures 8 percent in 1978,
to $13.6 billion, after a 14-percent
increase in 1977. These increases follow
a 3-percent decline in 1976. By industry within manufacturing, 1978 spending plans are mixed, in contrast to
1977, when strong increases are planned
in most industries. Affiliates in the
paper, chemicals, and machinery indus-

tries plan marked increases; affiliates
in the transportation equipment and
metals industries plan small increases
or declines.
The 1978 slowdown is in developed
countries, where affiliates plan an 8percent spending increase, half the
planned 1977 increase. In Canada, an
8-percent increase is planned for 1978
following a 14-percent increase. These
increases partly reflect the relatively
high level of economic activity in the
United States, Canada's main export
market; only a limited recovery had
occurred in Canada by mid-1977, when
the BEA survey was taken. In 1978,
increases in paper, electrical and nonelectrical machinery are partly offset
by declines in chemicals, metals, and
transportation equipment. In 1977,

September 1977

the major increases are in paper,
metals, and chemicals; the increased
expenditures in chemicals reflect construction of a major petrochemical
complex, that will use local supplies
of natural gas as a raw material. Part
of the output of this project is intended for export to the United States;
the project has received a variance
that eases Canadian regulations on
export of hydrocarbons.
Moderate expenditure increases are
expected in France, Germany, and
Australia, following larger increases in
1977. In all three countries, renewed
increases in chemicals are expected,
after declines in 1977. In France and
Germany, affiliates plan larger increases
in electrical machinery than in 1977;
the increases in nonelectrical machinery

Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies
Billions of dollars

Percent change from preceding year
Latest plans * Earlier plans

Actual expenditures

1978

1977

2

1973 r

1974 r

1975 r

1976 1

22

23

6

-3

12

12

-5

10

Mining and smelting
Petroleum
M anufacturing

4
24

-2
23

9
13

-24
(*)

-9
12

57
15

-24
-4

-6
16

28

26

-3

-3

14

Food products
Paper and allied products
Chemicals and allied products
Rubber products. .
Primary and fabricated metals...
Machinery, except electrical
Electrical machinery
Transportation equipment
Other.
Trade
Other.

30
2
9

24
40
54

—8
-21
25

_5
-20
9

27
29
-16

—4
33
39

6
—14
19

3
—5
-10

16
2
-5

42

-23
-11
10

Q

33
26

26
29
30

19
15

26
27

Total

1976'

1977''

Latest plans * Earlier plans 2

Actual expenditures

1978

1976 r

1973 r

1974 r

1975 r

19761

16.7

20.5

25.3

26.8

26.0

29.1

32.8

25.2

27.8

1.1

1.1
6.4

.9
8.9

.8
10.0

1.3
11.5

.9
8.6

10.0

11.0

12.6

13.6

10.7

11.8

.8
.7
2.3

.8
.9
2.5

.7
.6
2.6

.9
.8
2.4

.3

1972

1977

1977'

By industry

8

-5

11

—1
20
8

2
-18
(*)

38
36
-9

g

9

10

—24

—6
—12
23

5.2
7.2
.4
.5
1.2
.3

9.2
.6
.6
1.4
.3

1.1

1.2

7.8

8.9

11.6

11.3

.7
.9
2.1

..77
2.5

.7
.6
2.7

.4

.5

.5

.5

.8

.7

.4
.7
2.8

.7

.7

.6

.5

3.1

2.7

3.4

3.9

2.8

.3
.5
3.4

27

15

—10
—17
(*)

1.9

2.6

-3
-16

20
29
21

18
1
12

-5
-10
-10

-1
19
11

.6
.9
.7

1.1
1.6
1.1

.9
1.4
1.3

.8
1.4
1.1

1.0
1.8
1.3

1.2
1.8
1.4

.8
1.3
1.1

.8
1.5
1.2

4
13

—25
11

22
5

14
8

—16

3
3

1.4
1.8

.9
1.2
.8
1.7
2.0

2.1
2.6

2.4
3.1

1.8
3.4

2.1
3.6

2.4
3.9

1.9
3.1

1.9
3.2

20.2

.6

.8

By area
20

26

5

C)

15

10

-3

12

11.8

14.2

17.8

18.8

18.8

21.6

23.7

18.1

Canada
Europe

21

32

-9

10

7

13

9

16

3.5

4.2

5.5

5.0

5.6

6.0

6.8

5.5

6.4

22

23

14

-2

17

7

-6

9

6.8

8.3

10.2

11.7

11.5

13.5

14.4

10.9

11.9

European Communities (9) 3 .
France
Germany .
United Kingdom
Other
Other
Japan ...
Australia, New Zealand, and South
Africa

22
18

13
22
—9
37

7
15

8
19
—5
10
9
13

7.3
1.3

9.9
1.9

10.0
1.2

11.7
1.5

12.6
1.8

9.3
1.3

10.1

1.6
1.7
1.6

1.9
2.4
1.6

2.3
2.7
2.4

2.1
3.6
2.3

2.0
4.5
2.2

2.2
5.4
2.6

2.3
5.9
2.6

2.0
4.0
2.1

4

-6
—29
—5
8
—12
-9

8.8
1.5

7
g
(*)

6.0
1.1

13
20
15

22

(*)
—36
_7
25
—2
-11

18
23

24

21
10
21
14
39
36

.8

1.0

1.4

1.8

1.6

1.8

1.9

1.6

1

30

-8

-27

25

24

-22

20

.6

.6

.8

.8

.6

.7

.9

.6

.7

Developed countries. _ _. _

16
43
9

14

1.5
1.9
4.4
2.3
1.8

10

20

(*)

-12

32

14

-11

19

.9

1.0

1.2

1.2

1.1

1.4

1.6

1.1

1.3

Developing countries

12

28

18

-15

11

23

-12

17

3.8

4.2

5.4

6.4

5.4

6.0

7.4

5.5

6.4

Latin America
Other Africa
Middle East.
Other Asia and Pacific
International and unallocated

19

27
38
8
51

1
22
55
20

_5
—11
—18
-37

(*)

22

2.3

2.9

3.1

2.9

2.9

3.5

2.8

.4

.4
.8

.6
.8

.7
1.3

.6
1.1

.8
1.4

.6
1.2

.7

.7

1.1

1.3

.8

1.0

1.0
1.8

9

3
14
48
19

2.0

24

—6
—10
—7
-34

1.1

.9

2.9
.7
1.8
1.0

-2

-23

6

-18

13

1

-26

1.1

2.1

2.0

1.7

1.8

1.5

1.7

1.6

1.2

9
11
i

93

20
28

35
29

*Less than 0.5 percent (±).
Revised, see the Technical Note at the end of the article.
1. Based on the BEA survey taken in June 1977. The 1976figureis the fifth estimate and
gives actual expenditures for that year; the 1977figureis the third estimate of 1977 plans;
the 1978figureis the first estimate of 1978 plans.
r




.7

2 Based on the BEA survey taken in December 1976. The 1977figureis the second estimate
of 1977 plans; the 1976figureis the fourth estimate of 1976 plans.
3. The European Communities (9) was established in 1973. Estimates for 1972 are the sum
of estimates for the European Communities (6), Denmark, Ireland, and the United Kingdom.

245-003 O - 77 - 4

SURVEY OF CUEEENT BUSINESS

September 1977

25

Table 2.—Capital Expenditures by Majority-Owned Foreign Manufacturing Affiliates of
U.S. Companies, Selected Countries

the Netherlands. The decline is largely
in chemicals, and it reflects nearMillions of dollars i
completion of a steam cracker and
Percent change from preceding year
plasticizer
plant, and a cutback of a
Actual exLatest plans
Actual exLatest plans
previously planned expansion project.
penditures
penditures
In 1977, the only sizable decline is in
1976
1977"
1978
1976
1978
1977'
Belgium, primarily in chemicals.
In developing countries, affiliates plan
14
All areas __
-3
8
11,013
12,561
13,620
a
10-percent increase in expenditures,
Developed countries
-4
16
8
9,110
10,577
11,429
of which:
more
than twice the 1977 increase. A
Canada
9
14
8
2,312
2,830
2,629
Belgium and Luxembourg
27
-29
17
585
417
486
particularly
large increase—23 perFrance
-21
12
26
829
1,045
1,166
Germany
-1
15
10
1,498
1,717
1,893
cent—is
expected
in Brazil, where
Italy.
-20
22
21
506
616
743
Netherlands
9
13
-12
469
529
468
affiliates
plan
sizable
increases in paper,
United Kingdom
g
21
1
1,513
1,830
1,850
Spain
-34
24
12
290
360
402
chemicals,
and
nonelectrical
machinery,
Japan
-18
12
21
423
476
576
Australia
-11
40
12
261
364
409
after decreases in 1977. Affiliates in
4
Developing countries
10
1,903
1,984
2,190
(•)
electrical machinery and transportaof which:
-3
4
Brazil....
23
776
805
989
tion equipment industries plan inr
creases in both years. Ranked by
Revised.
* Less than 0.5 percent ( ± ) .
amount of affiliate expenditures, Brazil
1. See footnote 1 to table. 1.
2. There are no manufacturing affiliates in the "international and unallocated" category.
is now the fifth largest country (after
Canada, the United Kingdom, Germany,
and France), and is the only deare less than the exceptional 1977 increases in paper, chemicals, and elec3
veloping
country in which manufacincreases. In Australia, a smaller in- trical machinery.
turing
affiliates
make significant exExpenditures in the United Kingdom
crease than in 1977 is planned in
penditures.
In
Mexico,
the next largest
are expected to remain about at the
transportation equipment.
developing
country,
affiliates
plan a 9In Japan, affiliates plan a larger 1977 level, with declines in chemicals percent increase in 1978, after a 24increase than in 1977, reflecting marked and metals offset by increases in non- percent drop the previous year, when
electrical and electrical machinery. In
1977, expenditures are expected to in- uncertainties resulting from peso de3. Nonelectrical machinery includes computer equipmentcrease 21 percent, mainly in nonelec- valuations inhibited investment. AffilCapital expenditures by computer manufacturing affiliates
iates in other developing countries, as a
trical machinery.
include the cost of computers they produce and lease to
The only marked decline in 1978 is in group, plan to decrease expenditures in
other firms.
1978.
2

Table 3.—Capital Expenditures by Majority-Owned Foreign Petroleum Affiliates of U.S.
Companies, Selected Countries
Percent change from
preceding year
Actual
expenditures
1976
All areas _
Developed countries
of which:
Canada
France
Germany
United Kingdom _
Norway
Japan.
Australia

Millions of dollars»

Actual
expenditures

Latest plans

1978

1977'

1976
15

C)

-3
19
-3

1977 '

1978

8,915

10,008

11,545

5,448

6,340

6,784

12
13
-26
13
0

1,448
73
217
2,693
406
46
118

1,721
145
156
3,613
394
(D)
174

18
4
-44
-38
68
35
-63
-24

Latest plans

Developing countries
of which:
Peru
Other Western Hemisphere 2_
Other Africa 3
of which, Nigeria
Middle East
Iran
Other
Indonesia

-22

22

32

2,465

1,534
(D)
211
3,196
394
(D)
167
3,001

-7
-21
-6
-15
-18
-54
-11
-57

-16
-30
30
0
31
-17
37
-3

9
103
38
54
33
58
32

170
225
538
116
920
88
832
271

143
157
700
116
1,209
72
1,136
262

156
318
966
178
1,609
114
1,494
285

International and unallocated.

-11

-33

19

1,001

668

797

r

Revised. "Less than 0.5 percent ( ± ) .
D Suppressed to avoid disclosure of data.
1. See footnote 1 to table 1.
2. Latin America except the Latin American Republics.
3. Africa except South Africa.

245-003 O - 77 - 5




42

Petroleum
Petroleum affiliates plan to increase
expenditures 15 percent in 1978, to
$11.5 billion, after a 12-percent increase in 1977. For the first time in
over a decade, expenditures in 1976 had
shown no increase, as higher petroleum
prices and the limited recovery from
the recession resulted in a surplus of
capacity.
Table 4.—Expensed and Capitalized Exploration and Development Expenditures
for a Sample of Majority-Owned Foreign
Petroleum Affiliates of U.S. Companies
[Millions of dollars]

3,964
1973

Exploration and development, total _

Expensed
Capitalized *.
Memo: Capital expenditures 1

1975

1,586

3,487

734
852

1,258
2,230

4,054

5,522

1. Capitalized exploration and development expenditures
are a component of capital expenditures.
NOTE.—The sample covers affiliates reporting in BEA's
annual survey of foreign affiliates' sources and uses of funds,
the most recent of which is for 1975.

SUEVEY OF CURKENT BUSINESS

26
The 1978 increase is widespread.
About one-third is in developed countries, mainly Canada, the United Kingdom, and Japan. Developing countries
account for nearly two-thirds, with
particularly strong gains in the Carib-

bean, Africa (mainly Egypt, Nigeria,
and Cameroon), and Saudi Arabia.
Expenditures by petroleum shipping
affiliates also are up sharply.
The increase in Canada, twice that
planned for 1977, is for experimental

September 1977

work on extracting crude petroleum
from oil sands and for investment in
synthetic crude processes, as well as for
conventional investments in petroleum
and natural gas extraction, processing,
and transportation. (Expenditures for

Table 5A.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1975 l
[Millions of dollars]
Manufacturing
All
Mining
indusand
Petrotries
smelt- leum
ing

Total

1,175

8,901

11,343

18,767

809

4,616

9,448

Canada

5,050

521

1,388

Europe

11,728

5

European Communities (9) _.
Belgium and Luxembourg.
France
Germany
Italy
.
Netherlands
Denmark
Ireland
United Kingdom

9,944
690
1,930
2,106
790
627
95
96
3,610

2
0

Other
Norway
Spain
Sweden
Switzerland Other

1,784
363
727
167
294
233

All countries
Developed countries..

Japan
Australia, New Zealand and South
Africa
Australia
New Zealand.
South Africa..
Developing countries.
Latin America

Latin American Republics.
Argentina
Brazil
Chile
Colombia.
Mexico
Panama
Peru..
Venezuela
Other Central America.._
Other and unallocated- _.
Other Western Hemisphere.
B ahamas
Bermuda
Jamaica
Other and unallocated
Other Africa _

Liberia
Libya...
Nigeria
Other and unallocated.
Middle East.

Iran
Other and unallocated.

26,841

(

\
(*)

0
0

)

(*)

779

399

665

2,801

887

1,422

1,275

2,361

3,060

216

498

2,580

745

1,204

1,020

2,049

1,845

2,124

117

342

617

96

60

333

165

273

121

189

827

2,904

6,413

337

245

1,261

425

1,943

498

833

780

1,643

762

2,469
171
131
350
59
86
45
22
1,604

5,716
460
1,053
1,509
631
429
16
58
1,560

291

195
31
48
4
48
12

1,144
193
128
329
86
116
6
33
253

385
13
38
77
24
32

1,878
106
424
435
261
76
1
1
574

430
35
116
88
108
23

567
20
115
225

1,330
43
656
211
63
99

428
16
90
36
37
11

(*)
(*)
154

747
24
131
305
42
46
1
14
183

243

202

266
0
263
1
1
1

34
1
4
3
9
17

314
4
90
17
161
41

334
18
113
9
97
98

77

94

46

41
39
70
4
2
73

(*)

435
301
87
15
9
24

40
437
127
28
66

125

513

116

D

46

)

117
5
85
13
3
11

36
1

22
3
15
10
0
0
22

64

27

42
1
21

12
1
14

6,362

366

3,160

1,895

162

445

183

3,069

328

642

1,477

111

363

156

2,601
190
1,033
16
101
335
27
475
217
84
123

297
1
1
0
(*)
10
5

357
28
30
1
11
1
7
183
19
31
47

1,458
118

110
4
25
1
4
39
2
3
14
13
6

351
14
202
1
37
59
2
13
18

155
61
67
0
4
14
0
3
6
1
0

468
187
3
22
256

285
89
1
(*)
195

18
1
(*)
13
4

715

574

46
22
152
496

21
22
135
395

1,302

1,122

53

190
932

30
22

(*)

81
249
7
20
136
30
14

(*)
(*)
(*)

(*)

31
10
21

(*)

(*)

39

95

41

123

209

56

35
1
3

82
1
12

23
4
15

69
20
34

139
13
57

167

221

142

218

256

311

630

81

195

77

198

209

248

374

80
3
17
1
5
25
0

194
13
128
0
6
47
0
(*)

74
3
51

198
11
143
1
1
31
0
0
13
0
0

207
9
113
2
9
13
3
(*)

239
36
112

248
8
92

46

1
28
4

(*)
(D)

24
2
1
(*)

(*)

(*)

(*)

(*)
(*)

0
0
0
0
0

(*)
(*)

0
7
82

(*)

(*)
(*)

823

277

1
626
11
24
162

24
26
24
82
122

International and unallocated.

1,712

0

(*)

1

C)

1
2
6

125
94
1
1
29
34

17
0
7
9

(*)
(*)

40
38

(*)

0
19
0
0
7

*Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual reporters.

1
0
0
1

(*)

(*)

26

1,125

(*)

50

44

43

294
10
94

(*) e

39
20
3
15
(*)

397

101

1
200

(*)

155
14
30

(*)

(*)

12
0
2
2

199

27
692
41
122
395




29
32

258
1
22

()

Other
Trade industries

2,058

281

237
1,064

equipment

Other
manufacturing

600

914
58
238

o

Transportation

526

1,210

(D)

Electrical
machinery

2,504

1,277

D

Paper
ChemPrimary
Maand
icals and Rubber
and
chinery
allied
allied
products fabricatexcept
products products
ed
electrical
metals
701

India
Indonesia
Korea
Philippines. _
Other and unallocated..

Other Asia and Pacific.

Food
products

(*)

121
1

(*)
4

0

43

56

25

C)
(*)

15
105

1

(*)
(*)

(*)
(D)

(*)

16

(•)

(D)

101
0
22
4
13
586

1. Based on the BEA survey taken in June 1976, but revised to incorporate information
obtained subsequently.

27

SURVEY OF CURRENT BUSINESS

September 1977

the recently announced U.S.-Canadian
natural gas pipeline project are not
included.)
The increase in the United Kingdom
in 1978 is less than in 1977; in Norway,
no increases are planned in either year.

expenditures in Japan is partly for
projects to meet the Japanese Government's requirement that a 90-day
reserve of petroleum be available.
Spending for accelerated construction
of marine terminals and liquified petro-

Spending by affiliates in these countries
is mainly for development of North Sea
oil fields and the slowdown is due to the
approaching completion of some
projects.
As in 1977, the 1978 increase in

Table 5B.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1976 l
[Millions of dollars]
Manufacturing
All
Mining
and
indusPetrosmelt- leum
tries
ing

Total

Food
products

MaPaper
ChemPrimary
chinery
icals and Rubber
and
and
except
products fabricatallied
allied
electrical
products products
ed
metals

Electrical
machinery

TransOther
portation manuequip- facturing
ment

Trade

Other
industries

All countries...

25,986

889

8,915. 11,013

655

564

2,732

462

678

2,660

816

1,376

1,072

1,762

3,407

Developed countries..

18,757

664

5,448

9,110

470

469

2,278

266

464

2,398

660

1,225

881

1,491

2,044

Canada

5,586

485

1,448

2,312

113

318

667

122

53

383

160

336

161

228

1,113

Europe

11,546

5

3,737

6,013

297

133

1,466

110

404

1,729

464

787

623

1,015

776

European Communities (9) _ _
Belgium and Luxembourg.,
France
Germany
Italy....
Netherlands
Denmark
Ireland
United Kingdom

9,957
686
1,238
1,950
653
632
79
191
4,526

1
0

3,255
46
73
217
51
61
26
87
2,693

5,509
585
829
1,498
506
469
13
96
1,513

255
20
41
42
24
69
4
3
53

103
12
21

1,384
360
103
326
62
169
2
19
342

99
18
28

369
13
38
60
26
26
1
1
204

1,659
84
326
426
214
8
1
1
516

409
23
58
141
103
22
3
7
52

639
21
124
273
9
45

595
34
89
219
13
37
1
63
138

786
38
253
196
56
89
D

()
(D)
146

404
16
83
39
40
14
(DD)
()
173

Other
Norway
Spain
Sweden
Switzerland .
Other

1,589
472
500
144
300
173

482
406
28
18
6
23

503
42
290
101
19
50

56

148
0
143
2
1

29
1
9
2
6
10

229
4
41
16
148
19

372
17
140
9
127
79

46

423

23

100

157

151

83
3
14

71

96

548

Japan
Australia, New Zealand and South
Africa
Australia
New Zealand.
South Africa. _
Developing countries.
Latin America
Latin American Republics.
Argentina
Brazil
Chile
Columbia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other and unallocated. _.
Other Western Hemisphere..
Bahamas
Bermuda
Jamaica
Other and unallocated
Other Africa.
Liberia
Libya
Nigeria
Other and unallocated.
Middle East.
Iran
Other and unallocated.
Other Asia and Pacific

(*)

I

(*)
(*)

(*)

566

(*)

35
25
3
4
2
1

173

217

362

43

145
2
27

118
23
76

261
9
92

25
1
17

5,411

225

2,465

1,903

185

43
1
23

11
1
18

455

196

(*)
(*)

2,913

192

577

1,568

141

416

179

2,504
186
974
11
114
404
25
337
264
87
102

162
1
2
(*)
(*)
8
4

353
32
36
2
27
(*)
6
170
18
29
32

1,549
111
776
5
78
326
5
16
179
33
20

140
2
32
(*)

404
13
216
1
42
97
2
5
20
2
7

178
61
85
0
4
17
0
3
8
1
0

409
136
3
21
248

225
36
1
(*)
187

19
1

637

538

30
38
130
440

20
38
116
365

1,061

920

801

430

India
Indonesia
Korea
Philippines
Other and unallocated. _

27
318
29
102
326

1
271
11
16
131

International and unallocated.

1,817

1,001

* Less than $500,000(±).
Suppressed to avoid disclosure of data of individual reporters.

l
(*)

(*)

1
0
0
1
0

(*)
(*)

(*)
(*)
(*)

(*)

3
1
2
214
130
130
4
13
1
3
26
0
1
78
3
(*)

(*)
56

C)
C)

47
(*)
(D)
262

155

151

190

271

236

87

142

151

229

346

236
11
159
0
6
58
0
(*)

83
2
62

142
3
95
1
(*)

150
15
55
2
7
11
1
(*)

221
32
100

219
10
61
3
1
29

8
(*)
(*)
(*)

(*)

(*)

(*)
(*)

2
6

42

(*)

15

32

(*)

(*)

(*)

108

(*)

18
90
30

(*)

(*)
()
(*)
(*)
(D)

127
95
1
2
29

4

(*)

(*)
(*)
(*)
(*)
(*)

(*)

48
15

(*)

C)

240

(*)
41
4
8
19
6
4

(*)

25

71
113

(*)

164

78

691
61
309

832




83
3
47
24
1

1,060

118
944

D

19
()
(*)

(*)

79
0
10
13
815

1. See footnote 1, table 1.

SURVEY OF CURRENT BUSINESS

28
leum gas facilities also contributes to
the increase.
In other petroleum-importing countries, lower rates of increase or declines
in spending are planned in 1978, partly
because some refining and distribution
projects are nearing completion. De-

creased expenditures in Ireland reflect
the approaching completion of a natural
gas network, after major expenditures
in 1977.
The 1978 increase in "other Western
Hemisphere" is for refinery construction, which decreased sharply in 1977,

September 1977

and for petroleum exploration in the
Caribbean. The 1977 and 1978 increases in the Middle East are mainly
for continued expansion of petroleum
infrastructure projects and for a natural
gas collection network in Saudi Arabia.
The strong increases in "other Africa"

Table 5C.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1977, Latest Plans
[Millions of dollars]
Manufacturing
All
Mining
and
indusPetrotries
smelt- leum
ing

Total

Food
products

Paper
ChemPrimary
Maicals and Rubber
chinery,
and
and
allied
allied
products fabricat- except
electrical
products products
ed
metals

Electrical
machinery

TransOther
portation manuequip- facturing
ment

Trade

Other
industries

All countries...

29,104

10,008

12,561

835

727

2,308

497

749

3,388

981

1,776

1,300

2,148

3,580

Developed countries..

21,600

695

6,340

10,577

619

651

1,924

287

538

3,153

725

1,558

1,121

1,795

2,193

Canada

5,966

391

1,534

2,629

133

499

732

116

78

356

163

369

182

205

1,208

Europe

13,523

11

4,463

6,985

389

136

1,086

127

447

2,450

515

1,026

808

1,244

821

11,713
552
1,525
2,197
774
753
103
397
5,412

(D)
0
(*)
0
(*)
(*)
0
(*D)
( )

3,938
38
(D)
211
(D)
95
(D)
204
3,196
525
394
74
23
7
27

6,356
417
1,045
1,717
616
529
19
184
1,830

327
11
50
65
37

112
8
16
3
43
7
(*)
0
34

1,002
187
77
176
51
217
3
18
274

120
17
40

2,336
104
489
563
307

456
29
71
151
121
16
4
10
53

814
25
164
348
10
49

777
18
98
306
20

944
31
254
230
69
110
19
1
230

23
2
10
7

85
2
40
29
4

411
18
40
96
7
41
(*)
1
208
36
20
4
6
4
1

European Communities (9). _
Belgium and Luxembourg.
France...
Germany
_.
Italy
Netherlands
Denmark
Ireland
United Kingdom
Other
Norway
Spain
Sweden
Switzerland.
Other
Japan
Australia, New Zealand and South
Africa
_
Australia
New Zealand.
South Africa..
Developing countries.
Latin America

1,810
466
628
193
302
221

(*)
0
0

710
1,400

293

1,028
75
298

273
3
16

167

6,012

112

3,001

74

551

Latin American Republics.
Argentina
Brazil
Chile
Colombia
Mexico
Panama
Peru
Venezuela
Other Central America....
Other and unallocated

2,558
271
1,050
17
121
330
34
184
370
84
95

47
1
4
(*)

394
66
56
3
41
1
(D)
143
17
26

Other Western Hemisphere.
Bahamas
Bermuda
Jamaica
Other and unallocated

340
103
4
20
214

Liberia
Libya....
Nigeria
Other and unallocated..
Middle East.
Iran
Other and unallocated.
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocatedInternational and unallocated.

(

\
4
12
0
5
14
27

36
71
135
524

4
0
0
4

1,354

2

994

157
5
2




57

364
16

34
2
22

107
1,984
1,615
1,597
137
805
8
70
249
261
30
19
19
1

2
(*)

700

36

25
71
116

(*)
0
12
24

72
1,136
541

25
305
47
125
492

1
262
(D)
20

1,493

668

*Less than $500,000(±).
Suppressed to avoid disclosure of data of individual reporters.

D

801
114
(*)

59
21
7
1

°3
215

1
146

212
0
207
2
1
3

31
7
5
9

300
6
67
25
176
25
159

487

5

766

105
1,249

(*)

1

476

2,898

Other Africa.

629
40
360
135
34

(*)

(*)

56

42

1

19
1
22

10

165

)

(*)

(*)
(*)
(*)
(*)
(*)

313
13
145
1
16
50
3
2
73
2

564

211

218

178

352

173

222

206

142

288

190
61
95
0
10
11
0
3
9
1
0

173
10
25
2

222
15
156
0

206
12
127
1

141
15
72
3

278
31
123
2
8
44
4
8
46
6
5

1
0
0
1
0

(*)
(*)
(*)

C)

(*)

(*)
(*)

(*)

(*)

(*)

(*)

(*)
12

20

(*)
(*)
(*)

()
369
127
9
84
(D)
(D)

118

190

23
0
1
103
3

9

13

210
324

165
4
60
1
4
52
3
1
21
13

19

105
28
55

(*)
(D)
235

384

40

188

160
44

17

216

66

(*)

10
(*)
2
7

242
36
62
3
2
29
D
)
13
46
17
127
(*)

1
29
16

(*)
(*)
2
4

0
5
5

33

12

99

13
19
300

3
9
45

84

22
18
19
83
159

(*)

(*)

C)
3

(*)

10
118

(*)
(*)

C)

1

18

48

(*)

(*)
(*)
(*)

(*)

1. See footnote 1, table 1.

10
1
2
5
100

(*)
(*)

2
4
2
5
32

14

79
0
9
17
824

SUEVEY OF CUEEENT BUSINESS

September 1977

are for development of oil production
facilities in Egypt, Nigeria, and Cameroon, and for additional investment
in Libya. The increases in all these
countries in 1978 reflect spending originally scheduled for 1977 and 1976. In
some cases, projects were deferred; in

29
estimates of E. & D. expenditures. However, sample data on E. & D. expenditures are available for 1975 and a few
previous years.4 In 1975, the sample

others, the rate of expenditure was
temporarily slowed.
Much of the planned 1977-78 capital
spending by petroleum affiliates is for
exploration and development (E. & D.),
but the precise amount is not known, because there are no separate universe

4. The data are from BEA's survey of sources and uses of
funds by majority-owned foreign affiliates. The petroleum
coverage in that survey is essentially the same as that for
BEA's survey of capital expenditures.

Table 5D.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1978, Latest Plans 1
[Millions of dollars]
Manufacturing
All

Mining

indus- and
Petrotries smelt- leum
ing

All countries

Total

32,769

1,272

11,545

13,620

23,680

1,139

6,784

11,429

Canada

6,771

714

1,721

2,830

Europe

14,438

9

4,676

7,476

12,550
616
1,755
2,344
913
702
110
244
5,866

4
0

Developed countries..

European Communities (9) _.
Belgium and Luxembourg.
France
Germany
Italy
_
Netherlands
Denmark.
Ireland
United Kingdom
Other
Norway
Spain
Sweden
Switzerland .
Other
Japan
Australia, New Zealand and South
Africa

Australia
New Zealand.,
South Africa..
Developing countries.
Latin America

Latin American Republics.
Argentina
Brazil
Chile
Columbia
Mexico
Panama
Peru
Venezuela
Other Central America...
Other and unallocated
Other Western HemisphereBahamas
Bermuda
Jamaica
Other and unallocated
Other Africa.

C)

0
0
4

1,888
461
643
206
337
242

5
2
0
3

4,177
39
145
156
47
95
28
55
3,613

6,799
486
1,166
1,893
743
468
15
179
1,850

498
394
50
26
7
21

677
29
402
147
37
62

880
1,591

416

1,236
59
296

403
1
12

174
(D)
(D)

409
15
123

7,402

132

3,964

2,190

570

873

2,503

543

567

3,902

1,162

1,792

1,453

2,449

795

2,023

346

416

3,609

924

1,541

1,205

2,010

2,318

142

78

425

184

277

239

266

1,242

144

327

685

1,087

823

1,401

876

618
36
108
177
155
32
3
11
95

847
25
149
377
14
74
1
4
203

787
20
108
306
36
41
2
139
136

1,089
52
296
251
75
120
13
(*)
281

480
39
148
45
47
20
54
10
119

240
0
235
1
1
3

36
2
9
5
13

312
(D)
61
22
200

396
(D)
129
10
92

157

618

329

147

280
10
29
62
39
62
5
1
72

710
1,147

131
14
24
3
50
6
1
0
33

1,051
242
108
235
60
137
3
22
244

16
2
4

96
2
57

(*)

138
18
50
12
20
4

(*)

23

254

1,834

197

3,016
278
1,386
17
112
366
37
196
390
96
136

54
1
5
(*)
(*)
9
4
14
0
5
16

460
57
72
4
43
1
8
156
23
38
58

1,815
140
989
9
63
271
11
8
277
31
17

197
4
89
1
4
46
3
1
31
13

513
108
4
21
380

28

318
3
2
(*)
314

19
1
(*)
13
5

394
383
15
166
2
21
86
3
2
79
2

(*)
(*)

C)

10

13
1
24

7
1
2

11

196

151

294

180

138

262

179
61
99
0
4
3
0
3
9
1
0

138
8
15
1
3
20
0
1
84

262
9
177
0
7
67
0

(*)

C)

Middle EastIran
Other and unallocated-

1,753

(*)

141
1,612

(*)
(*)

26
77
178

134

19

2
18

239

251

247

438

678

140

238

217

373

461

136
7
106

238
24
166
1
2
21
0
1
23
0
0

216
10
132
3
9
9
5

362
27
217
2
4
53
5
4
37
5

324
52
104
3
2
31
10
13
52
18
39

(*)

(*)

(*)

(*)

0
0
0
0
0

(*)
(*)
C)

(*)

(*)

1,609

43

(*)

114
1,494

16
27

(*)
C)

1,087

40

611

273

India
Indonesia
Korea
Philippines
Other and unallocated..

27
352
33
109
565

0
21
0
0
19

1
285
17
20
288

24
19
8
67
155

2
8

(*)

International and unallocated.

1,687

C)

(*)

n

(*)
54

(*)

(*)

(*)

(*)

(*)
(*)

(*)

(*)

(*)
(*)
32

5

(*)

1
(*)

(•)

136
104

(*)

(*)
10
30

-Less than $500,000(±).
D Suppressed to avoid disclosure of data of individual reporters.

182
116
20
46

)

(*)

162

56

(*)
(*)

40
5
0
0
4

7

40

38

1
0
0
1
0

(*)

(*)
(*)
(*)

10

87

57
1

778

1,034

137
(D)
22

86

548

82

5
23

30
11
3
11
4
1

5

3,529

°o

2,650
110
538
630
362
77
1
1
930

( D )

12

2,788

297
9
51
90
7
34
(*)
1
104

(*)

481

38
77
195
724




824

Other
Other Trade indusTransMaPaper
Primary
ElecChemtries
chinery
trical portation manuicals and Rubber
and
and
equip- facturing
maallied
allied products fabricat- except
ment
electrical chinery
products products
ed
metals

576

Liberia
Libya
Nigeria
Other and unallocated.

Other Asia and Pacific

Food
products

2

0
4
3

10

90

io

10
80

50

113

2
4
2
7
34

0
24
6
15
890

1. See footnote 1, table 1.

30
reported total capital expenditures of
$5.5 billion, 62 percent of the universe
estimate (table 4). Of this amount,
E. & D. expenditures were $2.2 billion,
or 40 percent of total capital expenditures by the sample.
The 40 percent understates the importance of affiliate expenditures for
E. & D., because petroleum affiliates'
capital expenditures include only the
capitalized portion of their E. & D.
expenditures, and exclude similar expenditures that are charged as an
expense. The sample reported expensed
E. & D. expenditures of $1.3 billion in
1975. Thus, total E. & D. expenditures
were $3.5 billion, or over half of total
sample spending of $6.8 billion. In
1973, before the sharp rise in OPEC
petroleum prices, total E. & D. expenditures by the sample had accounted
for about one-third of their total
spending. In Europe, E. & D. expenditures increased from 22 percent of the
total in 1973 to 41 percent in 1975,
because of North Sea activities; in
Latin America, the comparable figures
are 45 and 68 percent, and in other developing countries, 62 and 86 percent.

SURVEY OF CURRENT BUSINESS
or sold part or all of their equity interests in the affiliates (if U.S. ownership fell below 50 percent, the affiliate
was dropped from this expenditures
series). Even with the large 1978
increase, mining and smelting expenditures are expected to account for
only 3.9 percent of total expenditures
in 1978, compared with 9.4 percent in
1971.

September 1977

The revision relates to certain deposits made by the host government to
the U.S. company, beginning in late
1973. According to information provided by the company to BEA at that
time, these deposits were treated by the
company as having been made in
anticipation of the issuance of capital
shares by the company to implement,
in corporate form, the provisions of a
general agreement between the comTrade and other industries
pany and the host government concernTrade affiliates plan to increase ing their future relationship. In the
expenditures 14 percent in 1978, to revision, the host government is con$2.4 billion, after a 22-percent increase sidered to have made deposits toward
in 1977 and a 25-percent decline in the eventual purchase of substantially
1976. Brazil accounts for nearly 33 all of the assets of the U.S. company's
percent, Canada for 20 percent, and the foreign branch. The revision correUnited Kingdom for about 17 percent sponds to a change in the treatment of
of the increase. In contrast, in 1977, the deposits on the books of the U.S.
Brazil accounts for less than 6 percent company which, in turn, reflects the
of the increase, and a decrease is company's negotiations to date with the
expected in Canada; however, affiliates host government. The company now
plan strong increases in the United believes that the host government will
Kingdom and in several other developed acquire virtually all the producing
countries.
assets of the branch. Accordingly, beAffiliates in "other" industries— ginning with 1973, BEA has attributed
agriculture, public utilities, transporta- to the host government a portion of the
tion, construction, and other services— capital expenditures formerly attributed
plan to increase expenditures 8 per- to the foreign branch, and has reduced
Mining and smelting
cent, to $3.9 billion, after a 5-percent the branch's capital expenditures by the
same amount. Revised expenditure
Mining and smelting affiliates plan a increase in 1977.
estimates for 1973 and 1974 are given
57 percent spending increase in 1978,
in table 6; those for 1975 are in table 5A.
to $1.3 billion. Much of the increase is
Technical Note
in Canada; it partly reflects construcRevisions of actual capital expendi- Table 6.—Revised Estimates of Capital
tion and modernization of copper and
Expenditures by Majority-Owned Foreign
iron ore projects and a response to tures for 1973-75, and of planned
Affiliates of U.S. Companies l
reductions in provincial mining taxes. expenditures for 1976-77, have been
(Millions of dollars)
Significant increases also are expected made (1) to incorporate additional inin Australia in coal, iron ore, and formation now available to BEA on
1974 r
1973 r
affiliates' capital expenditures and (2)
uranium.
PetroAll
PetroAll
The 1978 increase is the first signif- to reflect changes in the treatment of
indus- leum indus- leum
tries
tries
icant one since 1971, the previous peak transactions and imputations involving
year. The declines in recent years a U.S.-incorporated petroleum com7,849
All countries. _. 20,481
6,407 25,267
resulted largely from host country pany, its foreign affiliate (which is a D eveloped countries
3,585
14,153 2,669 17, 787
branch), and the foreign host governactions against foreign exploitation of
2,732
4,237
2,073 5,437
ment. The latter revision reduces cap- Developing countries
of
which:
natural resources. In some cases, min- ital expenditures by a petroleum affili704
Middle East
784
696
839
108
Iran
78
66
123
ing affiliates were nationalized, or were ate in the Middle East. Because of
596
Other
705
630
716
required to sell participations to host confidentiality requirements, the de- International and unal1,532
2,042
2,091
1,665
located
country nationals; in others, U.S. scription of the revision given below
direct investors cut back expenditures does not quantify the changes.
1. Revisions are explained in the technical note.




By CHRISTOPHER L. BACH

U.S. International Transactions,
Second Quarter 1977
LAIL R G E reversals in the direction of
capital flows reported by U.S. banks
highlighted second-quarter balance of
payments developments. Net bank
claims on foreigners increased $5.4
billion, as demand for funds in international credit markets was strong; in
contrast, there was a $3.4 billion decrease in the first quarter when special
yearend inflows more than offset outflows to foreigners. Net bank-reported
liabilities to private foreigners and international financial institutions increased $5.0 billion, partly in response
to rising short-term interest rates in the
United States and generally declining
rates abroad, after decreasing $4.3
billion in the first quarter.
Among other capital transactions,
U.S. direct investments abroad increased sharply to $2.6 billion, from
$0.4 billion in the first quarter, principally due to large outflows to petroleum affiliates. Foreign direct investments in the United States were

virtually unchanged at $0.5 billion. Net
U.S. purchases of foreign securities
more than doubled, to $1.7 billion.
Net foreign purchases of U.S. securities
other than U.S. Treasury securities
were steady at $0.8 billion. Foreign
official assets in the United States
increased $6.9 billion, compared with a
$5.7 billion increase in the first quarter.
Most of the increase was from industrial countries, in contrast to the
previous quarter, when most of the
increase was from members of the
Organization of Petroleum Exporting
Countries (OPEC).
Among current account items, the
merchandise trade deficit rose to $7.9
billion from $7.1 billion; imports rose
5 percent and exports 3 percent. Petroleum and nonpetroleum imports
shared equally in the import rise, as did
agricultural and nonagricultural shipments in the rise in exports. Net service
receipts were up and unilateral transfers
were slightly higher. These changes

contributed to a $0.4 billion rise in the
current account deficit to $4.6 billion.
The statistical discrepancy (unrecorded transactions) more than doubled
to a $3.4 billion inflow, the seventh
consecutive quarter of such inflows.

U.S. dollar in exchange markets
From the end of March to the end of
June, on a trade-weighted basis, the
U.S. dollar depreciated less than 1
percent against the currencies of its
major trading partners. However, there
were significant shifts against individual
currencies. The dollar depreciated 2
percent against the German mark and
4 percent against the Japanese yen, and
at the end of the quarter listed at 2- and
4-year lows, respectively, against the
two currencies. The strengthening of
the mark and the yen reflected the
continued large current account surpluses of Japan and Germany and
exchange market reactions to official
statements. There was substantial inter-

Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]

Line

Lines in tables 1, 2, and 10 in which transactions are included are indicated in ( )

1976
1975

I
Exports of goods and services (1)
Merchandise, excluding military (2).
Other goods and services (3-13)
Imports of goods and services (15)
Merchandise, excluding military (16) _
Other goods and services (17-27)
U.S. Government grants (excluding military grants of goods and services) (30) Remittances, pensions and other transfers (31, 32)
U.S. assets abroad, net (increase/capital outflow (-)) (33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve assets, net (39) _
U.S. private assets, net (43)
Foreign assets in the United States, net (increase/capital inflow (+)) (50)..
Foreign official assets, net (51)
Other foreign assets, net (58)
Statistical discrepancy (67)

r

Change:
1977
I-II

1977

1976 r

II

III

IV

\r

II v

163,265
114,694
48,571

38,591
27,000
11,591

40,237
28,380
11,857

42,196
29,603
12,593

42,243
29,711
12,532

43,074
29,458
13,616

44,927
30,488
14,439

1,853
1,030
823

-131, 436 -159,668
-98,043 -124,014
-33,393 -35,654

-37,039
-28,343
-8,696

-38,732
-29,955
-8,777

-41,321
-32,411
-8,910

-42,580
-33,305
-9,275

-46,069
-36,561
-9,508

-48,292
-38,347
-9,945

-2,223
-1,786
-437

-544
-485
-10,751
-773
-723
-9,254

-556
-459

-1,475
-461

-572
-473

-637
-526

-735
-505

21

-31, 548
-607
-3,463
-27,478

-3,146
-1,878
-42,959
-2,530
-4,213
-36,216

-9,779
-1,578
-944
- 7 , 257

-8,409
-407
-1,405
-6, 597

-14,022
228
-1,142
-13,108

331
-388
-909
1,627

-11,774
6
-827
-10,952

-12,105
394
82
-12,579

14,336
6,960
7,376

34,520
17,945
16, 575

6,856
3,847
3,009

7,385
4,051
3,333

8,201
3,070
5,131

12,079
6,977
5,102

2,510
5,719
-3,209

12,991
6,935
6,056

10,481
1,216
9,265

5,660

9,866

3,372

1,905

1,268

3,325

1,317

3,388

2,071

147,600
107,088
40,512

-2,893
-1,719

Revised.
p Preliminary.




31

SUEVEY OF CURRENT BUSINESS

32

September 1977

Table B.—Selected Transactions With Official Agencies
[Millions of dollars]
1975

Line

1
2
3
4
5

6

6a
6b
7
7a
7b

1975

Changes in foreign official assets in the U.S., net (decrease - ) (line 51,
table 1)
Industrial countries2J
_
Members of OPEC
Other countries... .
...
Changes in U.S. official reserve assets (increase —) (line 34, table 1)_.
Activity under U.S. official reciprocal currency arrangements with
foreign monetary authorities:
Federal Reserve System drawings, or repayments (—), net
Drawings...
Repayments
Foreign drawings,
or repayments (—), n e t . . .
Diawings 5 5

Repayments

Merchandise trade
U.S. merchandise imports exceeded
exports by $7.9 billion in the second
quarter, compared with $7.1 billion in

Change:
1977

I-II

II

III

IV

I

II

III

-1,603
-3,041
2,413
-975
-342

2,832
387
1,976
469
89

3,847
-522
3,482
887
-773

4,051
-106
3,263
894
-1,578

3,070
-342
1,774
1,638
-407

6,977
4,990
805
1,263
228

5,719
2,164
3,249
306
-388

6,935
5,068
824
1,043
6

-463

3 232
3 250
-18
-180
180
-360

-191

-100

-144

19

-191
760
774
-14

-100
-300
237
-537

* -109
15
-124
-660
815
-1,475

-163

154
-153
500
500

-163
-25
125
-150

-144
-110
125
-235

19
-85

17,945
3,939
9,324
4,682
-2,530

3,452
2,210
1,007
235
-325

2,279
-223
1,696
806
-29

o
1,281
-1,278

-399
169
-568
300
2,326
-2,026

837
862
-25

-603
169
-772

360
-360

1977

I

6,960
-667
7,092
535
-607

••Revised.
^Preliminary.
1. EC (9), Other Western Europe, Canada, Japan, Australia, New Zealand, and South
Africa.
2. Partly estimated. Based on data for Indonesia, Venezuela, and Middle East and African
oil-exporting countries.
3. Includes $250 million, the amount by which the dollar countervalue of the Federal Reserve pre-August 1971 Belgian and Swiss franc commitments was increased to take account

vention by central banks to smooth out
fluctuations in the currencies involved.
The U.S. dollar reached a 7-year high
against the Canadian dollar, but its
appreciation slowed significantly, to less
than 1 percent in the second quarter
from 5 percent in the first. The U.S.
dollar also appreciated against the
currencies of Sweden, Denmark, and
Norway, which had been devalued in
early April against the stronger currencies of the European Community
"snake" (the German mark, Dutch
guilder, and the Belgian franc).

1976

1976

-463
180
180

IV

P

1,216
2,904
-2,425
737
394

-85

of the two U.S. dollar devaluations of 1971 and 1973 and the Belgian franc revaluation of 1971.
This valuation adjustment is excluded from the balance of payments transactions shown in
line 1.
4. Excludes transactions designed to consolidate existing swap arrangements in 1976-1,
and to refund a short-term obligation into a medium-term obligation in 1976-IV.
5. Includes drawings on and repayments to the U.S. Treasury Department's Exchange
Stabilization Fund.

the first. The fifth consecutive quarterly
rise in the deficit continued, to a large
extent, to reflect cyclical factors, as the
U.S. economic expansion was considerably stronger than the expansion
abroad. Imports increased 5 percent to
$38.3 billion; exports increased 3 percent to $30.5 billion. In volume, imports
increased 3 percent and exports 2
percent.
Imports of petroleum and products,
including crude imports into the Virgin
Islands, rose to $11.9 billion in the
second quarter from $11.0 billion in the
first. The second-quarter increase of 8
percent was about one-half the increase
of the previous quarter. Two-thirds of
it was in volume, as the average number
of barrels imported daily increased to
9.8 million from 9.3 million. Much of

the increase was used to build inventories, which were up 11 percent.
Nonpetroleum imports rose 3 percent to $26.4 billion; volume rose 1
percent. The increase, which was the
eighth consecutive quarterly one, was
paced by a 14-percent increase in nonfuel industrial supplies, primarily steel
products and other metals. Foods,
feeds, and beverages were up 8 percent
compared with a 22-percent increase in
the previous quarter; the slowing was
due to coffee. Capital goods were up 8
percent, mainly due to nonelectrical
machinery; consumer goods were up 5
percent from a high first-quarter level.
A 4-percent increase in imports of
automotive products reflected higher
arrivals from Canada and also other
countries, as automobile sales in the

Table C—Indexes of Foreign Currency Price of the U.S. Dollar
[May 1970=100]
End of period

I
Trade-weighted average against 22 OECD currencies
*
Trade-weighted average against 10 currencies 2
Selected currencies; 3
Canada
France
Germany. _
Italy
Japan.
Netherlands
Switzerland. . .
United Kingdom

.

II

III

IV

I

III

II

IV

II

I

82.7
79.2

84.7
80.4

89.7
87.1

89.1
86.6

88.8
89.1

89.1
90.4

88.2
90.5

89.7
89.9

90.6
90.3

89.8
89.6

93.4
76.4
64.6
100 5
81.9
65.9
58.5
99.7

96.0
73.2
64.8
100 2
82.6
67.2
57.9
109.3

95.5
82.2
73.3
109 3
84.3
75.3
63.6
117.7

94.6
81.3
72.2
108.7
85.0
74.0
60.6
118.7

91.6
84.6
69.9
133.6
83.5
74.0
58.6
125.4

90.2
85.9
70.9
133.7
82.9
75.3
57.2
134.9

90.6
89.3
67.1
136.7
80.1
70.7
56.8
143.2

94.0
90.0
65.0
139.1
81.6
67.7
56.7
141.1

98.4
90.0
65.8
141.1
77.3
68.6
58.8
139.7

98.7
89.1
64.4
140.7
74.6
68.1
56.9
139.6

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom. Data: U.S. Department of the Treasury.




1977

1976

1975

2. Belgium, Canada, France, Germany, Italy, Jaoan, the Netherlands, Sweden, Switzerland, the United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.

SURVEY OF CURRENT BUSINESS

September 1977

United States continued strong. In
contrast to the first quarter, the number of imported passengers cars from
West Germany increased strongly and
those from Japan decelerated. Inventories of imported cars were drawn
down sharply, as sales exceeded imports.
Agricultural exports rose 9 percent
to $6.7 billion; volume rose 5 percent.
Wheat, corn, and rice prices declined

33

and volumes rose. Soybean prices
rose 26 percent, but volume fell 15
percent. Anticipation of tight soybean
supplies, due to low yields and small
carryover stocks, led to sharp price
increases in late 1976 and early this
year; by June, however, prices had
begun to decline as it became apparent
that supplies would be ample both in
the United States and abroad. More

than one-half of the increase in agricultural exports was to developing nations in Asia and Africa and about
one-third of it was to Western Europe;
exports to Japan declined.
Nonagricultural exports rose 2 percent to $23.8 billion; volume rose 1
percent. These exports continued to
reflect relatively sluggish demand
abroad. Exports of industrial supplies
rose 4 percent, mainly due to coal,
paper, and nonferrous metals; tobacco
C H A R T 12
exports declined. Automotive exports
rose 3 percent. Exports of industrial
Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
machinery and consumer goods were
Trade-weighted average against 22 OECD currencies^
unchanged. Civilian aircraft sales, often
subject to sharp quarterly fluctuations,
rose 22 percent.
By area, the trade surplus with
60 i i i i i I i i I i i 11 1 1 1 11 i 11 i i 11 11 i i I i 11 11 1 i i i i i I i i i i 11 i i i i i I i 11 11
Western Europe edged lower to $1.8
billion. The trade deficit with Canada
Trade-weighted average against 10 currencies^
100
100
doubled to $0.4 billion, as exports
remained
steady and imports rose.
- 80
80
X^—The deficit with Japan rose to $2.0
billion from $1.5 billion, as exports
60 i 111111111 I 11 111 11 11IIi 111 11 11 11 111. i 11 i 111 i I I i i111 11 111 11 60
1973
1974
1975
1976
1977
declined slightly and imports rose
$0.4 billion. Coffee imports from Latin
Selected currencies^
America remained strong but other
120
120
JAPAN
CANADA
imports declined; a drop in total
100
imports, coupled with a rise in exports,
100
reduced the deficit with Latin America
80
80
by $0.5 billion to $1.2 billion. Because
of a $1.2 billion increase in imports,
t1l i i I i i i I i I i I l II I i ii i i 1l I i i i 1i i li
60
60 n I i i I i i i i i I i 1 i I I I l I I i i 1 i I i I I 1 I I I I i
mainly petroleum, the deficit with
OPEC members rose $1.0 billion to
100
100
FRANCE
NETHERLANDS
$6.5 billion, although exports recovered.
80
In the second quarter of 1976, the deficit
80
with OPEC was $3.6 billion. The deficit
60
60 l i I i i I i I M i 1 i l i I i I i I I i i I i I i i i I I i i i i
with non-OPEC developing countries
declined $0.4 billion to $1.8 billion, due
80
80
SWITZERLAND
to sharply higher exports; trade with
60
that group was in near-balance a year
60
ago. (These last two balances are now
I I I I I I 1 1 I I I I I M I I I i I I I I 1 I I i I 1 I 1 I I I I 40
40 I I I I l I l I l I l I I I I l i I I l I I I I I l l I I 1 I l l M
included as memorandum items in
Section B of Table 3, U.S. Merchandise
160
160
ITALY
UNITED KINGDOM
Trade.)
•*•»«

/

•

^

140

140

120

120

loop

100

80 1 1 I I I I 1 I I I I 1 I I I I I I I 1 I I I I 1 I I I I 1 I I I I 1
1975
1976
1977

I I I I I I I I I I 1 I I I I l I I i I I I l I I I I I l 1 I I I I I 80
1975
1976
1977

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands,
New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.
NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.




Service transactions and unilateral
transfers
Net service receipts rose $0.4 billion
to $4.5 billion in the second quarter,
largely due to higher net income receipts
on direct investments abroad and lower
net travel outflows.
Keceipts of income on U.S. direct
investments abroad were exceptionally
strong, partly due to an unusually large
dividend from a German affiliate of

SURVEY OF CURRENT BUSINESS

34

September 1977

A decrease in U.S. holdings of foreign
currencies was offset by increases in the
U.S. special drawing rights account
with the International Monetary Fund
(IMF) and the U.S. reserve position
with the IMF. The net increase in the
reserve position was primarily due to
increases resulting from drawings by
the United Kingdom and by Italy
against the General Arrangements to
Borrow (GAB) facility of the IMF.
Net capital outflows for U.S. direct
U.S. assets abroad
investments abroad increased sharply to
U.S. assets abroad increased $11.8 $2.6 billion from $0.4 billion in the
billion in the second quarter, in con- first quarter. Outflows in the first half
trast to a $0.3 billion decrease in the of the year were only moderately
first. Most of the increase reflected higher than in the first half of 1976.
higher bank-reported claims and in- A substantial part of the secondcreased outflows for U.S. direct in- quarter outflows was to a Middle East
affiliate of a U.S.-incorporated petrovestments abroad.
Transactions in U.S. official reserve leum company. There were also large
assets showed little change, after a outflows to affiliates of major petro$0.4 billion increase in the first quarter. leum companies in Western Europe,
Canada, and Japan. Net capital outflows to nonpetroleum affiliates were
essentially unchanged at $0.9 billion.
CHART 13
Net U.S. purchases of foreign securities
were $1.7 billion, compared with
Changes in Foreign Official Assets in the United States
$0.7 billion in the first quarter. New
Billion $
foreign bond issues were $2.0 billion; a
$0.6 billion World Bank issue and
Changes in Total Foreign Official Assets
increases in issues by entities in Western
Industrial Countries^
Europe more than offset a decline in
|
1 Members of OPEC^
Canadian issues. Redemptions and sales
of outstanding bonds declined from
Other Countries
$0.8 billion to $0.3 billion. There were
net U.S. sales of $0.1 billion of foreign
stocks.
Among other U.S. private assets
abroad, net claims on foreigners reported by U.S. banks increased $5.4
billion in the second quarter, more than
reversing the large first-quarter decline,
which had been related to special yearend net inflows. The resumption of net
outflows reflected the strong demand
for funds in international credit markets. Over one-half of the outflows was
to industrial countries, mainly the
United Kingdom; one-quarter was to
Caribbean branches of U.S. banks. The
same areas had figured prominently in
the inflows of the previous quarter.

a U.S. petroleum company. Total income receipts exceeded the previous
peak in the fourth quarter of 1974.
Payments of income on foreign direct
investments in the United States, primarily to nonpetroleum affiliates, also
increased.
U.S. travel and passenger fare receipts
rose $0.2 billion, as receipts from visitors
from Canada and overseas countries
more than offset reduced spending by
visitors from Mexico. Payments by U.S.
residents to foreigners for travel and
passenger fares decreased slightly.
A rise in transportation receipts reflected the higher volume of U.S.
exports, as well as higher expenditures
of foreign carriers in U.S. ports. Transportation payments rose in line with the
higher volume of U.S. imports.
Transfers under U.S. military sales
contracts remained strong at $1.9 billion, about the same as in the first

quarter (revised). The transfers were
primarily to the Middle East and consisted of aircraft, military equipment,
and construction services. U.S. direct
defense expenditures increased slightly,
reflecting higher U.S. personnel expenditures and payments to foreign nationals.
Net unilateral transfer payments rose
$0.1 billion, mainly because of additional U.S. Government grants to
Israel to finance military purchases.

-5
1st h a l f

2 n d half

Foreign assets in the United States

1st h a l f

1975

1976

1. EC (9), other Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Partly estimated. Based on data for Indonesia, Venezuela, and Middle East and African petroleum-exporting countries.
U.S. Department of Commerce, Bureau of Economic Analysis




Foreign assets in the United States
increased $13.0 billion in the second
quarter, compared with $2.5 billion

SURVEY OF CURRENT BUSINESS

35

in the first. An increase in bank- investments remained steady at $0.5
reported liabilities to private foreigners billion. Net foreign purchases of U.S.
and international financial institutions securities other than U.S. Treasury
securities declined $0.1 billion to $0.8
accounted for most of the change.
Foreign official assets in the United billion; net purchases of stocks were
States increased $6.9 billion, $1.2 bil- unchanged at $0.4 billion, and net
lion more than in the first quarter. purchases of bonds decreased slightly.
Bank-reported liabilities to private
Industrial countries, primarily in Western Europe, increased their dollar foreigners and international financial
assets by $5.1 billion, more than double institutions shifted $9.3 billion to an
the first-quarter rate. Particularly large increase of $5.0 billion. The resumpincreases were registered for Denmark, tion of these inflows was encouraged
Norway, and Sweden, whose inter- by a marked rise in U.S. short-term
national reserves increased after their interest rates, in contrast to a decline
currencies were devalued against other in rates in most other industrial counEuropean Community "snake" cur- tries. Inflows from Caribbean branches
rencies in April, and for Italy, which of U.S. banks were about $1.4 billion,
drew against the GAB facility of the
U.S.-Canadian Current Account
IMF and against a European ComReconciliations
munity loan. United Kingdom dollar
Reconciliation of the 1976 bilateral current account balance
holdings increased at only one-fourth
of payments statistics of the United States and Canada and
their first-quarter increase. OPEC assets revision of the 1975 current account reconciliation were
placed in the United States increased completed in August 1977. Reconciliations were completed
earlier for 1970-74 (see SURVEY OF CURRENT BUSINESS,
$0.8 billion, about one-fourth the first- June 1975 and September 1976). U.S.-Canadian current
quarter increase. By type of asset, account reconciliations will continue to be undertaken
on the basis of the previously established conplacements by industrial countries were annually
ceptual framework. The results for 1975 and 1976 are as
primarily in short-term bank-reported follows:
obligations and marketable U.S. TreasU.S.-Canadian Balance on Current Account
ury bonds. Placements by OPEC were
(Billions of U.S. dollars)
spread among U.S. Treasury market1975 1976
able bonds and agency issues, as well
as corporate stocks and bonds, and Reconciled data (U.S. surplus/Canadian
4.9
4.0
were partly offset by a large reduction U.S.deficit)
4.8
3.8
published data (U.S. surplus)
4.7
4.2
Canadian
published
data
(Canadian
deficit)..
in short-term bank-reported obligations.
Among other foreign assets in the
Revisions based on the reconciliations have been incorpoUnited States, inflows for foreign direct rated in the published series insofar as is presently possible.

It is not possible to substitute the reconciled data fully for
the previously published data because U.S. transactions
with other areas would be affected.
Additional data on the reconciliations are contained in the
following table:

September 1977




Quarterly Data, 1960-66

Quarterly data on U.S. international
transactions for 1960-66, Tables 1 and
2, which were not published in the
June 1977 Survey, are included on
pages 36-39. Tables presenting current
data begin on page 40.

U.S.-Canadian Balance on Current Account
[Billions of U.S. dollars]
1975

1976

U.S.
published
data i

Adjusted
data

U.S.
published
data i

Adjusted
data

29.7

30.6
22.8
.1
.8
7.0
.2

33.5

29.7

30.7

33.5

34.8

24.8

25.5
| 21.4
.2

29.6

3.5

3.2

30.5
26.2
(2)
.6
3.7

U.S. receipts:
Goods and services
Merchandise exports.
Nonmonetary gold..Inland freight
Other services
Unilateral transfers
Total

23.5
6.2

26.3
7.2

34.6
25.5
(2)
.9
8.2
.2

U.S. payments:
Goods and services
Merchandise imports
Nonmonetary gold. _
Inland freight
Other services

Unilateral transfers
Total
U.S. current account balance (surplus + )

21.7
3.1
3

I

-4

26.3

.3

.1

.3

24.9

25.8

29.7

30.8

4.8

4.9

3.8

4.0

1. As published in the June 1977 SURVEY OF CURRENT
BUSINESS.

2. Nonmonetary gold transactions not included in merchandise trade. These transactions were less than $50 million.
3. Published data are net payments.

compared with little change in the
first quarter; inflows from banks in
Western Europe, principally from the
United Kingdom, were $2.6 billion,
compared with a $3.7 billion outflow
in the first quarter.

September 1977

SURVEY OF CURRENT BUSINESS

36

Table 1.—U.S. International
[Millions
1960

1961

(Credits +; debits - ) »

Line

I
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 affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4 U.S. assets abroad:
D irect investments *
Other private receipts
U.S. Government receipts
Transfers of goods and services under U.S. military grant programs, net.
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investments * *
Other private payments
U.S. Government payments

II

III

IV

I

6,416

7,028

6,733

7,417

4,664
58
183
37
387
134
63
129

5,058
122
245
46
411
135
62
135

4,736
69
299
53
410
145
62
151
43

5,192
85
192
39
399
176
61
154

518
147

564
157
58

520
160
87

753
183
145

II

III

IV

7,023

7,162

6,880

7,817

5,062
71
188
33
382
150
61
144
40

4,970
150
260
51
413
163
61
147
41

4,719
89
299
57
398
159
61
157
41

5,357
93
200
43
426
191
61
159

640
184
69

621
197
90

642
197
61

864
216
164

429

585

270

411

324

543

248

350

-5,816

-6,126

-6,114

-5,499

-5,375

5,734

-6,191

-6,053

-3,836
-781
-281
-101
-326
-8
-9
-129
-64

-3,867
-769
-471
-161

-3,560
-801
-668
-170
-368
-11
-10
-166
-110

-3,495
-737
-330
-82
-339
-8
-11
-165
-69

-3,409
-786
-284
-79
-335
-9
-11
-130

-781
-463
-183
-364
-10
-12
-134
-77

-3,691
-705
-678
-169
-376
-12
-12
-160
-150

- 3 , 969
-727
-360
-75
-363
-11
-12
-164
-91

-57
-124
-101

-56
-127

-47
-127
-77

-135
-68

-127
-69

-49
-129
-65

-42
-128

-55
-151
-76

-9
-133
-70

U.S. military grants of goods and services, net

-429

-585

-270

-411

-324

-543

-248

-350

29

Unilateral transfers (excluding military grants of goods and services), net.

-526

-580

-582

-621

-643

-658

-585

-639

30
31
32

U.S. Government grants (excluding military grants of goods and service
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, net 6
Gold
Special drawing rights
Reserve position in the International Monetary FundForeign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net

-381
-56
-89

-420
-50

-419
-53
-110

-452
-56
-113

-479
-63
-101

-489
-60
-109

-415
-56
-114

-472
-57
-110

-347

-813

-1,013

-896

-1,359

-1,216

740

1,071
921

371
371

-320
-170

-213
146

768
510

102

150

25
-25

11
-161

124

312
-54

33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61

67

-722
159
50
109

-110
-951
175
94

-352
113
-150

-143
-234
187
-95

-339
-390
193
-142

-372
-401
106
-77

416
-309
828
-103

-468
-538
84
-14

-487
-681
261
-67

-651
-305

-738
-312
-166

-944
-329
-111

-1,545
-728
-120

-1,012
-458
-135

-992
-334
-246

-678
-365
-124

-1,497
-442
-257

-2
13

-12
-145

-2
-64

-24
-158

-31
-113

-3
-217

-44
-118

-49
17

12
-104

-37

-27
-411

-72
-443

82
-356

-34
-159

-15
-13

-169
-597

690

844

507

79

159

529

1,091

35
127
127

457
52
52

415
232
232

566
244
244

42
86
66

-289
-309
-309

859
503
503

153
-27

176
-268

-47
451

3
180

82
240

-10
-14

-54
74

364

84

655
40
-100
170

59
-143
118

117
20
-82
104

817
32
-38
152

232
-5
83
3

535
26
188

5

-487
-11
-22
-11

U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term

4
-5

-5
-53

-1
-27

-3
76

U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term

1
545

1
403

1
143

3
-419

-43

-216

-197

-563

828
601
456
75

1,191
902
742
323

1,176
619
456
38

159
-141

175
503

740
412

U.S. private assets, net
Direct investments abroad 5
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital inflow (+))Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities
Others
Other U.S. Government liabilities i°
U.S. liabilitiss reported by nU.S. banks, not included elsewhere...
Other foreign official assets
Other foreign assets in the United States, net
Direct investments in the United States «
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities.

Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:

Balance on merchandise trade (lines 2 and 16) 12
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines
69, 31, and 32) _
Balance on current account (lines 89 and 29) 12
Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase ( - ) in U.S. official reserve assets, net (line 34)
Increase (+) in foreign official assets in the United States (line 51 less line 55)

See footnotes on page 50.




-230
149
-141

26
-12
-1
601

-4
142

-1
189

-151

-403

163

-597

1,697
1,919
1,750
1,297

1,653
1,648
1,485
1,005

1,502
1,428
1,259
770

1,028
689
519
104

1,388
1,764
1,597
1,125

1,071
484

371
52

-320
-235

-213
867

768
57

37

SUEVEY OF CURRENT BUSINESS

September 1977
Transactions
of dollars]
1962

1963

1964

1966

1965

Line

I

II

III

IV

I

II

III

7,175

8,018

7,299

8,115

7,421

8,412

7,759

IV
9,117

I

II

III

9,036

9,313

8,895

IV
10,150

I
8,697

II
10,511

III
9,583

IV
10,758

I

II

10,165

10,805

III
10,332

IV
11,473

1

5,057
96
206
37
417
178
62
145
44

5,513
228
279
52
441
199
63
144
48

4,960
127
284
59
442
200
65
149
52

5,251
206
188
43
464
224
66
148
52

5,019
166
205
38
415
210
66
143
56

5,772
243
284
57
491
207
68
147
59

5,272
103
308
64
496
205
69
160
58

6,209
145
218
47
496
268
70
163
62

6,206
198
247
46
492
237
72
155
60

6,359
187
334
64
518
241
74
160
65

5,987
162
364
79
527
239
76
168
67

6,949
201
262
53
538
296
79
169
73

5,647
200
271
50
454
275
81
166
69

7,092
225
377
65
591
277
83
172
72

6,383
194
416
94
556
295
85
185
74

7,339
211
316
62
574
352
87
191
70

7,091
193
321
57
530
263
86
197
73

7,401
257
432
86
597
270
87
199
86

7,005
172
492
100
626
290
89
208
77

7,813
207
345
75
581
339
91
210
90

2
3
4
5
6
7
8
9
10

643
219
71

699
224
127

645
225
92

1,057
235
183

781
233
90

716
257
109

665
254
106

967
278
194

933
291
99

881
315
115

803
306
117

1,056
345
131

1,031
343
111

1,054
368
135

843
341
117

1,034
371
152

853
382
119

822
429
140

753
404
117

1,038
455
228

11
12
13

388

626

218

306

447

678

194

244

308

524

784

214

294

372

667

274

324

282

329

496

14

-5,981 -6,461 -6,620 -6,502 -6,072 -6,717 -7,164 -6,859 -6,619 -7,205 -7,585

-7,487

-6,939

-8,291

-8,590

-8,624

-8,604

-9,464 -10,263

-9,929

15

-3,952 -4,096 -3, 980 -4,232 -3, 948 -4,244 -4,327 -4,529 - 4 , 366 - 4 , 600 -4,679
-770
-810
-761
-763
-748
-763
-725
-726
-699
-747
-737
-298
-387
-745
-509
-549
-320
-414
-831
-852
-341
-572
-90
-94
-176
-207
-207
-111
-104
-190
-201
-109
-233
-367
-417
-384
-389
-419
-392
-437
-454
-474
-424
-455
-15
-14
-16
-12
-16
-13
-14
-17
-16
-14
-16
-11
-11
-11
-11
-12
-11
-14
-13
-15
-15
-15
-126
-135
-141
-127
-116
-111
-133
-133
-145
-113
-126
-82
-99
-143
-75
-92
-95
-103
-157
-164
-137
-100

-5, 055
-697
-446
-99
-464
-20
-16
-144
-135

- 4 , 610
-676
-406
-139
-436
-20
-16
-120
-122

-5, 493
-719
-627
-254
-512
-18
-16
-112
-121

-5, 495
-763
-932
-202
-478
-15
-17
-116
-168

-5, 912
-794
-473
-122
-526
-15
-18
-114
-139

-5, 913
-877
-424
-144
-487
-16
-15
-105
-144

-6, 270
-925
-701
-254
-545
-16
-18
-117
-139

-6, 540
-975
-1,037
-227
-573
-15
-21
-139
-198

-6, 770
-987
-495
-128
-556
-17
-23
-145
-163

16
17
18
19
20
21
22
23
24

-44
-145
-80

-43
-146
-84

-388

-40
-139
-86

-59
-156
-90

-58
-160
-91

-47
-171
-95

-41
-171
-104

-77
-199
-110

-53
-188
-111

-46
-196
-110

-38
-192
-109

-65
-225
-123

-53
-220
-122

-78
-224
-118

-56
-231
-118

-112
-269
-131

-82
-264
-133

-67
-279
-134

-88
-313
-138

-135
-365
-144

25
26
27

-306

-447

-678

-194

-244

-308

-524

-214

-294

-372

-667

-274

-324

-282

-784

-329

-496

28

-842

-789

-673

-629

29

-376
-121
-176

-386
-85
-158

30
31
32

-626

-218

-712

-651

-612

-538
-68
-106

-464
-59
-128

-990 -1,280

-430
-58
-124

-663
-484
-59
-120

-655
-447
-69
-139

-711
-501
-66
-145

387 -1,096 -1,509 -2,325

-679

-709

-673

-759

-663

-687

-659

-836

-680

-678

-429
-72
-162

-453
-75
-159

-440
-74
-145

-517
-135
-185

-420
-82
-178

-431
-77
-170

-618
-81
-142

-530
-80
-178

-125 -1,805 -1,649 -1,754 -1,514

-3,211

-1,101

-1,079

-637

-1,358

-866

-1,836

-732

-2,096

33

-467
-63
-149

-503
-64
-142

-473
-67
-132

-533
-66
-160

427
304

-164
116

881
446

389
24

32
111

123
116

227
196

-5
38

-51
46

303
-73

70
-20

-151
172

842
832

68
590

41
124

271
119

424
68

68
209

82
173

-6
121

237
-114

44
-324

331
104

14
351

-46
-33

1
6

59
-28

15
-58

131
-228

118
258

135
-45

-118
-205

68
-58

-466
-56

330
-413

-26
178

134
222

22
-163

335
-426

46
-173

34
35
36
37
38

-392
-474
130
-48

-443
-506
214
-151

26
-486
587
-75

-275
-661
357
29

-463
-564
150
-50

-725
-624
165
-266

-68
-444
407
-31

-406
-572
266
-100

-265
-532
199
68

-468
-703
163
73

-391
-605
192
22

-557
-541
166
-182

-357
-659
162
141

-622
-700
171
-94

-225
-472
361
-114

-401
-632
180
51

-311
-589
187
91

-595
-695
190
-90

-299
-584
413
-128

-339
-646
445
-138

39
40
41
42

-1,024
-234
-196

-672
-476
-308

-520 -1,210 -1,078 -1,724
-343
-601
-583
-525
-87
-378
-522
-536

-283 -1,395 -1,333 -1,589 -1,193
-161
-491
-707
-430
-625
-100
2
20
53
-206

-2,503
-781
-494

-1,586
-1,190
-198

-525
-944
-147

-453
-441
-209

-1,228
-893
-205

-979
-596
-437

-1,309
-1,071
-115

-515
-637
-115

-1,752
-1,322
-53

43
44
45

-66
-154

-23
11

-40
-162

-3
83

-47
-21

50
-123

1
19

158
120

-27
-223

-57
-77

-271
-278

-130
-45

6
234

-6
195

-20
-2

-68
2

-17
-191

-51
-13

-28
-57

-16
-69

46
47

-119
-255

-36
159

5
107

24
-335

17
77

-188
-402

-116
74

-488
-530

-268
-405

-92
-532

-239
84

-382
-671

-461
23

201
176

-41
260

69
-134

117
145

1
-59

92
229

107
-399

48
49

363

525

-26

835

747

1,305

508

421

-55

392

1,123

1,858

-314

-367

729

333

-70

1,120

954

1,316

50

-511
-205
-205

429
759
759

866
360
360

345
94
94

161
243

207
-20
-19
I
-43
270

582
614
614
(*)
-24
o

1,138
509
510
_1
204
425

49
-39

122
180

185
369
369
(*)
-52
-132

795
649
654
—6
-54
201

-797
-766
-766

36
215

439
-71
-70
_1
230
220

-15
-317
-316

171
335

344
116
117
—I
117
110

-833
-843
-843

45
-375

859
676
662
14
-14
197

-266
-671
-671

26
-332

486
495
496
—1
-90
81

326
-241
-241
(*)
U

565

-435
-426
-451
25
50
-59

232
-96
-92
—4
94
234

51
52
53
54
55
56
57

874
41
193
145

39
77
-51
7

-454
6
-109
-23

-32
8
-99
6

402
-5
25
14

446
47
-109
119

164
40
1
52

-18
-87
-66
102

211
17
32
-42

185
29
-108
14

541
-27
-65
-30

720
-24
-5
-27

519
85
60
57

-352
-95
64
-243

544
44
-149
-227

-462
22
-106
54

726
52
-102
173

794
38
-316
518

1,389
-113
66
107

1,084
110
-4
108

58
59
60
61

8
-22

-15
-49

3
13

7
-54

-6
-30

4
65

-6
17

-5
-75

-5
5

(*)
19

-28
65

-5
24

8
-5

-5
68

10
39

16
47

29
39

12
66

61
134

78
57

62
63

508

-1
73

4
-348

2
98

3
402

24
296

12
48

14
99

10
194

8
223

-1
627

71
686

173
141

72
-213

-35
861

31
-527

12
524

157
320

12
1,122

7
728

64
65

145

-151

-428

-688

68

36

-299

-165

-40

13

-256

-623

315

63

-404

-430

217

163

383

-135

67

1,105
1,194
1,020
482

1,417
1,557
1,370
906

980
679
497
67

1,019
1,612
1,434
949

1,071
1,349
1,141
694

1,528
1,695
1,485
984

945
595
383
-84

1,680
2,258
2,052
1,549

1,840
2,417
2,218
1,745

1,759
2,108
1,882
1,349

1,308
1,310
1,076
648

1,894
2,663
2,429
1,976

1,037
1,758
1,539
1,099

1,599
2,220
1,900
1,383

888
993
732
313

1,427
2,134
1,887
1,456

1,178
1,560
1,337
719

1,131
1,341
1,083
553

465
69
-228
-604

1,043
1,543
1,300
915

68
69
70
71

427
-537

-164
576

881
384

389
695

32
309

123
873

227
226

-5
149

-51
-428

303
251

70
606

-151
934

842
-882

68
-137

41
237

271
850

424
-764

68
324

82
-485

-6
139

72
73

—\

-32
2

2

66




38

September 1977

SUKVEY OF CUERENT BUSINESS

Table 2.—U.S. International Transactions-—
[Millions of

Line

I
1

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 affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
.. . _
U.S. Government miscellaneous services
Receipts of income on4 U.S.
assets abroad:
5
Direct investments
Other private receipts
U.S. Government receipts.
...
_

2
3
4
5
6
7
8
9
10
11
12
13

Transfers of goods and services under U . S . military grant programs, net
Imports of goods and services

25
26
27

Payments of income cn
foreign assets in the United States:
Direct investments 4 6
Other private payments
U.S. Government payments
_. .

_. ._

,.

..

...

.

.. -

...

15

Merchandise, adjusted, excluding military 3_ _ .
Direct defense expenditures
Travel
Passenger fares .
..
- - ... - - - - - - .
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners - - - - Private payments for other services. __
U.S. Government payments for miscellaneous services

-

... ..

14

16
17
18
19
20
21
22
23
24

_

.

-

.

.

28

U . S . military grants of goods and services, net

Unilateral transfers (excluding military grants of goods and services), net

U.S. assets abroad, net (increase/capital outflow (—))

39
40
41
42

U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
_
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net

43
44
45

U.S. private assets, net
Direct investments abroad 5 _
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
. . . .
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term

46
47
48
49
50

7,060

7,079

7,225

6,963

7,255

7,441

4,916
89
227
43
400
138
62
135
36

5,031
88
237
43
407
152
62
151
43

5,018
86
231
43
395
160
61
154
39

5,095
86
228
42
399
157
61
144
40

4,806
112
237
48
403
166
61
147
41

5,038
111
240
47
396
167
61
157
41

5,169
94
242
47
421
173
61
159
43

571
151
84

592
152
63

569
166
111

623
178
91

687
188
98

650
192
100

715
203
79

715
211
106

411

324

543

248

350

-5,591

-5,585

-5,639

-5,998

-6,133

-3,812
—781
-435
— 140
—346

-3,858
-769
-447
-114
-359
-8
-9
-133
-82

-3,648
-801
-437
-127
-355
-11
-10
-166
-78

-3,440
-737
-431
-133
-342
-8
-11
-165
-79

-3,394
-786
-440
-115
-354
-9
-11
-130
-101

-3,438
-781
-437
-133
-356
-10
-12
-134
-93

-3,809
-705
-442
-133
-362
-12
-12
-160
-109

-3,896
-727
-466
-125
-366
-11
-12
-164
-103

—56
— 125
-101

-58
-127
-86

-57
-133
-77

-49
-128
-68

-48
-128
-69

-51
-129
-65

-51
-135
-68

-44
-143
-76

-429

-585

-270

-411

-324

-543

-248

-350

-512

-555

-604

-638

-631

-631

-605

-658

-358
-56
—98

-402
-50
-103

-445
-53
-106

-467
-56
-115

-457
-63
-111

-470
-60
-101

-439
-56
-110

-489
-57
-112

-745

-832

-636

-622

-1,042

-762

-1,675

-1,004

159
50

175
94

740
638

1,071
921

371
371

-320
-170

-213
146

768
510

109

81

102

150

25
-25

11
-161

-483
124

312
-54

-237
-247
177
-167

-339
-334
120
-125

-160
-264
209
-105

-365
-369
135
-131

-381
-410
133
-104

471
-285
838
-82

-486
-569
107
-24

-513
-665
203
-51

-667
-343
-266

-668
-262
-166

-1,216
-434
-111

-1,328
-635
-120

-1,032
-496
-135

-913
-284
-246

-976
-483
-124

-1,259
-336
-257

—2
40

-12
-88

-2
-49

-24
-257

-31
-86

-3
-161

-44
-105

-49
-79

12
— 108

-66
-74

-27
-593

-72
-220

82
-366

-34
-185

-15
-205

-169
-369

878

870

341

34

387

566

872

642

-307

674

-41

-9
-129
-74

._.._

51
52
53
54
55
56
57

Foreign official assets in the United States, net
U.S. Government securities
. . . __
-------U.S. Treasury securities 8
9
Other
Other U.S. Government liabilities i°
U.S. liabilities reported by U.S. banks, not included elsewhere

58
59
60
61

Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U S Treasury securities

_. ._ .

__________
_

_
.

381

. .

..

. ..

-

U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term

64
65

U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
..
.
.

66
67

Allocations of special drawing rights
Statistical discrepancy ( s u m of above i t e m s with sign reversed)

68
69
70
71

Memoranda:
B a l a n c e on m e r c h a n d i s e t r a d e (lines 2 a n d 16) 2
B a l a n c e on goods a n d services (lines 1 a n d 15) i
B a l a n c e on goods services a n d r e m i t t a n c e s (lines 69 31 a n d 32)
B a l a n c e o n c u r r e n t a c c o u n t (lines 69 a n d 29) 12

-

Increase (4-) i n foreign official assets i n t h e U n i t e d S t a t e s (lino 51 less line 55)

(13)

(13)

6
13-313

42
13 632

13-31

-51
20
-82
104

873
32
-38
152

198
-5
83
3

683
26
188
66

-1
-27

-3
76

-8
80

26
-12

35
32

1
109

3
-273

1
-167

-1
656

-4
107

-1
337

-286

-261

-262

-354

-497

151

-288

873
589
435
77

1,058
803
650
248

1,383
1,160
1,001
556

1,578
1,488
1,317
850

1,701
1,640
1,466
1,009

1,368
1,324
1,163
693

1,229
1,257
1,091
652

1,273
1,308
1,139
650

159
200

175
437

740
239

1,071
386

371
452

-320
-313

-213
632

768
-31

181
13 200

-1
13 437

44
13 239

-10
13 386

-14
13 452

497
40
-100
170

434
59
-143
118

58
53
-99
5

-342
-11
-22
-11

4
-5

3
-53

-5
-6

1
387

1
449

-210

.

--

-

-

...

Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase (—) in U.S. official reserve assets net(line34)
- - - -

438
(13)

-— - - - _ . ...

376
(13)

- . - -

_
. . .

283
(13)

-

-

436
(13)

. -

62
63

For footnotes 1-12, see table 1.
13. Seasonally adjusted data for line 53 are not available separately; they are combined with data in line 56.




6,853

270

Foreign a s s e t s i n t h e United States, net (increase/capital inflow ( + ) ) .

72
73

6,605
4,685
71
224
46
405
140
63
129
36

-5,900

.

Reserve position in the International Monetary Fund
Foreign currencies

IV

585

. . ._ .

U.S. official reserve assets, n e t 6 .
Gold

III

-6,050

_. . .

34
35
36
37
38

II

429

U.S. Government grants (excluding military grants of goods and services)
U.S. Government pen.sions and other transfers... _
Private remittances and other transfers

33

I

IV

III

-6,016

.

29
30
31
32

II

Q

..

1961

1960

(Credits +; debits - ) i

(13)

-10

SURVEY OF CURRENT BUSINESS

September 1977

39

Seasonally Adjusted
dollars]
1962

I

II

1964

1963

III

IV

I

II

1966

1965

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

Line

7,354

7,806

7,764

7,685

7,622

8,184

8,250

8,653

9,217

9,094

9,441

9,644

8,876

10,288

10,178

10,209

10,428

10,503

10,806

11,039

1

5,077
110
247
47
438
185
62
145
44

5,336
189
250
49
432
203
63
144
48

5,331
154
231
47
440
211
65
149
52

5,037
204
229
48
454
202
66
148
52

5,063
187
245
49
439
217
66
143
56

5,599
195
253
54
482
214
68
147
59

5,671
127
253
50
492
217
69
160
58

5,939
148
264
53
485
242
70
163
62

6,242
207
292
60
523
245
72
155
60

6,199
151
297
61
506
250
74
160
65

6,423
192
303
61
519
251
76
168
67

6,637
198
315
60
527
267
79
169
73

5,687
207
319
64
484
285
81
166
69

6,938
188
337
64
577
288
83
172
72

6,863
229
347
71
546
309
85
185
74

6,973
206
377
72
568
317
87
191
70

7,193
196
374
73
564
276
86
197
76

7,171
214
394
84
581
280
87
199
82

7,408
203
410
74
609
300
89
208
79

7,538
216
412
87
580
306
91
210
89

2
3
4
5
6
7
8
9
10

678
221
100

736
218
138

736
232
116

894
232
119

798
236
123

743
251
119

760
262
131

828
273
126

933
296
132

901
306
124

920
318
143

919
337
63

1,020
347
147

1,066
357
146

968
357
144

908
362
78

847
389
157

853
413
145

859
421
146

908
446
156

11
12
13

388

626

218

306

447

678

194

244

308

524

214

294

372

667

274

324

282

784

329

496

14

-8,278

-8,660

-9,028

-9,303

-9,910 -10,020

15

-6, 617
-975
-666
-187
-562
-15
-21
-139
-161

- 6 , 676
-987
-671
-194
-548
-17
-23
-145
-165

16
17
18
19
20
21
22
23
24

-101
-322
-144

-108
-348
-138

25
26
27

-6,233 -6,374 -6,428 -6,533 -6,452 -6,632 -6,848 -6,880 -6,942 -7,129 -7,296
- 3 , 966 - 4 , 080 -4,116 -4,098 -4,064 -4,226 -4,372 -4,386 - 4 , 416 - 4 , 598 - 4 , 756
-770
-763
-761
-810
-763
-748
-726
-699
-725
-747
-737
-466
-483
-488
-502
-503
-525
-555
-545
-541
-531
-544
-129
-147
-139
-152
-155
-143
-167
-162
-153
-166
-152
-386
-383
-370
-418
-413
-414
-459
-437
-446
-451
-438
-15
-12
-16
-14
-13
-16
-16
-14
-14
-16
-17
-11
-11
-11
-11
-11
-12
-15
-14
-15
-15
-13
-126
-127
-141
-135
-111
-116
-145
-133
-113
-126
-133
-93
-91
-105
-110
-107
-111
-127
-111
-151
-117
-118
-45
-146
-80

-46
-147
-84

-49
-146
-86

-46
-147
-90

-60
-161
-91

-53
-173
-95

-51
-179
-104

-59
-188
-110

-54
-191
-111

-51
-198
-110

-47
-201
-109

-7,530

-7,296

-8,214

- 4 , 930
-697
-581
-156
-461
-20
-16
-144
-141

- 4 , 688
-676
-600
-187
-459
-20
-16
-120
-132

- 5 , 484
-719
-603
-178
-507
-18
-16
-112
-140

- 5 , 567
-763
-610
-166
-465
-15
-17
-116
-134

- 5 , 771
-794
-625
-186
-521
-15
-18
-114
-144

-6,030
-877
-644
-190
-512
-16
-15
-105
-157

-6,170
-925
-676
-182
-539
-16
-18
-117
-161

-50
-211
-123

-55
-221
-122

-90
-229
-118

-67
-240
-118

-87
-254
-131

-85
-266
-131

-78
-285
-136

-388

-626

-218

-306

-447

-678

-194

-244

-308

-524

-214

-294

-372

-667

-274

-324

-282

-784

-329

-496

28

-699

-620

-635

-684

-641

-674

-705

-735

-655

-716

-691

-719

-642

-787

-716

-709

-825

-730

-711

-665

29

-515
-68
-116

-441
-59
-120

-457
-58
-120

-503
-59
-122

-422
-69
-150

-472
-66
-136

-497
-63
-145

-527
-64
-144

-445
-67
-143

-500
-66
-150

-461
-72
-158

-482
-75
-162

-411
-74
-157

-477
-135
-175

-461
-82
-173

-459
-77
-173

-588
-81
-156

-484
-80
-166

-419
-121
-171

-419
-85
-161

30
31
32

-500 -1,453 -1,726 -1,661 -1,901

34

-2,839

-1,216

-900

-1,060

-1,000

-1,031

-1,524

-1,228

-1,748

33

427
304

-164
116

881
446

389
24

32
111

123
116

227
196

-5
38

-51
46

303
-73

70
-20

-151
172

842
832

68
590

41
124

271
119

424
68

68
209

82
173

-6
121

237
-114

44
-324

331
104

14
351

-46
-33

1
6

59
-28

15
-58

131
-228

118
258

135
-45

-118
-205

68
-58

-466
-56

330
-413

-26
178

134
222

22
-163

335
-426

46
-173

34
35
36
37
38

-406
-478
156
-84

-381
-475
225
-131

8
-520
607
-79

-306
-654
299
49

-482
-560
176
-98

-654
-581
178
-251

-86
-486
427
-27

-440
-577
208
-71

-288
-507
221
-2

-386
-650
177
87

-414
-665
214
37

—592
-559
108
-141

-374
-599
182
43

-536
-643
186
-79

-254
-553
385
-86

-441
-668
121
106

-321
-495
206
-32

-504
-643
203
-64

-339
-686
441
-94

-380
-690
385
-75

39
40
41
42

-1,049
-272
-196

-630
-429
-308

-855
-498
-87

-894 -1,112 -1,719
-455
-620
-492
-378
-522
-536

-641 -1,008 -1,387 -1,578 -1,557
-334
-462
-613
-664
-530
-100
2
20
-206
53

-2,096
-588
-494

-1,684
-1,245
-198

-432
-879
-147

-847
-635
-209

-830
-709
-205

-1,134
-681
-437

-1,088
-930
-115

-971
-860
-115

-1,362
-1,155
-53

43
44
45

-66
-120

-23
18

-40
-141

-3
20

-47
20

50
-158

1
46

158
87

-27
-179

-57
-109

-271
-261

-130
-74

6
280

-6
171

-20
1

-68
-23

-17
-142

-51
-17

-28
-77

-16
-94

46
47

-119
-276

-36
148

5
-94

24
-102

17
40

-188
-395

-116
-138

-488
-288

-268
-471

-92
-501

-239
-124

-382
-428

-461
-66

201
228

-41
57

69
106

117
26

1
24

92
17

107
-151

48
49

688

621

-330

720

1,145

1,466

142

230

393

551

685

1,686

181

-353

345

210

451

916

735

1,217

50

-1

502

178

592

945

910

58

75

394

228

274

762

-130

-143

-24

433

-80

-7

-440

-149

(13)

(13)

(13)

(13)

-1,028 -1,175

13

}( )

(13)

(13)

-811 -1,562 -2,250

(13)

(13)

-1

(13)

(13)

(13)

—1
167

(13)

(13)

—1
38

(13)

(13)

(13)

(13)

(13)

(13)

51
S 52
X 53
—3
54

13-91

136
13 258

13 191

32
13 242

1
92
13 671

24
13-154

172
13-314

2
13—22

6
-129
13 568

-47
13-33

48
13-55

24
103
13-567

13-156

55
56
57

84
40
1
52

155
-87
-66
102

-1
17
32
-42

323
29
-108
14

411
-27
-65
-30

924
-24
-5
-27

311
85
60
57

-210
-95
64
-243

369
44
-149
-227

-223
22
-106
54

531
52
-102
173

923
38
-316
518

1,175
-113
66
107

1,366
110
-4
108

58
59
60
61

4
65

-6
17

_5
-75

-5
5

19

-28
65

—5
24

-5

—5
68

10
39

16
47

29
39

12
66

61
134

78
57

62
63

3
199

24
406

12
-32

14
272

10
-18

8
361

-1
497

71
890

173
-67

72
-71

-35
687

31
-287

12
328

157
448

12
908

7
1,010

64
65

-377

-112

-94

-339

185

-287

-139

-238

-242

97

-34

-469

-50

5

138

308

177

67

1,215
1,336
1,158
701

939
1,152
971
468

999
1,170
951
529

1,373
1,552
1,350
878

1,299
1,402
1,194
697

1,553
1,773
1,565
1,038

1,826
2,275
2,065
1,620

1,601
1,965
1,749
1,249

1,667
2,145
1,915
1,454

1,707
2,114
1,877
1,395

999
1,580
1,349
938

1,454
2,074
1,764
1,287

1,296
1,900
1,645
1,184

1,202
1,549
1,299
840

1,163
1,400
1,163
575

1,001
1,200
954
470

791
896
604
185

862
1,019
773
354

68
69
70
71

881
88

389
527

32
945

123
825

227
-119

-5
-92

-51
258

303
190

70
242

-151
670

842
-154

68
-315

41
-22

271
562

424
-33

68
-55

82
-543

-6
-159

72
73

14

18
13-19

-21
13 524

90
13 88

65
!3 527

13 945

689
41
193
145

119
77
-51
7

-508
6
-109
-23

128
8
-99
6

200
-5
25
14

556
47
-109
119

8
-22

-15
-49

3
13

7
-54

-6
-30

324

-1
151

4
-402

2
258

-82

-258

-405

1,111
1,121
937
422

1,256
1,432
1,253
812

427
-19

-164
523

—1

85
177
13 811 13-118

—1

s

10

66




40

September 1977

SUKVEY OF CUKRENT BUSINESS
Table 1,—U.S. International Transactions
[Millions of dollars]

(Credits +; debits-) i

Line

Exports of goods and services 2

10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

Merchandise, adjusted, excluding military 3..
Transfers under U.S. military agency sales contractsTravel.
Passenger fares
Other transportation..
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services.
U.S. Government miscellaneous services
Receipts of income on4U.S.
assets abroad.
Direct investments 5_ _
Other private receipts..
U.S. Government receipts
Transfers of goods and services under U.S. military grant programs, netImports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel..
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States.
Direct investments *«
Other private payments
U.S. Government payments

1977

1976'

1976'

III

IV

L63,265

38,560

40,999

39,897

43,809

42,656

45,822

14, 694
5,213
5,806
1,225
529
3,522
844
3,586
478

27, 291
1,132
1,357
227
1,465
850
198
823
124

29,390
1,193
1,518
299
1,694
890
207
874
118

27, 428
1,403
1,723
427
1,734
857
216
916
116

30,585
1,486
1,208
272
1,636
925
224
973
119

29,399
1,912
1,455
246
1,587
914
227
1,028
135

31, 679
1,854
1,563
350
1,837
942
228
1,081
122

11,127
8,955
1,287

2,740
2,075

2,346
2,151

2,375
2,376

3,666
2,354

3,099
2,479

3,213
2,546
408

279

319

326

362

276

50

86

156

94

46

36,108

39,269

-1,360
- 5 , 681
- 4 , 520

28,129
-1,160
-1,262
-557
-1,427
-85
-49
-428
-249
-335
-1,359
-1,069

-30,358
-1,228
-1,765
-741
-1,528
-83
-49
-448
-242
-1,457
-1,085

-41,822
31,928
-1,237
-2,391
-717
-1,676
-59
-49
-474
-431
-254
-1,439
-1,167

-42,470
33,599
-1,222
-1,438
-527
-1,676
-46
-49
-497
-307
-485
-1,426
-1,199

-44,940
36,150
-1,329
-1,387
-622
-1,697
-61
-50
-521
-347
-240
-1,345
-1,189

-386

386
159,668
.24,014
- 4 , 847
- 6 , 856
-2,542
-6,307
-274
-194
-1.846
-1,228

28
-49,296
-39,117
-1,403
-1,965
-871
-1,849
-60
-50
-540
-335
-358
-1,475
-1,271

-50

-86

-156

-94

-46

-28

29

Jnilateral transfers (excluding military grants of goods and services), net

-5,023

-995

-1,109

-1,884

-1,036

-1,124

-1,338

30
31
32

U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))

-3,146
-930

-537
-226
-232
10,969

-642
-231
-236

-1,424
-238
-223

-544
-235
-257

-625
-240
-259

-825
-232
-281

-9,781

-8,282

-13,927

106

-11,772

228

28

33

34
35
36
37
38

U.S. military grants of goods and services, net

U.S. official reserve assets, net"
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies

42,959
-2,530

-773

-1,578

-407

-78
- 2 , 212
-240

-45
-237
-491

14
-798
-794

-18
-716
327

-29
-461
718

-58
59

-83
-80
169

39
40
41
42

U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans7
U.S. foreign currency holdings and U.S. short-term assets, net

-4,213
-6,927
2,585
129

-942
-1,537
649
-54

-947
-1,883
785
151

-1,278
-1,858
559
21

-1,047
-1,649
591
11

-1,134
-1,771
578
60

-826
-1,481
743
-87

43
44
45

U.S. private assets, net
Direct investments abroad 6
.
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Lon g-term
Short-term

-36, 216
-4,596
-8,730

- 9 , 254
- 2 , 427
- 2 , 460

- 7 , 257
-142
-1,357

-6,597
-1,205
-2,743

-13,108
-822

1,627
-404
-692

-10,952
-2,602
-1,746

10

-191
-547

145
-1,149

66
65'

-10
-95'

85
-1,264

-2,124
18,780

-289
- 3 , 341

-37'
- 4 , 377

-978
- 2 , 394

-480
- 8 , 668

45
-767
-306
3,752

34,520

6,856

7,385

8,201

12,079

2,510

12,991

4,051
2,482
2,166
316
743
135

3,070
1,326
1,260
66
1,819
-59f
524

6,977
4,025
3,909
116
852
1,769
3f

5,719
5,249
5,149
100
712
-420
178

6,935
5,345
4,757
588
307
410
873

46
47

48
49
50

Foreign assets in the United States, net (increase/capital inflow ( + ) ) -

-2,171

-28
-5,398

51
52
53
54
55
56
57

Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities
Other 9
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S.
banks, not included elsewhere..
Other foreign official assets n

17, 945
9,899
9,333
566
4,938
893
2,215

3,84'
2,066
1,998
68
1,52'
-412
669

58
59
60
61

Other foreign assets in the United States, net
Direct investments in the United States B
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities

16, 575
2,176
2,783
l,25f

709
437
1,031

3,333
504
-592
13:

5,13
56
3,02€
6£

5,105
40?

-3,209
537
1,04'
871

6,056
486
-1,273
820

-94'

-233
394

-16:
-7

-241
-hi

-31

-22S

-102
-196

17J
10,80

-105
111

3,54-

11
1,69!

22]
4,78'

4:
-6,34i

6,223

3,890

1,545

79i

U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
66

i

Allocations of special
drawing
p
d r a n g rights
gts
S t t i t i l discrepancy
di
((sum off above
b
Statistical
items with sign reversed) _ - Memoranda:
Balance on merchandise trade (lines 2 and 16)12
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances 12
(lines 69, 31, and 32) _
Balance on current account (lines 69 and 29)

9,86'

2,65,

l,77i

- 9 , 320
3,596
1,719
- 1 , 42'

-83!
2,453
1,99£
1,45?

-968
1,73C
1,262
62:

-4,50
-2,381
-3,801

-3,01
1,33
841
30;

-6,75
-2, 28i
-2,78-3,40

-7, 438
-3, 474
-3,987
-4,812

Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase (-) in U.S. official reserve assets, net (line 34)
Increase (+) in foreign official assets in the United States (Line 51 less line 55)

-2,531
13,00

-77:

2,321

-1,571
3,30!

-40
1,25

22?
6,12*

-381
5,00

6,628

See footnotes o n page 50.




SUKVEY OF CURRENT BUSINESS

September 1977

41

Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]

II

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 affiliated foreigners
Fees and royalties from unaffiliated foreigners.
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S.
assets abroad:
Direct investments *5
Other private receipts
U.S. Government receipts

9
10
11
12
13

III

38,591

40,237

42,196

42,243

43,074

44,927

28,380
1,189
1,492
312
1,628
879
207
874
109

29, 603
1,472
1,494
327
1,671
897
216
916
117

29, 711
1,457
1,477
319
1,679
861
224
973
121

29, 458
1,845
1,426
287
1,679
848
227
1,028
143

30,488
1,867
1,534
358
1,763
931
228
1,081
112

2,851
2,122

2,596
2,225

2,823
2,294

2,857
2,314

3,244
2,537

3,550
2,632

325

346

250

352

383

50

86

94

46

28

-37,039
-28,343
-1,160
-1,698
-644
-1,488
-85
-49
-428
-283

-38,732

-42,580

-46,069

-48,292

- 3 2 , 411
-1,237
-1,710
-640
-1,600
-59
-49
-474
-325

- 3 3 , 305
-1,222
-1,811
-662
-1,683
-46
-49
-497

-284
-1,378
-1,154

-473
-1,347
-1,177

- 3 6 , 561
-1,329
-1,853
-722
-1,770
-61
-50
-521
-321
-224
-1,436
-1,221

-38,347
-1,403
-1,826
-707
-1,859
-60
-50
-540
-336
-355
-1,532
-1,277

156

Imports of goods and services

15

-41,321
3

Merchandise, adjusted, excluding military
Direct defense expenditures.. . . . .
TravelPassenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on 5foreign assets in the United States:
Direct investments < _
Other private payments

16
17
18
19
20
21
22
23
24
25
26
27

-317
-1,446
-1,098

U.S. Government payments

28
29

U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net

30
31
32
33

U.S. Government grants (excluding military grants of goods and services) _
U.S. Government pensions and other transfers
Private
other transfersoutflow (—)) _
U.S.
assetsremittances
abroad, netand
(increase/capital
6

IV

27, 000
1,095
1,343
267
1,551
885
198
823
131

Transfers of goods and services under U.S. military grant programs, net-

14

1977

1976'

(Credits +; debits - ) 1

Line

- 2 9 , 955
-1,228
-1,637
-596
-1,536
-83
-49
-448
-313
-286
-1,510
-1,091

-50

-86

-156

-94

-46

-28

-1,029

-1,015

-1,936

-1,045

-1,163

-1,240

-544
-226
-259

-556
-231
-228

-1,475
-238
-223

-572
-235
-238

-637
-240
-286

-735
-232
-273

-10,751

-9,779

-8,409

-14,022

331

-11,774

-773

-1,578

-407

228

-388
-58

6

-45
-237
-491

14
-798
-794

-18
-716
327

-29
-461
718

-389
59

-80
169

34
35
36
37
38

U.S. official reserve assets, net
Gold-

39
40
41
42

U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net

-723
-1,402
733
-54

-944
-1,778
683
151

-1,405
- 2 , 058
632
21

-1,142
-1,689
536
11

-909
-1,631
662
60

-827
-1,380
640
-87

43
44
45

U.S. private assets, net
Direct investments abroad 8
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term

-9,254
-2,427
-2,460

- 7 , 257
-142
-1,357

-6,597
-1,205
-2,743

-13,108
-822
-2,171

1,627
-404
-692

-10,952
-2,602
-1,746

-191
-547

145
-1,149

657

-10
-957

45
-767

85
-1,264

-377

-978
-2,394

-480
-8,668

-306
3,752

-28
-5,398

8,201

12,079

2,510

12,991

3,070
1,326
1,260
66
1,819
-599
524

6,977
4,025
3,909
116
852
1,769
331

5,719
5,249
5,149
100
712
-420
178

6,935
5,345
4,757
588
307
410
873

5,131
561
3,026

5,102
403
-88
21

- 3 , 209
537
1,047
879

6,056
486
-1,273
820

Special drawing rights
Reserve position in the International Monetary FundForeign currencies

46
47
48
49
50

-3,341
6,856

Foreign assets in the United States, net (increase/capital inflow ( + ) ) -

-4,377
7,385

51
52
53
54
55
56
57

Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 8
.
.. ..
Other 9
Other U.S. Government liabilities 10
U.S. liabilities reported b y U.S. banks, not included elsewhere...
Other foreign official assets n

3,847
2,066
1,998
68
1,524
-412
669

58
59
60
61

Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities

3,009
709
437
1,030

4,051
2,482
2,166
316
743
135
691
3,333
504
-592
131

U.S. liabilities to unaffiliated foreigners reported b y U.S. nonbanking concerns:
Long-term
Short-term

-233
394

-162
-76

-241
-56

-311
69

-229
-145

-102
-196

U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term

-105
777

-16
3,544

75
1,699

221
4,787

47
-5,345

6,223

3,372
717

1,905
129

1,268
-2, 622

3,325
1,780

1,317
524

3,388
-205

-1,343
1,552
1,067
523

-1,575
1,505
1,046
490

-2,808
875
414
-1,061

-3,594
-337
-810
-1,382

-7,103
-2,995
-3,521
-4,158

-7,859
-3,365
-3,870
-4,605

-773
2,323

-1,578

-407
1,251

228
6,125

-388
5,007

6,628

64
65
66
67
67a

Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)Of which seasonal adjustment discrepancy
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on gcods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines 69, 31, and 32).
Balance on current account (lines 69 and 29) 12
Transactions in U.S. official reserve assets and in foreign official assets in the United States:

Increase ( - ) in U.S. official reserve assets, net (line 34)
Increase (+) in foreign official assets in the United States (Line 51 less line 55)
See footnotes on page 50.




'_..

SUEVEY OF CURRENT BUSINESS

42

September 1977

Table 3.—U.S. Merchandise Trade
[Millions of dollars]

Not seasonally adjusted
Line

1976

r

1976'
II

Seasonally adjusted
1976 r

1977
III

1977

III

IV

I IV

II*

Balance of payments adjustments to Census trade data:
EXPORTS
Merchandise exports, Census basis, 1 including reexports and excluding military grant shipments

4,802

17,314

29,635

(7,305

30,548

29,424

1,654

27,036

28,655

29,486

29,688

29,478

30,477

73
353
659
1,546

20
19
30
156
414

22
12
27
179
294

22
17
157
157
364

22
25
139
167
474

22
14
285
167
319

23
234
186
456

20
19
30
159
414

22
12
27
165
294

22
17
157
167
364

22
25
139
168
474

22
14
285
172
319

30
23
234
172
456

2,975
150

-720
58

-728
134

-837
47

-38

-871
-33

-720
42

-690
-105

-728
118

-837
32

-794
-38

-871
-33

-16

-16

-16

-15

4,694

17,291

29,390

27,428

tO, 585

19,399

31,679

27,000

28,380

29,603

29,711

29,458

30,488

12,678

17,323

29,418

1,402

12,535

4, 990

37,911

27,503

28,979

31,845

32,199

35,401

37,141

2,469
939

609
105
-22

568
167
147

512
305

780
362
-34

724
347
81

670
472

609
105
-22

568
167
147

512
305
-189

780
362
-34

724
347
81

670
472

-301
327

-62
176

-72
130

-111
9

-56
12

-37
45

-78
142

-62
210

-72

-111

-56
54

-37
45

-78
142

14,014

28,129

30,358

31,928

33,599

36,150

39,117

28,343

29,955

33,305

36,561

38,347

.4,694

!7,291

29,390

27,428

30,585

29,399

31,679

27,000

28,380

29,603

29,711

29,458

30,488

11,934
!4,968
5,074
9,171
6,966

7,391
5,751
1,145
4,443
1,640

7,961
6,168
1,216
4,775
1,793

7,367
5,728
1,279
4,288
1,639

9,215
7,321
1,434
5,665
1,894

8,819
6,861
1,458
5,169
1,958

9,175
7,180
1,544
5,392
1,995

7,072
5,569
1,092
4,315
1,503

7,671
5,970
1,219
4,570
1,701

8,424
6,492
1,392
4,919
1,932

8,767
6,937
1.371
5,367
1,830

8,460
6,652
1,395
5,023
1,808

6,962
1,553
5,160
1,905

4,057
26,336
16,843

1,127
6,306
4,150

1,084
7,151
4,226

6,023
4,112

916
6,856
4,355

855
6,898
3,861

7,686
4,315

1,034
6,444
4,288

1,071
6,558
4,128

1,131
6,636
4,257

821
6,698
4,170

790
7,053
3,989

7,051
4,212

906
5,003

2,462
1,038
5,468

2,613
973
5,410

2,713
1,003
5,527

2,809
961
5,196

2,548
886
6,386

2,299
906
4,941

2,496
1,038
5,315

2,724
973
5,568

2,677
1,003
5,584

'961
5,134

2,587
886
6,218

16

103

-110

383

-13

Adjustments:
Private gift parcel remittances
Virgin Islands exports to foreign countries
Gold exports, nonmonetary
Inland U.S. freight to Canada
U.S.-Canadian reconciliation adjustments, n.e.c., n e t 2
Merchandise exports transferred under U.S.3military agency sales
contracts identified in Census documents
Other adjustments, n e t 4
Of which quarterly
allocation of annual seasonal adjustment
discrepancy 5
Equals: Merchandise exports, adjusted to balance of payments basis,
excluding "military" (table 1, line 2)
IMPORTS
Merchandise imports, Census basis ! (general imports)
Adjustments:
Virgin Islands imports from foreign countries
Gold imports, nonmonetary
U.S.-Canadian reconciliation adjustments, n.e.c, n e t 2
Merchandise imports
of U.S. military agencies identified in Census documents 3
Other adjustments, n e t 6
Of which quarterly
allocation of annual seasonal adjustment
discrepancy 5
Iquals: Merchandise imports, adjusted to balance of payments basis
excluding "military" (table 1, line 16)

49
36

42
40
32, 411

Merchandise trade, by
area, adjusted to balance of payments basis,
excluding military: 7
EXPORTS
Total, all countries (A-10)

Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
Eastern Europe
Canada 2
Latin American Republics and other Western Hemisphere
Japan
Australia, New Zealand and South Africa
Other countries in Asia and Africa

10,196
3,920
2 1 , ••"

Seasonal adjustment discrepancy (Bl less B2, 7-12) _
Memoranda:
Developed
countries 7
OPEC* 7 .
Other developing countries 7
IMPORTS
Total, all countries (A-18).
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding E C (9)..

E astern Europe
Canada2
Latin American Republics and other Western Hemisphere
Japan
Australia, New Zealand and South Africa
Other countries in Asia and Africa

72,386
11,558
26,693

17,011
2,490
6,663

18,612
2,926

16,976
2,867
6,655

19,787
3,275
6,607

19,487
2,873
6,184

20,295
3,392
7,309

16,721
2,567
6,662

17,763
2,817
6,626

18,757
3,009
6,816

19,145
3,165
6,589

19,162
2,968
6,155

19,391
3,262
7,168

[24,014

28,129

30,358

31,928

33,599

36,150

39,117

28,343

29,955

32,411

33,305

36,561

38,347

6,463
5,004
1,142
3,660
1,459

7,112
5,651
1,331
4,115
1,461

5,528
4,221
993
3,047
1~~~

5,733
4,352
3,072
1,381

6,067
4,776
1,053
3,540
1,291

6,462
5,026
1,163
3,660
1,436

7,057
5,616
1,301
4,115
1,441

239
6,858
4,256

222
6,775
4,690

222
7,274
5,679

315
7,457
5,412
4,556
698
13,507

23,003
17,739
4,160
12,823
5,264

5,526
4,200
973
3,047
1,326

5,726
4,421
1,051
3,164
1,305

5,620
4,304
1,05^
3,072
1,316

6,131
4,814
1,079
3,540
1,317

875
26,442
17,204

199
5,963
4,188

215
7,08i
4,09.'

239
6,403
4,204

222
6,994
4,720

7,081
5,823

315
7,887
5,409

199
6,099
4,08r

5,675
4, r""
1,025
3,164
1,285
215
6,710
4,176

15,53:
2,47S
38,48C

3,482
556
8,215

3,854
589
8,80C

4,065
63
10,766

4,130
703
10,699

4,132
571
11,858

4,592
693
13,109

3,55'
598
7,918

3,8:
593
9,050

3,970
615
10,931

4,181
673
10,581

4,212
611
11,439

362

-287

-191

116

662

17,696
7,545
7,577

18,559
8,511
8,428

Seasonal adjustment discrepancy {B17 less B18, 23-28).
Memoranda:
Developed countries 7
OPEC 7
Other developing countries
See footnotes on page 50.




..
7

.

67,455
27,409
27,96f

15,527 17,25:
6,145 6,13:
6,258 6,755

17,95!
16,71
7,671
7,455
7,""' 7,59:

18,247
8,996
8,506

20,284
9,316

15,782 16,801 17,176
5,792 6,422 7,650
6,208 6,798 7,383

19,768
9,765
8,921

43

SURVEY OF CURRENT BUSINESS

September 1977

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

1976 r

1976 r

1976'

1977

1977
III

IV

-1,575
1,996
1,580
194
1,406
416

-2,808
2,691
2,140
303
1,847
551

-3,594
2,700
2,161
318
1,827
539

-7,103
1,998
1,626
232
1,363
372

-7,859
1,810
1,346
252
1,045
464

835
345
206

856
-152
-48

-222
1

599
-77
-520

568
-221
-1,690

365
-406
-1,200

-1,258
308

-1,327
445
-3,735

-1,246
358
-5,363

-1,504
330
-4,997

-1,524
350
-6,305

-1,969
188
-7,289

390

81

-125

-279

II

III

IV

-968
2,235
1,747
165
1,611

-4,500
1,747
1,424
222
1,216
323

-3,014
3,084
2,507
355
2,125
577

-6,751
2,356
1,857
316
1,509
499

-7,438
2,063
1,529
213
1,277
534

-1,343
1,544
1,348
99
1,268
196

134

-92

694
-138
-365

633
-183
-1,962

368
-201
-1,094

-1,392

-1,452
342
-5,356

-1,417
300
-5,172

-1,323
390
-6,662

-2,044
193
-6,723

Merchandise trade, by area, adjusted to balance of payments basis,
excluding military—Continued
BALANCE (EXCESS OF EXPORTS+)
Total, all countries
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
E astern 2Europe
Canada
_
__
Latin American Republics and Other Western Hemisphere..
Japan
Australia, New'Zealand and South Africa
Other countries in Asia and Africa

-9,320
8,931
7,229
914
6,348
1,702

-838
1,865
1,551
172
1,396
314

3,182
-106
-361

928
343
-38

-5,335 -1,074
1,441
350
-17,072 -3,212

449
-3,332

-2,977

Seasonal adjustment discrepancy (BIS less B29)
Memoranda:
Developed
countries 7
OPEC 7
_
Other developing countries

7

.
4,931
1,484
'.'.'.'/."'.'.'.I'.'.'.'.'.'. -15,851 -3,655
405
-1,273

642

1,361
-3,205
13

257
-4,588
-706

1,829
-4,403
-985

1,240
-6,123
-2,322

11
-5,924
-1,660

-3,225
454

962
-3,605
-172

1,581
-4,641
-567

1,449
-4,380

603
-5,543
-2,273

-377
-6,503
-1,753

29,399 31,679
6,415
6,492
22,984 25,187

27,000
5,410
21,590

28,380
5,846
22,534

29,603
6,239
23,364

29,711
5,886
23,825

29,458
6,118
23,340

30,488
6,699
23,789

Merchandise trade, by principal end-use category, adjusted to balance of payments basis, excluding military:
EXPORTS
Total (A-10)
Agricultural products
Nonagricultural products

114,694
23,381
91,313

27,291
5,694
21,597

29,390
5,680
23,710

27,428
5,424
22,004

30,585
6,583
24,002

19,795
19,374
12,216
3,323

4,725
4,665
2,979
816

4,855
4,776
3,016
776

4,671
4,527
3,180
494

5,544
5,406
3,041
1,237

5,009
4,921
2,659
1,272

5,267
5,138
2,691
1,325

4,609
4,528
2,979
720

4,960
4,861
3,016
780

5,360
5,226
3,180

4,866
4,759
3,041
963

4,902
4,797
2,659
1,117

5,401
5,248
2,691
1,329

Industrial supplies and materials
Agricultural
Nonagricultural
Fuels and lubricants
Petroleum and products 8
Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete—all types..
Other transportation equipment

32,510
3,729
28,781
4,666
1,091
38,716
31,751
3,221
779

7,627
965
6,662
935
241
9,305
7,700
652
208

8,273
844
7,428
1,290
263
10,066
8,157
961
178

8,075
838
7,236
1,147
269
9,167
7,689
665
123

8,535
1,082
7,455
1,294
318
10,178
8,205
943
270

8,569
1,373
7,196
899
302
9,597
8,206
516
120

9,224
1,183
8,042
1,399
330
10,243
824
124

7,659
817
6,855
1,086
241
9,105
7,675
514
201

7,988
846
7,101
1,200
263
9,531
7,837
790
169

8,323
1,028
7,314
1,174
269
9,864
8,033
927
155

8,540
1,038
7,511
1,206
318
10, 216
8,206
990
254

8,602
1,175
7,394
1,039
302
9,427
8,182
431
114

8,914
1,197
7,695
1,295
330
9,728
8,237
701
117

Automotive vehicles, parts, and engines.
To Canada »
To all other areas

12,100
8,429
3,671

2,885
2,052

3,232
2,325

2,657
1,782
875

3,326
2,270
1,056

3,193
2,334
859

3,464
2,520

2,850
2,018

3,023
2,121

3,051
2,107

3,176
2,183
1,011

3,157
2,295

3,241
2,300
915

833

907

1,923

2,084

2,135

2,131

2,148

2,157

895

954

1,094

-113

268

-47

Foods, feeds, and beverages
Foods, feeds, and beverages—agricultural.
Grains
Soybeans

Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments, not included
in lines C 4-20
22

8,007
3,566

Seasonal adjustment discrepancy (Cl less C4, 8,13,17, 20, and 21).

1,900

2,100

849

864

935

918

896

944

856

2,305

1,913

1,176

895

38

124,014
11,215
112,799

28,129
2,684
25,445

Foods, feeds, and beverages
Industrial supplies and materials.
Fuels and lubricants
Petroleum and products 8

11,584
64, 727
37,079
34,573

2,610
14,478
8,549
7,998

Capital goods, except automotive
Machinery, except consumer-type..
Civilian aircraft, engines, parts

11,062
10,656
406

Automotive vehicles, parts, and engines.
From Canada
From all other areas
Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments, not included
in lines C 26-36
Seasonal adjustment discrepancy (C2S less C26, 27, 30, S3, 36, and 37).

See footnotes on page 50.




796
120

-31

IMPORTS
Total (A-18)
Agricultural products
Nonagricultural products.

1,962

33,599
2,924
30,675
2,970 3,127
17, 013 17,814
9,737 10, 319
9,179
9,492

36,150
3,617
32,533

924
2,001
980
24

36,561
3,614
32,947

38,347
3,882
34,465
3,956
21,228
12,612
11,934

29,955
2,767
27,188
2,838
15,714
8,823
8,252

32,411
2,914
29,497

33,305
2,885
30,420

3,065
17,411
10,014
9,408

2,572
2,475
112

2,716
2,636

2,812
2,685
97

3,017 3,650
17, 551 19,102
10,145 11, 679
9,342 11,032
2,962 3,056
2,860 2,964
107
101

4,944
2,606
2,338

3,959
1,860
2,056

4,078
2,032
2,057

4,224
2,152
2,046

4,104
2,012
2,149

4,392
2,348
2,002

4,567
2,450
2,139

5,442

4,193

4,487

4,793

4,963

5,376

5,628

570

557

526

377

380

347

-404

SSI

605

39,117
3,945
35,172

28,343
2,649
25,694

3,577 4,011
19, 692 20,771
12, 297 12,091
11, 622 11,415

2,664
14,051
8,097
7,571

30,358
2,814
27,544
2,877
15,422
8,474
7,904

31,928
2,793
29,135

2,576
2,465
112

2,791
2,695

2,719
2,622
97

2,976
2,874
101

3,059
2,952
107

3,379
3,241
138

16, 365
8,056
8,308

4,060
1,907
2,154

4,425
2,175
2,249

3,724
1,806
1,917

4,156
2,168
1,988

4,492
2,398
2,094

18,436

3,861

4,327

5,125

5,123

4,962

1,840

544

516

377

403

-274

3,291
3,175
138

582
-905

SUKVEY OF CURRENT BUSINESS

44

September 1977

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted

Line

1976 r

Seasonally adjusted
1977

1976 r

II

III

IV

I'

30,561

29,454

1977

1976 r

II v

II

Merchandise trade, by end-use category, Census basis,1 including
military grant shipments:
Merchandise exports, Census basis, including military grant shipments (A-l)

Agricultural products
Nonagricultural products
Excluding military grant shipments
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods, feeds, and beverages
Industrial supplies and nmaterials 10
Fuels and lubricants
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.)
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel10.
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, including parts and attachments
Nonelectrical, including parts and attachments
Construction machinery and nonfarm tractors
Textile and other specialized industry-machinery
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors.
Business and office machines, computers, etc
Scientific, professional, and service-industry equipment
31

Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
Automotive vehicles,
parts and engines
To Canada9..
To all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.c
Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem stones, precious and
nonprecious)
Special category (military-type goods).
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous).
Foreign (reexports)

47

Seasonal adjustment discrepancy (Dl less D5,9, 20, 33,39,43, and

See footnotes on page 50.




29,508

10,491

5,363 5,831
6,229 5,851 6,070
21, 693 22, 857 23, 381 23, 850 23, 438
21, 673 22, 824 23, 257 23, 837 23, 408

23, 823
23,809

31,667 27,056

14,992

27,334 29,668

27,429

23, 274
91, 718
91, 528

5,647 5,665
21, 687 24,003
21, 667 23,970

5,414 6,548 6,367 6,461
22, 015 24, 013 23, 087 25,206
21, 891 24,000 23,057 25,192

28,688

29,610

29,701

19, 677
12,193
3,315
4,169

4,677
2,965
811
901

4,841
3,024
776
1,041

4,656
3,174
491
992

5,503
3,030
1,237
1,235

4,958
2,651
1,258
1,048

5,238
2,678
1,341
1,219

4,561
2,965
715
946

4,946
3,024
780
1,032

5,345
3,174
857
1,086

4,825
3,030
963
1,105

4,851
2,651
1,103
1,096

5,372
2,678
1,345
1,208

32, 005
4,697
2,706
2,962
1,058
922
8,048

7,572
961
704
666
203
301
1,917

8,214
1,293
686
751
264
151
2,087

7,882
1,150
661
735
284
169
2,003

8,337
1,293
655
810
307
301
2,041

8,247
899
653
994
500
305
2,124

8,909
1,399
704
992
502
178
2,175

7,603
1,112
704
602
137
314
1,906

7,927
1,203
211
171
2,039

8,132
1,177
661
814
365
216
2,000

8,343
1,205
655
858
345
221
2,103

8,280
1,039
653
914
390
316
2,111

8.599
1,295
704
917
440
201
2,126

6,813

1,651

1,739

1,636

1,787

1,893

1,937

1,602

1,665

1,716

1,830

1,838

1,857

725
2,354
2,779

145
577
650

204
613
691

216
594
718

160
570
720

113
543
723

154
571
800

169
600
642

185
579
680

198
588
748

173
587
709

132
566
716

139
539
787

38,330
31,375
6,676
24,698
5,941
1,985
9,976
1,617
3,297
1,884

9,200
7,599
1,528
6,071
1,476
465
2,476
421
764
469

8,075
1,675
6,400
1,577
525
2,535
472
809
482

9,070
7,596
1,708
5,887
1,420
466
2,377
356
820
450

10,077
8,105
1,765
6,340
1,468
529
2,588
368
903
483

9,498
8,110
1,786
6,324
1,369
506
2,545
441
948
515

10,111
8,441
1,889
6,552
1,397
538
2,661
437
965
554

9,000
7,574
1,505
6,055
1,509
471
2,449
411
751
457

9,448
7,755
1,607
6,123
1,491
513
2,466
398
809
458

7,940
1,800
6,186
1,464
489
2,504
394
862
477

10,115
8,106
1,764
6,334
1,477
512
2,557
414
874
492

9,328
8,086
1,763
6,311
1,401
512
2,520
431
932
501

9,596
8,109
1,815
6,270
1,320
526
2,589

6,176
3,204
779

1,393
649
208

1,730
959
178

1,351
662
123

1,702
934
270

1,267
513
120

1,546
820
124

1,224
505
201

1,536
781

1,658
917
155

1,758
1,001
254

1,138
428
114

1,392
697
117

11,243
7,572
3,671
3,266
1,997
5,979

2,646
1,813
833
769
428
1,449

2,182
907
893
557
1,639

2,458
1,583
875
619
495
1,343

3,050
1,994
1,056
985
517
1,548

3,055
2,196
859
915
476
1,664

3,276
2,332
944
1,086
505
1,685

2,611
1,779
856
783
434
1,401

2,880
1,978
880
832
508
1,521

2,852
1,908
924
813
524
1,521

2,900
1,907
1,011
838
531
1,536

3,019
2,157
886
931
484
1,612

3,053
2,112
915
1,010
460
1,565

7,901
3,520
4,055

1,871
833
952

2,077
929

1,893
825
995

2,060
933
1,051

2,107
920

2,269
976

1,884
852
952

1,939
867

1,971
868
995

2,107
933

2,120
942

2,121
910

1,196

1,105

1,196

86

1,105

1,051

326

82

97

83

78

86

717
872
385
487

834
1,030
425
605

633

717
925
407
513

834
962
402
544
-46

2,600
3,237
1,562
1,675

639
729
362
367

1,057
91
664
800
415
385

73
664
806
380
426

633
902
405
497

81
639
772
382
385

1,057
81
664
746
392
344
138

81
664
841
396
453

878
-99

September 1977

SURVEY OF CURRENT BUSINESS

45

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line

Seasonally adjusted
197'

1976 r

1977

II

III

IV

I'-

27,503

28,979

31,845

32,199

35,401

37,141

2,657
887
552
299
1,744

2,828
1,030
599
307
1,829

3,056
1,112
678
281
1,930

3,007
1,115
803
267
1,902

3,643
1,607
1,265
253
1,992

3,947
1,674
1,269
226
2,320

Industrial supplies andnmaterials 10
60, 904 13,715 14,519 16,144 16,526 18,419 19,475 13,288 14,811 16,542 16,263 17,829
Fuels and lubricants
34,598 7,958 7,893 9,247 9,500 11,510 11,409 7,506 8,242 9,524 9,326 10,892
Petroleum and products 8
32,211 7,432 7,326 8,727 8,726 10,937 10,754 7,005 7,674 8,956 8,576 10,347
Paper and paper base stocks
3,375
694
892
920
927
685
861
909
905
870
Materials associated with nondurable goods and farm output,
n.e.s
1,444 1,535
6,093 1,576 1,538
1,709
1,540
1,817
1,527
1,529
1,623
1,497
Textile supplies and materials
380
1,574
405
396
393
394
380
421
394
405
393
Tobacco, unmanufactured
45
392
187
98
62
104
74
85
78
147
83
Chemicals, excluding medicinal
629
2,579
604
676
670
755
672
847
732
586
655
666
390
Other (hides, copra, materials for making photos, drugs, dyes). 1,547
370
409
456
419
464
378
356
375
397
429
656
Building materials, except metals
2,362
588
649
683
626
813
469
499
512
725

19,932
11,930
11,273
896

Merchandise imports, Census basis, (A-ll)
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
Cane sugar
Other foods, feeds, and beverages

I

II

III

IV

120,678

27,323

29,418

31,402

32,535

34,990

37,911

11,548
4,144
2,632
1,154
7,405

2,603
887
552
230
1,716

2,867
1,030
599
339
1,837

2,961
1,112
678
344
1,848

3,117
1,115
803
241
2,004

3,570
1,607
1,265
194
1,962

4,002
1,674
1,269
250
2,329

Materials associated with durable goods output, n.e.s.10
14,476
Steelmaking materials
1,873
Iron and steel products
4,379
Other metals, primary and advanced, including advanced
steel
5,569
Nonmetals (gums, oils, resins, minerals, rubber, tires, etc.) _ _ 2,656
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized-industry machinery and nonfarm tractors
Other industrial machinery, n.e.s
Agricultural machinery and farm tractors
Business and office machines, computers, etc
Scientific, professional and service-industry equipment,
and miscellaneous transportation equipment

1,806
421
71
822
473
714
4,601
471
1,556

3,019
304
925

3,608
466
1,023

3,891
591
1,129

3,958
512
1,302

3,637
269
1,123

4,509
511
1,495

3,192
429
934

3,682
434
1,064

3,919
547
1,156

3,683
463
1,225

376
1,124

1,186

1,467
653

1,490
682

1,426
718

1,426
819

1,662
842

1,186
603

1,467
653

1,490
682

1,426
718

1,426
819

2,537
2,426
805
1,620

2,721
2,625
922
1,703

2,751
2,654
993
1,661

2,937
2,835
1,047

1,789

3,013
2,906
998
1,907

3,350
3,212
1,101
2,111

2,533
2,436
857
1,585

2,646
2,566
909
1,652

2,844
2,717
984
1,739

2,923
2,821
1,017
1,797

3,010
2,918
1,063
1,866

1,269
2,504
1,056
1,284

316
597
274
285

334
592
309
303

302
648
237
311

317
667
236
385

360
704
286
356

397
776
359
364

316
597
257
280

334
592
274
304

302
648
276
330

317
667
249
370

360
704
269
350

397
776
318

10,946
10, 540
3,767
6,773

1,662
842
3,262
3,146
1,085
2,052

659

147

165

163

184

201

215

147

165

163

184

201

215

Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Automotive vehicles, parts, and engines
From Canada
From all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.s

406
94

112
21

18

97
35

101
20

107
37

138
50

112
21

18

97
35

101
20

107
37

138
50

16,155
7,846
8,308
8,947
2,062
5,146

3,998
1,845
2,154
2,367
503
1,128

4,359
2,109
2,249
2,540
554
1,264

3,683
1,765
1,917
1,834
478
1,371

4,115
2,127
1,988
2,206
527
1,383

4,431
2,337
2,094
2,536
597
1,298

4,864
2,526
2,338
2,823
644
1,397

3,897
1,798
2,056
2,242
531
1,142

4,012
1,966
2,057
2,250
526
1,239

4,183
2,111
2,046
2,185
518
1,442

4,063
1,971
2,149
2,270
487
1,323

4,331
2,287
2,002
2,404
628
1,319

4,487
2,370
2,139
2,498
613
1,372

Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured._
Unmanufactured consumer goods (gems, nursery stock)

18,410
9,653
7,485
1,272

3,856
1,896
1,650
309

4,320
2,234
1,779
307

5,119
2,628
2,161
331

5,115
2,895
1,895
325

4,957
2,727
1,830
399

5,436
2,981
1,994
461

4,188
2,141
1,723
309

4,480
2,316
1,887
307

4,787
2,477
1,968
331

4,955
2,719
1,907
325

5,371
3,061
1,908

5,622
3,076
2,112
461

2,717

614

633

744

726

600

784

627

643

747

700

612

796

313

-w

288

606

-905

Imports, n.e.s. (low value, goods returned, military aircraft,
movies, exhibits)
Seasonal adjustment discrepancy (D48 less D49, 54, 69, 80, 86, and
90)

See footnotes on page 50.




-314

SUKVEY OF CUEEENT BUSINESS

46

September 1977

Table 4.—Selected U.S. Government Transactions
[Millions of dollars]

Line

Al

U.S. Government grants (excluding military) and transactions increasing Government assets, total..

9,944

Seasonally adjusted

la

1976

1976
I

II

2,128
2,000

1977
III

IV

I'-

2,373

3,261

2,182

2,336

2,393

2,183

3,612

2,250

2,208

2,202

By category
Grants, net (table 1, line 30, with sign reversed) _.
Financing military purchases »
Other grants

3,146
879
2,266

537
29
507

642
100
542

1,424
745
678

544
5
539

625
139

825
245
580

Loans and other long-term assets (table 1, line 40, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding I M F Credit" repayable in U.S. dollars
,
Credits repayable in foreign currencies
r
O ther long-term assets

6,927
1,102
5,778
44
3

1,537
155
1,368
14
C)

1,883
364
1,503
15
1

1,858
345
1,507
5
1

1,649
238
1,400
10
1

1,771
185
1,569
9
8

1,481
227
1,222
11
21

Foreign currency holdings and short-term assets, net (table 1, line 42, with sign reversed)_
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from—
Sales of agricultural commodities
Interest..
_,
Repayments of principal
Reverse grants
Other sources
Less disbursements for—
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Assets held under Commodity Credit Corporation
Charter Act, net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net

-129

54
-23

-151
-36

-21
-16

-11
-13

-60
-25

(*)
87
154
(*)
11

(*)
22
31
(*)

(*)
18
46

-11

(*)
71
-3
91
-11

26
4
62
-17
-91
-7

1,102
1,170
4,869
1,989
890
251
296
-33

155
160
1,272
437
131
55
71
-11

364
365
857
542
275
57
62
-24

Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services 4
Financing of military sales contracts b y U.S. Government«(line C6)
By long-term credits !
By short-term credits
By grants i
_.
U.S. Government grants and credits to repay prior U.S. Government credits * 4__
U.S. Government long-and short-term credits to repay prior U.S. private credits
_r
Increase in liabilities associated with U.S.
Government grants and transactions increasing Government assets
(including changes in retained accounts) 8 (line Cll)
Less receipts on short-term U.S. Government assets (a) financing military sales contracts * and (b) financing repayments of private credits
Less foreign currencies used b y U.S. Government other than for grants or credits (line A19)

8,089
4,439
1,200
1,739
876
100
764
453
782

1,814
961
250
464
356
91
16
129
109

1,894
1,162
326
144
135
9

226
296

28
71

129
62

Estimated dollar payments to foreign countries and international financial institutions

1,855

314

479

2,585

649

785

2,550
222
775
1,018
535

646
33
237
232
144

756
61
209
301
185

34

4

29

(*)

743

1,819

39
4
296
-31

(*)
78
-40
-35

(*)
80

87
(*)

21
80

107
50

42

44

By program
Capital subscriptions and contributions to international financial institutions, excluding I M F .
Under farm product disposal programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings), net.

238
238
1,057
516
138
69
78
5

185
188
1,329
506
172
65
80
-30

227
339
1,049
424
262
102
107
96

2,725
1,243
336
861
118

1,656
1,072
288
271

2,015
983
272
624

1,922
926
345
349
103

743
50
341

5
56
99

138
52
178

245
104
320

345
407
L,684

494
346
70
85
-3

By disposition 3
31
32
33
34
35
36
37
38
39
40

41
42
43
Bl

Repayments on U.S. Government long-term assets, total (table 1, line 41)

2
3
4
5
6

Receipts of principal on U.S. Government credits
Under farm product disposal programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs

7

Receipts on other long-term assets

Cl
2
3

U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 55)
Associated with miltary sales contracts 2
U.S. Government cash receipts from foreign
governments (including principal repayments on credits financing
military sales contracts), net of refunds l
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States.
Plus financing of military sales contracts by U.S. Government 5 (line A34)
By long-term credits J
By short-term credits
By grants i___
2

Less transfers of goods and services (including transfers financed by grants to Israel, and by credits) i (table 1, line 3).

-3

-1

-3

(*)

21

49

13

14

85

78

80

107

536

526

322

471

559
559
42
180
202
135

591
590
87
149
283
71

578
573
53
175
265
81

743
716
67
226
305
118

1

5

27

852

712

307

612

4,938
4,426

1,503

721

1,403

799

8,213

2,246

1,858

2,041

2,068

314

75

96

54

92

95

1,739
876
100
764

464
356
91
16

861
118

271
266

624

743

5

138

349
103
245

5,213

1,132

1,486

1,912

1,854

-3

Associated with other liabilities
Sales of nuclear materials by Energy Research and Development Administration.
Other sales and miscellaneous operations

515
56
458




-1

(*)

1,524

Associated with U.S. Government grants and transactions increasing Government assets (including changes in retained
accounts) « (line A40)

See footnotes on page 50.

219
232

144
135
9
1,193

1,403
-1

21
-1
22

417
30
387

-3

56
19

284
1,885

-1
102
33
70

(*)

23
9
14

47

SUEVEY OF CUEEENT BUSINESS

September 1977

Table 5.—Direct Investment: Capital, Income, and Adjusted Earnings
[Millions of dollars]

(Credits (+); debits (-))

Line

1977

1976

1976
I

II

Ill

IV

Ir

U P

U.S. direct investment abroad:
1

Net capital outflows (-) (table 1, line 44)

-4,596

-2,427

-142

-1,205

-822

-404

-2,602

-1,974
-888
71
-1,157
—2 649
1 492

-1,676
-962
—93
-621
—825

591
263
226
103
—320

318
326
-115
107
-453

-1,208
-515
53
-747
-1,050

-653
-231
-91
-331
-415

204

423

560

304

84

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

-2,622

-751

-733

-1,523

386

248

n.a.

—2 409
—928
-1,259

— 1 009
—481
-937

—233
176
-85

-669
-352
-185

-499
-272
-52

459
-420
-443

-1,674
n.a.
n.a.

11,127

2,740

2,346

2,375

3,666

3,099

3,213

747
5 625
4 754

177
1 575

184

988

170
1,107
1,069

217
1,998
1,451

172
1,407
1,521

n.a.
n.a.
n.a.

4 334
3,059
3,734

1 481
456
803

709
698
939

825

673
878

1,320
1,232
1,114

1,208
880
1,011

n.a.
n.a.
n.a.

7,737

1,741

2,579

2,078

1,339

1,961

n.a.

686
4,186
2,865

-438
1,436
743

474
1,343
761

392

259

360

579

878

858

502

723

n.a.
n.a.
n.a.

18,863

4,481

4,924

4,453

5,005

5,060

n.a.

5 020
7,245
6,598

1 042
1,892
1,546

1 183
2,041
1,700

1,216
1,501
1,736

1,579
1,811
1,616

1,568
1,758
1,734

n.a.
n.a.
n.a.

2,176

709

504

561

403

537

486

1,913
830
1,083
1 180

672
339
334
361

664
474
190
204

-27

541
284
256
286

205
-52
257
291

—97

496
259
236
242
-6

-30

-34

-14

466
349
118
1247

263

37

8

20

198

-127

20

By type:
2
3
4
5
6
7

Transactions with incorporated foreign affiliates
Intercompany accounts: short-term
long-term
Capital stock
and other equity, net
Increase l2
Decrease

8

Transactions with unincorporated foreign affiliates

...

. . ._

_

3

9
10
11
12
13
14
15
16

17
18
19
20
21
22

23
24
25
26

By industry of foreign affiliate:
Petroleum..
Manufacturing
_.
Other.

Receiptsof income (table 1, line 11)
By type:
Interest
Dividends
Earnings of unincorporated foreign affiliates
By industry of foreign affiliate: 3
Petroleum
M anufacturing
Other.

.

Memoranda:
Reinvested earnings of incorporated foreign affiliates (excluded from lines 1 and 12)
By industry of foreign affiliate:'
Petroleum.
Manufacturing
Other
Adjusted earnings (line 12 plus line
19)
By industry of foreign affiliate:3
Petroleum
M anufacturing
Other.

.

.

.

.

946

1,246

829

Foreign direct investment in the United States:
27

Net capital inflows (+) (table 1, line 59).
By type:

28
29
30
31
32

Transactions with incorporated U.S. affiliates
Intercompany accounts. _
Capital stock
and other equity, net
Increase i2.
Decrease

33

Transactions with unincorporated U.S. affiliates

34
35
36
37
38
39

40
41
42
43
44
45
46
47
48
49
50
51

By industry of U.S. affiliate:3
Petroleum
Manufacturing
Other
Payments of income (table 1, line 25)
By type:
Interest
Dividends
Earnings of unincorporated U.S. affiliates
By industry of U.S. affiliate:3
Petroleum
Manufacturing
Other
Memoranda:
Reinvested earnings of incorporated
U.S. affiliates (excluded from lines 27 and 37)
By industry of U.S. affiliate:3
Petroleum
Manufacturing _
Adjusted earnings (line 37, with3 sign reversed, plus line 44)
By industry of U.S. affiliate:
Petroleum
Manufacturing
Other

See footnotes on page 50.




394

188

89

-48

569

159
363

24
222
258

94

1,214

243
224

-55
369

111
474

88
160
239

-1,360

-335

-286

-254

-485

-240

-358

-105
-651
—604

-24

-27

-27

-21

-135
—177

-27
-155
-104

-229
-229

-159

-35
-203
-121

—264
—333
—763

—205

-52
-77

-70
-59
—157

-132
-95

-135

-42
-78

-100
-119
-266

-60

-117

-55
-132
-171

-60
-64

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

na
n.a.
n.a.

na
n.a.
n.a.

n a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

SUEVEY OF CUKKENT BUSINESS

48

September 1977

Table 6.—Securities Transactions
[Millions of dollars]

(Credits (+); debits (-))

Line

1976

II
Al

Foreign securities, net U.S. purchases(—), balance of payments basis (table 1, line 45, or lines 6+17 below)...

1977

1976

-8,730

-2,460

III

-1,357

IV

-2,743

I'-692

-1,746

-189

-104

1
-82

-189
—77

-104
-14

83
-49
12
110
10

-112
-124
-104
101
15

-90
-166
-76
112
40

-2,171

Stocks:
2
3
4
5

Treasury basis, net1
Adjustments:
Less recorded in table 1, line 44 as U.S. direct investment abroad
Plus exchange of stock associated with direct investment in the United States
Plus other adjustments

Balance of payments basis, net
Newly issued in the United States..

-322
-168

Of which Canada

-63

Other foreign stocks.
Western Europe
Canada
Japan
Other

-155
-394
49
141
49

-110

-46

-167

-110
-23

-46

-167
-63

-87
-81
12
-9
-9

-46
-125
13
41
25

-104
-139
12

-63

C)
23

Bonds:
Treasury basis, net1
Adjustments:
Plus additional Canadian redemptions2.
Plus other adjustments

-8,645

Balance of payments basis, net
Newly issued in the United States..
By type: privately placed
publicly offered

-8,408

By area: Western Europe
Canada
Japan
Latin America
Other countries
Internationalfinancialinstitutions 3 .
Redemptions of U.S.-held foreign bonds *
Canada
0 ther countries
Internationalfinancialinstitutions 3
Other transactions in outstanding bonds 2
Western Europe
Canada
Japan
Other
Bl

U.S. securities, excluding Treasury issues and transactions by foreign official agencies, net foreign purchases
(+), balance of payments basis (table 1, line 61, or lines 5+12 below)

239
-2

-9,954
- 2 , 752
- 7 , 202
-1,526
-5,327
-255
-69
-1,093
-1,684
1,216
654
173
387

-2,417

-1,403

-2,654

-2,171

-503

-1,642

78

69
-2
-2,350
-2,830
-938
-1,892
- 2 , 013
-50
-46
-76
-260
400
152
25
223

-1,311

-2,576

-2,171

-503

-1,642

-1,622
-375
-1,247

-3,011
-819
-2,192

-2,491
-620
-1,871

-1,272
-448
-824

-1,981
-585
-1,396

-359
-860
-105
-23
-275

-265
-1,318
-100

-517
-1,136

-266
-738
-150

220
166
16
38

-404
-924
279
192
26
61

-500
315
144
106
65

501
125
33
343

-483
-439
-147
-160
-52
-700
177
65
66
46

156
47
-42
8
143

4
-42
-30
-14
90

268
190
27
-68
119

162
107
-65
-16
136

879

820

536

711

331
343
-243
-32
263

80
198
-97
-28
7

91
140
-74
2
23

1,250

1,030

131

2,747

U494

-117

-i

Stocks:
Treasury basis, net1
Adjustments:
Plus exchange of stock associated
with U.S. direct investment abroad
Plus other adjustments 4

Balance of payments basis, net
Western Europe
Canada
Japan
Other

-551

-1,8
853
331
233
68
221

943
667
103
11
162

1,208

281

780
-90
-588
102
29
-42
46

342

131

-860

-305

-18
-108
94

-174
-257
78
17
-12

-160
376
249
46
18
63

-340
371
316
-41
9
87

Bonds:
Treasury basis, netl
Adjustments

45

Balance of payments basis, net
New issues sold abroad by U.S. corporations 6
Investments by international financial institutions 3 in nonguaranteed bonds of U.S. federally
sponsored agencies
Other transactions in U.S. bonds
Of which United Kingdom..
See footnotes on page 50.




-810

-144

397
287

87
94

10
101

21
-28

418
-389

816
-230

-5
-35
32

243
-47

537
-35

1,469
-1,021

196
95

503
322

448
161

-12
113

-17
198

-5
292

64

259

49

SURVEY OF CURRENT BUSINESS

September 1977

Table 7.^Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]

Al

1976
I

Claims, total

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

23
24
Bl

Long-term (table 1, line 46) _.
Short-term (table 1, line 47)
Payable in dollars...
By type:
Deposits of major U.S. corporations
Short-term investments of major U.S. corporations *
Other..
By area:
United Kingdom
Other Western Europe
-. . Canada
Japan
Bahamas
._
... ... .. ...
Other
Payable in foreign currencies
By type:
Deposits
Oj which major U.S. corporations _ _
Short-term investments of major U.S. corporations *
Other
B y area:
Western Europe
Canada .
...
Japan
Other

11
12

..

.
_.
.
.._..__..
_.

..

..

...

__ _ .

_ . . . _ .
.

...

Memoranda:
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line A4 above)..
As reported in Canadian banking statistics
_ _ _ _ _ _ _ _
_
__ _
Liabilities, total

2
3
4
5
6
7
8
9
10

..

.

.

Long-term (table 1, line 62) 22
Short-term (table 1, line 63)
Payable in dollars
United Kingdom. _.
Other Western Europe
Japan
Other Asia
Africa
Other

..

.

_._._

.

_

...

.

. . .

..

....

_.

. . ._

.

. . .

P a y a b l e i n foreign currencies . . .
Of which W e s t e r n E u r o p e

.

.

_

_

_ . _ . . . .
______

IV

I'

standing
J u n e 30,
1977

U P

-1,986

-738

-1,004

723

-967

-722

-1,179

21,292

10
-1,996
—2 163

-191
-547
—665

145
-1,149
—1,199

66
657
702

-10
-957
-1,001

45
-767
-798

85
-1,264

5,072
16,220
314,004

—1 721
-42
-400

—650
-62
47

—621
48
-626

271
-25
456

-721
-3
-277

-842
-82
126

-1,111
-11

—496
-261
—333
72
-701
—444

—380
-231
—180
-41
-221
388

-318
23
—2
-66
-255
-581

241
9
-3
111
218
126

-39
—62
-148
68
-443
-377

-47
56

167

118

50

-45

44

32

185
178
-41
23

87
79
-7
38

-18
4
54
14

2
-11
-12
-35

114
106
-76
6

55
66
-16
-7

25
-8
146
46

44
54
10
10

-20
34
58
-22

-85
-11
49
2

86
-85
29
14

36
46

-5
-96

-75
-79

-345
-226

...

III

II

Amount
out-

1977

1976

(Credits(-f-); increase in U.S. liabilities or decrease in U.S. assets.
Debits(-); decrease in U.S. liabilities or increase in U.S. assets.)

Line

-158
-12

-107
-39

Q

-1
-458
-339

4

106
-188

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-24
-99
n.a.
n.a.

n.a.
n.a.
n.a.

6,352
465
3 7,187
3 2,378
3 2,364
3 2,125
3 788
3 1,812
3 4,537
3 952
3 387
340
401
3
164
3 337
3 302
3 175
3 138

-72
-389

885
2,776

-616

161

-238

-297

-242

-374

-298

10,548

-947
331
326
-288
-261
-63
286
198
454

-233
394
349
-18
-29
13
-10
112
281

-162
—76
-51
-107
111
-20
10
25
—70

-241
-56
-47
-108
-27
-17
211
-102
-4

-311
69
75
-55
-316
-39
75
163
247

-229
-145
-73
-118
60
-22
-104
-16
127

-102
-196

3,683
6,865
3 5/871
3 618
3 1,141
3 155
3 1,262
3 565
3 2,129

5
-75

45
42

-25

—9
-20

-6
-43

51
-46

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

3 762
3 342

See footnotes on page50.

Table 8.-—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]

Line

1976
I

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

19
20
21
22
23
24

Total.. .
Long-term (table 1, line 48)
P a y a b l e in dollars. _ ._ _
Of which loans, . . .

.

Payable in foreign currencies. . .
Short-term (table 1, line 4 9 ) . .
P a y a b l e in dollars.
By type:

Loans
.._..
Acceptances
Collections outstanding
Other i
By area:
United Kingdom. .

.

..
.

.
. .
. _

_
. .
.

..

_

_
. . .
..

....

._ . . .

......

..._
...

._

.

Other Western Europe
Japan. ... ..
Canada 2

__

.

_ .

.

....

..

Caribbean .
Other.

Payable in foreign currencies
By type:
Deposits

__

._

.

..

Foreign government obligations and commercial and finance paper
Other..
B y area:
Western E u r o p e
Canada
Other

See footnotes on page 50.




...

...
.

Amounts
outstanding

1977

1976

(Credits (+); decrease in U.S. assets. Debits (—); increase in U.S. assets.)

_ . ..

.

II

III

IV

I'

J u n e 30,
1977

UP

-20,904

-3,630

-4,754

-3,372

-9,148

3,445

-5,426

82,786

-2,124
-2,093
-1,619

-289
-257
-164

-377
-404
-263

-978
-958
-810

-480
-474

-306
-264
-314

-28
-18

12,232
12,032
10,339

-31

-32

27

-20

-18,780
-18,478

-3,341
-3,358

-4,377
-4,108

-2,394
-2,314

-5,101
-1,220
-379
-11,778

-390
3
100
-3,071

-1,568
-396
-150
-1,994

276
327
-229
-2,688

-1,415
-1,481
-45
—459
—11,238
-3,840

109
62
684
—222
—3,599
-392

-554
-116
-89
—219
-2,049
-1,081

275
-89
132
—40
-2,757
165

-302

17

-269

-406
225
—121

-141
167
-9

-174
177
-305

56
122
-161

-382
-6

-42

72

200
-10

-8,66
98

3,752
4,004

-5,3
59
18
6

70,554
68,775

-3,419
-1,154
-100
-4,025

2,376
-432
-434
2,494

-338
-376
-224
-4,578

16,104
13,166
6,414
33,091

-1,245
-1,338
-772
22
-2,833
-2,532

956
219
1,520
-337
917
729

-2,232
-615
-554
140
-1,324
-931

7,351
5,436
9,732
2,938
21,136
22,182

-80

30

-252

118

1,779

-155
-14
-100

-76
22
-26

-34
50
14

-37
-234
19

237
21
-140

863
302
614

-161
-30
-78

-110
37
-7

41
48
-59

104
-351
-5

-11
-11
140

650
670
459

SURVEY OF CURRENT BUSINESS

50

September 1977

Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]

Line

1976

1976

(Credits(-f); increase in foreign assets. Debits(—); decrease in foreign assets.)

I

Al
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16
17

18
Bl
2
3
4
5
6

7
g
9
10
11

12
13
14
15
16

17
18

19
20
21

22
23
24
25
26

27
28
29
30
31
32

Foreign official assets in the United States net (table 1. line 51)
U S Treasurv securities (table 1 line 53)
Bills and certificates
. .
Denominated in U S dollars
-- Denominated in foreign currencies
-Bonds and notes marketable
Bonds and notes nonmarketable
Denominated in U.S. dollars
.
.
Denominated in foreign currencies
- --Other U S Government securities (table 1 line 54)
Other U S Government liabilities (table 1 line 55)
. . .
U.S liabilities reported b y U S. banks, not included elsewhere (table 1, line 56)
Long-term
-_
Short-term
-Demand deposits
- -- - - Time deposits * l
Other obligations
- Other foreign official assets (table 1 line 57)

,--

Foreign commercial banks

- -

- - --

Foreign branches of U S banks 2 3
Foreign head
offices and affiliated organizations abroad of U.S. agencies, branches, and sub23
sidiaries
23
Others
U S Treasury bills and certificates
_.
U S liabilities reported by U S banks
Long-term
-Short-term
Demand deposits
Time deposits 1
--Other obligations *
•-International financial institutions ^
U S Treasury securities
Bills and certificates
Marketable bonds and notes
U S liabilities renorted bv U S banks
Lonc-tcrm
Short-term
D emand deDosits
Time deposits l
Other obligations *
Other Drivate foreicn residents and unallocated
U S Treasury securities
Bills and certificates
Bonds and notes
U S liabilities reported by banks
Lon2-term
Short-term
Demand deDOsits
Time deposits1 1
Other obligations

-

-

- -

---

-

6,977

5,719

6,935

117,980

1,260
133

530

133

5,149
2,673
2,673

4,757
923

807

3,909
2,056
2,056

80,012
41,322
41,322

5,117
690
743

1,117
74
74

1,437
199
199

1,575
-448
-448

68
1,524
-412
386
-798

316
743
135
148

66
1,819
-599
-81
-518

988
865
918
-53
116
852
1,769
-32
1 801

1,984
492
577
-85
100
712
-420
-174
—246
-756

4,001
-167
—81
-86
588
307
410
-33

472
750

-1,134

--

-

General notes for all tables:
r
Revised.
* Preliminary.
* Less than $500,000 (±).
n.a. Not available.
Details may not add to totals because of rounding.
Table 1:
1. Credits, + : exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (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 foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official
reserve assets.

-88

850
145
806

443
66
241
136

856

-32

261

669

691

13,765

1,109

2,936

4,800

4,920

-4,251

5,048

61,267

8,084

1,082

2,102

2,022

2,878

-4,487

3,864

37,327

1,022

n.a.

5 2,853

n.a.
n.a.

s12, 566
5 17,397
100

178

3,470

330

86

365

2,689

-300
2,372

1,672

-216
8,300
222
8,078
1,570

l,6L0
-1,003
-122
1,204
115
1,089
-288

661
-602

6,085

1,168

2,709
2,850

-132
566

147

-59
625

729

423

2,823
104
2,719
250

-60

2,162
-56
2,218

-38
23

1,999
23
1,976

-55
565

331

3,663

1,701
---

-13
-39

-235

17,773
20,917
19,542
1,375
3,686
11,144
17,220
1,130
16,090
2,704
2,506
10,880
5,918

2,215

768

-

27

-793

923

-251
-179
524

276

Footnotes to U.S. International Transactions Tables 1-10




3,070

2,166
530

2,972
149
-127

--

UP

4,051

-194
--

--

I"

1,998
807

10
151
53

--

IV

3,847

2,703
-141
-151

---

III

9,333
3,526
3,526

-53

Other foreign assets in the United States: U.S. Tresaury securities and U.S. liabilities reported
by U S banks not included elsewhere (table 1, lines 60, 64 and 65)
_.

II

Amounts
outstanding
June 30,
1977

17,945

566
4,938
893
421
--

1977

-57

2,935
140
2,795

-717
-4,795
-11

873

-8

-4,476
26
-4,502
-712
-525
-3,265

3,872
3
3,869
1,150
2,317

37,227
650
36,577
9,542
* 2,144
24,891

-379
827

90
-1,584
-222
-1,362
1,674
7
1,667

8,457
4,977
2,521
2,456
3,480
274
3,206

-309
1,674

134
451

871
72

1,391

1,852

232
-632
-259
-373
864
9

766
-93
-1,330
1,237
859
45

-9
43

855
128
-32

1,843
3,009
1,795
1,214
-1,166
28
-1,194
73
-9

814
-41
51

-87
37

25
-86

227
156

-499

759

-1,258

804

1,159

1,728

2,823

159
-7

602
100

935
-6

1,276
62

615
231

1,094
319

15,483
1,725

59
41

-44
106

166
13

502
31

-76
70

50
181

-81
400

153

471
103
280
88

209

-698
-233
-465

-66
59

-205

424
-66

853

941
24
917
540
244
133

1,214
36
1,178
330
753
95

42
785

-1,206
3
-1,209

384
18
366

-147
471
42

402

775
88

687
-80
297
470

167

1,558
13,758
311
13,447
3,788
7,292
2,367

2. Excludes transfers of goods and services under U.S. military grant programs (see line 14) •
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage,
and timing) of Census statistics to a balance of payments basis; see table 3.
4. Consists of interest, dividends, and branch earnings.
5. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
6. For all areas, amounts outstanding June 30, 1977, were as follows in millions of dollars:
line 34, 19,156; line 35, 11,658; line 36, 2,486; line 37, 4,920; line 38, 92.
7. Includes sales of foreign obligations to foreigners.
8. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes.
9. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,
and of debt securities of U.S. Government corporations and agencies.

September 1977

SUEVEY OF CURRENT BUSINESS

10. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies; see table 4.
11. Consists of investment in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
12. Conceptually, the sum of lines 71 and 66 (total, all areas) is equal to "net foreign investment" in the national income and product accounts (NIPA's) of the United States. Beginning
with 1973-IV, however, the foreign transactions account in NIPA's excludes the shipments
and financing of extraordinary military orders placed by Israel. Line 69 (total, all areas)
differs from net exports of goods and services in the NIPA's due to the omission in the NIPA
net exports of shipments of extraordinary military orders placed by Israel and of U.S. Government interest income payments to foreigners. The latter are classified in a separate category
in the foreign transactions account in NIPA's.
Table 2:
For footnotes 1-12, see table 1.
Table 3:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation: imports, Census basis, represent transaction values, f.a.s. foreign port of exportation.
2. Adjustments in lines A6, A14, B8, B24, and B40 reflect the reconciliation of discrepancies
in the merchandise trade statistics published by the United States and the counterpart
statistics published by Canada.
3. Exports of military equipment under U.S. military agency sales contracts with foreign
governments (line A7), and direct imports by the Department of Defense and the Coast
Guard (line A15), to the extent such trade is identifiable from Customs declarations. These
exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales
contracts); and the imports are included in tables 1, 2, and 10, line 17 (direct defense expenditures).
4. Addition of electric energy; deduction of exposed motion picture film for rental rather
than sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-owned
grains in storage in Canada; net 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.
5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted annual totals.
6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,
which are included in tables 1, 2, and 10, line 20 (other transportation); deduction of imports
from Panama Canal Zone; net 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.
7. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 16, except that imports from international organizations, namely,
purchases of nonmonetary gold from the IMF, are included in data for Other countries in
Asia and Africa. The memorandum items are denned as follows: Developed countries: Western
Europe, Canada, Japan, and Australia, New Zealand, and South Africa; OPEC: Venezuela,
Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, Gabon; Other developing countries: Latin American Republics, Other
Western Hemisphere, and Other countries in Asia and Africa, less OPEC and the I MF.
8. The BEA definition for "petroleum and products" (lines C12, C29, and D56) includes
propane and butane, in line with current Bureau of Mines and Federal Energy Administration
practice.
9. This statistical identification of automotive products exports to Canada (line D34) is not
as complete and comprehensive as the identification under the U.S.-Canada Automotive
Products Trade Act. However, the underestimation of automotive shipments to Canada
due to unreported exports, amounting to about $1,350 million in 1976, has largely been corrected in line C18.
10. Includes silver ore and bullion.
11. Includes nuclear fuel materials and fuels.
NOTE.—The "seasonal adjustment discrepancy lines" {BIS, B29, B45, C22, CS8, T>47 and
D91) show the difference between total exports and imports and the sum of major items
independently adjusted.
Table 4:
1. Expenditures to release Israel from its contractual liability to pay for defense articles
and services purchased through military sales contracts—authorized under Public Law
93-199 and subsequent similar legislation—are included in line A3. Deliveries against these
military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of the
military expenditures is applied in lines A38 and A41 to reduce short-term assets previously
recorded in lines A36 and C8; this application of funds is excluded from line C3. A second part
of line A3 expenditures finances future deliveries under military sales contracts and is applied
directly to lines A37 and C9. A third portion of line A3, disbursed directly to finance purchases
by Israel and other countries from commerical suppliers, is included in line A32.
2. 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.
Purchases by foreigners directly from commercial suppliers are not included as transactions
under military sales contracts. The entries for the several categories of transactions related to
military sales contracts in this and other tables are partially estimated from incomplete data.




51

3. The identification of transactions involving direct dollar outflows from the United States
is made in reports by each operating agency.
4. Line A33 includes foreign currency collected as interest and lines A38 and B2 include
foreign currency collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Defense Department (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the counter
value of the part of line C10 which was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers
from liability to make repayment.
6. Excludes liabilities associated with military sales contracts financed by U.S. Government
grants and credits and included in line C2.
Table 5:
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Sales and liquidations of capital stock and other equity holdings, total and partial.
3. 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. "Other" industries includes industries other than petroleum and manufacturing,
the major ones being agriculture, mining and smelting, public utilities, transportation, trade,
insurance, finance and services.
Table 6:
1. As published in Treasury Bulletin. Treasury data are based on transactions by foreigners
reported by banks and brokers in the United States; net purchases by foreigners (+) correspond to net U.S. sales (+).
2. Redemptions consists of scheduled retirements and identifiable premature retirements of
U.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by
U.S. residents, based on Canadian statistics. Unidentifiable nonscheduled retirements
appear inline 31.
3. Consists of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), and Inter-American Development Bank (IDB).
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate
stocks and in debt securities of U.S. Government corporations and agencies, private corporations, and State and local governments. These investments are included in table 1, lines 54
and 57.
5. 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.
Table 7:
1. Consists of negotiable and other readily transferable foreign obligations payable on
demand or having a contractual maturity of not more than one year, including loans payable
on demand. Excludes other types of loans, acceptances and accounts receivable.
2. Includes funds obtained by finance and subsidiaries incorporated in the Netherlands
Antilles from sources other than sales of newly issued securities to the extent that they are
transferred to U.S. parent companies.
3. Outstanding amounts as of March 31,1977.
Table8:
1. Includes claims of U.S. banks on their foreign branches and those of U.S. agencies and
branches of foreign banks on their head offices and foreign branches of such head offices.
2. Mainly claims on U.S. branches in the Bahamas and Cayman Islands.
Table 9:
1. Time deposits with maturity of 1 year or less; negotiable certificates of deposit with a
maturity of 1 year or less are included in "other obligations."
2. Excludes long-term liabilities in line B8.
3. Coverage of lines B3 and B4 is limited to Western Europe, Canada, Japan, Bahamas,
and Cayman Islands.
4. Consists of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), and Inter-American Development Bank (IDB).
5. Outstanding amounts as of March 31,1977.
Table 10:
For footnotes 1-12, see table 1.
13. The "European Communities (9)" includes the "European Communities (6)", the
United Kingdom, Denmark, and Ireland.
14. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg, the Netherlands, the European Atomic Energy Community, the European Coal and
Steel Community, and the European Investment Bank.
15. Includes transactions with U.S. affiliated shipping companies operating under the flags
of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,
finance, and insurance companies, not designated by country.
16. Details not shown separately; see totals in lines 51 and 58.
17. Details not shown separately are included in combined lines 64 and 65.

SURVEY OF CURRENT BUSINESS

52

September 1977
Table 10.—U.S. International
[Millions of

Western Europe
(Credits +; debits - ) i

Line

1976 r

1977

1976'

II
Exports of goods and services 2__

Merchandise, adjusted, excluding military »
Transfers under U.S. military agency sales contracts.
Travel
_
Passenger fares
Other transportation
_
...
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on U.S. assets abroad:
Direct investments * *
_
Other private receipts__
_
U.S. Government receipts...

III

IV

I'-

44,410

10,221

11,043

10,462

12,684

12,217

12,924

31, 934
1,130
852
439
2,373
1,700
383
647
168

7,391
359
145
72
535
450
91
153
46

7,961
251
222
114
627
424
94
161
41

7,367
288
266
148
620
395
97
164
41

9,215
233
219
104
591
432
100
169
40

8,819
342
172
77
593
430
102
175
52

9,175
183
254
139
708
479
103
187
35

2,996
1,525

569
350
58

718
368
63

591
400

1,119
408
56

1,025
402
30

1,175
463
24

-9,243

-10,016

-10,031

-10,109

-10,391

-11,895

-5,526
-692
-227
-388
-526
-53
-43
-158
-60

-5,726
-648
-590
-588
-556
-43
-42
-172
-76

-5,620
-667
-739
-527
-609
-28
-42
-190
-93

-6,131
-633
-329
-390
-604
-26
-42
-199

-6,463
-699
-258
-433
-701
-46
-42
-209
-61

-7,112
-724
-646
-697
-696
-35
-43
-224
-71

-206
-111
-589

-195
-816
-564

-179
-775
-561

-293
-802
-575

-155
-747
-575

-193
-820

263
-1

Transfers of goods and services under U.S. military grant programs, net.

4

1

14
Imports of goods and services
Merchandise, adjusted, excluding military
Direct defense expenditures
Travel-

_

-

3

Passenger fares
Other transportation
_
Fees and royalties to affiliated foreigners _ _
Fees and royalties to unaffiliated foreigners
Private payments for other services.
_.
U.S. Government payments for miscellaneous services
Payments of income on
foreign assets in the United States:
45
Direct investments
Other private payments
U.S. Government payments

U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net

U.S. Government grants (excluding military grants of goods and services).
U. S. Government pensions and other transfers
Private remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( - ) ) .

-39,399
-23,003
-2,640
-1,885
- 1 , 893
- 2 , 295
-150
-169
-719
-314
-873
-3,170
-2,278

-3

-4

-7

-1

-2

-54

-69

-89

-106

-97

-101

-423
193

-10
-101
57

-5
-105

-34
-107
52

-38
-111
43

-24
-110

-17
-112
28

-8,587

-2,153

-652

-3,490

-14

U.S. private assets, net
Direct investments abroad 5
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term...
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term...
Short-term
Foreign assets in the United States, net (increase/capital inflow ( + ) ) _
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 8
Other 9
Other U.S. Government liabilities w
U.S. liabilities reported by U.S. banks, not included elsewhere...
Other foreign official assets »
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other t h a n U.S. Treasury securities
62

67

60

Gold.
Special drawing rights
Reserve position in the International Monetary F u n d Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net

U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term.
--U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term. __
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines 69, 31, and 32).
Balance on current account (lines 69 and 29) 12_

See footnotes on page 50.




37

41
-491

-5,726

-162

-2,292

U.S. official reserve assets, n e t 6
37

1

-318

327

19

658
-91

-434
60

-491

-434

327

658

-91

19

-240
-800
508
53

3
-142
111
34

-47
-193
134
12

-78
-255
152
25

-118
-211
111
-18

-223
-344
104
18

-105
-184
140
-61

-8,407
-2,913
-1,433

-1,665
-1,177
-244

-1,811
-171
-343

-901
-592
-333

-4,030
-974
-513

151
-646
-179

-5,641
-1,729
-542

125
-731

56
-472

-10
-411

30
165

49
-13

2
-46

13
-437

-383

-55

-44

227

-832

-248
77

-2,544

-258
1,279

-2,858

-3,072

-109

8,170

-814

8,629

4,461

2,182

4,944

(16)

(16)

(16)

6,531
293
(16)

124
(16)

6,239
1,492
(16)

-1,625
-2,388
(16)

95
-932

-156
(16)

764
459
(16)

(16)

(16)

1,027
288

(16)

740
451
(16)

(16)

169

19

92
(16)

(16)

3,708
294
(16)

101
(16)

-2,996
296
(16)

103
(16)

3,685
563
(16)

656

677

100

-46

-74

647

674

-764
-416

-200
-7

-151
-50

-202
-155

-211
-204

-300
-246

-114
26

(16)

(16)

(16)

(16)

-2,638

2,855

1,238

418

-7,149

-753

-3,832

8,931
5,011
4,781
4,693

1,865
977
933
923

2,235
1,027
963
958

1,747
432
377
343

3,084
2,576
2,508
2,470

2,356
1,826
1,753
1,729

2,063
1,030
946
929

(16)

(16)

(16)

SUEVEY OF CURRENT BUSINESS

September 1977

53

Transactions, by Area
dollars]
European C o m m u n i t i e s (9) 13

European Communities (6)14

United Kingdom
1976 r

1977

1976'
1976 r

1976 r

1977

I

II

III

IV

I"

II v

Line

1977

1976 r

1976 '

I

II

III

IV

I'

I

U P

II

III

IV

I'

II v

34,083

7,813

8,432

7,949

9,890

9,366

9,993

8,170

1,799

1,972

2,117

2,282

2,222

2,425

24,879

5,781

6,198

5,597

7,302

6,834

7,217

1

24,968
593
646
341
1,539
1,471
319
455
106

5,751
200
107
54
349
397
76
107
32

6,168
177
169
89
407
362
79
113
26

5,728
124
205
119
401
335
81
116
25

7,321
92
165
79
382
378
84
119
24

6,861
182
143
60
383
371
85
123
36

7,180
84
195
108
477
413
85
130
18

5,074
175
183
127
503
472
101
154
43

1,145
40
35
20
114
122
23
36
9

1,216
66
42
33
130
115
25
38
13

1,279
47
58
45
135
115
26
39
15

1,434
23
48
29
124
119
27
40
6

1,458
36
34
21
127
103
28
41
8

1,544
17
42
40
159
139
27
45
6

19,171
401
433
198
941
957
212
282
55

4,443
156
67
32
214
265
52
66
21

4,775
108
118
52
252
235
53
71
11

4,288
73
140
69
241
210
54
72
8

5,665
65
108
45
234
247
55
74
16

5,169
142
103
36
232
259
56
76
26

5,392
65
143
63
289
261
57
80
10

2
3
4
5
6
7
8
9
10

2,351
1,176
120

454
269
20

535
283
25

474
308
32

888
315
43

800
306
18

914
362
25

566
725
48

84
167
6

109
180
6

152
192
13

221
186
24

185
178
4

192
206
8

1,724
439
65

354
100
13

405
101
18

313
113
18

652
126
16

598
126
13

691
153
14

11
12
13

-2

-1

2,519 -20,587 -4,799 -5,196 -5,113 -5,480 -5,543 -6,357

15

-2
-29,771

-1

(*)

(*)

-1

(*)

(*)

-17,739 -4,200 -4,421 -4,304 -4,814 -5,004 -5,651 -4,160
-577
-544
-575
-604
-2,270
-287
-575
-641
-516
-269
-435
-153
-1,364
-494
-144
-452
-389
-297
-422
-305
-1,379
-503
-271
-503
-395
-393
-362
-455
-1,494
-624
-343
-452
-2
-11
-10
-22
-3
-6
o
-12
-38
-37
-39
-151
-83
-37
-39
-38
-171
-151
-191
-640
-421
-136
2
0
0
-181
-55
-40
-33
-171
-30
-34
-39
-43

-973
-82
-48
-105
-143
-5
-20
-90
-6

-696
-1,987
-1,860

-69
-249
-28

-147
-485
-482

2

1

38

17

-154
-516
-456

-140
-472
-445

-255
-513
-477

(*)

(*)

(*)

5

-1
-290
329
-6,982

13
(*)

-155
-532
-536

1
2

-3

-1

(*)
-76
73

-72
77

-73
87

-76
78

-1,920 -1,887

-411

-2,764

-69
86

-131
-473
-477

-78
75

300

596

4

-2

-4

-500

-400

300

596

4

-2

179
-126
254
52

53
-35
56
32

42
-40
74
8

70
-35
81
24

14
-17
43
-12

6
-48
42
13

13

- 1 , 473 -1,529
-996
-16
-303
-463

-781
-547
-321

- 3 , 374
-723
-554

45

-2

-410

-351

-272
-2,364

-102
293

-35
-662

6,008

-857

-1,820

34
37

60
-11

-112
-23
128 -2,123
1,729

6,955

-81
-261
-15

-64
-225
-19

-6

-12

-17

-44

C)

-11
2

-11
5

-11

-2

-11
-6

-817

-1,715

-205

-818

-400

-200

600

-400

-200

600

39
-80
99
21

15
-14
27
2

21
-29
30
20

25
5

17
-6

95 - 5 , 223 -3,594
- 7 0 4 -1,337 -1,402
-124
-490
-186

-832
-527
-57

-1,336
-392
-31

-6
-410
-54

-1,421
-73
-45

2
-499

99
-538

-380

-16
-320

236

-254
-72
-217
1,262 - 2 , 827 -1,350

-71
157

-64
-514

83

-234

70
-57

23
-108

155

6,756

-43
-235
-34

-64
-270
-64

-342
-983
- 1 . 752

2

1

-18

-7

116

34

3,480

47

4
Q

68
-74

-55
-27
209 - 1 , 202

762

2,869

-12
5

-1

(*)

-78
-234
-448

-72
-253
-432

-75
-245
-420

(*)

(*)

20

-117
-252
-453

-88
-235
-436

28

24

—1

(*)
-56
76

-57
91

-59
87

507 -3,197 -3,258 -1,112

-119

-169

-1,858

-224
341

-4

-500

-81

-55

-7

142

-64

52

-10

11

-17

-11

25
26
27

-90
-259
-460

500

-4

28
16

(*)

(*)

-59
83

-60
76

29
30
31
32

-370 -1,935

33

4

-2

34
35
36
37
38

—4

-500

500

-4

4

-2

125
—37
135
26

36
—16
26
27

20
—10
41
-11

67
—1
49
20

1
Q
20
-9

4
—34
23
15

45
-35

39
40
41
42

501 -3,208 - 3 , 379
-426
-466
-750
85
- 3 5 -1,453

-648
-469
-249

-139
408
-427

-737
-83
-267

-1,856
-605
-510

-378 -1,943
-875
-184
-425
-201

43
44
45

7
-7
16
-3

11
17
-6

10

38
-186

—1

14

—34

-504

-34

-36

-203

59
87

-17
-85

16
-1

46
47

-1
-77
949 - 2 , 228

-50
-978

-36
142

44
-142

-64
-86

6
-892

-185
294

-75
-583

48
49

2,258 -1,350 -1,364

1,082

3,890

-523

3,614

50

40
-30

461

-14

2,512

(
\

07)

-1

16
17
18
19
20
21
22
23
24

1

34

-53
86

-11
-7

14

-12,823 -3,047 -3,164 -3,072 -3,540 -3,660 -4,115
-482
-500
-462
-504
-1,929
-485
-549
-90
-159
-104
-749
-242
-258
-231
-149
-168
-165
-787
-253
-217
-300
-183
-209
-791
-192
-208
-230
-238
-1
-6
-18
-5
-6
-9
-7
-16
-16
-66
-16
-16
-17
-17
-45
-60
-212
-50
-58
-66
-63
-26
-38
-135
-32
-39
-31
-27

(*)

(*)
-9

-137
-258
-19

-1,142 -1,331
-84
-79
-44
-185
-121
-170
-192
-193
-3
-3
—22
-22
-127
-132
-6

(*)

—1

105 -5,212 -3,555

-400

137

-44

-1,051 -1,057 -1,079
-62
-68
-75
-190
-100
-156
-146
-110
-142
-166
-164
-151
4
5
-6
-21
-21
-21
-111
-120
-100
-13
-4
-6

(*)

-500

-735

-351
-993
-80

(*)
-3

-4

-7,157
- 2 , 283
-1,640

(*)

(*)

-6,861 -7,580 -7,503 -7,827 -7,874 -9,210 -8,027 -1,817 -2,065 -2,070 -2,075 -2,052

1

10

51
52
53

1 54

6

134

-67

32

1,356

374

262

442

278

547

351

-33

193

94

-132

260

295

252

221

562

395

92

36

38

440

566

436

183

89

80

84

404

455

130

217

4

-44

-47

38

118

55
56
57
58
59
60
61

-504
-437

-163
40

-124
-144

-78
-141

-139
-192

-218
-310

-113
30

-273
-321

-57
-24

-110

-92

-31
-126

-93
-61

-100
-319

-87
-12

-234
-113

-106
61

-34
-33

-43
-16

-51
-125

-119
1

-25
41

62
63

7-1,423 7-1,851 71,477

7 6,829

5,675

7 3,296

7-128

17-70

1,807

2,849 -1,777 -6,256 -1,749 -2,324

-23

761

2,048

-591

1,551
952
970
970

1,747
852
857
857

914
143
99
99

172
-18
-27
—27

165
-93
-99
-99

222
47
34
34

(17)

(17)

288

(17)

(17)

175,032

-3,376
7,229
4,313
4,351
4,350




1,424
446
459
459

2,507
2,063
2,065
2,065

98
(17)

7

1,857
1,493
1,490
1,489

4

8

1,529
783
780
780

(17)

104
(17)

" 6 5 7 17 2,837

1,028

-41

(
I

(17)

(17)

316
171
153
153

787 -3,408

1,445

6,348
4,292
4,409
4,408

1,396
983
1,017
1,017

213
-94
-101
-101

403
(17)

17 604 17 2, 050 171,437 17-1,692 17-1,555

-2,241 -1,121
355
207
190
190

-90

(

17 927 "3,757 17 - 7 7 9 17 3,010 1

460 -1,431 -3,882
1,611
1,002
1,022
1,022

438
(17)

1,216
485
519
519

2,125
1,823
1,852
1,851

64
65

-421 -2,556

66
67

1,509
1,291
1,315
1,314

68
69
70
71

1,277
861
877
877

54

September 1977

SUEVEY OF CURRENT BUSINESS

Table 10.—-U.S. Internatioanal
[Millions

Eastern Europe
(Credits +; debits -)i

Line

Canada

1976

1976 '

1977

1976"

I
1
2
3
4
5
6
7
8
9
10
11
12
13

Exports of goods and services 2 .. -

Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contracts
Travel
. .
Passenger fares
Other transportation
._
Fees and royalties from affiliated foreigners..
Fees and royalties from unaffiliated foreigners
Other private services
.
U.S. Government miscellaneous services.
Receipts of income on4 5U.S. assets abroad:
Direct investments
Other private receipts
.
U.S. Government receipts

14

Transfer 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

Merchandise, adjusted, excluding military"
Direct defense expenditures
.
Travel
Passenger fares
Other transportation
. .
Fees and royalties to affiliated foreigners
......
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services...
Payments of income on foreign assets in the United
States:
Direct investments *5 .
Other private payments.. .
U.S. Government payments.

28
29

U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and
services), net.

30

U.S. Government grants (excluding military grants of
goods and services).
U.S. Government pensions and other transfers.
Private remittances and other transfers
.

31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
55
56
57
58
59
60
61
62
63

64
65

U.S. assetsabroad, net (increase/capital outflow (—))
U.S. official reserve assets, net fl
Gold

Special drawing rights. ..
Reserve position in the International Monetary Fund.
Foreign currencies
U.S. Government assets, other than official reserve
assets, net.
U.S. loans and other long-term
assets
..
..
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term
assets, net.
U.S. private assets, net
. .
Direct investments abroad 6

71

III

IV

I'

Foreign assets in the United States, net (increase/capital
inflow (+))

Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included
elsewhere
Other foreign official assets n
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities.
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included
eslewhere:
Long-term .
Short-term
versed)
Memoranda:
Balance on merchandise trade (lines 2 and 16) i2
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines 69, 31,
and 32)
Balance on current account (lines 69 and 29) 12

See footnotes on page 50.




I

U P

II

III

IV

I'

U P

4,426

1,214

1,182

1,015

1,015

948

801

33,528

8,005

8,924

7,916

8,684

8,868

9,685

4,057

1,127

1,084

330

916

855

683

26,333
76
1,983

6,306
22
568

7,151
14
503

6,023
29
587

6,856
11
325

6,898
21
652

7,686
26
595

108

24

35

22

26

22

37

20
89
7

4
20
1

5
22
2

5
23
2

6
24
2

6
25
2

6
27
2

485
633
40
520
13

107
140
10
126
2

123
160
10
126
3

125
163
10
148
4

129
170
11
120
3

117
130
11
126
2

146
172
11
130
6

99
47

24
12

23
12

25
9

27
14

29
10

30
17

1,376
2,050
17

265
455
2

326
502
6

271
555
3

515
537
6

300
608
3

313
595
6

-1,061

-226

-270

-297

-268

-263

- 3 6 1 -29,691 - 6 , 5 4 8

— 199
(*)
-4
—1
-14

—215
(*)
-25
—6
-15

-239
-1
-27
—4
-17

-222
(*)
-18
—1
-17

—222

—315 -26,442
-172
-11 -1,371

—875
-2
-74
-12
-63

C)
—1
-15

-1
-2
-26

(*)
-5

-7

-7

-7

-10

-7
(*)

-2
(*)

-2

-2

C)

-2
(*)

-2
(*)

-71

-16

-21

-18

-16

-19

-6
-11

-5
-12

-6
-12

-5
-11

(*)

-5
-21
-45
-344

(*)

(*)

—5

133

-7,893

-7,553

-7,698

-7,671

-8,725

—5,963 - 7 , 0 8 2
-32
-42
-137
-335

-8,403
-45
-703

-6,994
-52
-196

-7,081
-136

-7,887
-46
-358

-71
-39
-2
-77
-5

-97
-38
-2
-84
-4

-99
-30
-2
-86
-5

-102
-28
-1
-88
-5

-82
-26
-2
-88
-4

-113
-34
-2
-92
-19

-3

-215
-402
-224

—69
-94
-58

-47
-105
-58

-23
-100
-57

-76
-103
-51

-64
-99
-47

-32
-99
-43

-15

-128

-31

-28

-33

-36

-24

-37

-3
-12
-2

-118
-9
-5,796

-29
-2

-29
1

-30
-3

-30
-5

-2,326

-946

-987

-1,537

-31
6
-1,220

-31
-6
-342

3

-5

-4
-6

C)

29

-218

-287

-6
-12
-41

1

5

8

-5
5
(*)

-4
9
(*)

-1
8
2

-982 -1,538
-950
-379
83
280
-754 -1,219 -1,010

-1,225
-20
-689

-350
182
-515

-21
-233

62
38

-8
-220

36
69
-264

72
-688
-384

82
129
10

7

-722

-153

32

-10

-113

-61

-57

-18

-11

-9

-60
80
12

-92
77
6

-137
21
3

-87
20
5

-91
19
14

-60
31
11

-29
16
2

-6
1
-5

-191

101

39

-105

-226

16

-8
-20

—3
34

—1
16

2
11

-6
—81

11
101

-35

-99
-341

-44
-126

-41
32

-14

-145
-18
56

47
23
-36

20
4
23

-138
20
31

-74
-65
39

-43
-53
-10

36
16
3

-32
-283
1,723

-15
-100
1,423

-20
-249
-113

-33
-3
677

-63

-169

16 - 5 , 7 8 6 - 2 , 3 1 7
-102
-86
— 1 —4,928 - 1 , 9 4 6

f

00
(•)

(*)

0,

7

0)

(17)

(17)

0,

(17)

(17)

(17)

(17)

(17)

(*)

(•)

318

1I

-4
-9

2
1
3

(*)

-8

-1
7

-4
-11

17 31

17 25

17 54

67
1

(17)

247

(16)

-13
8
8

(16)

12

23
(16)

(16)

0)
(17)

542

(lfl)

46

7

I 1,405
1

AA

-369
-135
-7
-336
-18

-15

-377
198
28

66 Allocations of soecial drawing riffhts
67 Statistical discrepancy (sum of above item with sign re- - 3 , 0 0 7

68
69
70

II

Foreign securities
U.S. claims on unaffilidted foreigners reported by U.S.

nonbanking concerns:
Long-term
.
.
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
. . .
Short-term

1977

1976 ••

881
96

(16)

-50
88

(16)

-5
1
-1

7

(16)

-7
(16)

(16)

18
(16)

845
57

-271
5

(16)

(16)

(16)

(*)
(16)

338
28

(16)

14
(16)

-2
(16)

-4
96
(16)

-3

296

145

-72

122

100

110

-26

1
-1

-70
81

-11
18

22
57

-55
-46

-26
52

-7

-1
7

(16)

(16)

17 - 7 8

(16)

(16)

(16)

23

(16)

(16)

-1,068

-943

-513

-483

-615

-427

364

-523

56

-20

851

432

-591

3,182
3,365
3,299

928
988
971

869
912
895

691
719
700

694
747
732

633
686
667

368
440
425

-106
3,837
3,709

343
1,457
1,426

69
1,031
1,008

-380
363
330

-138
986
950

-183
1,190
1,172

-201
960
923

3,294

971

891

700

732

667

425

3,709

1,426

1,003

330

950

1,172

923

SURVEY OF CURRENT BUSINESS

September 1977

55

Transactions, by Area—Continued
of dollars]
Latin American Republics and Other Western Hemisphere
1976*'

1976 r
I

II

1977

III

Ir

IV

Japan

i

1977

1976 r

1976 r

Australia , New Zealand and South Africa
Line

1977

1976 r
1976 r

II

I

U P

III

I'

IV

I

U P

II

III

IV

11 v

26,516

6,310

6,564

6,636

7,007

6,436

6,901

13,365

3,124

3,237

3,517

3,487

3,612

3,379

5,718

1,252

1,506

1,398

1,562

1,324

1,427

1

16,843
141
2,076
190
725
299
61
753
70

4,150
40
459
36
168
68
15
185
17

4,226
25
569
45
192
70
15
188
17

4,112
29
588
63
186
78
16
169
19

4,355
48
460
47
180
83
16
211
17

3,861
55
448
37
182
66
17
229
17

4,315
19
482
52
213
73
17
235
19

10,196
41
439
284
745
257
241
111
23

2,408
8
115
67
157
35
55
25
6

2,462
10
93
59
191
75
59
27
7

2,613
11
139
99
205
73
62
29
4

2,713
12
92
60
191
74
65
30
6

2,809
15
116
74
177
48
65
31
9

2,548
9
108
66
199
79
65
33
6

3,920
39
159
125
169
202
46
192
2

906
10
23
21
36
52
11
34
1

1,038
6
51
37
47
51
11
44
1

973
11
46
44
45
47
12
53
1

1,003
12
39
24
42
53
12
61
1

961
7
15
20
39
50
13
63
(•)

886
10
45
42
48
54
12
63
1

2
3
4
5
6
7
8
9
10

2,098
2,983
277

460
657
55

438
708
71

512
799
65

688
818
85

623
828
73

537
867
73

192
797
39

33
203
12

53
194
7

67
204
12

39
197
7

75
181
12

82
174
11

652
184
26

119
37
3

162
49
10

124
40
3

247
58
9

113
40
4

181
75
9

11
12
13

16

3

3

3

7

4

1

-22,887 -5,582 -5,449 -5,681 -6,175 - 7 , 3 6 2 - 6 , 9 2 9

(*)

(*)

(*)

(*)

14

(*)

-5,432 - 2 , 9 5 2

-681

-690

-753

-828

-709

-832

15

- 1 7 , 204 -4,188 -4,092 -4,204 -4,720 - 5 , 8 2 3 - 5 , 4 0 9 -15,531 -3,482 - 3 , 8 5 4 - 4 , 0 6 5 - 4 , 1 3 0 - 4 , 1 3 2 -4,592 - 2 , 4 7 9
-158
-214
-36
-39
-159
-177
-46
-36
-191
-197
-21
-223
-40
-30
-769
-2,739
-27
-55
-635
-23
-711
-681
-38
-32
-90
-712
-48
-783
-699
-145
-27
-214
—42
-49
-32
-65
-36
-39
-18
-108
-36
-54
-120
-64
-72
-198
-567
-263
-137
2
0
7
-148
-150
2
3
8
2
3
6
77
2
1
4
1
4
2
-885
1
5
3
-131
7
-26
11
-12
11
-11
-4
10
11
1
9
1
36
-1
(*)
2
-5
-3
-1
-4
-1
-2
-3
-4
-1
-3
-1
-12
-1
-593
-22
-142
-21
-147
-147
-157
-19
-20
-16
-18
-162
-72
-165
-15
-262
-10
-60
-8
-54
-72
-77
-10
-4
-31
-8
-65
-77
-28
-7

-556
-5
-25
-31
-18
1
(*)
-5
-9

-589
-5
-15
-24
-18
(*)
C)
-5
-6

-631
-5
-15
-28
-20
(*)

-703
-7
-35
-25
-20
(•)

-571
-5
-38
-36
-19

-10

\
-6

(•)
-3
-7

-693
-6
-21
-28
-39
(•)
(*)
g

16
17
18
19
20
21
22
23
24

25
26
27

-167
-898
-54

-32
-206
-11

-40
-232
-10

-23
-239
-15

-73
-221
-18

-16

-3

-3

—3

—7

-755

-168

-226

-182

-179

-186

-293
-59
-105
-63
—65
-112
-27
-28
-28
-29
-82
-350
-93
-91
-85
-17,100 -4,745 -3,728 -3,549 - 5 , 0 7 8
-300
-360
60

—73
-32
-81
1,178

-31
-91
-2,214

150

150

-15
-213
-19

-18,601 -4,162 - 4 , 6 4 3 - 4 , 8 7 2 - 4 , 9 2 5 - 4 , 8 1 6

-59
-324
-692

-108
-239
-21

—4

—1

-20
-76
-156
(*)

(*)

-198

2
-84
-165

-10

-49

-12

-12
-82
-187

-29
-83
-184

(*)

(*)

(*)

-15

-13

-13

2
-58
-170

(•)

(

-12
-55
-175

-14
-29
-88

(*)
-8
-24

-1
-7
-21

-9
-7
-24

-5
-8
-19

-4
-6
-22

-7
-20

-8

-27

-7

-7

-7

-7

-8

-7

28
29
30

—76

-21
-28
-605

-5
-6
148

-6
-6
-42

-6
-9
-9

-5
-8
-702

—5
-7
1,326

(*)
-8
-684

-9
-19
-684

-2
-6
-84

-2
-4
-428

-3
-4
103

-2
-5
-276

-2
-6
-338

-2
-5

31
32

-218

33

34
35
36
37
38

-300
-514

-140

-360
-189

-107

60
-79

150
-202

-153

-53

13

-21

-19

-29

-5

19

42

-2

32

-16

27

1

29

39

-1,085
558
13

-242
104
-2

-353
177
-2

-226
107
13

-253
170
4

-326
211
3

-295
137
4

-204
140
8

-25
36
1

-100
76
3

-42
20
2

-37
7
1

-28
23
(*)

-18
37
(*)

-35
67
9

-8
2
4

-5
35
2

-11
3
-7

-11
28
10

-2
3
C)

-3
31
1

40
41
42

1,230 - 2 , 2 1 0
-75
20
100
-73

-549
-225
-246

135
-289
-110

-21
249
-62

10
-188
-92

-673
4
19

1,331
123
-195

-703
-187
-65

-726
-113
-418

-82
16
-20

-460
-130
-205

119
82
3

-303
-81
-196

-338
-73
11

-247
-20
2

43
44
45

-16,286 -4,606 -3,179 -3,442 - 5 , 0 5 9
-146
-70
276
-280
-91
-219
-217
-20
-10
27
111
-1,191

-137
-196

150

25
-744

18
-795

40
-60J

11
218

-1
-31

6
-7

5
160

1
96

-19
-55

-14
5

6
2

-5
18

16
-6

-1
-7

-4
-3

2
-1

8
11

46
47

-1,340
-150
-467
-435
-288
-13,501 -3,836 -2,646 -3,031 - 3 , 9 8 8
4,891
-276
2,257
939
1,971

-38
2,021
290

-168
-1,421
1,844

-91
-216
3,791

4
563
2,112

-29
-177
494

-45
170
1,602

-21
-772
-416

-35
1,512
-429

8
-450
199

-71
-132
-70

-75
-16
-2

o
-141
61

17
25
-301

-19
(*)
173

-28
-252
176

-17
-231
-104

48
49
50

(17)

(17)

(17)

(17)

17

7

(17)

(17)

(17)

(17)

(17)

(17)

168
-490

(17)

(17)

55
239

(17)

(17)

17

17

( )

( )

17

( )

( )

f

0)

17

17

( )

( )

1
1

47

17

37

12

-20

-7

(17)

(17)

(17)

(17)

(17)

(17)

114
(17)
198

-19
(17)

-6
(17)
-4

95
(17)
35

(17)

130

44
(17)
37

-28
104

-21
263

-27
-99

8
-66

17 4,457

7-646

2,266

7

86

(17)

-5

-16

255

(17)

(17)

91

50

12
6

82

12
-57

1
-67

17 995

7 1,842

"143

2,453

-356

4,462

581

1,837

-361
3,629
3,167

-38
727
618

134
1,115
995

-92
954
835

2,875

559

889

772

7

1,791
595

-365 -1,962 -1,094
833
-927
-28
719 -1,040
-150
654 -1,112

-226

17

5

17

(17)

77

9,334




23

(17)

(17)

(17)

154
(17)

51
(17)

35
(17)

38

—3
12

-5
-17

1,927

"422

2,100 - 1 , 2 1 1

965

3,467

7

41

23

37

(17)
14
11

14
-15
7

1,548
-223

—5

-47
7

-430
2,568

7

10

2

106

07)

(17)

(17)

(17)

212
07)
28

-129
(17)
46

26
(17)
-3

(17)

16
-23

—4
9

—8
-44

-700

321

"267

17 - 1 4 7

2,568 -1,985

4

40

26

( 17 )

(17)

(17)

13
( 17 )

13
(17)
2

(17)

-40

-5

2
—1
5

38

80

21
(17)

(17)

-13

51

52
53
rt

{

54

f

56
57

1
I

58
59
60
61

-14

4

-16
(17)
2

-7
-4

1
-29

1
26

62
63

-197 (
{

-4

(17)

-477

-442

-441

-624

-445

-267

64
65
66
67

17-14

1741 " - 3 4 9

"175

"193

7

-5,335 - 1 , 0 7 4 -1,392 - 1 , 4 3 2 -1,417 - 1 , 3 2 3 - 2 , 0 4 4
-5,237 - 1 , 0 3 8 -1,405 - 1 , 3 5 5 -1,438 - 1 , 2 0 5 - 2 , 054
-5,286 - 1 , 0 4 9 -1,417 - 1 , 3 7 0 -1,451 - 1 , 2 1 7 - 2 , 0 6 1

1,441
2,766
2,739

350
571
563

449
816
809

342
646
639

300
734
727

390
616
607

193
595
588

68
69
70

-5,286 - 1 , 0 4 9

2,739

563

809

639

727

607

588

71

-1,417 - 1 , 3 7 0 -1,451 - 1 , 2 1 7 - 2 , 0 6 1

56

SURVEY OF CURRENT BUSINESS

September 1977

Table 10.—U.S. International Transactions by Area—Continued
[Millions of dollars]
International Organizations and Unallocated 13

Other Countries in Asia and Africa
Line

(Credits + ; debits - ) i

1976 '

1976 r

II

1

33,816

8,087

8,190

2
3
4
5
6
7
8
9
10

21,408
3,781
297
186
1,276
381
53
947
145

5,003
692
47
31
289
92
12
204
39

5,468
887
80
45
317
95
13
226
34

3,665
1,056
623

1,287
256
135

603
266
155

51
52
53
54
55
56

57
58
59
60
61

62
63
64
65
66
67

68
69
70
71

Forpicn official asspfs in thp TTnitpH Rtfitp^ npt
XJ S Governrnpnt sponritips

U.S. Treasury securities s
Other 9
Other U.S. Government liabilities i°
U.S. liabilities reported by U.S. banks, not included
elsewhere
Other foreign official assets n
Other foreign assets in the United States, net...

III
8,548
5,410
1,032
97
74
360
90
14
247

1977

IV

I'

I

U P

—8
-162
-186

-356

-47

-3,369

-629

-2,454
-226
-689
-6,319

-389
-57
-183
-2,230

—6
-179
-219
-81
-694
-474
-57
-163
-1,419

349

IV

11 v

8,991

8,768

10,294
6,386
1,607
79
52
352
74
14
312
37

650
49

150
13

162
15

171
12

167
10

161
11

135
11

34

5,196
1,468
52
38
296
79
14
289
37

327
50

77
11

80
13

84
13

87
14

90
14

94
16

778
266
148

997
267
184

883
274
141

903
382
196

147
263
-4

6
92
1

47
42
-5

34
88

61
41

80
118
4

22
60
73

-435

-414

-761

-679

-710

-744

-6

-154

-149

-179

-233

-19
-294

-7
-318

-356

-17
-349

-17
-294

-7
-321

(*)
-42

O
-3

(*)
-152

(*)
-53

(*)
-110

(*)
-79

-123
-247

-34
-46

-32
-48

-33
-67

-24
-87

-21
-89

-36
-68

-307

-79

-53

-106

-69

-48

-57

-307

-79

-53

-106

-69

-48

-57

-3,525
-2,290

288

-955
-784

-1,906

-952

-430

-961

-282

-734

-490

-447
-58

-163

-2,212

-45
-237

14
-798

-18
-716

-29
-461

-389

1,486

—8
-202
-257

— 10
-185
-265

-148

-80

-1,434

-612

-1,220
-59
-155
-1,064

-372
-53
-187
-1,605

—5
-199
-267
-42
-730
-480
-56
-195
-206

353

405

4

356
81
148
80
42
25
47
-42,788 -9,230 -9,894 -11,875 -11,789 -13,017 -14,378 -2,289
-38,171 -8,215 -8,794 -10,612 -10,550 -11,679 -12,876
-309
-1,085
-298
-364
-383
-234
-271
-282
— 147
— 142
— 175
—552
— 130
— 117
— 158
-152
-54
-36
-43
-31
-40
-31
-27
-190
-260 -1,317
-175
-198
-735
-227
-172
—1
—
1
—3
1
—
1
—1
(*)
(*)
—1
(*)
(*)
(*)
-107
-24
-29
-33
-27
-28
-29
-I
-300
-69
-67
-72
-76
-79
-84
-250
—32
-728
-926

III

II

5,527
1,170
73
37
310
103
14
270
37

—8
-217
-310

380

4

483

410

4

-25
-915
-674
-54
-187
-1,625

-78

-83
-80

-2,529

-732

-535

-622

-640

-517

-439

-753

-107

-180

-319

-148

-135

-167

-3,641
1,093

-946
312

-936
278

-862
254

-897
249

-837
295

-753
359

-758
5

-110
3

-180

-320
2

-148

-139
3

-167

19

-98
— 1,498
-1,293
-128

123
-884
-433
4

-14

-3,790
-1,520
-580

-443
-372
—392

8
-965
579
—64

-44
25
310 - 1 , 1 8 7
-867
434
65
-74

-482

677
472
205

9
-14
23

-853
-155
-699

-314
120
-434

152
-146
333

-632
-2
-617

-136
67

-57
226

7
-283

-32
103

-54
21

-1

1

-63
— 1 558

-45
—202

157
—336

-97
348

-34

-11
-3

15 250

5,473

4,355

3,649

63

f (17)

4,530

[ (17)

(17)

1,632
(17)

(1?)

547
(17)

(17)
1,734
(17)

-31

46
20

-78
— 1 368

56
—67

130
—580

1,773

4,020

2,346

(17)

618

(17)
560

423

-906

1

(*)

(*)
(*)

(*)
(*)

2,347

-213

212

1,714

634

-338

I 2,347

-213

212

1,714

634

-338

I
(I7)

92
(17)

(1?)

OA

U. S. Treasury securities..
U.S. securities other than U.S. Treasury securities
30
40
26
-13
U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns:
Long-term
-1
-74
-5
2
100
81
224
Short-term
682
U.S. liabilities reported by U.S. banks, not included
elsewhere:
Long-term
. .
7
7
} i710,038 1 3,685 17 3,681 1 1,698
Short-term
Statistical discrepancy (sum of above items with sign
reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16)12 . . - .
Balance of goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines 69, 31,
and 3 2 ) . . .
Balance on current account (lines 69 and 29)"

1976
1976

I
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 affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4 U.S.
assets abroad:
11
Direct investments 5
12
Other private receipts
13
U.S. Government receipts
14 Transfers of goods and services under U.S. military grant
programs, net
15 Imports of goods and services
16
Merchandise, adjusted, excluding military 3
17
Direct defense expenditures
18
Travel
19
Passenger fares
_
20
Other transportation
21
Fees and royalties to affiliated foreigners. _ .
22
Fees and royalties to unaffiliated foreigners
23
Private payments for other services
24
U.S. Government payments for miscellaneous services..
Payments of income on foreign assets in the United
States:
25
Direct investment * s
26
Other private payments
27
U.S. Government payments
28 U.S. military grants of goods and services, net
29 Unilateral transfers (excluding military grants of goods and
services), net
30
U.S. Government grants (excluding military grants of
and services)
31
U.S. Government pensions and other transfers
32
Private remittances and other transfers
33 U.S. assets abroad, net (increase/capital outflow ( - ) )
34
U.S. official reserve assets, n e t 6
35
Gold..
36
Special drawing rights
37
Reserve position in the International Monetary Fund.
38
Foreign currencies
39
U.S. Government assets, other than official reserve
assets, net.
40
U.S. loans and other long-term
assets
41
Repayments on U.S. loans 7_-_
42
U.S. foreign currency holdings and U.S. short-term
assets, net
43
U.S. private assets, net
44
Direct investments abroad 5
_
45
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns:
46
Lonff-term
Short-term
47
U.S. claims reported by U.S. banks, not included
elsewhere:
48
Long-term
49
Short-term
50 Foreign assets in the United States, net (increase/capital
inflow (+))

1977

j]

-1 -I

26

26

-70
277

-6
47

3
-206

22

31

7
17 974 17 3,373 17 2,442 1 2,325 17 - 2 4 4

9

-13

17 217 171,705

"647

-5

63
(17)

(17)

(17)

(lr)"
-23

9

-13

17 54

17 - 3 2 5

4,278

2,287

90

857

654

686

1,044

1,289

-16,763 - 3 , 2 1 2 - 3 , 3 2 6 - 5 , 2 0 2 - 5 , 0 2 3 - 6 , 4 8 3 -6,490
-8,973 - 1 , 1 4 3 - 1 , 7 0 4 - 3 , 3 2 7 - 2 , 7 9 8 - 4 , 2 4 9 -4,084

-309
-803

-86

-6
-61

-154
-357

-149
-299

-179
—228

-803
—9 887 —1 383 —1 925 —3,541 - 3 , 0 3 9 - 4 , 5 0 0 -4,325
-12,342 - 1 , 7 7 1 - 2 , 3 9 9 - 4 , 7 6 1 - 3 , 4 1 1 - 4 , 9 7 9 -4,999 - 1 , 1 1 0

-86
-165

-61
-114

-357
-463

-299
-368

-228
-276

-233
—333
-333
-391

3,411 - 1 , 4 7 2

-537

2,177

3,243

1,166

See footnotes on page 50.




U.S. GOVERNMENT PRINTING OFFICE : 1977 O - 245-003

CURRENT BUSINESS STATISTICS

1 H E STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $5.10) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respective^. 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 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. 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.
1974

1975

1974

1976

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

II

III

1975
IV

I

II

1977

1976
III

IV

I

II

III

IV

I

II

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PUODUCTf
1,755.4 1,810.8

r

1,869.9

bil.$

1,412.9

1,706.5

1,400.1

1,430.1

1,452.4

1,453.0

1,496.6

Personal consumption expenditures, total.-do

889.6

980. 4 1,094.0

879.2

909.0

916. 2

936.5

965.9

995.1 1,024.1 1,056.0 1,078.5 1,102.2 1,139.0 1,172. 4 1,194.0

Durable goods, total?
do
Motor vehicles and parts
do
Furniture and household equipment,..do
Nondurable goods, total 9
do
Clothing and shoes
do
Food
do
Gasoline and oil
do

122.0
48.0
54.9

132.9
53.9
58.0

158.9
71.9
63.9

122.1
47.9
55.0

127.7
52.3
56.1

118.7
44.8
54.7

122.8
48.0
54.8

127.8
49. 9
57.4

136.7
56.5
58.7

144.3
61.3
61.0

153.3
68.8
61.9

156.7
71.0
63.0

159.3
72.1
63.9

166.3
75.7
66.5

177.0
85. 3
67.4

178.6
84.5
69.3

376.3
65.3
189. 8
36.4

409.2
70.2
209.5
39.1

442.7
76.3
225.5
41.4

372.1
65.4
186.0
36.6

383. 9
66.4
193. 8
38.0

388.5
65.0
198.1
39.2

394.0
66.6
202.6
38.2

406.4
69.8
207.9
39.1

415.0
71.5
212.1
39.1

421.9
73.0
215.4
39.8

430.4
74.2
219. 3
40.6

437.1
74.3
223.8
40.3

444.7
76.9
227.0
41.2

458.8
79.9
232. 0
43.5

466. (>
79. 3
237. 9
44.1

474.4
80.4
244.8
44.3

Services, total 9
Household operation
Housing
Transportation

391. 3
56.1
136. 5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167. 9
36.8

385.0
55. 4
134.6
30.5

397.4
57.2
138.2
31.1

408.9
59. 3
141.7
31.6

419.7
61.4
145.1
31.6

431.7
63.7
148.5
31.6

443.4
65.3
152.4
32.2

457. 9
66.3
157. 2
33.2

472.4
69.5
161. 5
34.8

484.6
70.4
166.2
36.3

498.2
73.1
170.4
37.6

513.9
78.8
173.7
38.7

80.7
177. 6
39. 5

541.1
79.2
181.9
40.5

214.6

189.1

243.3

219. 9

210.7

210. 4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

294.9

Gross national product, totalf

do
do
do
do

Gross private domestic investment, total...do.

1,528.8

1,564.9

1,600.7

1,651.2

1,691.9

1,727.3

Fixed investment
Nonresident ial
Structures
Producers' durable equipment

do.
do.
do.
do.

205.7
150. 6
54.5
96.2

200.6
149.1
52. 9
96.3

230.0
161.9
55.8
106.1

207.0
150.5
55.0
95.4

208.4
153. 5
54.7
98.8

203.6
153. 2
55.6
97.5

197.1
149. 8
53. 3
96.5

196. 3
147.7
51.9
95.7

200.5
148. 2
52.8
95. 9

208.4
150.7
53.4
97.4

216.8
155. 4
54.7
100.8

226.1
159. 8
55.8
104.0

232.8
164. 9
56.0
109.0

244.3
167. 6
57.0
110.6

258. 0
177. 0
57. 9
119.2

273.2
182.4
61.0
121.4

Resident ial
Change in business inventories
Nonfarm

do
do
do

55.1
8.9
10.8

51.5
-11.5
-15.1

68.0
13. 3
14.9

56. 6
12. 9
13.0

54.9
2.3
2.4

50.5
6.8
10.7

47.3
-22.0
-25. 9

48.6
-25.1
-26.5

52.3
4.9
1.4

57.6
-3.6
-9.2

61.4
14.5
15. 9

66.3
18.3
20.4

67.8
21.5
22.0

76.7
— .9
1.4

81.0
13.8
14.1

"90.8
21.7
22.4

do.
do.
do.

6.0
137. 9
131. 9

20.4
147. 3
126. 9

162. 9
155.1

3.2
134.2
131.0

2.4
140. 6
138.2

8.2
150.5
142. 3

15.4
147.4
131.9

24.3
142.7
118.3

20.8
146. 9
126.1

20.8
152.1
131.3

10.2
153. 9
143.7

10.2
160.6
150.4

7.9
168.4
160.6

3.0
168. 5
165.6

-8.2
170. 4
178. 6

• -9.7
• 178.1
• 187. 7

302. 7
111.1
77.0
191.5

338. 9
123. 3
83. 9
215. 6

361.4
130.1
86. 8
231. 2

297. 8
108. 9
75.8
188. 9

308.0
113.0
195.0

317. 5
116. 9
79.6
200. 7

326.0
119.6
81.6
206. 4

335. 2
121.8
83.0
213.3

343. 5
123. 8
84.4
219.7

351.0
128.1
86.7
222.9

353. 6
127.6
86.3
225.9

358. 9
128. 5
86.0
230.4

363. 0
130. 2
86.4
232.7

370.0
134.2
88.4
235.8

374. 9
136. 3
89.7
238. 5

390.6
143. 6
93. 4
247. 0

1,540.3 1,693.1
697. 7
750. «J
267. 5
299. 3
430. 2
451.6
699. 2 | 782. 0

1,387.2
622. 6
240. 5
382. 2
614. 5
150.1

1,427.8
644. 0
248.2
395. 8
635. 8
147. 9

1,445.5
643. 7
241.3
402. 3
656. 7
145.1

1,475.0
665. 8
250. 6
415. 2
670.5
138. 8

1,521.7
602. 9
263. 8
429. 1
689. 5
139. 3

1,560.0
706. 6
272. 5
434. 2
708.4
145. 0

1,604.4
283! 1
442.1
728. 3
150. 8

1,636.7
730.0
287. 6
442. 4
751. 6
155.0

1,673.7
743. 4
294. 9
448. 5
770.8
159. 4

1,705.8
754. 5
302. 7
451.8
791.8
159. 6

1,756.3
775. 6
312. 0
463. 6
813. 8
166. 9
— .9
.6
-1.6

Net exports of goods and services
Exports
Imports

Govt. purchases of goods and services, total, do
Federal
do
National defense
do
State and local
do
By major type of product:!
Final sales, total.
Goods, total_
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Dural>le goods
Nondurable goods

do
do
do
do
do
do
do
do
do

1,404.0
62(.». 7
240.8
389. 0
626. 8
147.4
8.9
7.1
1.8

, 797. 0 "1,848.2
792.1
805. 4
326.6
329. 5
465. 6
475.9
833. 7
855. 3
171. 2
187. 5
13.8
7.8
C). 0

-11.5
— 9. 2

13. 3
4.1
9.3

12. 9
1.0
11.8

6.3
-4.0

6.8
12.2
-5.4

— 22.0
-12.8
—9.2

-25.1
-11.7
-13.4

4.9
— 2.1
7.0

-3.6
-10.3
6.7

14.5
-2.0
16.6

18.3
7.0
11.2

21.5
10.7
10. 9

1,202.1

1,274.7

1,224.5

1,216.9

1,199.7

1,169.8

1,188.2

1,220.7

1,229.8

],256.0

1,271.5

1,283.7

775.1

821.3

761.7

766.6

752. 9

756. 9

770.4

780.2

792. 8

807. 2

815.5

822.7

839. 8

850. 4

854.1

112.5
303. 9
344. 3

112.7
307. 6
354. 8

127. 5
321.6
372. 2

114.8
303. 8
343. 2

115.6
305. 3
345. 6

104. 3
301.2
347. 4

106. 2
301.8
349. 0

109. 0
308.4
353. 0

115.4
308. 6
356. 2

120. 2
311.5
361. 2

125. 4
316.1
365. 6

126. 6
319. 3
369. 6

127.1
321.5
374.0

130.7
329. 4
379. 7

136. 9
329. 7
383. 8

137.9
330. 0
386. 3

183. 6

1-11.(5

173.0

189. 8

176.6

170.6

133.0

130. 9

153.1

149. 2

168.1

175. 2

179.4

169. 2

18(i. 7

197. 2

175. 6
130. 6
45. 0
8.0

151.5
112.7
38. 8
— 9. 9

164. 5
116.8
47.7
8.5

180. 6
133.8
46. 8
9. 2

174.6
130. 6
44.0
2.0

163. 8
124. 1
39.7
6.8

152. 9
116.6
36.3
-20. 0

148. 9
112.0
36.9
-18.0

150. 2
111.0
39. 3
2. 9

153. 8
111.3
42. 6
-4.6

158. 4
113.7
44.8
9.7

163.1
115.9
47.1
12.1

165. 6
118.5
47.1
13.8

171.0
119.0
52. 0
-1.8

177. 0
124. 3

184. 0
126. 4
57. 6
13.2

17.0

13.8

10. 6

" 9. 4

264. 6
97.1
167.5

263. 3
97. 0
166. 4

270.0
101.1
168.9

21.7
11. 5
10.2

GNP in constant (1972) dollars!
Gross national product, totalf

bil.$.

Personal c o n s u m p t i o n expenditures, t o t a l . . d o
D u r a b l e goods
N o n d u r a b l e goods
Services

do.
do.
do _

Gross private domestic i n v e s t m e n t , total.__do_
Fixed investment
Nonresident ial
^ Resident ial
Change in business inventories
N e t exports of goods a n d services

do.
....do:
do_
do.
do

Govt. purchases of goods a n d services, total do
Federal
do
State a n d l o c a l . . .
_
do

15. 9
257. 7
95. 8
161.8

22.5
263. 0
96. 7
166. 3

16. 0
264. 4
96. 5
167.9

15.4
257. 6
95.4
162. 2

15. 3
258.5
96. 4
162.1

"Revised.
* Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 IT. of the July 1977 SURVEY);




17.9
258.3
95.7
162.6

20.5
259. 4
96. 0
163.4

24. 5
262. 3
96. 5
165.8

22. 3

264. 8
96. 9
167.8

265.4
97.4
168.0

16.8
263. 9
96. 4
167.5

16.4
264.4
96.1
168. 4

264. 6
96. 7
168.0

1,287.4 1,311.0

9. 7

1, 330.7

revisions prior to May 1976 for personal income appear on p. 28 of the July 1977 SURVEY
c
9 Includes data for items not shown separately.
Corrected.

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS

1974

|

1975

1976

Annual total

1975

1974
IV

September 1977

I

II

1976
III

I

IV

GENERAL BUSINESS INDICATORS—Quarterly

II

1977
III

IV

I

II

III

IV

Series—Continued

NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally

Adjusted

Implicit price deflators:!
Gross national product
Index, 1972=100..
Personal consumption expenditures
do
Durable goods
do
Nondurable goods
do
Services
do
Gross private domestic investment:
Fixed investment
do
Nonresidenti'al
do
Residential
do
Govt. purchases of goods and services
Federal
State and local

do..
do.
do.

Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf.

.bil. $.

Compensation of employees, total
Wages and salaries, total
Govt. and govt. enterprises
Other
Supplements to wages and salaries

do.
do.
do.
do.
do.

Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $.
Farm
do...
Nonfarm
do
R e n t a l income of persons with capital consum
umpti
d j t t
bil
tion adjustment.
.bil
il. $.

Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $.
Corp. profits with invent, val. adj.:
Domestic, total
do. -.
Financial
do...
Nonfmancial, total 9
do...
Manufacturing, total 9
do_. .
Durable goods
do...
Transportation, communication, and
electric, gas, and sanitary serv...bil. $.
Rest of the world
do.-.
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest

do..
do..
do.
do.
do.
do.
do.
do.

116.02
116.9
108.4
123.8
113.0

127.18
126.5
117.9
133.1
123.5

133.88
133.2
124.7
137.7
132.3

21. 06
121.7
113.9
129. 0
117.7

24. 21
123.7
115.6
130. 6
120.3

25. 96
125.4
117.2
131.8
122.3

128. 28
127.5
118.4
134.5
124.5

130.17
129. 2
120.1
135.5
126. 8

.31.47
130.8
122.2
136. 2
129.2

133. 06
132.3
123.8
136. 9
131.1

134. 56
134.0
125.3
138.3
133.2

136. 35
135. 6
127.2
139. 3
135.4

38.13
137. 9
129.3
141. 5
137.8

140.52
139.8
129.5
143.8
140.1

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

124.3
123.4
127.0

128.9
128.5
130.3

131.8
131.8
131.7

133.5
133.6
133.2

135.5
135.5
135.4

136. 9
136. 8
137.1

138. 6
137.8
140.7

140. 6
139. 2
144.1

142.9
140.9
147.5

145. 8
142.5
153.7

148.5
144.4
157.6

117.5
115.9
118.4

128.9
127.5
129. 7

136.7
134.8
137.7

122.9
122.1
123.4

125.7
124.5
126. 3

127.8
126. 3
128.6

129.7
127.7
130. 9

132.3
131.5
132.7

134.0
132.4
134.9

135.7
133.7
136. 8

137.2
134.7
138. 0

139.8
138.2
140.7

142.3
140. 6
143.4

144.6
142.0
146.2

1,136.0

1,217.0

1,364.1

,159.9

,156.0

1,191.4

1,244.9

1,275.7

,321.0

1,353.9

1,379.6

1,402.1

, 036. 3
891.8
187.2
704. 6
144.5

902.2
785.4
166. 2
619. 1
116.8

904. 6
785.1
169. 8
615. 2

119. 6

914.4
792. 4
173.7
618. 6
122.1

936. 7
810.5
170. 9
633. 5
126.3

965. 6
834. 9
181.2
653. 8
130.7

875.8
764.1
160. 0
604.1
111.7

930.3
805.7
175.4
630. 3
124. 6

86.2
25.4
60. 9

86.0
23.2
62.8

88.0
18.6
69.4

83.3
22.0
61.3

78.9
18.3
60.6

84.3
22.7
61.6

90.4
20. 7
64.2

22.3

23.3

21.9

22.1

22.3

83.0

99.3

128.1

77.6

74.0

76.9
14.4
62.5
36. 6
11.5

105.4
15.0
90.3
47.9
18.5

134.6
18.2
116.4

66. 3
29. 9

73.3
14.3
58.9
32.0
9.4

77.2
15.1
62.1
29.4
9.0

5.6
9.6

9.3
0.1

11.5
8.1

6.0
11.0

126. 9
52.4
74.5
31.0
43.6

123.5
50.2
73.4
32.4
41.0

156.9
64.
92.1
35.8
56.4

-40.4
-2.9
69.0

-12.0
-12.2
79.1

999.6 1,024.9 1,046.5 1,074.2
861.5 I 882.4 I 900.2 j 923.2

, 450. 2 ' 1,505. 7
109.9 1,144. 7
980.9
951. 3
197.2
194. 8
783.6
756.4
163.8
158.6

182.
678. 8
138.1

185.4
697. 0
142.5

188.2
712.0
146. 3

192. 5
730.7
150. 9

90.4
25.5
64. 9

86.9
20.0
66.9

90.4

86.2

88.7

21. 6
68.8

16. 2
70.0

16. 6
72.0

22.2

22. 6

23.0

22.9

23.3

24.1

92.7

115.6

114.7

120.5

129. 2

133.5

123.1

125. 4

' 140.2

98.4
14.3
84.1
43.4
15.4

122. 6
14.7
107. 9
59. 6
25.9

123.2
16. 1
107.1
59.1
23.8

132.4
17.8
114.0
05.3
27.2

136.1
18.1
118.0
08. 7
32.5

139.8
18.4
121.3

130.
18.4
111.8

68. 4
31.0

62. 9
29.0

131.0
19.2
111.8
' 05. 5
31. 5

• 145.5
r 19. 9
• 125. 5
76.4
39.4

5.3
6.0

8.5
6.2

11.1
6.3

12.1
6.0

11.1
8.6

12.1
7.6

12.2
8.4

10.4

11.6
10.1

11.5
'10.8

123. 9
50.4
73.5
31.3
42.

101.5
40.8
60.8
32.0
28.8

113.9
45.
68. 2
32.2
36. 0

137.7
56.3
81.4
32.9
48.5

141.0
57. 9
83.1
32.5
50.6

153.5
03. 1
90. 4
33.6
56.8

159.2
00.1
93.1
35.0
58.1

159. 9
65. 9
94. 0
36.0
58.0

154.8

101.7
64.4
38. 5
58.8

' 174.0
' 69.7
' 104.3
40.3
'64.1

-14.1
-14.
88.4

-39. 6
—6.7
74.

-18.3
-9. 2
76.4

-9.3
-11.9
77. 0

-8.8
-13.3
79. 9

-11.8
-14.5
82.3

-12.4
-14.6
85.0

-15.5
-14.6
86.5

-20. 6
-15.0
95. 3

-17.8
-15.9
98.9

1,253.4 1,382.7
169. 0
196.
1,084.4 1,185.8
1, 004. 2 1,119.9
80.2
65.9

1,194.
178.5
1,016.2
940. 3
75.9

-11.7
-14.7
90.1

63. 9
90.
38.4
52.

-16.9
-14.8
92.0

97.0
19.7
77.3

95.1
20.7
74.3

24.9

DISPOSITION OF PERSONAL INCOME f
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§

bil. $_
do
do
do
do

1,154.9
170.3
984.6
913.0
71.7

1,205.1 1,234.7
179. (i
142.5
[,025.4 ,092.2
989.1
900.1
65. 4
103.1

1,393.9 1,432.2 1,476.8 '1,517.2
,269.7 1,304.0 1,338.1 1,366.7
192. 6
200. 0
209. 5 224. 4
224. 8
173. 9
179. 9
184.8
!
1,095.7 1, 124. 1 ,153.3 1,174.1 1,193.3 1,222. ( 1 252.4 1,292.5
1,019.1 l,048.(
.,080.9 1,103.8 1,128.5 1,166.3 1,201.0 1,223.9
~~ •"
'
56.3
51. 4
68.5
70.3
64.8
72.4
75.5
70. 7

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries fr
Nondurable goods industries *
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries If
Nondurable goods indu tries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
r

bil. $..
do
do
do

74
3(
9C
3(

25. 87
10. 96
4.78
6.18

29. 70
12.66
5. 61
7.05

30.41
13. 48
6. 02
7. 40

34.52
15.38
7. 27
8!l2

29. 20
12.52
5.80
6. 72

• 33.73
• 14. 84
' 6. 79
8.06

34.37
• 15. 20
'6.86
'8.3

1 39.19
18.04
8.47
9.57

10.12
.94
.62
.50
.85

17.44
. 97
.62
.4,':
.93

14.91
.92
.49
. 26

17.04
. 99
.68
.42
1.02

10. 93
1.04
.04
.26
.95

19. 14
1.05
.70
.35
.94

10. 68
1. 02
. 59
.33
.01

• 18. 88
'1.16
'.67
'.13

- 19.17
1.12
'.68
'.43
'.57

21.15
1.16
.87
.53
.47

5. 7C
4.85
.85

4. 79
4.18
. 62
2 92
4.82

5. 50
4.74
. 70
3.21
5.21

5.52
4.54
.98
3. 33
5. 19

0. 4(
5.34
1. IS
3.84
5.78

5. 55
4.78

'6.37
' 5. 34
' 1.03
3.86
' 5. 64

'6.73
' 5. 41
' 1. 21

7.63
6.25
1.38

114.72 I 118.12
122.55
125.22
112.46 I 112.10 111.8C
49.21 | 50.04
54.78 ; 54.44
48.78
47.39 ; 40.82
21.63 I 22.54 i 24.59
25.5(
22.59
21.01 I 21. (K
28.09
30.20
28.93
26. 19
26. 38
25. 7.' 27.58

130.16
50. 43
20. 30
30. 13

112. 78
47. 95
21.84
26. 11

120. 4!
52. 48
23. 68
28.81

31. 92
13.63
6. 64
6. 99

25. 82
10. 84
5.1C
5.74

28. 43
12. 15
5. 59
6.55

do.
do.
do .
do.
do.

66. 39
3.18
2.54
2.00
2.12

64. 82
3. 79
2.55
1.84
3.18

68. 01
4.0C
2.52
1.30
3.63

18. 29
.91
.78
.48

14. 98
.91
.59
.44
.62

16. 28
.97
.71
.47

do.
do.
do.
do.
do.

20. 55
17.63
2.92
13. 9(.
22.05

20.14
17.00
3.14
12.74
20. 00

22.28

5.67
4.
.87
3.
5.97

4.42
3.84
.58
3.11
4.88

4. 94
4.15
. 79
3. 22
5.19

18. 80
3.47
13. 30
20. 99

5. 07
4. 16
.91
3. 14
5. 00

do.
do.
do.
do.

116.22
48. 08
23. 28
24. 80

114.57
49. Of
22. 8(
26. 20

do..
do.
do.
do.
do.

68.14
3.5i
3. 0£
1.8:

65. 52
3. 76
2. 39
2.09
2.82

63. 68
3. 78
2. 70
1. (JO
9 75

64. <0
3. 82
2 75
2. 12
2 99

do.
do.
do.
do.
do.

20. 91
17. 7(i
3.1
14.04
22.04

20. 28
17.03
3. 25
13. 36
20. 82

19.52 j
16.41 |
3.11
12.50
20.83

19.79
10.58
3.21
12.95
20.34

Revised.
p Preliminary.
' Estimates (corrected for systematic biases) for JulySept. 1977 and Oct.-Doc. 1977 based on expected capital expenditures of business.
Expected
2
expenditures for the year 1977 appear on p. 22 of the Sept. 1977 SURVEY.
Includes communication.
tSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, i nterest paid




30.
13.
5.
7.

1

11.67
5. 16
(i. 51

112.40
46. 01
22. 02
23. 39

3. 21.
5.52

!
S
!
j
\

3] 30
5.27

64. 98
3. 82
2. 31
1.65
3. 5«

05. 51
3. 83
2.08
1.18
3. 29

67.48 \ 67. 76
4.21
3.83 |
2. 69
2.64 !
1.12
1.44 |
3.44
4. 10 I

70. 78

4. l.'i
2. 0,'i
1.41
3. 4'

73. 74
4.24
2.71
1.02
2. 90

20. 91
17. 92
3. 00
12.22
20. 44

21.91
18. 50
3. 30
12. 54
20. 68

21. 85
18. 82
3. 03
12.62
20. 94

23. 4C
19.
3.91
14. 3(.
21. 3t

25. 35
21.19
4. 16
14. 19
22. 07

21.67
18.22
3. 45
13. 64
20. 99

'134.24 "138.43 '142.02
I ' 59. 16 i ' 61. 3: 61. 32
I ' 27. 26 I ' 27. 96 29. 71
I ' 32.19 ' 33. 40 34. 58
75. 8 \
' 4. 49
' 2. 57
' 1. 13
' 2.96

77.06

25. 29
'21.11
' 1.16
15.32
'22.73

' 2 6 . 70
' 22. 21
47

r

• 1. 5 2

77.70
1. 5 1
3.19
2. 05
1.72
27 50
22 72
4. 78

1 39.081 * 38.70

by consumers to business, and personal transfer payments to foreigners (net).
§Personal savins is excess of disposable income over personal outlays.
•jData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.

SURVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes a r e a s shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1974

1974

1976'
11

Annual total

S-3

1975

III

IV

1

II

1976 r
III

IV

1

1977 v

II

III

IV

I

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits + ; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 138,303
98,306
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales con2,952
tracts
mil. $..
19, 763
Receipts of income on U.S. assets abroad-_.do
17,281
Other serv ices
do
Imports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
Payments of income on foreign assets in the
U.S
mil. $..
Other services
do
Unilateral transfers

(excl. military grants), net
mil. $..
do...
do....

U.S. Government grants (excl. military)
Other
1

147, 600 163, 265
107,088 114, 694
3,919
17,330
19,263

5,213
21,369
21, 990

33,664
24,212

35,296
25,033

37, 668
26, 601

36,907
27,018

35,719
25,851

36, 780
26,562

38,195
27, 657

38,591
27, 000

40, 237
28,380

42,196
29,603

42, 243
29,711

43, 074
29, 458

44, 927
30,488

683
4,555
4,214

781
5,108
4,374

850
5,584
4,633

924
4,283
4,682

874
4,306
4, 688

957
4,403
4,858

1,164
4,338
5,036

1,095
5, 298
5,198

1,189
5,167
5,499

1,472
5,483
5,638

1,457
5,421
5,654

1,845
6,133
5,638

1,867
6,565
6, 007

-136,143 -131,436 -159,668 -33,805 -35,628 -36,713 -34,199 -30,688 -32,645 -33,906 -37,039 -38,732 -41,321 -42,580 -46,069 -48,292
-103,673 -98,043 -124,014 -25,696 -27,374 -27,996 -25,563 -22,566 -24,483 -25,431 -28,343 -29,9o5 -32,411 -33,305 -36,561 -38,347
-5,035
-4,795 -4,847 - 1 , 2 9 8 -1,265 -1,319 -1,317 -1,185 -1,096 -1,198 - 1 , 1 6 0 - 1 , 2 2 8 -1,237 - 1 , 2 2 2 - 1 , 3 2 9 - 1 , 4 0 3
-11,019
-16,416
-7,188
-5,475
-1,714

-11,376 -11,561 - 2 , 726 - 2 , 8 7 7
-17,221 -19,247 -4,085 -4,112

-3,029
-4,369

-3,052 -2,799 -2,784
-4,267 -4,138 -4,282

- 2 , 741 - 2 , 8 6 1 -2,887 - 2 , 8 1 6 - 2 , 997 - 2 , 8 8 1 - 3 , 1 6 4
-4,536 - 4 , 675 - 4 , 662 - 4 , 857 - 5 , 056 - 5 , 298 - 5 , 3 7 8

-1,850 - 1 , 2 6 3
-811
- 1 , 399
-451
-452

-1,098
-660
-438

-1,195 -1,110 -1,070
-753
-718
-617
-442
-392
-453

-1,238
-805
-433

-4,612
-2,893
-1,719

-5,023
-3,146
-1,878

-1,029
-544
-485

-1,015 -1,936 - 1 , 0 4 5
-572
-556 - 1 , 4 7 5
-459
-461
-473

-27,029 -31,548 -42,959 - 7 , 7 7 1 - 5 , 689 -10,023 -8,749 - 7 , 8 8 1 - 3 , 0 8 1 -11,836 -10,751 - 9 , 779 -8,409 -14,022
-1,434
-607 -2,530
-358 -1,003
137
-325
-29
-342
89
- 7 7 3 -1,578
-407
228
-354
-874
-867
-745
-977
-944 - 1 , 4 0 5 - 1 , 1 4 2
267
-937
-723
365 - 3 , 4 6 3 - 4 , 2 1 3
-25,960 - 2 7 , 478 -36,216 - 7 , 680 - 4 , 332 - 9 , 2 2 3 - 7 , 550 - 6 , 985 - 1 , 994 -10,948 -9,254 -7,257 -6,597 -13,108
- 6 , 2 6 4 -4,596
757 -2,379 - 2 , 9 8 0 - 2 , 1 9 3 -2,292
527 -2,306 -2,427
-142 -1,205
-822
-1,368

U.S. assets abroad, net
do
U.S. official reserve, net
do
U.S. Gov't, other than official reserve, net...do
U.S. private, net
do
Direct investments abroad
do
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investments in the U.S

do.
do.
do.
do.

33, 612
10,981
22,631
3,695

14,336
6,960
7,376
1,414

34,520
17,945
16,575
2,176

Allocation of special drawing rights
Statistical discrepancy

do.
do.

-1,555

5,660

9,866

merchandise trade
do.
goods and services
do.
goods, services, and remittances..do.
current account
do.

-5,367
2,160
447
-5,028

9,597
4, 648
4,949
260

8,792
3,149
5,642
1.211

-1,163
-637
-526

-1,240
735
-505

331 -11,774
6
-388
-827
-909
1,627 -10,952
- 4 0 4 - 2 , 602

9,162
2,443
4,256
3,452
4,906 -1,009
759
93

2,416
3,663
2,279 - 1 , 603
1,384
4,019
526
-342

5,814
2,832
2,982
1,137

6, 856
3,847
3,009
709

7,385
4,051
3,333
504

8,201
3,070
5,131
561

12,079
6,977
5,102
403

2,510
5,719
-3,209
537

12,991
6,935
6,056
486

297 - 2 , 4 0 0

2,971

3,372

1,905

1,268

3,325

1,317

3,388

2,226 - 1 , 3 4 3 - 1 , 5 7 5 - 2 , 8 0 8 - 3 , 594
4,289
1,552
1, 505
875
-337
3,856
414
-810
1,046
1,067
3,051
523
490 - 1 , 0 6 1 -1,382

-7,103
-2,995
-3,521
-4,158

-7,859
-3,365
-3,870
-4,605

166 - 1 , 507

1,004

4,793

9,045 - 9 , 3 2 0 - 1 , 484 - 2 , 3 4 1
16,164
-141
-332
3,596
-784
14,444
-592
1,719
11,552 -1,427 - 1 , 9 9 1 -1,595

-1,395
955
517
-143

1,455
2,708
2,266
1,513

Memoranda:
Balance
Balance
Balance
Balance

on
on
on
on

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes a r e a s shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

Annual

3,285
5,031
4,639
3,921

2,079
4,135
3,682
3,065

1977

1976
July

Aug.

Sept.

Oct.

Nov.

Dec

Jan.

Feb.

Mar.

Apr.

1,499.1

May

June

1,524.3 1,539.2 1,547.2

July

Aug.p

GENERAL BUSINESS INDICATORS—Monthly Series
P E R S O N A L I N C O M E , BY S O U R C E f
Seasonally adjusted, at annual rates:f
Total personal income

b i l . $.

1,253.4

1,382.7

1,386.2

1,393.7

1,401.8

1,414.2

1,432.1

1,450.2

1,454.3

1,477.0

1,510.1

1,517.3

Wage and salary disbursements, total
do...
Commodity-producing industries, total-do...
Ma n u fac tu r i n g
do...
Distributive industries
do_..

805.7
275.0
211.0
195.4

891.8
308. 5
238.2
217.1

894.5
310.0
238.7
218.4

899. 8
309. 5
239. 9
220.7

906.1
313.0
242.1
221.5

914.0
313. 4
241.4
224.2

923. 9
318.5
245.8
220.1

931. 7
321.1
248.2
228. 9

937.3
320.5
250.3
231.4

951.7
328. 7
255. 3
235.5

904. 9
337. (')
200. 7
230.8

974.1
341. 7
202. 8
239. 0

982.0
345. 3
200. 2
241.1

980. f> • 992.9
349.1 • 350.6
208. 7
269.8
240.9 • 242. 8

995.1
349.1
269.3
243.5

Service industries
do.
Govt. and govt. enterprises
do..
Other labor income
do.
Proprietors' income:A
Farm
do.
Nonfarm
do.
Rental Income of persons, with capital consumption adjustment
bil. $.
Dividends
do
Personal interest income
do. - _
Transfer payments
do...
Less personal contributions for social insurance bil. $
Total nonfarm income
do...

159. 9
175.4
64.9

179.0
187.2
75.9

178.8
187.3
76.4

181.5
188.2
77.3

182. 6
189.0
78.1

184.9
191.5
79.1

180. 0
192. 7
80.0

188.4
193. 3
81.0

191.4
194. 0
82.1

192.7
194. 8
83.2

194.9
195. 0
84.4

190. 4
190.4
85.5

198.3
197. 2
80. 7

198.4
198.1
87.9

• 200.4
' 199.1
89.1

201.9
200.6
90.3

23.2
02.8

18.6
69. 4

18.2
69. 4

15. 6
70.1

14.0
70.5

15.3
70.8

10.4
72.1

18.1
73.2

19. 0
72.5

21.0
74.4

21.7
70.0

21.4
70. 9

21 2
77.4

18.4
77. C)

16.5
'79.2

15.5
80.0

22.3
23.3
23.2
23.3
23.4
32.4
35.8
35.8
30. 0
30. 3
115. 6
130.3
130.4
132.2
134.1
176. 8
192. 8
193. 7
194. 9
194. 5
50.4
55.2
55.4
55. 0
55.9
1,218.8 1,351.3 1,355.1 1,365.0 1,374.0

25.9
25.3
24.7
25. 0
24.1
24.4
24. 0
24.0
24.4
24. 0
23.9
42.4
39. 0
41.9
42.0
37.2
37. 9
41.2
38.5
30.7
39. 3
39. 0
151.1
145.2
147.4
149.1
130. 4
139.0
137. 6
135.2
140.3
143.5
141.8
202. 9
200. 0 ' 207. 2 208.6
198. 4
200.5
200. 0
195. 5
200. 0
203.0
200. 9
61.7
01. 0 '61.5
50. 7
59.0
57.0
00. 9
50.1
59. 0
00. 2
00.6
, 385. 5 1,402.1 1,418.5 1,421.1 1,442.4 1,403.7 1,475.0 1,484.2 1,491.0 1,508.3 1,517.2

FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments, total*
.mil. $..
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
Meat animals
Poultry and eggs

do
do
do
do
do
do

88,884
88,077
45,053
43, 024
9,909
25, 818
6, 791

8,116

10,825

10,089

8,739

8,175

0, 833

7,007

0, 014

0,721

7,123

7,452

94,326
47,937
46,389
11,425
27,188
7,192

7,669
3,963
3,706
969
2,052
639

7,562
3,762
3,800
968
2,129
659

8,060
4,192
3,868
927
2,250
649

10, 756
6,621
4,135
939
2,526
627

9,999
6,166
3,833
901
2, 291
601

4,787
3,821
939
2, 223
604

8,078
4,403
3,615
943
2,064
565

0, 733
3, 053
3,680
879
2,181
579

0,902
2,951
3,951
982
2, 309
620

0, 500
2, 745
3,842
996
2,211
583

0, 090
2, 7.50
3,946
1, 042
2, 268
582

7,099
3,116
3,983
1,006
2,320
602

7,427
3,684
3,743
1,006
2,054
r 634

7,400
3.300
4,100
1, 000
2.400
600

199
203
196

'240
r 184

207
216
200

113
110
115

' 118
' 138
' 104

120
126
115

95,038

7,709

Indexes of cash receipts from marketings and CCC
loans, unadjusted:t
All commodities
1967 = 100..
Crops
do.-..
Livestock and products
do

206
244
176

220
260
190

215
258
182

212
245
187

226
273
190

301
431
204

280
401
189

241
312
188

226
291
178

189
199
181

193
192
194

184
177
189

188
179
194

Indexes of volume of farm marketings, unadjusted:*
All commodities
1967=100
Crops
do
Livestock and products
do

153
184
106

121
134
111

112
122
105

116
126
109

125
141
115

170
229
129

162
221
121

135
166
114

127
153
107

104
102
106

104
90
115

99
81
110

99
81
111 [

••Revised.
v Preliminary.
fSee corresponding note on p. S-l. AIncludes inventory valuation and capital consumption adjustments.
{Series revised beginning 1973;




revisions for periods prior to May 1976 are available from the U.S. Dept. of Agr., Economic
Research Service.
9 Includes data for items not shown separately.

I

S-4
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

Ul

\ 1 15

ptember 1977
1977

1976

1976 r

July

Annual

1 ^ ^

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Juner

Julyp

Aug. i

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONd"
Federal Reserve Board Index of Quantity

Output

Not Seasonally Adjusted
Total index

129. 8

1967 = 100.

126.5

132.1

131.7

128.3

128.8

133.6

135.7

136.2

137.2

141.2

134.4

138.2

132.9
131.7
140.1
150.8
135.8
120.0
137.4
134. 5

134.3
132.6
141. 9
156. 7
136.0
119. 8
140.4
137.7

135.0
133.1
141.8
155.6
136. 3
121.1
142.5
137.7

135. 9
133. 5
142.0
156.8
136.1
121. 9
144.7
139. 2

141.2
139. 2
148.6
164.0
142. 5
126.4
148.8
141.3

135.3
132.8
140.2
142.5
139. 2
122.7
144.6
132. 9

138.9
135.8
145.4
140.7
147.2
122. 6
150.3
127.3

By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Nondurable consumer goods
E quipmen t
Intermediate products
Materials

do.
do.
do.
do.
do.
do _
do.
do.

119.3
118.2
124.0
121.4
125.1
110.2
123.1
115.5

129. 3
127.2
136.2
141.4
124.1
114.6
137.2
130.6

127.0
124.1
131.6
125. 5
134.0
113.7
137. 8
125.7

131.8
129. 0
139. 6
134.2
141.7
114.4
142.0
131.6

135.4
132.8
143. 9
143. 5
144.0
117.5
145.1
132.6

134.2
131.7
142. 9
149. 2
140.4
116.2
143.7
133.3

131.9
129. 7
138.2
147.1
134.7
117. 9
140.1
132. 4

127.1
125.1
131.0
137.1
128. 6
116.8
134.3
130.1

128.4
127.2
135.0
142. 2
132.1
116.5
133.2
129. 3

By industry groupings:
Mining and utilities

do.

128.5

131.6

131.9

136.3

133.6

130.7

132.2

136.5

140.1

138.1

135.0

132.4

137.0

140.4

142.1

do.. .
do—

116.3
126.4
109. 3

129.5
140.9
121.7

125.7
136.7
118.1

131.1
144.8
121.6

134.4
148.8
124.4

134.3
148.3
124.6

132.0
143.3
124. 2

127.1
136.0
120.8

127.2
137.0
120.5

132.8
143.2
125. 7

135.7
146.0
128.5

136.4
146.3
129. 7

137.8
147.8
130.8

141.8
152.7
134.3

133.5
144.7
125. 7

137.5
152.8
126.7

117.8

129.8

130.7

131.3

130.6

130.2

131.5

133.0

132.3

133.2

135.3

136.1

137.0

137.9

138.9

138.2

do.
do.
do.

119.3
118.2
124.0

129.3
127.2
136.2

129.7
127.4
136.1

130.1
128.0
137.0

129.4
126. 9
135.7

129.2
126.7
135. 9

131.3
129. 3
138.4

133.4
131.5
141.3

133.1
130.8
139. 9

133.6
131.6
140.5

135.1
133.3
142.9

135.8
134.1
142. 9

136.5
134.7
143.1

137.5
135.5
143.7

138.8
136. 9
145.5

137. 9
135.7
144.1

do.
do.
do.
do .
do.

121.4
125. 9
113.7
101.1
156.6

141.4
154.8
149.8
132.0
167.6

141.5
156.1
155.3
134.4
158.3

144.2
157.8
157.5
137.3
158.4

138.7
147.6
139. 2
121.0
168.6

138. 9
147.8
136.3
120.2
176.6

143.7
161.6
154. 0
138.4
180.5

150.5
178.8
176. 9
156.3
183.4

145.4
164. 2
155.8
136.9
185.6

146.1
161.7
152.7
132.8
184.3

152.4
178. 3
176.1
155.8
184.1

151.5
173. 9
171.2
150.6
181.3

152.2
172.8
167.4
148.5
186.6

155.5
179.5
175.8
156.8
189.1

158.1
185.3
183.5
161.4
190. 0

155.5
178.5
174.0
150.9
190.3

Home goods
do.
Appliances, air cond., and T V . . d o .
Carpeting and furniture
do.

118.8
98.0
126.8

133.9
114.6
144.1

133.4
106. 9
142.7

136.5
120.5
145.0

133.8
113.1
146.3

133.9
115.7
146.2

133.7
114.9
143.6

134. 5
110.3
144.7

134.8
113.4
143.7

137.3
118.5
146.0

137. 9
124.1
144.6

138.8
126.4
145.0

140.6
131.0
147.3

142.1
133.1
150.2

142.8
130.2
153.3

142.7
132.6

125.1
111.6
128.8
122.8
135.8

134.1
124.0
136.9
130.7
144.1

134. 0
123.4
136. 9
131.6
143.2

134.2
120.7
137.9
131. 9
144. 9

134.5
121. 5
138.0
132.6
144.2

134.7
123.3
138.0
133.1
143.7

136.2
123.1
139. 8
132.4
148.2

137.6
124.1
141.3
131.8
152.3

137.7
123.7
141.7
131. 5
153.4

138.3
123.6
142.2
133.3
152.6

139.1
123. 9
143.3
136.0
151.8

139.4
124.4
143.6
136.1
152.5

139.5
125.5
143.4
135.0
153.2

139. 0
125.7
142.7
135.0
151.7

140.5

139.5

144.4"
136. 9
153.2

143.6

110.2
128.2
121.2
168.3
99. 9

114.6
136.3
128.0
177.7
106.5

115.3
137. 9
128.7
179.1
107.5

115.6
137.6
128.1
180.3
107.2

114.8
137.0
129.5
180.3
108.2

114.2
135.7
129.6
181.2
108.1

116.8
140.1
131.1
181.5
109. 9

118.0
142.3
132.3
183.7
110.8

118.4
142.3
131.3
187.4
107.8

119. 2
143.5
133.2
192. 9
108.5

120.0
144.8
134.4
197. 9
109. 0

122.1
147.1
136.3
200.5
112.0

123.2
148.9
138.4
205.3
112.8

124.2
150.3
139. 6
208.1
114.0

124.9
151.6
140.9
210.5
115.0

124.5
151. 0
140.7
209.5
114.8

136. 3
157.8
101.9

145.8
173.5
104.1

148.7
174. 9
108.4

148.6
176.2
106.4

145.8
176.8
98.2

142.6
177.5
97.6

150.6
179. 6
107.8

154.1
184.3
108.0

155.0
185.2
108.4

155. 3
185.6
108.7

156.9
186.1
113.0

159.5
189. 7
115.2

161.2
191.1
116.5

162.5
191. 9
119.7

163. 9
192. 7
122.0

163.1
192. 5
119.7

80.0

78.4

77.5

78.5

78.0

77.6

77.2

78.0

78.5

78.5

Manufacturing
Nondurable manufactures
Durable manufactures

do...

Seasonally Adjusted
Total index
By maiket groupings:
Products, total
Final products
Consumer goods

1967=100.

Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
Auto parts and allied goods

Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco
Nonfood staples

do..
do .
do.
do.
do.

Equipment
do..
Business equipment
do..
Industrial equipment 9
do._
Building and mining equipment, do. Manufacturing equipment
do..
Commercial, transit, farm eq. 9
Commercial equipment
Transit equipment
Defense and space equipment
Int ermediate products
Construct ion supplies
Business supplies
Materials
Durable goods materials V
Durable consumer parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chemical
Energy materials
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction 9
Crude oil
Natural gas
Stone and earth minerals
Utilities
Electric
Manufacturing
Nondurable manufactures
Foods 9
Meat products
Dairy products
Beverages
Tobacco products
Textile mill products
Apparel products
Paper and products

do._
do. .
do _ _
do.
do.
do.
do.

123.1
116.3
129. 8

137.2
132.6
141.8

do..
do..
do..
do.
do.
do.
do.

115. 5
109.1
97. 7
118. 9
126.6
129. 0
117.2

130.6
126.8
121.6
133. 9
146.3
151.1
120.2

do.
do.
do.
do.

128.5
112.8
115.8
113.4

131.6
114.2
122. 8
117.2

80.3

80.2

80.1

145. 9
140.4
151.4

145.8
140.6

138.4
134.1
142.7
132.1
131. 0
126.1
136.3
145.1
149. 3
118.8

138.4
134. 9
141.8

138. 7
134.1
143.2

138.8
134.8
142. 8

139. 0
135.8
141. 9

140.5
135.5
145.3

148.0

141.6
135. 6
147.6

141.8
136. 4
147.3

142.3
137. 2
147.5

143.5
138.7
148.4

133. 0
131.4
125. 9
138.1
146.3
150.6
120.1

132. 4
129. 9
123.6
138. 3
147.6
152.4
119.9

131.8
128. 3
118.4
138. 0
147.5
152.5
120.8

131. 9
128.2
126.2
137. 2
147. 3
151.4
121. 9

132.0
128.7
126.3
138.8
145.8
150. 3
123.4

131.1
127.4
121.8
135.1
144.8
149. 3
123.3

132.7
128.4
124.1
137. 3
150. 4
153. 9
120. 8

135.5
131. 9
126.8
127.8
153.3
158.4
121.8

136.5
133.8
129. 4
140.7
153.7
159. 0
121.3

137.8
125. 2
132. 0
141.7
155.4
160.7
122.3

138.5
136.1
132.6
143. 2
155.1
160.4
123.8

138.9
136. 6
135.3
145.7
155.1
160.5
124.3

138.7
136. 4
134.1
146.0
154. 9
160.3

131.3
114.0
124. 5
112. 6

131.6
115.5
123. 2
121.3

132. 5
116.1
126.1
126.4

1S3.8
115.3
124. 5
122.1

135. 4
115. 4
126.8
120. 6

137.0
112.8
130.6
95.3

137.1
116.3
128.5
100.

136.6
120.6
133.8
124.1

135.7
119. 2
126.1
118. 4

137.1
119. 5
120.5
122.4

138.8
122.5
121.3
133.4

139.3
119. 5
101.7
120. 9

136.7
117.8

112.2
91. 9
109. 9
118.8

113.1
93. 2
107. 6
119. 2

112.5
91.4
109. 4
120. 0

112.3
91. 2
108.3
120. 8

112.8
91. 5
111. 3
118.0

112.0
89.7
109. 5
121.6

115. 8
91.3
112.8
r

117.5
90.7
112. 0
126.1

117.5
91.0
110.1
124.0

118.3
89. 3
113.1
123.0

120.9
93. 9

120.5
94.3

122.0

do.
do.
do .
do.

113.3
94. 9
111.0
107. 0

112.0
92 2
118.3

130.3
112. 7
124.2
104. 8
111.9
92.0
112.7
116.5

122.5

125.6

do_.
do..
do..
do. do..
do..
do_.
do..

146.0
160.

151.0
167.6

150.0
166.8

150. 5
167.6

149.6
166.0

150. 8
167.0

154.6
171.8

157. 9
176.1

163.8
183.6

160.3
179.1

154.1

154. 0

156.7

157.1

161.5

158.0

116.3
126.4
123. 4
102.6
109. 3
145.8

129. 5
140.9
132.3
111.2
113.8
156.7

131.2
140.4
134.8
117. 0
114.4
163.6

130.5
142.3
134. 6
117.3
115.4
162.5

129. 8
141. 9
134.8
116.0
114.7
163.4

131.4
143.0
134.3
115. 9
116.3
156.2

132. 5
143. 3
132. 9
112. 0
115. 9
155.4

131. 6
143. 4
134.2
109. 8
115.7
161.1

132. 6
145. 3
136. 4
117.6
116.1
161.1

135.1
147.0
138. 7
118.7
116.5
168.3

135.
147.0
138. 0
114.4
116.
169. 8

137.1
148.5
138.3
111.3
116.6
172.7

137.6
148.3
136.5
114.5
115.5
167.1

138.
148. 9
138.0
111.6
117.0
173.6

138. 3
148.4

do..
do..
do..
do..

111.8
122. 3
107. 6
116.3

117.9
136.4
122.2
133.0

130.7
140. 3
134. 5
109. 8
113.6
162. 2
114.5
137.7
120.2
131.0

114.8
135.1
117.5
134.6

115. 4
136.4
119.5
132.1

118.3
134.2
122. 9
132.3

119. 6
133. 3
122.7
132. 5

119.2
123. 7
124. 9
131.4

114.8
132. 2
123. 0
130.6

116.8
132. 3
124. 4
136.

104. 3
134. 4
122.2
135. 5

112.1
134.6
121. 4
136. 3

105.2
136. 0
123.
139. 5

119.7
135.4
122.1
139. 3

" 138.8

137.2

123.4
180. 6
169. 3

124.4
182.
168.7

124.1
182.
170.2

123.
182. 9
169. 9
140.9
237.1
74.

124.0

109*. 5

120.6
169. 7
160.5

119. 3
170.
159.1

133.1
Petroleum products
do...
124.1
133.1 124.1
124.1 133.8 133.9
200.2
Rubber and plastics products
do....
166.7
191.
191.2
2 189.3 212.4
80.9
81.1
Leather and products
do...
76.5
80.9
81.1
78.3
77.9
r
Revised.
p Preliminary.
i Estimated.
d" Monthly revisions back to 1967 will be
shown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date information.
9 Includes data for items not shown separately.

130.3
211.1




80.0

144.5
139. 2
149.6

120.6
171.3
162.4

Printing and publishing
Chemicals and products
Basic chemicals

152.0

do.
do.
do.

113.4
147.3
136.0

120.6
169. 3
158.6

121.2
167.6
156.3

119.7
173.7
161.2

123.0
173.1
158.4

124.7
172.2
155.6

124. .i

122.4
174. {]
161.8

124.8
180.0
167.7

113.6

137.4

142.4
140.1
145.2
143. 4
143. 3
135. 8 138. 9 139.7
234. 4
232.4
226. 0
218. 9 220. 3
225. 6
215. 5 216.9
74.1
76.2
75.0
74.
74.8
73.8
75.8
74.2
NOTE FOR P. S-5:
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery industry, and corrections in classifications in the aircraft and machinery industries; revisions
prior to Apr. 1976 are available from the Bur. of the Census, Wash., D.C. 20233.

September 1977

OF (JUKIi E J N l

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1976 v

Annual

S-5
1977

1976

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July*

Aug. i

131.2
75.6

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION!—Continued
Federal Reserve Board Index of Quantity
Output— Continued
Seasonally Adjusted—Continued
By industry groupings—Continued
Manufacturing—Continued
Durable manufactures...
Ordnance, pvt. and govt
Lumber and products
Lumber

109.3
76.6
107.6
93.9

'121.7
'72.7
125.1
105.8

124.0
'72.9
124.6
106.8

125.0
'73.6
127.9
111.3

122.4
'73.0
128.7
106.5

121.4
'72.3
129.6
116.4

123.4
'71.6
129.5
108.5

125.0 ' 123.4
'71.3 '72.6
128.1
132.7
96.9
113.9

124.0
'72.6
132.2
109.9

126.8
'72.8
132.1
109.0

• 128.0 129.3
'74.6 '74.4
• 130.6 133.0
109.2
112.5

130.4
'74.1
131.3
104.9

131.6
75.1
134.5

do..
do.
do.
-do.
do..
do.
do.

118.2
117.9
96.4
95.8
92.9
99.5
97.5

'
'
'
'
'

132.7
137.1
108.9
104. 9
100. 7
108.9
' 115. 9

131.6
137.5
117.7
115.0
111.0
121.8
123.0

123.8
137.6
118.3
116.0
111.6
120.9
123.0

133.6
137.9
113.0
108.6
106.7
109.3
120.6

134.5
139.9
109.9
105.1
99.3
109.3
118.3

133.7
143.2
104.6
100.3
95.7
100.7
112.4

135.1
135.7
142.8 ' 137.1
101.5 '100.8
' 9 3 . 4 '89.7
90.1 '84.6
94.9
88.7
116.1 ' 121.7

137.1
139.0
100.2
91.3
87.7
91.4
116.4

135.1
143.7
108.3
97.9
95.4
98.2
126.8

135.4
• 145.0
• 112.2
• 103.9
97.8
106.8
126.8

137.5
145.0
117.1
111.0
104.0
116.7
127.9

139.9
147.6
114.7
109.2
106.5
110.4
124.0

141.0
147.0
114.7
112.3
101.0
118.2
119.3

do..
do.
_.do.

109.9
125.1
116.5

123.3
135.0
' 131. 6

124.6
137.9
131.4

125.8
136.4
135.4

126.5
136.8
133.9

123.5
134.3
135.0

126.7
137.5
135.7

128.1
125.7
141.5 ' 139.9
135.1
134.0

125.8
127.5
127.6
• 139.8 • 139.8 • 142.9
137.6
137.6
139.6

128.2
142.6
141.8

130.7
144.0
142.6

131.2
146.0
143.8

132.5

Transportation equipment
_
Motor vehicles and parts
Aerospace and misc. trans, eq

do.
do.
do.

97.4
111.1
84.5

110.6
140.7
82.2

112.8
• 147.5
'80.2

114.6
149.7
'81.6

104.7
130. 6
'80.3

104.3
128.4
'81.6

112.7
145.5
'81.7

117.4
155.0
'81.9

113.5
145.5
83.4

113.4
145.4
83.3

120.5
161.2
82.3

119.8
158.1
83.8

120.3
157.7
'85.2

123.5
162. 6

125.0
166.3
86.1

121.1
159.9
84.5

Instruments. _

do.

132.3

148.2

151.3

149.5

148.7

150.2

150.3

155.8

153.7

157.0

156.9

157.8

157.4

158.2

159.5

158.5

1967=100.
do...
do...
do...

Furniture and
fixtures
Clay, glass, and stone products
Primary metals _
_
Iron and steel
Basiciron and steel_
Steel mill products.
Nonferrous metals
Fabricated metal products.
Nonelectrical machinery
Electrical machinery

*.

1

115.3

145.0

BUSINESS SALES §
Mfg. and trade sales (unadj.), totalt©
Mfg. and trade sales (seas, adj.), totalt©
Manufacturing, totalt©
Durable goods industries
Nondurable goods industries®.
Retail trade, totaled
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments

mil. $.. 2,070,133 2,312,446 187,647 193,401 198,557 198,078 197,669 '208,268 184,244
do_-- 22,070,133 22,312,446 193,302 194,302 193,868 192,353 196,288 204,140 202,160
d o — 21,046,710 21,178,013 98,932 99,078 98,387 'r 97,043 99,919 104,475 103,569
526,950 604,706 51,090 51,648 50,060 49,029 51,238 55,295 53,341
do
519,760 573,499 47,842 47,430 48, 328 48,014 48,681 49,180 50,228
do...
2
584,423 2 651,884 53,754 54,643 54,100 54,634 55,573 57,898 56,660
_do.._
do._. 180,725 214,169 17,699 18,208 17,481 17,559 18,157 19,730 19,024
403,698
437,715 36,055 36,435 36,619 37,075 37,416 38,168 37,636
do.._
2
439,000
2
482,549 40,616 40,581 41,381 40,676 40,796 41,767 41,931
do
185,922 210,864 17,457 17,926 18,104 17,755 18,010 18,417 18,559
-do
253,078
271,685
23,159 22,655 23,277 22,921 22,786 23,350 23,372
do

195,688 219,294 215,914 216,604 '224,697 206,426
207,541 214,642 213,596 213,821 '214,270 213,435
106,133 111,241 109,640 109,458 110,884
54,703 58,849 56,764 56,717 ' 57,774
51,430 52,392 53,876 52,741 ' 53,110
58,175 59,522 59,465 59,181 • 58,390
19,764 20,687 20,333 20,088 • 19,842
38,411 38,835 39,132
• 38,548
43,233
19,552
23,681

43,879
19,591
24,288

44,491
19,501
24,990

109,494
56,654
52,840
58,927
19, 745
39,182

45,182 • 44,996 45,014
19,985 • 20,101 20,242
25,197 • 24,895 24,772

BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), totalt
mil. $..

274,363

Mfg. and trade inventories, book value, end of year
or month (seas, adj.),totalt
mil. $_.

275,484
155,693
100,310
55,382

Manufacturing, totalf
Durable goods industries
Nondurable goods industries

do
do
do

Retail trade, totalA
Durable goods stores
Nondurable goods stores

do...
do
do

74,676
34,474
40, 202

Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments

do
do
do

45,115
27,476
17,639

288,329

292,973 299,124 302,907

301,791 305,441 310,099 312,262 313,489 ' 314,264 314,145

299,123 290,866 293,308 296,537 298,179 298,941 299,123 301,970
166,587 162,144 163,184 164,966 166,674 167,114 166,587 167,482
105,729 102,856 103, 282 104,117 105,589 106,128 105,729 106,562
60,858 59, 288 59,902 60,850 61,085 60,986 60,858 60,920
82,405 79,917 81,118 81,848 81,658 81,660 82,405 83,616
38,224 36,523 37,515 37,822 37,518 37,933 38,224 38,931
44,181 43,394 43,603 44,026 44,140 43,727 44,181 44,685
50,131 48,805 49,006 49,723 49,847 50,167 50,131 50,872
30,224 29,585 29,533 30,384 30,447 30,512 30,224 30,847
19,907 19,220 19,473 19,339 19,400 19,655 19,907 20,025

303,985 307,325 309,847 313,052 '315,455 317,375
168,449 169,379 170,747 172,629
107,222 107,685 108,190 109,154
61,227 61,694 62,557 63,475

173,818 174, 772
110,421 111,058
63,397 "1,714

83,878
38,912
44,966

85,397
39,613
45,784

86,033
39,581
46,452

87,176
40,279
46,897

88,353
40,665
47,688

89,850
41,774
47,806

51,658
31,239
20,419

52,549
31,456
21,093

53,067
31,517
21,550

53,247
32,055
21,192

53,284
32,540
20,744

53,023
32,964
20,059

BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, totalt©

ratio_.

1.60

1.50

1.50

1.51

1.53

1.55

1.52

'1.47

1.49

1.46

1.43

1.45

1.46

1.47

1.49

do
do
do
do
do

1.80
2.34

1.64
2.04

1.64
2.01

1.65
2.00

1.68
2.08

1.71
2.14
.71
.87
.57

1.67
2.06
.69
.84
.54

1.59
1.90
.62
.77
.51

1.62
2.00
.66
.81
.53

1.59
1.96
.64
.80
.52

1.52
'1.83
.61
'.74
'.49

1.56
1.91
.63
.77
'.50

1.58
1.92
.65
.76
.51

' 1. 57
1.91
'.65
'.75
.51

1.60
1.96
.65
.78
.52

do_
do,
do.
do_

1.26

1.23

1.24

1.26

1.26

1.27
.56
.18
.53

1.25
.53
.19
.53

1.24
.53
.19
.52

1.21
.51
.18
.52

1.19
.51
.18
.51

1.18
.51
.18
.50

1.20
.51
.18
.51

1.19
' .51
.18
.51

1.21
.50
.18
.52

1.51
2.23
1.18

1.46
2.03
1.18

1.49
2.06
1.20

1.48
2.06
1.20

1.51
2.16
1.20

1.49
2.14
1.19

1.47
2.09
1.17

1.42
1.94
1.16

1.48
2.05
1.19

1.44
1.97
1.17

1.18
.50
.18
.49
1.43
1.91
1.18

1.45
1.95
1.19

1.47
2.01
1.20

1.51
2.05
1.24

1.52
2.12
1.22

Merchant wholesalers, total
do
1.24
Durable goods establishments
do
1.79
Nondurable goods establishments
do
.84
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: O
Durable goods industries:
50,516
Unadjusted, total
mil. $
Seasonally adj., total
do
Shipments (not seas, adj.), totalt©
..do
1,046,710

1.20
1.66
.83

1.20
1.69

1.21
1.65

1.20
1.68

1.23
1.71
.85

1.23
1.69
.86

1.20
1.64
.85

1.21
1.66

1.19
1.60
.86

1.20
1.61
.87

1.19
1.62

1.18
1.62
.84

'1.18
'1.63

1.18
1.63
.81

60,547

4,729
5,169

4,921
5,412

4,980
5,020

5,574
5,528

5,391
5,333

6,041
5,502

4,399
4,690

4,697
4,870

5,677
5,312

5,491
5,378

5,363
5,148

• 5,580
• 5,430

4,907
5,503

Manufacturing, totalt©
Durable goods industrlesf
Materials and supplies
Work in process
Finished goods
Nondurable goods fndustrlest©
Materials and supplies
Work in process
Finished goods
Retail trade, totalo"A
Durable goods stores
Nondurable goods stores

do
. .do
do

1,178,013 91,832

97,940 103,245 101,180 100,128 98,023

Durable goods industries, total 91
--do
526,950 •604,514 46,359 49,810 53,023
2,749
2,473
Stone, clay, and glass products
do
30,435
2,768
27,314
7,577
7,110
Primary metals
do
7,844
78, 959 88,826
3,799
3,689
Blastfurnaces, steel mills
do
3,925
40, 210 45,137
2,963
2,726
Nonferrous and other primary met
do
3,124
30,081
34.110
' Revised.
v Preliminary.
1 Estimated.
_
„., adjusted.
.,
2 Based
on data not seasonally
3
Advance estimate; total mfrs. shipments
for July 1977 do not reflect revisions for selected
components.
JSee note marked "d1" on p. S-4.
§The term "business" here includes
only manufacturing and trade; business inventories as shown on p. S-l cover data for all
type {of Droducers, both farm and nonfarm. Unadjusted data for manufacturing are shown




96,387 106,743 114,201 111,242 110,762 116,861 .02,898
51,666 51,345 50,798 48,858 54,715 60,550 58,171 58,405 62,349 52,379 55,746
2,710
2,573 2,320 2,286
2,546
2,991 '3,249
2,943
2,904
2,991
2,869
7,454
7,086
6,752 6,980 7,774
8,661
8,847 '8,630
8,661 9,070 ' 7,483
3,641
3,547
3,357 3,457 3,831
3,892
4,539
4,282
4,384 '4,735
2,961
2,743
2,694 2,745
?,089
3,334 '3,337
2,735
3,390 '3,436
below on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12.
t See
eoiresponding note on p. S-£.
© Unadj. and seas. adj. mfrs. shipments and new orders
(totals and total nondurables) were revised back to Dec. 1975; revisions prior to Mar. 1976
are available from Bureau of the Census, Wash., D.C. 20233.
cf See note marked "%" on
p. S-12.
A See note marked " t " on p. S-12.
9 Includes data for items not shown
separately.
©See corresponding note on p. S-4.

SUJ

S-6
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

|

t OF CUliIKKN T 131JS1JN.

1976

1976

July

Annual

September 1977

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt-Continued
Shipments (not seas, adj.) f—Continued
Durable goods industriesf—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products

68,892
98,147
63,716
.13,369
70,581
22,601

79,659
.09,652
72,039
36,130
91,115
24,905

6,284
8,556
5,385
9,615
6,247
1,973

6,712
8,738
6,007
.0,114
6,770
2,120

9,644
6,515
LI, 106
7,564
2,247

6,693
9,127
6,383
1,307
7,587
2,177

6,534
8,966
6,407
L2.265
8,687
2,210

6,505
9,477
6,565
1,996
7,925
2,197

6,162
8,785
6,012
Ll, 803
8,362
2,036

6,926
9,953
6,634
13,049
9,001
2,193

7,689
10,772
6,813
14,773
10,360
2,372

7,496
10,222
6,601
13,806
9,681
2,271

7,397
10,096
6,493
14,186
9,711
2,295

7,924
.0,911
•7,166
.5,155
0,606
'2,452

9,291
6,195
12,175
8,379
2,139

do
do
...do
do

il9,760
.71,794
7,806
32,874

173,679
.76,150
8,087
37,583

L5,473
.4,292
649
2,612

:8, 129 50,221
15,466
:,540
677
652
3,302
3,060

L9,514
5, 289
753
3,198

L8,783
5,024
650
3,201

7,225
14,599
751
3,097

17,529
669
2,949

52,028
15,475
671
3,270

53,651
15,797
714
3,659

53,071
15,429
696
3,543

52,357
15,028
723
3,571

54,287
15,817
738
'3,725

50,262
L4,974
684
3,101

do
do
.do
do

43,463
90,370
69,692
28,081

50,227
101,385
82,640
32,572

3,951
7,701
6,992
2,491

4,312
8,222
7,103
2,723

4,443
8,835
,107
2,730

4,255
8,315
7,103
2,832

4,140
8,239
7,153
2,760

4,011
7,979
7,496
2,570

4,174
8,186
7,749
2,713

4,492
9,399
7,948
3,054

4,647
10,218
7,597
3,215

4,683
10,069
7,838
3,140

4,570
9,783
8,055
3,142

4,822
9,807
8,131

4,260
8,457
8,160
2,798

98,932

39,078

98,387

97,043

99,919

.04,475

03,569

106,133

11,241

L09,640

.09,458

10,884 39,494

.1,090
2,517
7,764
4,036
2,954

.1,648 50,060
2,579 2,568
7,856 7,746
3,908 3,945
3,105 3,030

49,029
2,471
7,355
3,681
2,877

.1,238
2,569
7,283
3,714
2,751

55,295
2,703
7,298
3,583
2,910

53,341
2,644
7,334
3,467
3,020

54,703
2,765
7,590
3,708
3,019

58,849
2,989
8,566
4,298
3,387

56,764
2,842
8,136
4,032
3,251

56,717
2,860
8,296
4,244
3,169

57,570
'3,010
8,428
'4,471
'3,050

_. do..
.do.
do.
.do.
..do.
do.

6,633
9,377
5,974
LI, 540
8,000
2,143

6,592
9,420
6,133
.1,513
8,068
2,144

6,485
9,378
6,101
L0,117

6,309
9,204
6,037
10,102
6,483
2,068

6,610
9,282
6,298
11,616
8,004
2,123

6,961
9,546
6,688
14,176
10,036
2,198

6,764
9,471
6,625
12,642
8,556
2,228

7,048
9,713
6,594
12,824
8,665
2,258

7,707
9,904
6,655
14,367
10,126
2,344

7,370
10,017
6,602
13,341
9,338
2,323

7,253
10,060
6,555
13,325
9,074
2,321

'7,461
7,074
'9,920 10,198
'6, 753 6,854
13,862 13,548
'9,712 9,152
'2,324 2,323

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.

47,842
15,088
637
2,994
4,149
8,162
6,954
2,669

47,430 48,328 48,014
4,807
14,552 4,762
749
682
616
2,974
3,088
2,971
4,195 4,302 4,137
8,361
8,134 8,611
7,163
7,075
7,061
2,690
2,649
2,686

48,681
14,773
640
3,143
4,153
8,827
7,154
2,806

49,180
14,603
753
3,302
4,296
8,637
7,484
2,815

10,228
L4,920
704
3,269
4,358
8,661
7,878
2,950

51,430
15,277
703
3,346
4,435
9,126
7,833
3,037

52,392
15,451
738
3,503
4,579
9,682
7,660
3,118

52,876
15,778
728
3,593
4,702
9,480
7,884
2,995

52,741
15,261
709
3,558
4,593
9,364
8,159
3,116

•53,110
•15,822
••695
•3,464
•4,586
'9,554
7,921
•3,120

52,840
15,802
671
3,552
4,474
8,938
8,115
2,996

8,755
19,343
15,031
10,854
9,534
45,977

Nondurable goods industries, total 9©
Food and kindred products
Tobacco products
Textile mill products

mil. $..
do
do
do
do
do

Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products

Shipments (seas, adj.), total t©
...do..
By industry group:
Durable goods industries, total 9
-do..
Stone, clay, and glass products
do_.
Primary metals
do_.
Blast furnaces, steel mills
do..
Nonferrous and other primary met..-do..
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts..
Instruments and related products

By market category :t
Home goods and apparel©..
do.
Consumer staples
__do.
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
-do
Other materials and supplies...
.do.
Supplementary series:
Household durables
do.
Capital goods industries
do.
Nondefense
do.
Defense
—do.

2,086

4,283

'3,294

56,820
2,920
8,174
4,258
2,963

83,200
210,221
147,173
86,063
183,256
436,796

217,379
1162,383
109,437
100,342
495,602

7,698
18,371
13,633
9,470
8,338
414,22

7,695
17,832
13,652
9,498
8,521
41,881

7,876
18,296
13,493
8,083
8,452
42,187

7,710
18,305
13,625
8,014
8,431
40,958

7,943
18,297
13,815
9,603
8,505
41,756

7,973
18,317
14,663
11,711
8,898
42,913

8,138
18,594
14,297
10,267
8,611
43,662

8,285
19,001
14,387
10,524
9,233
44,703

8,398
19,323
14,736
12,142
9,795
46,815

8,294
19,521
14,735
11,293
9,483
46,314

8.520
19,041
14,935
10,940
9,431
46,591

'8,579
19,510
14,736
•11,490
"9,665
'46,904

35,430
164,374
140,651
23,725

i 38,579
1181,624
'155,317
i 26,307

3,107
15,231
13,121
2,111

3,178
15,380
13,192
2,188

3,359
15,139
13,022
2,118

3,202
15,371
13,143
2,228

3,263
15,450
13,206

3,319
16.446
13,931

2,244

2,515

3,333
16,217
13,570
2,647

3,366
16.391
13,776
2,615

3,542
16,815
14,204
2,611

3,373
16,730
14.234
2,496

3,422
16,934
14,356
2,578

3,631
16,581
14,030
2,551

155,825
99,853
55,972

167,299
105,516
61,783

.60,588
.02,273
58,315

.61,787
.02,692
59,095

.62,900 .65,320 L66,528 L67,299 69,300
.03, 249 L04,483 L05,193 L05,516 .07,378
59,652 60,837 61,335 61,783 61,922

170,396
108,439
61,957

170,818
108,726
62,092

171,886 173,087 173,022 .73,117
109,218 109,925 -•110,229 .10,199
62,668 63,162 '62,793 62,918

Book value (seasonally adjusted), totalf
do..
By industry group:
Durable goods industries, total 9
do..
Stone, clay, and glass products
do..
Primary metals
do..
Blast furnaces, steel mills
..do..
Nonferrous and other primary met.do..

155,693

166,587

,62,144

L63,184

L64.966

L67,482

68,449

169,379

170,747 172,629 173,818 .74,772

100,310
3,848
15,527
8,483
6,113

105,729 iO2,856
4,194 3,934
17,329 16,225
10,179 9,452
6,178 5,871

L03,282

104,117 05,589
4,092
3,998
16,660 17,113
9,787 10,100
6,043
5,910

06,128 .05,729 06,562
4,130 4,194 4,248
17,178 17,329 17,197
10,072 10,179 10,148
6,178 6,100
6,126

07,222 107,685 108,190 109,154 110,421 .11,058
4,193
'4, 251
4,343
4, 258
4,234
4,142
17,276
17,323 17,332
17,584 17,645 17,756
10,154
10,232 10,215
10,444 no, 500 10,557
6,195
6,088
6,154
6,159
6,101
'6,150

Fabricated metal products
do.
Machinery, except electrical
do.
Electrical machinery
do.
Transportation equipment
do..
Motor vehicles and parts
do.
Instruments and related products.-do.

12,931
23,479
12,883
19,048
5,978
4,290

12,827
23,678
13,811
19,621
6,484
4,465

13,131
23, 885
13,961
19,823
6,764
4,524

13,183 13,173 13,344
23,845 23,987 24,281
14,009 14,11: 14,054
20,046 19,121 19,245
6,974 6,301 6,429
4,581
4,574 4,657

13,249
24,253
14,317
19,512
6,540
4,687

13,265
24,417
14,647
19,428
6,548
4,728

13,332
24,476
14,741
19,594
6,476
4,721

13,396
24,566
15,088
19,735
6,624
4,785

'13,472
'24,8.71
'15,343
'20,370
•7,191
•4,735

13,694
24,998
15,328
20,418
7,065
4,845

34,621
8,059
10,794
4,586

35,047
7,907
10,872
5,164

35,320 34,621 35,141
7,864 8,059 8,044
11,013 10,794 10,876
5,264 4,586 4,800

35,229
8,174
10,842
4,845

35,798
8,354
10,985
4,815

35,758
8,300
10,865
4,801

36,615
8,26"
11,003
5,448

•37,289
'8,287
11,148
'5,885

37,199
8,338
11,192
5,644

43,020
5,95C
16,277
12,059

42,62'
5,828
15,929
12,163

43,005
5,967
16,112
12,160

43,020 43,235
5,950 5,838
16,277 16,455
12,059 11,972

43,611
5,846
16,564
12,206

43,343
5,743
16,660
12,188

43,805
5,651
17,003
12,364

43,339
5,789
17,079
11,758

•43,584
'5,809
17,23:
11,692

44,203
5,858
1 ,240
12,042

3,32C
11,028
2,476

27,915
3,378
11,04,
2,496

27,802
3,34"
10,729
2,622

28,088
3,32C
11,02£
2,47i

28,186
3,315
11,004
2,473

28,382
3,256
11,164
2,461

28,544
3,226
11,419
2,425

28,627
3,381
11,341
2,429

29,200
3,528
11,572
2,529

'29,548
'3,54c
11,835
'2,792

29,656
3,560
11,894
2,731

61,085
15,87
3,65!
5,151
5,22,
13,04(
5,058
3,762

15,694
3,630
5,17C
5,292
13,088
5,052
3,855

60, 85!
15,648
3,508
5,253
5,20(
13,03$
5,148
3,888

60,920
15,775
3,471
5,269
5,220
13,009
5,156
3,965

61,227
15,973
3,518
5,360
5,273
12,991
5,083
4,000

61,694
16,130
3,484
5,368
5,352
12,962
5,156
4,079

62,557 63, 475 '63,397
16,530 16,819 16,36
'3,596
3,549
3,582
5,426
5,473 '5,47
'5,56
5,439
5,534
13,038 13,152 13,306
'5,546
5,46"
5,252
'4,104
4,08'
4,016

63,71
16,036
3,635
5,481
5,62S
13,595
5,712
4,154

Inventories, end of year or month :f
Book value (unadjusted), tctalf
Durable goods industries, total
Nondurable goods industries, total

do.
do.
.do.

By stage of fabrication:!
Materials and supplies 9
do. _.
Primary metals
do
Machinery (elec. and nonelec.).-.do
Transportation equipment
do
Work in process 9
Primary metals..
Machinery (elec. and nonelec.)
Transportation equipment

do..
do..
do.
do.

Finished goods 9 .
do__.
Primary metals
do...
Machinery (elec. and nonelec.)...do...
Transportation equipment
do...

13,173
23,98"
14,112
19,121
6,301
4,574

12,603
23,420
13, 634
19,705
6,627
4,428

4,002
16,485
9,709
5,840
12,547
23,591
13,708
19,515
6,336
4,438

60,85* 59,288 59,902 60,85C
Nondurable goods industries, total 9 ---do...
55,38'
15,64! 15,220 15,61" 15,830
Food and kindred products
do..
14,321
3,508 3,615
3,63
3,70'
3,295
Tobacco products
do..
5,253
5,184
5,201
5,104
4,834
Textile mill products
do..
5,200 5,085
5,121
5,136
4,646
Paper and allied products
do..
13,032 12,60S 12, 825 12,977
11,695
Chemicals and allied products
do..
5,148 4,87S
4,833
5,04
4,71
Petroleum and coal products.
-do..
3,88$
3,594
3,61
3,65:
3,70*
Rubber and plastics products
do..
By stage of fabrication :f
Materials and supplies
do..
26,015
Work in process..
do..
9,182
Finished goods
do..
25,66
1
2
\ Revised.
Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for July 1977 do not reflect revisions for selected components.
t Revised series.
Data revised back to Jan. 1958 to reflect (1) updating of benchmarks used in developing shipments and inventory estimates, (2) recalculation of estimated new orders, (3) changes required
to conform to revised 1972 SIC categories, and (4) use of new seas. adj. factors. A detailed




66,674

,67,114 .66,587

58,142
8,"l98"

1~3~555~

3,507 2 3,569
17,107 17,674
14,529 15,121
' 2,578 2 2 , 5 5 3

25,678 25,988 26,405 26,810 27,068 26,8£ 26,49<
9,65*
'9,429
9,422
9,379
9,356
9,067 9,14
26,175 26,098 25,933 26,368 26,985 '27,126 27,55
description of this comprehensive revision and historical data appear in report M3-1.6, "Manufacturers' Shipments"Inventories, and Orders: ^8-1976 Revised),'' available for $2.25
from the Subscribers Services Section, Bur. of the Census, Wash., D.C. 20233. Data back to
Jan. 1958 for mfg. and trade sales and invent, and inventory-sales ratios appear on p. 22iff .of
the Jan. 1977 SURVEY.
©See corresponding note on p. S-5.
9Includes data for items
not shown separately.

26,88
8,524
25,68

25,84
9,171
25,97

26,01
9,182
25,66

September 1977

\KY
1975

U n l e s s otherwise stated in footnotes below, data
through 1974 a n d descriptive notes a r e a s s h o w n
in t h e 1975 edition of B U S I N E S S S T A T I S T I C S

OF (UUK1IE1N1
1976

1976

Annual

S-7

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

14,825
23,883
40,704
9,192
14,427
71,741

Aug.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES.
AND ORDERSt-Continued
Inventories, end of year or montht—Continued
Book value (seasonally adjusted)—Continued
By market category: t
Home goods and apparel
mil. $.
Consumer staples
do
Equip, and defense prod., excl. auto do
Automotive equipment
do...
Construction materials and supplies
do...
Other materials and supplies...
_do...
Supplementary series:
Household durables.__
do___
Capital goods industries
do...
Nondefense
do
Defense
do...
New orders, net (not seas, adj.), total t A
Durable goods industries, total
Nondurable goods industries, total A

do..
do.
do.

New orders, net (seas, adj.), total t A
-do
By industry group:
Durable goods industries, total t
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met.__do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts

do
do
do
do

7,065
42,430
35,584
6,846

7,127
42,649
35,846

7,107
42,740
35,940

6,578
42,341
35,772

13,704
66,380

6,804

7,059
42,942
36, 095
6,847

14,143
23,367
38,943
8,993
67,685
43,124
36,277
6,847

21,027,905 •21,183,468 98,811

14,039
23,119
38,842
8,430
14,161
67,996

14,003
23,164
39,044
8,601
14,615
68,055

14,056
23,327
39,231
8,718
14,663
68,454

14,296
23,531
39,393
8,728
14,560
68,871

14,608
23,928
39,638
8,691
14,523
69, 359

14,747
24,137
39,855
8,777
14,536
70,577

14,888
23,943
40,267
' 9,363
14,290
71,067

6,923
43,104
36,527

6,936
43,311
36,702
6,609

7,117
43,737
37,112
6,625

7,275
43,992
37,475
6,517

7,407
4,335
47,733
36,602

7,494
44,671
38,034
6,637

' 7,565 7,533
45,206 45,461
38,332 38,414

51,048
47,762

107,879 114,873
55,651 60,900
52,228 53,973

6,577

7,047

113,054 111,066
59,824 58,899
53,230 52,167

117,795 103,611
63,372 53,317
54,224 50,349

106,608 105,288 106,575 111,788 111,547 111,693

111,702 108,379

99,575
52,139
47,436

97,554

98,476

99,006

100,784

505,969 • 609,450
71,792
90,046
35,779
45,846
28,209
34,956

51,180
7,918
3,997
3,170

50,380
7,340
3,581
2,946

50,068
7,556
3,649
3,153

50,754
7,019
3,485
2,790

52,235
7,529
3,650
3,080

57,040
7,252
3,808
2,629

55,037
7,987
4,054
3,040

55,133
7,974
4,068
3,031

59,160
8,647
4,304
3,438

58,652
7,904
3,906
3,102

59,176
9,079
5,089
3,062

• 58,378
7,959
' 3,945
' 3,077

66,712
79,256
92,795 ' 108,236
61,720 r 74,111
109,511 "138,649
26,316
30,009

6,733
9,572
5,894
11,214
1,254

6,586
9,082
6,088
11,203
1,890

6,280
9,283
5,963
10,751
3,202

6,425
9,413
6,463
11,369
3,539

6,805
9,336
12,102
2,882

7,072
9,629
7,139
15,487
3,924

6,924
10,219
6,871
12,630
2,311

9,
6,713
12,614
2,329

7,832
9,991
6,338
14,564
2,887

7,363
9,791
6,941
15,128
4,252

7,337
10,143
7,163
14,179
3,421

' 7,236 6,874
• 10,572 10,230
r 6,866 6,752
14, 725 • 12,667
r 3,814 1,915

521,936 • 574,016 47,631
113,179 • 127,856 10,132
408,757 • 446,160 37,499

47,174
10,142
37,0?l

48,409
10,738
37,671

48,252
11,453
36,799

48,549
11,243
37,306

49,560
11,289
38,271

50,251
11,019
39,232

51,442
11,240
40,202

52,628
11,772
40,856

52,895
11,789
41,106

52,517
11,484
41,033

53,146 52,827
'11,787 11, 764
• 41,359 41,063

8,171
18,624
13,994
10,482

8,413
19,008
14,323
10,717
9,227
44,884

8,273
19,316
14,478
12,413
9,706
47,570

8,377
19,514
16,169
11,627
9,545
46,315

8,588
19,032
15,948
11,074
9,564
47,487

' 8,549
19,531
15,957
11,542
' 9,683
46,440

19,382
14,525
10, 765
9,468
45,391

3,493
18,293
15,000
3,293

3, 587
17,717
• 15,535
2,182

r 3,589
• 16,341
• 14,409
'1,932

• 56,031
r 8, 311
4,290
3,014

1

56,645

57,912
8,552

1

12,303

2
83,408 2 93,224
2 210,267 2 217,424
2
141,257 •-2163,818
2
84,741 2 110,631
2 81,372 2 99,180
426,941 '498,255

7,807
18,409
13.605
9,556
8,429
41,005

7,731
17,84C
12,940
9,487
8,417
41,138

18,316
14,029
7,991
8,208
42,252

7,888
18,277
15,082
8,036
8,435
41,288

7,945
18,274
13,897
9,628
8,721
42,319

7,981
18,310
15,929
11,800
9,075
43,505

-35,509 2 38,599
155,968 '2183,614
130.782 ••2154,114
2 25,185 2 29,499

3,176
15,017
13,778
1,239

3,194
14,609
12,690
1,919

3,191
15,621
13,468
2,153

3,379
16,964
14,124
2,840

3,284
15,875
12,734
3,141

3,314
17,885
13,835

3,510
16,136
14,249
1,887

3,425
16,775
14,561
2,214

18,276
14,679
3,597

174,222
166,408
7,814

172,994 172,229 171,440
164,942 164,567 163,851
8,052
7,661
7,588

172,731
164,998
7,733

172,646
165,040
7,606

174,222 176,648 177,780
166,408 168,599 169,532
7,814
8,049
8,248

178,453
169,884

180,255
171,526
8,729

180,563 181,495 182,207
172,024 173,045 173,984 1174,882
8,539 r 8, 476 8,563

175,453

171,938

170,414

170,503

172,468

173,333

175,453

177,179

177,623

178,167

180,065

182,301 • 183,125182,006

167,261
16,004
9,993
4,980

164,055
16,846
10,650
5,056

162,787
16,330
10,323
4,896

162,795
16,140
10,028
5,019

164,522
15,804
9,832
4,932

165,519
16,051
9,768
5,261

167,261 168,962 169,394
16,004 16,658 17,041
9,993 10,580 10,939
4,980
5,000
5,012

169,704
17,122
10,977
5,063

171,587
16,890
10,851
4,914

174,047 174,859 174,072 1173,837
1
17,696
17,673 17,205 • 17,342
11,696
11,171 11,202
4,807 r 4,834 4,885

23,302
43,808
23,251
52,753
34,746
8,192

23,092
44,318
22,430
49,366
31,192

23,086
43,981
22,385
49,056
30,842

23,501
44,361
23,437
52,729
34, 692

23,494
44,133
23,772
54,517
36,387

23,577
44,215
24,383
55,371
36,941

7,627

23,192
43,843
22, 812
51,445
33,553
7,814

23,302
43,808
23,251
52,753
34,746

7,883

22,881 22,997
43,886 43,914
22,246 22,678
49,690 50,958
31,877 32,982
7,708 7,946

8,463

8,478

3,302
101,063
18,014
53,074

3,307
98,403
17,963
52,266

3,351
97,681
17,860
51,523

3,174
98,125
17,616
51,589

3,303
99,712
17,836
52,482

3,302
101,063
18,014
53,074

2,644
110,060
77,829
32,231

2,604
1C6,893
77,471
29,422

2,620
106,122
76,969
29,153

2,644
2,451
2,650
2,629
106,603 108,198 108,623 110,060
77,415 78,398 77,925 77,829
29,188 29,800 30,698 32,231

3,370 3,445
3,366 3,501
100,978 101,108 101,119 102,888
18,102
18,040
18,129
18,135
54,700 54,885 55,638 55,630
2,663 2,807 2,692 2,761
L10,415 110,163 110,119 111,664
78,879 79,354 79,708 80,152
31,536 30,809 30,411 31,512

375,766

31,469
30,114

30,585
32,746

30,944
32,368

33,562
33,495

33,852
34,508

770
745
101
90
99
138
153
128
105
105
101
339
295
317
73
98
69
183,572 277,598 200,441
16,089 35,323 21,163
38,074 21,647 56,468
56,138 123,329 47,747
41,357 39,296 43, 259
31,914 58,003 31,804

664
87
107
74
315
81
.68,539
27,408
24,419
63,480
36,825
16,407

32.0

28.4

2

Unfilled orders, end of year or month (unadjusted),
total f
mil. $__ 170,243
Durable goods industries, total
do
162,726
Nondur. goods ind. with unfilled orders©., do
7,517
Unfilled orders, end of year or month (seasonally
adjusted) total t
mil. $__ 171,438
By industrv group:
163,582
Durable goods industries, total 9
do
14,742
Primary metals
do
9,287
Blast furnaces, steel mills
do
4,091
Nonferrous and other primary met...do
Fabricated metal products
do
23,690
Machinery, except electrical
do
45,472
Electrical machinery
do
21,230
Transportation equipment
do
50,236
Aircraft, missiles, and parts
do
33,106
Nondur. goods ind. with unfilled orders©.do...
7,856
By market category: f
Home poods, apparel, consumer staples . do
3,209
Equip, and defense prod., incl. auto
do
98,742
Construction materials and supplies
.do
19,197
Other materials and supplies
do.
50,290
Supplementary series:
Household durables
...do
2,623
Capital goods industries
do
108,533
Nondefense
.do.... 79,323
Defense
do
29,210
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
number.. 326,345
Seasonally adjusted
_
do

INDUSTRIAL AND COMMERCIAL
FAILURESG
Failures, total
.number.. 11,432
Commercial service
do
1,637
1,331
Construction
~~~do~~~~
2,262
1,770
Manufacturing and mining
......6o'..'.
1,645
1,360
Retail trade
dc
4,799
4,139
Wholesale trade
...
do
1,089
1,028
Liabilities (current), total
thous. $ 4,380,170 3,011,271
Commercial service
do
475,485 490,140
Construction
IZIdoII"" 640,845 428,737
Manufacturing and mining
do
1,020,609 1,121,722
Retail trade
do
1,835,908 556,912
Wholesale trade.
_
"do".." 407,323 413,760
Failure annual rate (seasonally adjusted)
2 42.6
_
No. per 10,000 concerns.
2 34.8

798
3 714
105
108
109
119
130
122
127
114
92
358
293
284
75
76
89
305,552 263,965 250,318
21,928 25,066 31,768
23,028 23,838 18,103
206,547 120,800 157,475
40,285 47,966 26,628
13,764 46,295 16,344
31.2

35.7

3 34.9

Revised
v Preliminary. i Advance estimate; totals for mfrs. new and unfilled orders
for July 1977 do not reflect revisions for selected components. 2 Based on unadjusted data.
it-ti? n l J v h,
Alaska.
f See correspondig note on p. S-6.
9 Includes data for
^ " t sl e °wn
separately. A See note marked " 0 " on p. S-5. excludes textile
£S U w ' ^ t h e r ^ n d Pri>dv Paper and allied prod., and print, and pub. ind.; unfilled orders
for other nondurable goods are zero.




14,377
23,466
38.875
8.692
13,884
67,380

97,174 102,455 102,473 100,039
49,436 52,307 52,814 51,386
47,738 50,148 49,659 48,653

do
do
do
do
do

do
do
.do
do
do
do

6,923
43,104
36,527
6,577

14,039
23,119
38,842
8,430

1,027,905 p l, 183,468 93,995
505,969 '609,450 48,750
521, 936 r574,016 45,244

Nondurable goods industries, total A
do
Industries with unfilled orders©
do
Industries without unfilled orders 1 A..do
By market category: f
Home goods and apparel A
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense

14,386
23,055
38,555
8,123
13,418
65,647

14,441
23,417

14,161
67,996

14,361
22,666
38,419
8,393
13.364
64,942

13,005
21,526
38,429
7,885
13,323
61,525

3,324
99,604
17,620
51,920

30,749
32,887

34.7

29,845
33,496

33.8

4,050

8,192

8,733
45,284
3,351
16,570
14,621
1,949

23,464
44,279
23,575
52,744
34,793

8,217

23,374
44,419
23,741
52,534
34,537
8,229

8,254
3,507
104,032
18,235
56,527

23,753
• 44,869
• 24,497
56,234
• 38,022
r 8,291

23,151
44,898
24, 398
55,351
37,322

3,810
16,362
14,394
i 1,968

1

54,099

8,279

3,628
'105,309
3,498 104,713
18,253 18,186
56,065 55,479

2,790 r 2,874 1 3,116
2,835
113,020 114,159 113,391 1 112,075
80,794 • 82,302 • 82,179 81,451
32,226 31,857 • 31,212 i 30,624

30,348 r 35,130 35, 797
33,095 r 33,394 33,707

693
85
142
114
284
68

858
104
158
110

194,197 248,196
41,971 37,873
29,435 33,487
72,809 71,219
33,854 54,743
16,128 50,874

'29.6

32.3

804
724
109
99
137
147
108
102
367
300
83
76
207,272 473,886
45,938 14,647
40,516 141,306
43,570 52,094
58,477 37,874
18,771 227,965
31.8

30.2

H For these industries (food and kindred prod., tobacco mfs., apparel and other textile
prod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales are
considered equal to new orders. G Compiled by Dun & Bradstreet, Inc. (failures data
for 48 States and
Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginning
Sept. 1976). c Corrected.

S-8
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

SUKV

UKK UJNT

1976

1976
July

Annual

Aug.

Sept.

September 1977

INKS
1977

Oct.

Nov.

Deo.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

COMMODITY PRICES
P R I C E S RECEIVED AND PAID BY
FARMERSt
Prices received, all farm products
1910-14 = 100..
Crops9
do
Commercial vegetables
. . __ __do
Cotton
do
Feed grains and hay
do
Food grains
do
Fruit
. . . . .
do
Tobacco
do
Livestock and products 9
do
Dairy products. _ _ _
_ _ __ do .
Meat animals
do
Poultry and eggs
. . .
do _
Prices paid:
All commodities and services
do
Family living items
__ . do .
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14 = 100..
Parity ratio §
do
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All items
1967=100..
Special group indexes:
All items less shelter
do .
All items less food
_
do..
All items less medical care
do-..
Commodities
do
Nondurables
.
do . .
Nondurabies less food-. . .
do
Durables
_
do .
Commodities less food
..
. do.. .
Services
do
Services less rent
- ..
do
Food 9
do
Meats, poultry, and
fish
do
Dairy products._
__
__ do.. .
Fruits and vegetables
do
Housing
__ _
_ _ . . .
do __
Shelter 9
do
Rent...
_
do
Homeownership
do
Fuel and utilities9
. _. , . .
do
Fuel oil and coal
do
Gas and electricity
do
Household furnishings and operation., do .
Apparel and upkeep
do
Transportation
do
Private
do
New cars. _.
do
Used cars
do
Public
do
Health and recreation 9
- do _
Medical care
do
Personal care
_ _.
do
Reading and recreation
do
Seasonally Adjusted If
All items, percent change from previous month
Commodities...
_
1967—100
Commodities less food
do
Food
do
Food at home
..
do
Fuels and utilities
do
Fuel oil and coal
_ _
do
Apparel and upkeep
do
Transportation.
. . .
do
Private.
_.
do
Newcars..
..
do
Services
do

463
452

465
444

486
481

466
451

466
459

446
438

432
419

446
427

457
445

468
457

474
475

477
479

484
482

461
447

458
348
400
426
313
899

456
504
379
354
300
907

447
581
421
376
268
851

434
497
394
336
305
924

464
545
394
326
294
980

489
528
360
297
360
948

482
550
322
283
295
948

456
533
347
277
274
973

574
526
361
282
271
959

637
540
362
287
276
954

641
589
365
282
297
957

507
572
359
277
319
967

482
567
352
261
374
966

435
516
328
245
354
966

474
537
567

485
591
569

492
577
588

481
593
558

472
602
537

454
609
506

446
605
487

465
595
523

467
590
530

478
584
546

471
577
544

473
577
551

485
571
585

476
574
568

235

233

233

238

236

225

231

241

240

252

240

232

220

533
533
528
614
76

565
563
560

571
565
569

569
567
564

568
569
562

565
572
557

564
575
554

569
578
559

578
2 553
569

590
2 562
583

597
2 565
592

601
2 570
594

653
71

660
74

657
71

657
71

652
68

652
66

657
68

673
68

584
2 556
578
679
69

685
69

692
69

695
70

841
493

'581
590

436
387
440
545
262
244
366
977
487
591
579
223

217

231

597
573
588
692
67

595
2 577
'582

2 579

'690
65

686
64

591
576

161.2

170.5

171.1

171.9

172.6

173.3

173.8

174.3

175.3

177.1

178.2

179.6

180.6

181.8

182.6

183.3

159.1
157.1
160.9
158 4
163.2
151.7
145.5
149.1
166 6
171.9
175 4
178 0
156.6
171.0
166 8
169 7
137 3
181 7
167.8
235.3
169.6
158.1
142.3
150.6
149 8
127.6
146.4
158.6
153.5
168 6
150.7
144.4

168.3
167.5
169.7
165.2
169.2
158.3
154. 3
156.6
180.4
186.8
180.8
179.4
169.3
175.4
177.2
179.0
144.7
191.7
182.7
250.8
188.8
168.5
147.6
165.5
164.6
135.7
167.9
174.2
163.3
184.7
160.5
151.2

169.0
167.9
170.3
166 0
169.7
158.1
155.8
157.1
180.7
187.2
182 1
184.0
168.0
177.3
177.5
179.5
145.0
192.2
182.5
248.1
189.6
168.9
146.5
167.6
166.8
134.4
177.5
174.4
163.7
185.5
160.5
151.2

169 7
168.9
171.1
166 6
170.4
159.1
156.4
158.0
181.8
188.4
182 4
181.5
169.0
178.3
178.4
180 6
145.6
193 4
183.7
249.3
190.3
169.1
148.1
168.5
167.8
134.4
179.6
174.6
164.4
186.8
161.6
151.4

170.4
170.0
171.7
167.0
170.7
160.4
156.9
158.9
183.2
189.8
181.6
179.3
171.1
170.8
179.5
181.5
146 2
194.4
185.1
250.8
192.2
170.2
150.2
169.5
168.6
134.2
180.1
176.9
165.3
187.9
162.8
152.8

171.0
170.8
172.4
167.4
171.0
161.0
157.8
159.6
184.1
190.8
181.6
174.8
172.7
175.5
180.1
182.0
146.9
194.8
186.5
253.1
193.9
170.9
150.9
170.9
170.2
139.1
179.9
177.4
166.1
188.9
163.9
153.5

171.6
171.6
172.7
167.7
171.3
161.9
158.0
160.3
185.1
191.8
181.1
172.0
171.7
174.8
180.7
182.1
147.5
194.8
188.2
258.0
195.5
171.7
151.9
171.4
170.6
139.7
179.0
177.6
167.3
191.3
164.8
154.1

172.2
172.2
173.2
168.1
171.7
162.3
158.4
160.6
185.8
192.6
181.7
170.2
171.4
175.5
181.6
182.4
148.3
195.0
192.0
264.5
201.4
172.3
151.8
171.4
170.7
140.4
178.0
178.0
168.0
192.3
165.2
154.4

173.1
172.9
174.2
168.7
172.4
161.9
158.9
160.6
187.5
194.4
183.4
172.3
171.3
177.6
183.1
184.1
149.5
196.7
194.8
271.7
204.2
172.6
150.0
172.1
171.4
141.1
177.7
178.7
169.0
194.1
166.2
154.9

175.0
174.0
176.0
170.9
175.0
163.1
159.7
161.6
188.7
195.6
187.7
174.7
171.1
194.7
184.3
185.3
150.2
198.1
196.4
278.3
205.4
173.6
150.8
173.3
172.7
140.7
179.1
178.9
169.8
195.8
166.7
155.5

176.1
175.1
177.0
171.8
175.9
163.9
160.8
162.6
190.0
197.1
188.6
175. 0
171.2
196.8
185.5
186.3
150.8
199.3
198.5
281.4
208.5
174.6
151.7
174.8
174.1
140.9
182.7
180.4
170.7
197.6
167.3
155.8

177.5
176.3
178.4
173.3
177.4
164.7
162.2
163.6
191. 3
198.4
190.9
174.6
171.4
203.0
186.7
187.7
151.6
201.0
199.4
282.0
209.8
175.4
152.3
176.8
176.3
140.6
187.8
180.4
171.4
199.1
168.4
156.0

178.4
177.3
179.4
174.3
178.3
165.7
163.4
164.7
192.3
199.5
191.7
175.9
173.1
195.1
187.6
188.9
152.2
202.3
200.2
282.6
210.9
175.9
153.4
178.2
177.8
141.4
191.4
181.5
172.3
200.5
169.5
156.8

179.7
178.4
180.6
175.4
179.7
166.6
163.9
165.4
193.7
201.1
193.6
178.5
174.3
196.8
189.0
190.3
152.9
203.9
201.8
283.1
213.0
177.1
153.9
179.2
178.7
141.7
192.2
183.2
173.2
201.8
170.6
157.6

180.2
179.2
181.4
175.8
180.1
166.6
164.3
165. 6
195. 3
202.8
194.6
ISO. 4
174.1
194.1
190.5
192. 2
153. 6
206.2
203. 5
283.7
210.0
177.4
153. 4
179.3
178.8
141.6
190. 6
183. 5
174.1
203. 5
171.3
157.7

180.8
179.9
182.0
176.3
180.8
167.3
164.3
166.0
196.3
203.9
195.2
181.8
175.1
192.1
191.4
193.2
154.4
207.4
204.5
284.1
217.4
178.1
154.8
178.9
178.3
141.6
186.4
183.5
174.7
204.9
172.1
158.1

0.5

165.5
156.9
181.4
179.9
183. 3
251.2
147.8
166.0
165 0
135.1
181.1

0.5

166.2
157.8
181.8
180.2
184 9
254.2
148.7
167.3
166 5
135.9
182.2

0.3

166.6
158.3
181.9
180.1
186.3
256.0
149.4
168.9
167 9
136.9
183.2

WHOLESALE PRICESd 1
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
1
22 Commodities
1967=100
198. 2 » 201.0 216.0
206.9
203.1
9 Foodstuffs
do
i 227.3 11 201 6
202 9
198 5
218 8
1
13 Raw industrial?
do
180.4
200.6
206.2
209.6
214.1
All commodities ©
- d o
174.9
184.8
183.0
183 8
184 4
By stage of processing:
206.4
Crude materials for further processing
do
196.9
205.1
206.2
211.8
192.6
189.3
Intermediate materials, supplies, e t c . . . do .
180.0
190.6
191.1
Finished goods©
. .
do
163.4
170.3
170.7
170.0
170.5
163.6
169.3
Consumer finished goods. _
do
169.0
168.7
169.6
162.5
Producer finished goods
do
173.2
173.1
174.0
172.6
By durability of product:
Durable goods
do
165.8
178.2
176.0
177.1
176.4
Nondurable goods ._
do
181.7
189.5
190.2
188.5
188.0
171.1
Total manufactures
do
180.9
179.8
179.8
179.0
165.6
177.8
Durable manufactures
do
175.6
176.6
175.7
176.6
Nondurable manufactures
do.__
182.1
183.7
183.8
182.8
'Revised.
^Preliminary.
°See
note
"II"
for
this
page.
i
Computed
by
BEA.
2
Beginning Jan. 1977, the consumer price index replaces the family living items index.
JData revised back to 1965 to reflect new base weights; comparable data for earlier period will
be shown later.
9 Includes data for items not shown separately.
§Ratio of prices received
to prices paid (parity index).
^Beginning Feb. 1977 SURVEY, data have been revised (back




2

'451
'410
'447
'533
'291
'243
'342

167.1
159.0
182.2
180.3
187.9
256.5
149.4
170.2
169.5
138.2
184.0

167.4
159.6
181.7
179.6
188.7
257.0
149.9
171.0
170.3
138.6
184.8

168.0
160.4
181.9
179.7
191.8
261.4
150.6
171.9
171.5
139.2
185.5

«0.8
«169. 4
M61.6
« 183. 5
« 181. 3
a
194.0
• 266. 6
° 151. 7
a
173. 5
a
173. 0
* 140. 0
• 187. 2

171.4
162.7
187.1
185.4
194.6
272.0
152.0
175.1
174.8
140.1
188.4

172.2
163.4
188.2
186.4
197.3
278.1
152.3
176.2
175.7
140.6
189.9

173.6
164.0
191.0
189.3
198.4
280.6
152.6
177.9
177.4
140.5
191.4

174.5
164.7
192.4
190.7
199.8
282.9
153.2
178.4
177.6
141.7
192.7

175.3
165.1
193.9
192.1
202.0
285.4
154.2
178.1
177.5
142.0
194.2

175. 5
165.3
194.0
191.9
204.3
287.1
154.8
177.5
176. 9
142. 3
195.7

176.0
165.8
194.5
192.3
205.9
289.6
155.4
177.7
176.9
143.2
196.7

196.5
189.2
201.6
185.3

197.2
191.7
201.0
185.6

200.6
196.7
203.2
187.1

207.3
203.3
210.2
188.0

213.0
208.0
216.4
190.0

218.4
212.0
222.8
191.9

220.8
219.0
221.9
194.3

218.7
219.4
218.1
195.2

208.5
211.3
206.4
194.4 '

204.1
203.8
204.1
194.9

200.8
198.0
202.7
194.6

0.3

0.3

0.4

1.0

0.6

0.8

0.6

0.6

0.4

0.3

207.3
213.2
224.4
215.4
216.2
226.0
207.9
208.1
219.9
203.4
202.0
196.4
202.0 ' 202.7
194.9
201.1
194.0
198.5
174.0
175.1
176.5
177.5
178.8
180.3
180.5
181.3
181.3
179.7
180.2
179.3
179.3
174.8
177.5
172.0
173.1
176.1
184.7
183.8
182.4
183.1
180.2
181.6
180.7
178.7
179.8
189.5
188.2
186.4
186.7
183.0
182.3
185. 8
179.8
180.0
184.7
181.1
191.2
191.9
195.0
197.0
200.5
201.7
199.9
199.4
197.8
189.3
189.0
181.5
181.9
183.2
184.1
185.3
186.9
188.8
190.2
190.4 ' 191.0
191.1
186.6 ' 188. 3 189.5
186.1
185. 4
182.1
184.3
181.0
179.7
180.0
182.8
193.3
192.3
193.9
194.1
191.9
183.4
185.7
189.1
185.0
182.9
187.4
to 1967) to reflect new seasonal factors.
cTFor actual wholesale prices of individual commodities see respective commodities.
©Monthly data for 1976 have been revised to reflect
the availability of late reports and corrections by respondents.
©Goods to users, incl.
raw foods and fuels.

204.1
192.7
172.2
170.0
177.2

204.5
193.1
172.3
170.1
177.6

September 1977

UKK EJNT

Unless otherwise staled in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

S-9
1977

1976

1976

July

Annual

IINE^

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

COMMODITY PRICES—Continued
WHOLESALE PRECEScf—Continued
(U.S. Department of Labor Indexes)—Continued
All commodities©—Continued
Farm prod., processed foods and feeds. 1967 = 100.
Farm products?do._.
Fruits and vegetables, fresh and dried -do._.
G rains
do___
Live poultry
do...
Livestock
do...
Foods and feeds, processed 9
do..
Beverages and beverage materials
do..
Cereal and bakery products
do.
Dairy products
do.
Fruits and vegetables, processed
do.
Meats, poultry, and fish
do_

184.2
186.7
183.7
223. 9
189. 8
187. 9

183.1
191.0
178.4
205. 9
166. 9
173.3

188.1
196.9
164.6
224.3
184.0
175.9

181.7
189.7
i59. 3
207. 6
179. 0
166. 2

182.9
191. 9
180.2
205.5
164.9
161.6

179.5
186.7
192.4
186.7
150.5
156.1

178.3
183.6
166.5
175.4
139.1
154.4

183.9
191.6
174.4
180.6
145. 7
166.1

184.8
193.5
198. 4
184.9
153.7
166.0

188.4
199.0
212.6
185.8
183.7
166.2

190.9
202.4
219.1
183.4
177.2
163.5

195.9
208.1
205.6
184.4
182.3
167. 9

196.8
204.3
201.8
171.2
183.1
180.2

191.5
192. 7
176.2
157. 7
182.7
172.3

189.3
190. 5
182. 0
153. 3
193. 7
180.5

184.2
181.2
176.4
142.5
176.1
175.2

182.6
162.4
178. 0
155. 8
169. 8
191. 0

178.0
173. 5
172.1
168. 5
170.2
181.6

182.6
175.9
173.6
170. 2
169. 7
185.3

176.7
175.8
170. 2
173.9
171.1
174.7

177.2
176.4
169.7
170.5
172.1
176.1

174.9
177.5
169. 9
169. 8
174.4
168.5

174.8
178.8
168.7
168.1
175.7
168.4

179. 0
183.8
168.6
167. 3
175. 6
176.9

179.3
184.1
168.4
166.8
175.4
176.6

181.9
189.3
169.9
166.9
182.9
177.4

183.9
199. 5
171.5
168.1
184.2
174.2

188.5
202.0
171.6
173. 6
185.6
174.9

192.0
206.0
172.0
174.2
185. 8
183.8

190.1
207.7
171.3
174.3
187.8
183. 4

187.8
204.7
172.0
175.1
188. 5
189.5

185.1
205. 5
172.1
175.3
190. 1
182.7

_do.

171.5

182.4

182.7

183.8

184.8

186.3

187.1

187.4

188.4

189.9

191.6

193.2

194.2

194. 6

195. 8

196. 9

Cliemicals and allied products 9
Agric. chemicals arid chem. prod
Chemicals, industrial
Drugs and phannaeeuticals
Fats and oils, inedible
Prepared paint

do.
__do_.
do.
do
do.
do.

181.3
203. 6
206. 9
126.6
255. 2
166. 9

187.2
188.3
219. 3
134. 0
249. 9
174.4

187.1
184.5
219.2
134. 7
258. 9
173.9

188.0
186. 2
221. 2
135.2
249. 4
175.7

188.6
186. 9
221.7
135.4
262. 9
176.2

188.6
186.8
222. 2
135.4
251. 2
176. 9

188.6
184.1
222.6
135. 9
251. 2
177.3

188. 2
183.4
221. 5
136. 4
254. 6
177.3

188. 9
182.2
222.1
137.5
253. 9
177.3

189. 8
183.5
222.9
138.4
253.9
177.3

191.1
186.9
222. 3
139. 0
273.7
178. 9

192.6
188.1
223.2
139. 5
304. 9
180.6

193. 8
187.7
224.0
139. 7
337.5
181.7

193. 9
189.0
224.1
140.8
318.8
182.3

193. 5
188.4
224.4
141. 2
281.9
183.9

193. 5
188. 9
224.7
141.2
268. 9
183. 9

Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined

do.
do..
do.
do
..do-

245.1
385. 8
193. 4
216.7
257. 5

265. 6
368. 7
207.6
286. 8
276.6

265.3
367.7
210.1
277.3
276.8

269.2
367.8
213. 6
286.6
280.7

271.2
368.0
214.5
289.5
283.7

277.1
368.4
213. 2
330. 9
285.0

281.6
369.1
214.0
365.0
285.8

279. 0
374. 0
211.5
337. 6
287.6

278.7
376.3
214.0
322.2
289. 2

289.0
377.5
219.8
363.7
295.1

293. 4
378. 9
223.5
370. 9
301.3

298.6
380.0
229. 6
379.0
306.4

302.3
386. 9
230.7
390. 2
310.1

304. 0
390. 6
234.4
386. 6
311.6

306. (>
393. 0
239. 2
391. 9
312. 9

309. 5
394.5
244.7
400. 9
313. 0

Furnlture and household durables 9
Appliances, household
Furniture, household
Homo electronic equipment

do..
do.
do.
do.

139.7
132.3
146.3
93. 5

145. 6
139. 2
153.6
91.3

145.7
139.7
153.5
91.2

146.1
140.0
153. 9
91. 2

146.7
140.2
155.0
91.2

147.2
140.4
156.5
91.3

147.5
140.6
157.5
91.0

147. 9
141.0
158.6
90. 9

148.6
141.2
158.7
89.6

149.1
142.1
158.9
89.3

149.6
142.9
159. 6
89.3

150.1
143.1
160.7
88.4

150.5
143.2
161.1
88.4

151.3
144. 5
162. 2
88.3

151. 2
145. 4
102. 8
86.8

152.4
146.2
163.1
86.8

Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber

do..
do..
do..
do.
do.
do.

148. 5
147.8
174.5
151.5
176. 9
192. 5

167.8
158. 9
258. 4
188.1
205. 6
233. 0

170.3
160.7
278.6
192. 2
203.7
231.2

171.6
161. 2
284. 8
196. 3
207.5
236.2

173.6
162. 5
292.1
197. 5
212. 8
244.3

170. 9
162.6
251. 4
193.1
213. 6
245. 6

169. 8
162. 9
231.8
191. 4
214.3
244.3

171.5
163. 8
251. 2
191. 7
220. 0
252.1

174.5
164.5
278. 9
192. 9
222.7
257.8

176.7
165.9
282.5
201.3
224.2
259.3

177.6
166.7
285. 9
201.4
228.7
266.0

180.1
167. 7
305.0
204.1
229. 6
268. 3

181. 9
168.2
313.0
210.7
229. 3
267.8

179. 7
168.6
288.8
202.1
228.7
264. 6

180. 3
170. 3
291. 5
198. ()
235. 5
275. 9

180.5
170. 4
288. 3
200. 3
242.7
286.4

Machinery and equipment?
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip

do..
do.
do.
do
do.

161.4
168. 6
185. 2
140.7
171.6

171.0
183.0
198. 9
146.7
182. 7

171.2
182.9
199. 9
146.4
182. 6

171.6
183.8
200. 6
146.7
183.7

172.8
185. 6
201.0
145.2
184.4

174.0
186.3
202. 7
149. 2
185.8

174. 5
188.8
204. 5
149. 5
187.3

175. 4
190. 6
205. 8
150. 0
188.7

177. 0
192. 3
208.8
151.3
190. 9

177.5
193. 3
209.1
151.1
192.7

178.2
194. 6
209. 5
151. 7
193. 7

178.8
194.9
211.4
151.8
194. 7

180.0
195.1
213.0
152.7
195. 7

180.8
196. 0
213.2
153.0
197. 9

181. 9
1%. G
214. 9
154.1
199. 2

182.8
198. 4
215. 8
154.6
200.6

Metals and metal products?
Heating equipment
Iron and steel
Nonferrous metals

do.
do.
do_
do.

185.6
150. 7
200. 9
171.6

195. 9
. 158. 0
215. 9
181.6

198.9
158.4
220.1
187.2

199. 5
159.3
219. 9
187.8

200.1
160.3
218.8
189. 9

200.0
160.1
218. 8
188.4

200.1
160. 9
218. 9
187.5

200. 9
161.8
222.6
185.1

201.8
162.9
224.2
185.3

203.0
163.1
224.7
188.3

206.4
163.7
227. 3
195. 0

208.0
163.5
228. 2
199. 3

208.6
164. 0
227. 9
200. 9

207.8
164.5
226. 9
197. 3

r 210. 7
165. 4
r 231. 1
198. 0

211.7
166.0
233.1
198. 5

Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
Rubber and plastics products
Tires and tubes

do...
do...
do___
do...
do___
do . _ _
do...
do...

174.0
151.2
170. 5
144. 0
170.4
172.9
150. 2
148.5

186.3
163.5
180.1
154.4
179. 4
182.3
159. 2
161. 5

187.3
163.1
181.0
153.4
180. 5
184.5
158.3
157.3

188.0
164.9
181.4
155.1
181.0
184. 9
161.1
167.4

188.6
166.1
181. 2
157.6
181.6
185.4
163. 9
170.9

189. 4
166. 2
181.4
159.1
181.6
185. 9
164.6
172. 9

189. 5
168.2
182.4
160.1
181.5
186.2
164.8
172.1

189. 6
168.8
183. 0
160. 1
181.8
186.6
164. 7
172. 3

192.3
170.1
187. 0
160.8
182. 9
188. 9
164.5
170.0

193.4
167.8
187.8
160.8
183.0
189.4
164. 0
163.6

195. 0
170.7
188.4
164. 0
183.6
191. 8
164. 3
163.6

198. 2
172.7
190.2
172. 2
185.1
193. 2
165. 9
170.1

198. 9
174.2
190. 5
175. 9
186.1
194.1
166.4
167.8

200.4
180.2
190. 9
187.1
187. 3
194.3
167.4
167.8

201. 5
183.8
192. 8
18(Ui
187.7
195. (i
1()8. 9
171. 3

202.4
184. 5
193. 5
189. 8
187.8
196. 2
169.1
171.1

137.9

149. 0
102.6
101. 2
108.5
101.0
140. 2
159.6

149. 5
103.3
99. 6
108.5
101.0
141.5
160.7

149.0
103.1
98. 9
107.1
100.5
141.3
161.1

149. 3
101. 9
98.0
107.4
100.3
142. 2
162.4

150.1
101.7
97. 5
109.1
101. 4
142. 9
163.2

149. 9
101. 6
97. 2
107. 7
101. 5
142.9
162. 7

150.3
102.6
96. 6
105.1
100.4
144.8
165.5

151.1
103.4
97.2
103.8
101.2
145.6
167.1

152.1
103.4
98. 7
103.6
102.7
146.0
169. 6

153.7
106.6
101.5
105.0
104.2
146. 4
170.4

154.0
107. 0
102. 3
105.1
104. 9
146.6
169. 7

154.4
109.5
103.4
104. 5
104. 5
147. 2
169. 7

154.
109.
103.
104.
104.
147.
109.

4
2
4
9
3
2
7

154.4
109. 6
103. 0
103. 3
104. 2
147.4
171.2

149. 2
151.7

150.2
152.8

151.0
153.5

156.1
159. 0

156.2
159. 2

157. 0
159. 5

157.1
159. 2

157.2
159.4

158.4
160.7

158.7
161.0

159. 0
161.3

159. 4
161.8

lf>9. 5
101.8

160. 6
163. 1

0.9

1.1

1.1

0.4

-0.7

-0.1

0.1

207.1
193. 6

208. 2
194. 8

"208. 8
"195. 7

218. 6
197.2

220.8
199. 2

229. 9
201.3

226. 9
202.0

214.9
-201.6

210. 5
201. 9

203. 6
202. 0

a

179. 9
192. 3
171.9
151. 6
185. 6
183. 6

179. 7
191.0
172. 3
152. 0
185. 9
184. 4

179. 5
189.2
172. 9
153. 5
185. 9
185. 2

r 190. 4
187. 9
192. 5

190. 3
189. 1
191. 0

Industrial commodities.

Textile products and apparel §
do._.
Synthetic fibers
Dec. 1975 = 100.
Processed yarns and threads
do...
Gray fabrics
do...
Finished fabrics
do .
Apparel
1967 = 100.
Textile house furnishings
do...

133.4
151. 9

148.2
102. 4
99. 5
106.1
101.1
139.9
159. 3

Transportation equipment 9
Motor vehicles and equip

141.5
144.6

151.1
153.8

Dec. 1968 = 100.
1967 = 100.

Seasonally Adjusted X
All commodities, percent change from previous
month
By stage of processing:
C r u d e materials for further processing 1967 = 100..
Intermediate materials, supplies, etc
do
Finished goods:
C o n s u m e r finished goods
do
Food
(\0
Finished goods, exc. foods . . .
do
Durable
".".".do".::
Nondurable
do
P r o d u c e r finished goods
do
By d u r a b i l i t y of product:
T o t a l manufactures
do..
D u r a b l e manufactures
do..
N o n d u r a b l e manufactures
do..
F a r m products
Processed foods and feeds

do..
do..

F U K C I I A S I N G P O W E R OF T H E DOLLAR
As measured by—
Wholesale prices
1967=$1.00
Consumer prices
. .do

$0. 572
.621

$0. 546
.587

0.4

-0.2

0.7

0.5

208.9
189. 9

202.4
189. 8

202.1
191. 7

202. 2
192. 7

r

169.2
181.0
161.5
144. 2
173.1
173.1

168.5
177.1
162. 5
144.9
174.2
173.6

169.3
177.1
163.7
145.7
175.6
174.5

169.6
176.4
164.6
146.5
176.7
176.3

169. 9
175.7
165. 3
146.8
178.0
177. 0

171. 9
180.7
165. 8
146. 9
178.4
178.4

17'' 9
"180*. 6
"167.4
"148. 0
"180. 3
"179.2

174.4
184.2
167. 9
148.8
180.7
180.1

176.0
186. 2
169. 2
149. 4
182. 5
180.8

178.3
190.8
170.4
150. 5
183. 7
181.8

180.2
194. 8
171.2
151.1
184.6
182.8

179.3
175.3
183.1

179.1
176. 2
181.5

180.2
177.8
182.4

181.0
179. 3
182.4

182.1
180. 4
183.2

183.4 "184.1
181.7 "182. 5
185. 0 "185.7

185.9
183.4
187.8

187.7
184.7
189.5

189.6
185.4
193.4

190. 6
185.7
195. 5

190. 6
1S6.2
194. 7

194. 2
180.5

187.7
175. 9

189. 2
176.0

188. 2
174. 9

187.1
175.6

191.9
178.8

"194. 0
"178.6

198.3
181.9

203. 3
185.4

210.2
190.1

205. 3
193. 5

191. 3
190. 2

187.9
185. (i

179. 9
184.2

$0,542
.584

$0. 544
.582

$0,541
.579

$0. 540
.577

$0. 539
.575

$. 534
.574

0.532
.570

$0.526
.565

$0,521
.561

$0.515
. 557

$0. 512
.554

$0. 514
.550

SO. 513
.548

$0. 514
.546

r
Revised.
« See note "X" for this page.
cf See corresponding note on p . S.8.
9 Includes d a t a for items not shown separately,
§ Effective with J a n . 1976 reporting, the
textile products group has been extensively reclassified; no comparable d a t a for earlier pe-




)

T

riods are available for t h e newly introduced indexes.
X Beginning in t h e F e b r u a r y 1977
S U R V E Y , d a t a have been revised (back to 1967) to reflect new seasonal factors.
© bee
corresponding note on p . S-8.

SURVEY

S-10
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of B U S I N E S S STATISTICS

CURRENT BUSINESS
1976

1976

Annual

September 1977

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE t
New construction (unadjusted), total

mil. $-.

Private total 9
Residential (including farm)
New housing units
_

do
do

do.-..

Nonresidential buildings, except farm and public utilities total 9
mil. $
do
Industrial
do.. .
Commercial
Public utilities:
do
Telephone and telegraph
Public, total 9
Buildings (excluding military) 9 _
Housine and redevelopment
Industrial
Military facilities
Highways and streets

134,293

147,481

13,378

13,473

13,700

13,987

13,588

12,107

10,044

10,067

11,708

13,022

14,406

15,493

15, 690

93,623
46,472
34,408

109,500
60,520
47,277

9,836
5,745
4,497

9, 681
5, 390
4,662

9, 969
5,574
4,753

10,575
6,073
4,834

10,496
6,026
4, 694

9, 518
5, 261
4, 053

7,956
4,382
3,438

7, 929
4,383
3,536

9, 269
5, 3Q1
4,351

10,203
0,088
4,839

11 205
' 6 893
' 5,518

11 856
' 7 360
' 6, 045

7 729
6,396

26,407
8,018
12,806

26 091
7,183
12,756

2,195
568
1,105

2,346
620
1,150

2,349
626
1,150

2,367
610
1,191

2 °81
581
1,129

2,179
591
1,062

1,804
456
906

1 836
468
915

9 H'TC

2 204
582
1,108

2 254
000
1,142

' 2 394
002
' 1 265

9 463
593
1 316

554
1,051

3,683

3,777

314

338

347

350

367

348

240

263

349

333

'364

401

•-. __do.__-

40, 670

37,981

3,542

3, 792

3,731

3,412

3, 093

2,590

2,088

2,137

2, 439

2,759

3,201

' 3,636

3,508

_do.___
..do....
do

15,254
668
918
1,390
10,861

13,213
628
971
1,508
9,754

1,180
58
66
132
1,046

1,199
62
73
131
1,179

1,168
62
111
129
1,092

1,076
58
86
118
1,023

978
54
73
133
811

917
58
125
515

895
58
84
121
312

'822
59
80
122
323

'924
71
92
120
439

998
66
96
120
583

1,005
70
95
' 136
809

' 1,126
'98
105
131
' 1, 073

1,138
103
91
127
1,034

145.8

141.8

145.2

150.1

153.8

155.4

148.4

157.1

163.3

100.1

' 170.1

' 171. 7

170.7

107.1

103.6

107.4

114.8

119.0

121.2

116.4

122.6

127. 9

130.0

' 131 6

' 132. 4

132.1

59.2
46.3

54.5
47.1

57.7
48.7

65.5
50.9

69.6
52.7

71.1
54.8

66.8
52.1

72.4
58.3

76.2

78.0
03.5

'80.2
' 65.8

'79.6
'66.1

79.8
66.1

25.7
6.6
13.0

26.5
7 2
12.9

26.5
7.1
12.8

26.0
6.9
12.7

25.8
6.7
12.6

25.9
6.6
12.8

24.8
6.2
12. 5

24.9
6.3
12.5

26.7

27.4
7.3
13.9

27.0
7.2
13 7

' 28.5
7.1
' 15.3

28.8
6.9
15.4

do
do

New construction (seasonally adjusted at annual

bil. $

rates) total
Private total 9

do

do....
Residential (Including farm).
do
New housing units
Nonresidential buildings, except farm and public utilities total 9
bil $
do
Industrial
do
Commercial
Public utilities:
do
Telephone and telegraph
Public total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets

13.7

3.7

3.8

3.9

3.9

4.1

4.0

4.0

3.9

4.0

4.0

4.3

4.4

do

38.7

38.2

37.9

35.3

34.9

34.3

32.0

34.5

35.4

36.2

38.4

'39.3

38.6

do
do

13.9
.7
.9
1.6
9. 2

13.4

i!o

1.5
9.8

13.0
.6
1.5
1.4
9.3

12.1
.6
1.0
1.4
9.0

11.1
.6
1.0
1.5
8.5

10.8
.6
.8
1.5
8.2

11.8
.8
1.0
1.5
7.2

11.5
1.0
1.0
1.6
8.4

11.8
1.0
1.0
1.5
9.2

'12.4
.9
1.1
1.5
9.1

12 2
1.0
1.0
1.6
9.8

13.1
1.2
1.1
1.0
'10.8

13.9
1.2
1.3
1.5
9 1

do

.

do
do

CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
mil. $
Valuation total
Index (mo. data seas, adj.)
1967=100..
Public ownership
Private ownershio
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O

92 659
168

107,158
i 194

9,774
217

8,505
189

8,112
203

10,063
240

7, 691
210

7,196
183

6,748
203

7,523
r 212

9,937
207

12,079
250

15, 932
317

15,417
284

11, 246
218

32 198
60 460

29, 246
77 913

3,246
6,528

2,505
5,999

2,344
5,768

2, 265
7, 798

2,123
5, 568

2,091
5,106

1,793
4,955

2,007
5,516

2,055
7 282

2, 570
9,502

2, 950
1°, 976

5, 424
9, 993

2,688
8,558

do
do.

31, 647
31,261
29,751

30, 045
43, 651
33, 463

3,031
4,149
2, 594

2,536
4, 099
1,869

2,875
3,758
1,478

2,728
4,064
3,271

2,491
3,716
1,484

2,133
3,236
1,828

2,163
2,927
1,058

1,879
3,427
2,217

3,003
5,149
1,785

2,890
5,200
3,922

3, 047
5, 000
7, 225

3, 003
5, 945
C), 409

2,997
5, 548
2,702

do...

83, 795

88,457

8,003

5,948

7,056

7,359

9, 771

10,674

9,351

4,438

6,441

5,520

0,979

7,045

0, 844

7,736

1,171.4
766.8
1 160 4
892. 2

1,547.6
1,048.3
1 537 5
1,162.4

137. 5
87.2
136.6
112.8

146.8
97.7
145. 9
112.8

153.1
98.8
151.8
103.0

149.8
98.1
148.4
109. 1

128.2
89. 5
127.1
89.4

108.1
78.6
107.4
71.6

81. 5
63.9
81.3
55.7

112.7
80.7
112. 5
87.2

173.6
124.4
173.6
125.8

182. 4
120. 4
182.2
138.8

201. 3
134. 7
201. 3
152. 2

T

197. 8 ' 189.1
' 131. 1 ' 130. 0
'T 197. 6 r' 189. 1
138.9
149.1

194. 2
131. 3
194. 0
139. 8

1,413
1,129

1,530
1,172

1,768
1,254

1,715
1, 269

1,706
1,236

1,889
1,324

1,384
1,006

1,802
1,424

2,089
1,503

1,880
1,413

1,937
1, 455

'1,897
'1,389

'2,076
' 1, 446

2,022
1,440

1,768
1,138

mil. $
do

HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
.

thous
. do

.

do
do

One-family structures
Seasonally adjusted at annual rates:
Total privatelv owned
One-family structures

do
do

New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous..
One-family structures
do . . .

c

939
676

'1,296
'894

1,229
800

1, 308
870

1,481
914

1,481
987

1,583
1,055

1,532
1, 047

1,333
930

1,520
1,0(50

1,087
1,188

1, 005
1,051

1,077

1,078
1, lOf,

r 1,639
' 1, 089

212.7

240.1

20.0
221

23.4
242

22.4
248

21.9
203

17.8
247

15.0
218

14.7
258

2 18.0
^275

23.4
275

24.2
252

24.9
251

20.8
« 264

22.3
251

r2=ioo_.

138.2

143.5

143. 9

144.4

144.5

145.3

146.1

140. 7

149. 0

150. 5

150. 9

150.5

151. 7

' 152. 6

153.9

19 13 = 100..

1,716
1,871
1,827
1,698
1,659

1,870
2,009
1, 943
1,906
1,803

1, 896
2,043
1,978
1,930
1,835

1,906
2,050
1,984
1,941
1,846

1,911
2,054
1, 987
1, 957
1,849

1,914
2,048
1, 975
1,961
1,841

1,912
2,044
1, 980
1, 957
1, 839

1,916
2,050
1, 983
1, 961
1,842

1,921
2,088
1,990
1,967
1, 850

1,931
2,090
1,994
2, 009
1,851

1,938
2,098
2, 000
2, 017
1,860

1, 949
2,112
2, 003
2 0l)2
1, 864

1,967
2,110
2, 012
2,027
1,868

1,988
2,118
2, 013
2,029
1,895

2, 014
2,143
2,115
2, 044
1,921

Manufacturers' shipments of mobile homes (Manufactured Housing Institute):
Unadjusted
t
Seasonally adjusted at annual rates
do
CONSTRUCTION COST INDEX1

American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
.
._

!!do~.~
"do"""

Boeckh Indexes:
Average, 20 cities:
201.3
199.6
202.8
185. 0
Apartments, hotels,office buildings
1967 = 100..
206.6
204. 9
208.1
Commercial and factory buildings
do
188.8
202.6
200.7
198. 6
183.5
Resi dences
..do....
l
2
' Revised.
v Preliminary.
Computed from cumulative valuation total.
Unadjusted data for Jan.-Dec. 1976 and seasonally adjusted data for Jan. 1974-Doc. 1976 will be
available later.
t Data for new construction have been revised back to Jan. 1973. The revised data are
available from the Bureau of the Census, Washington, D.C. 20233.




207.3
212.8
208.3

208.8
214.0
208. 9

212.7
217.4
211. 9

214.9
219..'
214.3

2,037
2,181
2,132
2,082
1,942

218. 0
223. 3
218.6

©Data for July, Sept., Dec. 1976 and Mar., June 1977 are for 5 weeks; other months.
4 weeks.
9 Includes data for items not shown separately.
cfData (back to Jan. 1964) have been restated on a naw comparison base (1972 = 100),
Monthly data for earlier periods are available upon request. c Corrected.

SURVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS S T A T I S T I C S

1975

1976

1976

Annual

S-ll

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

222.6
234.0

222.9
235.0

223.0
234.1

225.2
236.5

227.8
240.1

i 230.0
i 243. 0

9.2
116
17.3
205

19.7
205

CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:
Building
Construction

1967 = 100..
do—

193.3
205.7

210.9
223.4

Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100...

203.?

199.3

160.4

174.3

179.3

191.1
174.9

183.9
179.8

176.7
159.6

163.4
171.9

152.4
176.1

139.6
147.5

140.9
166.9
182.9

141.9
191.2
192.3

142.4
182.4
230.9

147.7
202.2
251.1

147.7
199.5
233.6

139.9
204.2
223.7

129.0
188.7
190.4

122.7
186.9
138.6

82.3

95.0

157.7

183.4

9.6
115
15.0
170

9.2
107
15.5
168

8.0
89
15.3
182

7.7
93
15.4
190

9.1
115
16.0
193

8.7
125
14.5
234

CONSTRUCTION

211.0
224.7

215.4
227.6

217.4
229.8

218.4
230.7

218.9
231.5

199.0

219.7
231.8

220.4
232. 2

221.9
233.2

200.4

202.2

215.4

MATERIALS

Output index:
Composite, unadjusted 9 cf
Seasonally adjusted a"

1947-49 = 100_
-do

Tron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted

do
do
do

106.5
185.5
83.5

147.7
167.8
118.8
184.2
125. 0

107
15.6
230

11.2
156
18.6
254

188.1
195. 5
160. 2
217.3
187. 5

179.0
174.8
149.0
201.2
213. 6

240.4

10.6
111
22.5
240

10.8
125
19.7
216

12.3
126
18.4
203

REAL E S T A T E If
Mortgage applications for new home construction:
F H A net applications
thous. u n i t s . .
Seasonally adjusted annual rates
do
Requests for VA appraisals
do
Seasonally adjusted annual rates
do

9.1
95
20.0
216

Home mortgages insured or guaranteed by—
Fed. IIous. Adm.: Face amount
mil. $. 6,166.12 6,362.12 645.90
Vet. Adm.: Face amount§
do
8, 863. 84 10,414.77 709.55

712. 67 512.30
912.39 995.32

544.50 557. 75 508.00 608. 67 699.49 676. 86
996. 87 654.11 680. 64
827.26 1,053.18 962. 30 989. 22 988.50 1,041.52 903.75 1,137.8( 1,184. 57 942. 53 1,527.21

Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..

15, 751 16,062

15,865

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

number.

Fire losses (on bldgs., contents, etc.)

mil. $__

17,845

15,862

55,040
10,097
32,106
12,837

15,403

15, 765 15,862

15,183

14,816

14,462

14,952

15,148

15,717

15,861

11,209

9, 658

7,771

7,747

7,253

6,526

7,287

5,448

5,631

8,211

8,966

9,800

14,820
48,252
15, 720

1,378
4,977
1,417

1,320
5,047
1,380

1,324
4,574
1,355

1,332
4,183
1,293

1,306
3,958
1,262

1,421
4,178
1,688

1,005
3,310
1,133

1,071
3,375
1,185

1, 716
4,780
1,715

1,758
5,426
1,782

1,919
0,021
1,860

3,558

275

299

316

247

238

314

334

362

323

306

304

310

119.1
2. 2

16, 369

2,101 1,836
7,105
('), 180
2,0C>0 1,642

142,803
3,560

DOMESTIC TRADE
ADVERTISING
McCann-Erickson national advertising index,
seasonally adjusted:
Combined index
1967 = 100
Network T V . .
..
do
Spot TV
"" " . " d o " "
Magazines
do
Newspapers
'_
do.."
Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $
Apparel and accessories
do...
Automotive, Incl. accessories
do
Building materials
"do
Drugs and toiletries
do...
Foods, soft drinks, confectionery
Ido__~
Beer, wine, liquors
do
Household equip., supplies, furnishings."^do._
Industrial materials
do
Soaps, cleansers, etc
do___
Smoking materials
doSS
All other
Ido"J
Newspaper advertising expenditures (64 cities): 0
Total
mil. $..
Automotive
.
do
Classified
'.'.'.'.'.l"".Y.'.i\o'.V.'.

Financial
General

do
"_...'_ do

147
160
166
119
142

180
191
215
143
175

193
225
216
148
177

188
198
230
141
189

183
186
240
145
167

190
198
219
154
195

189
206
226
146
178

183
194
209
151
180

192
215
213
148
194

192
212
213
163
177

200
223
219
168
187

199
227
210
166
184

1,336.3 1, 622.0
47.0
56. 4
101.5
142.0
20.7
28.4
140.6
165. 2
92.0
120.5

100.9
1.9
8.3
1.7
11.6
6.9

101.1
3.9
6.0
1.2
12.5
6.9

142.9
7.6
7.4
3.1
13.9
9.4

182.4
7.1
19.6
3.5
17.6
15.3

194.0
6.3
18.9
2.2
16.9
17.2

141.5
4.2
8.8
2.1
14.4
12.7

111.7
3.4
9.6
1.4
12.3
6.8

135.9
3.2
13.5
2.0
16.0
11.7

154.4
5.9
14.8
3.5
17.0
11.5

176.0
7.1
17.4
4.5
17.2
13.7

200.5
7.2
20.6
4.6
21.3
14.1

150. 7
3.5
15.9
3.3
17.8
12.0

110.9
83.6
46.9
25.0
161.7
681.2

6.7
4.6
3.1
2.2
12.2
41.7

5.9
4.7
3.2
2.3
13.0
41.3

8.3
8.3
4.3
2.3
12.5
65.8

12.5
10.8
5.0
2.8
13.3
74.9

15.8
11.7
5.4
2.6
14.9
82.1

17.3
6.3
3.8
1.9
12.8
57.0

4.1
3.1
2.9
2. 2
12^9
52.9

5.0
5.3
3.6
2.8
13.6
59.1

8.0
8.8
3.7
2.7
13.3
65.0

9.6
11.0
4.7
3.7
13.7
74.0

11.2
15.0
6.0
4.2
1(>. 9
79.4

4,117. 4 5,068. 5
93.3
120.6
982.2 255. 6
130.8
139.8
547.1
694.6
2,364.0 2,858. 0

362.7
8.6
104.9
10.5
42.1
196.6

406.1
9.5
118.4
6.7
44.9
226.5

427.1
11.2
106.4
11.2
60.4
237.9

492.9
12.9
118.6
14.5
74.8
272.0

478.4
12.3
100.0
11.2
68.4
286.6

446.6
7.3
83.1
12.0
51.9
292.3

429.3
12.1
116.8
13.7
61.4
225.3

393.1
12.1
101.9
9.3
55.9
214.0

494.7
14.6
130. 3
13.4
69.3
267.1

492. 6
14.5
133. 6
13.9
69.0
261. 7

555. 7
14.8
146. 9
13.0
81.8
299.3

439, 000 ,2,549
185, 922 210,864
253,078 271, 685

39,877
17,500
22,377

41,296
18,539
22,757

42,154
18,818
23,336

40,936
18,043
22,893

41,355
17,863
23,492

42,074
17,703
24,371

38,313
16,358
21,955

39,370
17,222
22,148

46,629
20,605
26,024

49,929
30,129
19,800

50,736
30,272
20,464

50,652 51, 274
30,102 30,590
20,550 20,684

52,183
31,191
20,992

53,079
31,738
21,341

100.9
55.1
34.2
19.4
144.2
580.7

1.7
13.0
10.4

122. 3
4.6
9.7
1.4
14.1
10.7

10.6
7.7
4.1
2.0
15.7
58.1

7.1
2.5
1.8
17.0
45.7

6.9
6.0
2.9
2.2
17.8
40. 0

505. 5
13.3
130. 3
14.7
60.1
275.1

465.5
11.2
142.7
13.4
48.9
240.4

44,193
19,888
24,305

45,525 ••46,955
20,646 '21,633
24,879 ' 25, 322

43, 321
19,831
23,490

52,991
31,816
21,175

52,744 '52,878
32,405 '32,970
20,339 '19,908

52, 707
33,154
19,553

;

mi

WHOLESALE TRADE
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 $
45, 497 50, 652 48,421 48,226 48,932
Durable goods establishments
do
27, 430 30,102 29,906 29,486 30,048
Nondurable goods establishments.. .
do
18,067 20, 550 18,515 18,740 18,884
-Revised
p Preliminary. i Index as of Sept. 1,1977: Building, 234.9; construction,
S nOt S h W n separatel
l
°
y§ D a t a include guaranteed
direct loans sold
lIHome mortgage rates (conventional 1st mortgages) are under money and interest rate




on p . S-18.
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart,
revisions back to Jan. 1974 will be shown later. c Corrected

d" Monthly

SURVEY OF CURRENT BUSINESS

S-12
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition ol BUSINESS STATISTICS

1975

September 1977

1976

1976
July

Annual

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

DOMESTIC TRADE—Continued
RETAIL TRADER
All retail stores: 11
Estimated sales (unadj.), total If

.mil. $.

584,423

651,884

55,938

54,165

53,158

55,962

56,186

68,171

49,213

49,382

58,320

00,294

00,317

1

do...
do...
do...
do...

180,725
102,105
93,046
9,059

214,169
125, 625
115, 631
9,994

19,062
11,412
10,513
899

18,230
10,648
9,769
879

17,602
9, 983
9,167
816

18,259
10,561
9, 691
870

17,844
10,216
9, 332
884

19,039
10,265
9,319
946

15,645
9,612
8,828

10,f>08
10,343
9, 591
752

20,700
13,080
12,113
973

21,081
12,980
11,954
1,020

21,350
12, 990
11,999
997

• 22,257
• 13,052
• 12,606
' 1, 046

Furniture, home furn., and equip. 9
Furniture, homefurnishings stores
Household appliance, TV, radio

do...
do...
do...

26,123
15,283
8,420

28,963
17,053
9,200

2,415
1,425
773

2,404
1,448
745

2,367
1, 393
752

2,447
1,470
768

2,596
1,574
791

3,187
1,721
1,091

2,183
1,311
677

2,205
1,347
067

2,552
1, 574
781

2,517
1,540

2,555 ' 2, 634 ' 2, 655
1,508 ' 1,629
1,602
787
'811
862

Building materials and hardware
Lumber, bldg. materials dealersc?
Hardware stores

do...
do...
do...

23,974
18,202
5,772

28,168
21,946
6,222

2,620
2,063
557

2,573
2,079
494

2, 540
2,033
507

2,508
1, 972
536

2,461
1, 926
535

2,386
1,754
632

1,784
1,390
394

1,952
1,552
400

2,493
1,977
510

2,710
2,113
597

2,870 ' 3, 068
2,241 ' 2,436
029
'632

do.
do.
do..
do.
do..

403,698
26,749
6,085
10,396
4,123

437,715
28, 612
6,325
11,123
4,373

36,876
2,201
470
874
331

35,935
2,308
465
884
381

35,556
2,327
459
939
392

37,703
2,477
517
1,001
385

38,342
2, 574
583
1,003
373

48,532
4,147
1,050
1,482
525

33,568
1,959
475
717
304

32,774
1,851
409
720
286

37,500
2,219
403
850
350

39,213
2,400
540
878
428

38,907 38,624 39,175 i 39,658
2,204 ' 2, 242 ' 2,174 i 2,414
'513
508
460
'815
847
798
'354
302
361

do.
do
do
do.
do.

18,098
47,514
131,723
122,666
43,895

19,704
52,290
140,984
131,133
47,731

1,598
4,786
12,531
11,661
4,322

1,619
4,760
11,603
10,761
4,219

1, 551
4, 455
11,636
10,832
3,989

1,625
4,530
12,153
11,312
4,116

1,636
4,243
11,483
10,691
4,064

2,357
4,495
13,210
12,289
4,248

1,578
4,081
11,521
10,770
3,969

1,575
4,069
11,120
10,378
3,706

1,704
4,570
12,231
11,378
4,102

1,725
4,734
12,594
11,702
4,330

1,732 r 1,719 ' 1 , 7 0 2 i 1,722
5,025 5, 082 r 5f 223 i 5,218
12,443 12,712 jr 13,271 12,767
11,507 11,810 '12,389 11,890
4,405 ' 4 , 4 3 2 ' 4 , 6 6 4 1 4, 703

95,402

104,168

8,023

8,381

8,315

9,067

10,499

15,342

6,484

6,594

8,580

9,059

8,945 ' 8 , 9 1 2

' 8, 954

9, 730

88,544
60, 719
5,995
9,120
10,974

96,761
68,011
6,584
8,259
11,411

7,435
5,207
456
619
1,043

7,782
5,439
549
634
940

7, 652
5, 460
543
595
908

8,353
5, 863
672
645
963

9,751
6,821
874
709
967

14,603
10,707
709
1,334
1,344

5,924
4,160
420
452

6,034
4,194
451
483
853

7,870
5, 402
048
018
902

8,402
5,923
554
700
929

8,279 ' 8,279 ' 8, 327
5, 913 ' 5, 935 ' 5 , 9 4 3
510
'499
519
045
'646
655
950
992
1,050

9, 053
6, 383

...do..

53,754

54,643

54,100

54,634

55,573

57,898

56,660

58,175

59,522

59,405

59,181

58,390

58,927

59,915

do.
do.
do
do.

17,699
10,345
9,531
814

18,208
10,795
9,938
857

17,481
10,125
9, 307
818

17,559
10,098
9, 256
842

18,157
10,501
9,650
851

19,730
12,014
11,134

19,024
11,602
10,611
991

19,764
11,981
10,999
982

20,087
12,029
11,014
1,015

20,333
12,171
11,193
'978

20,088
11,938
10,988
950

19,842
11,889
10,943
'946

19,745
11,524
10,590
934

20,450
12,041

Furniture, home furn., and equip. 9
Furniture, homefurnishings stores
Household appliance, TV, radio

do
do
do.

2,394
1,389
749

2,414
1,438
749

2,361
1,419
728

2, 439
1,434
793

2,512
1,503
793

2,516
1,500
787

2,414
1,481
720

2,563
1,552
782

2, GOO
1,592
820

2, 030
1,584
'840

2,025 ' 2 , 5 5 2
1,503 ' 1 , 5 6 0
844
'781

' 2, 706
1,605
873

2, 759

Building materials and hardware
Lumber, bldg. materials dealerscf
Hardware stores

do
do
do

2,297
1,800
497

2,324
1,828
496

2,365
1,858
507

2, 319
1,809
510

2,468
1,932
536

2,528
1,991
537

2,371
1,831
540

2,549
2,021
528

2,712
2,130
582

2,098
2,115

2,000 ' 2, 672
2,100 ' 2,128
500
'544

2,697
2,124
573

Nondurable goods stores 9 t
do
Apparel and accessory stores
do
Men's and boys'wear stores
do
Women's apparel, accessory stores...do
Shoe stores
do

36,055
2,393
527
936
352

36,435
2,422
522
946
371

36,619
2,395
515
956
362

37,075
2,446
535
957
372

37,416
2, 418
540
924
372

38,168
2,473
549
915
392

37,636
2,380
550
879
365

38,411
2,484
564
941
384

38,835
2,424
543
920
309

39,132
2,415
543
888
380

1,616
4,387
11,614
10,797
3,943

1,649
4,367
11,805
10,992
3,958

1,634
4, 407
11,774
10,975
3, 985

1,667
4, 356
11,909
11,079
4,067

1,710
4,415
11,887
11,044
4,118

1,733
4,518
12,188
11,358
4,274

1,690
4,465
11,871
11,046
4,263

1,729
4,720
12,200
11,367
4,265

1,757
4,795
12,403
11,540

1,757 ' 1, 724 ' 1 , 7 5 8 1 1,719
1,734
4, 777 4,827 r 4, 885 ' 4 , 8 0 5 i 4, 814
12,452 12,600 12,589 12,683 ji 12,644
11,503 11,791 11,728 11,833 1 11,976
4,415 4,340 ' 4 , 2 1 7 ' 4, 259 i 4,371

8,452

8,716

8,611

8, 939

9,008

9,153

8,983

9,218

9,394

9,290

r 9, 204

7,814
5,481
540
656
955

8,100
5,713
554
666
957

7,974
5, 676
547
637
952

8,305
5,851
598
664
955

8,378
5, 936
570
656
967

8,491
6,063
530
688
950

8,207
5,802
640
644
941

8,347
5,932
567
661
1,018

8,517
0, 009
594
702
990

8,722
0,125
018
707
971

8,005
0,112
509
085
990

r

82,862
39, 387
19,521
5,908
5,435

Durable goods stores 9
Automotive dealers
Passenger car, other auto, dealers
Tire, battery, accessory dealers

Nondurable goods stores 9
Apparel and accessory stores
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eatingand drinking places
Food stores
Grocery stores
Gasoline service stations

General merchandise group with nonstores 9
mil. $_.
General merchandise group without nonstores 9 §
mil. $..
Department stores
do
Mail order houses (dept. Rtore mdse.).do
Variety stores
do.
Llquor stores
do.
Estimated sales (seas, adj.), totalift
Durable goods stores 9 t
Automotive dealers
Passenger car, other auto, dealers
Tire, battery, accessory dealers

Drug and proprietary stores
Eating and drinking places
Food stores
Grocery stores
Gasoline service stations

do
do
do
do
do

General merchandise group with nonstores 9
mil. $..
General merchandise group without nonstores 9 §.
mil. $..
Department stores
do
Mail order houses (dopt. store mdse.)-do
Variety stores
do
Liquor stores
do
Estimated inventories, end of year or month: f
Book value (unadjusted), total t
mil. $._
Durable goods stores 9
do
Automotive dealers
do
Furniture, home furn., and equip
do
Building materials and hardware
do
Nondurable goods stores 9
do
Apparel and accessory stores
do
Food stores
do
General merchandise group with nonstores
mil. $..
Department stores
do
Rook value (seas, adj.), total t
Durable goods stores 9
Automotive dealers
Furniture, home furn.. and equip
Building materials and hardware

r

do
do
do
do
do

73,041
33,970
16,690
5, 294
4,610

80,855
38,036
18,852
5,726
5,102

79,320
36, 766
17,777
5,523
5,087

78,475
35,029
16,119
5,506
5,086

81,141
36, 090
16,766
5,722
5,171

83, 875 85,643 80, 855 81,217
36, 831 38,115 38,036 38,626
17,072 18,043 18,852 19,117
5, 931 6, 028 5,726 5,778
5,241
5, 249 5,102 5,205

39,071
5,342
U89 j

42,819
6,066
8,873

42,554
6,059
8,285

43,446
6,324
8,329

45,051
6,728
8,411

47, 044 47,528
6,942 6,909
8,772 9,153

15,864
9,735

18, 246
11,429

18,962
11,582

19,478
11,929

20,343
12,461

21,506
13,462

74,676
34,474
16,876
5,315
4,817

82,405
38, 224
18, 684
5,743
5,331

79,917
36,523
17,446
5,573
5,057

81,118
37,515
18,443
5,523
5,096

81,848
37,822
18,364
5,671
5,271

81, 658
37,518
17, 895
5,736
5,326

4,204

60,881 • 60,207

1

• 9,805

88, 321
41, 392
20, 263
6,273
5,542

42, 591 43,475
5,900 0, 042
8,704 8,555

45,303 46, 234
0, 395 6,468
8,832 8,895

40,374 40,790
(i, 418 0,445
8,970 8,995

46,929
6,460
8,863

21, 568 18,246
13, 825 11,429

18,283
11,380

19,272
12,000

20, 290 21,036
12,790 13, 220

21,405
13,457

21, 803
13,574

22,290
13,591

81,660
37,933
18,207
5,757
5,389

83, 616
38, 931
18, 965
5, 890
5, 349

83,878
38,912
18,824
6,006
5,430

85,397
39,013
19,224
0,106
5,495

87,170
40,279
19,591
0,289
5,507

88,353
40,005
19,827
0,373
5,425

89, 580
41,774
20,551
6,336
5, 536

82, 405
38, 224
18, 684
5, 743
5, 331

86,033
39,581
19,149
6,181
5,443

1

2, 787

39,465
i 2,468

i 9,914

• 9,108 i 9, 233
• 6, 524 i 6, 574
637
717
978

80,202 87,385 87,058 88,304
40, 839 41,151 41,284 41,508
20, 339 20,432 20, 414 20,401
0, 049 6,162
0, 220 0,322
5,027
5, 634 5,072
5,009

42,819
6,066
8,873

61,179

21,521
12,739

2,987
2,366
621

39,093 38,548 39,182
2,394 ' 2, 362 ' 2 , 4 1 5
529
'516
526
885
'861
875
384
'371
397

8,541
' 6, 056
'593
' 681
987

1

•21,032
• 12,661
11,649
1,012

Nondurable goods stores 9
do
40,202 44,181 43,394 43,603 44,026 44,140 43,727 44,181 44,685 44, 966 45,784 46,452 40,897 47,088 47,806
Apparel and accessory stores
do
5,594
6,246
6,249
i, 383
6,410
6, 352
6, 287 6,352
0,414
6,514
('), 510
0,051
6,392 0, 294
6,653
Food stores
do
8,060
8,420
8,482
8,470
8,600
8,733
8,776 8,733
8,904
9,024
8,041
8,859
9,080
8,801
8, 998
General merchandise group with nonstores
mil. $__
19,517 j 19,183 19, 688 19,865 20,482 20,710 21,160 21,071 22,225 22, 541
Department stores
do
12,117 I 12,053 12,342 12,410 12, 875 13,057 13, 233 13,525 13,894 13,911
Revised.
If Data may be understated because of deficiencies in
dealers, and paint, plumbing, and electrical stores.
§ Except department stores mail order"
' ^Seasonally adjusted data have been revised back to Jan. 1973 to reflect new seas. adj.
factors (revisions prior to May 1975 are available from the Bureau of the Census, Wash.,
D.C. 20233).
jSeries revised beginning Jan. 1974 to reflect benchmark data from the 1975
Annual Retail Trade Report and new seas, factors; revisions for Jan. 1974-Aug. 1975 appear




on p. 22 ff. of the Nov. 1976 SURVEY.

SURVEY OF CURRENT BUSINESS

September 1077
1975

Unless otherwise staled in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

S-13

1976

1976

Annual

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Fob.

Mar.

Apr.

May

17,513 '17,739

June

July

Aug.

DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Finns with 11 or more stores:
Estimated sales (unadj.), total 9
Apparel and accessory stores?
Women's apparel, accessory stores
Shoe stores'.
_'
".
Drug and proprietary stores

mil. $__ 183, 076 199,578

16,356

16,184

16,079

17,251

18,180

24,522

14,510

14,407

17,097

17,895

6, 834
2, 598
1, 806
7,103

7,033
2,646
1, 746
8,207

506
196
127
658

569
213
153
681

583
237
139
636

610
23!)
139
681

643
235
155
682

1,071
383
243
1,113

441
152
114
655

430
150
107
649

500
191
139
722

665
215
178
729

75,629

82,991

6,355

6,688

6,628

7,244

8,425

12,421

7,257

7,128

7,147

72, 33!)
54,151)
7, 355

76,438
60,670
6,560

6,081
4,667
482

6, 413
4,894
490

6,303
4,866
465

6,880
5, 223
506

8,064
6,084
564

12,074
9,480
1,087

4,834
3, 707
342

4, 943
3, 751
370

6, 500
4, 901
483

6,928
5, 321
550

0,802
5, 285
501

6, 839
5, 348
»" 509

6,920
5, 380
516

68,432
2,251

73,492
2, 267

6,496
202

5,911
197

6,014
176

6, 358
191

6,024
194

7,023

6, 091
167

5, 871
159

6, 385
207

6,580
230

0 350
226

6,518

6, 978

17,116

17,471

17,704

17,888

17,932

587
207
143
751

627
216
149
744

609
205
144
756

620
208
154
738

626
221
147
758

do
do
do
do

General merchandise group with nonstores 9
m 11. $_
General merchandise group without nonstores §
mil. $__
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers

do
do

Estimated sales (seas, adj.), total91

do

Apparel and accessory stores?
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores

16,295

do.
do..
do..
do_.

General merchandise group with nonstores 9
mil. $_.
General merchandise group without nonstores §
mil. $_.
Dept. stores, cxcl. mail order sales
do
Variety stores
do
Grocery stores
do..
Tire, battery, accessory dealers
do_
All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted)
mil. .
Durable'goods stores
do
Nondurable goods stores
do.
Charge accounts
Installment accounts
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts

208

5,215

591
211
135
740

16,846

16,636

16,971

220
148
694

580
236
126
679

600
238
136

597
217
153
715

O99

6,703

6,957

6,872

7,121

7,196

7,295

7, 099

7,200

7,413

7,500

7,414

6,394
4,887
512

6, 675
5,114
521

6,561
5,053
497

6,823
5,213
520

6, 900
5,314
512

6,963
5,414
554

6, 763
5,163
502

6,894
5, 306
513

7,050
5 380
550

7,101

5, 497
554

7,080
5,400
T>3()

6,037
183

6,282
192

6,156
177

6, 203
181

6,172
197

6,414
190

6,177
214

6,340
215

6, 353
217

6,451
211

6, 560
210

30,222
9, 052
21,170

624
167
736

29,625
8,901
20,724

32,153 28,321
9,313
9,515
22, 638 19,008

28,506 28,989 29, 325
9,377 9, 560 !), 480
19,129 19,429 19,845

29,963
9,398
20,565

32,153
9, 515
22, 638

30,789
9, 037

11,887
16,619

12,347
16,978
29,312
9,175
20,137

12,406
17,557

12, 889
19,264

12,215
18,574

12,120
18,09(1
29,698 30, 323 30,500 30,664
9,385 9, 481 9, 419 9, 537
20,313 20, 842 21,081 21,127

12,098
17, 214

12,313
17,385

do.
do
do_.
do..
do_.

11,428
18,197

12, 889 11,882
19,264 16,439

27,764
8,799
18, 965

30, 323 28,858
9,159
9,481
20,842 19,699

12,127
16,862
28,954 29,128
9,131 9, 255
19,823 19, 873

do..
do..

11, 028
16, 736

12, 591 11,936
17, 732 16, 922

11,955
16,999

12,073
17,055

12,591
17, 732

12,596
17,904

12,711
17,953

18, 207
575
137
724

258

580
220
146
667

17,602

r

608
196
138
729

'"17,954
' 631
201
r
146
732

1

18,827
684
162"

7, 398

7, 919

7,082
5, 446
r 536

7, 579
5, 873
569

30,227 30,755 31,435
9, 348 9,628 9 965
20,879 21,127 21,470

31, 439
10,299
21,140

12,424
17,803

12,881
17,874

13,418
18, 017

13, 294
18,145

30,885
9,770
21,115

31,078
9,84ti
21,232

31,288
9,852
21, 43(>

31, 456
10, 029
21,427

12,871
18,014

12,883
18,195

12,957
18,331

12,938
18,518

LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas!

mil..

LABOR FORCE If
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over
thous__
Civilian labor force
do
Employed, total
do
Agriculture
do
N on agricultural industries
do
Unemployed
do
Seasonally Adjusted ]f
Civilian labor force
do
E m ployed .total
do
Agriculture
do
Nonagricultural industries
do
Unemployed
do
Long-term, 15 weeks and over
do
Kates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
White
Black and other
Married men, wife present.
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods

1

210. 07

216.99

97, 909
95,771
88, 215
2,804
85,411
7,556

97, 958
95, 826
89,258
3,140
86,118
6, 568

98, 321 101,264 101,419
% , 193 99,135 99,314
90,042 91,682 92,372
3,790
3,820
3, 478
8<>, 504 87, 862 88,582
7,
453
0,941
6,151

101, 210
99, 073
92, 315
3, 682
88, 633

96,145
88,902
3,090
85,872

!)6, 539
89, 475
3,116
86, 359

96, 760
90, 023
3, 260
86, 763

97,158
90,408
3, 386
87,022

97,641
3, 338
87,341

97,305
90, .r)(il
3, 213
87,348

97,697
90,771
3, 252
87, 519
6, 926
1,808

1215.14

215. 14

215. 30

215. 46

215. 62

215. 76

215. 89

210. 02

216.15

94,793
92, 613
84,783
3,380
81,403
7,830

96,917
94,773
87,485
3,297
84,188
7,288

99,325
97,185
89,608
3,931
85,677

7,577

98,837
96, 690
89,367
3,842
85,525
7,323

97,120
94, 975
87, 949
3,396
84,553
7,026

97,677
95,530
88,697
3,447
85,250
6,833

97,786
95, 637
88, 542
3,081
85, 460
7, 095

97, 662
95,517
88,494
2,850
85, 645
7,022

96,837
94, 704
86, 856
2, 672
84,184
7,848

97,478
95, 340
87,231
2,709
84,522
8,109

95,189
87, 783
3, 333
84, 450

95,351
87, 834
3, 372
84, 462

05, 242
87, 794
3, 278
84,516

95, 302
87, 738
3, 310
84, 428

95,871
88, 220
3, 248
84, 972

95,960
88,441
3, 257
85,184

95,516
88, 558
3, 090
85,468

:,483

2,339

7,406
2,247

7, 517
2,341

7,448
2,311

7, 564
2, 360

7,651
2, 517

7,519
2,514

6, 958
2, 283

7,183
2,182

7,064
1,923

6, 737
1,816

6, 750
1,836

6, 962
1,737

C», 744
1,834

8.5
6.7
8.0
19.9

7.7
5.9
7.4
19.0

7.8
6.1
7.6
18.2

7.9
5. 9
7.8
19. 6

7.8
6.1
7.6
18.8

7.9
6.2
7.6
19. 0

8.0
6.3
7.6
19.2

7.8
6.2
7.4
19. 0

7.3
5.6
6.9
18.7

7.5
5.8
72
18^5

7.3
5.4
18! 8

7.0
5.0
7.0
17.8

6. 9
5. 3
(». 6
17. 9

6.9
5.1
(i. 9
17.4

7.8
13.9
5.1

7.0
13.1
4.2

7.1
12.9
4.4

7.1
13.6
4.3

12.8
4.5

13.4
4.4

7.3
13.5
4.5

7.1
13.4
4.3

12.5
3.8

6.7
13.1
4.1

6.6
12.7
3.7

6.3
12.3
3.6

0.2
12. 9

7.1
5. 0
7.2
18.6
6.3
13.2
3. 4

(i. 1
13.2
3.4

7. 1
17.5
6.1
14. 5
3. 5

4.7
11.7

4.6
9.4

4.9
9.8

4.6
9.8
8.2
15.1
8.2
8.0

4.5
8.4

4.3
7.9
7.1
13. 0
02

4.0
8.2

4.2
8.4

7.4
14.9
6.9
6.5

4.7
8.3
7.4
14.2
6.6
6.1

4.2

7. 9
14.1
8.2
8.0

4.6
8.7
7.6
15.2
7.1
7.0

4.4
7.8

7.9
15.6
7.9
7.7

4.6
9.8
8.1
15.7
8.1
7.6

4.5
9.6

9.2
18.1
10.9
11.3

4.7
9.7
8.0
17.0
7.8
7.5

6. 9
12. 6
0. 3
5.6

0.8
12.1
(i. 7
<;. I

7.0
11.5
7. 0

16.5
8.1

'Revised.
1 As of July 1.
9 Includes data not shown separately.
§ Except department stores mail order.
t See corresponding note on p. S-12.
fRevisions back to Oct. 1973 appear in "Population Estimates and Projections: Estimates
of the Population of the United States and Components of Change—1930-75," P-25, No. 632
(July 1976), Bureau of the Census.




216. 40

213. 50

8.2
15.4
8.2

7.0
12.0
6.7
6.0

H Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in E M PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.

CURRENT

SURVEY

S-14
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1976

| 1976

Annual

September 1977

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

81, 332
66,042

82,029 r 82,930 82,152
00,084 ' 67,642 '67,540

82,349
67, 845

June

July »

Aug. *»

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT tO
Employees on payrolls of nonagricultural estab.: O
Total, not adjusted for seasonal variation thous..
Private sector (exel. government)
do—

r

77, 051
62, 330

79,443
64,496

79,242
64,902

79,555
05, 325

80,277
05,017

80,572
05,408

80,943
65,675

81,099
65,838

79,473
64,414

79,734
64,488

80,547
05,232

77
02'
43,
29

051
330
983
603
745
3, 512

79,443
64,496
45,540
23,332
783
3,594

79,513
64, 505
45, 620
23, 344
791
3, 608

79,018
04, 038
45, 059
23, 310
752
3, 579

79,918
04, 900
45, 800
23, 403
798
3, 505

79,819
04, 831
45,890
23, 323
800
3,582

80,100 80,344
05,070
65,298
40,005 46,203
23,489 1 23,508
805
808
3,019
3,605

80,561
65,552
46,341
23,589
817
3,561

80,824
65,820
46,587
23,701
823
3, 645

81,395
f 0,304
40,900
24,005
842
3, 759

81,686
66,640
47,112
24,217
847
3,842

81,921
00,804
47,204
24,300
845
3,801

'82,121 r 82, 356
'66,913 '67,120
'47,291 '47,454
'24,353 '24,409
855
'827
' 3, 876 '3,916

82,448
67,176
47, 574
24,307
819
3,886

18,347
10, 671)
171
557
451
614
1, 180
1, 336
2f 069
\\ 761
1, 649
489
404

18,956
11,026
158
606
490
626
1,190
1,387
2,074
1,832
1,733
509
421

18,945
11,034
156
605
490
631
1,206
1,387
2,084
1,815
1,728
512
420

18,979
11, 083
157
605
486
628
1, 215
1, 394
2 090
1,' 843
1, 737
510
418

19,100
11,146
156
613
495
630
1,216
1,404
2,115
1,848
1,737
512
420

18,941
11,018
155
613
491
630
1,194
1,387
2, 078
1,849
1,695
511
415

19,065
11,128
156
621
491
636
1,186
1,396
2,106
1,860
1,749
514
413

19,095
11,158
156
026
493
629
1,182
1,404
2,107
1,863
1,766
517
415

19,211
11,236
156
625
494
631
1,183
1,413
2,125
1,874
1,790
521
424

19,233
11,230
150
020
497
620
1,178
1,416
2,134
1,888
1,760
524
425

19,404
11,370
150
033
503
041
1,199
1,432
2,142
1,900
1,808
520
424

19,528
11,423
157
639
507
651
1,208
1,433
2,150
1,919
1,808
526
425

19,000 '19,622 '19,666
11,409 '11,491 '11,526
157
157
' 156
038
'637
'641
509
510
515
054
'659
'661
1,217
1,218 ' 1, 209
1,447 ' 1,452 ' 1,457
2,105
2,168 ' 2 , 1 9 1
1,931 ' 1 , 9 3 3 ' 1,945
1,802 ' 1, 809 ' 1,810
520
'528
528
423
420
'414

19,602
11,509
156
640
503
657
1,206
1,457
2,197
1,952
1,804
524
413

,668
1,,676
78
902
1,,235
643
1,,079
1,,013
197
588
257

7,930
1,710
76
966
1,299
676
1,080
1,034
203
614
272

7,911
1,719
80
970
1,299
680
1,082
1,037
201
572
271

7, 896
1, 715
78
969
1, 292
679
1 082
1, 040
202
572
267

7,954
1,711
76
971
1,281
681
1,086
1,035
202
643
268

7, 923
1,706
76
961
1,273
677
1,087
1,032
202
645
264

7, 937
1,711
75
960
1,276
680
1,089
1,038
203
642
263

7,937
1,710
75
957
1,271
680
1,089
1,041
204
647
263

7,975
1,721
74
958
1, 278
684
1,090
1,044
205
656
265

8,003
1,727
73
904
1,280
088
1,095
1,050
205
050
205

8,034
1,734
08
973
1,283
689
1,097
1,051
207
000
207

8,105
1,743
73
981
1,291
697
1,102
1,060
211
680
267

8,131
1,735
71
988
1,298
703
1,109
1,003
210
085
209

' 8,131
'1,737
72
987
'1,306
'703
'1,111
'1,060
210
'680
'265

' 8,140
'1,730
'72
'992
' 1, 301
'707
' 1,115
'1,064
210
684
'265

8,093
1,720
72
979
1,286
705
1,115
1,067
210
675
264

54 ,448
4 ,498
17,000
4 ,177
I 9 824
4 ,223
14, 006
14 ,720
2,748
11,973

56,111
4,509
17,694
4,263
13,431
4,316
14,644
14,948
2,733
12,215

56,169
4,508
17, 737
4,271
13,400
4,312
14,004
14,948
2,723
12, 225

50,308
4 501
17 704
4 272
13 492
4 312
14 751
14 980
2 732
12 248

56,455
4,528
17, 839
4,283
13,556
4,338
14, 798
14, 952
2,728
12, 224

56,496
4,506
17, 824
4,292
13,532
4, 359
14,819
14, 988
2,730
12, 258

50,017
4,519
17,808
4, 291
13,517
4,381
14,873
15,030
2,734
12,302

56,836
4,553
17,898
4,304
13,594
4,403
14,936
15,046
2,720
12,326

56,972
4,549
17,981
4,323
13,658
4,423
15,010
15,009
2,721
12,288

57,123
4,553
18,007
4,334
13, 733
4,431
15,008
15,004
2,721
12,283

57,390
4, 508
18,189
4, 354
13,835
4,453
15,149
15,031
2,725
12,300

57, 469
4,575
18,203
4,371
13, 832
4,463
15,182
15,046
2,719
12, 327

57,615
4,580
18,235
4,384
13,851
4,480
15, 197
15,117
2,723
12, 394

'57,768
' 4,579
'18,247
' 4,383
'13,864
" 4,489
'15,245
'15,208
2,735
'12,473

57, 947
' 4, 559
18,295
' 4,396
13,899
' 4,505
'15,342
'15,236
' 2, 721
'12,515

58,141
4,567
18,359
4,402
13,957
4,525
15,418
15 272
2,733
12,539

51 ,149
13,070

53,054
13,625

53,397
13,470

53,792
13 797

54,077
14, 040

53,928
13, 807

54,090
13,839

54,219
13,730

52,746
13,606

52,803
13, GOO

53,481
13,763

54,222
13,893

54,787 '55,593 '55,409
14, 021 '14,258 '14,042

55,640
14,175

Production or nonsupervisory workers on private
nonagricultural payrolls t
thous
Goods-producing
do...
Mining
do...
C on tract construction
d o . _.
Manufacturing
do
Durable goods
do
Ordnance and accessories
do...
L u m b e r and wood products
do...
F u r n i t u r e and fixtures
do._.
Stone, clay, and glass products
do__.
P r i m a r y metal industries
do...
Fabricated metal products
do._.
Machinery, except electrical
do...
Electrical e q u i p m e n t and supplies
do...
Transportation equipment
do...
I n s t r u m e n t s and related products
do...
Miscellaneous manufacturing
do...

51,149
10, 440
565
2, 805
13, 070
7,543
80
464
364
485
919
996
1,346
1,140
1.148
293
309

53,054
17,067
593
2,849
13,625
7,866
72
508
402
498
933
1,046
1,339
1,210
1,226
310
322

53,104
17, 805
599
2, 808
13,618
7,878
71
507
401
503
952
1,045
1,347
1,199
1, 219
314
320

53,151
17 029
501
2 841
13 627
7 911
71
507
398
499
956
1 051
1 350
1, 222
1,228
311
318

53,474
17 180
005
2, 820
13, 749
7, 975
70
515
408
503
959
1,062
1,370
1 224
1,230
312
322

53,309
17,032
005
2, 852
13,575
7,833
69
515
403
501
934
1,044
1,329
1,224
1,186
311
317

53,498
17,172
012
2,885
13,675
7, 929
69
522
403
506
926
1,051
1,357
1,232
1,236
312
315

53,672
17,158
613
2,854
13,691
7,955
70
528
406
500
923
1,059
1,358
1,231
1,251
315
314

53,813
17,190
609
2,780
13,801
8,026
70
529
403
501
923
1,069
1,373
1,237
1,278
318
325

54,005
17,287
017
2,860
13,810
8,011
70
531
408
488
917
1,071
1,378
1,250
1,251
320
327

54,534
17,568
637
2,973
13,958
8,128
09
538
413
510
938
1,083
1,384
1,265
1,281
321
320

54,771
17,771
640
3,065
14,066
8,177
72
543
418
519
944
1,085
1,387
1,277
1,284
322
326

54,911 '54,932 '55,060
17,858 '17,874 '17,914
644
'626
037
3,070 ' 3, 086 ' 3,127
14,145 14,144 '14,161
8,233 ' 8, 240 ' 8,262
73
73
72
543
'543
r545
420
420
'421
522
'527
'529
954
'954
'949
1,099
1,103 ' 1,104
1,407
1,407 ' 1 , 4 3 1
1,289 ' 1, 286 ' 1, 292
1,278 ' 1,281 ' 1,281
323
323
'323
325
321
'315

55,022
17,756
608
3,090
14,058
8,221
72
545
413
526
942
1,101
1,411
1,299
1,281
318
313

Nondurable goods
do._.
Food and kindred products
do
Tobacco manufactures
do...
Textile mill products
do...
Apparel and other textile p r o d u c t s . . . d o . . .
Paper and allied products
do...
Printing and publishing
do...
Chemicals and allied products
do...
Petroleum and coal products
do._R u b b e r and plastics products, nec_ . . d o . . Leather and leather products
do._-

5,528
1,136
65
782
1,061
483
636
570
125
450
219

5,759
1,164
63
844
1,117
512
630
589
131
475
234

5,740
1,177
67
847
1,115
516
630
591
130
433
234

5,716
1,168
65
845
1,109
514
629
595
130
432
229

5,774
1,164
63
848
1,100
515
632
589
130
504
229

5, 742
1,159
63
838
1,091
512
632
588
131
502
226

5,746
1,161
63
835
1,093
515
632
590
132
501
224

5,736
1,156
62
833
1,089
514
631
591
132
505
224

5,775
1,169
60
835
1,096
517
631
594
133
513
227

5,799
1,175
60
840
1,098
517
635
601
132
514
227

5,830
1,183
56
848
1,100
517
635
602
135
525
229

5,889
1,190
60
856
1,108
524
639
608
138
537
229

5,912
1,183
57
803
1,115
529
044
012
138
540
231

' 5,904
' 1,184
58
'860
1,122
'529
'642
'609
138
535
'227

' 5,899
' 1,176
'57
'865
'1,114
'532
642
'611
'138
537
r 227

5,837
1,156
57
852
1,100
529
641
612
138
526
226

34, 709
3, 857
15, 013
3,462
11,552
3,221
12,617

35,988
3,862
15,641
3,529
12,113
3,293
13,191

36,019
3, 859
15, 008
3, 532
12,130
3,288
13, 204

3f ,122
3 ,854
15,700
3 ,534
12,160'
3 ,289
13,279

36,294
36,277
3,877
3, 850
15, 771 i 15,701
3, 554
3, 547
12, 224 12, 207
3, 325
3, 309
13, 337 13, 335

30,320
3, 801
15,734
3, 553
12,181
3, 345
13,380

36,514
3,900
15,792
3,562
12,230
3,364
13,458

36,623 36,778
3, 882
3,878
15,876 15,974
3,584
3,572
12,304 12,390
3,382
3,374
13,491 1 13,544

30,900
3, 890
16,071
3,602
'•12,490
3, 390
13,609

37,000
3,897
16, 077
3, 618
12,459
3, 402
13, 624

37,053
3, 907
10,109
3, 030
12,479
3, 410
13,027

'37,058
' o, 899
'16,102
' 3,623
'12,479
'3,417
' 13,640

'37,146
' 3,881
'16,136
' 3, 624
'12,512
' 3,427
' 13, 702

37,266
3,876
16,183
3,629
12,554
3,434
33, 773

Seasonally Adjusted t

Total employees, nonagricultural payrolls tO -do—
Private sector (excl. government)
do—
Nonmanufacturing industries
do—
G oods-producing
do —
Mining
do....
Contract construction
do—
Manufacturing
do—
Durable goods
do—
Ordnance and accessories
do—
Lumber and wood products
do
Furniture and fixtures
do—
Stone, clay, and glass products
do—
Primary metal industries
do—
Fabricated metal products
do—
Machinery, except electrical
do...
Electrical equipment and supplies.do...
Transportation equipment
do....
Instruments and related products.-do...
Miscellaneous manufacturing
do...
Nondurable goods
do
Food and kindred products
do
Tobacco m anufactures
do
Textile mill products...
do
Apparel and other textile products..do
Paper and allied products
do....
Printing and publishing
do
Chemicals and allied products
do—
Petroleum and coal products
do
Rubber and plastics products, nee_ .do —
Leather and leather products
do
Service-producing
do—
Trans., comm., electric, gas, etc
do—
Wholesale and retail trade
do—
Wholesale trade
do—
Retai 1 trade
do—
Finance, insurance, and real estate
do—
Services
do—
Governm ent
do—
Federal
do...
State and local
do...
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted O.thous
Manufacturing
do.
Seasonally Adjusted t

Service-producing
Transportation, comm., e l e c , gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services

do.. do...
do...
do...
do...
do...
do...

' Revised.
v Preliminary.
OSee end of notef for this page.
tBeginning in the Dec. 1976 SURVEY, figures for employees on payrolls of establishments
as well as hours, earnings, and labor turnover reflect revised seasonal factors. Generally,
d a t a arc affected back to 1971. A modification has been made in the method to seasonally
adjust most aggregated hours and earnings series (e.g., hours per worker on total private
nonagricultural payrolls, the manufacturing division, durable goods subdivision, etc.).
Aggregate levels are now the weighted averages of their seasonally adjusted components;
heretofore these levels were directly adjusted. Previously published hours are subject to




revision as follows: Manufacturing, durable and nondurable goods beginning 1947, total
private and total trade, 1964, overtime hours, 1956. Effective with t h e F e b . 1977 S U R V E Y ,
t h e data reflect corrections m a d e (back to July 1975) to employment levels in 4 divisions

D . C . 20402.

SURVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

S-15

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July v

Aug. *

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjusted t
Avg. weekly hours per worker on private nonagric.
payrolls-.^! Seasonally adjusted!
hours..
Not seasonally adjusted
do
Mining
do—
Contract construction
do
Manufacturing: Not seasonally adjusted do
Seasonally adjusted
do
Overtime hours
do
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..
Machinery, except electrical
do..
Electrical equipment and supplies
do..
Transportation equipment—
do.
Instruments and related products
do..
Miscellaneous manufacturing ind
do..

36.1
36.6
41.2
36.8
40.0
40.0
3.0

36.0
36.2
43.5
35.9
40.1
39.7
3.0

36.1
36.2
43.3
37.3
40.0
39.9
2.9

36.2
36.1
43.3
37.4
40.3
40.1
3.1

36.2
36.4
43.7
37.3
40.6
40.0
3.2

35.8
35.4
42.9
35.4
39.0
39.5
3.2

36.3
35.9
43.6
37.8
39.9
40.3
3.3

36.3
36.0
44.4
37.1
40.2
40.4
3.3

36.2
36.0
44.4
37.3
40.0
40.3
3.4

36.3
36.1
44.0
37.4
40.3
40.4
3.4

36.2
36.4
44.0
36.8
'40.8
40.5
3.4

36.1
36.5
'43.6
'36.8
40.1
40.3
'3.4

36.0
36.4
42.0
36.2
40.1
40.1
3.4

2.6

3.1

36.1
36.6
42.6
36.9
40.0
40.1
3.1

39.9
2.5
41.3
39.1
37.9
40.6
40.0
40.0
40.9
39.5
40.3
39.5
38.3

40.6
3.1
40.7
40.2
38.7
41.2
40.6
40.7
41.1
40.0
41.6
40.4
38.7

40.9
3.3
40.9
40.6
38.6
41.0
41.2
41.0
41.5
40.1
42.0
40.8
38.8

40.8
3.1
40.7
40.2
38.5
41.1
40.9
41.0
41.4
40.1
41.9
40.4
38.5

40.2
3.0
40.1
39.8
38.0
40.9
40.3
40.6
40.8
39.7
41.1
39.9
38.2

40.5
3.0
40.6
40.3
38.4
41.4
40.2
40.4
41.2
40.0
41.2
40.3
38.7

40.8
3.2
40.6
40.3
38.6
41.2
40.3
40.8
41.5
40.3
42.0
40.4
39.0

40.5
3.3
41.0
40.3
38.6
41.2
40.1
40.5
41.2
40.2
41.1
40.7
38.9

40.0
3.4
40.5
39.9
37.0
39.9
40.0
39.9
40.6
39.4
41.4
39.8
38.2

40.8
3.3
40.6
40.5
38.1
41.4
40.6
40.8
41.3
40.6
41.4
40.8
39.5

41.0
3.4
40.6
40.1
38.6
41.4
41.1
41.0
41.5
40.3
42.8
40.4
39.3

40.8
3.6
41.2
40.0
38.4
41.7
41.5
40.7
41.3
40.0
41.9
40.1
38.9

41.1
3.6
41.1
40.0
38.7
41.7
41.6
41.0
41.6
40.1
42.7
40.4
39.0

41.2
3.7
40.9
39.9
38.8
41.7
41.6
41.3
41.9
40.4
42.9
40.7
'39.2

41.0
3.6
'40.5
'40.5
38.9
41.4
' 41.2
41.0
'41.9
40.3
'42.1
'40.4
38.7

41.0
3.6
40.1
39.7
38.8
41.4
41.3
41.0
41.5
40.7
42.2
40.1
38.7

36.1
42.3
36.6
39.4

36.2
42.8
37.1
40.0

Nondurable goods
do..
Overtime hours
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.

38.8
2.7
40.3
38.0
39.2
35.1

39.3
3.0
40.3
37.8
40.1
35.6

39.1
2.9
40.0
35.0
40.2
35.5

38.9
2.8
40.1
36.8
39.3
35.2

39.0
2.9
40.2
37.1
39.0
34.9

39.1
2.8
40.3
37.5
39.4
35.0

39.2
3.0
40.4
36.9
39.8
35.1

39.3
3.1
40.1
37.5
40.1
35.3

38.7
3.0
39.5
36.1
39.7
34.2

39.6
3.2
40.3
39.4
40.5
35.7

39.5
3.1
40.2
38.4
40.8
35.6

39.5
3.2
40.3
38.3
40.5
35.1

39.5
3.1
39.9
38.6
40.7
35.7

39.6
3.1
40.0
'39.0
40.5
'35.9

39.3
'3.0
39.7
'37.3
'40.4
'35.4

39.0
3.0
39.1
36.5
40.0
35.1

41.6
37.0
40.9
41.6
39.7
37.4

42.4
37.5
41.6
42.2
40.7
37.3

42.3
37.7
41.4
42.2
40.3
37.0

42.1
37.5
41.3
42.3
40.0
36.7

42.2
37.4
41.9
42.2
40.5
36.5

42.1
37.5
41.6
42.0
41.1
36.4

42.4
37.6
41.7
41.9
41.2
36.4

42.6
37.7
41.7
42.5
41.5
36.5

41.9
37.4
41.6
42.3
40.9
35.3

42.7
37.9
41.7
42.5
41.4
36.7

42.8
37.7
41.8
43.0
41.2
36.4

43.3
37.7
41.9
42.7
41.2
37.4

43.0
37.6
41.7
42.6
41.3
37.1

'42.7
37.7
41.9
'43.0
'41.1
'37.2

'42.7
37.8
'41.7
'43.0
40.6
'36.6

42.4
37.7
41.6
42.6
40.4
36.9

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.

39.6
33.8
38.6
32.4
36.5
33.8

39.9
33.6
38.8
32.1
36.6
33.5

39.8
33.6
39.1
32.0
36.6
33.4

40.0
33.6
38.9
32.0
36.8
33.5

39.9
33.6
38.8
32.1
36.7
33.5

39.8
33.5
38.7
32.0
36.7
33.6

40.2
33.4
38.7
31.9
36.7
33.5

40.5
33.6
38.6
32.2
36.7
33.5

39.8
33.2
38.7
31.6
36.8
33.5

40.5
33.4
39.1
31.8
36.6
33.6

40.3
33.5
38.9
31.9
36.7
33.5

40.1
33.5
39.0
31.9
36.6
33.5

40.2
33.4
38.7
31.9
36.7
33.5

'40.1
33.3
'38.8
31.7
36.6
33.3

40.1
33.3
38.8
31.7
36.6
'33.2

39.8
33.3
38.9
31.7
36.5
33.3

Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish., for 1 week in the month, seasonally adjusted at annual ratet
bil. hours.
Total private sector
do
Mining
do
Contract construction
do...
Manufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services...
do
Government
do

146.92
117.84
1.64
6.68
37.63
9.26
29.99
8.02
24.62
29.09

151.39
122.08
1.74
6.93
39.31
9.35
31.02
8.21
25.51
29.31

151. 74
122.13
1.75
6.92
39.36
9.33
31.09
8.21
25.47
29.62

151.71
122.19
1.61
6.85
39.33
9.36
31.09
8.25
25.70
29.52

152.08
122. 54
1.80
6.66
39.36
9.40
31.27
8.28
25.78
29. 54

152.70
122. 62
1.80
6.95
39.18
9.33
31.15
8.32
25.89
30.08

152. 62
123.22
1.81
7.04
39.59
9.45
31.06
8.36
25.91
29.40

153. 61 152.15
123.80 122.96
1.84
1.82
6.99
6.56
39.56
39.42
9.59
9.42
31.40
31.14
8.40
8.46
26.02
26.15
29.81
29.19

154. 92
124. 96
1.87
7.16
40.06
9.59
31.52
8.43
26.33
29.96

155.51
125.89
1.94
7.25
40.48
9.57
31.76
8.50
26.39
29.62

156.00
126.35
1.96
7.45
40.65
9.54
31.81
8.49
26.45
29.65

156.65 156.58 157.04
126. 78 126.61 126.70
1.93
'1.88
1.96
'7.49
7.51
7.42
40.93 41.05 r 40.96
9.59 '9.55 ' 9 . 5 3
31.80 ' 31.70 ' 31. 78
8.55
8.57
8.54
26.47 r 26.40 r 26.49
29.87 29.98 ' 30.34

156.83
126.49
1.79
7.32
40.74
9.45
31.91
8.59
26.70
30.34

Indexes of employee-hours (aggregate weekly) :Hf
Private nonagric. payrolls, total
1967=100.
Goods-producing.
_.do._.
Mining
do...
Contract construction
do...
Manufacturing
do...
Durable goods
__do._.
Nondurable goods
do...
Service-producing
do.
Transportation, comm., elec, gas
do
Wholesale and retail trade
do...
Wholesale trade
do...
Retail trade
do._.
Flnance, insurance, and real estate
do...
Services
do...

107.5
91.2
119.5
100.6
88.8
87.5
90.8
118.8
101.7
114.7
111.6
115.8
123.5
130.9

111.9
96.3
127.0
103.6
94.0
92.7
95.8
122.1
102.4
118.9
114.3
120.6
126.9
135.8

111.8
96.5
127.7
103.7
94.2
93.5
95.2
122. 5
102.1
118.9
115.3
120.3
126.6
135.4

111.8
95.7
115.6
102.5
93.9
93.6
94.2
123.0
102.5
119.0
114.7
120. 6
127.3
136.6

112.2
95.9
131.7
99.4
94.0
93.2
95.2
123.6
102.9
119.7
114.9
121. 6
127.7
137.2

112.2
96.0
131.1
104.2
93.2
92.0
95.0
123.5
102.0
119.3
114.8
121.0
128.3
137.6

112.8
97.2
132.6
105.7
94.5
93.8
95.4
123.5
103.2
118.9
114.8
120.4
129.1
137.7

113.3
96.9
134.0
104.3
94.4
93.6
95.5
124.6
105.0
120.0
114.8
122.0
129.8
138.4

112.3
95.2
130.7
96.4
93.8
93.2
94.7
124.1
102.7
119.1
115.4
120.4
130.6
138.8

114.2
98.3
134.6
105.9
95.7
94.8
97.1
125.3
104.4
120.7
117.0
122.1
130.2
139.7

115.2
100.0
141.5
108.1
97.1
96.8
97.6
125.8
104.2
121.5
116.9
123.2
131.1
140.0

115.6
100.9
142.2
112.0
97.5
96.8
98.5
125.8
103. 9
121.7
117.8
123.1
131.0
140.1

116.1
101.7
140.2
112.7
98.5
98.1
98.9
126. 6
104.4
121.7
117.3
123.3
131. 6
140.2

•115.8
101.8
141.8
111. 3
98.8
98.7
98.9
• 125.4
• 104.0
• 121.1
117.3
• 122.5
131.5
• 139.5

• 115.7
101.5
• 136.6
•112.8
'98.3
'98.4
98.1
125.7
103.5
•121.4
117.4
122. 9
131.9
139. 7

115.3
99.9
127.8
109.6
97.2
97.8
96.3
126.0
102.6
121.8
117.8
123.3
131.8
140.8

HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:^
Not seasonally adjusted:
Private nonagric. payrolls
.dollars.Mining
do
C on tract construction
__
..do
Manufacturing
.do
Excluding overtime
do
Durable goods
.do
Excluding overtime
do
Ordnance and accessories
...do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
...do
Machinery, except electrical
do
Electrical equipment and supplies .do
Transportation equipment
do
Instruments and related products..do
Miscellaneous manufacturing ind...do

4.54
5.90
7.25
4.81
4.66
5.14
4.98
5.23
4.28
3.75
4.89
6.17
5.04
5.36
4.58
6.02
4.56
3.79

4.87
6.42
7.68
5.19
5.00
5.55
5.34
5.72
4.71
3.98
5.29
6.80
5.43
5.76
4.91
6.54
4.87
4.01

4.86
6.39
7.68
5.20
5.00
5.55
5.35
5.75
4.81
3.97
5.33
6.83
5.42
5.75
4.90
6.50
4.88
4.02

4.89
6.29
7.71
5.21
5.02
5.58
5.37
5.77
4.83
4.01
5.36
6.92
5.46
5.79
4.95
6.52
4.90
4.03

4.96
6.60
7.81
5.31
5.09
5.66
5.43
5.85
4.87
4.05
5.43
6.95
5.54
5.86
5.02
6.67
4.93
4.02

4.98
6.56
7.85
5.28
5.08
5.62
5.40
5.8y
4.87
4.06
5.43
6.90
5.49
5.83
5.03
6.58
4.95
4.06

5.00
6.62
7.86
5.34
5.14
5.68
5.46
5.98
4.86
4.07
5.45
6.94
5.53
5.91
5.07
6.69
4.99
4.08

5.02
6.71
7.88
5.42
5.21
5.78
5.55
6.05
4.88
4.13
5.47
7.00
5.62
5.99
5.15
6.94
5.09
4.18

5.07
6.76
7.96
5.46
5.25
5.81
5.59
6.06
4.95
4.15
5.50
7.03
5.58
6.01
5.16
6.95
5.10
4.24

5.09
6. 76
7.88
5.43
5.24
5.79
5.57
6.06
4.91
4.16
5.54
7.06
5.57
6.02
5.17
6.87
5.10
4.25

5.11
6.78
7.87
5.48
5.27
5.84
5.61
6.12
4.89
4.19
5.57
7.13
5.65
6.04
5.18
6.99
5.10
4.27

5.15
6.80
7.88
5.52
5.31
5.88
5.65
6.14
4.94
4.21
5.66
7.22
5.67
6.07
5.20
7.01
5.11
4.27

5.19
6.81
7.91
5.56
5.34
5.95
5.70
6.16
4.97
4.23
5.73
7.39
5.73
(; 10
5.23
7.10
5.13
4.31

'5.22
'6.88
'7.97
5.60
'5.37
'6.00
5.74
6.15
5.01
'4.28
'5.79
'7.45
'5.82
6.15
'5.29
7.18
'5.15
4.31

'5.24
'6.85
'8.00
'5.64
'5.42
'6.01
'5.77
6.25
'5.08
'4.29
'5.82
'7.51
'5.81
'6.16
'5.33
7.14
'5.20
'4.34

5.23
6.85
8.02
5.64
5.41
6.01
5.75
6.33
5.12
4.39
5.83
7.58
5.82
6.15
5.38
7.12
5.16
4.32

AGGREGATE EMPLOYEE-HOURS

'Revised.
v Preliminary.
f Production and nonsupervisory workers.
t See corresponding note, p. S-14.




§ NOTE FOR P. S-16—Effective with the May 1977 SURVEY, the indexes have been slightly
revised (and reflect an improvement in the processing system and corrections to the data file)
back to 1964.

September 1977

S-16
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

1976
July

Annual

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. v

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas, adj. 1 —Continued
Manufacturing—Continued
Nondurable goods
dollars..
Excluding overtime
do
Food and kindred products
do
Tobacco manufactures
.do
Textile mill products
do
Apparel and other textile prod
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Ruober and plastics products, nee_do
Leather and leather products
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Wh olesale trade
do
Retail trade
•_
do
Finance, insurance, and real estate
do
Services
do
Seasonally adjusted: f
Private nonagricultural payrolls
do
Mining
do
Contract construction
do
Manufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
...do
ndexes of avg. hourly earnings, seas, adj.: © If f
Private nonfarm economy:
Current dollars
1967=100..
1967 dollarsAdo....
Mining
do
Contract construction
do
Manufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E N R ) : d"
Common labor
$ per hr_.
Skilled labor
do....
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate
$ per h r . .
All workers, other than piece-rate
do
Workers receiving cash wages only
do
Workers paid per hour, cash wages only..do
Railroad wages (average, class I)
do
Avg. weekly earnings per worker, ^private nonfarm:!
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining
do
Contract construction
do
Manufacturing
do
Durable goovls
do
Nondurable goods
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Wholesale trade
...do
Retail trade
do
Finance, insurance, and real estate
do
Services
.do

4.35
4.20
4.57
4.51
3.40
3.19
4.99
5.36
5.37
6.42
4.35
3.23
5.92
3.75
4.89
3.34
4.13
4.06

4.68
4.51
4.96
4.91
3.67
3.41
5.43
5.69
5.89
7.14
4.62
3.44
6.46
3.97
5.18
3.55
4.36
4.36

4.69
4.52
4.96
5.00
3.71
3.39
5.47
5.67
5.92
7.13
4.40
3.41
6.46
3.96
5.17
3.54
4.36
4.32

4.70
4.53
4.98
4.62
3.75
3.42
5.50
5.71
5.93
7.13
4.40
3.45
6.56
3.98
5.21
3.55
4.40
4.32

4.80
4.61
5.02
4.65
3.78
3.49
5.58
5.79
6.04
7.22
4.85
3.48
6.61
4.04
5.26
3.61
4.39
4.42

4.80
4.62
5.04
4.69
3.79
3.49
5.57
5.77
6.04
7.20
4.86
3.47
6.63
4.06
5.28
3.63
4.41
4.44

4.84
4.67
5.09
4.87
3.81
3.50
5.62
5.82
6.09
7.26
4.94
3.50
6.65
4.08
5.31
3.65
4.40
4.49

4.90
4.71
5.16
5.04
3.83
3.52
5.66
5.86
6.14
7.29
5.01
3.53
6.65
4.07
5.34
3.65
4.43
4.52

4.95
4.77
5.22
5.16
3.83
3.57
5.69
5.92
6.18
7.40
5.07
3.57
6.70
4.17
5.41
3.73
4.52
4.60

4.93
4.75
5.22
5.37
3.84
3.55
5.69
5.93
6.18
7.63
5.03
3.60
6.74
4.20
5.40
3.76
4.52
4.61

4.95
4.77
5.22
5.36
3.85
3.57
5.72
5.97
6.21
7.68
5.03
3.61
6.71
4.20
5.41
3.76
4.51
4.62

4.99
4.81
5.26
5.69
3.87
3.57
5.79
5.98
6.27
7.70
5.06
3.61
6.80
4.23
5.48
3.78
4.54
4.64

4.99
4.81
5.28
5.58
3.86
3.50
5.80
6.02
6.29
7.69
5.05
3.63
6.83
4.25
5.52
3.80
4.58
4.67

5.03
4.83
'5.28
'5,77
3.90
'3.62
'5.86
6.06
'6.35
'7.73
5.12
'3.63
'6.83
4.26
5.51
'3.82
'4.54
4.66

'5.10
'4.91
'5.34
'5.68
'4.02
3.58
5.97
'6.09
'6.42
'7.79
'5.13
'3.60
'6.91
'4.28
'5.56
'3.83
4.58
'4.66

5.12
4.92
5.40
5.56
4.06
3.60
6.02
6.15
6.43
7.77
5.13
3.62
6.93
4.26
5.54
3.81
4.60
4.65

4.54
5.90
7.25
4.81
5.92
3.75
4.13
4.06

4.87
6.42
7.68
5.19
6.46
3.97
4.36
4.36

4.88
6.44
7.77
5.21
6.48
3.98
4.37
4.35

4.91
6.34
7.74
5.25
6.52
4.00
4.43
4.39

4.92
6.60
7.71
6.29
6.54
4.03
4.39
4.39

4.95
6.62
7.76
5.29
6.58
4.05
4.43
4.43

5.00
6.62
7.81
5.34
6.62
4.08
4.42
4.48

5.02
6.67
7.82
5.38
6.64
4.11
4.43
4.50

5.07
6.67
7.94
5.43
6.69
4.15
4.51
4.58

5.09
6.72
7.88
5.43
6.74
4.18
4.48
4.58

5.12
6.78
7.90
5.49
6.75
4.19
4.50
4.61

5.17
6.79
7.95
5.53
6.83
4.23
4.53
4.64

5.20
6.82
7.96
5.57
6.88
4.24
4.58
4.67

5.22
'6.89
'8.06
5.61
'6.89
4.26
'4.54
4.68

'5.26
'6.90
'8.09
'5.65
'6.93
'4.30
4.59
'4.70

5.26
6.91
8.05
5.68
6.89
4.29
4.63
4.72

172.5
106.9
182.8
175.4
171.6
181.8
168.0
161.5
175.2

185.0
108.5
199.2
185.6
184.7
198.6
178.6
170.6
188.4

185.6
108.5
199.1
188.0
185.4
199.9
178.8
170.8
188.3

186.8
108.7
202.3
187.1
186.7
200.9
179.8
173.1
189.8

187.5
108.7
203.8
186.4
188.1
201.6
180.8
172.0
190.0

188.4
108.9
205.5
187.9
188.4
202.4
182.1
173.5
191.3

189.7
109.3
205.0
189.2
189.8
203.7
183.4
173.1
193.0

190.6
109.4
206.8
189.5
191.0
203.1
184.6
172.9
194.6

192.7
109.7
207.8
192.4
192.3
205.1
186.4
176.5
197.7

193.2
109.0
210.1
190.8
193.3
206.2
187.6
175. 7
197.7

194.1
108.8
210.4
191.6
194.3
206.7
188.5
175.9
198.7

195.3
108.6
212.1
192.6
195.4
208.6
189.8
177.4
199.7

196.5
108. 6
213.1
193.1
196.8
210.1
190.7
179.0
200.7

• 197.5
• 108.6
• 215.4
• 195.1
• 198.5
• 210.5
' 191.1
• 177.2
• 201.8

198.9
• 108.9
• 216.5
• 196.2
•200.0
•211.8
• 192.8
• 179.7
• 202.5

199.1
108.7
219.4
194.9
201.0
210.4
192.4
181.1
203.5

8.30
11.01

8.93
11.85

9.06
12.05

9.08
12.08

9.13
12.15

9.17
12.16

9.19
12.16

9.20
12.21

9.20
12.21

9.22
12.25

9.24
12.25

9.24
12.27

9.24
12.27

9.37
12.49

9.55
12.73

9.64
12.75

2.43
2.38
2.60
2.45
6.237

2.66
2.61
2.81
2.65

2.53
2.48
2.65
2.52

163. 89
101.67

176.29
103.40

176.17
103. 02

177.25
103.17

145. 93
90.53

156.50
91.79

156.41
91.47

157. 22 157.13
91.14
91.51

163.89
249. 57
265.35
189.51
205.09
168. 78
234. 43
126.75
188. 75
108. 22
150.75
137. 23

176.29
274. 78
284. 93
207.60
225.33
183.92
257.75
133.39
200.98
113.96
159.58
146.06

177.88
272.85
291. 07
208.00
224. 78
183.85
259.69
136.62
203.18
116.82
160. 01
146. 88

178.97
259.15
292.21
208.40
225. 99
184.24
265.02
136.51
203.19
117.15
162.36
146.88

3.7
2.0
4.2
1.4
2.1

6.987
181.72
104. 32

181.51
103. 37

184.77
104.21

185.86
104.18

187.15
104.09

188.70
104.34

188.96 • 189.89 189.36
103.88 103.99 103.36

158.31
91.51

160.04
92.24

160.58
92.18

160.42
91.36

162.87
91.86

163.69
91.75

164. 66
91.58

165.87
91.69

179.55
289.08
287. 41
212.93
229. 80
189.12
265.06
135.74
204.61
115.88
160.67
148.07

180. 28
287.33
299.87
211.20
228.17
188.16
265.20
135. 20
204. 34
115.43
161.85
148.74

180.50
288. 63
289. 25
215. 20
232. 31
190. 70
267. 33
135. 46
205. 50
115.34
161. 04
149. 97

182.73
293.23
289.98
220. 05
238.71
194.53
269.33
137. 97
208.26
118.63
162.58
150. 97

179.48
286. 62
269.84
212. 94
229.50
189. 59
264.65
136. 78
208. 29
116.00
166. 34
153.18

182.73
292.71
288.41
216.66
233.92
192.76
270.95
138.60
209.52
117.69
165.88
153.97

183.96
296.29
289.62
220.30
238.27
194.54
267.73
139.02
209.37
118. 06
165.07
153.85

185.40 187.30
298.52 300.32
291.56 290. 03
220.80 224.07
239. 32 243.95
195. 11 190.11
271.32 273. 20
140. 01 141.10
212.08 213. 02
119.07 ! 120.08
166.16 107.03
154.51 155.51

172.67 173.41
94.93 '94.97
190.01 191.26
306.85 299.35
298.08 302.40
228.48 •226.16
249. 00 • 244.01
200.19 • 200.43
•275.25 • 279.86
143.14 • 145.95
• 214,34 ' 216.84
• 122.62 • 125.24
166.16 168.09
156.11 • 157.51

97

94

96

105

106

108

109

112

114

121

3.9
2.6
3.8
1.7
1.3

4.2
2.8
4.3
1.8
1.6

5.1
3.5
4.9
2.8
1.1

4.4
3.2
4.6
2.4
1.3

3.5
2.5
4.1
1.7
1.5

3.0
1.9
3.4
1.2
1.5

2.2
1.3
3.5
1.0
1.8

3.7
2.2
3.9
1.4
° 1. 7

3.7
2.1
3.4
1.3
1.4

4.0
2.6
3.4
1.6
1.0

3.8
2.7
3.4
1.7
.9

4.6
3.4
3.5
1.9

4.9
3.7
3.5
1.9

4.3
3.0
4.3
1.9
1.5

3.8
2.5
3.9
1.7
1.4

2.5
4.0
1.7
1.4

3.6
2.4
4.1
1.6
1.7

3.5
2.3
4.0
1.5
1.6

2.4
3. 6
1.5
1.3

4.0
2.5
3.6
1.7
1.1

4.0
2.7
3.9
1.8
1.3

4.6
2.9
4.1
1.9
1.4

4.3
3.0
3.7
1.9
1.0

4.1
3.0
3.8
1.9
1.0

4.1
3.0
3.8
1.9
1.1

3.9
2.8
3.9
1.9
1.2

4.0
2.8
3.9
1.8
1.3

177.12
102. 74

WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
523
Beginning in month or year
number.
525
508
5,031
5,600
In effect during month
do...
977
778
847
Workers involved in stoppages:
373
312
1,746
123
Beginning in month or year
thous..
2,500
In effect during month
do___
407
607
Days idle during 'month or year
do._- "31,"237 "387666" 5,219
3,824 4,566
'Revised.
P Preliminary.
1 Production and nonsupervisory workers.
0 The
index->.s exclude effects of changes in the proportion of workers in high-wage and low-wage
industries, and the manufacturing index also excludes effects of fluctuations in overtime
premiums; see note " § , " p. S-15.
AEarnings in 1967 dollars reflect changes in purchasing
power since 1967 by dividing by Consumer Price Index; effective Feb. 1977 SURVEY, data
reflect new seas, factors for the CPI.
tEffective with the Dec. 1976 SURVEY, seas, adjusted
hourly and weekly earnings were revised back to 1964; subsequent revisions appear in Feb.




2.77
2.74
2.93
2.81

CO

2.77
3.00
2.84

2,90
3.12
2.86

178.70 181.00
103. 29 104.32

HELP-WANTED ADVERTISING
Seasonally adjusted index
1967=100..
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires
do
Separation rate, total
do
Quit
do._Layoff
do
Seasonally adjusted: t
Accession rate, total
do
New hires
do
Separation rate, total
do
Quit
do....
Layoff
_do

9

2.80
2.75
2.94
2.81

172.99
94.43
190.37
287.70
298.34
226.16
244. 61
200.70
278.59
145.27
216.06
124.59
168.36
157.17

609
664
615
551
1,032
968
850
908
254
205
158
222
202
109
262
89
161
362
260
455
176
340
308
158
430
421
3,864
4,131
1,356
1,160
3,045
1,770
4,138
3,292
2,094
3,228
1977 SURVEY (see t, P- S-14). Seas, adjusted total accession and total separation rates in manufacturing reflect a new seas, adjustment method: These levels are the sum of their seas, adjusted components (total rates were revised back to 1951 and 1930).
cfWages as of Sept. 1,
1977: Common, $9.08; skilled, $12.85.
O Revisions for 1975 are in the July 1976 SURVEY.
« Does not reflect those layoffs of less than 7 consecutive days caused by cold weather or
energy supplies.
537
790

400
629

251
466

351
518

314
549

391
600

SURVEY OF CURRENT

September 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

S-17

July

Sept.

Aug.

1977
Oct.

Dec.

Nov.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
4,943
weekly §9
tbous..
State programs (excl. extended duration prov.):
Initial claims
thous.. 24,863
3,986
Insured unemployment, avg. weekly...do
Percent of covered employment: A
6.0
Unadjusted
Seasonally adjusted
3,371
Beneficiaries, average weekly
thous_.
Benefits paid §
mil. $.. 11,754.7
Federal employees, insured unemployment,
average weekly..
thous..
Veterans' program (UCX):
Initial claims
do
Insured unemployment, avg. weekly, .do
Beneficiaries, average weekly
do
Benefits paid
_
mil. $..
Railroad program:
Applications...
thous..
Insured unemployment, avg. weekly..do
Benefits paid
mil. $_.

3,822

3,642

3,446

3,235

3,217

3,884

4,442

4,448

3,972

3,506

3,105

2,937

3,064

20,065
2,991

1,868
2,831

1,473
2,646

1,399
2,455

1,767
2,694

2,252
3,103

2,552
3,638

1,995
3,647

1,483
3,173

1,429
2,289

~2~46T

4.3
4.7
2,215
703.0

4.0
4.8
2,185
695.8

3.7
5.0
1,983
633.7

4.1
4.8
2,046
666. 7

4.7
4.4
2,368
819.0

5.5
4.2
2,975
955.3

5.5
4.8
4.2
3.8
3,106
2,897
975.6 1,038. 5

1,357
2,752
4.1
3.7
2,363
763.7

1,325
• 2,414

4.6

1,513
2,466
3.7
5.0
1,912
590.6

3. 6
3.7
1,912
6G6. 0

3.4
3.8
2,197
660.8

51

51

50

50

52

55

60

37
95

34
92
88
30.1

33
96
90
32.4

35
101
96
36.0

103
104
35.6

32.5

7
22
8.6

24
9.5

6
23
10.1

8
29
11.0

30
10.9

2,450
8,974. 5

45

50

413
100
101
528. 5

401
98

153
27
89.5

115
27
134.8

93
89
31.1

32.8

37
93
90
32.2

21
22
7.0

14
23
9.5

9
22
9.2

93

9

59
29
101
99

5
28
13.5

50

43

87
85
29.6

26
78
74
27.2

3
21
9.1

2
16
6.2

3.6
3.9

41

11
13
G.7

17
15
4.5

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers'acceptances
mil. $__
Commercial and financial co. paper, total. -.-do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $__
Farm mortgage loans:
Federal land banks
..do
Loans to cooperatives
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Goyerninent accounts,
annual rates, seasonally adjusted'.
Total (233 SMSA's)O
bil. $..
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
do___.
f> other leading SMSA'si
do....
226 other SMSA's
do_...

18,727
47,690
37,515
6,239
31,276
10,175

22,523
52,011
39,680
7,294
32,386
12,331

19,544
51,138
38,700
6,187
32,513
12,438

19,383
50,063
37,743
6,243
31,500
12,320

19,599
49,814
37, 785
6,347
31, 438
12,029

20,312
51,334
38,518
6,674
31.844
12,816

20,678
53,080
39,768
7,113
32,655
13,312

22,523
52,011
39,680
7,294
32,386
12,331

22,362
53,905
40,100
7,347
32,753
13,805

22,187
54,432
39,683
7,291
32,392
14,749

22, 694
54,671
40,980
7,271
33, 709
13, 691

22,899
56,333
41,613
7,325
34,288
14, 720

23,201
57,573
43,136
7,492
35,644
14,437

23,440
59,372
44,042
7, 761
30, 881
14,730

23, 499
58,700
44,404
7,935
30,409
14,350

31,741

36,740

35,303

35,566

35,868

36, 290

36,387

36,740

37,507

38,199

39,141

39,581

40,035

40,322

40,644

16,564
3,979
11,198

19,127
4,931
12,682

18,202
4,420
12,681

18,390
4,360
12,816

18,570
4,467
12, 841

18,741
4,872
12,677

18,918
4,997
12,472

19,127
4,931
12,682

19,298
5,596
12,612

19,530
5,924
12,745

19,944
6,140
13,057

20,242
5,924
13,416

20,540
5,654
13,841

20,820
5,232
14,271

21,076
5, 001
14,566

27,102. 3 27,867.
27,
4 27,
1,585.5 32,028.5 32,394.9
1,911.0 29, 288.1 30,145.4 30,421. 7 30,
',241.6 27,396.0 28,049.0 28,
3,354. 2 13!;, 221.1 2,727.9 13,522.0 3,495. 5 13,,835.0 14,411.8 14,898. 0 14,
:, 612. 114,988. 9'15,739. 715,510.4
3,748.1 14,646. 3 14,513.7 13,874.0 14,553. 5 15,076.1 14,876.3 15.247.4 15,809. 6 15, 596.5 16,284.210,878.5
•),;213.1
5,497.7 5,935.8 5, 857.3 5,447.9 5,693. 2 5,917.1
4 (
5,887.1 6,155. 7 6,055.5; 6,420.4
8,250.4 8,710.5 8,656.4 8,426.1 8,860.4 9,159.0 9,012.0 9,360.2 9,653.9 9,541.1 9,863.8 10,005.4

Federal Reserve banks, condition, end of period:
Assets, total?
..mil. $.

123,997

133,540

124,997 129,202 132,397 130,076 126,844 133,540 125,517 127,056 129,044 135,084 131,108 137,703 133,932

Reserve bank credit outstanding, total 9 ..do
Time loans
do
U.S. Government securities.
do
Gold certificate account
do

99,149
211
87,934
11,599

107,718
25
97,021
11,598

100,441 103,805 107,664 105,069 101,380 107,718 103,644 105,622 106,609 111,163 108,982 114,757 '•110,203 109, 111
1,267
48
200
322
64
271
379
400
47
25
44
40
24
90,673 94,030 96,427 95,839 91,660 97, 021 94,134 95,837 95, 987 99,967 97,394 102,239 98,711 98,436
11,598 11,598 11,598 11,598 11,598 11, 598 11,658 11,651 11, 636 11, 636 11,629 11,020 11,595 11,595

do.

123,997

133,540

124,997 129,202 132,397 130,076 126,844 133,540 125,517 127,056 129,044 135,084 131,108 137,763 133,932 '134, 234

do
do
do

34,780
26, 052
78,770

38,016
25,158
85,590

34,358
24,371
81,034

36,793
24,782
81,275

40,933
26,220
81,520

38,014
26,461
82,072

31,332
23,239
84,281

38,016
25,158
85,590

35,833
23,411
81,198

36,313
22,916
81,709

35, 950 40,297
27,814 25, 773
83, 257 83,757

36.114
29,009
85,333

40,872 • 36,748 35,400
24,502 • 26.912 28,071
80,320 86,674 87, 506

' 34,989
> 34, 727

35,136
34,964
172
62
122

34,146
34,076
70
123
-29

34,141
33,844
2S7
104
221

33,979
33,692
287
75
243

34,305
34,116
189
66
155

34,797
34,433
364
84
301

35,136
34,964
172
62
122

36, 290
35, 796
494
61
441

34,199
34,234
-35
79
-102

34,135
33,870
265
110

34,613
34,602
11
73
-48

34,732
34,460
272
200
103

34,400
34,293
113
202

Liabilities, total 9Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation

All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil.$
Required.
do
Excess
do
Borrowings from Federal Reserve banks. __dol
Free reserves
do

i 262
i 127

i 148
Large commercial banks reporting to Federal Reservo System, Wed. nearest end of yr. or mo.:
Deposits:
Demand,adjustedd*
mil. $.. 112,124
Demand, total 9
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks

do.... 184,174
do
132,245
do
6,967
do
1,386
do
29,322

Time, total 9
do..
Individuals, partnerships, and corp.:
Savings
do
Other time
"do

35,391
35,043
'348

P134,

234

35, 335
34,990
*345
PI, 070
p-624

104,797 105,587

103,331 106,173

110,999 112,773 109,046 107,755 107,553

109,800 109, 343 110,328 110,421 113, 266

181,528 161,504 166,689
130,575 117,802 120,365
5,635 6,346
6,041
1,865
1,620
1,127
27,383 22,560 24,617

165,960 178,639
119,089 126,323
6,336
5,620
2,676
2,668
24,011 28,789

183,073 181,528 172,695 173,182 170,784
130,287 130,575 123,671 124,769 123,138
6,816
6,597
6, 222 5,814
6,041
1,467
1,045
1,385
1,313
1,620
27,430 27,383 25,238 25, 900 26,323

173,317 185,989 176,016 179,973 182,949
125, 598 132, 874 126,871 128, 200 130, 848
6,298
6, 205 j 6,678
f>, 079 6,320
1,013
1,349
4, 881 1,083
2,777
22,780 29,090 25,407 20,049 26,607

112,773

227, 729

231,416

223,252 221,423

231,416 230,446 230,598 234,857

231, 856 235,803 237,934 238,498 239,513

68,445
115,961

89,473
107,545

80,220 80,937 82,090 84,907 86,851 89,473 91,515 92,711 94,998
106,398 105,378 106,373 103,456 105,244 107,545 105,159 104,540 106,157

94, 700 94,412 94,088 94,331 93, 598
104, 251 107,151 109,686 110,401 112,131

Loans (adjusted), total
tf -—
do
Commercial and industrial
do
For purchasing or carrying securities
do
To nonbank financial institutions
._do_
Real estate loans
""..do
Other loans
......I..I.do

285,499
120,661
8,933
27,180
59,530
87,404

291,495 276,457 279,363 280,230 284,878 290,428
116,480 111,256 111,137 112,313 114,619 115,507
9,443 11,060 10,109 11,319 12,617
12,327
24,540 25,979 24, 203 23,754 24,053 23,863
63,409 61,767 62,055 62,431 62,869 63,227
96,816 84,437 90,359 89,125 92,359 94,157

Investments, total
do
U.S. Government securities, total.."'.'."do
Notes and bonds
do
Other securities
do

100,345
40,178
26, 464
60,167

111,452
50,076
36,825
61,376

1

r

100,549
41,182
29,174
59,367

223,690 221,646 224,828

291,495 289,825 290,042 291,422
116,480 114,771 116,187 116,791
12,327 12,213 11,625 11,682
24,540 23, 264 22,964 23,560
63,409 63,945 64,485 64,974
96,816 95,291 93,696 93,940

292, 549 298,
!,242 299,724 305,000 305,789
117,447 117,982 119,439 119, 308 119, 292
11, 966 12, 748 12,296 13,007 12,854
23, 017 23,208 «23,013 22, 401 22,507
67,721 08,OoS 69,999
65,432 66,304
,
00,307 98,659 101,205 102, 341
93, 538 100,

102,942 103,729 104,630 108,501 111,452 107,418 109,504 109,507
43,144 43,421 44,458 47,615 50,076 47,615 49,649 49,489
32,350 32,502 33,632 36,089 36,825 36,494 39,429 39,730

111,176 111,594 112,249 110,000 111,345
47, 696 48,273 48,295 40,720 46,485
40,099 39,459 39,153 38,701 38,458
63,480 63,321 63,954 03,934 64,860

59,798

60,308 | 60,172

Revised.
p Preliminary.
i Average for Dec.
§ Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are excluded from State benefits paid data.
AInsured
unemployment as % of average covered employment in a 12-month period.
9 Includes
data not shown separately. tfFor demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in

245-003 O - •




60,886

61,376

59,855

60,018

process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
some cities and counties not designated as SMSA's.
1f Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
c Corrected.

SUKVEY

S-18
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

CURRENT BUSINESS
1976

1976

Annual

September 1977

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

784.4
538.9
97.3
148.2

786.6
540.9
96.9
148.8

796.4
545.4
101.5
149.5

803.0
551.0
103.6
148.4

Mar.

Apr.

May

June

July

831.8
574.5
102.9
154.4

840.4
582.4
102.6
155.4

5.25

Aug.

FINANCE—Continued
BANKING- Continued
Commercial bank credit (last Wed. of mo. . except
for June 30 and Dec. 31 call dates), seas, adj.:f
Total loans and investments©
bll. $
do
LoansO
U.S. Government securities
do
Other securities
Money and interest rates: §
Bank rates on short-term business loans:
New York Citv

7 sonttiftjist cfintfirs
8 southwftst con tors
4 wflst ooast pflntftrs

mnum..
do
do

758.0
516.0
95.6
146.4

762.9
520.8
94.9
147.2

771.6
529.6
94.4
147.6

778.8
533.1
95.4
150.3

721.1
496.9
79.4
144.8

784.4
538.9
97.3
148.2

1 8 fi5
8.37
8.91

7.52
7.12
7.88

7.80
7.48
8.18

7.28
6.88
7.62

8.54
9.01
8.75
8.86

7.48
7.74
7.54
7.80

7.70
7.95
7.75
8.15

7.28
7.51
7.33
7.52

do
do
do

Discount rate (N.Y.F.R. Bank), end of year or
month
._
__
percent

751.4
512.1
93.2
146.1

812.4
557.7
102.8
151.9

819.4
562.1
104.6
152.7

825. 5
567.0
105.3
153.2

6.00

5.25

5.50

5.50

5.50

5.50

5.43

5.25

5.25

5.25

5.25

5.25

5.25

5.25

5.25

Federal intermediate credit bank loans

18.14

17.35

7.28

7.22

7.19

7.15

7.11

7.10

7.03

7.05

6.97

6.85

6.78

6.76

6.75

Homo mortgage rates (conventional 1st mortgages): n
New home purchase (U.S. avg.)
percentExisting home purchase (U.S. avg.) _
do

J
8.75
19.01

18.76
18.92

8.76
8.85

8.79
8.91

8.85
8.94

8.85
8.94

8.83
8.91

8.87
8.90

8.82
8.84

8.78
8.80

8.74
8.76

8.73
8.74

8.74
8.75

8.78
8.78

Open market rates, New York City:
Bankers' acceptances (prime, 90 days). . d o . . .
Commercial paper (prime, 4-6 months)
Finance co. paper placed directly,3-6nio.do
Stock Exchange call loans, going rate
do

2
2
2
2

6.29
6.32
6.15
8.02

2 5.19
3
5.35
3 5.22

5.50
5.67
5.53
7.50

5.32
6.47
5.46
7.50

5.28
5.45
5.31
7.50

5.06
5.22
5.08
7.50

4.90
5.05
4.92
7.50

4.62
4.70
4.56

4.81
4.74
4.64

4.83
4.82
4.75

4.80
4.87
4.77

4.78
4.87
4.81

5.34
5.35
5.13

5.39
5.49
5. 38

5.43
5.41
5.38

5.88
5.84
5.71

2 5.838
2 7.55

2 4. 989
2 6.94

5.278
7.24

5.153
7.04

5.075
6.84

4.930
6.50

4.810
6.35

4.354
5.96

4.597
6.49

4.662
6.69

4.613
6.73

4.540
6.58

4.942
6.76

5.004
6.58

5.146
6.67

5.500
6.90

164,169
51,413
4,323
5,556

193,328
62,988
4,841
6,736

16,482
5,553
456
613

17,251
5,680
421
633

16,575
5,382
427
642

15,060
4,704
363
541

16,813
5,004
387
567

19,588
5,162
382
551

13,921
4,242
259
401

14,430
4,889
309
452

18,739
6,643
440
643

18,557
6,229
479
680

19,084
6,392
431
694

20,544
7,097
481
809

18,577
6,189
468
728

20,428
4,024

25,862
4,783

2,184
415

2,315
446

2,263
412

2,162
417

2,305
431

3,050
505

2,190
450

1,926
412

2,244
461

2,335
440

2,454
464

2,630
497

2,415
484

do
do
do
do

156,665
48,406
4,517
4,675

172,795
52,750
4,691
5,151

14,286
4,372
415
442

14,560
4,511
375
434

14,242
4,553
416
456

14,522
4,487
377
470

15,062
4,577
384
436

15,337
4,514
371
452

14,813
4,483
366
443

14,522
4,403
379
438

16,864
5,325
427
508

15,757
4,844
416
497

16,121
4,898
424
511

16,533
5,204
408
527

15,760
4,785
396
506

do
do

19,208
4,010

24,012
4,552

1,949
359

2,072
385

1,988
333

2,039
379

2,167
401

2,262
407

2,273
429

2,104
403

2,363
471

2,157
425

2,398
415

2,373
421

2,242
425

do
do
do
do

15, 796
5,097
399
547

16,118
5,204
380
560

16,420
5, 298
393
584

15,844
4,834
361
549

16,712
5,312
403

17,677
5,869
470

622

624

17,072
5,440
352
558

17,418
5,747
367
564

18,351
6,135
434
638

18,609
6,037
463
660

18,322
5,973
402
627

18,613
5,978
408
677

18,416
5,877
440
661

do
do

2,185
404

2,209
419

2,211
394

2,266
421

2,260
430

2,297
441

2,166
460

2,384
459

2,381
470

2,547
467

2,589
498

2,604
512

2,525
489

14,349
4,389
391
432

14,589
4,451
379
443

14,589
4,532
407
450

14,753
4,500
386
469

15,077
4,630
406
459

15,236
4,667
385
463

15,082
4,708
400
463

15,594
4,792
415
477

15,503
4,809
386
478

15,840
4,882
407
479

15,803
4,785
420
501

16,331
5,080
385
503

16,098
4,871
395
504

2,002
369

2,092
401

2,007
356

2,095
383

2,148
403

2,228
415

2,176
421

2,198
420

2,136
r 490

2,288
413

2,416
400

2,385
427

2,361
455

189,187

192,143 196,157 198,973

Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.
3-5 year issues
do

8.79
8.83

9.02
9.06

CONSUMER CREDIT*
(Short- and Intermediate-term)
Installment credit extended and liquidated
Unadjusted:
Extended, total 9
.mil. $..
Automobile paper
do
do
Mobile home
do
Home improvement
Revolving:
Bank credit card
do
do
Bank check credit
Liquidated total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Seasonally adjusted:
Extended total 9
Automobile paper
Mobile home
ITome improvement
Revolving:
Bank credit card
Bank check credit
Liquidated total 9
Automobile paper
Mobile home
ITome improvement
Revolving:
Bank credit card
Bank check credit

do
do
do
do

r

'1 """

do
do

Total installment credit outstanding, end ol year or
month 9
..mil. $.
By credit type:
Automobile
Mobile home
"do
do
Home improvement
Revolving:
Bank credit card
do
Bank check credit
do.
By holder:
Commercial banks
Finance companies
Credit unions
Retailers . .
Others

"

do
do
do
..do....

164,955

185,489

173,923

176,613 178,947

179,487

181,237

185,489

184,597

184,504

186,379

55,879
14,423
9,405

66,116
14,572
10, 990

62,827
14,516
10,307

63,996
14,561
10,505

64,825
14,572
10,692

65,042
14,559
10,763

65,469
14,561
10,891

66,116
14,572
10,990

65,874
14,466
10,948

66,361
14,396
10,962

67,678 69,064
14,409
14,471
11,097 r 11,287

70,557
14,477
11,465

72,459
14,551
11,742

73,863
14,623
11,964

9 501
2,810

11 351
3,041

9 785
2,736

10 098
2,797

10 302
2,875

10 495
2,913

10,563
2,943

11,351
3,041

11 269
3,062

11,090
3,071

10,971
3,061

11,149
3,076

11,205
3,125

11,462
3,202

11,634
3,261

78 667
35, 994
25, 666
18,002
6,626

89 511
38, 639
30,546
19,052
7,741

84 528
37,132
28,815
16,214
7,234

85 883
37,477
29,518
16,395
7,340

86 943
37,625
30,296
16,643
7,440

87 689
37,779
29,711
16,777
7,531

88 I I 9
38,090
30,053
17,335
7,647

89 511
38,639
30, 546
19,052
7,741

89 262
38,790
30,410
18,378
7,757

89 223
38,868
30, 701
17.860
7,'852

90 187
39,188
31,448
17,585
7, 971

91,837
39,561
31,912
17,734
8,142

93,190
40,127
32, 704
17,911
8,211

95,307
40, 712
33, 750
18,032
8,355

96,797
41,398
34,122
18,137
8,520

Revised.
P Preliminary.
i Average for year.
2 Daily average.
O Adjusted to
exclude interbank loans.
§ For bond yields, see p.S-21.
f Beginning Jan. 1959, monthly
data have been revised to reflect new seasonal factors and adjustment to bench marks for the
latest call date (Dec. 31, 1975). Revisions are available from the Federal Reserve Board,
Washington, D.C. 20551.
9 Includes data for items not shown separately.
t Data have




been revised back to 1970, noninstallment credit is no longer available on a monthly
basis. "Personal loans" and "other consumer goods paper" have been combined to form an
"all other" category (not shown separately here). Earlier monthly data are available from
the Federal Reserve Board, Washington, D.C. 20551.
If Beginning Jan. 1973, data have
been revised; revisions for Jan. 1973-April 1975 will be shown later.

SURVEY OF CURRENT BUSINESS

September 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

S-19

1976

1976

Annual

July

Aug.

Sept.

1977
Nov.

Oct.

Jan.

Dec.

Mar.

Feb.

Apr.

May

June

July

Aug.

FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)—
Budget surplus or deficit (—)
Budget financing, total
Borrowing from tlie public.
Reduction in cash balances

mil. $__. 280,997 •1 299,197 • 22,590 r 27,350
365,648 • 33,882 r 29,595
1326,105
do
-45,108 -66,451 -11,292 -2,245
.do
do
do
do

Gross amount of debt outstanding.
...do.
Held by the public
do.
Budget receipts by source and outlays by agency:
Receipts (net), total
".
mil. $.
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil. $._
Other
do- _
Outlays, total?
do...
Agriculture Department
do
Defense Department, military
..do
Health, Education, and Welfare Department
mil. $._
Treasury Department.
do
National Aeronautics and Spaco Adm
do..
Veterans A dm mistral,Ion
do

145,108
i 50,853
i-5,745

66,451
82, 913
-16,462

11,292
6,438
4,854

2,245
8,737
-6,492

31,748
31,184
564
-564
3,332

21, 018 25,694 ' 29,471 29,954
24,182
34,000 33,079 r 31,890 32,617
30,735
-12,981 - 7 , 3 8 5 -2,419 - 2 , 6 6 4 - 6 , 5 5 4
12,981
4,386
8,595

7,385
6,738
647

2,664
3,157
-493

2,419
6,306
-3,887

24,817 ' 39,832
27,549
34,292 r 35,363
33,592
-9,475
4,469 - 6 , 0 4 3

6,554
9,118
-2, 564

9,475 -4,469
5,351
1,206
4,124 - 5 , 6 7 5

43,075
32,881
10,194

6,043 -10,194
518
-2,871
8,914 -10, 712

544,131
1396,906

1
631,412 635,260 644,394 645,748 649, 276 656,282 664,794 664,852 674,280 «0,141 681,905 682,965 685, 249
•'479,846 485,683 494,417 497,696 502,713 509,451 515,757 518,914 528,033 533,383 534,590 531,719 532,237

1

280,997
i122,386
140,621

1299.197
•1130,795
141,409

1
86,441
i 31,549

i 92,714
1
34,281

•1326,105
i 9,725
i 85,420

•1365,648
i 12, 796
188,036

1112,411 i 128,785
i 41,177 •143,527
1
3,267
i 3,670
1
16,575 i 18,415

• 22,590
p
11,131
1,513

27,350
12,078
689

31,748
15,508
6,259

21,018
11,095
1,027

25,694
12,530

29,471
12,662
7,633

29,954
18,085
1,694

• 24,182
' 8,370
948

7,068
2,877

11,614
2,969

7,077
2,905

6,199
2,697

9,432
3,032

6,207
2,969

7,320
2,853

33,882
1,109
7,246

29,595
1,266
6,826

31,184
1,475
7,855

34,000
982
7,244

33,079
1,875
7,820

31,890
1,165
8,305

32,617
1,372
8,004

11, 234
5,026
344
1,351

11,318
' 3,055
359
1, 385

C
1

r

11,788 11,635
*• 1,533 4,743
250
368
1,222
1,382

11,983
3,286
359
1,723

r

11,968
6,256
345
1,459

r

24,817
5, 777
8,719

39,832
18,476
7,974

27,549
r 9, 289
1,096

43,075
17, 949
14, 379

10,764
4,099

7,413
2,908

10,703
2, 678

14,203
2,961

7,696
3,052

30,735
1,286
7,907

34,292
1,705
8,146

35,363
1,825
7,745

33,592
1,102
7,954

32,881
1,316
8, 364

12,458
2, 736
352
1,611

12,318
r 5, 012
322
1,683

12,311
' 3, 053
309
1,049

12,434
6,031
314
1,218

11,918 12,136
4,666, ' 2,889
321
275
1,574
1,640

r

r

r

Receipts and expenditures (national incomo and
product accounts basis), qtrly. totals seas. adj.
at annual ratestf
Federal Government receipts, totalf
bll. $..

286.9

332.3

344.5

364.!

• 371.2

Personal tax and nontax receipts
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals.do
Contributions for social insurance..
do

125.6
43.1
24.0
94.2

147.3
55.9
23.4
105.7

150.3
56.9
23.7
106.2

157.1
55.1
23.8
108.4

170.0
55.4
24.2
115.4

168.6
'59.
24.6
118.1

357.1

386.3

390.6

400.4

403.7

411.5

123.3
83.9

130.1

130.2
86.4

134.2
88.4

136.3

143. 6
93.4

149.1
54.6
23.3

162.0
61.0
27.2

63.1
27.3

166.3
65.5
28.5

170.7
62.0
28.6

109. 3
03. 6
29.1

6.7

5.9

6.1

6.0

6.1

5.9

.0

.0

.0

.0

do....

-70.2

-54.0

-53.5

-55.9

-38.8

-40.3

Institute of Life Insurance:
Assets, total, all U.S. life Insurance cos
Government securities
Corporate securities
Mortgage loans, total
Nonfarm

bil. $
do
do
do
do

289. 30
15.18
133.90
89.17
82.41

321.55
20.26
154.93
91. 55
84.13

307.60
18.77
146.69
89.74
82.67

309.87
19. 26
148.19
89.88
82.75

312.87
19.54
150.00
90. 20
83.02

314.84
20.20
151.10
90.29
83.07

317.50
20. 66
152.11
90.-79
83.50

321.55
20.26
154.93
91.55
84.13

322.49
19.75
157. 26
91.62
84.19

324.16
20.12
158.38
91.65
84.13

326. 75
20.98
158. 70
91. 79
84.15

328. 79
21.03
160. 29
92.20
84.38

331. 03
21.08
101. 52
92. 36
84.43

334.39
21.25
164.19
92.85
84.71

Real estate
Policy loans and Dremium notes
Cnsh
Other assets

do..
do
do.
do.

9.62
24.47
1.92
15.05

10.48
25.83
2.00
16.50

10.02
25.25
1.36
15.76

10.11
25. 37
1.23
15.83

10.13
25.49
1.18
16. 33

10.23
25.59
.91
16.50

10. 24
25.70
1.17
16. 82

10.48
25.83
2.00
16.50

10.55
25.92
1.51
15.88

10.63
26.05
1.37
15.96

10.74
26.21
1.56
16.75

10.80
26.36
1.48
16.63

10.82
20. 50
1. 02
17.12

10.90
26.66
1.56
16.98

Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total!
mil. $__ ; 288,857
Ordinnry (incl. mass-marketed ord.)~- do
185,779
2 96,349
Group...
.
do
6,729
Industrial
do
MONETARY STATISTICS

319,653
219,336
103,940
6,378

23,256
16,272
6,492
492

27,242
17,267
9, 453
523

25,662
16,919
8,193
550

24,409
17, 720
6,171
518

27,619
18,394
8,718
507

39,803
21,973
17, 350
480

26, 002
15, 970
9,534
498

24, 722
17,114
7,114
494

30,116
20,858
8,649
609

26, 722
19, 400
6, 786
536

27 414
20 115
6 717
582

30 990
21, 024
9, 430
530

27.191
17,833
8,624
734

11,598
331
375,048
331,017

11,598
26
41,744
24,480

11,598
42
85, 499
22,500

11,598
25
40, 733
39,808

11,598
85
75,341
27,258

11,598
48
8,395
23,134

11,598 11,658
43
71
52,805 142,509
33,933
">, 384

11,650
39
65, 292
23, 349

11,636
33
5, 898
25, 981

11,636
-11
1,908
23, 716

11,629
61
67,104

11,020
37
27,107
99,552

11,595
5

962.4
65.2

81.5
5.4

84.0
5.7

85.3
6.5

83.2
5.7

81.1
6.1

75.2
6.3

73.5
5.8

72.6

78.5
6.4

78.5

79.0
6. 9

80.2
5. 9

81.1

5.8

2,601
23,249
4.225

2,912
31,533
4.369

5,304
38,765
4.348

5,367
36,458
4.409

23,672
4.535

3,557
41,854
4.842

6,714
31,170
4.777

4,629
25,796
4.692

4,632
30,236
4. 443

14, 562
17,886
4.498

2,104

2,430

4,388

2,085

2,026

1,644

2,169

2,440

2,800

1,054

Federal Government expenditures, totalf._do
Purchases of goods and services
do
National defense
do..".
Transfer payments
do
Grants-in-aid to State and local govts
do
Net interest poid
do
Subsidies less current surplus of government
enterprises
bil. $_.
Less: Wage accruals less disbursements...do
Surplus or deficit(-)

.0

LIFE INSURANCE

Gold and silver:
Gold:
Monetary stock, U.S. (end of period). ..mil. $
11,599
N vt re lease from earm ark § . . .
do
93
Exports
thous. $._ 458,853
Imports
do _ 456,638
Production: If
South Africa
Canada

_

mil. $
do

960.9
68.7

Silver:
Exports
thous. $.. 132,626
6,562
61,434
7,324
4,918
Imports
do
22,509 54,144
22,861
330,556 325, 252
Price at New York
do'l."perfineoz~~ 4.419
4.774
4. 295
4.353
4.237
Production:
United States
thous. fine oz... 36,627
1,578
1,796
1,774
26,708
r
Revised.
v Preliminary.
i Data shown in 1975 and 1976 annual columns are for
nscal years ending .Tune 30 of the respective years; they include revisions not distributed
to months.
2 Includes $1,694 mil. Vets group life ins.
9 Includes data for items not shown
separately.




4.444

tData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1977 SURVEYS
for earlier data).
§ Or increase in earmarked gold (—).
% Valued at $38 per fine ounce from Jan. 1972-Sept.
1973; at $42.22 thereafter.
« Corrected.

SURVEY OF CURRENT BUSINESS

S-20
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1976

| 1976
July

Annual

September 1977

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FINANCE—Continued
MONETARY STATISTICS—Continued
bil. $ .

86.5

93.7

88.9

89.5

89.5

90.3

93.0

93.7

91.2

91.7

93. 4

94.0

95.6

Money supply and related data (avg. of dailyfig.):©
Unadjusted for seasonal variation:
Total money supply
bil. $>
Currency outside banks
_ _ _ _ . do.
do
Demand deposits
do
Time deposits adjustedido
XJ S Government demand deposits!!

289.5
71.0
218.5
436.1

304.2
77.8
226.5
468.0
4.2

303.5
78.9
224.6
470.0
3.7

304.9
79.0
225.9
473.0
5.0

309.3
79.6
229.7
477.8
4.0

312. 3
80.7
231.6
480.5
4.2

321.3
82.0
239.3
488.2
4.7

319.7
80.5
239.2
494.6
4.2

309.9
80.8
229.1
498. G
4.4

312.4
81.6
230.9
504.6
4.5

322.3
82.8
239.6
507.7
5.6

315.5
83.4
232.1
511.8
3.8

321.4
372.2
84.2
85.7
237.1 ' 241. 4
516.1
519.6
5.2
3.9

*325.1
85.8
239.3
523.6

3.7

305.4
78.7
226.7
469.1
3.5
305.0
78.1
226.9
469.0

306.5
78.6
227.9
468.9

306.9
79.2
227.7
472.5

310.4
79.8
230.6
477.8

310.4
80.2
230.2
484.2

312.4
80.5
231.9
491.1

313.8
81.1
232.7
495.6

314. 0
81.8
232.1
500.0

315.4
82.2
233.2
502.8

320.5
83.1
237.4
505. 7

320.7
83.6
237.1
509.2

321.9
84.0
238.0
514.8

326.8
85.1
' 241.6
519.5

328.3
85.5
242.8
522.5

Currency in circulation (end of period)

Adjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjusted^.

do
do
do
do

Turnover of demand deposits except interbank and
U.S. Qovt., 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)
6 other leading SMSA'srf1
226other SMSA's

do
..do-

96.7

128.3
335.0

143.9
391 9

145.8
405.0

148.6
400.6

145.8
393.7

146.4
416.2

147.3
395.1

153.5
419.8

154.3
443.5

153.3
437.3

155.2
436.0

158.2
465.2

160.2
474.9

160.6
452.1

82.9
119.1
68.8

90.7
129.4
75 7

89.9
128.6
74.9

94.8
138.2
78.1

93.9
136.1
77.7

89.7
126.6
75.5

93.2
131.7
78.4

97.0
136.9
81.7

94.6
133.9
79.4

93.8
129.9
79.9

97.3
135.2
82.5

96.8
134.7
82.1

97.7
139.8
81.7

100.8
135.9
87.7

49 135
5,154

64 519
5 826

-

An

97.0

3.7

PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed, Trade Comm.):
Nf*t nroflf ftftprtfiTos all industries
mil <t
Food and kindred products
do
Textile mill nroduet^
do
do

409

1,630

1,934

2,248

2,889
497
232

2,963
344
190

2,999
160
258

507

468

204

520

2,523

3,196

840

081

726

1,040

6 311
2,564

7 889
4,073

1,987
987

2,041
1,200

1,937
1, 055

2,401
1,434

motor
mil $
..do—.
-do—,

1 039
1,'737
7,481

1 687
5,099
9,890

446
686

401
1,284

446
1,655

2,003

do

19,968

22,763

5,555

6,582

6,049

6,537

mil $

2 56 131

57 647

3 91°

3 190

4 919

4,445

4,175

6,456

3,908

3 137 ' 6,314

3,312

4,111

__do __.

41,664

41,070

2,498

2,513

3,940

3,236

2,614

5,290

3,002

1,833

4,644

2,721

2,604

7,413
3,458

8 305
2,789

540
89

464
214

418
136

673
276

408
282

612
308

499
103

692
128

675
520

428
163

1,036
212

52 539
18 651
1,628
15,894

52 161
15 479
1,771
14, 395

3 127
1 198
189
932

3 190
1,031
67
919

4,494

3,304

6,208
2,386
275
1,156

3, 604 r 2 053 ' 5, 839
1,I2f>
'900
'743
154
206
'172
986
1,598
435

2 634
4,464
6 838

3 596
3,561
10 229

13

1,117

130

112

462

'36

3,312
1,348
147
774
100

3,852

108
1,465

4,185
1,349
18
1,413

26
567

212
664

140
608

155
987

190
754

195

1,216

50
998

29,326
28,973

33, 845
21, 905

2,567
1,138

2,609
1,651

2,678
2,402

3,520
1,244

3,249
1,510

2,333
1,126

8 995
8 166

8 417
7 519

8 683
7 622
1 061

8 788
7 707
1 081

8,772
7,704
1 068

8 640
7,790
850

Elec. machinery, equip., and supplies.. do
(except

168
618

1,923

19,722
1,573

11 725
1,447
913
2 085

An
Primarv iron and ^teel
Fabricated metal products (except ordnance,
machinery, and transport, equip.) ____inil. $—

equipment

168
482

9 307
968
663
2 280

An

Transportation

15,584
1,164

133
471

2 270
7,610

do .
do

Motor vehicles and equipment.
All other manufacturing industries .

15,575
1,314

165
574

1 801
6,703

An

Stone, clay, and glass products

809

16,017
1, 678

3,057
542
364

"'/

583

SECURITIES ISSUED
Securities and Exchange Commission: §
Estimated crross nrooeeds total
^ y type of security:
Bonds and notes, Corporate
Common stock
Preferred stock
By type of Issuer:
Corporate total Q
Manufacturing
Extractive (mining)

do
do
mil $
do
do ..
do

Public utility
Transportation
do
Communication
do
do
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
do
do
Short-term
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month,
tOtal

-

At brokers
At banks
Free credit balances at brokers:
Margin accounts—.
_
Cash accounts

m i l 5ft

do
do

1
1

6,500
5,540
1
960

829

70

898

753

555
585
530
555
_ d o — . 1 1475
1,525
1,605
1,855
1,635
1,710
-do.....
T
l
Revised.
v Preliminary.
End of year.
2 Beginning Jan. 1973, does not include
noncorporate bonds and notes formerly included.
©Effective February 1976 SURVEY,
data revised to reflect: Annual review of seasonal factors; regular benchmark adjustment;
effect of changes in check collection procedures (Regulation J); and adjustments to include
new figures from internationally oriented banking institutions. Monthly revisions back to
1970 are in the Feb. 1976 Federal Reserve Bulletin.




510

105
1,327

r

T

1
557

317

T

652

133
1,612
129

477

1,462

334
529

294
928

3,371
1, 363

3,136
1,324

4,026
1,506

3,448
5,000

4,237
1,334

5,668 '3,114
2,294 '1,417

8 995
8,166

9 289
8 469

9 509
8 679

9 687
8 891

9 887
9 078

10 068
9 207

10 255 10. 490
9,667
9,432

829

820

830

809

801

808

796

823

p 3,933
v 1,297

823

600
585
595
615
625
611
605
605
645
f>15
1,860
1,855
1,740
1,805
1,710
1.580
1,815
1,720
1,715
1,930
H At all commercial banks.
©Total SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
§Data revised back to 1973; no monthly revisions for 1973-75 are
available.
9 Includes data not shown separately.

September 1977

SURVEY OF (JUJb.KEJN T HIJSIJNJ
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1976

1976

Annual

S-21

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard & Poor's Corporation:
High prade corporate:
Composited"
dol. per $100 bond..
Domestlc municipal (15 bonds)
do

56.2
68.9

58.0
72.5

57.1
71.1

67.9
74.1

58.8
74.8

59.1
76.3

59.2
76.4

61.3
80.0

60.3
79.9

59.4
79.3

59.1
79.3

59.4
80.8

59.2
80.5

60.1
81.6

60.0
81.9

60.1
82.4

58.96

58.38

58.88

59.54

59.93

60.21

62.05

59.73

56.23

55.83

56.31

56.06

57.38

57.48

57.42

New York Stock Exchange, exclusive of some
stopped sales, face value,, total
mil. $ 5,178.34 5,262.11

388.78

378.04

397.11

365.41

387.33

519.59

495.77

366.81

412.69

347.46

390.74

450.47

365.10

391. 43

U.S. Treasury bonds, taxablei --

do. .

Sales:
57.44
Total,excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value. _.
__mll. $
Face value
-.do._- 10,705.85
9,345.90
New York Stock Exchange:
9,070.20
Market value
__
.-do
10 302 08
Face value
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©

percent

9.57

9.01

9.08

8.93

8.79

8.71

8.66

8.47

8.'41

8.48

8.51

8.49

8.47

8.38

8.33

8.34

do
. do.
.-_.do___.
do

8.83
9.17
9.65
10.61

8.43
8.75
9.09
9.75

8.56
8.81
9.14
9.82

8.45
8.66
8.98
9.64

8.38
8.54
8.81
9.40

8.32
8.48
8.73
9.29

8.25
8.46
8.69
9.23

7.98
8.24
8.53
9.12

7.96
8.16
8.45
9.08

8.04
8.26
8.49
9.12

8.10
8.28
8.55
9.12

8.04
8.28
8.55
9.07

8.05
8.28
8.55
9.01

7.95
8.19
8.46
8.91

7.94
8.12
8.40
8.87

7.98
8.17
8.40
8.82

_ . do. _
do...
do

9.25
9.88
9.39

8.84
9.17
8.85

8.90
9.26
8.81

8.79
9.07
8.75

8.66
8.91
8.66

8.58
8.83
8.54

8.54
8.77
8.48

8.33
8.61
8.39

8.24
8.59
8.27

8.33
8.63
8.26

8.36
8.66
8.26

8.32
8.65
8.17

8.30
8,64
8.12

8.23
8.53
8.06

8.18
8.48
8.02

8.21
8.47
8.05

do
do

7.08
6.89

6.56
6.49

6.73
6.64

6.52
6.28

6.47
6.20

6.33
6.06

6.03
6.05

5.83
5.69

5.93
5.70

5.92
5.75

5.85
5.76

5.68
5.61

5.72
5.64

5.56
5.53

5.62
5. 50

5.54
5.46

6.78

6.85

6.79

6.70

6.65

6.62

6.39

6.68

7.15

7.20

7.14

7.17

6.99

6.97

6.98

- 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..
Yields, composite
Industrials - _ . . _ _
Public utilities
..
Railroads. _
N.Y. banks
Property and casualty insurance cos.

6.98

0)

do.
do
do
do
percent
do
do
do
do
...do.

Earnlngs per share (indust., qtrly. at ann. rate;
pub. utll. and RR., for 12mo. ending each qtr.):
Industrials
dollars
Public utilities
do....
Railroads
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
_percent_.

0)
1

0)

8.36

8.06

8.08

7.99

7.90

7.80

7.80

7.70

7.54

7.55

7.56

7.60

7.63

7.62

7.51

7.55

247.25
802.49
79.81
163.39

303.91
974.92
92.28
214.03

310.90
993.20
90.31
225.92

307.85
981.63
92.91
220.06

311.79
994. 37
96.63
219.55

300.04
951. 95
97.33
208.18

303.03
944. 58
99.59
217. 53

317. 03
976.86
105. 33
232.43

317.79
970.62
108.88
232.67

308.93
941.77
107.49
227.29

309. 63
946.11
106. 48
225. 94

308.71
929.10
107.71
231.00

312.74
926.31
110.49
240. 75

311.38
916.56
113.63
237.48

311.20
908.20
117.11
236.39

296. 79
872. 26
113. 34
219. 46

86.16
96.56
94.63
81.18

102.01
114.35
115.52
92.73

104.20
116.99
119.62
93.37

103.29
115.63
118.10
92.95

105.45
118.15
118.84
94.75

101.89
114.03
113.16
92.34

101.19
112.96
111.33
90.98

104.66
116.33
114.30
92.90

103.81
115.17
113.12
91.21

100. 96
112.14
110.71
87.93

100.57
111.88
111.52
86.85

99.05
109.89
110.76
84.03

98.76
109.10
109.28
83.43

99.29
109.46
108.17
84.36

100.18
110.12
107. 69
85.21

97.75
107. 50
105. 52
85.13

Utilities (40 Stocks)
do
48.16
47.49
41.17
50.63
48.81
Transportation (20 Stocks) *
' 1970= 16
14.96
14.33
14.47
Railroads (10 Stocks) _
1941-43=10 ~"~37.~48~ "~45.~87" 47.75
46.59
46.90
Financial (40 Stocks)*
1970=10
11.83
11.96
11.93
New York City banks (6 Stocks). 1941-43=10. .
55.13
51.96
54.00
Banks outside N.Y.C. (10 Stocks)
do..
97*. 96 104.45 101.30 C98.13
80.52
102.68
113.52
Property-Casualty Insurance (6 Stocks). d o . . 88.72
111.72
105.01
r
Revised.
i No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1976
will be shown later,
c? Number of issues represents number currently used; the change in number does not

50.18
13.58
44.89
11.53
49.40
94.65
113.33

50.55
13.99
46.93
11.58
47.73
94.88
113.66

53.01
14.97
50.48
12.42
51.25
106. 37
119.40

54.01
14.85
50.24
12.30
53.49
107. 79
115.06

52.88
14.12
49.27
11.75
51.20
102.44
109.29

52.14
14.08
50.21
11.57
49.34
100. 68
107.00

52.57
14.38
52.83
11.41
47.94
97.47
108.19

53.68
15.00
54.14
11.59
47.63
96.14
117.06

55.29
14.82
53.06
11.74
47.61
95.30
121.39

56.95
14.68
53.12
12.11
50.04
98.88
121.13

55.42
13.74
49.19
11.95
48.39
99.67
114. 79

Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: <?
Combined index (500 Stocks).
1941-43=10..
Industrial, total (400 Stocks) 9
do
Capital goods (111 Stocks)...
do
Consumer goods (189 Stocks)
do




U Prices are derived from average yields on basis of an
affect continuity of the series,
O For bonds due or callable in 10 years or more.
assumed 3 percent 20-year bond.
9 Includes data not shown separately.
*New series.

SURVEY

S-22
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1976

1975

Annual

September 1977

: BUSINESS
1976
Aug.

July

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
Now York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transp or tation
do
Utilitv
do
Finance
-do

Sales:
Total on all registered exchanges (SEC):
Market value
.
mil. $.. 157,260
6,221
Shares sold
millions.
On New York Stock Exchange:
133,684
1^1 ark et value
mil. $
5,051
Shares sold (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
4,693
(sales effected)
..millions..
Shares listed, N . Y . Stock Exchange, end of period:
Market value, all listed shares..
bil.$..
Number of shares listed
.
.
millions..

54. 46
60.44
30. 57
36.97
52.94

45.73
50.52
31.10
31.50
47.14

685.11
22,478

1

55.68
62.11
42.12
36.49
54.06

55.18
61.14
40.63
37.56
54.22

56.29
62.35
40.36
38.77
54.52

54.43
60.07
38.37
38.33
52.74

54.17
59.45
39.28
38.85
53.25

56.34
61.54
41.77
40.61
57.45

56. 28
61. 26
41.93
41.13
57.86

54.93
59.65
40.59
40.86
55.65

54. 07
59. 56
40.52
40.18
54.84

53.92
58.47
41.51
40.24
54.30

53.96
58.13
43.25
41.14
54.80

54.30
58.44
43.29
41.59
55.29

54.94
58.90
43.52
42.44
57.29

i 194,969 16,392
1
564
7,036

12,942
450

14,616
500

15,158
507

12,983
504

18,759
685

17,436
647

15, 794
575

15,890
579

15,645
554

15,949
569

15,619
617

16,635
610

164,545 13,671
452
1 5, 649

10,983
362

12,451
405

12, 736
408

11,089
413

15, 692
541

14,526
509

13, 309
457

13, 223
453

12,884
429

13,370
454

13,254
504

13,787
483

53.51
57.30
41.04
41.50
56.52

5,360

394

347

415

361

381

535

502

398

435

403

426

484

450

433

858. 30
24,500

806.82
23,709

810.06
23,924

827.05
24,080

809.44
24,212

810.81
24,354

858. 30
24,500

822.53
24,532

802.50
24,612

795.83
24, 681

800. 08
24, 787

788. 31
25,092

828.46
25,428

815. 74
25, 668

799.18
25,733

FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (nidse.), incl. reexports, totaled
Excl. Dept. of Defense s h i p m e n t s .
Seasonally adjlisted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan.

mil. $ . . 07,591.6

114,992.4 9,319.7

8,893.9

9,215.5

10,084.2 9,091.9

10,784.9 8,992.7

07,130.4

114,802.3 9,315.1
9,956.3

8,824.3
9,733.4

9,165.9
9,795.8

10,079.8 9.686.7
9,697.7 9,593.0

10,870.
'0.8 8,1,975. 9 9,403. 7 11.044.5 110,540.5 10,861.3 10,251.9 9,505.3
10,397.1 9,598. 9 9,807.8 10.071.6 9,970.2 10,394.6 10,112.3 10,149.8

do
.do
do..
do.
do.
do_

413.0
417.0
429.4
4,948.9 5,205.9
371.2
525.9
510.3
483.6
458.9
523.7
449.8
471.9
452.7
28,223.2 29,731.2 2,718.1 2,442.4 2,445.7 2,571.6 2,400. 2 2,710.2 2,430.5 2,367.5 2,825. 0 2,698.5 2,963.5 2, 679. 5
238.8
245. 2
235.3
195.5
2,339.5 2, 689.9
230.6
267.1
222.3
215.0
205.0
241.2
217.9
218.2
604.1 2.736.0 3,356.1 3,097. 7 3,564. 8 2,922.1 3,140.9 3,507.3 3,358.2 3,260.2 3,087. 9
32,731.8 35,902.9 2,789. 5

do..
do..
do.

21,752.4 24,113. 5 1, 699. 4 1,818.8 1.993.1 2,075.9
648.5
8,288.1 8, 367.7
638.8
692.0
651.3
679.2
8,802.6 8,600.5
746.2
699.9
698.3

do
do

82. 7
1, 302. 4

810.0
1,347.8

73.3
120.2

64.2
107.2

72.9
128.7

66.1
100.4

55. 9
103.5

64.9
113.5

60.2
88.7

76.8
128.9

121.3
91.5

104.9
87.9

102.3
95.4

73.9
76.3

do
do
do
do

1,835.0
1,289.7
372.0
393.4

2,199.2
1,134. 7
394.3
535.6

185.0
105.6
22.6
44.4

167.7
96.0
48.5
64.2

189.6
129.2
42.5
59.9

182.3
107.2
41.7
47.6

195.5
79.7
25.1
47.8

224.1
80.3
28.7
46.9

161.1
57.1
23.5
44.2

199.5
39.9
14.1
40.5

202.2
74.3
31.9
41.8

201.1
39.4
35.7
44.5

180.6
87.1
48.3
38.8

181.6
94.3
21.4
37.4

810.1 1,036. 0
818.6
831.5
9,562.7 10,143.9

64.1
70.4
954.7

84.3
69.3
834.8

96.1
68.3
813.9

87.7
99.4
897.1

55.7
61.7
915. 3

92.9
54.5
894.8

57.5
58.2
899.2

58.7
78.3
914.3

72.9
71.0
976.9

64.9
61.7
859.7

56.5
69.8
901.7

77.4
83.3
814.0

3,031.0

3,448. 9

265.1

239.6

266.6

354.2

285.0

295.0

271.8

317.7

333.3

319.6

311.8

287.5

17.3

64.9

1.6

8.5

8.1

6.9

3.6

4.2

4.3

4.8

.6

2.1

.9

5,194.1

5,729.8

379.7

417.4

419.6

608.9

576.1

606.2

471.4

484.6

543.2

539.8

550.1

523.8

2,866.9
1,834.6
4,527.4

3, 068.4
2,308. 2
4,798. 5

225.1
195.3
429.9

194.4
136.5
360.5

236.9
104.5
395.9

306.7
122.1
469.7

269.0
174.2
381.6

277.0
172.4
454.0

229.3
179.6
411.3

255.1
196.0
446.5

307.9
223.6
485.9

289.8
239.8
460.9

254.9
104.9
456.3

227.7
107.5
568.9

do.
do.
do.

Europe:
France
_do..
German Democratic Republic (formerly E .
Germany)
mil. !
Federal Republic of Germany (formerly W.
Germany)
..mil. !
Italy
Union of Soviet Socialist Republics
U n i t e d Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
,
Exports of U.S. merchandise, t o t a l s
Excluding military grant-nid
Agricultural products, total
Nonagricultural products, total

do.
do.
do..

21,743.9 24,108.9 1,699.0 1,818.7 1,992.7 2,075.4 2,070.0 2,053. 7 1,891.2 2,012.7 2,500.1 2,260.3 2,438.1 2,322. 5

do
do.
do.
do.
do.
do.
do_

15,655.0 15, 492.1 1,310. 6 1,243.1 1,202.1 1,219.3 1,267. 5 1,543. 7 1,063.2 1,113.1 1,320.5 1,326.8 1,305.7 1,340. 6
38.1
44.4
55.2
46.5
39.0
51.7
39.6
102.5
78.9
39.9
52.5
57.2
628.3
543.7
195.1
227.4
182.4
177.1
240.3
211.9
200.8
221.1
174.8
254.0
210.9
233.9
3,056. 2 2,809.1
30.1
46.6
48.6
63.2
46.1
42.6
62.8
40.8
58.7
34.3
40.2
35.8
533.4
507.7
46.8
53.7
55.1
76.4
43.1
56.6
69.9
54.4
85.5
63.4
67.7
61.5
643.0
702.7
312.1
371.4
405.3
408.9
294.1
414.0
358.1
367.4
436. 6
371.8
373.0
301. 3
5,141.3 4,989.5
223.6
190.9
210.3
240.8
205.0
216.2
265.7
234.8
278.1
272.1
247.6
250. 6
2, 243. 3 2, 627. 8

do..
do..
do.
do

106,102.1 113,318.5 •9.178.7 '8,759.9 '9,064.8
•9,174.2 '8,690.3 '9,015.2
105,641.0
,
21,885.7 22,996.3 1,798. 6 1,759.6 1, 796.9
84,216.5 90,326.8 7,390.5 7,004.9 7,261.1

do.

1, 308.4

'1, 523.5

78.4

•9,928.9
'9,924.6
2,250. 7
7,679.0

•9,539.4 10,596.1 8,834.3
'9,534.2 10,592.: 8,817.6
2,120.9 2,081.4 1,906.8
7,414. 0 8,528. 6 6, 927.5

9,275.7 10, 857 2 10,348.1
9,270.7 10,849.3" 10,342.0
2,045.9 2,293. 12,:
"!, 208. 9
7,229.9 8,564. 1 8,
;, 139.3

10,674.0
10,069.0
2,199.4
8,474.7

10,040.1
10,037.1
1,882.1
8,158. 0

1,367.3 1,321.6 1,515.8 1,299. 2 1,220.8 1,077.0 1,114.1 1, 287.7 1,232.6 1,232.2 1,145. 9 1,161.9
60.7
54.4
65.2
65.4
78.0
63.5
69.0
62.6
65.4
69.2
64.9
741.6
679.4
916.9 1,046.0
983.7
852,7
718.3
770.8
780.1
755.7
801.9
101.5

131.1

823.5
Crude materials, inedible, exc. fuels 9
do.
9, 783. 6 10,890.7 ' 803.6 ' 769. 2
85.9
115.4
80.1
991.2 1,048. 7
Cotton, raw, excl. linters and waste
do.
150.2
151.5
189.9
Soybeans. exc. canned or prepared
do
2, 865. 2 3,315. 4
108.2
125.7
134.9
1, 355. 2 1, 284. 5
Metal ores, concentrates, and scrap
do
T
Revised.
i Annual total reflects revisions not distributed to the monthly data.
cf Data may not equal the sum of the geographic regions, or commodity groups and principal




, 070.3 2,053.8 1,891.4 2,012.8 2,500.4 2,260. 7 2,438.5 2,322. 8
584.8
730.5
562.5
662. 4
708.2
778.2
687.1
674. 5
650.8
717.9
619.4
765.3
742.7
748.4
906.3
772.0

..do.

By commodity groups and principal commodities:
Food and live animals9
mil. $__ 15,484. 3 15,710.1 1,358.1
55.8
Meats and preparations (incl. poultry)..do
798.0
527. 7
963.3
Grains and cereal preparations
do.
11,641.7 10,910.9
Beverages and tobacco

11,052.3 10,546.0 10,866.4 10,254.9 9,508.5

149.8

126.5

191.9

166.3

133.7

157.2

112.0

128.8

142.5

156.6

L, 040. 8 1,188. 2 1,241.8 1,308.2 1,310.8 1,051.0
908.7
181.5
126.2
167.5
189.3
189.4
143.0
433.9
369.3
294.8
518.4
455.1
528.1
73.8
93.5
140.6
101.4
110.6
94.6
commodities, because of revisions to the totals not reflected in the component items.
9 Includes data not shown separately.

1,049.5 1,118.2 1,101.9
80.7
93.9
130.4
401.8
448.7
386.3
102.8
100.7
104.5

September 1977

S-23

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

Aug.

July

Sept.

Oct.

1977
Nov.

Dec.

Jan.

Apr.

May

June

July

290.4
180.6
101.0

397.3
280.9
97.3

432.3
284.3
134.1

398.1
295.5
98.3

397.

Mar.

Feb.

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise—Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $-.
Coal and related products
do
3,343.0
Petroleum and products
do
907.9
Animal and vegetable oils, fats, waxes
do
943.8
Chemicals
_
do.
8,691. 2
10,919.2
Manufactured goods 911
do
1, 624.5
Textiles
do
Iron and steel
do
2,457.0
1,090.0
Nonferrous base metals
do

4,225.8
2,988. 2
997. 9

347.4
241.4
91. 2

304.
214.
75.
60.

387.8
291.7
82.9

407.2
294.4
90. 9

978.1

86.4

'9,958.7

850.7

785.1 \r 815.4

11,206.1
1,970. 0
1,906.2
1,088.4

898.4
150.6
174.9
90.4

910. 7
171.4
153.0
89.6

91.5 | 83.1

906.7
174.4
140.5
97.0

379.1
270.3
88.8

1.1
234.0
110. 0

79.0

217.3
122.3
80. 7

267.8
158.3
97.9

94.8

77.3

94.8

134.5

106.1

127.3

122.5

129.

• 829. 3 • 928.9

809.3

910.0

943.1

903.3

918.8

918.

957.

' 996.4
178.9
167.9
95.7

871.0
159.5
130.1
37. 3

926.0
170.7
140.6
79.9

904.8
170.5
147.6
92.0

, 035.7 1,003.9 1,002.1
185.6
175.7 164.3
147.1
157. 3 139.1
95.0
103.8 100.4

981. 6
169.6
139.
93.4

Machinery and transport equipment, total
mil. $._ 145,667.6 •49,501.2 3,970.1 •3,725.4 '3,853.1 |4,229.0 4,067.7 '4,822.0 3,824.5 3,869.2 [4,819.7 4,416.1 4, 633.6 4,325.9 3,868. 6
Machinery, total 9
do
Agricultural
_._do
Metalworking
do
Construction, excav. and mining
do
Electrical
do
Transport equipment, total
do
Motor vehicles and parts

do

Miscellaneous manufactured articles
Commodities not classified

28,477.1 1,289.0 2, 678. 0 365.2 , 491. 5 2,726. 9 2,530. 4 [2,857.5 2,520.3 2,545.5 3,009. 5 |2,789.1 2,826.8 2,753. 7
143.
152.2
165.4
196.2
163.4
183.2
133.3
161.1
160.3
2,092.2 2,107. 7 181.2
150.2
162.4
62.6
62.2
87.2
67.8
67.0
949.2
66.0
59.8
64.3
62.1
75.1
918.2
78.8
86.7
356.4
362.6
469.4
359.9
410.3 401.3
380.3
374.2
401.5
4,733.8 4,945.1
415.3
374.8
441.7
755.3
764.7
9,
278.
5
814.2
759.0
960.5
766.6
879.4
851.6
876.7
833.3
733.2 ' 892. 5
7,582.0
l,360.C 1,360.2 1,502.1 1,537. 3 1,964.2 1,304. 2 1,323.7 ,810.2 1,627.0 1,806.8 ,572.2
18,210.4
17,190.5 0,949.1 1,292.0
884." 1 | l | 182.'8 988.5 1,156.5
17.9 915.2
733.0
868.7
997.6 1,018.1
1,037.8
10,028.2
r
556.8
6,574. 9 537.4 507.9
544.8 | 560.1 • 544. 5
654.4
601.4
G22.3
611. 0 518.1
648.1
5, 672. 7
248.2
232.9
215.2
191.3 215.7 | 212.2
2, 749.4
292.5
267.3 265.
191. 2
267.5
305.7
3,162.0

do
do

844.
240.8
607.0
269.0

VALUE OF IMPORTS
General imports, total
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Ocermia
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan

96,116. 0 20,677.6 10,563.9 0,453.
10,717.2 :o,477.:

do
do

do
do

1,158. 6
|3, 725.5
150.1
1, 988.4

21,754.7 26,246.9 2,177.
747.
8,821. 6 9,347.5
7,219,3 7,760. 5 694.

|2,058. 9
711.7
659.0

27.5

do
do
do
do.
do.
do.
do.

92.5
924.8

5.
68.

114.5
1,183.0 1,285.7
66.
548.2
708.2
6.
48.8
69.8
88. C
766.4
939.6
2,220.6 3,004. 3 285.3
80.6
754.2
882.9
11,268.0 15,504.2 1, 354.

Europe:
France
do
German Democratic Republic (formerly E.
Germany)...
mil. $..
Federal Republic of Germany (formerly W.
Germany)
mil. $ . .
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
.
do
North and South America:
Canada

, 639.3 1, 228.
, 366.1 3, 689.
140.
, 671.1
,640.2 , 985.

8,304.6
27,054.6
1,508.2
21,465.9

do
do
do
do
do
do
do

2,136.9

2,509.3

11.2

13.6

5,381.5
2,397.1
254.4
3,784.4

5,591.2
2,529. 7
220.2
4,253. 7

An

21.746.7
Latin American Republics, total 9
do
11.839.8
Argentina
do
214.6
Brazil
do.... 1,464.3
Chile
do.,..
137.7
Colombia
do
590.2
Mexico
do
3,058.6
Venezuela
do
3,623.9
By commodity groups and principal commodities:
Agricultural products, total
mil. $.. 9.489.8
86,650.5
Nonagricultural products, total
do
Food and live animals 9
do.
8,503. 3
Cocoa or cacao beans
do
321.1
Coffee
do
1.560.9
Meats and preparations
___do
1,141.2
Sugar
do.
1,870.1

217.9

0,384.7 10,023.1 11,061.6 11,450.2 10,932.9 10,505.2 13,551.7 12,434.6 11,906.3 3,569.7 1,859.8
.0,651.0 10,555.1 10,622.9 11,020.4 11,268.7 11,673.7 12,459.0 12,593.3 11,615.9 .2,932.1 2,476.1
106.6 1,098. 7 1,110.3 1,333.3 1, 244.0 1,197.7
601.6 3,312. 8 [3,714.5 3,578.3 [3, 759. 7 3,299.7
105.3
144.5
152.3
160.7
153.0
151.3
865.8 1,950.8 '2,166.7 2,162.3 , 040.8 1,903.2
286.2 2,171.7 2,338.4 2,438. 7 1,986.7 2,184.
715.3
958.2
836.0
912.9 '925.6
710.4
870.5
816.7
657.6
742.4
863.6
643.7

1,610.1 722.4 1,274.7 . ., 583. 7
4, 209.8 3,871.1 4,004.3 4,625.6
142.6
128.3
136.8
122.5
2,677. 7 2,309.5 2.356.5 2,603.
732.5 2,482.3 2.504.6 2,791.4
905.7 1,005.5
i 1,273. 2 1,095.0
720.1 ! 816.4
825.0
934.6
18.
115.

9.8
66.2

13.5
95.8

120.5
49.4
5.7
72.0
304.2
83.5
407.8

105.3
59.4
5.0
98.3
261.6
109. 2
330.4

76.2
99.4
97.
96.4
83.8
117.3
127.6
127.0
47.7
55.8
72.2
65.4
61.3
53.3
54.5
48.8
4.4
5.9
4.
5.2
5.1
3.5
5.7
5.3
101.3
113. S
90.0
82.4
107.7
64.4
83.1
105.7
306.4
273.1
366.7
240.
S
334.
5
199.4
250.2
296.6
71.5
79.2
93.2
82.3
62.9
100.5
75. e
92.1
1,411.6
1,197.7
1,541.6 11,411.9 1,545.4
296.7 1,426.9 1,412. 8

213.8

.77.4

204.6

294.8

230.3

233.0

1.1

1.2

1.1

1.5

.9

1.1

432.9
240.8
23.6
378.3

21.0
.87.3
18.6
371.8

482.0
190.5
19.9
368.4

541.7
214.4
20.4
356.5

538.1
238.1
16.6
383.2

523.1
207.9
12.8
341.8

26.9
106.7

.9
95.0

1.1
76.0

1.0
74.6

76.3

191.7

2.1
90.3

17.1
104.0

18.6
93.1
104. i
75.0
5.1
117.0
319.8
110.8
, 619. 8
268.5

242.1

217.9

253.4

1.8

.7

1.8

1.4

577.0
310.7
30.8
492.2

572. f>
265. 0
23.0
434. 9

589.5
240.1
22.0
422.3

661.7
276.9
21.0
507.0

26,237.6 2,175. 9 !, 057.7 2, 285.7 2,171.5 2,337.4 [2,436.9 1, 985.4 2,183.4 2,721.4 2,480.7 2,504.
3,226. 6 , 142. 4 095.1 1,065. 9 1,062.5 1,264.7 1,397. 7 , 380.4 1,369.5 1,608. 5 1,554.1 1,308.7
28.2
30.6
27.7
25.4
2G.4
32.1
26.6
28.4
307.9
29.5
29.5
30.5
238. 9
146.8
211.1
242.3
181.2
140.2
182.8
1,736. 6 180.5
210.5
209.6
120.9
22.4
16.2
13.0
20.3
34.2
26.8
25.7
18.8
221.6
16.6
16.4
22.6
83.2
44.0
99.5
43.2
06.0
97.3
53.3
54.3
654.8
62.9
69.9
39.8
275.3
325.3
369.1
274.9
386. 4
431. 5 462. 2
266.0
3,598.1
356.5
361.1
281.0
386. 9
349.7
336.2 305.6
478.0
255. 9
293.4
354.2
3,574.4
304.5
306.9
396.3

!, 789.0

1.
467.9
230.0
21.9
333.7

960.5
1,178.7
09,498.7 9, 603.3
903.4
0,267.4
26.4
357. 9
276.7
632.3
127.9
1,447. 0
90.8
1,154.0

1.
444.
209.
15.8
310.0

914.6
909.4
817.6
990.0 1,106. 0 1,124. 6 1,142.5
538.5 9,476.0 9, 222.3 10,071.7 10,344.2 9,808.3 9,362.6
880.7
851.2
924.3 1,031.4 1,008.1 1,042.3
33.8 , 30.9
57.2
46.9
23.8
14.3
31-7
249.1 ! 151.9
401.6
385.0
294.9
164.9
343.7
111.8
127.4
88.7
109.5
110.1
122.8
90. 9
120.0
132.4
45.4
86.5
55.5
99.7
86.2

, 343.1 1.404. 3 1,279.9
2,208.6111,030.3 10,626.4
, 214.1 1,325. 0
41. 0
44.1
519.0
478.5
114.5
114.3
87.9
62.1

,182.3
70.0
389.1
109.5
82.9

, 424.7
28.5
193. 5
17.6
62.4
417.4
348.4
251.7
2, 318.0
139.2 . 938.9
43.6 !
360.5
102. 7
78.8

Beverages and tobacco

do

1,419.5

1,623. 7

123.0

104.9

123.5

139.1

137.9

155.4

128.1

117.8

156.4

119.5

142.7

152.3

112.5

Crude materials, inedible, exc. fuels 9
Metal ores
_
..
w
Paper base stocks„
Rubber.
Textile
fibers

do
5, 566.2
d o . . . . 1,976.7
ao
1,067.5
uo_
do
174.4
do.
364.7

', 013.8
2,250.8
1,275. 5
249.3
520.0

649. 8
220.3
108. 6
21.8
45.9

619.5
232.2
112.5
19.3
33.2

678.6
246.0
106.2
17.6
56.0

602.4
202.9
102.3
22.2
40.2

578.3
171.3
102.0
18.9
41.6

668.1
225.6
102.4
23.8
54.9

545.0
139.0
91.9
19.3
56.2

547.0
126.4
111.6
16.5
45.3

639.1
116.1
117.5
21.6
67.2

626.0
150. 9
102.5
18.2
58.5

081. 5
207.9
100.6
27.3
41.2

775.9
246.1
127. 2
24.4
58.2

677.2

Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals

do
do
do
,do

26,475.6 •33,995.9 3,036. 8
24,814.? 31, 794. 5 2,877. 6
553.9
34.2
463.9
3,695.9 4,771.8
385. 9

164 6 2,959. 6 2,823.1 3,069. 9 3,332.8 3,512. 6 3,232. 9
987.5 2,784. 5 12, 609. 6 2,854.8 3,115.2 3, 296.8 3,032.3
53.2
52.9
35.6
62.2
43.2
18.6
50.0
402.1
407.1
368.3
473.9
368.4
471.6
453.6

Manufactured goods 9 If
do___. 14,702.5 17,615.5 1, 547.8 538.0 , 558.1 1,520.1 , 606.8 1,629.0 1,498.0 1,397.0
4,594.5 4,346.6
Iron and steel
^n
352.2 371.5
455.8
318.5
398.0
374.9
393.3
437.8
uo
1,427.3 1,742.4
164.7
168.4
166.8
144.7
157.9
134.0
147.6
157.2
Newsprint
do
2,580.7 3,500.8
322.5
320.3 305.0
258.7
250.4
285.2
272.4
324.3
Nonferrous metals
do
1,218.6
142.1
1,634.
8
145.3
133.2
122.2
141.2
128.6
143.4
Textiles...
do
28.8
r
Revised.
9 Includes data not shown separately.
^ Manufactured goods-classified chiefly by material.




679.7 4,065. 0 3,208.9
:, 437. 5 3,844. 5 2,992.1
45.0
517.1

36. 6
475. 4

42.1
481.0

773.9
366.6
171.0
349.8
150.7

, 673.9
355.0
142.8
358.3
144.7

,856.0
528.9
147.4
339.1
139.9

008.9 3,531.4
69.7
505.5

42.0
414.3

999. 9 1,761.9
568. 9
174.0
365.1
156.3

Aug.

SURVEY OF CURRENT BUSINESS

S-24
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

September 1977

1976

1976

Annual

July

Aug.

Sept.

1977
Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

June

May

July

Aug.

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE O F IMPORTS—Continued
General imports—Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $__ 23,457.2 29,823.9 2,461.8 2,307. 2 2,445.0 2,354.4 2, 723. 7 2, 795.4
11,727.4 15,183. 7 1,380.7 1,310.0 1, 290.1 1, 343. 2 1,429.3 1,452.5
Machinery, total 9
do
33.5
30.1
29.6
361.8
28.5
40.6
361.5
31.6
Metal working
_do
712.9
746.8 676.3
693.8
681.7
674.8
4,911.2 7,424.2
Electrical..,
do
Transport equipment

do

Automobiles and parts

do

Miscellaneous manufactured articles

do

11,737.2 14,640.2
9,920.7 13,103.9
9,224.4 12,563.9

, 081.1
949.2

997.2 1,154.9 1,011.1 1,294.3 1,343.0
1,173.8
874.7
999.9
891.9
1,228.8
, 194.7 1,215.3 1,123.4
1,231.3
1,101.0
1,114.2
253.4
226.5
233.5
218.9
220.1
216.4

, 569. 3 2.504.5 3,151.4
,311.6 1,229.7 1,527.3
34.4
30.5
35. 8
563.7
609.1
712.5

864.5
951. 0
, 363.8 , 477.8
32.2
40.7
624. 5 687.8

,257.7 1,274.8 1,624.1 , 500.7 ,473.2
, 132.0
1,465.0 , 340.9 325.5
1.153.6
,045.9
1,169.6 1,047. 3 , 125. 2
1,002. 2
170.6
205.3 201.4 235. 6
201.5

, 328. 5 1,294.9
204.9

213. 4
195.7
417.8

212. 0
184.9
393.0

211.3
173.3
365. 9

265. 5
210.4
558.6

272. 6
196. 7
536.1

208. 7
227. 3
010. 9

270. 4
197. 0
532. 7

2,537. 7

195.1
176.7
344.9

202.1
182.7
369.1

201.9
178.1
359.6

202.6
168.0
340.4

206.1
171.1
352.7

206.7
188.0
388.6

207.3
180.0
373.1

209.1
198.6
415.3

209.0
165.2
345.3

208.1
174.4
363.0

211.3
201.1
424.8

212.2
190.9
405.0

241.2
149. 4
360.5

248.8
182.1
452.9

250.5
189. 3
474.2

251.6
186.5
469.4

252.9
185.1
468.2

253.4
177.9
450.8

253.7
196.3
498.0

255. 4
201.8
515.4

259.2
189.7
491. 7

260.3
181.5
472.4

267.3
228.0
609. 5

thous. sh. tons- 269,182 •283,070
mil. $__ 61,408 * 64,712

24,326
5,455

23,291
5,074

24,076
5,210

26,017
5,811

.-.thous. sh. tons.. 427,865 •517,450
81,171
mil. $_- 63,469

47,741
7,311

48,796
7,349

47, 437 44,092
6,760
7,051

do

,671.1
, 474. 2

295. 2

2,517.6

Commodities not classified

, 294. 6 2,881.7
623.5
37.1
781.7

Indexes
Exports (U.S. nidse., excl. military grant-aid):
Unit value
1967 = 100..
Quantity _____
do
Value
-do
General imports:
Unit value
do
Quantity
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
Value
General imports:
Shipping weight..
Value

25, 608 24, 036 18, 358 20,251
5,605
6,023 4,982
5,342
46,144 49,169 48,422 I 42,517
7,770
7,409
7,813 7,12_

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor §
percent..
Ton-miles (revenue), totalf
mil
Operating revenues (quarterly) 9 O
Passenger revenues . .
Cargo revenues
Mail revenues
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
Domestic operations:
Passenger-miles (revenue) __
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
International operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly)©

mil $
do
do
do
do
do

162.81
53.7
22,186

178.99
55.4
24,121

17.72
60.6
2,301

18.15
61.5
2,3 38

15,356 P17, 506
12,354 P14,267
1 310 v\ 497

14.19
52.6
1,947

14.32
52.9
1,990

12.99
51.9
1,832

4,815
3,957
384
74
4,364
272

311

15.19
54.6
2,066

15.09
53.8
1,952

12.94
51.0
1,747

15.46
54.7
2,098

15.39
55.6
2,057

v 15.34
^54.0
p2,000

p 17. 02
p 57. 6
p2,240

12.23
211
57

10.72
213
56

12.83
265
66

12.59
250
63

p 12. 31
p 259
p 58

P

2.87
146
30

222
153
30

263
185
35

280
171
34

p 303
p 173
P 35

p 332
v 172
p 35

474

465

577

463

467

471

166.4

166.6

165.8

428
542
J>405

P4,
P3,

P104

15,228
-72

P16,783

bil
mil
do

131.73
2,747

145.27
2,909
719

mil $
do
do

12 020
11,902

bil
mil
do

31.08
2,048

mil $
do
do

3,336
3,326
—25

mil

5,643

5,690

99
9,703

99
2 11,362

100
2,904

99
3,040

100
3,030

239

341

95

90

54

177

199

50

53

51

883

*>415
14.03
248
55

14.48
249
54

no 70
2,187
407
P3
P3,

11.66
255
64

10.74
238
64

3,739
3,439
185

901
P13,326
J>13

-46

426

11.20
247
58

H, 304

3.69
193
32

3.67
187
32

3.00
191
31

13. 69
p 272
p 61

0

13. 57

"14.14

*>3,568
P3,455

2.66
206
32

2.25
194
36

1,076
924
87

605
457

12.56
245
84

2.63
172
47
»861
*>849

Urban Transit Systems
Passengers carried (revenue)

Motor Carriers
Carriers of property, large, class T, qtrly.:*
Number of reporting carriers
Operating revenues, total
_.mil. $_
Net income, after extraordinary and prior period
charges and credits
mil $
Tonnage hauled (revenue), common and contract
carrier service
mil tons
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.)cf
average same period, 1967=100.
Common carriers of general freight, seas. adj.
1967=100.
Class I RailroadsA
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total © 9
mil. $_
Freight
do
Passenger, excl. Amtrak
.do...
Operating expenses ©
do__.
TEX accruals and rents
. _ do
Net railway operating income.__
do...
Net income (after taxes) ©
.
do

2

121

137

131.7

152.3

437

435

440

468

141
155.4

155. 3

154.8

4,685
«4,138
18,560
16,357
«3,883
4 390
15 346 17 4 9 2
'75
84
297
330
3,765
*3, 225
13,207
14,948
805
3,182
2,799
.722
.191
430
114
351
. i 114
1273
177
1108
r
2
Revised.
P Preliminary.
1 Before extraordinary and prior period items.
Annual
total; quarterly revisions not available.
9 Includes data not shown separately.
1 Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of
available seat-miles in revenue service reflects proportion of seating capacity actually sold
and utilized.
© Total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
* New Series. Source: I C C (no comparable data prior to 1972).
cT Indexes are comparable for the identical quarter of each year (and from year to year).




471

492

426

127
153.0

165.6

165.5

4,742
4 448
83

& 4, 373
& 4,115
*82

4,738
4.459
81

5,269

3,864
776
102
1 21

6 3,543
& 766
6
66
& 1-23

3,902
825

4,148
893

154.0

154.8

* 4,417
* 4,159
*3,404
* 740
h
274
* 1 236

159.5

998

1 -29

AEfTective 1976, defined as those with annual revenues of $10 million or more; restated 1975
data reflect changes.
©Natl. Railroad Pass. Corp. (Amtrack) operations (not included ln
A A R data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 (ICC).
• Domestic trunk
operations
only (domestic trunks average about 90% of total domestic
b
operations).
1st qtr. 1976.
« 3d qtr. 1975.
>'4th qtr. 1975.
t Effective Mar. 19/1
SURVEY, revised back to 1957 to new trading day and seas. adj. factors.

SURVEY OF CURRENT BUSINESS

September 1977
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in Ihe 1975 edition of BUSINESS STATISTICS

1976

1976

July

Annual

S-25

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May-

June

July

Aug.

TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I RailroadsA—Continued

Traffic:
Ton-miles of freight (net) total qtrlv
T^PVPTIIIO toii-iiiilcs otrlv (AAI1)

* 189.5

206.8
197.0

187.4

187.5

187.6

127
31.32
63
22.48
67

148
31.34
64
24.04
75

128
32.16
69
23.45
78

8,050
8,177
6 176
5,326
2,334
60,527

7,700
7,755
6,264
5,382
2,817
60,521

825
898
742
591
263
11,383

32,070
15,256
12,692
20,664
5,792
132. 3

36, 602
16,621
14, 618
23,321
6,679
138.5

504.8
403.9
70.7
315.9
223.6
74.6

bil
do

Price index for railroad freight
1969 = 100-.
Passengers (revenue) carried 1 mile..
.mil-

«202.1

208.9
' 200.8

' 216. 5

3 60.4

3 61.1

191.1

191.1

191.6

198.0

198.0

198.2

198.3

198.2

198.2

198.4

198. 4

127
32.07
68
22.84
69

138
33.43
72
23.36
70

122
32.54
63
22.07
60

128
31.46
46
21.88
50

114
34.45
57
23.15
61

122
33.71
63
23.27
65

145
33.92
67
23.66
71

128
34.69
64
24.06
70

144
35. 72
70
24.29
72

147
34.89
71
25.07
77

936
766
746
723
227
10,923

683
705
576
516
189
6,498

687
594
491
447
146
4,847

535
496
408
374
172
2,608

468
578
452
405
183
1,849

588
552
493
399
207
1,698

511
549
354
304
222
1,971

618
625
472
347
330
2,417

645
646
480
399
357
3,691

643
733
488
419
354
4,567

710
853
572
402
371
8,252

3,054
1,410
1,225
1,907
574
135.8

3,137
1,437
1,283
1,992
576
136.0

3,116
1,459
1,231
1,949
604
136.8

3,156
1, 475
1,251
2,009
590
137.7

3,151
1,474
1,242
2,031
576
138.1

3,174
1,438
1,259
2,173
497
138.5

3,222
1,488
1,295
2,033
587
138.9

3,159
1,488
1,216
1,985
578
139.5

3,304
1,520
1,391
2, lf>3
585
139.9

3,360
1,531
1,288
2,224
399
140.3

3, 364
1, 545
1,351
2,142
f>07
140.1

3,397
1,548
1,368
2,163
624
141.0

527.7
423.0
75.4

43.6
35.3
6.0

43.9
37.7
3.9

44.7
35.0
6.9

43.7
33.9
7.3

44.1
34.5
7.1

45.1
36.7
6.0

43.2
34.4
6.2

43.3
33.7
7.1

47.9
37.6
7.6

46.0
34.6
9.0

46.6
35.8
8.2

48.4
37.4
8.4

349. 5
256.3
71.9

29.6
22.5
4.9

29.6
22.8
5.0

29.8
20.7
7.4

30.1
20.2
8.1

29.8
21.0
6.8

30.6
23.6
4.7

31.1
21.3
7.6

29.8
21.0
7.1

34.8
22.6
10.3

31.7
23.1
8.3

32.9
22.4
8.9

33.1
20.0
11.5

778.4
754. 6
2 043
169. 4
9,765

822.5
794.9
186.6

118
28.76
60
20.98
64

207.7
19,-) 5

Travel
Hotels and motor-hotels:
Restaurant sales index, .same month 1967 = 100
Hotels' Average room sale 11
dollars
Rooms occupied
% of total
Motor-hotels: Average room salef
dollars..
Rooms occupied
% of total
Foreign travel:
thous
U S citizens- ArrivalsO
do . .
Departures©
do
Aliens* ArrivalsO
do .
Departures©
do
Passports issued
National parks, visits§
do

1

919
926
729
548
288
12,107

271
11,159

COMMUNICATION
Telephone carriers:
Operating revenues 9
mil. $
Station revenues
do
Tolls, message
do
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
mil.,
Phones in service, end of period
Telegraph, carriers:
Domestic:
Operating revenues
mil. $
Operating expenses
.do...
Net operating71revenues (before taxes).. do-_Overseas, total:d
do
Operating revenues
do
Operating expenses
Net operating revenues (before taxes).. .do . . .

45.2
36.2
6.6

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AI2O3)!
thous. sh. tons..

' 1,230
• 10,378
' 2, 496
'437

'223
'37

'113
'880
'212
'33

'93
'889
'220
'33

'104
'902
' 199
'34

'104
'880
'204
'34

'101
'889
'207
'41

78
792
179
33

82
794
183

93
883
203
39

104
901
214
38

' 2, 344
'110,516
'747
' 1,232

'178
855
'51
' 108

'168
844
'57
'107

'138
836
'71
'102

'167
876
'63
' 105

' 189
862
'64
' 116

'165
852
'65
' 103

131
791
63
103

138
797
58
107

159
896
65
101

168
882
'61
117

'724
'713

54
57

'62
58

59
56

65
57

63
53

61
'52

50
47

58
48

60

61
57

i 9,402
5,563

794
5,576

766
5,531

750
5,537

790
5,599

728
5,598

5,563

740
5,631

711
5,613

774
5,616

784
5,607

789
5,561

'826
' 5,578

thous. sh. tons.. 16,419
16,716
Ammonium nitrate, original solutiont
do
7,088
7,186
Ammonium sulfaiei. . _.
do
2,106
1,749
Nitric acid (100% ITNO3U
.
do
' 7, 527 ' 7 892
Nitrogen solutions (100% N)J
..do. . ' 2, 068 ' 2, 068
Phosphoric acid (100% PjOsH
do
' 7, 677 ' 7,955
8u If uric acid (100% TTjSO^t
do
32,360
33,501
Superphosphate and other phosphatic fertilizers
(100% PjO6):
Production
thous. sh. tons..
5, 573
5,824
Stocks, end of period
do
569
469
Potash, deliveries (KjO)
...do
6,282
5, 079
Exports, total 9
...do
19,614 ' 18,324
Nitrogenous materials.
do
1,239
1,397
Phosphate materials..
do
13,789 '12,351
Potash materials
...do
1,670
1,419
Imports:
Ammonium nitrate..
do
245
312
Ammonium sulfate.
do
219
566
Potassium chloride
do
6,132
7,475
Sodium nitrate
do'.I.
139
103

1,442
589
131
'637
' 163
'596
2,609

1,404
587
152
'668
' 172
'678
2,927

• 1, 252
547
128
'631
' 166
'715
2,898

1, 343
592
135
' 667
' 167
'742
2,970

1,335
639
117
'678
'183
' 724
2,905

1, 5?8
646
163
'691
' 177
'736
3,030

1,104
550
157
567
156
631
2,631

1,149
557
136
579
183
654
2,634

1,543
716
173
710
244
771
3,062

1,617
704
163
708
253
745
3,007

1,571
723
178
722
298
700
3,079

1,477
090
170
044
189
712
2,929

461
418
557
1,553
60
978
116

542
353
613
1,623
110
1,041
157

497
329
559
1,464
93
966
195

541
370
561
1,062
139

520
458
437
1,847
88
1,323
156

514
469
434
1,981
126
1,308
171

474
396
527
1,588
29
1,070
144

493
388
431
1,757
60
1, 259
147

571
261
803
1,873
68
1, 364
122

595
244
947
1, 764
85
1,480
72

600
343
52S
1,719
69
1, 275
113

581
429
394
1,810
03
1,309
131

'427
1, 909
105
1,332
155

24
25
681
28

16
19
593
0

17
30
713
4

12
15
774
1

23
63
602
5

28
72
498
4

24
23
641
3

29
48
501
16

37
42
913
19

76
54
940
22

46
34
723
23

15
28
032
13

16
13
571
11

Chlorine gas (100% CIJH -

do

Hydrochloric acid (100% HC1)J
do
Phosphorus, elemental t
do
Sodium carbonate (soda ash), synthetic (58%
NajO)J
thous. sh. tons.
Sodium hydroxide (100% NaOlDt
..do....
Sodium silicate, anhydrous}:
do
Sodium sulfate, anhydrous:}:..
do
Sodium try poly phosphate (100% NajPsOioU
do
Titanium dioxide (composite and pure)$ do
Sulfur, native (Frasch) and recovered:
Production
thous. lg. tons..
Stocks (producers') end of period
do

'204
41
160
66
118

98
908
233
148
884
63
105
62
61
827
5,584

Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}

'Revised.
P Preliminary.
1 Annual total;
m o n t h l y revisions are not available.
3
- * o r six m o n t h s ending in month shown.
For m o n t h shown.
< Restated 3d. qtr.
1975.
s Restated 4th. qtr. 1975.
A See " A " note, p . S-24.
TAverage daily rent per occupied room, not scheduled rates.
9Includes data not shown separately.




©Effective 1976, data are compiled b y U.S. D e p t . of Transportation from I N S records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784; 159; 129).
§Effective Jan. 1976, data include visits to Voyageurs NationalPark (no count of visits for
earlier periods is available); data for Mar .-July 1976 are restated to delete visits to Platt National Park which was reclassified as a national recreation area.
concludes data for Western Union I n t . Cable & Wireless.
X Monthly revisions back to 1971 are available upon request.

S-26

Y Ub CUJt

su
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

T ±51

September 1977

1976

1976

Annual

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Industrial Gases t
Production:
Acetylene
mil. cu. ft.
Carbon dioxide, liquid, gas, and solid
thous. sh. tons.
Hydrogen (high and low purity)
mil. cu. ft.
Nitrogen (high and low purity)
do__.
Oxygen (high and low purity)
do...
Organic Chemicals d*
Production:
Acetylsalicylic acid (aspirin)
.mil. lb.
Creosoteoil
..-.mil. galEthyl acetate (85%)
....mil. lb.
Formaldehyde (37% HCHO)
do...
Glycerin, refined, all grades
do—
Methanol, synthetic
mil. gal.
Phthalic anhydride
mil. lb.
ALCOHOLt
Ethyl alcohol and spirits:
Production
mil. tax gal..
Used for denaturation
._
do...
Taxable withdrawals
do..Stocks, end of period
do...
Denatured alcohol:
Production
..mil. wine galConsumption (withdrawals)
_
do...
Stocks, end of period
do,.-

' 6,704

'7,111

' 1,850
73,552
252,368
352,554

'1,967
81,641

-•633

'621

'577

'557

'537

565

531

538

428

'196
' 6,677
25,042
32,884

'187
• 6,818
24,444
30,691

'171
'6,999
25,886
32,312

'164
'6,958
25,568
30,7,°9

'154
• 6,876
26,159

382,914

'183
• 6,456
23,623
32,520

141
6,265
24,744
29,867

160
6,348
23,655
28,938

184
7,329
26,349
34,653

185
7,031
25,576
33,401

'186
• 7,169
27,119
34,943

197
7,424
29,658
33,059

125.4
179.2
i 171.2
14,558.1
264.4
i 779. 6
i 702.2

129.0
i 118. 7
i 159.2
5,621. 3
321.2
i 939.9
1 902.0

2.5
9.5
13.7
424.1
26.6
83.0
75.1

1.7
13.3
14.2
442.3
27.3
72.6
76.8

2.4
12.6
10.3
484.3
24.9
73.2
78.1

2.6
11.7
10.2
484.1
26.8
74.8
70.7

2.5
11.9
12.2
460.0
28.2
78.2
67.0

2.7
11.4
14.7
464.5
25.4
82.2
73.1

2.2
8.9
10.3
352.8
25.5
81.2
82.0

2.3
19.2
11.9
338.1
22.8
71.2
75.5

2.5
14.3
12.0
405.5
25.1
94.1
86.3

2.5
11.2
15.8
530.6
20.2
92.6
82.5

3.2
11.2
10.1
504.5
19.2
68.9
71.1

2.7
15.2
11.5
497.0
'24.3
84.5
84.8

2.1
11.2
14.2
465.2
20.1
97.4

526.4
391.2
77.8
106.1

499.7
424.2
78.3
85.3

45.2
33.0
6.0
100.0

46.0
38.8
7.0
96.2

43.3
35.9
7.1

40.1
36.0
6.5
73.7

42.8
33.6
7.1
77.0

47.7
30.5
7.1
85.3

36.5
32.8
5.8
77.5

37.7
34.8
5.1
79.0

42.8
38.8
7.6
75.4

39.2
35.5
6.0
72.0

207.3
207.1
2.7

225.1
225.4
3.2

17.8
17.8
2.8

21.0
20.6
3.2

19.4
19.9
2.7

19.2
19.0
2.9

18.7
18.3
3.4

16.7
16.9
3.2

17.6
18.5
2.5

18.9
18.4
3.0

20.7
20.7
2.9

19.1
19.3
2.7

11,274.9 1 1,561.4
17,482.7 1 8,942.2
11,903.4 1 2,571.4
13,877.3 1 4,727.3
13,694.6 14,702.5

116.5
723.7
233.7
534.3
397.2

131.5
736.7
237.1
605.3
409.7

133.9
747.5
216.3
400.4
392.8

139.5
768.8
235.4
400.2
419.2

128.3
743.7
196.6
390.3
402.2

120.6
773.3
168.5

125.3
729.6
237.0
329.9
337.9

129.1
654.4
243.6
358.9
376.2

143.0
851.3
229.9
472.9
443.0

142.1
833.7
236.2
461.9
451.4

138.5
853.1
229.1
449.7
450.0

141.1
838.3
227.9
458.7
462.7

125.4
882.7
202.3
406.5
441.1

423.6
241.9
181.6

455.4
253.3
202.1

370.7
190.5
180.2

342.9
165.7
177.2

285.9
127.2
158.7

311.9
141.1
170.8

377.8
197.9
179.9

429.
231.6
198.2

'544

501

PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
_
Polyethylene and copolymers
Polypropylene..
Polystyrene and copolymers.
Polyvinyl chloride and copolymers-

mil. lb.
do...
do...
..do...
.do...

355.2

MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. lb.
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $Trade products
do...
Industrial
finishes
do...

2,325.7

2,543.0

4,026.6
2,079.0
1,947.6

4,685.9
2,446.4
2,239. 6

707.2
420.7
225.2
195.5

653.6
280.0
122.6
157.5

623.2
393.1
200.8
192.3

697.1
446.0
238.5
207.5

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr_. '2,001,000
1,916,000 ^2,036.487
Electric utilities, total
do..
By fuels
do.. 1,616,000 1,752,807
300,000 283,680
By waterpower
do..
Industrial establishments, total
By fuels
_
By waterpower

do..
do..
do..

193,643
186,400 186,380 164,973 163,632 168,994 183,080 196,308 162,840 168,641 156,885 168,163 180, 236
160,339 162,540 144,609 142,595 149,192 162,868 175,574 147,543 148,832 138,247 149,466 163,039
26,061 23,840 20,363 21,037 19,802 20,212 20,734 15,298 19,808 18,637 18,697 17,197
7,243
6,987
256

v84,969
81,649
3,320

Sales to ultimate customers, total (Edison Electric
Institute)
_
mil. kw.-hr_. 1,733,024 1,849,625 161,015 165,652 162,951 152,207 151,830 161,849 170,277 165,226 156,887 150,833 149,545
Commercial and industrial:
418,069 440,625 40.416 40,898 40,141 36, 667 35, 760 36,916 39,133 37,945 36,222 35,341 36,227
Small light and power§
do
661,558 725,169 61.417 62,444 62,968 62,371 61,511 61,956 60,314 59,493 62,043 62,004 63,549
Large light and power§_do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental

do_.
do..
do
do
do

4,273
586,149

4,338
613,072

345
53,312

352
56, 311

330
53,746

354
47,296

365
48,582

392
56,893

402
64,516

451
61,705

13,907
43,625
5,443

14,413
45, 625
6,383

1,092
3,881
553

1,173
3,908
565

1,197
4,026
543

1,259
3,744
516

1,314
3,748
550

1,319
3,839
535

1,376
3,982
554

1,241
3,815
576

1,185
3,837
580

331
47,736

328
44,005

1,123
3,710
588

1,113
3,729
595

Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $.. 46,853.5 53,462.9 4,791.3 4,958.4 4,840.1 4,539. 6 4,453. 3 4,734.9 5,107.7 5,005.4 4,846.9 4,685.5 4,683. 4
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total

44,839

45, 363

44,608

45,363

45,670

41,210
3,393
182
54

41,722
3,406
178
57

41,056
3,324
175
53

41,722
3,406
178
57

41,950
3,483
184
54

14,863

14,883

2,759

3,918

4,949

4,991
2,387
6,837

5,087
2,431
6,670

301
179

1,494
702
1,551
172

2,348
1,002
1,412
187

23,634

4,167

6,839

9,498

1,106
Residential.
do.
10,076
8,445
524
Commercial
do,
4,103
3,303
2,305
8,615
Industrial
do.
232
6,745
840
Other
do.
608
f
Revised.
» Preliminary.
i Reported annual total; revisions are not distributed to
the monthly data.
§ Data are not wholly comparable on a year to year basis because of
changes from ane classification to another.
cf Data are reported on the basis of 100 percent

3,142
1,309
2,181
207

5,021
1,974
2,263
240

Residential.
Commercial.
Industrial
Other
Seles to customers, total
Residential.
Commercial
Industrial
Other
Revenue from sales to customers, total




thous..
do..
do_.
do..
do..
tril. Btu_.
do..
do..
do,.
do-.
mil. $..

648
19,101

content of the specified material unless otherwise indicated.
1973 are available upon request.

t Monthly revisions back to

SURVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated i n footnotes below, data
through 1974 a n d descriptive notes are as s h o w n
In the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

1976

Annual

S-27

July

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

16.20
14.55
14.59

16.03
14.28
15.03

16.79
15.00
15.57

16.90
15.71
15.37

July

Aug.

FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
mil. b b l .
160. 60 ' 163.66
Taxable withdrawals
do
1 4 8 . 6 4 »• 1 5 0 . 3 9
12.74
Stocks, end of period
do
11.
Distilled spirits (total):
Production
mil. tax gal- 1 4 4 . 2 4
160.4:
Consumption, apparent, for beverage purposes
mil. wine gal.. 1 4 2 2 . 6 : 7 4 2 5 . 8 c
Taxable withdrawals
mil. tax gal.. 2 2 9 . 7 4
216.3
752.8
Stocks, end of period
do
793.87
112.7
Imports
mil. proof gal_. 1 1 3 . 4 6
Whisky:
59.64
Production.._
mil. tax gal_.
79.1:
140.82
Taxable withdrawals
do
126. 6
737.39
Stocks, end of period
do
692.34
Imports
mil. proof gal_.
92.0
94.98
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

16.54
15.0
14.03

1 6 . li
14.8i
13.9

8.56

14.31
13.44
13.60

13.42
12.22
13.69

11.19
10.83
11.94

11.98
10.01
14.01

11.48
10.43
13.95

10.58

12.68

15.04

14.91

12.16

11.33

12.98

14.84

13.61

' 33.05 ' 3 1 . 8 C
14.81
17.29
775.58 7 6 9 . 9 0
7.83
7.39

33.25
19.22
764.00
9.88

34.37
21.01
761.12
11.16

41.81
20.67
756. 50
13.37

53.41
17.46
752.85
12.14

28.97
16.85
747.64
7.08

26.99
15.41
745.49
7.03

35.44
19.51
743. 22
9.47

32.08
17.44
740. 35
8.28

8.78

9.23

7.94

3.76
8.31
719.02
6.22

4.66
9.98
713. 61
5.85

5.92
11.37
708.0:
8.07

7.46
13.76
702. 24
9.22

6.16
12.63
696. 27
10.99

5.36
9.71
692.34
9.93

5.81
10.12
687.72
5.59

6.71
9.11
685.03
5.62

7.85
11.04
682. 68
7.58

7.78
10.04
680.51
6.66

6.97

7.56

6.12

7.66
2.87

9.07
3.30

9.36
3.80

9.96
4.00

10.04
3.94

9.79
3.51

7.92
2.95

7.23
2.74

10.34
3.83

8.07
2.80

1.59
1.83
10.59
.1

2.05
2.61
9.94
.23

2.14
2.86
8.99
.39

1.7J
2.34
8.35
.40

1.86
1.06
9.05
.25

1.92
.96
9.94
.16

1.9:
1.41
10.37
.21

1.77
1.01
11.03
.22

1.25
1.70
10.60
.25

1.13
1.60
10.00
.21

.17

45.88
26.13
499.43
5.36

15.19
27.34
473.70
5.80

6.89
23.31
452.46
5.16

6.3
21.31
429. 28
4.63

7.38
31.19
398.63
5.13

7.51
25.02
378.12
5.19

6.65
24.29
357.30
5.91

4.05
26.32
332.30
6.33

6.26

16.62

10.73

6.93

8.80

6.06

112.50
46.64

107.6i
41.7!

19.37
18.46
7.90
1.93

20.59
19.22
8.35
2.56

1.70
1.13
9.79
.13

2.20
1.11
10.85
.13

384.82
300.25
451.34
47.39

405.7S
298.2:
473.70
56.36

7.42
19.51
307.92
4.51

14.33
23.38
289.41
4.70

123.30
26.7J
377.54
4.46

147.98
24.68
488. 22
4.28

338.20

344. 77

4.16

18.09

109.86

123.10

mil. lb.
do
$ per lb

983.8
10.9
.818

978.6
47.1
.94

71.5
83.0
1.084

65.1
82.3
1.082

64.0
68.1
.975

mil. lb.
do...

2,811.4
1,654.6

3,336. 6
2,062.

296.
189.4

285.0
178.2

509.0
441.8
15.5

Distilling materials produced at wineries...do

11.29
10.52
13.48

36.84

16.48

78.1
60.
.934

77.6
47.3
.929

92.5
47.1
.929

105.6
67.6
.927

96.2
94.3
.929

98.4
106.4
.952

100.4
128.5
1.032

103.9
164.0
1.029

95.0
201.3
1.029

84,
208.4
1.031

262.4
155.6

255.6
151.3

257.0
146.8

281.1
169.1

264.8
166.8

254.0
158.8

299.2
183.

301.9
193.8

326.6
211.9

314.1
200.3

282.6
176.2

518.0
451.7
15.4

522.6
456.3
17.2

501.4
435.6
16.7

482.0
414.0
23.4

478.4
411.3
42.6

485.7
417.1
18.0

470.6
403.5
10.6

486.9
422.5
12.5

511.4
447.4
11.2

558.5
491.5
11.4

583.9
510.6
17.1

1.200

1.258

1.183

1.142

1.140

1.140

1.140

1.140

1.152

1.193

1.193

1.194

84.9

73.4

61.1

56.6

50.2

61.3

62.5

63.3

143.1

136.3

135.2

131.7

70.6

66.3

63.5

.3
4.4

.3
4.2

.5
3.2

2.8

.5
2.4

.3
3.0

10,453
5,728
9.43

10,112
5,355
9.70

9,616
4,849
9.84

9,643
4,718
9.96

9,233
4,563
9.89

9,678
5,066
9.72

6.3
96.3

6.5
76.2

5.2
56.1

4.6
56.5

5.2
53.9

11.8
121.0

11.9
118.2

11.0
104.1

10.5
99.8

2.2
.3

.9

8.58

DAIRY PRODUCTS
Butter, creamery:
Production (factory)t
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), totalt
American, whole milkj

Stocks, cold storage, end of period
do.__
367.8
478.
American, whole milk
do.__
307.0
411.3
Imports
do__.
179.5
206.8
Price, wholesale, American, single daisies (Chicago)
$ per lb.
1.044
1.161
Condensed and evaporated milk:
Production, case goodsd"t
mil. lb..
895.5
926.9
Stocks, manufacturers', case goods, end of month
or yeard"
.mil. lb_.
58.6
70.6
Exports:
Condensed (sweetened)
_
do
1.8
4.4
Evaporated (unsweetened)O
..do...'
53.0
44.5
Fluid milk:
Production on farmst
..do
115,326
120,356
Utilization in mfd. dairy products!
do.... 5 9 , 2 3 0
63,672
Price, wholesale, U.S. average}:
$ per 1001b."
8.75
9.66
Dry milk:
Production:
Dry whole milkf
.mil. ]b__
63.1
78.1
Nonfat dry milk (human food)J
do
1,001.5
926.2
Stocks, manufacturers', end of period:
Dry whole milk
do
5.6
9.1
Nonfat dry milk (human food)
Illl'do""'
47.1
94.0
Exports:
Dry whole milk
do
35.5
31.6
Nonfat dry milk (human food)
"Idol"'
90.6
10.3
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per lb..
.633
.635

.2
1.9

63.0

r

592. 3
r 518.3
16.9

85.7

80.2

76.9

66.4

101.5

127.7

133.2

.3
1.1

.1
2.1

.2
2.6

1.8

2.3

3.6

9,910
5,259
9.65

9,351
5,100
9.54

10,562
5,847
9.43

10,741
5,992
9.43

11,295
6,465
9.34

11,103
6,360
9.38

10,715
5,825
'9.50

5.0
73.7

6.1
71.5

6.4
72.3

6.3
107.1

7.6
119.6

5.6
132.7

10.7
89.2

9.1
94.0

11.1
87.8

8.8
84.9

7.6
87.5
8.5
78.9

10.1
106.6

8.7
119.7

10.0
127.1

4.3
120.7
9.4
128.8

1.9
.3

1.9
3.2

1.8
.3

2.4
.2

1.6
.1

2.5
.1

2.3
.1

2.5
4.3

1.9
11.8

2.3
3.7

.633

.632

.625

.624

.623

.628

.653

.677

.679

.678

294.6

244.0

201.4

182.6

191.5

208.8

219.4

219.2

212.8

214.2

7.3

272.0
154.5
117.5
6.8

8.5

188.5
2
97.3
1.1

.632

.635

.640

230.8

245.0

234.3

3.5

362.6
210.2
152.4
6.7

13.4

3.17
3.18

3.08
3.05

3.09
3.10

1

1.194

81.6

.4

205.9
1.037

590.0
516. 6
1.194

10,410
p

9.67

GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)...mil. bu.. 2 , 5 2 9 . 0
Barley:
Production (crop estimate)
do
»383.9
Stocks (domestic), end of period
do
276.4
On farms
"...Idol"
162.9
Off farms
_
do
113.5
Exports, including malt}
" "
do
31.8
Prices, wholesale (Minneapolis):
No. 2, malting
$ p e r bu._
3.80
No. 3, straight
_
_
__do
3.60
Corn:
3
Production (crop estimate, grain only) mil. bu
5,797.0
Stocks (domestic), end of period, total
do...I 4 , 4 4 8 . 6
Off farms
-"-"_"_"."_"""""
do ""
Exports, including meal and flour"""
do""
Price, wholesale:
Weighted avg., selected markets, all grades
d 0

OBIS:

Production (crop estimate)
Stocks (domestic), end of period, total
On farms

Off farms

mil. bu
do
do

-"-II~I-~I~I-~I~I~I~III~do

-

3,179.2
1,269.4
1,321. 8
2.88
'657.6
501.7
407.6
94.1

2,813.6
3 377. 3
272.0
154.5
117.5
52.1
3.11
3.06

3.4
3.40
3.29

6,216. 0
4,860.7
3,317.0
1,543. 7
, 748. 0

138.6

121.3

397.5
231.1
166.4
110.1

2.56

2.94

2.79

2.71

3 562.5
420.7
347.3
73.5

2.75
2.75

180.2

860.7
317.
543.7
136. 6

3.4
2.76
2.80

2.80
2.75

2.90
2.85

119.7

1,273.3
113.9
159.3
150.9

2.61

2.50

2.79
2.79

7.7

11.4

2.72
2.75

2.28
2.32

1.95
1.97

1.84
1.86
,092.1

179.2
3.46

2.40

2.48

127.2
2.60

141.6

,350.7
,563.5
787.2
139.2

125.8

2.39

2.42

2.26

116.5
2.04
757.6

541.4

420.7
347.3
73.5

429.0
112.4

Exports, including oatmeal__
do
16.2
12.1
% 3
1.9
Price, wholesale, No. 2, white (Minneapolis)
1.8
1.75
1.67
1.74
1.68
$ per bu..
mnrrfhi\7r~" ,• • " " *\\\"" lia V •
includes Hawaii, not available on a mothly basis;
monthly revisionsUSwill
be shown later.
2 stocks as of June 1.
3 Crop estimate for the
fpwi™
> y e a r s c r ° P - n e w crop not reported until Oct. (beginning of new crop year),
C r P ; ne W CrOP 1O r e p o r t e d u n t i l J u n e
es
imatP
for
TQ77
n
°
J
i
beginning
of
year).data Slug.
1
7 D
estimate for 1977 crop.
i Reported annual total, including Hawaii; crop
monthly
are pre-




3.11
3.09

405.8

5126.6
52.4
74.1
8.7

1.0

2.2

.6

263.7
216.3
47.5
.2

< 168.1
1
132.4
5 35.7

.3
1.82

1.37
1.14
1.04
i.e
liminary and subject to revision.
d*Condensed milk included with evaporated to avoid
disclosing operations of individual firms.
§ Excludes pearl barley.
9 Scattered monthly revisions back to 1973 are available.
X Revised monthly data back to 1973 are available.
O Revised monthly data for 1975
will be shown later.

1.67

1.92

1.68

1.78

1.81

1.75

SUE VEY O*1 CUKJHKNl : 13U,

S-28
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

1976
July

Annual

September 1977

Aug.

Sept.

1977
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Rice:
Production fcron cstlmBt©}
mil b&trs Q
California mills:
Rpcpints domestic roucli
mil lb
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of Deriod
mil lb
Southern States mills (Ark., La., Tenn.,
^Receipts, rough, from producers
Shipments from mills, milled rice
Stocks, domestic, rough and cleaned
basis), end of period

Tex.):
mil. lb_.
_ do
(cleaned
mil.lb

Exports
_
do
Price, wholesale, No. 2, medium grain (Southwes t Louisiana)
$ per lb..
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, quarterly cf
Stocks (domestic), end of period, total
On farms
_
Off farms.

..mil. bu .
do
do
do
do
do
do

8

i 128. 0

i 117.0

2,346
1,705

2,220
1,492

316

247

329

138

158

106

8,461
5,312

9,563
5,481

2,150
4,711

199

207

128
75

77

83

32

63

77

133

127

158

168
384

859
360

2,440
502

2,529
552

709
573

2,682

602

801

1,967

3,011

4,640

725

397

320

308

.190

.140

.155

.135

.125

i 17.9
95
2.78

U6.7
93
2.92

3.21

2.96

15.0
2.84

i 2,135
1482
i 1,653
1,860

i 2,147
1581
i 1,566
1 754

2 627

406

392

1 780 1
663.8
1,116.4

2,185.8
830.9
1,354.8

1,780.1
663.8
1,116.4

1,388.1
509.5
878.5

1,384.6
546.6
838.0

1,158.2 1,001. 3
Exports, total, including
flour
do.
1,134. 5
968 9
Wheat only__
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
4.60
$ per bu_
4.10
No. 2, hd. and dk. hd. winter (Kans. City).do
3.96
3.50
Weighted avg., selected markets, all grades
4.84
$ per bu..
3.87
Wheat flour:
Production:
Flour
thous. sacks (100 lb.)_ 247,080 259, 483
4,643
Offal
thous sh tons
4 485
Grindings of wheat
thous bu
555,891 584, 082
Stocks held by mills, end of period
4,334
3,907
thous. sacks (100 lb.)
Exports.
..
do
13,907
10,178
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 1b.. 10.552
9.509
Winter, hard, 95% patent (Kans. City)._do
9.365 e 8.303

163

76

88
74

121

147
113

216
114

156

138

136

132

171

575
572

624
521

729
507

292
526

199
555

207
521

2,877

2,682

2,475

2,454

505
587
2,161

1,850

1,424

1,044

750

406

574

233

313

487

263

529

381

498

.130

.123

.123

.113

.118

.121

.133

.156

.155

.153

2.71

2.59

9 3
2.66

2.82

2.87

2.88

*46
2.56

1.92

1.82

122

104

110

8

6.4

2.84

100.6

123
407

.145
8 18.2

8 2,041
8
515
1,526

8

2 280
«n,108.7
»* 424.9
' < 683.8

88.4
85.4

117.9
113.0

115.6
109.9

101.0
98.7

54.3
53.3

57.4
56.9

51.9
49.0

63.1
57.7

56.5
60.7

75.7
68.1

70.8
66.4

78.5
75.6

85.6
82.8

4.28
3.69

3.79
3.24

3.42
3.03

3.27
2.80

3.17
2.79

3.08
2.71

3.08
2.68

3.08
2.77

3.11
2.76

3.03
2.60

2.87
2.41

2.72
2.38

2.57
2.38

2.59
2.35

4.06

3.66

3.33

3.17

3.08

2.96

2.97

3.01

3.00

2.94

2.82

2.64

2.57

2.55

21,751
396
49,272

24,257
438
54,634

23,178
417
52,225

22,723
410
51,216

21,031
380
47 486

20,804
373
46,931

21,320
380
48,035

21,425
385
48,023

24,321
430
54,434

20,632
370
46,402

20,861 '20,529
••367
375
46,870 r 46,261

19,401
345
43,521

1,294

2,083

3,621
2.449

997

447

188

1 218

2,334

4,248
2 519

3,272

1,857

4,167
1,248

1,194

10.288

9.438
8.075

8.500
7.613

8.375
7.375

7.913
6.938

7.838
6.838

7.750
6.763

7.863
6.813

7.725
6.525

7.125
6.200

6.925
5.838

6.500
5.575

6.588
5.850

409
3 435

394
3 336

388
3 154

420
3 205

406
3 272

380
3 041

457
3 ?30

389
3 033

353
3 054

368
3 374

352
3,085

36.97
34.03
39.84

37.88
36.07
47.25

39.15
35.07
44.90

39.96
35.19
49.58

38.38
34.87
53.12

37.98
36.54
54.88

37.28
38.29
52.26

40.08
41.33
52.88

41.98
39.88
54.92

40.24
38.22
51.60

40.94
38.90
46.95
4,908

4,334

6.688
5.913

LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
__ _
thous. animals
Cattle
._
do
Prices, wholesale:
Beef steers (Omaha)
$perl00lb..
Steers, stockerand feeder (Kansas CIty)._do
Calves, vealers (So. St. Paul)f
do.
Hogs:
Slaughter (federally inspected).._thous. animals..
Prices*
Wholesale, average, all weights (Sioux City)©
$ per 1001b..
Hog-corn price ratio (bu. of corn equal in value
to 100 lb. live hog)
Sheep and lambs:
Slaughter (federally Inspected)., thous. animals
Price, wholesale lambs average (Omaha)
$ per 1001b..
MEATS
Total meats (excluding lard):
Production, totalf..
mil lb
Stocks, cold storage, end of period 6
do
Exports (meat and meat preparations) ._ do
Imports (meat and meat preparations)
do
Beef and veal:
Production, totalf
.
do
Stocks, cold storage, end of period O__ ._ do
Exports
do "
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-70J lbs.) (East Coast)
$ per lb
Lamb and muttonProduction, totalt
Stocks, cold storage, end of period

mil lb
do._.I

3,894
36 904

4,438
38 992

346
3,220

44.61
33.42
40.44

39.11
37.65
45.18

37.92
37.58
34.51

373
3 388
37.02
37.55
41.52

64,926

70, 454

4,905

5,968

6,361

6,929

7,110

6,525

5,833

5,825

7,236

6,400

5,877

5,695

48.30

43.19

48.31

44.03

39.39

32.69

31.96

38.28

39.65

40.40

37.61

37.20

41.94

43.89

16.9

16.1

23.9

44.34
25.6

17 1

17.5

7,552

"6, 474

525

563

622

556

517

534

499

461

579

539

474

550

468

44.42

47.84

45.75

38.88

40.00

39.75

39.00

45.00

49.50

50.25

51.50

56.75

56.75

53.00

41.25

50.75

36,213
675
864
1,694

39,060
5 733
1,305
7
1,868

3,048
645
90
159

3,350
598
112
151

3,467
638
110
178

3,497
688
130
170

3,453
726
117
134

3,367
733
128
94

3,273
745
100
131

3,084
755
100
150

3,549
795
103
143

3,200
818
113
147

3,122
798
110
147

3,298
726
103
130

2,925
'629
112
147

566

24,500
360
46
1 304

26,480
5 464
82
1 467

2,173
390
7

2,300
371
6

2,278
414
g

2,237
486
g

2,044
485
7

2,259
504
g

2,052
456
7
113

2,247
425
8

2,031
'385
8

364

123

2,168
439
7

2,190

121

2,349
391
7

101

115

15.3

14.1

15 4

16 2

16 2

16 8

15 8

15 6

18 4

150

139

104

64

100

123

107

2,049
484
6
111

754

644

.612

.606

609

619

645

662

638

630

605

.640

.675

.660

.668

.661

399
12

361
15

28
14

30
15

34
17

31
16

30
17

31
15

29
14

27
14

34
12

31
13

25
15

29
14

25
14

13

r
Revised.
i Crop estimate for the year.
* See " <?" note, this page.
« Stocks as of
June 1.
< Previous year's crop; new crop not reported until June (beginning of new crop
year) e c t s « See t O" note, this page.
« Average for 11 months (Jan.-June, Aug.-Dec).
inn?P
^visions not available by months.
« Aug 1 estimate of 1977 crop.
9 Bags of
100 lbs.
cfData are quarterly except that beginning 1975, June figures cover Apr. May and
Sept. covers June-Sept.




19.8

45.76
r

40.11
39.61
46.20

464

O Effective April 1977 SURVEY, data beginning Feb. 1976 are restated to exclude cooler meats;
comparable earlier data will be shown later.
|See corresponding note, p. S-29.
0Effective July 1977 SURVEY, monthly prices are restated through May 1977 to coincide with
published annual averages which are for "all weights, excluding sows"; comparable monthly
data prior to May 1976 will be shown later.

September 1977

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes a r e a s s h o w n
in t h e 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

Annual

S-29

1976
July

Sept.

Aug.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):
Production, totalf
mil. lb.
Stocks, cold storage, end of periodA
do._.
Exports
do.
Imports
do.
Prices, wholesale:
Hams, smoked composite
$ per l b .
Fresh loins, 8-14 lb. average (New York)._do.__

11,314
249
207
327

12,219
3 212
311
« 318

84:
17:
20
30

1,020
157

1,084

r

1,188
201
33
25

1,255
219
26
25

1,146
212
21
26

1,007
197
18
26

1,013
200
21
23

1,256
223
28
30

1,120
261
22
29

1,044
268
26
27

1,022
229
2,
29

••179
21
27

143

.736
.843

.875
.760

1.007
.860

.758
.971

.787
.916

.836
.832

.742
.855

.749
.932

.742
1.004

.740
1.042

.801
.979

279
142

266
130

281
138

353
201

••252

489
335
.245

.993

.855
.97'

.843
1.109

.797
.972

26
21
.775
.952

10,434

11,739

1,045

1,115

1,125

1,094

1,021

928

849

780

314
195

363

403
262

521
370

611
460

665
512

.245

.230

.205

363
203
.195

335
190
.220

303
168

.260

453
299
.200

.240

.250

.250

.250

.255

.270

15.1

15.0

180.1
28
26

14.6

15.2

14.8

15.4

15.2

13.7

15.4

14.8

15.2

14.5

14.7

34
32

45
31

.594

.678

.654

.706

50
29
.728

32
29
.706

.767

.823

.787

.756

.675

.624

.557

Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons.
Price, wholesale, Accra (New York).... $ per l b .

233.0
.759

235.4
1.092

16.3
1.035

20.9
1.145

19.6
1.313

8.2
1.325

11.6
1.615

16.5
1.543

30.6
1.730

21.5
1.903

19.0
2.075

16.1

25.1

Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscf
Roastings (green weight)
do...

3,300
18,551

2,805
19, 063

Imports, total
._
do
From Brazil
do...
Prlce, wholesale, Santos, No. 4 (N.Y.)__$ per lb~.
Confectionery, manufacturers' sales..
.mil. $..

20,289
3,748
!.678
2,830

19,788
3,092
21. 228
2,912

1,909
449

1,637
207

157

234

356

371

330

344

POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb_
Stocks, cold storage (frozen), end of period, total
mil. lb.
Turkeys
do
Price, in Georgia producing area, live broilers
$ per lb.
Eggs:
Production on farmsj
mil. casesO.
Stocks, cold storage, end of period:
Shell
thous. cases©.
Frozen
mil. lb.
Price, wholesale, large (delivered; Chicago)
$ per doz.
MISCELLANEOUS FOOD PRODUCTS

Fish:
Stocks, cold storage, end of period X

--mil. lb..

Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous. sh. tons..
Deliveries, total 9
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined

do...
do
do._I."
_sh. tons.

Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total

thous. sh. tons
do
....do

Prices (New York):
Raw, wholesale
$ per lb
Refined:
Retail (Incl. N . E . New Jersey)....$ per 5 l b . .
Wholesale (excl. excise tax)..
.-.$perlb..
Tea, imports

._

thous. l b . .

203
.240
178.9

2,805
4,621
1,013
143

1,095

3,519
4,752

1,858
500

1,994
641

1,707

267

1,649
477
282

233

223

366

381

371

r

38
35

45
35

.570

.628

.593

13.6
1.993

10.9
1.993

1.993

40
32

2,961
3,853
956
85
1.520
307

895

3,221
3,251

225

1,824
483

270

280

362

316

1,137
154

211

1,224
198
192

312

308

301

323

135
P390

104

5,192

5,742

88

117

173

730

1,174

1,214

775

459

275

202

206

10,127
9,974
2,731

10,926
10,859
3,324

978
2,038

1,038
1,034
1,689

1,055
1,052
1,324

858
853
1,660

827
816
2,504

831
827
3,324

832
828
3,624

764
761
3,758

1,024
1,017
3,430

895
3,302

878
875
3,191

1,030
1,028
2, 782 ' 2,493

205,989

69, 735

9,102

2,680

3,067

3,447

13,510

4,356

3,246

2,112

3,000

3,031

1,550

1,293

935

415
148

4,331
900
214

320
83
5

443
97
19

571
185
9

455
109
18

427
125
1

247
53
2

418
72
21

321
109
13

407
107
31

388
86
13

456
111
7

.229

.135

.150

.119

.095

.112

.106

.102

.105

.113

.117

.124

.112

.100

.095

.110

1.986
.311

1.262
.190

1.246
.204

1.319
.171

1.165
.152

1,163
.172

1.114
.160

1.115
.156

1.101
.160

1.106
.167

1.121
.171

1.142
.181

1.155
.172

1.131
.157

1.126
.151

.172

159,287

181,304

14, 259 15,051

19,224

15,683

16,133

18, 273 16,059

15,064

22,389

23,302

27,345

22,335

22,252

336.9
122.8

345.0
122.2

331.2
126.9

324.3
120.5

309.6
127.7

296.7
127.8

301.2
119.8

357.9
113.9

313.8
115.3

295.5
331.2
144.7 ' 134.1

259.9
138.5

375.4
106.4

357.0
90.7

361.2
96.4

351.4
89.4

344.8
104.0

311.5
117.8

316.9
118.1

399.5
97.9

340.2
91.5

372.4 r 340.4
105.8 ' 100. 3

325.5
103.4

195.1
80.0

202.8
72.4

233.2
69.8

246.0
67.2

242.3
67.4

236.5
70.7

232.7
71.8

197.3
77.3

178.8
91.0

179.8
81.0

164.3
73.3

.455

.455

215.6
72.2
.455

.455

.455

.455

.455

.462

.518

.528

.544

.547

42.7
55.9
51.0

47.3
59.8
58.9

45.1
64.3
53.3

42.5
59.7
49.8

43.5
63.7
47.5

42.4
58.5
49.1

42.9
58.9
51.7

49.9
74.7
43.6

45.7
60.9
58.5

45.2
60.6
59.5

44.2
•63.1
•58.8

38.6
59.4
58.0

489.5
286.9
341.2

506.0
297.7
352.2

500.2
307.4
371.5

487.4
265.6
384.5

501.8
261.4
354.8

464.1
261.7
377.9

440.9
237.5
357.5

484.4
270.9
402.7

422.2
265.0
359.3

439.6
274.0
372.8

450.5
276.5
352.6

389.9
237.9
324.6

FATS. OILS, AND RELATED PRODUCTS
Baking or frying fats (Incl. shortening):
3,687.3 3,913. 4 316.1
127.7
123.2
Production:
mil. l b . . 124.7
Stocks, end of period©
do
Salad or cooking oils:
3,947.2 4, 343.0 367.8
Production]:
do
90.8
104.0
95.5
Stocks, end of period ©
._._.__..._ "do
Margarine:
Production
do
2,399. 3 2,629. 7 197.4
Stocks, end of period©___i
_"___"."."do
60.1
67.2
73.6
Price, wholesale (colored; rnfr. to wholesaler "or"
large retailer; delivered)
$ per l b . .
.525
.443
.437
AnJmal and fish fatsTallow, edible:
Production (quantities rendered)
mil lb
513.5
535.5
48.0
649.7
660.5
Consumption in end products.
do
51.3
37.8
47.5
51.9
6tocks, end of period 1 _.
" do
Tallow and grease (except wool), inedible:
Production (quantities rendered)...
do
4,655.4
i, 674. 6 481.7
Consumption in end products!
do
2, 908. 4 3,367.2
269.0
Stocks, end of period 1
'.
_"__~_~IIdoIIII
276.6
328.1
354.8
*r, r ri R Q V H ed *
months

,PQPreli/m',naryn t6
° '

O Cases of 30 dozen.

tfBags

<w£?? periods.
Periods.
99 Includes
Include
ducers and warehouse
""* stocks.
" + ~" 1 -"




* Average for J a n . a n d F e b .
2 Average for 2 mos. (May
Page
'
* Reflects revisions n o t distributed to t h e

thlS

of 132.276 lb.
§Monthly d a t a reflect cumulative revisions
d a t a n o t shown separately; see also note " § " .
©Pro^ Factory a n d warehouse stocks.
j Monthly revisions

back to 1974 are available.
AEffective April 1977 S U R V E Y , data beginning F e b . 1976 a r e
restated to exclude cooler pork; comparable earlier data will be shown later.
tRevised
series. Beginning M a y 1977 SJURVEY, d a t a represent total commercial slaughter (excluding
rendered pork fat a n d lard), whereas t h e price for calves (p. S-28), represents a different
m a r k e t . Comparable d a t a prior to Mar. 1976 will be shown later.

September 1977

SURVEY OF CURRENT BUSINESS

S-30
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FOOD AND KINDRED PRODUCTS , TOBACCO—Continued
FATS, OILS. AND RELATED
P R O D U C T S - Continued
Vegetable oils and related products:
Coconut oil:
Production, refined
Consumption in end products
Stocks, refined, end of periods
Imports

849.2

79.3
80.2
38.5
102.1

63.3
82.6
32.1
110.4

73.5
80.8
35.9
111.3

64.7
79.2
35.8

72.0
87.1
42.1
H75.9

58.5
75.1
40.1
144.1

57.0
73.4
35.3
86.8

60.2
69.9
38.6
128.8

67.3
82.6
33.4
99.2

59.3
73.0
37.7
64.9

67.6
73.9
46.9
89.4

'69.8
'79.1
'41.4
108.8

69.5
65.8
48.0
66.3

58.9
51.5
46.2

83.7

65.8
55.1
50.9
'56.1

59.6
49.2
47.2
'45.2

62.0
47.4
40.2
'47.0

50.4
45.7
43.2
'43.1

51.3
44.9
43.6
42.1

48.1
47.2
47.7
33.4

49.0
44.0
45.2
28.6

59.2
51.1
41.7
32.4

55.6
42.4
37.1
43.2

58.1
50.7
44.0
61.2

'57.9
46.3
'39.3
'62.1

63.9
43.8
39.9
64.7

819.8
578.8

40.3
52.7
39.3

38.0
48.5
51.2

28.2
33.4
45.0

80.1
37.7
43.7

129.2
73.0
56.6

135.6
86.2
48.0

135.0
95.4
47.9

134.3
98.0
47.8

134.4
103.5
55.7

91.1
79.2
56.7

89.3
82.0
56.1

'78.5
'73.3
'56.2

65.2
56.7
46.1

160.3
656.5
.322

191.6
520.9
.297

157.5
23.7
.325

135.9
24.4

104.9
13.4
.318

115.5
33.6
.283

167.2
15.7
.290

191.6
76.6
.283

207.7
50.4
.278

233.0
80.5
.283

237.5
104.2
.323

226.9
72.4
.350

214.0
23.0
.360

mil. lb. 7,861.7
do__. 6,422.9
do__- 6,830.3

9,639. 6
7,185.4
7,576.6

788.7
584.7
626.8

720.5
607.9
635.1

766.1
568.1
623.7

807.4
575.4
621.3

804.0
596.3
609.1

799.9
758.0
.286

1,488.1
1,088.4
.244

1,229.9
77.6
.274

1,294.6
41.8
.247

1,250.6
151.5
.284

1,350.5
100.8
.254

1,431.9
107.7
.276

mil. l b .
do...
.do...
do__-

716.2
865.3
26.7
869.1

990.3
40.1
1,206.9

do
do...
do...
do...

458.8
496.6
475.6
39.5

692.4
562.2
517.0
42.1

do
do
do—

1,215.0
1,112.7
660.7

Stocks, crude and ref., end of period H
do
Exports (crude and refined)
do...
Price, wholesale (N.Y.)
$ per lb.

Corn oil:
Production: Crude
Refined
Consumption in end products
Stocks, crude and ref., end of period H

r

1

Cottonseed oil .
Production: Crude
Refined
Consumption in end products

Soybean oil:
Production: Crude
Refined
Consumption in end products

Stocks, crude and ref. end of period H-.do
Exports (crude and refined)
do.._.
Price, wholesale (refined; N.Y.)
$ per lb.

• 182.5 156.0
58.3
57.4
.280
.360

.275

566.7
631.1
' 578.1 548.2
' 553.8 513.0
1,488.1 1,599.5 1,609.4 1,486.4 1,478.9 1,355.0 1,168.4 1,047.5
159.9
154.2
92.3
236.4
103.3 209.4
75.8
103.7
.330
.271
.275
.358
.318
.262
.353
.252

.275

805.7
578.0
613.8

786.7
553.5
571.5

791.2
567.3
591.2

823.7
698.7
694.5

747.3
624.7
597.0

682.4
639.1
611.0

TOBACCO

Leaf:
Production (crop estimate)
mil. lb.. i 2,182
Stocks, dealers' and manufacturers', end of period
4,738
mil. lbExports, lncl. scrap and stems
thous. lb. 563,030
320,318
Imports, incl. scrap and stems
_do

4,978
577,997
310,393

23,875
21,322

Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable.
Exports, cigarettes

72,125
617,112
4,041
61,370

4,552
44,022
315
4,284

millions
do...
do__.
do

62,278
588,345
4,476
49,935

9

12,136
34,678
30,786

4,608
48,164
25,198

52,862
21,582

51,307
17,573

6,027
54,121
356
4,703

6,324
52,365
354
5,304

6,887
52, 247
388
6,218

6,185 6,032
50, 541 43,739
340
264
4,383 5,987

4,978
75,600
25,764

76,832 52,964
26,580 26,118

4,797
54,695
22,075

31,271
36,471

4,896
49,029
247
3,823

5,295
49,198
280
4,161

7,085 6,371
53,374 45,071
332
295
6,180 5,676

38,003
17,482

1,796

41,525 49,692
22,762 27,333

6,432 7,991
46, 687 55,079
350
344
6,267 5,781

5,887

LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9 .
thous $
296,279 552,276
2,403
2,162
Calf and kip skins
thous. skins._
Cattle hides...
thous. hides.. 21,269 2 25,270
Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins

_

thous. $..
thous. pieces..
do

43,982
161
2,002

45,232
159
2,073

44,874
133
2,016

48,140
217
2,040

46,132
145
2,042

48,522
158
2,282

50,536
194
2,276

47,158
182
1,998

55,844
144
2,289

53,264
250
2,167

48,048
174
2,016

49,051
171
2,023

51,786
246
2,189

78,100
15,520
879

89,100
16,603
1,255

7,900
1,494
73

8,200
1,336
41

8,600
1,414
121

6,100
817
69

4,400
523
55

3,500
467
122

5,200
815
136

6,300
1,166
116

9,400
1,942
118

7,700
1,355
144

12,200
2,260
123

10,500
1,724
83

1,601
68

3.350
.234

7.754
.338

.800
.363

.800
.373

.900
.383

.900
.318

.700
.290

.700
.323

.800
.358

.900
.363

.900
.373

.900
.401

1.150
.413

1.150
.363

.900
.381

thous. sq. ft.. 2 184,104 2 203,707

14,028

12,074

18,343

14,361

15,108

18,388

18,630

19,272

23,315

18,338

16,714

16,205

18,612

195.6

211.4

211.4

211.4

211.4

201.3

207.1

Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 lb
Hldes, steer, heavy, native, overfi3lb

$ per lb_.
do

.900
.368

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 nndlining leather

Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1967=100

* 151.1

8 197.9

199.9

207.1

211.4

207.1

Shoes and slippers:
413,080
Production, total..
-thous. pairs
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 331,232
Slippers
_
do
70,536
7,917
Athletic
do
3,392
Other footwear
do

422,507

29,549

34,797

35,110

33,166

29.969

29,232 ' 30,898 ' 31,316 '34,600 ' 31,305 ' 32,798

32,389

345,433
64,880
10,064
2,130

25,307
3,562
558
122

27,691
6,101
878
127

27,775
6,175
957
203

25,521
6,624
882
139

23,556
5,483
775
155

24,860 ' 25,489 ' 25,479 ' 28,295 ' 25,029 r 26,050
3,294 ' 4,392 ' 4,745 ' 4,961 ' 5,149 ' 5,566
923
'825
'965
'872 '1,081
'989
'192
155
'162
'220
'243
'193

26, 217
5,055
936
181

2 4,332

6,023

524

560

411

461

498

165.0

179.1

179.4

179.4

184.1

184.1

151.8
5 133.5

163.3
140.2

163.0
138.8

165.5
138.8

166.8
145.2

166.8
145.2

207.1

LEATHER MANUFACTURES

Exports

do

Prices, wholesale f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodvear
welt
.
index, 1967=100..
Women's pumps, low-medium quality.._do

p
3
Revised.
* Crop estimate3 for the year.
Annual total reflects revisions not distributed to the monthly
data.
Average6 for Jan.-May and July-Dec. 7 4 Jan.-June and
6
Aug.-Dec.
Jan., Feb., and Dec.
Data include9 imports for Oct.
Average for Jan.,
Feb., and Apr .-Dec.
» Average for Jan.-Nov.
Aug. 1 estimate for 1977 crop.




564

391

436

475

184.1

184.1

184.1

188.9

169.3
145.2

169.3
145.2

169.3
145.2

169.3
145.2

422

463

412

477

191.3

192.5

192.5

192.5

194.8

194.8

173.0
145.2

173.0
143.8

173.0
143.8

173.0
143.8

170.2
143.8

170.2
143.8

9 Includes data for items not shown separately.

U Factory and warehouse stocks.

S-31

SUEVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated in footnotes below* data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

1977

1976
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ftKardwoods
_
do.,.
Softwoods
do...

•• 26, 215

137,153
6,830
r 30,323

2,963
509
2,454

3,265
568
2,697

3,226
524
2,702

3,305
550
2,755

2,972
496
2,476

2,921
428
2,493

2,822
370
2,452

2,930
460
2,470

3,388
532
2,856

3,260
536
2,724

3,253
545
2,708

3,160
575
2,585

• 132, 254
5,799
r 26,455

137,072
6,833
30, 239

3,122
497
2,625

3,234
570
2,664

3,167
507
2,660

3,167
525
2,642

2,911
510
2,401

2,951
426
2,525

2,683
385
2,298

2,873
478
2,395

3,362
543
2,819

3,364
575
2,789

3,314
548
2,766

3,387
590
2,797

4,763
807
3,956

4,794
805

4,854
823
4,031

4,991
847
4,144

5,062
843
4,219

5,032
845
4,187

5,171
830
4,341

5,228
812
4,416

5,325
867
4,458

5,197
802
4,395

5,133
4,337

4,964
781
4,183

1,643
5,968

••5,091
882
'4,209
1,909
8,178

254
890

153
680

165
781

160
715

140
759

150
779

144
691

147
721

906

142
890

167
996

150
999

7,430
550

8,377
634

664
652

700
607

633

722
622

673
618

696
634

675

674
637

748
631

8,322
8,293
949

658
697
953

731
745

656
667
928

736
733
931

700
677
954

675
680

720
671
998

686
675
1,009

733
621
745
784
977

725
573

7,134
7.196
920

771
672
743
736
1,016

737
773
941

656
690
907

505
125

602
180
422

83
19
64

42
13
29

70
19
51

31
8
23

42
10
31

37
13
24

65
8
57

38
8
30

53
16
37

43
12
31

158. 88

191.24

187.49

195.59 215.08 207.79

204.02

218.76

228.38

mil. bd. ft_.
...do

17,074
453

17,879
443

726
479

733
470

632
418

695
375

699
441

660
443

587
416

Production
do.
Shipments
do.
Stocks (gross), mill and concentration yards, end
of period
.mil. bd. ft_.

i 6,790
i 6,965

1

710
746

743
742

716
684

761
738

656
633

663
658

651
614

1,134

1,232

1,148

1,149

1,181

1,204

1,227

1,232

1,269

1,319

1,312

1,310

Exports, total sawmill products

M bd. ft..

67,502

140,386

9,322 11,438 11,361

9,114

12,833

17,349

9,455

16,361

13,413

17,548

Prices, wholesale (Indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F . Q., 1" x 4", S. L.
1967=100..

166.6

207.5

225.1

236.3

245.1

246.0

244.3

246.1

249.2

247.8

252.4

258.5

259.5

263.7

275.9

284.2

226.9

233.6

233.3

235.1

237.3

237.7

238.4

238.4

238.4

238.4

240.5

242.7

243.8

246.0

251.5

254.8

8,665
538

9,760
554

824
582

776
546

934
535

825
555

812
604

786
554

669
550

738
555

922
589

808
576

812
540

1,015
637

824
604

945

872
805

781
763

822
836

732
673

753
733

914
888

820
821

876
848

840
918

822
857

1,244

1,311

1,329

1,315

1,374

1,394

1,369

1,334

206.15

227.16

232.18

Shipments, total..
Hnrdwoods
Softwoods

._

...do.
do_
do-.

Stocks (gross), mill, end of period, total
Hardwoods
Softwoods

do..
do_
do.

Exports, total sawmill products

...do

Imports, total sawmill products..

_._do

'32,087
5,872

4,967
875
4,092

•796

SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
Production
Bhipments
Stocks (gross), mill, end of period

mil. bd. ft..
do.
do.
_do_
do

Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc

do
do
do

Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$per M bd. ft..
Southern pine:
Orders, n e w . .
Orders, unfilled, end of period

Western pine:
Orders, new
Orders, unfilled, end of period

.mil. bd. ft..
...do

7,987
17,889

Production
Shipments

do
do

8,445
8,519

9,789
9,744

774
840

856
812

Stocks (gross), mill, end of period

do....

1,270

1,315

1,186

1,230

Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd. ft..

131.97

184. 31 161.57 168. 63 182.50 198. 68

'8.57

225.50 232.09
735
499
702
652

Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period

mil. bd. ft_.
do
do
"do.""
do

226.05 225.42 213. 79 230.93 242.51

790
495

790
505

757
509

562

787
794

778
780

729
753

728
785

1,286

1,229

1,419
1,420

14,938 18,473

1,447

251.21

239.98

245.58

HARDWOOD FLOORING

537
547
599
621
885

216.44 219.96

104.2
4.5
93.8

114.5
4.2
104.5

10.8
5.0

10.8
5.9

9.7
5.6

8.2
5.2

8.0
4.4

8.5
4.2

9.3
5.1

7.4
5.0

11.8
6.2

10.1
7.0

7.6
5.3

9.4
5.6

9.6
7.0

98.8
12.5

109.3

8.1
10.4
7.9

8.9
10.0
6.2

10.1
6.4

9.6
8.6
7.5

8.3
8.3
7.1

8.8
8.1
8.9

7.8
8.5
8.1

7.9
7.5
8.5

9.8
10.5
7.7

7.2

9.1
9.3
7.1

9.5
9.1
6.1

8.3
8.7
5.6

232.57

METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons
Scrap
do.
Pig Iron
do _
Imports:
Steel mill products.
Scrapf
Pigironf

do
do..
do..

2,953
9,608
60

2,654
8,120
57

318
769
3

280
631
3

193
709
3

12,012
305
478

14,285
507
415

1,190
68
42

1,201
49
17

1,283
28
55

i 46,042 i 50,035
i 36,753 i 41,144
i 82,331 i 89,914
18,766 i 9,988

4,314
3,375
7,402
9,652

4,407
3,520
7,647
9,918

4,291
3,225
7,508
9,918

183
644
4

186
554

228
634

162
511
4

205
465
3

202
532
11

233
449
4

178
524
10

151
654
6

136
594
4

1,597
50
23

1,364
34
64

1,121
55

1,002
53
20

1,175
62
17

1,115
80
14

1,817
43

1,819

1,582
35
22

3,786
3,090
6,873
9,890

3,661
2,940
6,508
9,988

3,497
3,338
6,735
9,723

3,591
3,567
6,663
9,828

4,436
4,393
8,255
9,864

Ml

58

Iron and Steel Scrapfl
Production.._
Receipts, net
Consumption
Stocks, end of period

thous. sh. tons
do
do
do.~I.

Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. ton
Pittsburgh district .
do

73.62
85.10 78.64
79.10
91.00 85.00 73.50
r
Revised.
v
Preliminary.
»
Annual
data;
monthly
revisions
are
not available.
2
Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective July 1977, it reflects addition of Detroit and Houston.
9 1 otals include data for types of lumber not shown separately.




70.83
72.50

4,113
3,247
7,345
9,928

' 4,333 *4,571
'4,340 v 4,446
•8,107
8566

60.02
63.32 2 60.47 60.65
61.69
63.22
74.03
68.01
67.03 2 68.76
73.66
66.50
67.00
67.50
67.50 64.00
69.00
75.50
74.00
76.00
70.50
74.00
tEffective Aug. 1976 SURVEY, scrap excludes imports of rerolling rails and pig iron excludes
sponge iron imports previously included.
U Effective with 1974 annual and Jan. 1975 figures, data reflect expanded sample and
exclusion of direct-reduced (prereduced) iron, previously included in scrap series.

September 1977

SURVEY OF CURRENT BUSINESS

S-32
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

Annual

1977

1976

| 1976
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

6,084
4,824
2,051

6,971
8,176
3,078

7,429
9,432
4,299

3,520

Aug.

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations In all U.S. districts):
Mine production
thous. Ig. tons..
Shipments from mines
do
Imports
do

r

79,200
77,216
44,390

7,188
9,314
5,109

7,424
9,593
5,333

7,416
8,739
5,057

6,755
7,639
4,114

6,090
6,806
3,904

6,134
5,528
3,422

5,642
2,220
2,252

5,968
2,139
1,184

6,205
2,156

112,718
106,230
2,538

117,697
114,324
2,913

13,892
10,554
541

13,134
9,262
363

11,432
8,976
160

10,053
8,205
268

9,274
8,195

3,471
7,873
123

3,232
7,890
2

4,251
9,641
31

7,058
9,667
364

11,119
10,930
376

12,680
10,108
393

13,174
9,436
476

do
do
do
do

i 69,144
' 12,299
52,231
4,614

75,035
14,026
56,246
4,763

65,298
18,558
43,256
3,484

13,873
10,269
424
66,643
16,392
46,959
3,292

69,331
15,078
50,864
3,389

71,430
14,171
53,319
3,940

73,240
13,460
55,167
4,613

75,035
14,026
56,246
4,763

73,533 72,233
17,117 20,928
51,843 47,186
4,573 4,119

70,055
24,978
41,804
3,273

68,485
26,220
39,195
3,070

67,701
25,012
39,381

68,502
23,002
41,991
3,509

45,793
3,651

do

1,033

1,053

45

134

87

75

Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons.. 79,923
Consumption
do
179,638
Stocks, end of period
do
U,435

86,870
86,929
1,513

7,999
7,930
1,418

7,751
7,702
1,501

6,995
7,021
1,489

1,486

U.S. and foreign ores End ore agglomerates:
Receipts at Iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (mn. content), general imports

78,866
75,967
46,742

114

70

53

29

48

121

119

138

6,272
6,275
1,513

5,985
5,984
1,530

5,827
5,860
1,520

7,174
7,227
1,505

7,382
7,396
1,526

7,962
8,053
1,507

7,530

7,008

6,763

178.00

178.00

178.00

178.00

178.00

178.00

Pig Iron and Iron Products

Price, basic furnace

$ per sh. ton..

Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. toDS_.
Shipments, total
do
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh.tons..
Shipments, total
do
For sale
do

6,382
6,402
1,492
182.25

181.76 3182.33

182. 25 182.25

895
1,056
552

892
1,195
631

855
1,197
594

842
1,205
606

820
1,160
545

834
1,036
482

901
1,130
507

884
1,362
629

920
1,302
632

964
1,357

479

913
1,424
703

11,400
84.8

11,128
82.8

10,463
80.4

10,295
75.8

9,494
72.2

9,215
67.8

66.8

8,859
72.1

11,049
81.2

11,167
83.3

12,201
88.1

11,384
84.9

119
95

455
134
110

452
158
134

429
155
132

424
145
123

432
144
125

450
137
121

446
131
116

436
160
139

447
145
123

'439
156
'133

428
166
143

i 89,447

7,480

7,519

6,717

6,334

6,459

8,750

7,981

4,384
4,187
7,160
2,017

342
420
687
161

345
326
560
155

379
343
593
167

306
323
559
158

319
307
510
182

321
303
540
187

275
299
525
143

295
320
554
141

389
380
750
193

386
374
702
164

385
417
713
175

401
410
719
164

265
339
577
134

1,109
659
325
120

1,223
750
328
139

1.340
824
356
153

1,164
664
355
138

1,041
614
291
128

1,013
611
274
122

1,024
624
265
129

1,086
663
281
136

1,425
874
377
166

1,373
834
373
159

1,417
848
397
164

1,514
926
408
173

1,140
642
364
128

457
213
540
3,549
1,313
1,496

497
191
518
3,704
1,366
1,569

490
210
477
3,647
1,350
1,505

494
199
464
3,328
1,164
1,460

456
168
457
3,279
1,127
1,474

460
166
470
2,873
1,037
1,228

437
170
-622
2,963
1,004
1,322

528
183
505
3,077
1,113
1,343

679
239
782
3,913
1,363
1,697

614
234
457
3,678
1,292
1,595

625
221
474
3,941
1,412
1,665

677
240
561
4,124
1,429
1,724

172
502
3,233
1,144
1,354

994
12,444
6,434

834
14,179
7,008

64
729
431

56
847
491

Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.. 116,642 1127,943
76.2
80.9
Rate of capability utilization*
percent..
Steel castings:
Orders, unfilled, for sale, end of period
432
thous. sh. tons..
748
1,805
Shipments, total
do
1,927
1,512
For sale, total
do
1,575

10, 319 P10, 392
P77.2
76.7

Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons..
By product:
Semifinished products
do
Structural shapes (heavy), steel piling
do
Plates
do
Rails and accessories
do
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Reinforcing
Cold
finished

do
do....
do
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.
By market (quarterly shipments):
Service centers and distributors©
do
Construction, Incl. maintenance©
do
Contractors' products
do
Automotive
do
Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials...do
Other©
do
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tons..
Producing mills, inventory, end of period:
Steel in process
mil. sh. tons..
Finished steel...
do....
Service centers (warehouses), inventory, end of
period
...mil. sh. tons..
Consumers (manufacturers only):
Inventory, end of period
do
Receipts during period
do
Consumption during period
do.

79,957
r 3, 911
5,121
8,761
1,965

13,367 114, 234
8,146 i 8, 664
3,666 i 3,876
1,486
1,618
6,265
2,461
6,436
42,303
15,090
18,265

8,228
2,154
5,687
30,763
11, 222
12,841
15,622
8,767
3,927
15,214
3,152
5,173
6,053
22,049

4

6,670

33.9

36.4

35.6

36.0

35.5

35.7

36.1

36.4

36.1

35.5

34.4

34.7

35.5

10.0
6.7

12.2
7.5

11.5
7.2

11.9
7.2

12.0
7.3

12.2
7.5

12.2
7.3

11.9
7.1

11.1
6.9

11.0
7.1

11.2
7.4

6.2

12.2
7.2
6.4

6.5

6.4

6.3

6.4

6.6

10.2
5.1
5.1

10.3
5.0
4.9

10.2
4.5
4.6

10.2
4.8
4.8

10.2
5.0
5.0

10.1
5.7
5.8

10.2
5.8
5.7

10.3
5.9
5.8

6.7

6.5

6.7

6.6

11.7
7.2
6.4

10.5
58.9
62.1

10.2
62.6
62.9

10.2
4.9
4.8

10.3
5.1
5.0

10.2
5.3
5.4

r
Revised.
* Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
2 For month shown.
3 Avg. for 8 months; price not available for July-Oct.
1976.
* See note "© " for this page.
* New series. Source: American Iron and Steel Institute. The production rate of capability utilization is based on tonnage capability to produce raw steel for a full order book




2
1,243
4,271
2 624
2,161
2 369
1,328
5,963 2 1,599
3
237
869
2 386
1,496
2 523
1,697
7,374 2 2,007

3,492
1,681
972
5,324
788
1,318
1,971
6,371

3,156
1,713
960
4,873
848
1,237
1,428
5,828

3,708
2,023
1,174
5,343
737
1,303
1,676

14,615
* 7,508
4,502
21,351
3,056
5,180
6,914
1
26,371

8,811

10.9
7.0

10.6
6.1
5.8

based on the current availability of raw materials, fuels and supplies, and of the industry s
coke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &
gas supply houses and pipelines, which were formerly shown in "Servi3e centers and distributors" and "Construction, incl. maintenance," respectively, are now included in Other.

SURVEY OF CURRENT BUSINESS

September 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

S-33
1977

1976

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

METALS AND MANUFACTURES—Continued
N O N F E R R O U S METALS AND P R O D U C T S
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Recovery from scrap (aluminum content)..do
Imports (general):
Metal and alloys, crude
Plates, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc

3,879
1,156

4,251
1,346

365
105

371
117

366
116

391
118

387
119

400
106

109

352
109

379
124

371
123

382
120

do
do

457.9
61.0

568.7
87.1

68.6
8.0

27.9
6.1

34.2
5.9

33.6
6.5

25.9
6.5

15.8
5.5

48.5
5.0

6.0

59.3
6.1

59.8
4.8

74.1

67.5
5.8

do
do

185.8
185.4

152.4
222.1

33.2
7.5
10.5
19.8

9.8
23.9

6.2
18.9

7.5
18.3

13.1
19.2

12.7
21.0

13.2

10.6
18.1

4.3
11.7

10.4
9.8

2.2
7.9

6.7
18.1

5.8
6.6

.4449

.4400

.4691

.4800

.4800

.4800

.4800

.4800

.4878

.5100

.5100

.5100

.5300

1,055.6
802.3
494.3
147.6

742.5
422.5
168.7

976.9 1,432.1 1,204. 6 1,175.1 1,206.8
948.3 916.7
952.1
752.7 1,022.6
541.6
429.6
528.4
606.3 557.4
172.8
166.9
166.2
179.6
186.7

5,631

5,804

5,874

5,648

5,57,9 ' 5,535

5,466

1

Price, primary ingot, 99.5% minimum...$ per l b . .
Alumlnum products:
Shipments:
Ingot and mill prod, (net ship.)..
Mill products, total
Sheet and plate
Castings

mil. lb
do..
do
do.

9,804
7,427
4,052
1,376

12,568
9,716
5,584
1,845

Inventories, total (ingot, mill products, and
5,999
'5,631
scrap), end of period
mil. lb..
Copper:
Production:
Mine, recoverable copper
thous. sh. tons. 1 1,413.4 11,611.3
Refinery, primary
do
11,443.4 'U,539.3
From domestic ores
do
11,286.2 11,422. 7
From foreign ores
do
i 157.2 1116.6
Secondary, recovered as refined
do
330.0
Imports (general):
Refined, unrefined, scrap (copper cont.)..do
Refined
do
Exports:
Refined and scrap
do
Refined
do-_Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
do-__
Price, electrolytic (wirebars), dom., delivered
$ per l b . .
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb_Copper wire mill products (copper cont.) do
Brass and bronze foundry products
do
Lead:
Production:
Mine, recoverable lead
thous. sh. tons_.
Recovered from scrap (lead cont.)
do
Imports (general), ore (lead cont.), metal...do
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and In process
(lead content), A B M S
thous. sh. tons-.
Refiners' (primary), refined and antlmonial
(lead content)
thous. sh. tons-.
Consumers' (lead content) d"
.do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons..
Price, common grade, delivered
$ per lb..
Tin:
Imports (for consumption):
Ore (tin content)f
metric tons,
Metal, unwrought, unalloyedf
do
Recovery from scrap, total (tin cont.)f
do As metalf
do
Consumption, totalf
do "I"
Primary t
do
Exports, inch reexports (metal)t
do .
Stocks, pig (industrial), end of periodf
do
Price, Straits quality (delivered)*
$ per lbZinc:
Mine prod., recoverable zinc
thous. sh. tonsImports (general):
Ores (zinc content)
_ _ _ do
Metal (slab, blocks)
do-_Consumption (recoverable zinc content):
Ores
.doScrap, all types
_ ..
do
r___
Slab zinc: §
Production (primary smelter), from domestic
and foreign ores
thous. sh. tons..
Secondary (redistilled) production
do
Consumption, fabricators.
___
do
Exports
do "
Stocks, end of period:
Producers', at smelter (ABMS)O
do
Consumers'
do
Price, Prime Western
$pcrfb..

942.1 1,173.0 1,007.3 1,015.6
801.4 870.8 851.2
784.0
468.8 499.7
487.6 454.0
129.8
152.5 150.8
148.9
5,596

5,542

5,523

5,589

127.4
111.8
104.4
7.4
24.0

143.3
128.9
118.7
10.2
26.0

144.0
143.7
132.8
10.9
30.0

149.2
134.8
126.9
7.9
26.0

135.9
133.0
121.1
11.8
41.0

138.4
136.0
124.0
12.0
30.0

142.0
125.5
118.0
7.5
30.0

131.9
123.6
114.4
9.2
31.0

159.0
169.6
160.1
9.5
32.0

147.1
166.2
157.3
8.8
36.0

146.5
166.9
156.4
10.5
39.0

138.5
176.9
166.5
10.4

547.4
384.1

77.9
66.6

33.0
22.1

35.9
13.5

42.4
30.2

19.1
10.4

40.6
26.8
17.1

39.2
26.8

29.9
21.7

34.1
17.7

49.6
35.0

44.2
28.6

41.9
36.0

45.2
40.4

13.9
3.7

11.1
1.8

13.6
2.6

13.1
3.9

14.7
4.0

'20.7
5.2

20.6
5.3

••557
666
194

U98
662
220

217
679
226

.7255

.7439

.7261

.7120

.6800

330.0
146.8
333.1
172.4
1,541
538
177

250.0
113.1

22.3
8.7

23.4
9.4

23.0
10.0

22.7
11.5

20.4
7.3

' 1,995
651
177

142
499
149

164
500
144

171
480
124

164
519
146

167
568
152

168
651
177

.6416

.6956

.7462

.7462

.7462

.7206

.7062

.6577

2,025
2,056
512

r 2,517
2,383
547

i 621.5
^658.5

i 609.5
682.5

188.6
1,297.1

r

6l6
592
131

.6624

.6862

.6379

701
659
145

582
581
142

48.1
49.8

51.0
57.4

48.8
56.1

49.0
58.4

49.7
64.9

51.2
57.3

45.0
54.3

49.1
58.3

56.8
68.2

53.2
61.4

48.4
61.1

'50.5

39.1

224.6
1,429.1

13.0
101.4

11.1
116.2

12.9
121.2

21.5
130.4

18.5
122.5

24.3
120.0

19.7
123.4

24.0
114.5

22.3
134.4

15.4
126.9

19.8
121.8

6.2

21.2

191.4

180.7

192.4

191.7

185.2

182.9

187.2

180.7

169.8

173.2

162.5

163.4

158.0

81.3
U33.3

43.7
110.1

76.1
117.9

119.8

60.9
117.7

51.8
109.5

43.7
110.1

36.5
104.2

27.1
106.1

22.7
104.9

20.5
101.6

19.7
101.1

87.8
.2153

96.0
.2310

91.8
.2424

91.2
.2476

98.2
.2483

97.1
.2574

43.8
108.0
95.6
.2579

96.0
. 2582

85.0

84.0

89.3
.3100

90.6
.3100

89.0
.3100

.3100

.3100

6,415
44,365
15,869
1,917
55,800
43,620

5,733
45,055
14,057
2,393
67,567
53,850

0
4,207
955
244
5,240
4,410

666
3,316
1,275
305
5,380
4,330

392
3,905
1,245
229
5,680
4,695

0
2,195
1,245
249
6,395
5,120

838
3,484
1,245
208
5,950
4,609

1,346
4,956
1,275
193
5,700
4,600

1,079
4,577
1,275
125
5,500
4,500

522
4,523
1,480
150
6,800
5,300

499
3,955
1,210
150
5,800
4,600

497
3,711

2,429
3,549

0
4,084

3,597
9,536
3.3982

2,337
7,282
»3. 7982

104
9,623
4.2294

113
8,749
4.0353

79
418
7,949
7,871
3. 6638 4.0044

266
7,213
4.0778

352
7,282
4.1817

594
606
8,032 7,883
4. 6347 5.0743

616
5,874
5.1893

370
6,175

469.4

' 484.5

38.7

38.5

40.6

37.3

36.6

40.5

41.'

145.0
380.4

97.1
714.5

9.8
60.6

7.3
51.6

14.3
76.6

2.6
63.7

8.9
52.4

8.0
62.5

10.3
34.0

4.3
37.8

7.:
51. <

*82.7
223.8

96.6
202.3

14.8

9.2
16.1

6.6
16.4

7.8
16.0

15.7

7.1
15.1

6.3
15.0

7.7
15.2

438.1
57.9
925.3
6.9

498.9
63.6
1,127.1
3.5

40.6
4.4
87.7
()

36.1
3.8
99.5
2.9

37.1
3.5
103.8
()

42.7
3.9
91.4
.1

37.0
4.2
81.4
.2

41.4
3.7
79.1
.1

42.5
3.1
83.6
.1

82.0
0

75.7
107.3

88.8
111.8
.3701

73.0
126.5
.3700

64.6
134.2
.3700

59.1
136.3
.3700

72.6
136.1
.3700

82.7
124.3
.3700

111.8
.3700

3
' Revised.
1 Annual data; monthly revisions are not available.
Less than 50 tons.
3
bee *" note.
< For month shown.
concludes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
§ A]] data (except annual production figures) reflect GSA remelted zinc and zinc purchased
for direct shipment.
©Revised Dec. 31 stocks for 1970-73 (thous. tons): 124.2; 48.6; 30.1;
25.9. Producers' stocks elsewhere, end of Aug. 1977, 41,645 tons.




960.9
742.5
432.5
160.6

2
4,016
1,140
120
5,600
4,400

36.8

90.5
84. 2
112. 9
105.2
.3700 I .3700

114

381

549

4.8861

4.8179

5.1804

40.2

38.9

38.9

4.7
60.8

4.6
52.1

8.1
36.2

11.3
43.5

16.4

8.3
16.4

9.3
16.2

38.8
4.8
106.2

'40.2
'2.7
96.2

'32.7
'4.4
96.5

100.4

^85.3
0

58.9
108.0
.3700

67.9
116.7
.3700

78.9
107.7
.3557

77.3
88.5
.3400

8.1

.3100

5.5637

64.7
.3400

.3400

*New series effective with data for Jan. 1976. Source: Metals Week. MW Composite monthly
price (Straits quality, delivered) is based on average of daily prices at two markets (Penang,
Malaysia—settlement, and LME 3-month—High grade), and includes fixed charges plus
dealer's and consumer's 70-day financing costs; no comparable earlier prices are available.
| Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert
U.S. long tons to metric tons, multiply by factor, 1.01605).

SUEVEY OF CUKRENT

S-34
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
5n the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

September 1977

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug

METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly 9 0
mil. $..
Electric processing heating equip
do
Fuel-fired processing heating equip
do

146.4
43.6
52.4

184.3
35.8
77.3

Material handling equipment (industrial):
Orders (new), index, seas, adj
1967 = 100..

135.6

167.5

154.9

184.4

188.0

151.7

177.9

198.5

209.7

226.1

227.7

235.7

Industrial trucks (electric), shipments:
Hand (motorized)
number..
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number..

15,063
19,381

15,786
16,152

1,391
1,365

1,206
1,204

1,403
1,615

1,527
1,629

1,396
1,618

1,242
1,678

1,439
1,660

1,569
1,912

1,385
1,674

36,388

33,930

2,550

2,739

1,410
1,588
3,097

3,519

3,520

2,594

3,669

4,014

4,274

3,677

Industrial supplies, machinery and equipment:
New orders index, seas, adjusted...1967-69=100._
Industrial suppliers distribution:
Sales index, seas, adjusted
1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.)
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period

45.8
10.6
18.9

49.0
12.6
18.1

45.5
10.7
18.2

Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil. $..
Wheel (contractors' off-highway)
units..
mil.$__
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units..
mil.$__
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units..
mil. $..

1,351
1,929
3,666

1,676
2,182

1,011
1,171

3,956

142.3

165.4

164.6

161.9

169.2

171.2

171.9

178.7

187.6

188.3

194.6

201.7

198.8

199.1

199.5

165.2

183.8

186.5

192.8

190.2

186.6

186.8

187.5

191.2

186.4

196.9

205.0

201.9

207.5

207.9

169.4

178.4

178.2

179.1

180.4

181.5

182.9

183.7

185.8

187.5

188.2

188.7

189.4

190.3

196.75
188.05
125.25
110.95
1,466.9

199.70
175.00
130.50
118.20
1,536.1

187.25
159.55
155.05
136.50
1,568.2

*150.15
P125. 05
P122. 50

55.15
51.35
51.50
45.70
217.3

66.25
60.10
55.20
50.65
228.3

70.00
62.30
67.20
64.30
231.1

^69.95
P63.85
^48.50
P44.35
v 252.6

mil. $__ 915.90 1,662.15 126.30 146.55 166.55 190.55 201.30 171.10 153.45 135.35 200.20
780.50 1,476. 60 118.00 134.75 130.75 168.60 191.35 150.50 139. 70 117. 20 186.95
do
97.35 92.25 140.35 112.60 117.10 161.95
94.30 111.90 129.90
do
1,878.65 1,482.10
84.30 78.65 121.90
96.95 106.10 145.70 80.55
99.50 117.50
do
1,548.10 1,269.85
do
1,062.4 1,242. 4 990.6 1,044.9 1,071.1 1,149.0 1,233.2 1,242.4 1,301.6 1, 325.1 1,395.4
do
do
do
do
do

17.
22.3

57.00
50.95
51.30
43.40
179.5

60.40
55.30
47.05
39.30
216.3

48.80
39.05
50.50
41.95
214.6

56.55
52.65
56.75
50.65
204.4

270.45
212.65
573.05
484.50
218.6

568.05
508.95
577.55
473.50
209.2

20,453
1,111.5
4,592
289.6

19,533
1,025.7
3,772
238.3

' 4,936
271.9
902
60.0

• 4,321
248.6
813
49.5

4,963
267."
1,037
62.2

37,956
1,132.7

34,543
975.7
207,036
2,451.5

8,592
255.8

7,628
222.9

10,827
320.9

43,112
522.3

60,072
785.5

224,259
2,321.5

55.50
51.85
32.05
25.90
202.9

543,404
5 458.1

44,189
538.4

43.85
39.00
59.90
46.60
198.6

553,968
5625.2

58.15
53.50
47.55
40.65
209.2

46.15
42.50
50.75
36.45
204.6

62.55
53.00
53.30
49.15
213.6

218.6

4.10

»1,595.8

5,368
291.1

60,039
770.2

ELECTRICAL EQUIPMENT
Batteries (auto.-typereplacement), ship

thous..

42,582

49,203

3,523

4,335

4,872

5,313

5,052

5,460

4,909

4,314

3,947

3,183

3,302 r 3,513

3,280

Radio sets, production, total market
thous..
Television sets (incl. combination models), production, total market
-thous..

34,516

44,102

2,924

4,929

2 4,671

5,365

3,616

2 3,526

2,697

2,738 2 3,832

2,935

3,391

2 3,684

4,404

5,853

10,637

14,131

908

1,262

2 1,647

1,407

1,219

21,216

1,103

1,141 2 1,346

1,203

1,255 21,431

1,127

1,068

2,222
75.3
280.5
234.4
215.5
477.0
169.0
444.2
300.6

2,075
77.6
245.7
238.2
206.7
420.7
142.8
414.7
305.9
2,301.5

2,056
83.0
321.6
235. 7
224.1
392.7
108.2
369.6
295.1

1,868
83.6
301.4
193.8
207.8
330.7
84.9
345.0
295.3

1,714
186.9
245.3
202.4
187.5
289.5
81.3
277.1
217.8
2,490.9

1,967
219.2
239.4
224.3
187.0
354.9
101.1
352.0
247.7

2,179
253.4
272.0
228.7
193.4
374.6
107.1
406.6
292.2

2,903
427.7
316.4
252.1
250.4
505.8
152.5
478.3
336.5
2,489. 3

124.6
139.7
213.1

154.1
165.1
236.6

148.1
246.4

132.6
136.1
240.4

125.1
152.4
251.5

129.2
113.6
249.9

118.5
133.7
273.7

127.9
170.0
296.9

120.9
142.5
298.8

99.5
151.8
' 286. 6

Household major appliances (electrical), factory shipments (domestic and export) 9
thous.. i 24,292
Air conditioners (room)
do
2,670
Dishwashers
do
2,702
Disposers (food waste).._
do
2,080
Ranges
do
» 2,082
Refrigerators
do
4,577
2,457
Freezers
_
do
Washers
do
4,228
Dryers (incl. gas)
do
2,869
Vacuum cleaners (qtrly.)
do
7,817

25,800 * 2,132
173.6
i 2,962
209.7
3,140
183.9
2,515
2,462 202.2
4,817
488.3
1,548
165.3
4,492
344.7
3,173
219.1
9,285

'2,506 * 2,580 ' 3,036 * 2,556 • 2,828
440.8
106.0
488.1
411.1
393.4
255.5
311.9
235.7
202.5
327.8
229.1
274.2
225.5
228.4
256. 4
242.3
290.2
215.5
222.9
288.9
456.7
599.2
419.9
525.0
659.1
136.2
297.8
114.9
196.3
194.8
361.5
404.9
361.8
495.2
465.4
246.3
330.2
241.5
291.3
246.3

GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments, thous..
Ranges, total, sales
do
Water heaters (storage), automatic, sales
do

1,186
1,618
2,645

'1,554
1,824
3,112

124.5
116.3
228.9

• 116.8
' 161.3
•288.4

115.5
120.5

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production %.—
...thous. sh. tons.. » 6,203 r i 6,228
490
590
615
Exports
___
do
640
615
120
47
47
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 44.856
46.428 46.428 46.428 46.428
Bituminous:
Production t
-thous. sh. tons.. 648,438 665,000 43,250 53,440 59,675
r
Revised.
*
Preliminary.
»
Annual data; monthly
or quarterly revisions not avail.
2
3
Data cover 5 weeks; other periods, 4 weeks.
For month shown.
* Includes U.S.
produced and imported microwave ovens and combination microwave oven/ranges as follows:
1976—Aug. 140,000; 1977—Aug. 179,900; products do not add to total shipments (which also
includes compactors and dehumidifiers not shown separately) because of overlapping product
categories.
5 p o r s a m e q t r # 19 7 5<
9 Includes data not shown separately.




550
42

490
56

475
23

405
36

435
42

600
59

500
18

550
84

575
26

••400
64

605

46.428

46.428

46.428

46.550

46.550

46.550

46.550

46.550

46.650

46.650

46.579

57,498 56,995 57,046 44,555 50,365 65,020 57,160 61,560
t Monthly revisions back to 1973 are available upon request.
O
Effective 1976, data reflect additional reporting firms.
c
Corrected.

63,180

47,785

55,920

September 1977

SURVEY OF CURRENT BUSINESS
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

| 1976

Annual

S-35

1976

July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

5,158
392.2

393.7

PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued X
Industrial consumption and retail deliveries,
total9
thous. sh. tons.. 2 556,301 597,479
403,249 445,750
Electric power utilities
do
145,746 144,817
Mfg. and mining industries, total
do
84,324
83,272
Coke plants (oven and beehive)
do
Retail deliveries to other consumers

do

2 7, 282

Stocks, Industrial and retail dealers', end of period,
total
thous. sh. tons.. 127,115
Electric power utilities
do
109, 707
Mfg. and mining industries, total
do
17,175
Oven-coke plants
do
8,671

6,900

51,696
39,688
11, 743
7,267

52,069
40,181
11,500
7,039

47,750
35,845
11,463
6,908

49,248
36,619
12,067
7,042

51,320
38,178
12,401
6,901

55,642
40,950
13,521
6,941

57,052
43,094
12,808
6,408

264

387

440

560

740

1,170

1,150

50,776 50,238 46,888
37,524 37,145 33,851
12,522 12,568 12,456
6,274 7,043 6,806
730

525

580

50,015 52,275
37,023 39,940
12,566 11,968
6,991 6,788
425

365

do
Tndex, 1967=100..

65,669
387.0

133,673 129,606 123,662 129,867 133,581 134,117 133,673 118, 080 114,387 122,584 129,830 137,518 144,269
116,554 114,099 109,516 114,328 117,459 117,322 116,554 103,883 101,065 107,374 113,631 120,358 125,399
16,879 15,367 13,972 15,352 15,932 16,585 16, 879 14,067 13,182 15,055 16,059 17,000 18,695
9,804
8,715
8,107 7,463 9,025
10,625 12,035
9,605
9,804
9,037
7,258
8,194
140
155
240
160
130
175
174
190
240
140
210
140
187
2,143 3,079 3,390 5,639
5,673
4,880 4,223
59,406
5,871
4,625
6,019
5,451
5,613
375.3 376.5 378.0 379.1
367.5
366.7 366.7
386.1
367.0
368.0
389.7
372.8

thous. sh. tons..
do
do

3727
56,494
25,848

605
57,728
26,029

51
5,007
2,241

48
4,785
2,319

50
4,720
2,140

42
4,857
2,135

42
4,752
2,099

55
4,751
2,211

49
4,412
2,135

37
4,273
2,005

37
4,696
2,239

36
4,672

26
4,819

26

do
do
do
do

4,996
4,718
278
1,472

6,487
6,173
314
2,127

4,641
4,383
258
1,840

4,445
4,202
244
1,825

4,750
4,511
239
1,867

5,179
4,939
241
1,986

5,799
5,539
261
2,081

6,487
6,173
314
2,127

6,970
6,660
310
2,184

7,247
6,953
294
2,282

7,297
7,005
292
2,300

7,054
6,765
290
2,383

6,749
6,514
235

6,481
6,247
234

do

1,273

1,315

101

210

170

91

90

32

91

51

108

108

95

160

126

Crude petroleum:
Oil wells completed
number.. 216,408
Price, wholesale
Index. 1967=100..
245.7
Gross input to crude oil distillation units..mil. bbl. 4,709.3
Refinery operating ratio
% of capacity..
86

17,020
253.6
5,081.4
89

1,312
254.3
446.1
94

1,265
254.3
446.3
91

1,474
254.3
425.3

1,396
264.4
428.0
86

1,291
264.4
437.3
90

1,512
264.4
457.0
91

1,391
262.9
453.6

1,321
274.2
425.6
93

1,817
270.0
456.3
90

1,405
271.0
438.5

1,382
271.0

1,720
271.8

1,304
270.8

273.1

249.5

254.5

258.9

261.2

260.5

.503

.510

.517

.517

.517

Retail dealers

do

Exports
Price, wholesale

233

COKE

Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports

PETROLEUM AND PRODUCTS

All oils, supply, demand, and stocks:
New supply, totalcft
Production:
Crudo petroleumt
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products^

mil. bbl.. 5,876.9

6,242.6

546.5

529.7

532.0

533.0

532.8

559.1

566.1

549.7

589.0

554.0

do
do

3,056.8
609.7

2,971.7
601.0

251.2
50.7

250.3
50.5

245.6
49.1

249.5
50.7

248.2
50.8

241.5
49.2

225.9
45.8

248.7
53.7

242.4
51.5

do
do

1,946.9
723.1

180.3
64.3

172.7
56.1

177.1
60.2

177.1
55.6

184.8
75.4

196.0
79.3

186.9
91.1

206.7
79.9

204.2
56.0

do

1,511.2
699.2
»11.8

241.3
49.7
179.1
62.7

-21.1

40.8

23.3

33.8

12.3

—23.0

-69.0

-46.9

-14.4

36.3

34.2

do..

6,033.9

6,465.7

522.5

522.7

510.6

534.7

575.8

644.3

640.9

578.5

566.1

533.8

do_.
do..

2.1
74.3

0
7.5

.4
6.4

0
5.9

.6
5.6

.9
9.5

1.1
7.6

.4
5.5

.5
6.2

5,957.5
2,450.3
58.0

515.0
228.0
3.1

515.9
223.7

504.8
213.5
4.5

528.6
215.9
4.8

565.4
212.2
6.5

635.7
222.2
9.4

634.9

201.2
11.1

1.7
4.9
572.0
194.1
7.4

1.0
5.4

do..
do..
do..

2.9
78.7
6,384.1
2,567.2
61.8

559.7
215.0
4.4

527.1
221.5
3.5

Distillate fuel oil*
Residual fuel ollj
Jet fuel

do..
do..
do..

1,040. 6 1,145.6
898.6 1,019.6
365.3
361.4

69.9
79.2
34.1

69.4
83.0
29.9

78.5
75.5
31.4

93.9
77.9
28.2

111.4
97.6
29.4

144.2
111.8
31.8

158.4
116.0
32.7

132.0
102.5
29.0

106.0
97.6
32.3

88.3
85.7
30.6

LubricantsJ
Asphalt
Liquefied gases

do..
do..
do..

5.1
17.9
34.2

4.5
20.0
37.6

4.9
17.7
37.3

4.6
15.2
46.4

4.5
11.2
52.4

4.6
6.1
59.6

4.4
5.0
59.8

3.5
5.3
53.6

5.9
8.1
42.0

4.7
9.9
36.8

,064.9 1,050.5
291.4
294.0
108.5
112.1
650.6
658.8

,086.8
299.5
113.6
673.8

, 121.0
318.6
116.2
686.2

Change in stocks, al! oils (decrease,—)
Demand, totalj
Exports:
Crude petroleum
Refined products
Domestic product demand, total 91
Gasoline
Karosene

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

50.2
147.4
486.4

55.7
146.8
514.0

do
do
do
do

1,133.0
271.4
113.7
747.9

1,111.8 1,134.4 1,157.7 1,191.5 1,203.9 1,180.8 1,111.8
282.6 277.3 284.4
285.5
298.8
297.7
285.5
121.3
118.6
116.6
118.9
120.5
118.3
118.6
730.5 763.9 788.3
707.7
761.5
787.9
707.7

_do
do
do

2,393.6

2,517.0
1 3
234^3

o

238! 0

223.9

C1)
229.4

207.!

208.1

209.3

232.1

229.1

230.5

223.5
.2
234.3

215.8
.3
255.5

191.6
.1
258.1

264.7

244.5

243.5

241.9

239.9

240.4

245.6

0)

233.2

Prices fexcl. aviation):
Wholesale, regular
Index, 2/73=100
211.8
233.4
239.1
242.9
244.8
Retail (regular grade, excl. taxes), 55 cities
(mid-month)
$ per gal
.455
.474
.485
.487
.487
Aviation gasoline:
Production
mil. bbl
1.4
13.7
13.3
1.6
1.4
Exports
do
0)
.1
.2
0)
0)
Stocks, end of period
do
3.0
2.5
2.8
Kerosene:
2.8
Production
_do._.
3.3
55.7
55.7
4.3
4.5
Stocks, end of period
.
^ "do"
15.6
12.5
13.4
15.0
15.2
Price, wholesale (light distillate)
Index, 1967=100.
285.6
304.9 308.8 310.9
311.9
r
Revised.
i Less than 50 thousand barrels.
2 Reflects revisions not available by
months.
' N o t comparable with data for earlier periods because stocks cover 100 additional
terminals beginning Dec. 1974.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.




0)

.487
1.0

0)

2.7

4.8
15.6

0)

.486
1.1

.483
1.0

0)

0)

4.9
14.4

2.8
6.9
12.5

2.8

214.0

0)

.484

.488

.496

0)

.8

.7
C1)

0)

7.9
10.5

2.6
7.1
11.7

5.5
13.6

2.8

(0

261.5

1.2

2.6
14.1

355.0
315.5
322.5
325.6
319.7
339.2 346.6
357.2
362.8
351.7
360.5
concludes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
^Monthly revisions back to 1973 for bituminous coal and back to 1974
for petroleum and products are available upon request.

September 1977

SURVEY OF CURRENT BUSINESS

S-36
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1976

1976 p

Annual

July

Sept.

Aug.

1977

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
Imports!.- _
_._
.
do _
Exports
do
Stocks, end of period
do
Price, wholesale (middle distillate)
Index, 1967=100...
Residual fuel oil:
Production
mil bbl
ImportsJ
do
Exports
do
Stocks end of period
do
Price, wholesale
Tndex, 1967=100...

235.6

95.4
4.0
(2)
223.7

100.9
5.5
(2)
186.0

104.6
10.8
(2)
143.0

103.7
18.6
(2)
133.3

98.6
16.1
(2)
141.9

4.6
.1
148.3

338.8

341. 2

344.0 , 349.6

359.0

369.4

377.8

384.0

387.0

386.8

388.7

388.8

39 9
43.3
.3
76.4
445.5

41 9
38 2
.2
79 1
453.8

47 4
44.2
.5
73 3
468.7

54 9
55.5
.1
72.3
477.8

58 6
49 5
.1
64 7
492.3

54 6
54 4
.2
71 4
523.1

53 2
43 9
.1
71 2
533.1

33.7
.1
70.2
545.9

544.0

524.5

510.2

513.6

29.2
33.1

29.7
33.2

27.6
34.0

27.6
33.9

27.9
32.1

28.4
30.2

27.3
30.5

29.6
30.7

32.4

5.3
.8
11.8

5.5
.8
12.2

5.4
.9
12.1

5 5
.9
12.1

5 4
.9
12.3

5.4
.9
12.3

5 0
.7
12.3

4 7
.7
13.0

5 5
.8
12.0

1.0
11.6

139.7
19.4

16.0
24.1

15.7
20.3

15.2
18.1

13.1
16.4

11.1
16.7

8.5
19.4

6.5
20.9

7.6
23.3

10.3
25.6

26.7

561 9
437 4
124.6
116.3

47.1
36.1
11.0
138.4

47.0
35.8
11.2
143.6

46.1
35.5
10.5
147.2

46.8
37.2
9.6
143.9

47.0
37.1
9.9
134.2

48.3
37.8
10.6
116.3

46.3
36 3
10.0
98.9

42 9
33.5
9.4
86.5

48 7
38.4
10.2
91.2

98.6

1,070.2
52.5
.4
186.0

91.8
3.9
(2)
190.9

92.4
4.1
.1
218.0

88.4
4.4
(2)
232.3

309.4

336.8

332.1

336.0

451 0
446 5
5.3
74 1
495.5

504 0
511 7
4.2
72 3
451.7

39 3
45 3
.3
69 8
431.9

40 9
40 5
.2
68 5
443.7

318.0
30.4

335.8
32.1

28.9
32.7

56 2
9.1
14.3

61 8
9.5
12.3

mil bbl
do

144.0
22.8

Liquefied gases (inch ethane and ethylene):
Production total
mil bbl
At gas processing plants (L P G )
do
At refineries (L.R.G.)
do
Stocks (at plants and refineries)
do

557 5
444 1
113.4
125.1

Jet fuel:
Production
Stocks, end of period

968.6
56.7
.3
208.8

mil bbl
do

Lubricants:
Production
Exports
Stocks, end of period

do
do
do

Asphalt:
Production
Stocks, end of period

92 9
4.4

GO

37.3

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period

thous. cords (128 cu. ft.)._
do
do

Wnste paper:
Consumption
Stocks, end of period

65,456
65,421
6,571

thous. sh. tons.. • 10,367
do
731

WOODPULP
Production:
Total, all grades
thous. ah. tons.
Dissolving and special alpha
do._.
Sulfate
_ do
Sulflte
do..
Groundwood
do__.
Deflbrated or exploded, screenings, etc do___
Soda and semlchemical
do..

4 43,084
1,583
3 29,213
1,951
4,351
(4)
3 3, 201

• 73,583
• 73, 209
' 6, 805

1

12,103
'772

6,001
5,840
6,036

6,369
6,317
6,069

6,116
5,787
6,505

6,443
6,506
6,270

5,930
6,069
6,111

5,897
5,571
6,445

5,818
6,373
6,180

6,176
6,005
6,247

6,595
6,562
6,331

6,244
6,436
6,046

6,480
6,568
6,127

6,530
6,489
6,194

784

874
675

824
713

710

829
721

772
'772

825
709

815
718

939
732

890
714

'931
'682

918
700

4,076
126
2,890
208
415

3,613
111
2,537
180
388

' 4,123
117
2,976
199
382

3,966
138
2,813
189
411

3,336
112
2,438
169
337

3,753
139
2,758
180
360

3,850
120
2,741
174
402

4,112
152
3,026
191
390

3,999
127
2,986
172
376

396

449

415

280

317

413

354

338

348

339

' 1,070 1,020
'656
605
'623
354
65
62

1,045
593
390
63

1,132
640
424
69

1,132
644
415
72

'1,145
'664
'413
'69

1,174
678
426
71

4 48,804
' 1,400
3 33,615
' 2, 079
' 4, 797
(4)
1
3 3,627

3,713
101
2,677
161
388

s 1, 070
'5 656
'623
65

1,126
620
449
56

1,081
606
417
58

1,051
578
413

980
514
398

1,133
670
395

• 4,148 4,084
124
139
• 3, 086 3,052
186
'190
382
'386

Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills

do
do
do___
do-..

Exports, all grades, total
Dissolving and special alpha
All other

do_
dodo.

2,565
692
i 1,872

i 2,518
730
1
1,787

207
53
155

232
66
166

223
48
175

201
65
136

191
60
131

210
54
156

184
53
131

236
76
160

236
65
172

246
84
162

270
80
191

206
57
150

Imports, all grades, total
Dissolving and special alpha
All other

do..
do..
do-.

i 3,078
140
i 2,937

i 3,727
188
i 3,539

307
9
298

335
20
315

306
25
281

23
286

297
11
286

303
17
286

281
17
263

326

359
14
345

306
19
287

304
21
283

385
18
366

52, 521
23, 306
24,452
'115
r 4,648

60,043
26,534
27, 960
'130
' 5,419

4,618
1,985
2,195

5,113
2,216
2,402
'12
'483

4,677
2,089
2,145
'10
'432

5,155
2,258
2,419
'10

4,912
2,190
2, 280
'10
'432

4,500
•2,066
• 2,028
'8
'397

4,861
2,222
2,239
8
383

4,682
2,135
2,168
7
372

5,432
2,425
2,502
9
496

5,148
2,281
2,399

170.3
127.1

190.4
138.7

178.4
141.2

179.0
140.7

179.2
141.9

180.4
178.7
180.6
178.5
179.5
177.5
174.6
179.0
174.5
173.5
172.6
162.4
141.2
153.8
157.8
144.2
141.8
144.8
151.3
145.9
144.5
148.8
4
Beginning March 1975, data for defibrated or5 exploded, screenings etc., not available;
not comparable with those for earlier periods.
Data exclude small amounts of pulp because reporting would disclose the operations of individual firms.
JMonthly revisions back to 1974 are available upon request.

5

1,158
«519
552
87

1

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
Wholesale price indexes:
Book paper, A grade
1967 = 100..
Paperboard
do
Building paper and board
do
' Revised.

» Preliminary.

J
Reported annual total; revisions not allocated to the months.
« Less than 50 thousand
barrels.
3 Beginning with January 1975, data for soda combined with those for sulphate;
not comparable with data for earlier periods.




• 5, 351
• 2, 357

2, 509
9
'476

5,278
2,323
2,468
9
478

SURVEY OF CURRENT BUSINESS

September 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
in the edition of 1975 BUSINESS STATISTICS

1977

1976

1976

Annual

S-37

Aug.

July

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (APT):
Groundwood paper, uncoated:
Orders, new
thous.sh. tons..
Orders, unfilled, end of period
.
do
Sh ipments
.. ..do
Coated paper:
Orders, new
do
Orders, unfilled, end of period
do
Shipments.
do
Uncoated free sheet 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

1,251
179
1,189

1,324
145
1,345

109
185
111

117
172
114

109
181
106

117
183
119

102
161
110

3,128
262
3,194

3,905
308
3,981

337
311
308

336
296
340

325
292
339

360
295
347

297
262

5,327
5,471

6,024
6,558

473
509

536

474
510

498
539

3,422
149
3,406
3,979

3,908
4,186

305
322

364

309
343

7,679
7,727
95

8,915
8,712

813
735
312

824
804
333

3,614
3,613
21

3,686
3,678
29

286
285
26

Consumption by publishersd*
do_._
Stocks at and in transit to publishers, end of
period
thous. sh. tons_.

6,363

6,534

734

921

Imports
do
Price, rolls contract, f.o.b. mill, freight allowed
or delivered
Index, 1967=100..

5,847
184.0

117
140
115

107
145
104

115
155
113

331

382
364
331

334
381
331

396
350
382

••335
371
343

••339
340
350

••358
349
••365

325
335

526

466
509

585
546

557
553

631
646

••588
•"603

••554
'602

568
604

514
558

341
365

315
359

300
340

320
363

324
340

350
374

360

371

••374

350

760
749
345

837
813

794
813
350

718
769
299

733
653
379

648
420

726
734
412

732
729
416

755
747
424

760
768
416

721
730
408

317
313
30

292
291
31

321
316

322
321
36

282
289
29

323
312
41

291
285
47

333
321
58

306
299
64

323
324
63

330
333
59

307
306
60

502

526

539

599

595

575

529

483

572

563

599

556

524

836

884

897

906

921

873

896

897

873

831

835

832

6,569

608

613

538

581

662

594

468

500

599

495

530

608

198.2

202.7

203.3

205.3

205.3

205.3

207.6

209.4

209.4

216.7

216.7

216.7

216.7

216.7

216.7

482
1,165
476

385
988
471

505
1,214
494

567
1,166
572

522
1,105
508

574
1,096
564

542
1,088
561

385
988
471

528
1,089
504

553
1,097
561

596

1,189
581

580
1,217
585

1,208
599

577
1,182
580

506
1,220
501

546
1,148
572

Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft. surf. area.. 194,329

216,371

17,406

18,182

18,633

19,073

18,097

16,672

16,189

17,656

19,783

18,956

19,377

19,505

17,251

Folding paper boxes, shipments..thous. sh. tons_. 2,380.0
m i l l . . 1,755.0

2,592.0
1,979.0

196.6
150.6

223.3
171.3

227.6
177.2

229.8
178.6

210.8
165.6

227.1
177.4

207.5
163.0

197.6
157.2

230.7
182.2

206.0 'r 219. 3 ' 219.7
163.8
175.8 ••176.4

184.8
149.6

67.27
68.50
i 119.92 127.04
70.19
55.61

77.57
123.77
82.29

do
do
do

United States:
Product ion
Shlpinents from mills
Stocks at mills, end of period

do...
do
do.._

Paper board (American Paper Institute):
Orders , new (weekly avg.)
thous. sh. tons..
Orders , unfilled §
do
Production, total (weekly avg.)
__do

145
111
301

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
Stocks, end of period
do
Imports, incl. latex and guayule..thous. Ig. tons..

669.97
105.38
656.60

730.73
141. 84
712.90

50.45

42.01

76.19

64.48

56.86

58.41

40.33

67.45

50.01

52.30

59.43
141.84
68.80

Prlce, wholesalo, smoked sheets (N.Y.)..$ per lb_.

.299

.395

.401

.405

.420

.430

.400

thous. metric tons.. 1,937.85 2, 303.75
_
do_. 2,022.43 2,175. 26
ZZZZ_ZZZZZZZZdoZZZZ 369. 86
458.12

156. 68
118. 24

160.70
142.47

192. 65
220. 24

Synthetic rubber:
Production
Consumption
S t o c k s , e n d of period
Exports (Bu. of Census)
Reclaimed rubber:
Produ ctlon
Consumption
6tocks, end of period

209.50 206.33
213. 31 211.87

thous. Ig. tons..

214.50

267.99

24.75

22.70

20.59

thous. metric tons
do
~~I~~~do~~[]

78.23
100. 22
10.18

78.46
81.89
16.81

2.62
2.68

3.82
2.96

9.28
10.20

9.52
7.86

8.31
8.44

68.60
67.66
118.30 1116.72
49.98
72.18

.408

.416

.406

210.92
203.95 193. 03
200. 56
216. 92 202. 68
458.12 i 441.37 431.81

213.07
238.09
407.62

204.80
200.42
412.85

21.13

19.11

20.97

24.34

8.43
8.10
16. 81

6.74
9.78
15. 95

6.77
8.96
15.83

.408

1

1

.408

72.06
U19.10 123. 91
71.16
72.86
.391

211.45 201.84
220.14 206.75
1409.35 1402.18
22.06

20.78

7.90
7.02
9.68
9.78
16.66 116.26

6.75
9.40
113.99

7.34
8.83
14.78

20.72

TIRES AND TUBES
Pneumatic casings, automotiveProduction
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes, automotiveProduction
Shipments
Stocks, end of period
Exports (Bu. of Census)
Revised.

!!Z

thous.. 186,705

187,953

8,025

8,954

18,096

21,113

18,827 20,194 2 20,638 20,094

22,640

20,087

19,512

20,734

do
196,295
do " 47,467
do
142,706
do..~~
6,122

210,702
60,138
145,869
4,695

15,669
3,730
11,758
181

14,103
3,574
10,345
184

15,609
4,211
11,144
254

18,718
4,373
14,013
332

16,873
5,419
11,064
391

16,466 216,773 16,609
6,241 2 5,835
4,838
9,731 '• 10,496 11,282
494
2 442

21,022
6,423
14,020
579

20,530 19,790
5,766 5,828
14,313 13,501
451
461

22,758
6,511
15,742
504

50,020
6,124

34,768
4,784

25,581
236

21,285
225

24,594
247

27,581

30, 200
397

34,768
519

45,616
637

45,832
618

46,231
504

44,887
525

514

32,584
34,581
9,212
3,998

27,548
33,304
5,106
3,167

1,504

2,861
2,477
5,400
74

2,867
2,505
4,679
255

2,461
2,281
4,912
249

2,362
2,315
5,106
357

240

229

285

193

190

do.
Z.ZZZZZZZdoZZZZ
do
do
do
do

_

1,304
2,638
5,259

235

i Producers' stocks are included; earlier data will be shown later.
^

a V r a S S




^

t

k

d b

ti

2,469
4,607
203

2 Be-

ires a n d tires

2

39,010
483

253

43,212
546

cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

5$

JURh :EJNT B\J£

SUK

S-38

September 1977

1976
July

Aug.

Sept.

1977

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement

.thous. bbl_. 367,436 i385,750

38,564

41,787

37,404

31,686

23,165

13,963

20,910

31,346

35,713

40,197

45,090

639.4
7.3

697.0
3.9

617.0
3.7

•489.4
4.3

296.6
2.6
45.5

437.9
3.4

687.8
3.4

727.3
4.3

782.4
4.1

783.2
4.6

102.3

107.6

' 663.5 631.4
5.2
3.7
'99.0
91.0
'5.8
'5.0
'24.4
'23.8
180.7
180.9

65.8

102.3

107.2

113.6

125.5

2.9

5.5

5.6

5.6

5.8

21.6

22.6

22.8

23.8

26.3

191.6

194.8

195.8

198.2

201.4

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. '6,261.9 '7,034.4
Structural tile, except facing
thous. sh. tons..
'79.5
71.0
Sewer pipe and fittings, vitrified
do
1,189.9 '1,097.8
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
'73.4
'64.8
Floor and wall tile and accessories, glazed and unglazed
mil. sq. ft.. ' 256.1 ' 278.7
Price index, brick (common), f.o.b. plant or
N.Y. dock
1967=100..
160.5
176.8
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.'shipments

thous. $_.

'6.0

'5.8

'22.8

'25.0

175.7

178.3

86.4

62.5

'4.7

'4.3

'23.2

'21.9

184.6

185.9

467,994

644,751

159,455

171,412

Sheet (window) glass, shipments
do
76,229
391,765
Plate and other flat glass, shipments
do
Glass containers:
Production}
thous. gross.. 283,055

101,739
543,012

24,743
134,712

24,532
146,880

3.3
18.9
188.2

'165,553

207.8

181,769

302,500

25,080

28,629

24,343

27,578

24,211

21,020

22,636

24,292

28,109

24,433

25,686

27,059

26,285

do

279,022

292,345

24,580

27,303

27,718

22,716

21,804

22,943

22,177

22,456

34,176

21,161

23,869 ' 26,526

24,724

do
do
do
do

25,266
64,418
76,835
23,406

25,727
65,093
81,938
22,674

1,866
5,919
7,994
1,502

2,624
5,886
8,180
1,918

2,915
5,890
7,245
2,038

1,679
4,356
6,861
1,892

1,486
4,926
5,925
1,986

1,727
5,736
6,070
2,004

2,244
4,352
5,909
1,813

2,115
4,608
5,890
1,709

3,060
7,142
9,074
2,849

1,567
4,521
7,670
1,630

1,925
5,450
8,452
1,787

'
'
'
'

2,155
6,697
8, 794
1,939

1,746
6,246
8,604
1,542

Wide-mouth containers:
Food (lncl. packer's tumblors, Jelly plasses,
and fruit Jars)t O
thous. gross..

59,287

61,504

4,657

6,160

4,996

4,820

4,712

4,784

5,049

7,897

3,471

4,025

•4,502

4,256

Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do
Chemical, household and industrial
do.-..

25,775
4,035

30,798
4,611

2,305
337

2,624
403

3,075
395

2,625
307

2,357
304

2,373
321

2,736
339

2,744
341

3,687
467

2,171
231

2,060
270

37,666

42,800

41,735

42,468

38,599

43,337

45,039

42,800

41,932

43,266

36,408

40,414

1,997 r 2, 150
233
'289
41,613
42,077

19,751
1
9,181

i11,980
111,036

1,0*5
959

1,132
1,000

1,047
963

1,150
1,021

1,160
919

940
863

952
843

1,092
1,046

1,121
1,002

1,134
1,020

5,448

6,231

490

602

646

623

572

1,132
927
591

533

284

541

515

565

14,878

5,030

539

469

473

427

445

476

312

276

459

502

293

305

24

25

25

27

27

23

23

22

28

27

27

176
360
10,804
182
292
198
8,214
1,790
127

162
329
113,156
184
362
1272
110,117
i 2,029
191

15
31
1,167
16
34
25
896

13
31
1,237
17
36
25
953
188
18

12
28
1,196
15
36
25
926
176
18

13
29
1,203
16
32
23
927
186
19

11
27
1,135
14
32
24
876
174
15

11
23
1,165
15
31
23
900
183
13

14
27
1,382

11
23
19
723
160
13

10
22
1,029
12
24
20
799
161
14

12
25
1,201
13
29
28
917
190
24

12
25
1,281
17
35
26
981
202
19

Shipments, domestic, total}
Narrow-neck containers:
Food..
Beveraco
Beer
Liquor and wine

Stocks, end of period}

do

209.2

42,585

GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct)...thous. sh. tons..
Calcined
do
Imports, crude gypsum

do...

Bales of gypsum products:
Uncalcined
do...
Calcined:
Industrial plasters
do...
Building plasters:
Regular basecoat
do...
All other (lncl. Keene's cement)...
do...
Board products, total
mil. sq .ft.
Lath
Veneer base.
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated vallboard

do...
do...
do...
do...
do...
do...

17
38
30
1,061
214
21

TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb_.
Knitting machines active last working day*...thous..

1,955.8 1,828.2
47.1
43.5

423.9
44.1

402.0
43.5

Woven fabric (gray goods), weaving mills:
984
'820
792
2 923
817 2 1,057
9,777
815
2 985
805
769
631
781
10,448
Production, total 9
mil. linear yd_.
432
341
348
22 371
352
M48
343
335
327
344
4,326
258
2 418
4,450
Cotton
do
543
443
'471
457
2 600
436
545
464
464
431
5,356
2 560
367
5,913
Manmade
fiber
do
1,192
1,180
•
1,153
1,196
1,203
1,142
1,187
1,213
1,099
1,132
1,203
1,093
1,210
1,203
Stocks, total, end of period 9 d"
do
388
415
391
425
425
489
429
431
397
408
424
426
419
431
Cotton
_
___
...do
799
760
767
766
781
770
767
692
720
759
778
605
720
767
Manmade
fiber
~_I~_ _ " . " " " " _ ~Ido"I~
1,913
1,991 2,113 •1,980
1,912
1,830
2,008
2,590
2,401
2,212
2,071
1,766
1,770
1,830
Orders, unfilled, total, end of period9 %. _ do
794
921
846
796
869
789
1,144
1,002
925
895
772
753
923
789
Cotton
...do
1,149 • 1,134 1,119
1,008
1,414
1,081
1,116
1,084
1,086
993
1,368
1,017
1,259
1,008
Manmade
fiber
do""
COTTON
Cotton (excluding linters):
Production:
3
694
85
U0,348
8,151 U0,348
47
3,703 7,658
10,251
373
GinningsA
thous. running bales..
573
613,201.5
410,580.6
Crop estimate
thous. net weight bales Q__ 38,301.6 410,580.6
2
507
"397'
653
2
616
507
445
""2"
626'
2
582
528
501
"524'
6,142
6,833
510
528
Consumption
thous. running bales.
Stocks in the United States, total, end of period 9
2,920
6,642 5,570 4,571 • 3,496
9,610
7,819
9,544
8,716
3,594 12,825 11,768 10,859 10,297
9,610
thous. running bales..
6,618 5,550 4,554 • 3,483 2,908
7,793
9,528
8,689
3,545 12,781 11, 731 10,826 10, 266 9,581
9,581
Domestic cotton, total
do
75
126
375
563
787
7,005
944
3,498
1,247
9,861
9,401
1,009
945
150
1,247
On farms and in transit
do
1,784
2,264
4,707 3,815 3,005
2,980 5,912 7,377
5,777
1,842
1,406
6,709
7,431
7,377
2,215
Public storage and compresses
do
1,049
1,174
1,093
1,172
841
1,072
1,124
856
1,078
924
971
957
1,152
957
1,180
Consuming establishments
do
d1 Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
' Revised.
1 Annual total; revisions not
allocated to the months or quarters.
2 Data
3
toweling, and blanketing, and billed and held stocks of denims.
cover 5 weeks; other months, 4 weeks.
Crop for the year 1975.
* Crop for the year
H Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
1976.
s Beginning 1st Qtr 1977, data no longer available.
e Sept. 1 estimate of 1977 crop.
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
(DBales of 480 lbs.
©Includes data for "dairy products."
and blanketing.
ACumulative ginnings to end of month indicated.
New series. Source: BuCensus. Data cover warp and weft knit yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
{Monthly revisions for Jan.—Mar. 1975 are available.
9 Includes data not shown
separately.




SURVEY OF CURRENT BUSINESS

September 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1976

Annual

S-39
1977

1976
July

Sept.

Aug.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
Exports
thous running bales
Imports
thous. net-weight CT bales
Price (farm), American upland1f____cents per lb
Price, Strict Low Middling, Grade 41, staple 34
OMe"), average 10 markets
.cents per lb_.
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton..
do
Spindle hours operated, all fibers, total .
bil
Average per working day
do
Consuming 100 percent cotton.
do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. y d . .
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod
Inventories, end of period, as compared with
avg. weekly production
No. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
mills), end of period _____ .
Exports,rawcotton equiv thous.net-weight(Dbales
Imports, raw cotton equiv. _ _
do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament yarn (acetate)
mil. lb
Staple, incl. tow (rayon)....
do
Noncellulosic, except textile glass:
Yarn and monofilaments...
do
Staple, incl. tow
do
Textile glass
fiber
do
Fiber stocks, producers', end of period:
Filament yarn (acetate)
mil. l b .
Staple, incl. tow (rayon)
.
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do _
Staple, incl. tow .
do
Textile glass
fiber
. do
Manmade fiber and silk broadwoven fabrics:
Production (qtrlv.), total Q__
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, blends
do
Polyester blends with cotton ..
do
Filament and spun yarn fabrics
.do
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period
Prices, manufacturer tomfr., f.o.b. mill:*
50/50 polyester/carded cotton printcloth, gray,
48", 3.90 vds./lb., 78x54-56
$ per yd
65% poly./35% comb. cot. broadcl., 3.0 oz/sq yd,
45", 128x72, gray-basis, wh. permpresfin.
$ per yd—
Manmade fiber knit fabric prices, f.o.b. mill:*
65% Pcetate/35% nylon tricot, gray, 32 gauge, 54",
3.2 oz./linear yd
$ per yd__
100% textured polyester I)K jacquard, 11 oz./
linear yd., 60", yarn dyed, finished $ per yd__
Manmade fiber manufactures:
Exports, manmade fiber equivalent..
mil. lbs__
Yarn, tops, thread, cloth
do
Cloth, woven
do
Manufactured prods., apparel, fumishings.do
Imports, manmade fiber equivalent
_.do
Yarn, tops, thread, cloth
do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Apparel, total
do
Knit appareL
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
_
mil. lb
Carpet class . . .
do
Wool imports, clean yield
do
Duty-free (carpet class)___
do
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills: cf
Domestic—Graded territory, 64's, staple 2\i"
and up
.
cents per lb
Australian, 64's, Type 62, duty-paid
do
Wool broadwoven goods, exc. felts:
Production (qtrlv )
mil lin vd

3,840
50
151.1

3,431
96
64.7

276
3
68.8

342
5
64.5

217
26
62.5

265
0
65.2

376
1
63.1

354
2
62.3

509

536

548

58.9x

63.9

69.8

67.8

400
2
67.2

462
1
61.1

282
18
'63.1

*64.5

158.0

7

73.2

72.3

77.0

76.5

73.1

67.0

72.2

75.8

73.7

70.6

61.1

58.2

52.5

17.0

16.8

16.8

8.2
.410
3.5

16.8
7 o
8.3
.417
3.5

2 ' 10.2
'.406
2 4.2

6.8
.338
2.9

274

73.4

78.7

17.1

16.8

17.0

16.9

16.9

17.0

16.9

16.8

16.7

16.8

16.9

93.2
.352
46.5

105.6
.406
48.1

6.9
.344
3.1

8.2
.410
3.7

2 9.7
.388
24.5

8.3
.413
3.7

7.8
.390
3.4

'9.0
.359
24.0

8.0
.402
3.5

8.2
.412
3.5

no. 3

7

0

.413
2 4.4

7 1

7 ft

7 ft

4,095

4 446

»12.3

3 13.2

17.6

12.0

12.3

11.9

11.3

12.0

10.8

10.5

11.5

12.7

11.6

11.0

14.4

•5.9

3 4.7

5.7

4.3

4.3

4.6

4.9

5.0

4.6

4.7

4.5

4.9

4.7

4.7

6.1

•.50
488.3
487.1

3 36
556.0
718.3

.32
39.0
55.5

36
39.0
51.7

.35
45.8
51.6

.38
57.5
48.0

.43
45.6
57.7

.42
53.2
52.4

.42
42.8
47.7

.44
51.6
50.2

.39
47.1
46.9

.38
47.2
41.2

.41
36.9
43.7

40
36.5
44.2

.42
29.4
39.6

301.3
370.9

286.9
475.4

65.8
121.5

60.3
121.4

71.9
135.5

3,197.2
2,676.8
546.5

3,286.5
3,319.2
676.0

753.0
827.0
175.8

829.9
833.3
176 1

882 6
891.6
160 5

18.6
51.2

18.1
30.0

18.0
27.6

18.1
30.0

15.4
40.6

* 280.6
234.7
101.7

299.8
289.0
79.4

334.6
303 8
76.0

299.8
289 0
79.4

295.5
300 9
57 0

5,278.3 '6,092.4
1,688.0 ••1,984.4
325.3
' 378. 2
279.0
' 356.8
3,036.5 '5 3,500.4
172.4
' 184. 8
2,359.5 '2,713.2
257.1
' 320. 5

1,478.6
494.1
96.8
96.5
832.2
45.1
642.0
85.4

'1,458.8
r
467.7
'96.4
'89.6
'840.0
'42.6
' 647.8
'83.8

1,518.5
500.6
90.4
100.9
857.8
34.1
672.9
91.9

4

3.33

1,218

1,139

1,050

3.30

.27

.32

.36

.37

.38

.40

.47

.49

.44

.40

.42

.44

8.416

.429

.428

.415

.418

.414

.409

.398

.385

.389

.400

.399

.388

.396

.393

.725

.738

.738

.758

.767

.760

.768

.771

.759

.760

.764

.765

.754

.750

.750

.420

.446

.450

.440

1.695

1.662

1.668

31.55
17.59
11.19
13.96
58.01
9.98
5.81
48.03
42.29
27.27

29.36
15.82
9.42
13.54
53.60
10.36
5.74
43.24
38.75
24.39

.412

.393

.378

.350

.340

.341

.343

.345

.350

.383

.419

• 1.846

1.866

1.866

1.846

1.834

1.824

1.696

1.741

1.789

1.819

1.846

323.73
188.43
142.89
135.30
400.38
69.23
54.02
331.14
209.00
194.89

352.17
201 92
139.17
150.25
479.32
83.82
64 41
395.49
343 25
209 80

25.99
14.76
9.59
11.23
54.32
8.12
6.18
46.19
27.06

25.59
13.91
9.69
11.68
46.68
7.18
5.52
39.50
34.41
21.32

31.78
17.78
12.28
14.00
41.67
7.55
6.00
34.12
29.88
16.94

30.76
17.91
12.24
12.85
36.88
6.40
4.96
30.48
26.67
15.02

31.33
18.12
11.83
13.21
40.68
7.45
5.64
33.22
28.61
17.42

32.12
18.95
11.65
13.17
34.55
7.53
5.66
27.02
22.58
11.42

27.67
16.50
10.64
11.16
34.20
7.57
5.25
26.63
22.58
11.81

30.77
18.97
10.56
11.79
32.55
7.38
4.40
25.17
21.51
11.49

34.18
20.02
11.82
14.17
36.92
9.19
5.15
27.74
23.11
13.62

32.02
18.07
11.68
13.95
35.83
7.50
4.95
28.33
23.76
14.30

94.1
15.9
33.6
17.0

106.7
15 1
58 0
18*9

7.3
.9
4.8
2.1

7.6
1.4
5.7
1.7

2 9.3
2 1.8
4.6
1.7

7.9
1.2
4.0
.8

6.9
1.3
3.3
1.3

2 9.0
2 1.5
4.4
1.6

8.2
1.2
5.2
1.6

8.3
1.1
5.0
2.0

2 10.0
2 1.5
4.7
1.4

7.9
.9
5.1
1.7

7.7
1.1
7.4
2.6

*9.5
2 1.3
7.4
2.5

5.3
.6

150.2
205.8

182 1
e 217.5

182.5
213.5

182.5
216.5

187.5
224.2

192.5
232.5

192.5
224.0

187.5
227.3

187.5
229.0

187.5
227.3

182.5
227.6

182.5
228.3

182.5
228.0

182.5
226.3

182.5
227.0

41.70

78.9

O7 Q

22.9

21 9

834.0

920.9

231.9

232.6

18,427
173,385
32,100
18,323
4,292

19,640
175,333
30,161
17,057
6,462

r 31. 77
18.34
11.22
' 13.43
43.12
8.72
5.18
34.40
30.09
19.50

182.5
224.0

26.6

FLOOR COVERINGS

Carpet, rugs, carpeting (woven, tufted, other), shipments, quarterly
mil. sq.yds._
APPAREL
Women's, misses', juniors' apparel cuttings:*
Coats
_.
thous. units
Dresses
do
Suits (incl. pant suits, jumpsuits)
do
Blouses
_ _ _ thous. dozen
Skirts...
do

1,413
12,277
2,305
1,332
588

1,645
13,418
2,451
1,325
644

1,870
15,451
2,514
1,461
422

2
'8 Revised.
v Preliminary.
1 Season average.
p o r 5 weeks, other months, 4 weeks.
Monthly average.
* Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
«Effective 1976, production of blanketing is included in 100%
spun yarn fabric (prior to 1976, in "all other group," not shown separately).
«Avg. for
May-Dec.
? Average for sales prior to Apr. 1,1977.
» Avg. for Feb.-Dec.
IF Based on 480-lb. bales, » price reflects sales as of the 15th; restated ' price reflects total
quantity purchased and dollars paid for entire month (' price includes discounts and
premiums).
9 Includes data not shown separately.
0 Net-weight (480-lb.) bales.




1,899
14,506
2,995
1,456
452

1,806
12,939
2,842
1,387
415

1,335
10,623
2,785
1,406
312

250.4

••224.9

1,191
12,393
2,655
1,693
407

1,189
13,906
2,691
1,693
401

1,091
17,038
2,722
2,010
514

1,082
15,237
2,106
1,940
435

1,289
13,168
2,391
1,810
429

1,732
13,603
2,153
1,903
438

d" Effective Jan. 1976, specifications for the price formerly designated fine good French
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%
of total output of these items; current monthly estimates, from smaller sample. Monthly data
for 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.
Suits omit garments purchased separately as coordinates. Except for the year 1974, earlier
monthly data are available, except for suits. Prices (USDL, BLS)—Data not available prior
to 1976.

September 1977

SURVEY OF CURRENT BUSINESS

S-40
Unless otherwise stated in footnotes below, data
through 1974 ami descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1976

1975

Annual

1977

1976
July

Sept.

Aug.

Oct.

Jan.

Dec.

Nov.

Feb.

Mar.

Apr.

May

June

July

Aug

TEXTILE PRODUCTS—Continued
APPAREL—Con.
Men's apparel cuttings:
SuitsJ
thous. units..
Coats (separate), dress and sportt--do
Trousers (separate), dress and spoilt
__do
Slacks (jean-cut), casualj
thous. doz__
Shirts, dress, sport, inc. knit outerwearj-._do
Hosiery, shipments
thous. doz. pairs..

"112,976
«U0,634
1
117,178
i 12,167
132,013
225,514

°15,274
"13,399
99,893
13,250
31,167
240,918

783
813
6,220
965
2,007
21,384

1,282
1,082
7,519
1,052
2,646
22,034

1,308
1,218
7,559
1,144
2,675
21,017

1,339
1,468
8,484
1,140
2,690
20,954

1,191
1,177
7,555
928
2,509
19, 719

1,072
1,201
6,187
1,134
2,265
18,157

1,653
1,208
7,500
1,062
2,491
17,369

1,374
1,282
1,370
1,186
8,825 9,659
1,608
1,341
2,535 2,648
18,115 21,399

1,376
1,089
8,924
1,486
2,156
18,505

1,256
1,275
1,121
1,080
9,060 8,875
1,543
1,607
2,383
2,541
18, 737 21,618

19,820

497.7
4,999
287.3

165.3

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $.
U.S. Government
do__.
Prime contract
__do
Sales (net), receipts, or billings, qtrly. total-.do-...
U.S. Government
do _.

28,995
18,593
26,647
29,473
17,314

• 35,991 '6 6, 702
8,796
•
21,056 •6 4,802 •7 4,587
r
32,390 •6 6, 202 " 7, 739
' 30,363 '6 7,348 •77 8,329
5,102
' 19,083 •s 4,327

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, ongincs, propulsion units, and parts
mil. $_
Other rolated operations (conversions, modifications), products, services
mil. $.

35,038
22,168
15,389
3,503

• 39,682 •634,392
' 22,121 •822,643
• 17,321 '614,139
' 3,558 '6 3,776

6,415

'6,286 '6 6,154

4,071

' 5,542 •6 4,035

Aircraft (complete):
Shi pmen ts
Airframe weight
Exports, commercial

do
thous. lb.
.mil. $_

4,967. 6
60,480
1
3,200

4646.8
50,314
* 3,207

6,713
6,073
8,640
7,053
1,587

7,838
10,110
8,611
1,498

'9,465
' 4, 711
' 8, 765
' 7,201
' 4,555
'34,859 37,123
•722,128 22,284
14,149
16,064
' 3,724
7

11,029
6,956
• 9,658
7,485
5,099

7,294
4,762
\ 558
7,591
5,012

' 39,682
22,121
17,321
• 3,558

39,382
23,821
16,332
3,785

• 3,578
7

5,552

•7 5,213

' 5, 114

1

6,286

5,973

' 5,166

' 5,542

5,929
374.7
4,007
267.9

325.0
3,395
289.6

293.9
3,106
259.5

211.1
2,738
120.1

395.4
3,961
295.6

431.6
4,037
223.0

529.5
5,405
420.6

210.8
2,498
69.6

217.9
2,794
63.7

411.6
4,254
286.8

558.8
524.4
865
737
128
"10.0
8.5
1.4

518.4
483.1
762
616
146
9.9
8.4
1.5

652.1
595.2
792
645
147
1.6

690.8
628.6
868
731
138
9.6
7.8
1.8

766.1
701.5
840
721
119
'9.8
'8.1
1.7

732.7
679.1
807
695
112
'11.3
r 9.7
1.6

683.7
635.8
725
602
123
10.5
8.8
1.7

675.7
625.8
811
666
144
11.0
9.1
1.9

953.1 815.5
741.5
871.5
1,084 ' 1,027
822
896
207
189
11.8
12.2
9.4
10.3
2.5
1.9

1,455
1,442
2.0

1,394
1,522

1,415
1,477
'2.0

1,364
1,437
r 2. 2

1,423
1,455
'2.2

1,465
1,512
'1.9

1,594
1,560
2.1

1,645
1,550
2.0

1,697
1,586
1.8

458.3
5,578
218.7

MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
do...
Retail sales, total, not seasonally adj
do...
Domestics A
do...
ImportsA
do...
Total, seas, adjusted at annual ratej
mil.
DomesticsA t
do...
ImportsA t
-.do...
Retail inventories, end of mo., domestics:A
Not seasonally adjusted
thous.
Seasonally adjustedf
do...
Inventory-retail sales ratio, domestics A t
Exports (BuCensus), assembled cars
To Canada
Imports (BuCensus), complete units
From Canada, total
Registrations©, total new vehicles
Imports, incl. domestically sponsored

thous.
do
...do
...do
do
do

1,465
1,512
2.1

1,419
1,460
2.6

"•2.2

1,697
1,579
2.0

868.3 2 951.4 2 661. 7
885.4
794.0
' 912
1,054 '111.8
'731
920
834
'181
'199
220
11.7 ' 10.8
11.5
8.7
9.6
8.9
'2.1
2.1
2.5
1,763
1,806
1,747
1,751
1,627
1,606
2.4
2.0
2.1

2

514.7
727
P204
9.4

1,563
1,668
2.1

38.7
67.5
88.62
50.21
47.06
640. 30 680.46 39.58
84.01 65.18
69.38 60.75
31.56
53.64 59.95
32.3
60.1
79.98
54.55
40.56
39.32
74.33
550. 81 573. 47 32.42
49.53
27.84 47.15
56.88 44.33
231.6
2,074. 7 2, 536. 7 174.79 168. 90 173.10 157.63 208.02 227.08 210.59 201.76 259. 60 246.25 240.46 c 265.8
63.3
93.8
80.83
91.49
62.01
75.11
74.23
98.71
733.8
825.6
50.54
54.35
44.47
75.51
67.10
* 8,262 4 9, 752 *939. 2 * 848.1 * 749.3 4 797.0 4 762. 7 4 845.6 4 726.0 4 717. 2 33 826.2 65 916. 7 1,007.3 '1,041.6 41,005.0
3173.
9
s
198.9
5
202.9
4 1,501 < 1,447 4129.2 * 136. 3 4 143.3 4 129.2 4130.3 4124.5 4110. 2 4 126.8 149.3 175.9

Trucks and buses:
251.8
261.8
334.8
Factory sales (from U.S. plants), total
thous..
2,979
2,272
249.8
230.9 208.3 242.4 243.3
261.1
241.2
230.9
307.3
Domestic.
.do
2,734
231.2 210.8
191.4 222.3 221.5
2,003
243.9
Retail sales, seasonally adjusted:*
270.6
263.0
290.9
221.4 243.2
Light-duty, up to 14,000 lbs. GVW
do.... 2,076. 0 2, 762.8 234.4
239.4
236.2 223.9
14.1
14.4
12.7
17.0
12.6
Medium-duty, 14,001-26,000 lbs. GVW ... do
161.7
12.5
14.5
14.8
168.9
13.6
13.0
10.5
10.5
14.0
Heavy-duty, 26,001 lbs. and over GVW . . . d o . . . .
119.6
9.6
12.6
11.0
106.1
10.9
12.8
Retail inventories, end of period, seasonally ad563.5
555.5
551.4
568.2
549.3
546.4
642.4
justed*
....thous..
576.4
576.0 535.2
485.7
17.11
14.99 20.18
18.26
14.67
14.98
Exports (BuCensus), assembled units
do
223.47
199. 63 16.21
14.81
13.72
Imports (BuCensus), including separate chassis
67.27
68.54
77.55
67.54 64.09
812.83
56.33
and bodi?s
thous.. 466.28
62.03 74.99 56.21
Registrations©, new vehicles, excluding buses not
produced on truck chassis
thous.. 4 2,397 * 3, 058 <286.6 4 285. 9 4 266.3 4 252.6 4 240. 9 4 264. 2 4 235.8 4 238.1 3 273. 6

75.56

68.94

290. 0

5 305.4

Truck trailers and chassis, complete (excludes detachables), shipments
_
number..
Vans
do
Trailer bodies (detachable), sold separately
do
Trailer chassis (detachable), sold separately...do

12,788 i 13, 547 14,856
8,256 5 8,205 ' 8,560
'679
753
450
1,519
1,744
1,606

78,296
43,596
J
8,072
2,936

105,401
61, 726
7,316
5,678

8,349
4,731
413
474

9,578
5,412
186
549

10,223
6,125
504
1,199

9,548
5,617
822
1,148

8,756
5,552
625
1,565

4,103
3,960 3,906
3,680
3,458 3,434
2,494
6,427 4,273
2,494
5,227 4,073
26,082 26,549 24,839
20,625 21, 364 20,077

4,774
4,293
3,462
3,061
23,415
18,733

3,401
3,048
4,291
3,891
24,202
19,463

1,339
8.9
99.08
74.01

1,332
8.8
97.71
73.37

1,328
8.9
98.63
74.27

9,333
5,636
419
446

9,091
5,714
428
576

11,145
7,057
746
1,447

13,203
8,429
420
1,349

2 316.2 2 263.7
290.9

288.4
266.2

290.4
269.2

263.0
14.4
14.4

240.5
14.3
15.3

252.9
15.1
14.8

224.4
13.7
13.7

565.3
15.46

585.6
18.63

590.1
19.55

630.0
19.10

64.49

52.53

2 282. (

5 318. 0 3 298.4
12,785
7,313
564
1,034

RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number.. 1 72,392
' 65,870
Equipment manufacturers _..<.
.do
New orders
. . . .
.do
33,457
32,032
Equipment manufacturers
do..
40,135
Unfilled orders, end of period
do..
34,025
Equipment manufacturers
."
do.
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous.
Held for repairs, % of total owned
Capacity (carrying), total, end of mo..mil. tons..
Average per car
.tons

1,359
8.6
99.09
72.89

1

2,965
52,504
3,391
45, 618 2,555
2,841
4,984
36, 048 1,552
1,202
4,584
30,546
23,415 22,193 23,783
18, 733 17, 284 19,024
1,332
8.8
97.71
73.37

1,345
8.7
99.05
73.65

1,341
98.92
73.74

1,341
9.0
99.04
73.84

' Revised.
v Preliminary.
i Annual total includes revisions not distributed
by
4
months.
2 Estimate of production, not factory sales.7 3 Excludes 2 States.
Excludes
1 State.
s Excludes 3 States.
« 1st Qtr. 1976.
2d Qtr. 1976.
JAnnual figures, "Apparel 1975," MA-23A(75)-1. Survey expanded and classification
changed; not comparable with data prior to 1974.
9 Total includes backlog for nonrelated products and services and basic research.
% tSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p. 5, do not reflect end-digit revisions to
imports and total sales introduced in the Feb. 1977 SURVEY.
ADomestics include U.S.-type cars produced in the United States and Canada; imports




1,340
9.1
98.70
73.66

3,344 5,321
2,852 4,834
3,548 3,578
3,44& 3,578
24,316 22,642
19,969 18,782
1,324
8.9
99.43
72.91

1,323
8.8
74.36

3,604
3,327
3,956
3,956
22,703
19,120
1,319
8.9
98.22
74.46

3,432
4,899
4,982
3,146
4,582
4,459
7, 461 6,073
6,334
6,073
6,234 7,286
24,082 26,663 29,411
20, 922 23,545 26,579
1,312
8.9
97.91
74.62

1,310
8.6
97.96
74.75

1,305
8.7
97.67
74.85

cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
OCourtesv of R. L. Polk <t Co.; republicaticn prohibited
§ Excludes railroad-owned private refrigerator cars and private line cars.
fmont
*New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas,
adjustment
by BEA). Reporting firms do not represent the entire industry. Motor c o a c n . e s J* r p e JX
covered. Sales include imports of U.S. manufacturers only (all other imports are not coyerea)
Units refer to complete vehicles and to chassis sold separately. Gross vehicle weigh reiers
to the weight of the vehicle with full load. Seasonally adjusted monthly data bac*to^iya
are available.
"Excludes leisure-type; not strictly comparable with 1974.
uorrectea.

INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices.
Construction and real estate
Domestic trade

1-7
8, 9
10,11
11-13

Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication

13-17
17-22
22-24
24,25

Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products

25,26
26
27-30
30

Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products

31
31-34
34-36
36,37

Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment

37
38
38-40
40

INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronze
Brick
,
Building and construction materials
Building costs
Building permits
Business incorporations (new), failures
Business sales and inventories
Butter

17,18
27
34
28
9,11, 22, 23, 27
5-7
20, 21
33
38
4, 6,
7,11,31,38
10,11
10
7
5
27

Cattle and calves
28
Cement and concrete products
9,11, 38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores...
13
Cheese
27
Chemicals
4,6,9,14-16,20,23,25, 26
Cigarettes and cigars
30
Clay products
9,38
Coal
4,9,23,34,35
Cocoa.
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer Price Index
8
Copper
33
Corn
27
Cost of living (see Consumer Price Index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil
4,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, sales




3,8,9,27
17
19
.'.'.
2
12,13
17, 20
34
16
27
2,3,20,21
12,13

Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
4,9,26
Electrical machinery and equipment
5-7,
9,14,15,20,23,24,34
Employee-hours, aggregate, and indexes
15
Employment.
13,14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities).... 1, 3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices.
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
5,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products.

4,9,26
1,35
38
26
19
8,9,22,27, 28
12,13
1
2
1
9,38

12
Hardware stores
Heating equipment. .
9,34
Hides and skins
9,30
Highways and roads.
10,11
Hogs.
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4,5,8, 11,12
Household appliances, radios, and television sets.
4,
8,9, 12,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers' and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
5,9,11,20, 23,31,32
Labor advertising index,'stoppages, turnover
16
Labor force.
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank (see also
Consumer credit)
11,17,18
Lubricants
35,36
Lumber and products
5,9,11,12,14,15,20,31
Machine tools
34
Machinery
5-7,9,14,15,20,23,24,34
Mail order houses, sales
12
Manmade fibers and manufactures
9,39
Manufacturers' sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28, 29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2, 4,9,14-16, 20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40

National defense expenditures.
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9 t 20,23,33
Noninstallment credit
18
Oats

27

Oils and fats
Orders, new and unfilled, manufacturers'
Ordnance

9,23,29,30
7
14,15

Paint and paint materials
Paper and products and pulp

9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4-6,8,9,11,12,20,23,24,40
Passports issued.
25
Personal consumption expenditures
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4,6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2,4,10,20,21,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,25,40
R anges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
4,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12, 30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
5,6,9,14,15,20,38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9, 12,13, 37
Tobacco and manufactures
4,6,8,14,15,30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, urban
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
5-7,14,15,20,40
Travel
24, 25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
13,17
U.S. Government bonds
?1
U.S. Government
finance
19
U.S. International transactions
3
Utilities
2,4,8,10,21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale Price Indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.

flour

J4
12,13
23,29,30
8,9
1«
2,3,15, 16
|J
g*
2
°
8
• •.
*9
5,7,11,14-16
|6
9 3
» *
33

UNITED

STATES

GOVERNMENT PRINTING
WASHINGTON. D.C.
OFFICIAL




BL

20402