SCB_061971

JUNE 1971 / VOLUME 51 NUMBER 6SURVEY OF

CURRENT BUSINESS

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1971 / VOLUME 51 NUMBER

SURVEY OP CURRENT BUSINESS

CONTENTS

THE BUSINESS SITUATION

Summary 1

Consumer Demand 2

Inventories 3

May Developments 4

National Income and Product Tables 9

1971 Plant and Equipment Expenditure Expectations 13

Manufacturers' Inventory and SalesExpectations, Second and Third Quarters 1971 17

ARTICLES:

International Travel, Passenger Fares, and OtherTransportation in the U.S. Balance of Payments: 1970 19

The U.S. Balance of Payments: Revised Presentation 24

The U.S. Balance of Payments: First Quarter 1971 58

CURRENT BUSINESS STATISTICS

General S1-S24

Industry S24-S40

Subject Index {Inside Back Cover)

***T OF

U.S. Department of Commerce

Maurice H. Stans / Secretary

James T. Lynn / Under Secretary

Harold C. Passer / Assistant Secretaryfor Economic Affairs

Office of Business Economics

George Jaszi / Director

Morris R. Goldman / Associate Director

Lora S. Collins / Editor

Leo V. Barry, Jr. / Statistics Editor

Billy Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUE

Jack J, BameLora S. CollinsDavid T. DevlinMarie P. HertzbergAlfred I. Jacobs

Donald A. KingMordechai E. LandoEtienne H. MillerGordon P. Smith

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the BUSINESS SITUATION

It is clear at midyear that the pace ofeconomic activity continues to strengthen.The recovery to date has been fairlymild, and there is still a good deal ofslack in the utilization of productiveresources.

The strength of consumer demand isthe key to the strength of the economy'sexpansion in the months ahead. Con-sumers' propensity to save remainshigh, but there has been evidence in re-cent months of some strengthening inconsumer demand. Investment in in-ventories has recently been somewhatstronger than in the first quarter, butremains cautious. Stocks seem to be infairly good balance with sales except indurable goods manufacturing and whole-saling, where steel stockpiling hasaugmented the overhang.

iT is clear at midyear that thepace of economic activity continues tostrengthen. The recovery to date hasbeen fairly mild, however, apart fromthe surge in production and incomesfollowing settlement of the auto strike.There is still a good deal of slack in theutilization of productive resources, andthe unemployment rate hovers at alevel somewhat above 6 percent. Con-sumers' propensity to save remainshigh, but there has been some evidencein recent months of strengthening inconsumer demand. In the immediatefuture, spending should get a thrustfrom the income boosts resulting fromthe increase in social security benefits(being paid in June retroactive toJanuary) and a pending raise in militarypay.

The boom in residential constructionhas been the strongest single element inthe recovery. When credit conditionsbegan to ease last year, the response ofhomebuilding was immediate and dra-

matic. The underlying demand for newhousing was, and still is, very strong,and starts soared from an annual rateaveraging barely over 1.25 million unitsin the first half of 1970 to 1.81 millionin this year's first quarter (chart 1). Inboth April and May, the rate was a veryhigh 1.9 million units. Outlays for home-building continue to increase, but therate of spending growth is slowing. Thefirst quarter increase of $3% billion(seasonally adjusted annual rate) verylikely marked the peak rate of spendinggrowth in the current homebuildingrecovery.

Attention was focused in the MaySURVEY on the rather abrupt reversalof interest rates this spring. Kates inthe money and bond markets have con-tinued to rise during the past monthand at mid-June some commercialbanks boosted the prime lending rate inreaction to both the rising cost to banksof attracting loanable funds and somestrengthening in loan demand. Therate had been 5.5 percent; as this issueof the SURVEY went to press, somebanks had posted 5.75 percent, some6 percent, and some held at 5.5 percent.The major mortgage lenders have beenflooded with savings in recent monthsand this has served to make mortgagecredit easily available and to hold ratesdown—to levels, in fact, below the ratesavailable on corporate bonds. While thesupply of funds for mortgage creditapparently continues to be sizable, thegeneral increase in market interest rateshas become a clear source of upwardpressure on mortgage rates. Some largelenders on the West Coast have in factraised their rates, and the increasinglikelihood of a general firming in mort-gage market conditions is a temperingfactor in the outlook for residentialconstruction.

In sharp contrast to homebuilding,business capital investment is contrib-uting little if anything to demandgrowth this year Outlays appear tohave risen in the quarter just ending,but businessmen's expectations pointto stability for the rest of the year.

Residential Construction andMobile Homes

Million Units (Ratio scale)

CHART 1

2.5

2.0

1.5

1.0

.8

PRIVATE HOUSING STARTS

_ MOBILE HOME SHIPMENTS

i i i

1963 65 67 69 71

Seasonally Adjusted at Annual Rates

• April-May average. Data: Census

U.S. Department of Commerce, Office of Business Economics 71-6-1


SUEVEY OF CURRENT BUSINESS June 1971

(Findings of the latest OBE-SEC sur-vey are reported on pages 13-16.) Invest-ment in inventories has recently beensomewhat stronger than in the firstquarter, but remains cautious. Stocksseem to be in fairly good balance withsales except in durable goods manufac-turing and wholesaling—where stock-piles held against a possible steel strikehave augmented the overhang. It isentirely possible that a clear strength-ening of final demands will setoff a substantial run of inventoryaccumulation.

Federal spending on goods and serv-ices has also been a weak demand ele-ment. Spending on goods and servicesfor nondefense purposes has been grow-ing at a relatively very slow pace while

CHART 2

Retail Sales

Billion $ (Ratio scale)

1968 1969 1970

Seasonally Adjusted

"Includes nonstore retailers

U.S. Department of Commerce, Office of Business Economics

1971

Data: Census

71-6-2

defense purchases have been shrinkingfor the past year. In the immediatefuture, however, defense purchases willbe swelled by a large increase in mili-tary pay rates expected to take effectthis summer as part of the shift towarda "volunteer army." Not only are otherraises likely over the relatively nearterm (for civilian as well as militarypersonnel), but the various advance in-dicators suggest that defense-relatedproduction will shortly level out follow-ing a downtrend stretching over thepast two years or so. Thus, the declinein defense purchases has probably runits course.

It is impossible to isolate with anyprecision the effects on the economy ofthe auto strike last winter. However, itis likely that even in the absence of thestrike-related distortions the economyin the first quarter would have been ona visable recovery course, but at only avery modest rate of real growth. It isrelevant to note in this connection thatthe National Bureau of Economic Re-search recently designated November1970 as the trough in economic activity,culminating a year-long contractionfrom a peak in November 1969.

Consumer DemandThe strength of consumer demand is

the key to the strength of the economy'sexpansion in the months ahead. Con-sumers have for some time beenevidencing marked caution towardspending, saving quite heavily andeschewing debt. The findings of recentconsumer surveys indicate that therehas been some improvement in"attitudes" and buying plans, but nodramatic shift: While consumers in theaggregate are apparently in relativelycomfortable condition with respect toliquidity and debt burdens, they remaincautious.

Incomes are getting a big boost thismonth from an increase in socialsecurity benefits. The increase is beingpaid in June but is retroactive toJanuary, and beneficiaries will thereforereceive a large lump sum payment forthe retroactive portion. It is likely thatmost beneficiaries increase spendingquite promptly when benefits are in-creased, and save little of the increase.

The available evidence on retailsales indicates that spending on non-durable goods has been fairly strongthis spring, following a period of slackearly this year, but that spending fordurables other than autos is sluggish,at least in the aggregate. Purchases ofservices apparently continue to growsmoothly. Abstracting from the dis-tortions related to the auto strike, thegrowth of overall consumer spendingis probably now a bit more rapid thanhas been typical in the past year ortwo, but as yet there has been no strongresurgence of demand.

Retail volumeRetail sales scored a fifth consecutive

increase in April (chart 2). Weeklydata suggest that there was a declinein May, mainly because of a drop inauto dealers' sales. The effects of theauto strike have had a major impacton recent sales movements. Excludingthe auto group (primarily new andused car dealers and tire and accessorystores), the growth of sales volume thisyear has been much less dramatic.

The auto group accounts for wellover half of total sales at outletsspecializing in durable goods. Aggre-gate sales in other durable goods lineshave been just about stable for thepast year. Within that aggregate, thetwo large lines of trade for which salesestimates are available are furnitureand appliance stores (whose sales cur-rently run about $1.4 billion permonth) and dealers in lumber, buildingmaterials, and hardware (about $1.3billion per month).

Furniture-appliance stores' sales weredrifting down throughout 1970 butpicked up sharply in the early monthsof 1971. April saw a decline, however,and available evidence suggests afurther drop in May. Even so, the salesgain since last winter has almostcertainly been strong enough to reflecta measurable gain in real volume.

Sales at stores in the lumber-hard-ware group fell throughout 1969 andthen held roughly stable until quiterecently. They showed strong growthfor a few months around the turn ofthe year, dropped sharply in February,but since then have apparently been


June 1971

on the uptrend once again. Broadlyspeaking, the trend of lumber-hardwaresales over the past year has aboutoffset the trend of furniture-appliancesales, while sales at other durablesoutlets have been little changed in theaggregate.

Nondurable goods

The only really marked, definitestrengthening of retail sales has been inthe so-called general merchandise group.Department stores are the largest com-ponent of the group, which also includesvariety stores and nonstore retailerssuch as mail order houses and vendingmachine operators. The group's salesvolume picked up strength last summerand has grown more or less steadilysince then (chart 2).

Sales of the general merchandisegroup run about $5.7 billion per month,or about 25 percent of total volume atoutlets specializing in nondurables. Thelargest single component line of tradein the nondurables sector is foodretailing, which now runs about $7billion per month and accounts forone-third of the nondurables total.Food group sales have been growingrelatively strongly in the past fewmonths (chart 2). However, that periodhas also seen an acceleration in thefood-at-home component of the con-sumer price index, following a year ormore in which prices rose very slowly.This suggests that the real volume offood buying has not grown much inrecent months.

Sales in the other lines of nondurablestrade have been generally sluggishduring the past half year or so, afterhaving strengthened somewhat during1970. The weakest showing has been inthe largest category, eating and drink-ing places; dollar volume here has actu-ally been running lower in 1971 than in1970, suggesting a very substantial dropin real volume.

Inventories

The rate of business inventory ac-cumulation has declined substantiallysince the summer of 1969. This cutbackwas not only an important factor in the1969-70 contraction of economic activ-

SURVEY OF CURRENT BUSINESS

ity, it has also exerted thus far in 1971a drag on the recovery of activity.

In terms of book value, inventory ac-cumulation by manufacturing and tradefirms declined from a rate of $3K billion(seasonally adjusted) in the summer of1969 to $1% billion in the first quarterof 1971. Even so, the first quarter fig-ures were inflated by a buildup of steelstocks against a strike this summer, andby the post-strike rebuilding of autoinventories.

The accumulation rate of manufac-turing firms showed a generally modestdecline during 1970, but in the firstquarter of 1971 stocks were reduced$200 million—the first quarterly liquida-tion since early 1961. In trade, the ac-cumulation rate was more erratic in1970; it fell sharply in the first half, re-

CHART 3

Inventories: Book ValueThe rate of inventory accumulation has beendeclining and is now quite low

Billion $

fttaMtiriiri wcf traiie, fetal

-2 I i r i I i i r I r r i I i I i I i i t I r. I

2 _

2 -*

-2

1966 67 68 69 70 71

Quarterly Change, Seasonally Adjusted

covered in the summer, and fell offsharply in the closing quarter of lastyear. The post-strike recovery in autoproduction swelled retail inventories inthe first quarter of this year, but ac-cumulation was off fairly sharply at thewholesale level. On the basis of pre-liminary data, accumulation strength-ened somewhat in April; nonmanufac-turing inventories rose about $600million, seasonally adjusted, and manu-facturing inventories about $100 mil-lion.

Although the inventory correctionhas had a substantial impact on thepattern of economic activity in the pastyear and a half, the adjustment hasbeen orderly and relatively moderate.Measured from one year before to oneyear after the trough in accumulation,the recent swing is noticeably milder—both in the correction and in the re-building—than other postwar cycles(table 1). The relatively moderatecharacter of the recent adjustmentreflects the fact that the correction intotal manufacturing and trade inventor-ies has been limited to a reduction inthe accumulation rate; the liquidationtypically associated with past inventorycycles has not occurred. Businessmenhad ample warning in 1969 of the com-ing slowdown in economic activity andlikely were more than usually sensitiveto emerging weakness in sales. In addi-tion, high interest rates, credit scarcity,declining profits, and general concernover problems of liquidity were all im-

Table 1.—Inventory Cycles: Change inAccumulation[Millions Of dollars]

Total manufacturingand trade:

12 months before. .12 months after.-.

Durables:12 months before.,12 months after. . .

Nondurables:12 months before..12 months after. _ -

Dec.1953

-950430

-845334

-10596

Apr.1958

-8011,258

-8191, 051

+18207

Feb.1961

-1,553940

-1,402842

-15198

July1967

-1,316566

-786182

-530384

May1970

-6521 269

-480'381

-1721112

• April preliminary Data: Census


1. Eleven months only.NOTE.—Changes are measured from one year before and

one year after the trough in aggregate inventory accumula-tion. The accumulation rates are calculated as 3-monthaverages centered on the last month; data are book values,seasonally adjusted.

Source- U.S. Department of Commerce, Bureau of theCensus and Office of Business Economics.


SUKVEY OF CURRENT BUSINESS June 1971

portant factors providing strong incen-tive for restraining inventory invest-ment. Though the pressure of theseconstraints has abated considerably inthe past year, the persistence of cautiousattitudes on the part of the businesscommunity and the absence of strengthin final demands have resulted in con-tinuation of tight inventory controlthus far in 1971.

It should be borne in mind that therise in durable goods accumulation thisyear has been inflated by the rebuildingof auto stocks and the stockpiling ofsteel; had it not been for these influencesthe recovery from the trough in May1970 would have been considerablyweaker. In the case of nondurables, theongoing general weakness of inventoryinvestment is reflected in the fact thataccumulation has continued to declinewell after the trough in aggregateaccumulation.

Inventory condition

The inventory correction of the pastyear and a half seems to have achieveda fairly good alignment of stocks tosales. After rising in 1970 and bulgingtoward year end, inventory-sales ratiosgenerally seem to be back to theirnormal ranges. These ratios suggest thatnondurables inventories in both manu-facturing and trade have kept in goodbalance with sales throughout theperiod of correction. It thus seemsreasonable to expect that a strengthen-ing in nondurables sales would bepromptly reflected in an acceleration ofinventory accumulation.

Durable goods inventories also seemto be in fairly good balance at the retaillevel for both the auto group and others,but some overhang seems to persist inwholesaling and manufacturing. Fordurables manufacturers, an inventoryimbalance persists despite sizable andwidespread liquidation of stocks in thefirst quarter. During that period, stockswere reduced by all major industrygroups except metals producers andfabricators, whose inventories werebeing built up in anticipation of a strikethis summer. Metals aside, inventory-sales ratios have come down noticeablyfrom their highs of last year but formost lines of business, they appear to

Table 2.—Inventory/Sales Ratios

Manufacturing:

Durable.Nondurable

Wholesale:

DurableNondurable

Retail:

DurableAuto group.Other

Nondurable

19<

1sthalf

2.021.34

1.66.92

1.991.502.701.17

38

2dhalf

2.011.32

1.55.90

1.991.562.621.17

19(

1sthalf

1.991.32

1.52.91

2.001.592.581.18

59

2dhalf

2.001.30

1.55.88

2.121.702.751.21

19

1sthalf

2.131.30

1.59.91

2.111.722.661.18

70

2dhalf

2, 161.32

1.64.94

2.151.812.581.19

1971

4mos.

2.081.29

1.64.92

1.991.582.591.19

NOTE.—Average of monthly ratios.

be above their levels of 1968 and mostof 1969.

Another indication that inventoriesmay still be a little troublesome fordurable goods producers is the fact thatthe accumulation rate of finished goodsinventories has not declined. Most ofthe recent correction in durables stocksoccurred in work-in-process inventories,which declined nearly $200 million inthe fourth quarter and $900 million inthe first four months of this year.

Although it appears that some in-ventory excess persists for durablesproducers, OBE's latest quarterly sur-vey (see pages 17-18) found both durableand nondurable manufacturers report-ing continued improvement in inven-tory conditions and expecting to add toinventories in the months ahead. OnMarch 31, companies holding 22 per-cent of durable stocks judged theirinventories "high" relative to salesand unfilled orders backlogs. This wasdown 1 percentage point from yearend,5 percentage points from March 31,1970, and was the lowest proportion ofdurables stocks characterized "high"since June 30, 1969. The recent surveyalso found manufacturers expectingsizable sales gains and moderate addi-tions to inventories during the secondand third quarters of this year. Theseexpectations suggest the continuation oftight inventory control and furtherdeclines in inventory-sales ratios.

May Developments

Industrial output recorded a fairlysizable increase in May. The Federal

Reserve index rose 0.7 percent, to 167.3percent of the 1957-59 average,following a 0.4 percent rise in April andapproximate stability in February andMarch. Aside from the reboundfollowing the auto strike, the Mayincrease was the strongest gain in out-put since the index turned down inmid-summer 1969. Nevertheless, theindex was still a little below its levelof last summer, before the auto strike,and 4% percent below its 1969 peak.

Increased output was evident inall the major market categories. Con-sumer goods production was higher,in part because of increased auto out-put. Auto assemblies, which had peakedin February and March, fell sharply inApril and then rose 5 percent in May toa seasonally adjusted annual rate of8% million units. Production schedulesindicate little change in the assemblyrate in June. This strength in autoproduction is occurring in the face ofsome weakening in new car sales.Sales of domestic-type models fellfrom a high seasonally adjusted annualrate of 8.5 million units in February andMarch to 8.3 million in April and 8.2million in May. Consequently, in-ventories have continued to rise andin May were approaching their highsof late summer and fall of 1969.

Materials output was up further inMay. The steel buildup has of coursebeen contributing importantly tostrength in this area, but output ofother materials has also been rising andcontinued to move higher in May. Theproduction of equipment also edged uplast month. Defense equipment output,which has been in a steep and virtuallyuninterrupted decline over the past twoyears, was unchanged while productionof business equipment, which has beenshowing small and mixed changes inrecent months, rose a little.

Employment and income

Nonfarm payroll employment rose130,000 (seasonally adjusted) in May.This was the largest increase since

(Continued on page 13)


June 1971 SURVEY OF CURRENT BUSINESS

, ' -1 In May: The unemployment rate high at 6.2 percent* Nonfarm payroll employment increased 130,000f Wholesale prices up 0.4 percent; farm products and processed food prices up sharply

TOTAL PRODUCTION THE LABOR MARKET PRICESBillion $

1,050

1,000

950

900

850

Million Persons Percent

CURRENT DOLLAR GNP**

-

Total- 1

.X^~" Final Sates

i i i

Billion $

40

30

20

10

0

/jjR -

^nventory Change

i i i j |__J

85

83

81

79

77

CIVILIAN LABOR FORCE AND x

EMPLOYMENT* |

Labor Force ^ r/

V,f^

,"••""'.1 1 II l 1 1 1 1 II

r

Employment*•»•*•• \

V--x — -

( -

-

\.S

i 1 1 1 1 1 1 1 1 1 1

16

12

8

4

0

IMPLICIT PRICE DEFLATOR FOR GNP**(Change From Previous Quarter)

H- . . ' -

^

iililnllQuarterly (1) QBE Monthly (May) BLS Quarterly (I) QBE

Percent 1967=100

CURRENT DOLLAR GNP**(Change From Previous Quarter)

-

III.Billions

850

800

750

700

650

-

ill

8

6

4

2

0

UNEMPLOYMENT RATE*

X

Total /^\

......••""••*-•*""••-**

1 1 1 1 1 1 1 1 1 1 i

'Married Men

/

1 1 1 1 1 1 1 1 1 1 1

**S*

1 i 1 1 i 1 1 1 1 1 1

140

130

120

110

100

CONSUMER PRICES

—

Total ^^gzZZZ „,-•'

'^^^ Food-

1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 I 1 1 1 i 1 1 1 1 i 1 1 1 1 1 1 1 1

Quarterly (1) QBE Monthly (May) BLS Monthly (Apr.) BLS

Million Persons Billions 1 967 = 1 00

CONSTANT DOLLAR (1958) GNP**

-

Total

*ZZZ^*>j""r'

InventoryChange

i i i

Percent

12

8

4

0

-4

-

^g»

Final Sales

i i i i i i

76

72

68

64

60

NONFARM ESTABLISHMENTS

_ m "*** Emptoynienf (teft scale)

s^~

-

1 1 1 J 1 1 1 1 1 1 1

^-Vx

•-•*•••-.*% "*"%«-...

Man-Hours*(right scate)

i 1 1 1 1 1 1 1 1 1 i

f „. "•-

'••—••

—

1 1 1 1 1 1 1 1 1 1 1

120

115

140 110

130 105

120 inn

WHOLESALE PRICES

.

Total ^^

J^f^jS~*^' Industrial

^+" — Commodities

i 1 1 i i 1 i i i i i i i i i l i i i l i i i i t i 1 1 i i i i i

Quarterly (I) QBE Monthly (May) BLS Monthly (May) BLS

Hours Dollars 1967=100

CONSTANT DOLLAR (1958) GNP**(Change From Previous Quarter)

-

HI^

1969

-

_

IB 1

1• l

43.0

42.5

40.0

17 J?

35.0

PRODUCTION OR NONSUPERVISORY WORKERS(PRIVATE)

" ' - <X

Average Hourly Earnings „„.>[(right scate) y

.»»*

1 1 1 1 1 1 1 1 1 1 1

\X Average 1Weekly Hours*

/ (teftscate)****-**>.^•t \*-**

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

120

3.40 115

3.20 110

1 HA 1 (\>\

2.80 100

WHOLESALE PRICESProcessed Foods

and feeds

,4-\fi\.ji- CU> \M/J/ A|

../ f Farm~^S Products

1 1 1 1 1 i 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 11970 ' 1971 OB£ 1969 1970 1971 BLS 1969 1970 1971 BLS

Quarterly (l) Monthly (May) Monthly (May)

U.S. Department of Commerce, Office of Business EconomicsDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 SURVEY OF CURRENT BUSINESS June 1971

• In May: Personal income rose $6 billion with the1 bulk of the increase in wages and salaries• Domestic car sales off for the second consecutive month, sales of imports also declined• Plant and equipment outlays expected to rise only 2% percent in 1971, about half the 1970 increase

INCOME OF PERSONS CONSUMPTION AND SAVING FIXED INVESTMENT

Billior

900

850

800

750

700

Billio

600

550

500

450

400

Billior

750

700

650

600

550

Dollars

2,700

2,600

2,500

2,400

$

PERSONAL INCO

~ J*1| i

i t 1 1 i t tiTii

* -•• S-\ S ?f fg ;>;; x£,£

1 1'Vi fii rfi r

/

t tVi'i'ti't it i

Monthly (May) OBE

n $

WASESA»BS*U«ES** ^• *ir-

(teftseale)\s**

\ \\\. t j . t . t T i t

's~"

Manufacturing(right scale)

t"i'i i i 1 t r t i i

^

-

«**««*«**

i f f f f i I t i i t

Monthly (May) OBE

'*

DISPOSABLE PERSONAL INCOME**= - *

' ',41*^

\ \ \

' . '" ' " - - •

I | r

-

t \ t

Billion

700

650

600

550

500

Bill!

40

35

200 30

150 25

100 20

Mill

12

10

8

6

4

Quarterly (l) OBE

mLmm^^m

- v /*~~***VX

\ I f i r t

> :

1 I I1969 1970 1971

Quarterly (l) OBI

Per

10

8

6

4

$

PERSONAL CONSUMPTION EXPENDITURES**

i r t f ' \ \ \ \ t

Quarterly (I) OBE

on$

RETAIL STORE SALES*

" •». , "-_ — ^-~^f"" *.+ .* .*...-******/*** ~

Excluding Automotive Group

1 1 1 1 iiii in 1 1 1 r t rv f i i i i i j 1 1 1 1 ! i 1 1

Billio

100

75

50

25

0

Billio

100

90

80

70

60

n $

Producers1 OuraWe Equipment**

\ -

Nonresiden

Residentia

t t i

1$

tial Structures**\

1 Structures**

j i i I I t

Quarterly (l) OBE

PIMT AND EQPWIOT; EXPENDITURES**

""* ^

^j/r*"*"

^M J:i - i

- i ' ''r 'f* '

Monthly (Apr.) Census

ion Units

mi m SALES**

Bomeslie. (teft scale)

\ I_ mtmk) \ I

\ " \ ****»•'•****

*»<<*»*<****t*** ** ** w 1

Monthly (May) Trade Sources & OBI

sent

PERSONAL SAVING RATE*

~

" • ' S~~^>

i V-'" '"t ' i f •* ' i i | ' f '1969 1970 1971

Quarterly (l) OBi

Bil

9

8

7

2 6

0 5

MM

2.5

2.0

1.5

1.0

.5

lion $

—

i'lft vi

-«*''''*

"' t I 1

Quarterly (IV) OBE-SEC

CAPITAL GOODS MANUFACTURERS*

-

'J^k

on Units

PRIVATE HOOSI1

-

|A/!;'->,'' t

1 1 1 1 1 1 1 1 1 1 11969

4Shipments

New Orders

M 1 | 1 1 1 1 1 1 1

rV "

1 1 1 1 1 1 1 1 1 1 1Monthly (Apr.) Census

«•*•:•'•.' . '/, '

'*? A7/)wh'"

i 1 1 ! 1 1 \ 1 I 1 1 11 1 1 M 1 1 i 1 1 1

1970 1971

Monthly (May) Census

* Seasonally Adjusted * * Seasonally Adjusted, at Annual Rates


June 1971

• In April:••

Billion $

40

30

20

10

o

SURVEY OF CUR-RENT BUSINESS 7

Manufacturing and trade firms added $710 million to their stocksThe stock-sales ratio for manufacturing and trade steadyNet exports of merchandise shifted to deficit-the first in over 2 years

INVENTORIES FOREIGN TRANSACTIONS GOVERNMENT

Billion $ Billion $

m8Si m «YE?rae**(GNP Basis)

—

*~ .-, „ <•*

tillBillion $

190

180

170

160

150

, ^

, , ' . " • * * * ,

-.1.

12

8

4

0

-4

METEXPCITS**

N- —

Goods and Services

U —^^jS"~^*» .^\ ^ -\ • . ."""""""' ****** UMWÂMffiAA **»/* MefctidiKiiSfi ****

« i i i t i \

«•* •- "

i i i

140

120

100

80

60

FEDEML fUl HASIS OF ', ?CTO^ $$ SEI IS** ;

v~ • ' ' ' ' • ' „ ; ' • '''-*""

.wf J;-/';- ^ • :""" ^^ '"J ' > *1" ; - '^ NMH.a

Defense

•- - .--

t i t i i t r t » . - . . . .

Quarterly (l) OBE Quarterly (l) OBE Quarterly (l) OBE

Billion $ Billion $

MANUFACTURING AND TRADE INVENTORIES*(Book Value, Ent

-

sT

St i i t i I i t t t t

Billion $

140

120

inn

80

60

ifjflMj)

' . '. - : : "Total J^f^

if*^ -

i i i i t l t i i i t f i t t ill it l i

6.0

5.0

4.0

3.0

90

HWWW&lSEmADE*

— ; —

-.' ' % ^./ ' -Exports - - •- • • .;

\/">*/V>*1'*a^<*J

ij Bfte• •

t l I i t I I t i I l l i t t I i t 1 t ) t

4

3

2

1

0

MraSfPWKHra" r

- •- , :> -\:1 * i "" . , ""W^f uf«6J5 ' . - ' • ' « • ' "

'V " - ' A1..,* - -j^ *$-,'•• x" ' ' "

£) fr| §fe

V. ' /: ,,-.;,:.-.' V - • - ' ' - , ; , ,— . .- -,; . - { " .--1 ' -, - *."•• * - '

-" •;-" - " - ' ' ,"'

i i M i 1 i i i i t t it *V4 i i"t i i

^V ••' ••-

t lit 1 1 1 •{ 1 1 1Monthly (Apr.) Census & OBE Monthly (Apr.) Census Monthly (Apr.) Census

Billion $ B«l'on $

MANUFACTURING AND TRADE INVENTORIES*(Book Value, lad of Month)

— -

Manufacturing

— •

Ti 1 1 1 1 1 1 in

Ratio

2.2

2.0

1.8

1.6

1.4

—-— —~ -*— -~

Tradt

w....L-« — ••*-*-"*t \ l l 1 1 t t l.i f i_ilJLLl i LliL

8

4

-4

-ft

MLWttEWP*W«aiK«

' ' -

Current tatnrt., .A ^Current Account andUm|-Term C^ptaf

i i i t i t

""

I I 1

250

225

OrtA

175

150

f«®&8l **(NWB )

. ' -,,, - -' - ' • • • -?\ - . * ";-*.•-"• '•• • : *"

. -g^^; ::; v - ^^ : , -.^^••^M, • . :/ ***y" ;

-•"•"" :*- «P^W*M^ ,- : > r/'li-V'.'-V

•*'•« ;!' ; ' - • ' • -, ? ;;- - * v

i 1 i i - r t

.-." !' ' :v "' ""

1 J 1

Monthly (Apr.) Census & OBE Quarterly (1) OBE Quarterly (I) OBE

Billion $ Billion $

INVENTORY/SALES RATIOS*

" , -

Manufacturing-

^^sj— • - - • '*'i\ ,:-^;'

^^-I J^-X

i t t i 1 1 i t i i *

1969

Â^/Viw^4»| i'V!fitfjiites^ /**S ; ' " *' : —

**%*«

i i 1 1 1 i 1 1 i 1 1 i j i 1 1 i 1 1 1 1 1

8

4

0

-4

-ft

muwcEOFPAYnans._ -

«.. 8tt Uquidi Bate\ V - »~-

"'"^'tv ' ' ' ' ~ ' v ''

\^ p- X"" Official Reserve ***»

Transactions Balance.

r * i i i i

s-• ~

\ - -I t I

175

150

125

100

7/>

;SWHflPW«J »» :

• • - • " • ' ' - - x - ' . ' . . ' • *.

- , • ;- . , ;:, : ./ ^-'^Âi^,

«**«**^^:^.. '••^^W^'

T - • " - , - . ' ,: ^ .*' : - ,' '</

- ,; j : f , -., ,.;/ :îv.

. • •-.

> . - ' ! I I

1970 1971 1969 1970 1971 1969 1970 1971

Monthly (Apr.) Census 4 OBE Quarterly (l) OBE Quarterly (I) OBE

* SMSonally Adjusted * * Seasonally Adjusted at Annual Rates


8 SURVEY OF CURRENT BUSINESS Jane 1971

*

• In May: Industrial production rose 0.7 percent• Money supply continued to advance sharply• Interest rates up further

INDUSTRIAL PRODUCTION MONEY, CREDIT, AND SECURITIES MARKETS PROFITS AND COSTS1957-59=100

190

180

170

160

150

Billion $ Billion $

INDUSTRIAL PRODUCTION*

^Durable Manufactures

x-x^VTotal

^X^L

'* NondurableManufactures

i i 1 1 1 1 1 1 1 1 1

1957-59=100

200

175

150

125

100

£3* . ,.«|

V^\^%/

\\/\w

\\ /W

i 1 1 1 1 1' 1 1 i ft

Monthly (May)

,.••

^*s

. *pmm*

i t 1 1 1 1 i 1 i 1 t

500

460

420

380

run

BANK CREDIT AND MONEY SUPPLY*

h-

S*Bank Credit S\ •

- (left scale) S^ ^

_\s-^^£** *_ ^ ~ —»***** /

•' Money Supply(right scale)

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1

2OU I^U

240 100

220 80

200 60

180 AQ

CORPORATE PROFITS ANDIVA**

_

_ Before Taxes"X. \

^s. * —"X/

-

I l l I I I

FRB Monthly (May) FRB Quarterly (1)

Billion $ Billion $

INDUSTRIAL PRODUCTION*

; A•*«n • %\ / \\ / \

^/*\~*&

_

1 1 1 1 1 1 1 1 1 1 1

Percent

90

85

80

fC/O

70

Autos

n/ i

O+flp| «V j

: f

\ ij i i i i 1 i ia i i

Monthly (May)!

U-

A

/ r

'/ _

1 1 j 1 1 1 1 1 1 1 1

2

1

0

-1

-2

FREE RESERVES

-

N xr-~\/_ \_rjr^"^ \j —V^ Y

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1

120

100

80

60

40

-

/

-

i i iQBE

CORPORATE CASH ROW AND PROFITS**

-

Cash Flow

-i-T ^— 1

Profits After Taxes. __ i \

i i i l i i ^ "

FRB Monthly (May) FRB Quarterly (1)

-Nov. 78.1 Percent Percent

RATIO, OUTPUT TO CAPACITY*

^N.

—

i i i

Billion $

40

36

32

28

24

Manufacturing

/\V

i i i

Quarterly (1)

-

ri i i

12

10

8

£

4

INTEREST RATES AND BOND YIELDS

-

Corporate Yields, Moody's Aaa

" f V "3-month Treasury Bills \

i t 1 I 1 1 J I I 1 1 I 1 I 1 1 1 1 1 1 1 1 V I 1 L«l 1 1 1 1 1 1

.14

16

8

-8

-

-

_

x

1 1 i

QBE

OUTPUT AND COMPENSATION PER MAN-HOUR,PRIVATE ECONOMY**

- (Change From Previous Quarter)

Compensation

. Output

I

FRB Monthly (May) *v/ Quarterly (1)

1941-43=10 Percent

DURABLE GOODS MANUFACTURERS*

~

^/S

1 1 1 1 1 1 1 1 1 1 11969

hipments^^

•~x/ J /New Orders

,1 lili , 1 1 1 1

1970

Monthly (Apr.)

P "

i i i i i 1 i i i i i

I4U

120

100

finDU

60

STOCK PRICES

"

^v/\ Standard and Poor's 500 y"»

\_^

1 1 1 1 I j 1 i 1 I I 1 1 i i 1 1 I 1 1 i 1 1 1 1 I 1 1 1 t 1 1 1

24

16

8

-n

-

t '

BLS

UNIT LABOR COSTS, PRIVATE ECONOMY* *(Change From Previous Quarter)

"

III! Ll

"

I

1971 1969 1970 1971 1969 1970

Census Monthly (May) Quarterly (1)

1971

BLS

* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates

U.S. Department of Commerce, Office of Business Economics 71-6-7Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


NATIONAL INCOME AND PRODUCT TABLES

9

1969 1970

1969

IV

1970

II III IV

1971

Seasonally adjusted at annual rates

Billions of current dollars

1970 IV

1970

II m iv

1971


Billions of 1958 dollars

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

Gross national product . . - .

Personal consumption expenditures

Durable goodsNondurable goods -Services

Gross private domestic investment . . .

Fixed investment

NonresidentialStructuresProducers' durable equipment

Residential structures .Nonfarm .Farm . . -

Change in business inventoriesNonfarmFarm

Net exports of goods and services

Exports .Imports

Government purchases of goods and services . . .

FederalNational defense . ..Other

State and local .

931.4

577.5

90.0245.8241.6

139. 8

131.4

99.333.865.5

32.031.5

.6

8.58.0.4

1.9

55.553.6

212.2

101.378.822.6

110.8

976.5

616.7

89.4264.7262.6

135.7

132.3

102.635.267.4

29.729.1

.6

3.52.9.6

3.6

62.258.6

220.5

99.776.623.1

120.9

951.7

592.6

90.8252.0249.8

140.2

133.0

102.635.167.5

30.429.8

.6

7.26.5.7

2.6

58.856.2

216.3

102.178.823.3

114.2

959.5

603.1

89.1258.8255.2

133.2

131.6

102.635.766.9

29.128.4

.6

1.6.9.7

3.5

61.157.6

219.6

102.379.323.0

117.4

971.1

614.4

91.9262.6259.9

134.3

131.2

10!?. 835.367.5

28.427.8

.6

3.12.6.5

4.1

62.858.7

218.4

99.776.822.9

118.7

985.5

622.1

91.2265.8265.1

138.3

132.7

103.635.068.6

29.228.6

.6

5.55.0.5

4.2

62.858.6

221.0

98.675.822.9

122.4

989.9

627.0

85.3271.5270.2

137.1

133.5

101.334.766.6

32.231.6

.6

3.63.0.6

2.6

62.059.3

223.2

98.274.623.5

125.0

1020.7

646.4

97.5272.8276.1

142.4

141.0

105.136.169.0

35.835.2

.6

1.41.2.2

3.3

64.661.3

228.7

98.474.024.5

130.21

727.1

467.7

84.9201.2181.6

111.3

104.1

80.824.056.9

23.322.8

.4

7.26.8

4

.2

48.548.2

147.8

75.7

72.1

724.1

477.1

82.0207.9187.2

102.8

99.8

79.223.156.1

20.620.2

.4

3.02.5

5

2.4

52.149.7

141.8

67.7

74.1

729.2

471 7

84.9202.4184.4

110.0

103.9

82.124.357.8

21.821.4

.4

6 15.4

g

.9

50.049.1

146.6

73.8

72.9

723 8

474 0

82.7205 6185.8

102.9

101.5

80.924.456 5

20.720.2

.4

1 3.86

1.9

52.050.1

145.0

71.1

73.8

724 9

478 1

84.9206 6186.6

103.1

100.1

80.223.556 7

20.019.5

.4

2 92.5

4

2.4

52.950.5

141.3

67.8

73.5

727 4

479 6

83.6208.2187.8

104.1

99.6

79.622.656.9

20.019.6

.4

4.64.1

4

3.1

52.048.9

140.6

66.2

74.4

720 3

476 6

76 9211 1188 6

101.3

98.1

76 321.854 5

21 921.5

4

3 12 6

5

2 0

51.449.3

140.3

65.5

74.8

732 7

486 6

86.6210 5189.5

103 7

102.5

78.422.356 1

24.123.7

.4

1 21.0

2

2.3

52.350.1

140.2

63.4

76.8

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3,1.5)

Gross national productFinal salesChange in business inventories

Goods outputFinal sales.Change in business inventories

Durable goodsFinal salesChange in business inventories

NondurableFinal salesChange in business inventories

ServicesStructures. ...

931.4922.9

8.5

460.0451.6

8.5

190.2183.9

6.4

269.8267.7

2.1

377.693.8

976.5973.1

3.5

474.4470.9

3.5

185.1185.3-.2

289.2285.6

3.6

409.692.6

951.7944.5

7.2

468.9461.7

7.2

192.7187.4

5.3

276.2274.3

1.9

390.392.5

959.5957.9

1.6

467.1465.5

1.6

185.3185.5-.3

281.8280.0

1.9

400.192.3

971.1968.1

3.1

474.9471.8

3.1

186.6188.5-1.9

288.3283.3

5.0

405.890.4

985.5980.0

5.5

479.8474.2

5.5

193.5188.3

5.2

286.3286.0

.3

413.292.6

989.9986.3

3.6

475.6472.0

3.6

175.1178.8-3.7

300.5293.3

7.2

419.494.9

1020.71019. 3

1.4

488.8487.5

1.4

196.0193.3

2.7

292.8294.2-1.4

429.4102.4

727.1719.9

7.2

392.2385.0

7.2

170.1164.7

5.3

222.1220.3

1.8

268.266.6

724.1721.1

3.0

388.7385.7

3.0

160.3160.5-.2

228.5225.3

3.2

273.961.4

729.2723.0

6.1

393.5387.4

6.1

170.3165.9

4.4

223.3221.5

1.8

271.364.4

723.8722.4

1.3

387.3386.0

1.3'

162.3162.6

— 3

225.1223.4

1.6

273.163.4

724.9721.9

2.9

391.1388.2

2.9

162.9164.4-1.5

228.3223.8

4.5

272.860.9

727.4722.8

4.6

392.1387.5

4.6

167.1162.7

4.3

225.0224.7

.2

274.860.5

720.3717.1

3.1

384.5381.3

3.1

148.9152.1-3.2

235.6229.2

6.4

275.060.8

732.7731.5

1.2

392.1391.0

1.2

165.4163.1

2.4

226.7227.9-1.2

275.864.7

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)

Gross national product . _

Private.

Business. .NonfarmFarm...

Households and institutionsRest of the world

General government.. . . .

931.4

827.8

795.4767.927.5

28.14.3

103.6

976.5

863.2

828.3800.128.1

30.34.6

113.3

951.7

844.0

810.8783.027.8

29.04.2

107.7

959.5

848.5

814.3785.528.8

29.64.5

111.0

971.1

858.4

824.5796.028.5

30.03.9

112.8

985.5

871.7

836.5808.528.0

30.54.7

113.9

989.9

874.3

837.8810.627.2

31.15.4

115.5

1020.7

901.0

863.0835.727.3

32.15.9

119.7

727.1

666.4

646.0622.523.6

16.44.0

60.7

724.1

663.4

642.4619.323.2

16.64.3

60.7

729.2

668.1

647.6624.722.8

16.64.0

61.1

723.8

663.1

642.1619.522.6

16.74.3

60.7

724.9

664.2

644.0621.023.0

16.53.6

60.7

727.4

666.8

645.9622.922.9

16.54.4

60.6

720.3

659.4

637.8613.724.1

16.55.1

60.8

732.7

671.6

649.1625.723.4

16.95.6

61.1

HISTORICAL STATISTICS

National income and product statistics for earlier periods are available as follows:Data for 1966-69, July 1970 SURVEY OF CURRENT BUSINESS; 1964-65, July 1968 SURVEY;1929-63, The National Income and Product Accounts of the United States (available fromU.S. Department of Commerce Field Offices or from the Superintendent of Documents,U.S. Government Printing Office, Washington, D.C. 20402, price $1.00 per copy).

426-593 O - 71 - 2



1969 1970

1969

IV

1970

I II III IV

1971

I*


Billions of dollars

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

Gross national product

Less: Capital consumption allowances-

Equals: Net national product

Less: Indirect business tax and nontaxliability

Business transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income

Less: Corporate profits and inventoryvaluation adjustment

Contributions for social insur-ance

Wage accruals less disburse-ments. .

Plus: Government transfer paymentsto persons

Interest paid by government(net) and by consumers

DividendsBusiness transfer payments

Equals: Personal income...

931.4

78.9

852 5

85 23 5

—4.7

1.0

769 5

85 8

53.6

.0

61.6

29.024.73.5

748.9

976.5

84.3

892 2

92.13 6

-1.8

1.8

800.1

76.5

57.1

.0

73.9

31 825.23.6

801.0

951.7

80.7

871 0

87 73 5

-4.3

1.2

785 2

82.0

55.1

.0

63.4

30.225.23.5

770.5

959.5

82.1

877 4

89 33 6

-5 4

1.6

791 5

76.7

56.0

2.5

66.3

31.025.23.6

782.3

971.1

83.6

887 5

91 13 6

—3.1

1.5

797.4

77 5

56.7

-2.1

75.8

31.425.13.6

801.3

985.5

85.0

900 5

93 33 6

-1.1

1.8

806.6

78 4

57.6

—.4

75.1

32.225.43.6

807.2

989.9

86.5

903 3

94 53 72.4

2.1

804.8

73 3

58.1

.0

78.5

32 525.1

813 3

1020.7

88.4

932 3

97 93.7-.6

2 0

833 3

82 8

63.2

0

82.3

32 525 83.7

831 5

Table 5.—Gross Auto Product in Current and Constant Dollars(1.15, 1.16)

Gross auto product l

Personal consumption expenditures-Producers' durable equipmentChange in dealers' auto inventories-

Net exportsExportsImports

Addenda:New cars, domestic 2

New cars, foreign

Gross auto product 1

Personal consumption expenditures.Producers' durable equipmentChange in dealers' auto inventories.

Net exports.ExportsImports

Addenda:New cars, domestic J

New cars, foreign

Billions of current dollars

36.6

31.85.6.1

-1.12.23.4

32.25.6

30.9

28.35.0

-1.0

-1.72.13.7

26.46.2

35.8

32.55.7

-1.1

-1.62.03.6

30.76.5

31.1

28.95.1

-1.7

-1.52.03.4

26.46.2

35.4

30.45.4.8

-1.42.64.0

30.76.7

34.7

29.95.3.7

-1.42.33.7

30.85.3

22.4

24.04.2

-3.7

-2.31.43.7

17.66.5

42.0

34.26.03.7

-2.22.64.8

36.77.8


35.0

30.35.4.1

-1.12.23.3

31.45.5

28.6

26.24.7-.9

-1.62.03.6

25.15.9

33.9

30.85.5

-1.1

-1.52.03.5

29.86.3

29.2

27.14.9

-1.6

-1.41.93.4

25.36.0

33.2

28.55.1.8

-1.42.53.9

29.56.4

32.1

27.65.0.7

-1.42.23.6

29.35.1

19.9

21.43.8

-3.4

-2.21.33.5

16.26.0

36.6

29.75.43.4

-2.02.34.4

32.86.9

1. The gross auto product total includes government purchases2. Differs from the gross auto product total by the markup onmarkup on both used cars and foreign

cais.*Estimates of capital consumption allowances, corporate profits, proprietors' income, and

corporate profits taxes do not reflect the liberalized depreciation rules which are expectedto be issued in final form retroactive to the beginning of 1971.

1969 1970

1969

IV

1970

I II III IV

1971

I*


Billions of dollars

Table 6.—National Income by Type of Income (1.10)

National income ,.

Compensation of employees

Wages and salariesPrivateMilitaryGovernment civilian

Supplements to wages and salaries _ _Employer contributions for social

insuranceOther labor income

Proprietors' income

Business and professionalFarm

Rental income of persons

Corporate profits and inventory valua-tion adjustment

Profits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjustment

Net interest

769.5

564.2

509.0404.919.085.1

55.1

27.527.6

66.8

50.516.4

22.0

85.8

91.2

42.748.524.723.9

-5.4

30.7

800.1

599.8

540.1426.119.394.6

59.7

29.330.4

67.6

51.416.2

22.7

76.5

81.3

37.543.825.218.6

-4.8

33.5

785.2

582.1

525 3417.219.688 5

56.8

28.328.5

67.2

50.616 6

22.3

82.0

88.5

41.447.125.221.9

-6.5

31.7

791.5

592.2

534 4422.620.191 7

57.9

28.629.3

67.6

50.617.0

22.5

76.7

82.6

38.044.625.219.4

-5.8

32.4

797.4

596.4

537.4424.019.593.9

59.0

29.030.0

67.8

51.216.5

22.6

77.5

82.0

38.143.925.118.8

-4.5

33.1

806.6

603.8

543.4428.919.195.4

60.4

29.630.8

67.8

51.716.1

22.7

78.4

84.4

38.945.425.420.0

-5.9

33.8

804.8

606.7

545.2429.118.697.5

61.4

29.931.5

67.4

52.015.3

23.0

73.3

76.3

34.841.425.116.3

-3.0

34.5

333 3

625 2

560 6440 719 2

100 6

64.6

32 532 1

67 0

52.214 7

23.1

82 8

86 5

39 147 525 821 7

-3.7

35.2

Table 7.—National Income by Industry Division (1.11)

All industries, total

Agriculture, forestry, and fisheriesMining and constructionM anuf acturing

Nondurable goodsDurable goods

TransportationCommunicationElectric, gas, and sanitary servicesWholesale and retail trade

Finance, insurance, and real estateServicesGovernment and government enter-

prises . - . - . . _ -Rest of the world

769.5

24.347.4

226.287.0

139.3

29.215.914.2

115.2

83.595.3

114.14.3

800.1

24.649.6

220.489.1

131.2

30.316.314.7

121.7

88.3104.4

125.24.6

785.2

24.848.9

227.388.5

138.9

30.116.114.2

117.2

85.398.4

118.64.2

791.5

25.249.1

223.688.8

134.8

29.915.914.2

118.9

86.5101.2

122.54.5

797.4

24.849.1

222.988.7

134.2

29.416.214.3

121.5

87.4103.4

124.63.9

806.6'

24.549.5

222.789.6

133.0

30.916.414.9

122.6

89.1105.4

126.04.7

804.8

23.850.7

212.389.5

122.8

31,116.715.2

123.9

90.1107.6

127.95.4

833.3

23.450.8

227.491.8

135.6

32.616.815.5

126.7

91.7110.4

132.15.9

Table 8.—Corporate Profits (Before Tax) and Inventory ValuationAdjustment by Broad Industry Groups (6.12)

All industries, total

Financial institutions

Nonfinancial corporations

Manufacturing . . . .Nondurable goodsDurable goods

Transportation, communication, andpublic utilities

All other industries . .

85.8

12.0

73.8

41.819.322.4

10.721.4

76.5

12.5

64.0

33. 518.115.4

9.121.4

82.0

12.2

69.8

39.119.020.0

10.320.4

76.7

12.0

64.7

35.218.316.9

9.120.4

77.5

12.3

65.2

35.518.217.2

8.621.1

78.4

12.9

65.5

34.718.316.3

9.121.7

73.3

12.6

60.7

28.617.711.0

9.622.5

82.8

12.8

70,0

37.718.619.1

9.323.0


June 1971 SURVEY OF CURRENT BUSINESS 11

1969 1970

1969

IV

1970

I II III IV

1971

I*


Billions of dollars

Table 9.—Gross Corporate Productl (1.14)

Gross corporate product

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies . .

Income originating in corporate busi-ness

Compensation of employeesWages and salariesSupplements

Net interest

Corporate profits and inventoryvaluation adjustment

Profits before taxProfits tax liability .Profits after tax


Inventory valuation adjustment. .

Cash flow gross of dividendsCash flow, net of dividends

Gross product originating infinancial institutions

Gross product originating innonfi nancial corporations

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies

Income originating in nonfinancialcorporations _ -

Compensation of employeesWages and salariesSupplements

Net interest

Corporate profits and inventoryvaluation adjustment

Profits before taxProfits tax liability .Profits after tax . .


Inventory valuation adjustment. .

Cash flow, gross of dividendsCash flow, net of dividends _ .

Gross product originating innonfinancial corporations

Current dollar cost per unit of1958 dollar gross productoriginating in nonfinancialcorporations 2.

Capital consumption allowances . -Indirect business taxes plus transfer

payments less subsidies ...Compensation of employeesNet interest .

Corporate profits and inventory valu-ation adjustment

Profits tax liability-Profits after tax plus inven-

tory valuation adjustment

531.2

49.8

48.6

432.9349.7310.838.9

1.9

81.386.842.744.123.021.0

-5.4

93.870.8

24.7

506.5

48.3

46.5

411.8329.9293.536.3

12.6

69.474.836.138.721.617.1

-5.4

87.065.3

544.9

53.5

52.1

439.3365.6324.041.5

2.5

71.376.237.538.723.315.4

-4.8

92.268.9

26.0

518.9

51.9

49.8

417.2344.3305.638.7

14.1

58.963.730.333.421.811.7

—4.8

85.363.5

539.7

51.0

49.9

438.8359.5319.639.9

2.1

77.383.841.442.423.518.9-6.5

93.469.9

25.1

514.6

49.5

47.7

417.4339.1301.837.3

13.3

65.171.634.637.022.015.1

-6.5

86.564.5

539.7

52.0

50.7

437.1363.2322.640.6

2.3

71.677.438.039.423.316.2-5.8

91.468.2

25.3

514.4

50.4

48.4

415.5342.3304.437.9

13.6

59.665.431.134.321.812.5

-5.8

84.762.9

544.0

53.0

51.7

439.3363.8322.841.0

2.4

73.077.538.139.523.416.0

-4.5

92.569.0

25.6

518.4

51.4

49.4

417.5342.9304.638.3

13.9

60.765.231.034.222.012.3

-4.5

85.663.7

550.7

54.0

52.9

443.8368.1326.142.0

2.5

73.279.138.940.223.516.8

-5.9

94.270.7

26.5

524.2

52.3

50.6

421.3346.8307.639.2

14.2

60.366.231.534.721.812.9

-5.9

87.165.3

545.3

55.0

53.1

437.2367.1324.742.4

2.6

67.670.634.835.723.012.7

—3.0

90.867.7

26.6

518.7

53.4

50.8

414.6345. 2305.739.5

14.5

54.958.027.630.421.58.9

—3.0

83.762.3

569.0

56.2

55.0

457.9378.3333.544.8

2.6

77.080.739.141.623.618.0

—3.7

97.874.2

27.4

541.6

54.5

52.6

434.6355.6314.041.6

14.8

64.267.932.035.922.013.8

-3.7

90.468.3


432.5 425.0 433.0 428.4 427.7 427.7 416.7 430.7

Dollars

1.171

.112

.107

.763

.029

.160

.083

.077

1.221

.122

.117

.810

.033

.139

.071

.067

1.188

.114

.110

.783

.031

.150

.080

.070

1.201

.118

.113

.799

.032

.139

.073

.067

1.212

.120

.116

.802

.033

.142

.072

.069

1.226

.122

.118

.811

.033

.141

.074

.067

1.245

.128

.122

.828

.035

.132

.066

.066

1.258

.126

.122

.826

.034

.149

.074

.075

1. Excludes gross product originating in the rest of the world.2. This is equal to the deflator for gross product of nonfinancial corporations, with the

decimal point shifted two places to the left.3. Personal saving as a percentage of disposable personal income.*See footnote on page 10.

1969 1970

1969

IV

1970

I II III IV

1971

1*


Billions of dollars

Table 10.—Personal Income and Its Disposition (2.1)

Personal income

Wage and salary disbursementsCommodity-producing industries _

Manufacturing .Distributive industriesService industriesGovernment.

Other labor income

Proprietor's incomeBusiness and professionalFarm

Rental income of personsDividends _Personal interest income

Transfer paymentsOld age, survivors, disability, and

health insurance benefits .State unemployment insurance

benefitsVeterans benefitsOther

Less: Personal contributions forsocial insurance

Less: Personal tax and nontax pay-ments

Equals: Disposable personal income...

Less : Personal outlaysPersonal consumption expenditures.Interest paid by consumersPersonal transfer payments to for-

eigners

Equals: Personal saving

Addenda:Disposable personal income:

Total, billions of 1958 dollarsPer capita, current dollarsPer capita, 1958 dollars

Personal saving rate,3 percent

748 9

509.0197.5157.5119.887 7

104 1

27 6

66.850.516 4

22.024 759 7

65 1

33 0

2 18 3

21.6

26.0

117 3

631.6

593.9577.515.7

.8

37.6

511.53 1172,525

6.0

801 0

540.1201.2158.9128.496 6

114.0

30.4

67.651.416 2

22.725.265 2

77 6

38.5

3 99.5

25.6

27.8

116 3

684.8

634 6616.717.0

.9

50.2

529.83 3442,587

7.3

770 5

525.3202.5160.8123.890 9

108 1

28 5

67.250.616 6

22.325 261.9

67 0

33 5

2 38 7

22.4

26.8

119.9

650.6

609.6592.616.1

.8

41.1

517.83,1972,544

6.3

782 3

531.9202.7160.7125.993 9

109 3

29 3

67.650.617 0

22.525 263 4

69 8

34.2

2 99 0

23.8

27.4

117.0

665.3

620.5603.116.4

.9

44.8

522.93,2612,563

6.7

801 3

539.5201.5159 6127.095 5

115 5

30 0

67.851.216 5

22.625 164 5

79 4

41.5

3 69 5

24.9

27.7

117 7

683.6

632.1614.416.8

1.0

51.5

532.03,3422,601

7.5

807 2

543.8201.9159 7129.797 3

114 9

30 8

67.851.716 1

22.725 466 0

78 7

39 0

4 39 7

25.8

28 0

114.2

693.0

640.2622.117.2

1.0

52.7

534.23,3782,604

7.6

813 3

545.2198.6155 6130 899 7

116 1

31 5

67.452.015 3

23.025 167.1

82 2

39.5

4 810 127.8

28.2

116.1

697.2

645.5627.017.5

.9

51.8

530.03,3892,576

7.4

831 5

560.6203.3160 3134 3103 1119 9

32 1

67 052 214 7

23.125 867 7

86 0

40.6

5.011.029.4

30.7

116.4

715.1

665.3646.417.9

1.0

49.8

538.33,4672,610

7.0

Table 11.—-Personal Consumption Expenditures by Major Type (2.3)

Personal consumption expendi-tures..

Durable goods

Automobiles and partsFurniture and household equipment.Other . .

Nondurable goods

Food and beverages . .Clothing and shoesGasoline and oilOther

Services

HousingHousehold operationTransportationOther .

577.5

90.0

40.336.713.1

245.8

121.749.921.153.2

241.6

84.033.916.7

107.1

616.7

89.4

37.438.413.6

264.7

131.652.322.957.9

262.6

91.936.318.1

116.4

592.6

90.8

41.136.912.7

252.0

124.650.921.754.9

249.8

87.034.817.1

110.9

603.1

89.1

37.738.313.1

258.8

128.851.322.456.3

255.2

89.035.217.7

113.3

614.4

91.9

39.438.913.6

262.6

131.251.822.756.9

259.9

90.835.917.9

115.4

622.1

91.2

39.238.113.9

265.8

132.352.323.058.3

265.1

92.636.918.2

117.4

627.0

85.3

33.238.213.9

271.5

134.153.823.560.2

270.2

95.137.318.5

119.4

646.4

97.5

44.440.013.1

272.8

135.354.623.659.3

276.1

97.537.818.7

122.1

Table 12.—Foreign Transactions in the National Income andProduct Accounts (4.1)

Receipts from foreignersExports of goods and servicesCapital grants received by the United

States

Payments to foreigners.Imports of goods and servicesTransfers to foreigners

Personal . . .Government

Net foreign investment

55.555.5

55.553.62.8.8

2.1-.9

63.162.2

.9

63.158.62.9.9

2.01.6

58.858.8

58.856.22.9.8

2.1-.3

62.061.1

.9

62.057.62.8.9

1.91.6

63.762.8

.9

63.758.73.01.02.02.0

63.762.8

.9

63.758.62.91.01.92.1

62.962.0

.9

62.959.32.9.9

2.0.6

65.364.6

.7

65.361.33.11.02.11.0



1969 1970

1969

IV

1970

I II III IV

1971

I*


Billions of dollars

1969 1970

1969

IV

1970

I II III IV

1971

I

Seasonally adjusted

Index numbers, 1958=100

Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2) Table 16.—Implicit Price Deflators for Gross National Product (8.1)

Federal Government receipts.

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax

accrualsContributions for social insurance...

Federal Government expenditures

Purchases of goods and servicesNational defenseOther

Transfer payments...To personsTo foreigners (net).

Grants-in-aid to State and local gov-ernments

Net interest paidSubsidies less current surplus of gov-

ernment enterprisesLess: Wage accruals less disburse-

ments

Surplus or deficit (-), nationalincome and product accounts—

200.6

95.939.2

19.146.5

191.3

101.378.822.6

52.150.02.1

20.213.1

4.6

.0

9.3

194.8

91.634.3

19.649.3

206.3

99.776.623.1

62.060.02.0

24.514.5

5.6

.0

-11.5

202.0

96.938.1

19.347.7

195.9

102.178.823.3

53.351.22.1

21.813.9

4.9

.0

6.1

195.9

93.434.8

19.348.4

197.7

102.379.323.0

55.353.41.9

23.014.3

5.3

2.5

-1.7

196.7

93.534.9

19.448.9

210.9

99.776.822.9

64.462.42.0

25.114.3

5.3

-2.1

-14.2

194.9

89.435.7

20.149.7

206.7

98.675.822.9

62.961.01.9

24.414.8

5.6

-.4

-11.8

191.7201.0

90.332.0

19.549.9

209.9214.2

98.274.623.5

65.463.42.0

25.614.7

6.0

.0

-18.1

89.835.7

20.654.9

98.474.024.5

68.466.32.1

27.114.2

6.0

.0

-13.2

Table 14.—State and Local Government Receipts and Expenditures(3.3, 3.4)

Gross national product

Personal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investment

Fixed investment

NonresidentialStructuresProducers' durable equipment _.

Residential structuresNonfarmFarm

Change in business inventories

Net exports of goods and services

Exports .Imports

Government purchases of goods andservices

FederalState and local

128.11

123.5

106.0122.2133.1

126.2

122.8141.1115.1

137.7137.8132.3

114.6111.1

143.5

133.9153.7

134.87

129.3

109.0127.3140.3

132.5

129.5152.4120.0

144.0144.1139.5

119.4117.8

155.6

147.3163.1

130.52

125.6

107.0124.5135.5

128.0

125.1144.7116.8

139.3139.4135.1

117.7114.5

147.5

138.4156.7

132.57

127.2

107.8125.9137.3

129.6

126.8146.4118.4

140.6140.7136.7

117.5114.9

151.5

143.8158.9

133.98

128.5

108.2127.1139.3

131.0

128.2150.0119.2

142.4142.5137.9

118.8116.2

154.6

147.0161.5

135.50

129.7

109.2127.7141.1

133.3

130.2154.8120.4

145.7145.8141.5

120.8119.9

157.2

149.1164.5

137. 44

131. 3

110.8128.6143.3

136.0

132.8159.1122.3

147.1147.2142.8

120.7120.3

159.0

149.8167.2

139.31

132.8

112.5129.6145.7

137.5

134.2162.1123.1

148.4148.4144.2

123.3122.3

163.1

155.3169.6

State and local government receipts....

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax

accrualsContributions for social insurance. . .Federal grants-in-aid

State and local government expendi-tures.. _

Transfer payments to personsNet interest paidLess: Current surplus of government

enterprises

Surplus or deficit (-), nationalincome and product accounts

118.3

21.43.5

66.17.1

20.2

118.9

110.811.5

.1

3.6

-.6

132.6

24.63.1

72.57.8

24.5

131.2

120.913.9

.3

3.8

1.3

123.9

23.03.3

68.47.4

21.8

122.9

114.212.2

.2

3.7

1.0

127.3

23.63.2

70.07.5

23.0

126.8

117.412.9

.2

3.7

.5

132.0

24.23.2

71.77.7

25.1

128.7

118.713.5

.3

3.8

3.4

133.7

24.93.3

73.27.9

24.4

133.0

122.414.1

.3

3.8

.7

137.4

25.82.9

75.08.1

25.6

136.5

125.015.1

.3

3.9

.9

Table 17.— Implicit Price Deflators for Gross National Product by142'8 Major Type of Product (8.2)

Gross national product77 3 Final sales8 4

97 i Goods outputDurable goods....Nondurable goods

142.6 _ .Services

i^n o Structures .

' 3 Addendum :Gross auto product

a Q

Table 18.— Implicit Price D<S

128.11128.2

117.3111.9121.4

140.8140.8

104.7

134.87134.9

122.0115.5126.6

149.5150.8

108.1

130.52130.6

119.2113 2123.7

143.9143.7

105.6

132.57132.6

120.6114.2125.2

146.5145.7

106.6

133.98134.1

121.4114.6126.3

148.7148.5

106.5

135.50135.6

122.4115.8127.3

150.3153.1

108.2

137.44137.5

123.7117.6127.6

152.5156.0

112.7

139.31139.3

124.7118.5129.2

155.7158.2

114.7

eflators for Gross National Product byector (8.4)

Table 15.—Sources and Uses of Gross Saving (5.1)

Gross private saving . .

Personal savingUndistributed corporate profits.Corporate inventory valuation ad-

justmentCorporate capital consumption

allowances-Noncorporate capital consumption

allowances .Wage accruals less disbursements....

Government surplus or deficit (-) ,national income and productaccounts

FederalState and local

Capital grants received by the UnitedStates

Gross investment-Gross private domestic investment- .Net foreign investment

Statistical discrepancy

135.0

37.623.9

-5.4

49.8

29.1.0

8.79.3-.6

138.9139.8-.9

-4.7

148.3

50.218.6

-4.8

53.5

30.8.0

-10.1-11.5

1.3

.9

137.3135.7

1.6

-1.8

137.1

41.121.9

-6.5

51.0

29.7.0

7.16.11.0

139.9140.2-.3

-4.3

140.5

44.819.4

-5.8

52.0

30.2.0

-1.2-1.7

.5

.9

134.8133.2

1.6

-5.4

149.4

51.518.8

-4.5

53.0

30.6.0

-10.9-14.2

3.4

.9

136.3134.3

2.0

-3.1

151.8

52.720.0

-5.9

54.0

31.1.0

-11.2-11.8

.7

.9

140.4138.3

2.1

-1.1

151.6

51.816.3

-3.0

55.0

31.5.0

-17.3-18.1

.9

.9

137.6137.1

.6

2.4

*See footnote on page 10.

Private156.2 „ fBusiness .49 g Nonfarm21*7 Farm

Households and institutionso 7

General government - - -- -

124.22

123.1123.4116.9171.9

170.8

130. 13

128.9129.2121.5183.1

186.6

126.32

125.2125.3121.6

176.5

127.96

126.8126.8127.5

182.9

129.24

128.0128.2124.0

185.9

130.73

129.5129.8121.9

187.9

132. 60

131.4132.1112.9

189.9

134.16

132.9133.6116.3

195.9

32.2.0

Table 19.— Gross National Product: Change From Preceding Period-13.0-13.2

.1

Gross national product:7 Current dollars

Constant dollars143 3 Implicit price deflator142. 4 Chain price index

1.0Gross private product:

—.6 Current dollarsConstant dollarsImplicit price deflatorChain price index

Percent

7.72.84.74.8

7.52.94.54.5

4.8-.45.35.2

4.3-.54.84.7

Percent at annual rate

3.9-.94.94.9

3.61.04.64.7

3.3-2.9

6.45.9

2.1-3.0

5.34.7

4.9.6

4.35.0

4.7.7

4.14.8

6.11.44.64.4

6.41.64.74.4

1.8-3.9

5.95.0

1.2-4.3

5.85.1

13.17.15.66.0

12.87.64.85.1



(Continued from page 4)January and raised payroll employmentto 70.8 million, its highest level sinceMay 1970. Most of last month's in-crease in employment was in the serviceproducing industries, particularly intrade, but there was a gain of 30,000in manufacturing payrolls, almost allin durable goods manufacturing.Though small, the employment increasein durable goods manufacturing wasthe first this year and, except for thepost-strike rebound last December, vir-tually the first since the beginning ofthe big shake-out in factory employ-ment in late 1969. Last month's rise inmanufacturing employment was accom-panied by an increase in the workweekof 0.2 hour, to 39.9 hours. This returnedthe workweek to its March level, whichwas the highest since last summer.

The civilian labor force continued toexpand last month, increasing 400,000(seasonally adjusted) to a record 84.2million. Employment also registered asizable gain, but the rise fell short ofthe labor force growth and unemploy-ment increased 130,000 to 5.2 million.The unemployment rate edged up to6.2 percent, equaling the 9-year peakpreviously set in December.

Personal income recorded a fairlystrong showing in May, rising $6billion to a seasonally adjusted annualrate of $847% billion. Payrolls ac-counted for about $4K billion of lastmonth's increase with gains recordedin all the major industry divisions. Inmanufacturing, wages and salaries wereup $1JJ billion; this advance wasconcentrated in durable goods indus-tries and reflected increases in employ-ment, hourly earnings, and weeklyhours of work.

Among the nonwage components ofpersonal income, transfer paymentsrose about $1 billion with further gainsin social security payments and unem-ployment insurance; small increaseswere recorded among the other non-wage components of income. (In June,the start of higher social securitybenefits will result in a permanentincrease of about $3% billion (annualrate) in transfers; the lump sum retro-active payment will swell income inJune, but only in that month, by about$13% billion.)

1971 Plant and Equipment Expenditure Expectations

Business capital spending programsfor 1971 have been revised downward.The expected rise from 1970 is now 2.7percent as against 4.3 percent projectedin February. Spending rose $0.7 billionin the first quarter and expectations arefor a $3 billion rise this quarter, withlittle further change in the third andfourth quarters.

BUSINESSMEN plan to spend $81.8billion l on new plant and equipmentduring 1971, according to the surveyconducted in late April and May bythe Office of Business Economics andthe Securities and Exchange Commis-sion. The projected 2.7 percent rise in1971 compares with actual increases of

1. The expectations figures have been adjusted for sys-tematic biases (footnote 2, table 5). Before adjustment, 1971expenditures were expected to be $80.6 billion tor all indus-tries, $30.9 billion for manufacturing and $19.7 billion fornonmanufacturing. The adjustments were applied separatelyto each major industry; their net effect was to decrease themanufacturing total by $0.3 billion and to raise the non-manufacturing total by $1.5 billion.

Table 1.—Plant and Equipment Expendi-tures, Annual Percent Change 1970-71

All industries 1

Manufacturing 1_

Durable goods 1

Primary metalsElectrical machineryMachinery except

electricalTransportation equip-

ment _ _Stone, clay, and glass

Nondurable goods 1

Food including beverage. .TextilePaperChemical . _ .Petroleum. _Rubber

Nonmanufacturing .

MiningRailroadAir transportation . _ . . _ _Other transportationPublic utilitiesCommunication - .Commercial and other

Actual1970

5.5

.8

-1.0.3

11.6

1.0

-12.2-7.6

2.89.6

-11.34.4

11.0-.2

-13.7

8.8

1.4-4.620.7

-27.213.221.63.4

Expected 1971as reported in:

Feb.

4.3

-.3

-2.5-10.5

1.2

-1.0

-3.84.7

1.94.0

-4.8-14.7

5.35.9

-16.5

7.4

.52.6

-22.413.417.510.33.8

May

2.7

-4.2

-7.1-8.1-5.9

-10.7

-10.0-5.2

-1.4-6.5-2.7

-16.1-2.1

7.0-19.4

7.3

5.2-2.6

-40.018.316.511.26.8

5.5 percent in 1970 and 11.5 percent in1969.

Actual capital outlays in the firstquarter of 1971 were at a seasonallyadjusted annual rate of $79.3 billion,up $0.7 billion or 0.9 percent from thefinal quarter of 1970. Outlays in thesecond quarter are projected to rise $3billion or 3.9 percent to $82.4 billion(annual rate), with sizable increasesexpected by various nonmanufacturingindustries. For the third and fourthquarters, expenditures are expected tobe $82.8 billion and $82.7 billion, respec-tively, little changed from the secondquarter.

The latest survey indicates a down-ward revision from the 1971 investmentprograms reported 3 months earlier.The current projection for the year is

Changes in Business Investment

CHART 8

Percent Change

-40 -30 -20 -10 0 10 20 30

ALL INDUSTRIES

Public Utilities

Communication

Commercial and Other

Transportation Excl. Air

Mining

Nondurable GoodsManufacturing

Durable GoodsManufacturing

AirTransportation

1. Includes industries not shown separately.Sources: U.S. Department of Commerce, Office of Business

Economics and the Securities and Exchange Commission. U.S. Department of Commerce, Office of Business Economics

Data: OBE-SEC

71-6-8



about \% percent below the $83.1billion estimated in February. Thedownward revision amounts to 1%percent for the first quarter and slightlymore than 2 percent for the second halfof the year; expected second quarterspending is about unchanged. Therevision of expectations for the year1971 centers in manufacturing; theexpectations of almost every major

industry group in manufacturing havebeen revised down since the Februarysurvey, the exceptions being theprimary metal, textile, and petroleumindustries. The sharpest cutbacks areby producers of aircraft, food andbeverage, stone, clay, and glass, andnonelectrical machinery. The aggregatespending expectation of nonmanufac-turing industries is about the same as

Table 2.—Plant and Equipment Expenditures, 1970-71

[Billions of dollars, seasonally adjusted annual rates]

All industries

Manufacturing . . .. . . ___Durable goods ...--. .. .Nondurable goods

Nonmanufacturing . ... .. .

19

III

81.88

32.1515.7416.40

49.73

70

IV

78.63

30.9814.9216.05

47.66

I

79.32

30. 4614.2116.25

48.86

19

II1

82.38

30.5414.6615.88

51.84

71

III1

82.83

30.6814.8915.79

52.15

IV i

82.74

30.7414.8915.84

52.00

1. Expected.

Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.

Table 3.—Starts and Carryover of plant and Equipment Projects, Manufacturing andPublic Utilities, 1968-71

[Billions of dollars]

Manufacturing3..

Durable goods 3_Primary metals . _Electrical machineryMachinery except electricalTransportation equipment 4

Stone, clay, and glass

Nondurable goods 3

Food including beverage . . _TextilePaperChemical _ _Petroleum

Public utilities

Manufacturing 3.._

Durable goods 3

Primary metalsElectrical machinery.Machinery except electricalTransportation equipment 4

Stone, clay, and glass

Nondurable goods 3

Food including beverageTextilePaper . _ _Chemical _ _Petroleum ..

Public utilities

Starts i

Annual

1968

29.64

14.593.211.812.702.901.06

15.052.32.59

1.422.985.57

12.86

1969

34.07

16.852.962.803.602.661.08

17.222.97.60

1.593.626.19

15.16

1970

29.18

14.042.552.183.292.04.82

15.142.50.49

1.543.065.64

17.20

1970

I

8.64

4.42.65.82.84.78.32

4.21.66.16.58.96

1.39

5.63

II

6.92

3.37.54.41.86.58.13

3.54.65.15.33.71

1.23

4.16

III

6.54

3.13.93.36.68.35.22

3.41.60.10.18.69

1.34

2.83

IV

7.09

3.12.42.59.91.34.15

3.97.58.08.45.70

1.67

4.58

1971

I

6.91

3.49.78.53.57.65.25

3.42.50.18.21.87

1.26

7.13

Carryover 2

1970

Mar.

23.75

12.273.672.361.172.78.70

11.481.53.30

1.293.104.04

22.39

June

22.51

11.563.432 21i!io2.68.56

10.951.44.31

1.192.923.90

23.26

Sept.

21.06

10.823.542.02.94

2.43.55

10.241.32.27.95

2.743.80

22.51

Dec.

19.49

9.673.021.93.97

2.21.45

9.811.19.21.97

2.513.80

23.35

1971

Mar.

19.70

10.053.142.04.89

2.39.50

9.661.08.26.89

2.603.75

27.36

Adjusted for seasonal variation

8.56

4.33.61.78.71.84.32

4.23.71.21.49.94

1.42

3.95

6.76

3.39.60.42.99.45.12

3.37.59.14.29.55

1.28

4.84

7.26

3.521.04.40.82.36.22

3.74.63.10.20.81

1.51

3.65

6.92

2.91.39.55.81.36.16

4.01.59.07.64.85

1.42

4.91

6.71

3.35.72.48.56.65.23

3.36.54.20. 16.78

1.26

5.10

24.17

12.903.872.301.602.81.76

11.271.61.33

1.203.133.99

21.12

22.82

12.213.682.151.662.59.62

10.611.50.33

1.082.813.85

22.77

22.04

11.803.921.981.602.38.60

10.251.44.29.85

2.703.93

22.96

21.22

10.983.481.971.632.23.53

10.251.33.23

1.102.733.89

24.45

20.32

10.783.431.971.472.35.54

9.551.18.29.92

2.653.63

25.89

1. Starts are estimated by adding changes in carryover to expenditures during the given period.2. Carryover refers to expenditures yet to be incurred on plant and equipment projects already underway at end of period.3. Includes data not shown separately.4. Includes guided missiles and space vehicles.

NOTE.—Details may not add to totals because of rounding.Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.

reported in the February survey, butthere are offsetting movements withinthe group. Railroads and airlines reportlarge downward revisions while ex-panded programs are reported bymining, other transportation, and com-mercial industries.

Annual investment programs

Nonmanufacturing industries, takentogether, project a 7.3 percent rise inspending from 1970 to 1971, while adecline of 4.2 percent is expected bymanufacturers. In nonmanufacturing,the strongest expected increases are 21percent for electric utility firms and1.8 percent for transportation companiesother than railroads and airlines. In thelatter group, pipelines and water trans-port firms are projecting sharp increasesin expenditures over 1970 levels. Com-munications companies project an in-crease of 11 percent, with smaller in-creases expected by mining and com-mercial firms. Airlines, which increasedspending 21 percent in 1970, expect adecrease of 40 percent this year as aresult of reductions and postponementsin jumbo jet acquisitions. Railroads andgas companies expect 1971 outlays to beabout 3 percent below last year's.

Manufacturers of durable goods ex-pect a 7 percent decline in capitaloutlays this year and nondurable goodsproducers a 1% percent decline. Pro-ducers of iron and steel, aircraft,nonelectrical machinery, paper, andrubber products expect to reduce invest-ment by 10 percent or more. Declinesranging between 4 percent and 8 percentare scheduled by the nonferrous metal,electrical machinery, motor vehicle,stone, clay, and glass, and food-bev-erage industries. The petroleum and"other nondurable goods" industries,moving counter to the general trend inmanufacturing, expect to increase ex-penditures in 1971 by 7 percent and9% percent, respectively.

Investment determinants are mixed

Factors believed to be influentialdeterminants of near-term investmentshow a mixed pattern during the earlymonths of 1971. Thus far this year,economic activity has increased andprofits and cash flow have improved—


June 1971 SUKVEY OF CURRENT BUSINESS 15

factors which would tend to supportrising capital expenditures. In addition,interest rates were reduced from theirmid-1970 level, although part of thisdecline has more recently been erased.The major factors on the negative sideare the continued inflation in the costof equipment and construction, and theunusually low rate of capacity utiliza-tion in manufacturing. Reflecting thelatter factor, the latest OBE-SEC sur-vey indicates a sharp decline in theproportion of manufacturers' facilitiesconsidered inadequate to meet produc-tion requirements over the next 12months.

Quarterly patterns

Spending by manufacturers as agroup is expected to show relativelylittle change for the rest of 1971,following a 1% percent decrease in thefirst quarter. Spending by durablegoods producers fell 5 percent in thefirst quarter but is expected to rise3 percent in the second and 1^ percentin the third. Nondurable goods pro-

ducers had a small increase in the firstquarter; they project a small decline inthe second quarter followed by essentialstability through yearend.

Spending by the nonmanufacturingindustries as a group increased 2%percent in the first quarter; it isexpected to rise 6 percent in the secondquarter and then to hold about un-changed in the second half. All com-ponent industries except mining andgas utilities are contributing to theunusually sharp expected rise in thesecond quarter.

The electric utilities and the com-munications industry constitute strongspots in the current investment picture.The $12.9 billion expenditure expectedby electric utilities in 1971 represents a21 percent increase over 1970; thecommunications industry expects an11 percent increase to $11.2 billion.Spending by both industries rose aboutone-fifth from 1969 to 1970.

Manufacturers' capacity evaluation

Manufacturers' evaluations of theadequacy of their March 31 plant and

Table 4.—Manufacturers' Evaluation of Their Capacity

[Percent distribution of gross capital assets] 1

More plant and equipmentneeded:

All manufacturingDurable goods 2

Primary metals . ...Metal fabricators 3

Nondurable goods 2

Food including beverage.Chemical . . _..Petroleum

About adequate:

All manufacturingDurable goods 2

Primary metals .Metal fabricators 3

Nondurable goods 2 ...Food including beverage.ChemicalPetroleum

Existing plant and equipmentexceeds needs:

All manufacturing _Durable goods 2_ . ... ...

Primary metalsMetal fabricators 3

Nondurable goods 2

Food including beverage.Chemical ..Petroleum ...

1967

Dec.31

4338314349427839

5255535449532060

57

1632521

Mar.31

4039354740386727

5553504958573172

58

1542521

191

June30

4141414441416529

5350445156533370

69

1553621

68

Sept.30

4544444645497132

5048415052452767

58

1543621

Dec.31

4745414949545840

4848454848414059

57

1433521

Mar.31

4846414949467239

4747444848492560

57

1533531

19

June30

4340304946435641

5253564851534358

57

1433411

69

Sept.30

4440314748447142

5153545049532757

57

1533321

Dec.31

4639334353477347

4953525244492653

58

1553410

Mar.31

4437304151466848

5053545247513152

6101672310

19

June30

4234303649446847

5256545648533153

6101683310

70

Sept.30

4133323548444861

5155515448515139

81217114510

Dec.31

4031253550405760

5361735445524040

782

115830

1971

Mar.31

3328203438384338

6063775557525362

793

115

1040

1. According to respondent companies'characterizations of their plant and equipment facilities, taking into accounttheir current and prospective sales for the next 12 months.

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

Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.

equipment, taking into account pro-spective sales over the next 12 months,indicate a sharp reduction from Decem-ber 31 to March 31 in the need for morefacilities. Companies owning 33 percentof total fixed assets in manufacturing

CHART 9

Plant and Equipment Expenditures

Billion $ (Ratio scale)

100 -M1WW1STWB

50

30

20

15

10 101

} { I I t M I I 1 1 1 I I r I t I i \ I t t ( I .1

i. i i t i i i

40

30

20

15

25

20

COMMUNICATION AND COMMERCIAL

. , j .i i i i i i i i i i ill i i i i t ' l hi .1 i I 1 i I1966 67 68 69 70 71 72

Seasonally Adjusted at Annual Rates

• Expectations Data: OBE-SEC




report that they need more facilities, asagainst 40 percent in December 1970and 44 percent in March 1970. An eas-ing of pressures for additional facilitiesis reported by all major manufacturinggroups, but the decline is particularlysharp in the petroleum industry; here,the share of assets reported as inade-quate dropped from 60 percent at year-end to 38 percent on March 31. Thechemical industry also reports a sharpdecline, amounting to 14 percentagepoints.

Companies reporting plant and equip-ment capacity in excess of current andnear-term needs accounted for 7 percentof assets at the end of March, about thesame proportion as in December andMarch 1970. The "excess" ratio for thefood industry has been rising andreached 10 percent at March 31 whilethe ratio for metal fabricators remainedat a high 11 percent. In the primarymetals industry, the "excess" ratio hasdropped steeply since Jast fall and is

now only 3 percent. Facilities viewed as"about adequate" represented 60 per-cent of manufacturers' fixed assets as ofMarch 31, up from the 53 percent re-ported 3 months earlier and the 50percent reported 12 months earlier.

Starts and carryover

Investment projects started by manu-facturers during the first quarter of1971 totaled $6.7 billion, after seasonaladjustment, down 3 percent from thepreceding quarter and 22 percent froma year earlier. Durable goods manufac-turers reported a 15 percent increasefrom the fourth quarter to the first,but this was more than offset by areduction in starts by nondurable goodsproducers. There were substantial in-creases in starts by iron and steel,nonferrous metals, motor vehicle, andstone, clay, and glass manufacturers;starts by both electrical and non-electrical machinery manufacturers de-

clined. Among the nondurables, declinesin the paper, chemical, and petroleumindustries more than offset increases inthe textile and rubber industries.

The value of new projects startedby manufacturers was smaller thantheir capital expenditures in the firstquarter. Consequently, there was adecline in carryover—the amountsstill to be spent on projects alreadyunderway. Manufacturers' carryoverwas $20.3 billion (seasonally adjusted)at the end of March, down $900 millionfrom December 31, 1970 and $3.8billion from March 31, 1970. Declinesin carryover in the first quarter werewidespread among the major industries.

Starts by public utilities totaled $5.1billion in the first quarter, up 4 percentfrom the fourth quarter and 29 percentfrom the first quarter of 1970. Carryoverby the utilities reached a record $25.9billion at the end of March, up $1.4billion over the quarter and $4.8billion from a year earlier.

Table 5.—Expenditures for New Plant and Equipment by U.S. Business,1 1969-1971


All industries

Manufacturing industries

Durable goodsPrimary metals *

Blast furnace, steel worksNonferrous

Electrical machinery _. _ _Machinery, except electricalTransportation equipment 3 _ _

Motor vehiclesAircraft*

Stone, clay and glass _Other durables 5

Nondurable goods - -Food including beverage . _TextilePaperChemical ..PetroleumRubberOther nondurables 8 _

Nonmanufacturing industries

MiningRailroad ...Air transportationOther transportation _ . .

Public utilitiesElectric- ._Gas and other _

Communication __Commercial and other 7

Annual

1969

75.56

31.68

15.%3.231.831.102.033.442.761.65.83

1.073.44

15.722.59.63

1.583.105.631.091.10

43.88

1.861.862.511.68

11.618.942.67

8.3016.05

1970

79.71

31.95

15.803.241.681.242.273.472.431.59.54.99

3.41

16.152.84.56

1.653.445.62.94

1.11

47.76

1.891.783.031.23

13.1410.652.49

10.1016.59

19712

81.85

30.60

14.672.981.471.132.133.102.181.52.42.94

3.34

15.932.66.54

1.393.366.01.76

1.21

51.25

1.991.731.821.45

15.3212.892.43

11.2317.71

Quarterly, unadjusted

1969

I

16.04

6.58

3.36.71.41.23.39.72.59.34.18.23.71

3.22.54.13.31.67

1.12.24.21

9.45

.42

.38

.68

.38

2.361.88.48

1.813.41

II

18.81

7.82

3.98.81.47.27.50.84.69.40.22.28.86

3.84.64.16.40.76

1.32.28.27

10.99

.48

.44

.66

.46

2.992.22.77

2.003.97

III

19.25

8.16

4.03.81.45.28.49.86.77.46.23.27.84

4.12.68.17.41.76

1.49.28.32

11.10

.47

.49

.53

.40

3.032.23.80

2.114.07

IV

21.46

9.12

4.59.90.50.32.65

1.01.71.44.19.30

1.02

4.53.73.16.46.91

1.68.28.30

12.34

.49

.55

.64

.44

3.232.61.62

2.394.60

1970

I

17.47

7.14

3.59.69.35.27.48.82.60.38.14.24.76

3.56.67.13.37.76

1.14.24.25

10.32

.45

.42

.73

.28

2.542.15.39

2.143.76

II

20.33

8.15

4.08.78.43.28.56.93.68.47.14.27.87

4.07.74.15.43.89

1.38.25.25

12.18

.47

.47

.80

.31

3.282.59.69

2.594.26

III

20.26

7.99

3.87.81.42.31.55.84.60.41.12.22.84

4.12.72.14.42.87

1.44.23.29

12.27

.46

.46

.74

.30

3.582.79.78

2.564.16

IV

21.66

8.66

4.26.95.47.38.68.88.55.34.13.26.94

4.40.71.14.43.92

1.66.22.31

12.99

.50

.43

.76

.33

3.743.12.63

2.814.42

1971

I

17.68

6.69

3.11.65.33.24.41.65.47.33.09.20.72

3.58.62.12.29.78

1.31.19.26

10.99

.49

.34

.34

.28

3.112.70.41

2.503.94

112

20.80

7.66

3.68.74.37.26.55.78.55.40.10.23.83

3.98.68.14.36.87

1.43.20.30

13.15

.52

.50

.61

.41

3.903.30.60

J7.21

IIP

20.68

7.69

3.68.74.36.28.55.78.58.41.11.23.81

4.01.67.14.37.81

1.52.18.31

12.99

.49

.45

.36

.40

4.023.25.77

7.26

Quarterly, seasonally adjusted annual rates

1969

I

72.52

29.99

15.473.371.981.041.863.222.761.57.88

1.033.24

14.522.45.59

1.423.005.041.07.94

42.53

1.831.682.891.87

11.528.622.90

7.7415.00

II

73.94

31.16

15.983.311.911.122.043.342.731.55.92

1.113.45

15.182.38

631.582.955.411.121.11

42.78

1.881.762.221.66

11.688.712.97

7.9215.67

III

77.84

33.05

16.533.201.801.112.023.663.001.78.92

1.143.50

16.522.68.69

1.623.195.981.131.24

44.80

1.892.062.231.65

11.488.982.50

8.7116.78

IV

77.84

32.39

15.883.091.701.122.163.502.601.67.64

1.013.52

16.502.86.61

1.703.225.981.041.09

45.46

1.851.942.801.63

11.809.362.44

8.7616.67

1970

I

78.22

32.44

16.403.281.721.252.253.622.741.70.67

1.063.45

16.053.00.58

1.713.325.151.101.18

45.78

1.921.742.941.37

12.149.772.37

9.1416.52

II

80.22

32.43

16.323.151.731.122.273.692.711.85.58

1.053.46

16.112.80.57

1.653.445.68.98

1.00

47.79

1.841.882.881.12

12.7210.152.57

10.3816.98

III

81.88

32.15

15.743.211.671.212.283.522.291.54.48.94

3.50

16.402.80.55

1.683.675.70.90

1.10

19. 73

1.861.963.241.22

13.8411.342.50

10.6217.00

IV

78.63

30.98

14.923.311.601.352.273.122.041.29.46.92

3.27

16.052.79.53

1.593.325.86.80

1.15

47.66

1.941.563.081.22

13.6811.202.48

10.2015.97

1971

I

79.32

30.46

14.213.081.601.081.942.882.161.48.44.87

3.29

16.252.76.55

1.343.436.06.86

1.26

48.86

2.041.461.291.33

14.6412.162.48

10.7017.39

IP

82.38

30.54

14.663.001.501.102.223.082.161.54.40.88

3.32

15.882.64.55

1.393.365.96.78

1.20

51.84

2.012.002.301.59

15.1812.982.20

J28. 75

IIP

82.83

30.68

14.892.911.441.122.283.232.181.54.42.97

3.32

15.792.58.56

1.443.385.97.72

1.14

52.15

2.001.871.561.56

15.6413.152.49

29.51

1. Excludes agricultural business; real estate operators; medical, legal, educational, andcultural service; and nonprofit organizations.

2. Estimates are based on expected capital expenditures reported by business in late Apriland May 1971. The estimates for the full year 1971 and for the second quarter and third quartershave been corrected for systematic biases. The adjustment procedures are described in theFebruary 1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments, 1971expenditures were expected to be $80.63 billion for all industries, $30.92 billion for manufactur-ing, and $49.71 billion for nonmanufacturing.

3. Includes data not shown separately.

4. Includes guided missiles and space vehicles.5. Includes fabricated metal, lumber, furniture, instrument, ordnance and miscellaneous

except guided missiles and space vehicles.6. Includes apparel, tobacco, leather and printing-publishing.7. Includes trade, service, construction, finance and insurance.NOTE.—Details may not add to totals because of rounding.Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities

and Exchange Commission.



Manufacturers' Inventory and Sales Expectations,Second and Third Quarters 1971

MANUFACTURERS expect moder-ate inventory additions during thesecond and third quarters; they alsolook forward to sizable sales gains inthe same period. These expectationsimply that the recent decline in stock-sales ratios will continue through Sep-tember 30.

Manufacturers also reported inven-tories in better balance on March 31than at any time since late 1968. Boththe percentage of producers' stocks heldby companies who judged their inven-tories "high" and the amount ofimbalance in the holdings of thesecompanies fell in the first quarter.

These are the results of the QBEquarterly Inventory and Sales Expec-tations Survey conducted in May.

Inventory additions

Manufacturers' inventories fell $200million during the first 3 months thisyear, the first quarterly decline inabout 10 years. Manufacturers nowexpect additions of $600 million thisquarter and $900 million in the third.

Durable goods producers, who cutinventories $200 million in the firstquarter, expect additions of $350 mil-lion in the March-June period and $600million in June-September. Additionsaveraged $500 million per quarter in1970.

Nondurable goods producers' inven-tories showed little change in the open-ing quarter of 1971, after rising anaverage of $400 million per quarterlast year. These producers expect toadd $200 million to stocks in the secondquarter and $300 million in the third.

Both durable and nondurable goodsproducers reduced their stock-salesratios between December 31 and March31. They project further decreasesthrough September 30. Durable goodsproducers' stocks on March 31 wereequivalent to 2.09 months of sales at

the average first quarter rate. Theratio is projected at 2.05 on June 30and 1.99 on September 30. The non-durables ratio was 1.30 on March 31and is projected at 1.28 on June 30and 1.26 on September 30.

Sales expectations

Manufacturers expect sales advancesof 2 percent in the second quarter and3 percent in the third. These gains arebelow the 5 percent rise of the first

quarter, when the economy was recover-ing from the auto strike, but exceed theperformance last year when sales fellin the opening and closing quartersand rose moderately in the other two.

Durable goods producers' sales rose6% percent in the first quarter—morethan offsetting the fourth quarterdecline—with auto and steel salesshowing especially strong increases.An increase of 2 percent is projectedfor the second quarter and 4 percentfor the third. Steel producers expecta sharp gain this quarter, followed bya decline in the third. Auto producers'sales are expected to decline this quar-ter, following the sharp post-strikerise, and then to advance in the third.Suppliers of construction materials ex-pect sizable gains in both periods.

Nondurable goods producers' salesrose 3 percent in the first quarter. Theyare expected to rise 1% percent in the

Billion $

150

100

90

80

70

60

50

30

20

Ratio

2.5

2.0

Manufacturers' Sales and Inventory Expectations• Sales growth in second and third quarters expected to exceed last year's pace;

inventories expected to rise moderately• Stock-sales ratios to continue recent decline

DURABLE GOODS NONDURABLE GOODS(Ratio scale)

CHART 10

Sates

\Inventories

1.5

STOCK-SALES RATIO STOCK-SALES RATIO

Billion $

150

100

90

80

70

60

50

40

30

20

Ratio

2.0

1.5

I I I I I I I I I I I I I I I I I 1.0

1965 66 67 68 69 70 71 72 1965

Seasonally Adjusted

66 67 68 69 70 71 72

Expectations




second and 2% percent in the third. Theexpected changes are a considerableimprovement over last year's experience.Both paper and rubber producers areprojecting substantial advances thisquarter and next.

Inventory condition., March 31

Manufacturers began last September30 to report improvements in inventory

condition relative to prospective salesand unfilled orders. Companies holding19 percent of producers7 stocks judgedtheir March 31 inventories "high"—a lower proportion than in any quarterof 1969 or 1970.

Companies holding 22 percent ofdurable goods stocks considered theirinventories "high"—down 1 percentagepoint from December 31 and 5 points

Table 1.—Manufacturers' Inventories and Sales: Actual and Expected


Inventories, end ofquarter :

Unadjusted:

All manufacturingDurablesNondurables

Seasonally adjusted:


Sales, total for quarter :

Unadjusted:


Seasonally adjusted:


I

84.354 629.7

83,854.329.5

144.980.564.4

145.480.365.1

19

II

85.855 830.0

85.655 530.1

153.985 868.1

149.682.267.4

68

III

86.456 130.3

87.156.530.6

148.779 169.6

152.683.169.5

IV

88.257 031.2

88.657 431.2

157.186 470.7

156.685.970.7

I

90.959 331.6

90.459 031.4

159.189 170.0

159.688 870.8

19

II

92.560 931.6

92.260 531.7

166.993 773.2

162.389 972.5

69

III

93.461 631.8

94.262 132.1

162.288 573.7

167.493 773.7

IV

95.563 132.4

95.963 532.4

168.593 774.8

168.193 374.8

I

97.564 632.9

97.064 332.7

165.190 175.1

165.990 075.9

19

II

98.164 833.3

97.764 433.3

171.394 676.7 '

166.690 875.9

70

III

97.864 833.0

98.765 333.3

165.488 676.8

170.293 476.7

IV

99.165 134.0

99.665 534.1

164.888 276.6

164.888.276.6

I

99.965 734.2

99.465 434.1

172.294 377.9

172.994.078.9

1971

I I I

100.466 134.3

100.065 734.3

181.5100 481.1

176. 396. 180.2

III i

100.165 934.2

100.966 334.6

176.794 782.0

182.1100.082.1

1. Expectations reported by manufacturers in May 1971. Inventory expectations have been corrected for systematicbiases.

Sources: U.S. Department of Commerce. Expectations, Office of Business Economics; actuals, Bureau of the Census.

Table 2.—Manufacturers' Evaluation of the Condition of their Inventories l

[Percentage distributionl

June 30, 1966September 30, 1966December 31, 1966 --- ---

March 31, 1967June 30, 1967September 30 1967December 31, 1967

March 31, 1968June 30, 1968September 30, 1968 . -December 31, 1968



March 31, 1971

Total

High

182228

31312725

25252418

20212323

24242221

19

Aboutright

787570

68676972

72727380

78777676

75757778

79

Low

432

1243

3332

2211

1111

2

Durables

High

212733

37363431

31312819

21222625

27282523

22

Aboutright

757065

62636367

66677079

77767373

72717476

77

Low

432

1132

3222

2212

1111

1

Nondurables

High

131418

20201515

15161616

17181718

19171616

13

Aboutright

838379

78768181

82807982

82808281

80818283

85

Low

A

3

L

i

from last March 31, when the ratio wasclose to its cyclical peak. Metal pro-ducers reported 17 percent of theirholdings in the "high" category at theend of March; metal fabricators, 23percent.

A "high" ratio of 13 percent was re-ported by nondurable goods pro-ducers—down 3 points from yearend and6 points from March 1970.

The major proportion of stocks wasjudged "about right"—77 percent fordurables and 85 percent for nondurables.The "low" ratio remained insignificantat 1 and 2 percent, respectively.

Inventory imbalance,, March 31Manufacturers reported that their

March 31 inventories were $2.1 billionin excess of needs (netting excesses ofcompanies with "high" stocks againstdeficiencies of companies with "low"stocks). This excess is equivalent to 2.1percent of all producers' stocks. Excesseshave been falling for the past year butthe first quarter decline was larger thanthat of any 1970 quarter.

(Continued on page 23}

Table 3.—Inventory Imbalance

1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies. Percentdistribution of inventory book values according to companies' classifications of their inventory condition.

NOTE.—Due to change in survey questionnaire, data starting December 31,1968 are not strictly comparable to prior data.Source: U.S. Department of Commerce, Office of Business Economics.

AH manufacturers:

Dec. 31, 1968Mar. 31, 1969June 30, 1969Sept. 30, 1969Dec. 31, 1969Mar. 31, 1970June 30, 1970Sept. 30, 1970Dec. 31, 1970Mar. 31, 1971

Durable goods:

Dec. 31, 1968Mar. 31, 1969.....June 30, 1969Sept. 30, 1969.....Dec. 31, 1969Mar. 31, 1970....-June30, 1970Sept. 30, 1970Dec. 31, 1970Mar. 31, 1971

Nondurable goods:

Dec. 31, 1968Mar. 31, 1969.....June 30, 1969Sept. 30, 1969Dec. 31, 1969Mar. 31, 1970.....June30, 1970Sept. 30, 1970Dec. 31, 1970Mar. 31, 1971

Inven-tory

excess

Inven-torydefi-

ciency

Net excess

Amount

(Billions of dollars )

1.731.871.962.362.502.582.622.48

'2.442.26

1.191.311.351.751.911.972.001.94

'1.881.76

.54

.56

.61

.61

.59

.61

.62

.54'.56.50

0.25.16.24.15.16.10.15.11.13.14

.20

.12

.18

.11

.13

.09

.10

.07'.07.07

.05

.04

.06

.04

.03

.01

.05

.04'.06.07

1.481.711.722.212.342.482.472.37

'2.312.13

.99

.19

.17

.64

.78

.88

.901.87

'1.811.70

.49

.52

.55

.57

.56

.60

.57

.50'.50.43

Percentof totalinven-tories

1.71.91.92.42.52.52.52.42.32.1

1.72.01.92.72.82.92.92.9

'2.82.6

.6

.6

.7

.8

.7

.8

.7

.5' .5

.3

' Revised.Source: U.S. Department of Commerce, Office of Business

Economics.


by ETIENNE H. MILLER and GORDON P. SMITH

International Travel, Passenger Fares, and Other Transportationin the IIS. Balance of Payments: 1970

iINTERNATIONAL travel, passengerfare, and other transportation trans-actions last year resulted in U.S.payments to foreigners of nearly $8billion, more than $1 billion or 15 per-cent higher than in 1959. U.S. receiptsfrom such transactions increased 16percent or $800 million, and reached$6 billion. The net U.S. payment wasalmost $2 billion, compared with $1.8billion in 1969. The net U.S. paymentfor travel expenditures and passengerfares was about $2.5 billion in 1970,

CHART 11

U.S. Payments and Receipts forTravel and Transocean Passenger Fares

Billion $

Payments, IncludingFares to Foreign Carriers

_x / Receipts FromVisitors in the United States

I I I I i I I I i \I960 62 64 66 68 70


while there was a modest $500 millionsurplus in the other transportationaccount.

This article reviews developmentsaffecting the travel, passenger fare, andother transportation accounts that ap-pear in the U.S. balance of inter-national payments. Data on passengerfares for transocean transportation arecited in the discussion of total spendingby U.S. residents traveling abroad (andspending by foreign visitors to theUnited States), although the fares aretreated separately in the balance ofpayments accounts. The article alsocovers passenger fares of U.S. travelerspaid to U.S. transocean carriers, whichdo not enter the balance of paymentsaccounts but do represent an importantpart of total spending by U.S. travelers(table 1, memorandum items). Freightpayments to U.S. and foreign air andsea carriers and the carriers' portexpenditures are also reviewed in this

article, under the heading "other trans-portation" transactions.

U.S. Spending for TravelAbroad

U.S. residents spent $6.2 billion onforeign travel last year, 15 percent morethan in 1969. Dollar earnings of foreigncountries increased 16 percent to nearly$5.2 billion, including more than $1.2billion in passenger fares paid to foreignsea and air carriers for transoceantransportation, and almost $4 billion inexpenditures for food, lodging, trans-portation within foreign areas, etc.(table 1, lines 2 and 3). In addition, U.S.travelers paid $985 million to U.S.carriers for transocean transportation(table 1, line 18), an amount which doesnot figure in the U.S. balance ofpayments.

The weakness of business activity andthe rise of unemployment in the United

Table 1.—International Travel, Passenger Fare, and Other Transportation Transactions

[Millions of dollars]

1. Total travel, passenger fare, and other transportation payments. . . .....2. Travel: Payments by U.S. visitors in foreign countries (line 18) ..3. Passenger Fares: U.S. Payments to foreign carriers (line 19)4. Other transportation (line 20)5. Freight payments to foreign carriers on U.S. imports _ . . ...6. Port expenditures abroad by U.S. carriers7. Other payments . .. . ..

8. Total travel, passenger fare, and other transportation receipts . . . . . .9. Travel: Receipts from foreign visitors in the U.S. (line 4)

10. Passenger Fares: foreign payments to U.S. carriers (line 5)11. Other transportation (line 6)12. Freight receipts of U.S. carriers13. Port expenditures in the U.S. by foreign carriers . . ...14. Other receipts

15. Net travel, passenger fare, and other transportation payments (— ) . .

Memorandum:16. Travel payments of U.S. visitors in foreign countries (line 18) . - .17. Plus: U.S. passenger fare payments to foreign carriers (line 19) _ _ . .18. Plus: U.S. passenger fare payments to U.S. carriers . .19 Equals' Total expenses of U S. visitors

Memorandum:20. Travel receipts from foreign visitors in the U.S. (line 4)21. Plus: Foreign passenger fares to and from the U.S. paid to U.S.

carriers22. Equals: Total U.S. receipts from foreign visitors - -

1966

5,5792,657

7552,1671,234

588345

4,1971,590

3172,290

7801,388

123

1,382

2,657755635

4,047

1,590

1951,785

1967

6,1883,195

8302,1631,222

598343

4,4361,646

3712, 419

8001,493

126

1,752

3,195830715

4,740

1,646

2351,881

1968 r

6,2793,022

8852,3721,348

651373

4,7211,775

4112, 535

8171, 581

137

1,558

3,022885815

4,722

1,775

2602,035

1969 r

6,9503,3901,0802,4801,408

671401

5,1702,058

4502,662

7871,731

144

1,780

3,3901,080

8955,365

2,058

3032,361

1970

7,9573,9531,2152,7891,508

808473

5,9782,319

5533,106

9871,942

177

1,979

3,9531,215

9856,153

2,319

3772,696

NOTE.—References in parentheses to lines 4, 5, 6, 18, 19, and 20 indicate where these estimates may be found in tables2 and 3 of the regular balance of payments presentations.

Source: U.S. Department of Commerce, Office of Business Economics.

19


20 SUEVEY OF CURRENT BUSINESS June 1971

States in 1970 appears to have hadlittle impact on U.S. travel outlays,although there was some evidence thatcertain nearby areas were marginallyaffected. Travel payments (excludingpassenger fares) increased nearly 17 per-cent, compared with a 12 percent in-crease in 1969. Travelers' spending inoversea areas rose a sharp 20 percentto a record $2.2 billion but spending roseonly slightly in the Caribbean areawhile outlays in South America appear

Table 2.—Travel Payments of U.S. Visitorsin Foreign Countries, by Area


Total travel payments

Canada _ - - . - . -Mexico. - .

Persons visitingMexican border only..

Oversea areas - - -

Europe and Mediter-ranean area _ _ .

Western Europe

United Kingdom _FranceItalySwitzerland

GermanyAustriaDenmarkSweden

NorwayNetherlandsBelgium-

Luxembourg _ _ . .Spain -

PortugalIrelandGreeceOther Western

Europe

Other Europe andMediterraneanarea

IsraelOther

West Indies andCentral America --

BermudaBahamasJamaica

Other British WestIndies

Netherlands WestIndies

Other West Indiesand CentralAmerica

South America

Other Oversea areas. _ _

JapanHong KongAustralia-New

ZealandOther

1966

2,657

678575

865

1 404

920

846

16711615360

86362613

1426

1353

192434

g

743539

259

417360

24

12

4965

160

6230

1850

1967

3 195

1 070590

872

1 535

1 018

944

19011914867

104413222

1935

1758

2i2835

8

743341

295

458866

30

14

5270

152

5828

1848

1968

3 022

820630

390

1 572

993

925

19891

14074

111403018

2340

1656

203228

9

683632

325

5010578

38

19

3587

167

6026

2061

1969

3 390

900675

405

1 815

1 160

1,075

22914314283

114433220

2341

1880

253637

9

854441

375

5613285

42

16

4492

188

7035

2756

1970

3 953

1 049720

4X5

2 184

1 425

1,310

293160172108

148543924

3144

2285

294240

19

1156253

390

6312795

44

18

4390

279

9753

3495

NOTE.—Excludes travel by military personnel and otherGovernment employees stationed abroad and by theirdependents and U.S. citizens residing abroad; includes shoreexpenditures of cruise travelers, but not their transportationfares or other passenger fares.

Source: U.S. Department of Commerce, Office of BusinessEconomics.

to have declined fractionally (table 2).Total spending in Mexico was up about7 percent from 1969, but spending inthe areas adjacent to the border roseonly 5 percent. A substantial part of the16 percent increase in travel spendingin Canada reflected higher exchangerates for Canadian currency in termsof U.S. dollars, in effect an increasein prices to American visitors.

About 98 percent of the 5.3 millionAmericans who went overseas traveledby air (table 4). Only about 120,000traveled by sea, 30,000 fewer than in1969. However, cruise traffic increasedabout 25,000 to nearly 560,000 lastyear, almost all on foreign-flag vessels.As a result of that increase, and thevirtual disappearance from the NorthAtlantic of U.S. flag passenger ships,foreign sea carriers received more fromAmericans last year than in 1969. Cruisepassengers are not included in the countof U.S. travelers because most of theirexpenditures are in the form of pas-senger fares, and their shore expensesare minimal.

Spending in Europe

The introduction of the 747 jetaircraft, with its greater carrying capac-ity and the public interest it generated,combined with reduced air fares acrossthe Atlantic, contributed to a markedrise last year in U.S. travel to Europe.U.S. travel outlays in Western Europewere $1.3 billion, up 22 percent from1969, while the number of Americansvisiting the area reached nearly 2.8million, also up 22 percent (tables 2and 3).

Nearly 1.4 million U.S. travelersvisited the United Kingdom last year,making it once again the leading over-sea destination. Travelers' averagespending there increased slightly andthe total rose about 28 percent to $293million. The number of U.S. visitors toItaly showed a strong rise of 23 percent,to 870,000, after 2 years of little change.The average outlay fell slightly andtotal spending in Italy rose 21 percent.The average outlay was also lower inFrance, but the number of Americanstraveling there rose 21 percent tonearly 1 million and France's receipts

from U.S. travelers rose 12 percent to$160 million.

Switzerland and Germany each in-creased their earnings from U.S.travelers by 30 percent, on the strengthof larger numbers of visitors and a slightrise in average outlays. Germany re-ceived a total of $148 million from about

Table 3.—Number of U.S. Travelers andTheir Average Travel Payments in Europeand the Mediterranean

Europe and Mediterranean :1970.1969

Western Europe:1970 - -1969

United Kingdom:19701969

France:19701969

Italy:19701969 - -

Switzerland:19701969

Germany:19701969

Austria:19701969 .

Denmark:19701969 .

Sweden:19701969

Norway:19701969

B elgium-Luxembourg :19701969 - -

Netherlands:19701969 .

Spain:19701969

Portugal:1970 -1969 . .

Ireland:19701969

Greece:19701969

Israel: 119701969 -

Number oftravelers

(thousands)

2,8982,363

2,7832,285

1,3651,093

996821

873710

794632

922740

538425

317292

177167

160142

292288

520460

439415

226196

230190

203185

198157

Averagepayment(dollars)

490490

470470

215209

161174

196198

136131

160154

101102

124109

135119

195162

7461

8590

194193

130128

183190

193199

315280

1. Data for Israel are included in Europe and Mediter-ranean totals but not in Western Europe totals.

NOTE.—For coverage see table 2; excludes all passengerfares and shore expenditures of cruise travelers; excludestransocean transportation.

Source- U.S. Department of Commerce, Office of BusinessEconomics, based on data of U.S. Department of Justice,Immigration and Naturalization Service.



900,000 Americans, Switzerland $108million from 800,000 visitors. Sub-stantial increases in U.S. travel ex-penditures were generally recorded inthe rest of Europe. In the Netherlandsand Greece, however, the gains weremodest, as average spending fell in bothcountries.

Table 4.—U.S. Travelers to OverseaCountries by Means of Transportationand by Area

[Thousands of travelers]

Total

Sea__Air

Europe andM editerranean

Western Europe

West Indies and CentralAmerica

South America

Other .

1966

2,975

2202,755

1,570n.a.

1,050

130

225

1967

3,425

1673,258

1,800n.a.

1,220

175

230

1968

3,885

1473,738

1,9371,880

1,461

223

264

1969

4, 623

1514,472

2,3632,285

1,700

245

315

1970

5,260

1205,140

2,8982,783

1,663

249

450

n.a. Not available.

NOTE.—For coverage, see table 2; excludes cruise travelers,who numbered about 337,000 in 1966, 350,000 in 1967, 380,000in 1968, 530,000 in 1969, and 557,000 in 1970.

Source: U.S. Department of Commerce, Office of BusinessEconomics, based on data of U.S. Department of Justice,Immigration and Naturalization Service.

Table 5.—Average Length of Stay of U.S.Travelers in Selected Regions

[Days]

Region

Europe and Mediter-ranean -

Caribbean area

Bermuda -Bahamas - --

South AmericaFar East and other areas ..

1966

37n a

n.a.n.a.

n.a.n.a.

1967

33n a

n.a.n.a.

n.a.n.a.

1968

30n a

n.a.n.a.

n.a.n.a.

1969

29n a

n.a.n.a.

n.a.n.a.

1970

2711

75

2228

n.a. Not available.

NOTE.—For coverage, see table 2; excludes cruise travelers.


Table 6.—Percent Distribution of U.S. AirTravelers in Europe and the Mediter-ranean Area, by Length of Stay

[Percent]

Length of stay (days )

1-1415-21

22-3536-49

50-6364 and over

1968

30.732.6

11 45 3

7.112 5

1969

32 028 7

13 37 2

8 110 5

1970

33 128 8

17 811 8

4 44 1

Western Hemisphere and Pacific

The number of Americans visitingthe West Indies and Central America(excluding cruise passengers) droppedslightly last year from the record setin 1969 but this was more than offsetby a rise in cruise travel, which isimportant in the Caribbean area.Nevertheless, the area's dollar earningsgrew only 4 percent to $390 million.The rapid growth which has been

Table 7.—Average Length of Stay andAverage Daily Expenditure of U.S.Travelers in Selected European andMediterranean Countries, 1970

Country

Europe and Mediterranean, total. .

United KingdomFranceItaly

West Germany . .Switzerland...Spain

Netherlands _ . . .AustriaDenmark

Belgium- Luxembourg .IrelandIsrael

Averagelengthof stay(days )

27

128

11

116

12

567

51222

Averagedaily

expenditure(dollars)

18.15

17.5819 5017 64

14.5522.8316 00

15.6016 5017 86

13.8015 6714.45

NOTE.—For coverage, see table 2; excludes all passengerfares and shore expenditures of cruise passengers; excludestransocean transportation.


Table 8.—U.S. Receipts From ForeignVisitors in the United States


Total U.S. travel receipts.

Canada - -Mexico

Total oversea countries

Western EuropeUnited KingdomFrance .. . .Germany . . _ .ItalyNetherlandsSwedenSwitzerlandOther

West Indies, Centraland South America. . .

South America

Other oversea countriesJapan . ...

1966

1,590

586458

546

21068

n.a.n.a.n a.n a.n a.n a.n a.

226n.a.

11031

1967

1,646

575457

614

22743

n.a.n.a.n a.n.a.n.a.n.a.n a.

263n.a.

12442

1968

1,775

650493

632

2264230442212121450

262140

14451

1969

2,058

815530

713

2644334552414101667

276144

17267

1970

2,319

885545

889

3185139672919141584

334164

237101

NOTE.—For coverage, see table 2.


n.a. Not available.NOTE.—Includes expenditures of travelers for business

and pleasure, foreigners in transit through the United States,and students; excludes expenditures by foreign governmentpersonnel and foreign businessmen employed in the UnitedStates (who are U.S. residents for balance of paymentspurposes). Transocean passenger fares are also excluded.


characteristic of the Bahamas touristindustry was interrupted last year.Earnings from U.S. visitors to theislands declined 4 percent to $127million. Jamaica's receipts from Amer-icans rose 12 percent to $95 million,while Bermuda's receipts also rose about12 percent to $63 million.

The below average growth of traveloutlays in the West Indies last yearreflected, according to some authorities,the weakness of the U.S. economy.Price competition from Europe, sharp-ened by a lower Atlantic air farestructure and abrupt rises in the pricesof Caribbean tourist services, is alsoconsidered to have been a factor in thedampening of the West Indies touristboom. Rising prices, as well as U.S.economic conditions, may also havebeen partially responsible for a slightdecline in U.S. travel spending inSouth America, where business travelmakes up a large portion of the total.There was little change in the numberof visitors to the area, about 250,000,but their expenditures dropped from$92 million in 1969 to $90 million lastyear.

Japan's Expo 70 was a major factorin the spectacular growth of travel in"other areas", primarily the Pacific andFar East. Total U.S. travel spendingin these areas was nearly $280 million,

Table 9.—Foreign Visitors to the UnitedStates From Oversea Countries, by Areaand Type of Visa

[Thousands of travelers]

Oversea countriestotal:

1970 -1969

Europe:19701969 -

West Indies andCentral America:

19701969

South America:19701969

Other oversea areas:1970 . . ...1969

Total

2,2882,010

984892

484461

318281

502376

Busi-ness

306282

167161

1717

1917

10387

Pleas-ure

1,7061,472

726641

420397

255223

305211

Tran-sit

202185

8080

3031

3229

6045

Stu-dent

7471

1110

1716

1212

3428

NOTE.—Excludes visitors from Canada and Mexico;excludes foreign government personnel and foreign business-men employed in the United States. Data are not adjustedfor multiple entries on a single trip.

Source : U.S. Department of Justice, Immigration andNaturalization Service.


22

compared with $190 million in 1969.Several hundred thousand Americansspent almost $100 million in Japan.Hong Kong apparently benefitted fromExpo's attraction of travelers into thearea, and increased its dollar earningsfrom U.S. visitors by 50 percent to $53million. Travel to Australia and NewZealand also rose sharply, with dollarearnings up 26 percent to about $34million. Other countries in the Pacificarea also recorded substantial gains.

Trip expenses

U.S. travelers to Europe and theMediterranean in 1970 spent an averageof about $870 per trip, about $40 lessthan in 1969. Lower passenger fares,averaging about $380, were a majorfactor in the decline of the average tripexpense; average outlay in Europeancountries was unchanged at about $490.

With the average transatlantic pas-senger fare down $40, the cost ofcrossing the Atlantic dropped from 46percent of the average U.S. traveler'strip expense in 1969 to 44 percent lastyear. The average air fare was nearly10 percent lower, about $370, with seafares somewhat higher than in 1969.

The average trip in Europe and theMediterranean involved visits to threecountries, about the same number as in1969, but the average length of the tripwas 27 days, two days shorter (table 5).Transatlantic air fares which offeredlower rates for visits of 28-49 daysapparently induced many travelers whootherwise would have stayed beyond49 days to limit their trips, thus reduc-ing the average figure. Average dailyexpenditure was $18, up $1 from 1969(table 7).

Foreign Visitors to the UnitedStates

Foreign visitors spent $2.3 billion inthe United States last year, and paidabout $375 million to U.S. sea and aircarriers for passenger fares to and fromthis country. The total, a record $2.7billion, was 14 percent more than in1969. Travel receipts from Canadianswere $885 million, up about 8 percent,

SUKVEY OF CURRENT BUSINESS

while Mexicans' spending here rose lessthan 3 percent to about $545 million(table 8).

Visitors from oversea areas numberednearly 2.3 million in 1970, 14 percentmore than in 1969 (table 9). Theyspent $890 million in the United States,and paid the $375 million in passengerfares to U.S. carriers noted above.Three-fourths of the overseas visitorswere on pleasure visits, the remainderon business, in transit to other desti-nations, or students.

The number of European visitorsrose 10 percent to 984,000. Theiraverage expenditure rose substantiallyand their total spending here increased20 percent to more than $300 million.About 74 percent of all European visi-tors came on pleasure visits, a somewhathigher proportion than in 1969.

Visitors from the United Kingdomaccounted for about 27 percent of alltravelers from Europe but their averageexpenditure here was relatively low.Their spending in the United Stateswas about $51 million, a 19 percentincrease over 1969. Receipts fromGermans increased 22 percent to $67million. French visitors spent nearly$40 million and Italian visitors about$30 million, increases of 15 percentand 16 percent respectively.

International Passenger Fare andOther Transportation Trans-actions

The international transportation ac-counts cover a wide variety of transac-tions involving the transfer of fundsbetween U.S. and foreign residents. Thetransactions include payments to seaand air carriers for movements of goodsand travelers (passenger fares) betweenthe United States and oversea countries,the port expenditures of foreign sea andair carriers in U.S. ports and of U.S.carriers in foreign ports, and charterhire payments to foreign residents forocean cargo vessels chartered to andoperated by U.S. residents. Transac-tions with Canada and Mexico forrail and pipeline operations, as well asGreat Lakes international shippingactivities, are also included.

June 1971

U.S. residents paid more than $4billion to foreigners in internationaltransportation transactions last year,including $1.2 billion of U.S. travelers'passenger fares. U.S. receipts frompassenger fares and other transportationtransactions were about $3.7 billion.Our net payment for all internationaltransportation was $335 million, about$100 million below the 1969 deficit of$447 million (table 10).

CHART 12

U.S. Payments and Receipts for PassengerFares and Other Transportation

Billion $

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

2.0

1.5

1.0

Total Payments

Total Receipts

Receipts Excl.Passenger Fares

Payments Excl. Passenger Fares

OCEAN

Payments

OTHER

Payments

I I I I {I960 62 64 66 68 70

NOTE.-Totals consist of passenger fares, freight transportation charges,charter hire, and carriers' port expenditures.

U.S. Department of Commerce, Office of Business Economics 71-6-



Payments

Americans paid about $1,215 millionin transocean passenger fares to foreignsea and air carriers. About $970 millionwas for air travel, the remainderlargely on cruise ships. Sea carriersearned about 14 percent more from U.S.travelers than in 1969, as cruise busi-ness prospered while regular transoceanservice continued to decline.

Freight payments to foreign shipoperators moving U.S. imports rose$100 million to about $1.4 billion in1970. Higher freight rates, in part areflection of a strong charter hiremarket, accounted for most of the rise.An added factor was a somewhatgreater volume of U.S. import cargomoved aboard foreign vessels than in1969, when a dock strike early in theyear caused disruptions in service.Payments to foreign air carriers forfreight transportation were $122 mil-lion, 4 percent under the record setin 1969.

U.S. ocean carriers7 port expensesabroad rose to more than $300 millionin 1970, renewing the uptrend that hadbeen interrupted in 1969 by the effectsof the dock strike.

Table 10.—International Passenger Fareand Other Transportation Transactions


Type of transportation

Total payments

Ocean passenger fares _ _ _Other ocean transporta-

tion _ _ _ -Import freightPort expendituresCharter hire

Air passenger faresOther air transportation.

Import freightPort expenditures

Other

Total receipts

Ocean passenger fares. _.Other ocean trans-

portationFreightPort expendituresOther

Air passenger faresOther air transportation-

Freight. _ ___Port expenditures

Other _

Net payments

1966

2,922

200

1,7331,187

294252

55534147

294

93

2,608

10

1,833668

1,15411

307346112234

112

314

1967

2,993

195

1,6841,164

271249

635385

58327

94

2,790

8

1 843674

1,1627

363457126331

119

203

1968 r

3,257

190

1,8361,269

289278

695441

78363

95

2,946

7

1,902690

1,2066

405502127375

130

311

1969 r

3,560

215

1,8491,281

264304

865534127407

97

3,113

8

1 922644

1,26711

443607143464

133

447

1970

4 004

245

2,0741,386

312376

970618122496

97

3,659

3

2 255800

1,42431

550705187518

146

345

U.S. air carriers7 port expensesabroad, which are primarily associatedwith transportation of passengers, rose22 percent in 1970 to $500 million. Therise reflected the larger volume ofinternational passenger travel duringthe year.

Receipts

U.S. receipts from ocean transporta-tion last year were nearly $2.3 billion,17 percent higher than in 1969. Thetotal included $800 million earnedcarrying U.S. exports as well as freightbetween foreign countries, $1.4 billionin port expenditures here, and $34million from other sources, includingabout $3 million from ocean passengerfares. While trade tonnage carried onU.S. ships has changed little in recentyears, higher average freight ratesreceived by U.S. ship operators, oftenfor handling choice, high-value cargoes,yielded increased total freight receipts.Rising handling charges have beenboosting U.S. receipts from foreigncarriers' port expenditures here.

Foreigners paid almost $1.3 billionto the United States for air transporta-tion and related services in 1970.Earnings from passenger fares, includ-ing $175 million for fares of foreignersbetween foreign destinations, increasedabout 24 percent to a total of $550million. Foreign airliners' port expenses

CHART 13

U.S. Payments and Receipts forCarriers' Port Expenditures

Billion $

2.5

2.0

1.5

1.0

Receipts\

Payments

o l i i i i i I I i II960 62 64 66 68 70


in the United States, mostly connectedwith passenger traffic, rose 12 percentto $518 million. Air freight on U.S.exports and on shipments betweenforeign points earned $187 million forU.S. airlines in 1970, continuing thesteady uptrend in this service.

Other transportation earnings, repre-senting receipts from Canada andMexico for rail and pipeline transporta-tion and Great Lakes shipping, totaled$146 million in 1970.

(Continued from page 18)

T Revised.


On March 31, durable goods pro-ducers estimated their net inventoryexcess at $1.70 billion, compared to$1.81 billion at yearend and $1.88 bil-lion a year earlier. The proportion ofthe excess to total holdings fell from2.9 percent on March 31, 1970, to 2.6percent on March 31, 1971.

Nondurable goods producers' net ex-cess at the end of March was $430 mil-lion, compared with $500 million onDecember 31 and $600 million onMarch 31 last year. The net excess onMarch 31, 1971, equaled 1.3 percent ofall nondurable goods producers7 stocks,down from 1.8 percent a year earlier.


By DAVID T. DEVLIN

The U.S. Balance of Payments: Revised Presentation

"ATA on U.S. balance of paymentsdevelopments are presented in a newformat beginning with this issue of theSURVEY. Overall balance of paymentsflows are summarized in a new, analyt-ically oriented, table 1.

In an accounting sense, the creditsand debits resulting from transactionsbetween U.S. residents and foreignersnecessarily sum to zero, with the"errors and omissions" entry represent-ing the net difference between all knowncredits and all known debits. Thesetransactions are listed in detail in tables2 and 3 of the balance of paymentspresentation. Various balances, such asare presented in table 1, are computedby taking the net sum resulting fromcertain types of transactions (e.g., ex-ports and imports of goods for thebalance on merchandise trade). Thesign of the net sum may be positive (asurplus) or negative (a deficit).

The transactions summed to de-termine any particular balance aregenerally referred to as being "above theline" with respect to that balance; theremaining transactions, which of neces-sity sum to the same dollar amount asthe balance but with the opposite sign,are generally referred to as being "belowthe line." The focus of some balances,such as that on merchandise trade, ison the transactions above the line. Theprimary focus of other balances, suchas the official reserve transactions bal-ance, is on the transactions below theline, which are generally referred to asthe means of "financing" the balance.

The balances presented in table 1include: the balance on goods and services,which measures net exports of goods andservices from the United States and is acomponent of the U.S. gross nationalproduct; the balance on goods, services,

24

and remittances, which also takes intoaccount unilateral transfers other thanU.S. Government grants; the balanceon current account, which is the netexport of goods and services minus allunilateral transfers to foreigners andmeasures net foreign investment by theUnited States as calculated in the na-tional income and product accounts(although allocations of SDR also mustbe taken into account for a completecalculation).

A new overall measure is then given,the balance on current account and long-term capital. This is essentially the cur-rent account plus flows of U.S. andforeign private long-term capital (i.e.,changes in long-term assets of U.S.private residents and foreign privateresidents) and flows of U.S. and foreigngovernment capital other than changesin U.S. official reserve holdings andforeign official reserve holdings in theUnited States. (Changes in U.S. Gov-ernment foreign currencies and othershort-term assets, most of which areonly nominally short-term, are in-cluded.) This balance is intended as arough indicator of long-term trends inthe U.S. balance of payments.

The balance on current account andlong-term capital, plus flows of short-term nonliquid private capital, alloca-tions of SDR, and errors and omissionssum to the net liquidity balance. Thisbalance is also new. It is similar to theliquidity balance that has been used fora number of years, but differs from itin that changes in liquid claims and inliquid liabilities are treated symmetri-cally. Both are below the line in thecalculation of the net liquidity balanceand considered to be part of the financ-ing of that balance. Thus, an increasein U.S. liquid claims on foreigners, witha simultaneous increase in U.S. liquid

liabilities, does not affect the net li-quidity balance. In the calculation ofthe "gross" liquidity balance, however,changes in liquid claims are above theline and changes in liquid liabilities arebelow, so that a simultaneous increasein claims and liabilities increases thedeficit.

A second difference between the twobalances is the treatment of changes incertain nonliquid liabilities to foreignofficial agencies—the most significantgroup of what have customarily beencalled special financial transactions.Shifts of such official funds from theliquid to the nonliquid category have afavorable impact on the liquidity bal-ance ; however, this has been considereda distortion of the liquidity balancebecause such liabilities are close tobeing liquid. In the calculation of thenet liquidity balance, increases in suchnonliquid liabilities are below the lineand considered to be part of the financ-ing of that balance, and thus have nofavorable impact on the balance.

As a result of these two differences,the net liquidity balance better servesthe purpose that the liquidity balancewas intended to serve: It is a broadindicator of potential pressures on thedollar resulting from changes in ourliquidity position.

The net liquidity balance plus theflow of U.S. and foreign private liquidcapital sum to the official reserve trans-actions balance. The definition of thisbalance is unchanged: It is measured bychanges in U.S. official reserve assetsplus changes in liquid and nonliquidliabilities to foreign official agencies.The balance is intended to indicate thenet exchange market pressure (eitherfavorable or adverse) on the dollarduring the reporting period resultingfrom international transactions of the



United States. (Exchange market pres-sure, in this sense, reflects the net in-fluence of all transactions above theline for the official reserve transactionsbalance.) Of course, foreign centralbanks themselves may wish to increaseor decrease their dollar holdings, and tothat extent a deficit or surplus does notnecessarily indicate disequilibrium inthe U.S. position.

The summary balance of paymentspresentation in table 1 excludes certaingroups of transactions which result inoffsetting entries in the balance ofpayments accounts. The amounts ofsuch exclusions are given as memoran-dum items in the table. Transfers undermilitary grant programs are excludedboth from exports of goods and ser-vices and from unilateral transfers.Reinvested earnings of U.S. affiliatesincorporated abroad (and of foreignaffiliates incorporated in the UnitedStates) are excluded from the incomeaccounts and from the direct invest-ment capital accounts. (When quarterlydata on reinvested earnings are avail-able, both entries will probably beincluded in the body of table 1.)

Tables 2 and 3 in the new presenta-tion (roughly comparable to tables 1and 2 in the previous presentation)give more detailed figures on balance ofpayments transactions. These tablesare much less analytically orientedthan table 1. Goods and services aregrouped according to whether they areexports or imports, and capital flowsaccording to whether the asset isowned by U.S. residents (U.S. capital)or by foreign residents (foreign capital).There are a number of differences be-tween the lines in tables 2 and 3 andthe lines in the old tables 1 and 2,partly reflecting the need to maketables 2 and 3 fit neatly with the newtable 1 and partly to emphasize itemsof particular interest. Other tables inthe standard presentation have alsobeen revised to be compatible with thenew table 1. In addition, a new table(number 6) gives detailed data ondirect investments and security trans-actions that were previously not easilyavailable.

25

CHART 14

Balances on Major Transactions

Billion $

12

-16

Billion $

3

Goods and Services2

Goods, Services, and Remittances2

Merchandise Trade1

I I I I I I I

Current Account andLong-Term Capital

-8 -

-12 -

- -2

- -3

1960 70

Quarterly(Seasonally Adjusted)

1. Excludes exports under military grants and U.S. military agency salescontracts and imports of U.S. military agencies.

2. Excludes transfers under military grants.

3. Excludes allocations of SDR.




Problems in Presenting theBalance of Payments

This new presentation of the balanceof payments reflects the results of areview begun last year by the Inter-agency Committee on Balance of Pay-ments Statistics convened by the Officeof Management and Budget. There hadbeen growing dissatisfaction in Govern-ment, academic, and business circleswith the presentation and analysisfocusing on the liquidity balance and theofficial reserve transactions balance.

The "official" balance is a roughproxy for exchange market pressures onthe dollar. But the exchange market andthe balance are subject to large anderratic shifts as interest rates change,here and abroad, and as expectationsabout currency rates shift. Thus, al-though this balance might be the mostimportant indicator of changes in ourexternal position over the longer run,it is too volatile to be a quarterly indi-cator of underlying, more basic,developments.

The liquidity balance, reflectingchanges in U.S. reserves and in liquidliabilities to all foreigners, had servedfor a number of years as a rough indi-cator of underlying developments. How-ever, two developments reduced itsusefulness. For one thing, it was dis-torted by special financial transactionsand their reversal. The most importantgroup of these transactions shiftedfunds—mostly of foreign officialagencies—from liquid to nominally non-liquid categories, improving the re-corded liquidity balance but having noreal impact on the underlying liquidityposition. When such transactions werereversed in later years, the result wasa deterioration in the recorded liquiditybalance that was just as unreal.

A second development reducing theusefulness of the liquidity balanceoccurred in 1969. Tight monetarypolicy in the United States, combinedwith certain U.S. banking regulations,resulted in heavy Eurodollar borrowingby U.S. banks through their foreignbranches. This borrowing raised interestrates in the Eurodollar market which, inturn, attracted funds from the UnitedStates. Thus there were large out-

flows (mostly unrecorded) of U.S.funds to the Eurodollar market ac-companied by large inflows through thbforeign branches of U.S. banks. Theincrease in liquid liabilities to foreignersenlarged the liquidity deficit. How-ever, the increase in U.S. residents'liquid claims on foreigners which re-sulted from the flow of U.S. fundsto the Eurodollar market is not treatedas an offsetting item in the liquiditydeficit as defined. The problem ofdefinition was compounded by thefact that the outflows were largelyunrecorded.

While it was possible to do somethingabout most of these difficulties, itis clear that no single balance canadequately represent the underlyingbalance of payments position of theUnited States. It follows that equilib-rium in the external position of theUnited States cannot be equated withzero in any one of the possible balances,in either the short run or the long run.Rather, it appears that presentationof a spectrum of balances permits amore accurate description of the evolv-ing pressures on the dollar and ofdevelopments in the U.S. paymentsposition, and that, for analytical pur-poses, the trends in the balances areoften more significant than their levels(Because the reporting system for inter-national transactions has numerousdeficiencies and inadequacies, it isimpossible, in any case, for the balancesto measure in all respects the conceptsthey are intended to measure. Plansare being formulated to improve thedata.)

It is clear also, that a complete analy-sis of external developments shouldtake into account our investment posi-tion as well as balance of payment flows.The balance of payments records theflows of goods, services, transfers, andcapital during a given period; theinvestment position gives the net excessof external assets over liabilities at theend of the period, as well as the struc-ture of assets and liabilities by type.The investment position takes intoaccount not only flows of funds but alsoreinvested earnings and valuation

changes. Data on the investment posi-tion are now available only annuallybut OBE plans to develop quarterlydata; as soon as that is done, a quarterlyinvestment position will be presentedwith the quarterly balance of paymentsfigures.

Structure of the Balances

There are three groups of balances inthe new presentation: (1) the balancesconcerned with goods, services, and uni-lateral transfers; (2) the two centralbalances—the balance on current ac-count and long-term capital, and thenet liquidity balance; and (3) the officialreserve transactions balance.

Viewing the balances another way,the balances on goods, services, andtransfers and the balance on currentaccount and long-term capital focus onthe known above-the-line transactions.For instance, there is little analyticinterest in the group of items "financ-ing" the trade balance which includesservices, unilateral transfers, capitalflows, and errors and omissions. Onthe other hand, the net liquidity balanceand the official reserve transactionsbalance primarily focus on the knownbelow-the-line items which finance thesebalances. This distinction has becomemore important in recent years becauseof the sharp increase in the size of errorsand omissions. These unrecorded trans-actions are below the balance on currentaccount and long-term capital andabove the net liquidity balance. Thus,these two central balances, each focus-ing on known transactions, bracket theunknown transactions in errors andomissions.

Special financial transactions

The treatment of special financialtransactions in the new presentationwas subject to careful review. Changesin nonliquid liabilities to foreign officialagencies, the most important group ofspecial financial transactions in recentyears, are treated in the new presenta-tion as financing items for all balances.In the prior presentation, changes insuch nonliquid liabilities distorted theliquidity balance because the liabilitieswere close to being liquid.

Most of the rest of the specialfinancial transactions resulted in real


June 1971 SUEVEY OF CURRENT BUSINESS 27

changes in the liquidity of U.S. assetsor liabilities. In the new presentation,the net liquidity balance and theofficial reserve transactions balance areintended to show only actual changes inour liquidity position or in our reserveposition. No attempt is made to adjustthem to an underlying basis, i.e., toshow what they would have been ifthese other types of special financialtransactions had not taken place. Thus,nonscheduled payments of debt tothe United States (which were particu-larly large in the early 1960's) and anumber of other items that have beenconsidered special financial transactionsare permitted to have an effect on thenet liquidity balance and official reservetransactions balance because they didin fact change the liquidity position andreserve position intended to be measuredby those balances.

The only remaining problem was howto treat special financial transactionsother than changes in nonliquid liabili-ties to foreign official agencies in relationto the balance on current account andlong-term capital. A review of suchspecials indicated that some mightlegitimately be allowed to affect thisbalance. For others, such as non-scheduled repayments of U.S. Govern-ment credits and some nonliquid liabili-ties to foreign official nonreserveagencies, the situation is more equivocal.However, because of data inadequaciesand conceptual ambiguities, there isno systematic way of organizing theaccounts to exclude the influence ofsuch specials. While such negotiatedintergovernmental transactions areessentially long-term and in this senseproperly belong with the rest of thelong-term capital flows, they obscurethe "underlying" historic trend of thebalance. (See the accompanying article"The U.S. Balance of Payments: FirstQuarter" for further details.)

Balances on goods, services, andtransfers

The merchandise trade balance isintended to measure transactions ingoods with foreigners. However, it isbased on Census Bureau figures whichare collected essentially for Customspurposes and which may thereforediffer substantially in valuation, cover-

age, and timing from the figures neededfor balance of payments purposes.Adjustments in the Census figures aremade wherever possible (see table 4and explanatory notes). However, notall the necessary data are available andthe figures published here must there-fore be considered only the best avail-able estimates. The trade balancegiven in table 1 excludes goods exportedunder U.S. military agency sales con-tracts and goods imported in connectionwith direct defense expenditures. (Thesegoods are included in line 4, "militarytransactions, net.") In table 4, a tradebalance including military goods (aswell as balance of payments adjust-ments) is calculated based on militarygoods identified in Census figures.

One reason why such goods are ex-cluded from the trade balance in table 1is that it is not yet possible to dis-tinguish the military goods that mightbe included in the trade balance fromthe rest of the transactions reported inthe military lines in tables 1 and 2.Work is underway to get data in orderto be able to split the military lines intotwo parts: trade and other. It will thenbe possible to consider whether such asplit is desirable and whether the mer-chandise trade balance calculated intable 1 should exclude or include mili-tary goods.

It should be noted that the tradebalance is not intended to include allgoods. For instance, goods purchasedabroad by U.S. tourists and broughtback to the United States are con-sidered part of the "travel" account,not the trade account. Likewise, spend-ing by U.S. servicemen and militaryauthorities on goods and servicesabroad is included in direct defenseexpenditures, not in trade in eitherbalance of payments or Census fig-ures. Balance of payments figures, atthis time, essentially focus on goods thatphysically move into and out of theUnited States and their value at theU.S. border for exports or the foreignborder for impoits. Freight payments,to the extent that they are transactionsbetween domestic and foreign residents,are entered in the transportationaccounts.

The balance on goods and servicesis a measure of net exports to foreigners,

regardless of whether the goods andservices are paid for or are given away,and regardless of whether they arepaid for immediately or are financedby bank loans, by intercompany ac-counts between direct investor parentcompanies and their affiliates, or byU.S. Government grants, soft loans,or Export-Import Bank loans repay-able on commercial terms.

The net export figure is publishedas a component of the GNP. Transfersof goods and services under U.S.military grant programs are excludedfrom net exports; they are includedin GNP under U.S. Government pur-chases when the purchase is made.

The balance on goods, services, andremittances takes into account nettransfers of remittances and pensionsby U.S. private residents and U.S.Government pensions and similar trans-fers. This balance is often used as arough indicator of U.S. net receiptsavailable to offset Government aid andother capital flows. However, the sur-plus on this line is somewhat inflatedbecause it includes exports associatedwith U.S. Government economic grantseven though the grants themselves arenot included as debit entries above theline.

The balance on current account is netexports of goods and services minus netunilateral transfers abroad, includingU.S. Government economic grants; itis roughly equal to our net earnings ongoods and services transactions withother countries as it takes into accountthe amount of goods and services givenaway. The current account plus theallocation of SDR equals "net foreigninvestment" in the national income andproduct account, i.e., net lending of theUnited States to the rest of the world.Disregarding errors and omissions, thissum equals the increase in U.S. foreignassets net of the increase in liabilities toforeigners as recorded in the capital ac-counts of the balance of payments.

One difficulty with the current ac-count calculation is that the formaldistinction between U.S. Governmentgrants (above the line) and U.S.Government capital flows (below theline) does not always reflect a signifi-cant economic distinction. To the extentthat some of the capital flows—such as


28 SUKVEY OF CURRENT BUSINESS June 1971

very "soft" dollar loans and certainforeign currency loans—have many ofthe characteristics of grants, the grantsentry is understated and the surplus oncurrent account is overstated.

The central balancesBoth the balance on current account

and long-term capital and the netliquidity balance attempt to focus onunderlying, longer term trends in theexternal position of the United States.Neither is quite successful. Both areaffected not only by the limitations ofthe statistical reporting system butalso by the complications resultingfrom the dollar's role as an internationalcurrency. That role results in consider-able ambiguity as to what measure, ifany, and what level of the measure,would indicate fundamental long-termequilibrium in the external accounts ofthe United States. For instance, adeficit on the net liquidity balance doesnot necessarily imply disequilibrium inthe external position, for a net buildupin liquid dollar holdings by privateforeigners may simply reflect the use ofthe dollar as an international mediumof exchange. There was some questionas to whether either balance should becalculated because of the difficultiesinvolved. Nevertheless, given the needfor indicators of underlying trends, itappears that the two balances in com-bination, particularly when they movetogether, are the best available, al-though neither is of a theoretical orstatistical quality sufficient to carry theweight of being the balance of pay-ments, nor is there a presumption thateither should be zero.

One of the major problems of thesebalances is that errors and omissions, anet negative item, has become quitelarge in recent years. It does not affectthe size of the balance on currentaccount and long-term capital, but itdoes affect the net liquidity balance inthe sense that it is above the line in thecalculation of that balance. However,some of the unrecorded transactions areexports or imports of goods and serv-ices, or movements of long-term capital,and should thus affect the balance oncurrent account and long-term capital.On the other hand, large outflows ofU.S. funds to the Eurodollar market,which increase U.S. liquid claims on

foreigners, have contributed to the sizeof the errors and omissions outflow. Ifsuch increases in claims could be iden-tified, the deficit in the net liquiditybalance would be smaller.

The balance on current account andlong-term capital suffers from a numberof other deficiencies. Under the currentreporting system the distinction be-tween short-term and long-term capitalis based on the initial maturity of thesecurity or investment involved: a flowis long-term when the initial maturityis more than one year. No data areavailable on the actual maturity ofsecurities at the time when interna-tional transactions occur nor on theremaining time to maturity of outstand-ing holdings. Thus, if a foreigner investsin a corporate bond that had an initialmaturity of 20 years but only 6 monthsto maturity when the purchase is made,it nevertheless counts as a long-termcapital flow. Likewise, if a bond isbought when it has a number of yearsto maturity, no adjustment (to short-term and long-term flows) is made whenits maturity becomes less than a year.In addition, although all direct invest-ment transactions are considered long-term, many movements in intercom-pany accounts included in directinvestment are, in fact, short-termand volatile.

Besides such problems of definition,U.S. stocks held by foreigners—con-sidered a long-term item—are easilymarketable and transactions in stockscan behave very much like short-termflows.

Another qualification in interpretingthis balance as an indicator of longerterm trends is related to the inclusionabove the line of some of the itemsclassified as special financial trans-actions, as discussed earlier.

The net liquidity balance is subject toa number of deficiencies related todifficulties in distinguishing liquid fromnonliquid liabilities and claims. Ideally,liquid liabilities and claims should in-clude only those that can be easilyconverted into cash without significantrisk of a loss in value. In practice, allshort-term liabilities to private foreign-ers reported by U.S. banks are con-sidered to be liquid, and therefore belowthe line, even though some of them arevery probably nonliquid. The bank-

reported liabilities include not only theliabilities of the banks themselves butalso the custody liabilities reported fortheircustomers. The latter are probablynonliquid in good part. A separation ofthese two types of liabilities is beingconsidered but is not feasible with thedata now available. Furthermore, notall of the banks7 own liabilities can beconsidered liquid, particularly sincesome of them are compensating balancesheld in connection with loans toforeigners. All short-term liabilitiesreported by nonbanking concerns areconsidered nonliquid.

The figures given for liquid claimsare also more of an approximation thanis desirable. Short-term bank reportedclaims denominated in dollars areconsidered nonliquid if they are loans,acceptances, or collections; other dollarclaims are considered liquid. If theshort-term claims are in foreign cur-rencies, they are considered liquid ifthey are deposits abroad or investmentsin foreign government obligations orcommercial or finance paper; otherforeign currency claims are considerednonliquid. More data are clearly neededto refine these distinctions. The estimateof liquid claims of nonbanking concernsincludes short-term claims in dollarsand foreign currencies identified as ondeposit abroad or invested in otherfinancial instruments by major corpo-rations. However, as noted earlier, it isbelieved that large increases in liquidEurodollar deposits by nonbankingconcerns were unrecorded in recentyears.The official reserve transactionsbalance

This balance is roughly adequate asan indicator of immediate exchangemarket pressure on the dollar duringthe reporting period resulting fromtransactions with the United States.It is measured by changes in U.S.reserves and changes in U.S. liquidand nonliquid liabilities to foreignofficial agencies. However, banks reportliabilities to foreign official agencieswithout distinguishing between lia-bilities to official reserve agencies,such as central banks, and to otherofficial foreigners, such as defenseagencies. To measure exchange marketpressures, one ideally wants onlychanges in liabilities to reserve agencies.Digitized for FRASER



(It is possible to make this distinctionin the data on nonliquid U.S. Govern-ment liabilities, and only Governmentliabilities to reserve agencies are con-sidered to be financing of the officialreserve transactions balance.)

The "official" balance is subject todistortions in certain cases where thereare shifts of foreign official fundsbetween direct holdings at banks inthe United States and Eurodollardeposits. For instance, if official fundsare moved from a U.S. bank to a foreignbranch of the U.S. bank and the branchredeposits the funds at the U.S.parent, recorded U.S. liabilities toforeign official agencies decline andliabilities to private foreigners (thebranch) increase. Such shifts have afavorable effect on the recorded officialreserve transactions balance (at leasttemporarily), but in fact imply nostrengthening of the dollar in the ex-change market nor any loss of dollarsby foreign central banks. Informationabout such shifts is very fragmentary.

On the other hand, the officialreserve transactions balance is notand should not be affected by certainother types of Eurodollar transactions.The balance is not intended to measureall changes in dollar holdings of foreigncentral banks, only those reflectingtransactions with U.S. residents. Con-sider the following series of transactions.Funds of one central bank are shiftedfrom a U.S. bank to a bank in theEurodollar market, are then borrowedfrom the Eurobank by a privateforeigner and converted into a foreigncurrency with a second centra] bankreceiving the dollars and placing themback in a U.S. bank. As a result, U.S.bank reports of liabilities to officialforeigners would show a decrease inliabilities to the first central bank andan increase in liabilities to the secondcentral bank. The official reserve trans-actions balance would correctly showno change, even though the first centralbank would show no decline in itsdollar holdings and the second wouldshow an increase; there would be nodeterioration in the U.S. position, be-cause the dollar liability to the firstcentral bank would be a dollar liabilityof the foreign Eurodollar bank, not ofthe United States. However, the crea-tion of dollar liabilities by the Euro-

dollar market in this fashion couldincrease the pressure on the dollar inthe foreign exchange market, eventhough the official reserve transactionsbalance would properly show no change.The emergence of an independent, ex-tra ten itorial market in dollars clearlycomplicates the relation between thebalance of payments of the UnitedStates and exchange market pressureson the dollar.

Recent Developments in theBalances

Table 1 gives the magnitude of thevarious balances and the flows relatingthem. In 1970, for instance, the balanceon goods and services was in surplusby $3.6 billion, reflecting a moderatesurplus on trade, large net receipts oninvestment and a small surplus onmiscellaneous services, partly offset bydeficits on military transactions and ontravel and transportation. Taking intoaccount the outflow on remittances,pensions, and other transfers produceda surplus on goods, services, and remit-tances of $2.2 billion. Counting inU.S. Government grants (excludingmilitary) produced a current accountsurplus of only $0.4 billion.

Large net outflows of governmentcapital and long-term private capitaloverwhelmed this small surplus, withthe result that the balance on currentaccount and long-term capital showed adeficit of $3.0 billion. Outflows of non-liquid short-term private capital and alarge negative errors and omissions wereonly partly offset by the $0.9 billionallocation of SDR. Thus, the netliquidity balance was in deficit by $3.9billion, significantly more than thedeficit on current account and long-term capital. Taking into account alsothe $5.9 billion outflow of liquid pri-vate capital, the official reserve trans-actions balance was in deficit by $9.8billion. This deficit was largely financedby an increase in liquid liabilities toto foreign official agencies and a declinein U.S. official holdings of convertiblecurrencies.

Chart 14 shows the course of thevarious balances since 1960. The cur-rent account, after reaching a peaksurplus in 1964, deteriorated through1969, and showed only a small recoveryin 1970. Changes in the trade balances

were the major influence on movementsin the current account. The balance oncurrent account and long-term capital,which was near zero in 1964, showed asimilar deterioration through 1967,when it reached a deficit of $3.2 billion.However, it temporarily recovered in1968 when there was a sharp improve-ment in long-term private capital flowsreflecting large purchases of U.S. stocksand the impact of a number of programscontrolling capital flows. But as long-term capital flows again deteriorated,the deficit increased to almost $3.0billion in 1969 and remained at thatlevel in 1970.

The net liquidity balance has showna large deficit in most years since 1960.Through 1966, the deficit was usuallybelow $3.0 billion but in 1967 it reached$4.7 billion, reflecting the deteriorationin the balance on current accountand long-term capital and adverseshifts in errors and omissions and short-term nonliquid capital flows. In 1968 ittemporarily recovered along with thebalance on current account and long-term capital. In 1969, it showed anabnormally large $6.1 billion deficit;this partly reflected the parallel de-terioration in the balance on currentand long-term capital, but was alsorelated to the sharp increase inunrecorded outflows of funds to theEurodollar market. (If data were avail-able on the resulting change in Euro-dollar claims this deficit would probablybe reduced to more normal levels.) In1970, when unrecorded flows returnedto more normal levels, the deficitshrank to $3.8 billion.

The official reserve transactionsbalance has been even more volatilethan the net liquidity balance, since it isaffected by (recorded) liquid privatecapital flows, while the other balancesare not. In 1967 it showed a sharper de-terioration than the other balances asinflows of private liquid funds fellsharply when U.S. monetary policyeased. But in 1968, as monetary policytightened, there was a very largeinflow of private liquid funds and thebalance improved b}^ about $5 billionto a surplus of $1.6 billion. The surplusrose to $2.7 billion in 1969 as monetaryconditions tightened further, but thenshifted to a deficit of $9.8 billion in 1970when U.S. monetary conditions eased.Digitized for FRASER



Table 1.—U.S. Balance

[Seasonally adjusted,

Line

123

45

67

89

10

11

12

IS

14

15

16

1718

19202122232425

26

27282930

3132

33

3435363738394041

42

43

44

45

4647484950

51

52

53

54

555657585960

(Credits +; debits -)

A4 erchandise trade balance 1Exports -- - - - - -Imports

Military transactions net - _ . . , .Travel and transportation net - - . -

Investment income net2

TJ S direct investments abroad

Other U.S. investments abroadForeign investments in the United States -

Other services, net - - ---

Balance on goods and services 3 . . . . .

Remittances, pensions and other transfers - . .

Balance on goods services and remittances - - -

U.S. Government grants (excluding military)

Balance on current account ^ - - - -

U.S. Government capita! flows excluding nonscheduled repay-ments, net. 5

Nonscheduled repayments of U.S. Government assetsU.S. Government nonliquid liabilities to other than foreign

official reserve agencies.Long-term private capital flows net

U S direct investments abroadForeign direct investments in the United StatesForeign securitiesU.S. securities other than Treasury issuesOther, reported by U.S. banksOther reported by U S nonbanking concerns . . .

Balance on current account and long-term capital "

NonliQuid short-term private capital flows netClaims reported by U S. banks - - -Claims reported by U.S. nonbanking concernsLiabilities reported by U.S. nonbanking concerns

Allocations of special drawing rights (SDR) *Errors and omissions net - -

Net liquidity balance

Liquid private capital flows net - - - -Liquid claims

Reported by U S. banks - -Reported by U.S. nonbanking concerns

Liquid liabilitiesTo foreign commercial banksTo international and regional organizationsTo other foreigners

Official reserve transactions balance

Financed by changes in:Nonliquid liabilities to foreign official reserve agencies reported

by U.S. Government.Nonliquid liabilities to foreign official agencies reported by

U.S. banks.Liquid liabilities to foreign official agencies -

U.S. official reserve assets, netGold . . . .SDRConvertible currencies - . . .Gold tranche position in IMF - -

Memoranda :

Transfers under military grant programs, (excluded from lines2, 4, and 14.

Reinvested earnings of foreign incorporated affiliates of U.S.firms (excluded from lines 7 and 20)

Reinvested earnings of U.S. incorporated affiliates of foreignfirms (excluded from lines 9 and 21) . .

LIQUIDITY BALANCE, excluding allocations of SDR

Not seasonally adjusted

Balance on goods and servicesBalance on goods services and remittancesBalance on current accountBalance on current account and long-term capital **Net liquidity balanceOfficial reserve transactions balance

Reference lines t

Old(table 1)

315

4,166,7,17,

18.

8,11,9p.

12,13---.21,22..--

9p, 10,19p,20.

27,30....

29

42, 43, 44.

4557p, 58p.

335234,35,36.5337,54p...39 55

38p40p56

6263

38p40p59p, 60p.

57p, 58p-

54p

59p, 60p.

4647484950

56, 57, 58,63.

New(table 2)

2 .16

3,17 -4, 5, 6,

18, 19,20.

10,11--..

12,13.-.-24,25,26,

27.

7,8,9,21,22, 23.

31,32.-..

30

34,35,36.

3755

3948404941,52....44, 50 '.

424551

63 - -64 . .

434656

54

53

57

5859606162

1960

4,90619,650

-14,744

-2,752-964

2,8412,945

994-1, 098

96

4,126

-628

3,498

-1, 664

1,834

-1,158

54215

-2, 100-1,674

141-663

282-147-39

-1,1556 -1,384

6-9306-363

-91

-1,116

e-3,665

62526— 5£6-65

6 9308

-140335

-167

-3,403

1,258

2,1451,703

442

1,765

1,266

174

-3, 711

1961

5,58820, 107

-14,519

-2, 596-978

3,5543,430

1,174-1,050

46

5,615

-659

4,956

-1,853

3,102

-1,621

69525

-2, 181-1, 598

73-762

324-141-77

20

6-1,177e-9826-371

176

-1, 070

6-2,2296880

6-2036-143

6-601,083

58640790

-1,348

742

606857

-116-135

1,465

1,054

238

-2, 432

1962

4,56120, 779

-16,218

-2,449-1, 155

4,0523,844

1,375-1, 167

140

5,150

-712

4,438

-1, 919

2,519

-1, 775

680203

-2,607-1,654

132-969

134-121-129

-979

6-6386-3396-187-112

-1,230

6-2,845

61956-20

6156-35

215-138

212141

-2,650

199

918

1,533890

17626

1,539

1,198

214

-2, 666

1963

5,24122, 252

-17,011

-2, 304-1,312

4,1534,019

1,520-1,388

208

5,987

-825

5,162

-1,917

3,245

-1,987

326511

-3,357-1,976

-5-1,105

282-702

149

-1,262

e-8266-809

6 6-23

-485

6-2,571

66376 17628

6-11

620470

-235385

-1,934

-125

9

1,673

377461

-11329

1,562

1,507

236

-2, 670

1964

6,83125,478

-18, 647

-2, 133-1, 149

4,8754,687

1,712-1,524

174

8,600

-866

7,734

-1, 888

5,846

-1, 800

123328

-4,470-2,328

-5-677-84

-853-523

28

-1,691-1,333

-471113

-1, 080

-2,745

1,211-343-191-1521,5541,454-243

343

-1,534

139

149

1,075

171125

-220266

1,340

1,431

327

-2,800

1965

4,94226, 438

-21, 496

-2, 122-1,319

5,2945,162

1,930— 1, 798

333

7,130

-1, 028

6,102

-1,808

4,295

-1,819

22166

-4, 577-3, 468

57-759-357

9-59

-1,814

-171-200-120

149

-507

-2, 493

1,2041,073

525548131116

-291306

-1,289

123

-38

-18

1,2221,665

-349-94

1,628

1,542

358

-1,335

1966

3,92729,390

-25, 463

-2, 935-1, 382

5,3755,374

2,207-2,206

315

5,300

-980

4,320

-1,910

2,410

-1,963

42965

-2, 555-3,661

86-482

90952568

-1,614

-102-220-178

296

-431

-2, 148

2,367-17136

-1532,3842,697-525

212

219

15

793

-1, 595

568571

-540537

1,002

1,739

339

-1,357

1967

3,85930,680

-26,821

-3, 138-1, 752

5,8885,956

2,355-2,423

365

5,220

-1,278

3,942

-1,802

2,139

-2, 428

6— 2

-2, 912-3, 137

258-1,266

1,016413

-196

-3, 196

-505-645-359

499

-985

-4,685

1,267-205

OK

-1201,4721,272-214

414

-3,418

452

894

2,020

521,170

-1, 024-94

905

1,598

440

-3,544

1968

62433, 588

-32, 964

-3, 140-1, 558

6,2206,519

2,714-3, 013

344

2,489

-1,168

1,321

-1, 707

-386

-2, 538

269107

1,198-3,209

319-1,226

4,389430495

-1,349

231-44

-484759

-493

-1,610

3,251-559-61

-4983,8103,387

48375

1,641

1,806

534

-3, 101

-8801,173

-1, 183-870

804

2,175

488

172

1969

66036, 490

-35, 830

-3,341-1, 780

5,9757,340

3,199-4, 564

497

2,011

-1,266

745

-1, 644

-899

-2, 106

-87263

-50-3,254

832-1,494

3,112477277

-2,879

-602-658-35

91

-2,603

-6,084

8,786124

-209333

8,6629,166-63

-441

2,702

-162

-836

-517

-1, 187-967

814-1,034

756

2,532

431

-6, 958

j

1970

2,11041, 980

-39, 870

-3, 371-1, 979

6,2427,906

3,503-5, 167

588

3,592

-1, 410

2,182

-1, 739

444

-1,837

244-436

-1,453-4, 445

969-9422,190

199576

-3, 038

-548-1,015

-363830

867-1, 132

-3,852

-5, 969273

-119392

-6,242-6, 507

17986

-9,821

535

-810

7,619

2,477787

-8512,152

389

613

n.a.

n.a.

-4, 721

p. Part of line. n.e.s. Not elsewhere shown. n.a. not available. t Old table 1refers to table published in balance of payments article in the March 1971 Survey. *Lessthan $500,000 (±). * Preliminary.

1. Adjusted to balance of payments basis; excludes exports under U.S. military agency

sales contracts and imports of U.S. military agencies.2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct

investments in the United States.



of Payments Summary

millions of dollars]

I

1,1967,223

-6,027

-681-339

1,3101,284

524-498

77

1,563

-234

1,329

-588

741

-317

3-100

-709-728

52-35717313912

-382

-69-42-6639

-275

-727

281268

-66279208-38109

-446

32

48

-58

42468

222134

264

n.a.

n.a.

-645

1,7351,516898

-116-73340

19

II

1,0267,191

-6, 165

-711-365

1,3681,339

544-515

83

1,401

-233

1,168

-484

684

-509

722

-317-934

38-60520158-39

-113

-3-13-5666

-244

-361

217623725155444

-35566

-144

-19

282

-187

68209

-16322

263

n.a.

n.a.

-36

1,5331,288758

-317-410-392

66

III

8187,413

-6, 595

-772-346

1,3191,343

558-582

75

1,094

-277

817

-419

398

-566

22681

-787-917-113-1110711433

-648

71-30-33134

156

-420

988-947

-56997930-2491

568

16

88

-754

82173

-426335

264

n.a.

n.a.

-325

243-40-416

-1,252-866403

IV

8877,563

-6, 676

-771-331

1,3771,407

581-611

81

1,243

-236

1,007

-419

588

-571

19262

-741-1,082

110-5410911462

-470

-101-135-2357

-67

-639

880-73-16-57953

1,115-108-54

241

-14

375

-596

-6121

-17346

211

n.a.

n.a.

-351

1,7891,5561,170

71-798-132

I

1, 0327,693

-6, 661

-756-364

1, 3651,386

580-601

98

1,375

-266

1,109

-455

654

-642

(*)60

-492-707

64-25913322057

-420

-133-131-9694

-339

-892

-88114

-4155

-895-939-3680

-1,773

19

304

423

1,02751

1,007-31

322

n.a.

n.a.

-555

1,5411,290805

-464-525

-1,279

19

II

1,2547,719

-6,465

-746-496

1,3501,369

581-600

99

1,461

-387

1,074

-462

612

-539

(*)157

-345-518

70-237329199

-188

-115

-196-315

2990

-681

-993

3201255372195261-7812

-673

-13

596

509

-41915

-424-10

193

n.a.

n.a.

-285

1,6081,208698-61-824-710

57

III

1,1277,669

-6, 542

-866-516

1,5621,566

585-589

90

1,397

-355

1,042

-489

553

-561

6—8

-829-947

12-409520-2217

-839

-132-202-113183

14

-958

1,024-75-122

471,0991,059-5595

66

323

-196

182

-37592

-462-5

200

n.a.

n.a.

-906

502141

-305-1, 459-1,368-20

IV

4467,599

-7, 153

-771-376

1,6091,635

609-635

79

987

-270

717

-397

320

-683

(*)—211

-1,245-964112

-3613416

-82

-1,819

-433

-178132

21

-1,841

803-270

25-2951,073891-45227

-1,038

123

190

906

-1811,012

-1,145-48

190

n.a.

n.a.

-1, 798

1,5691,302941

-1,212-1, 968-1,409

I

1267,947

-7, 821

-801-393

1,4301,458

668-696

111

473

-279

194

-362

-168

-748

42—18

635-456251

-34783980268

-257

-46-63-106123

-321

-624

461-7789

-166538455794

-163

240

116

-1,097

9041,362

-401-57

215

n.a.

n.a.

-345

757495102,

-316-497

92

If

II

2518,385

-8, 134

-768-364

1,6291,690

683-744

104

852

-276

576

-422

154

-632

3169

401-843

5-1051,122

74148

95

361270

-162253

-551

-98

1,985-331

43-3742,3162,299-86103

1,887

619

150

-2, 519

-13722

267-426

178

n.a.

n.a.

340

1,070781311-57-2061,550

)68

III

3108,878

-8, 568

-754-433

1,6231,676

722-775

102

848

-323

525

-435

90

-625

55

47-1,033

23-2591,11515348

-433

-258-297-103142

332

-357

684-108-61-477927291944

327

399

131

-286

-571-74

-474-23

247

n.a.

n.a.

65

-256-584-975

-1, 554-966

72

IV

-638,378

-8, 441

-816-368

1,5391,696

643-800

25

317

-291

26

-488

-462

-532

169—44

116-876

41-5151,31212331

-754

17446

-113241

47

-531

121-43-132

89164-9636224

-410

548

137

801

-1,076-137

-575-364

164

n.a.

n.a.

Ill

91862917657960

-72

I

-797,510

-7,589

-791-459

1,5421,728

743-929

125

338

-286

52

-344

-292

-455

44—68

624-926246

-3651,388127154

-147

6-5776

—13

-1,092

-1,234

2,571-273-141-1322,8442,954-88-22

1,337

81

-43

-1,327

-4856

-73-31

178

n.a.

n.a.

-1, 469

7244558215

-1,0171,712

19

II

-769,490

-9,566

-858-410

1,5071,805

780-1,078

133

296

-318

-22

-521

-543

-664

3489

-935-999164

-49936540-6

-2,019

-372-350-8765

-628

-3,019

4,678107-37144

4,5714,634

82-145

1,659

-180

-195

-985

-299-317

246-228

188

n.a.

n.a.

-3,287

514183

-386-2,202-3, 4921,204

39

III

3249,602

-9,278

-779-437

1,4741,893

823-1,242

126

708

-322

386

-371

15

-537

-154— 13

-381-899152

-506396259217

-1,070

-210-228-1028

-717

-1,996

1,317145-28173

1,1721,306

9-143

-679

-125

-390

1,880

-686-11

-442-233

182

n.a.

n.a.

-2,366

-505-835

-1, 161-2,364-2,630-1,041

IV

4919,888

-9, 397

-915-473

1,4521,913

854-1,315

114

669

-341

328

-408

-80

-450

-11256

641-430270

-12596351

-88

356

-27-23-1511

-166

163

221146— 514975272-66-131

384

63

-208

-85

-154-695

1,083-542

208

n.a.

n.a.

164

1.279941567

1,6721,056827

I

51310, 241-9, 728

-908-448

1,5772,039

886-1,348

147

881

-338

543

-418

125

-511

88-30

-969-1,358

486-21030431

-222

-1,297

-107-162-108163

217-62

-1,250

-1,615257140117

-1,872-1,863

142-151

-2,865

-266

-154

3,021

264-44-270831

-253

137

n.a.

n.a.

-1,630

1,234913465

-1,310-505

-1,965

19

II

75110, 582-9, 831

-808-500

1,4691,905

886-1,322

133

1,045

-362

683

-391

292

-480

114—224

-272-1,257

1059337468345

-570

-164-268-47151

217-430

-945

-457-81-127

46-376-441-124189

-1,402

735

-235

97

80514

-254818227

191

n.a.

n.a.

-743

1,300925487

-899-1, 783-2,069

70

III

70410, 696-9, 992

-884-553

1,5711,973

882-1,284

157

995

-359

636

-444

192

-396

^82

-220-897218

-48872044183

-340

-121-189-56124

217-433

-679

-1,398-15-5338

-1,383-1,315

82-150

-2,077

-12

-233

1,738

584395

-25134406

116

n.a.

n.a.

-1, 156

-291-657

-1,050-1, 535-1, 456-2, 612

IV

14210, 461

-10,319

-770-478

1,6261,988

851-1,213

150

670

-351

319

-485

-166

-450

40—263

-934160

-33779256270

-832

-156-396-152392

216-207

-977

-2, 499112-79191

-2, 611-2, 888-79198

-3,476

77

-188

2,763

824422-76469

c

169

n.a.

n.a.

-1, 192

1,3491,002552706

-107-3, 174

1971

IP

27211, 032

-10,760

-677-484

1,7271,984

861-1,118

213

1,051

-351

700

-432

268

-603

4— 8£

-997-1,357

50-362628

-114158

-1,416

-100-85-15

180-1,268

-2,604

-2,919-232-72-160

-2, 687-3, 025

26870

-5,523

-8

-216

5,065

682109-55373255

191

n.a.

n.a.

-3,240

1,4191,085624

-1,356-1,921-4, 686

Change:1970 IV-19711

130571

-441

93-6

101-4

1095

63

381

381

53

434

-153

-36175

-1,004-423-110-25-164-170-112

-584

56311137

-392

-36-1,061

-1,627

-420-344

7-351-76-137189

-128

-2,047

-85

-28

2,302

-142-313

21-96246

22

n.a.

n.a.

-2, 048

708372

-2,072-1, 814-1, 512

Line

123

45

67

89

10

11

12

13

14

15

16

1718

19202122232425

26

27282930

3132

33

3435363738394041

42

43

44

45

4647484950

51

52

53

54

555657585960

3. Equal to net exports of goods and services in national income and product accounts ofthe United States.

4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national incomeand product accounts of the United States.

5. Includes some short-term U.S. Government assets.6. Coverage of liquid banking claims for 1960-63 and of liquid nonbanking claims for 1960-62

is limited to foreign currency deposits only; other liquid items are not available separatelyand are included with nonliquid claims.

NOTE.—Details may not add to totals because of rounding.Source: U.S. Department of Commerce, Office of Business Economics.Digitized for FRASER



Table 2.—U.S. International

[Millions

Line

1

234567g9

1011

1213

14

15

1617181920212223

2425

2627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

50515253

5455

5657

58

59606162

63

64

(Credits +; debits-)

Exports of goods and services 2

Merchandise, adjusted, excluding military 3 ..Transfers under U.S. military agency sales contractsTravel. . . .Passenger fares - - . - ... .Other transportationFees and royalties from unafflliated foreignersOther private servicesU.S. Government miscellaneous services - -

Receipts of income on U.S. investments abroad:Direct investment fees and royaltiesDirect investment interest, dividends and branch earn-

ings 4

Other private assets . - - . . . -U.S. Government assets . - .

Transfers of goods and services under U.S. military grantprograms, net

Imports of goods and services .

Merchandise, adjusted, excluding military 3

Direct defense expendituresTravelPassenger faresOther transportationFees and royalties to unaffiliated foreignersPrivate payments for other services .. .U.S. Government payments for miscellaneous services

Payments of income on foreign investments in the UnitedStates:

Direct investment fees and royaltiesDirect investment interest, dividends and branch earn-

ings 4

Other private liabilities .U.S. Government liabilities

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

Unilateral transfers (excluding military grants) , net

U.S. Government grants (excluding military) ...U.S. Government pensions and other transfersPrivate remittances and other transfers

U.S. Government capital flows, net

Loans and other long-term assets. .Foreign currencies and other short-term assets

Repayments on credits:Scheduled..Nonscheduled 5. -.

U.S. private capital flows, net

Direct investments abroad 4 _. . . .Foreign securities . .. ...

Claims reported by U.S. banks:Long-termShort-term, nonliquidShort-term, liquid. ..

Claims reported by U.S. nonbanking concerns:Long-termShort-term, nonliquid-.Short-term, liquid

Foreign capital flows, net

Direct investments in the United States 4

U.S. securities other than Treasury issues

Other U.S. nonliquid liabilities to private foreigners:Long-term, reported by U.S. nonbanking concernsShort-term, reported by U.S. nonbanking concerns. ..Long-term, reported by U.S. banks

Long-term liabilities to foreign official agencies reported byU.S. banks

Nonliquid liabilities reported by U.S. Government:To foreign official reserve agenciesTo other official and private foreigners

U.S. liquid liabilities:To private foreigners __To foreign official agencies

Transactions in U.S. official reserve assets, net

Gold...SDR_—Convertible currenciesGold tranche position in IMF

Allocations of special drawing rights (SDR)

Errors and omissions, net

1960

27, 490

19, 650335919175

1,607247466153

590

2,355646348

1,765

-23,364

-14,744-3, 087-1,750

-513-1,402

-40-417-313

-35

-220-511-332

-1,765

-2,292

-1,664-214-414

-1,104

-1,213-528

58354

-3,878

-1,674-663

-1536-9306-65

-406-363

6 9

2,120

141282

1-91

6

215

3081,258

2,145

1,703

442

-1,116

1961

28,772

20, 107402947183

1 620244500164

662

2,768793381

1,465

-23, 157

-14,519-2, 998—1, 785

-506-1,437

-46-410-406

-43

-194-535-278

-1,465

-2,513

-1,853-235-424

-926

-1,939-261

579695

-4, 180

-1,598-762

-1366-9826-143

-1276-3716-60

2,467

73324

50176-5

25

1,083742

606

857

—116-135

-1,070

1962

30, 507

20, 779656957191

1,764256491195

800

3,044904471

1,539

-25,357

-16,218-3, 105-1,939

-570-1, 558

-44-360-398

—57

-185-586-339

-1,539

-2,631

-1,919-245-467

-1,094

-2,129-245

599680

-3,426

-1,654-969

-1266-339

615

-1326-1876-35

1,697

132134

3-112

5

199203

215918

1,533

890

17626

-1,230

1963

32, 603

22, 252657

1,015205

1,898273529236

890

3,1291,022

498

1,562

-26,616

-17,011-2, 961-2, 114

-615-1,701

-51-332-447

-61

-223-701-401

-1,562

-2, 742

-1,917-262-563

-1,661

-2,201-447

661326

-4, 459

-1,976-1,105

-7556-809

628

1626

-11

2,983

-5282

-13-23

53

9

-125511

6201,673

377

461

-11329

-485

1964

37,281

25, 478747

1,207241

2,076301567265

1,013

3,6741,256

456

1,340

-28,681

-18, 647-2, 880-2,211

-645-1,817

-60-364-535

-67

-202-802-453

-1,340

-2,754

-1,888-279-587

-1,676

-2,375-19

594123

-6,578

-2,328-677

-941-1,333

-191

-485-471-152

3,317

-5-84

-3811388

149

139328

1,5541,075

171

125

-220266

-1,080

1965

39, 407

26, 438830

1,380271

2,143335633285

1,199

3,9631,421

509

1,628

-32,277

-21,496-2, 952-2, 438

-720-1,955

-67-303-550

-68

-299-942-489

-1,628

-2,835

-1,808-369-659

-1,598

-2,454-16

651221

-3, 794

-3, 468-759

-232-200

525

-88-120

548

383

57-357

29149241

-38

12366

131-18

1,222

1,665

—349-94

-507

1966

43, 378

29, 390829

1,590317

2,290353702326

1,329

4,0451,614

593

1,002

-38,078

-25,463-3, 764—2, 657

-755-2, 167

-76-348-642

-64

-372-1,221

-549

-1,002

-2,890

-1,910-367-613

-1,534

-2, 501-265

803429

-4, 333

-3, 661-482

337-220

136

-112-178-153

3,320

86909

180296188

793

1565

2,384-1,595

568

571

-540537

-431

1967

46,227

30, 6801,2401,646

3712,419

407818335

1,438

4,5181,717

638

905

-41,007

-26, 821-4, 378-3, 195

-830-2, 163

-105-403-687

-62

-381-1,382

-598

-905

-3,081

-1,802-441-837

-2,421

-3, 634209

9976

-5, 638

-3, 137-1,266

255-645-85

-281-359-120

6,852

2581,016

85499158

894

452-2

1,4722,020

52

1,170

-1,024-94

-985

1968

50 623

33 5881 3951,775

4112 535

461872353

1 546

4,9731,949

765

804

-48, 134

-32, 964-4, 535-3, 022

-885-2, 372

-107-477-758

-80

-388-1,843

-702

-804

-2,875

-1,707-406-762

-2, 268

-3, 71462

1,114269

-5, 383

-3, 209-1,226

358-44-61

-220-484-498

9,411

3194,389

71575972

534

1,806107

3,810-3, 101

-880

1,173

-1,183-870

-493

1969

55 600

36 4901 5152 058

4502 662

523985378

1 682

5,6582,267

932

756

-53, 589

-35, 830-4, 856-3, 390-1,080-2, 480

-120-554-715

-101

-417-3, 269

-777

-756

-2,910

-1,644-406-860

-2, 193

-3, 47789

1,282-87

-5,424

-3, 254-1,494

317-658-209

-424-35333

12,306

8323,112

70191

160

-836

-162263

8,662-517

-1,187

-967

814-1,034

-2,603

1970

62 903

41 9801 4802 319

5533 106'eoo

1 069387

1 880

6 0262 597

906

613

-59 311

-39, 870—4 851-3 953-1 215-2 789

-119-620-729

—111

-441-3, 591-1,024

-613

-3, 148

-1,739-462-948

-1,593

-3,285-27

1,475244

-6,886

-4, 445-942

183-1,015

-119

-577-363

392

5,824

9692,190

1,153830

16

-810

535-436

-6,2427,619

2,477

787-8512,152

389

867

-1,132

" Preliminary. *Less than $500,000. (±)i.1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows

(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.official reserve assets.

Debits, —: Imports of goods and services; unilateral transfers to foreigners; capitaloutflows (decrease in U.S. liabilities or increase in U.S. assets) increase inU.S. official reserve assets.

2. Excludes transfers of goods and services under U.S. military grant programs.


June 1971 SUEVEY OF CURRENT BUSINESS 33

Transactions

of dollars]

I

10,316

7,121193321575298817473

312

964372112

276

-8,580

-5, 909-877-424-145-488-19-80-144

-16

-82-264-133

-276

-838

-618-81-139

-304

-58291

1843

-919

-643-357

12741104

-17-9

-165

-70

52173

293912

48

40-85

475-852

424

68

222134

-28

19<

II

10,961

7,421257432865738817586

313

982411139

361

-9,428

-6,265-925-701-254-547-19-83-138

-16

-67-279-134

-361

-775

-530-80-165

-593

-692-90

1827

-1,274

-1, 075-60

1-14-45

-51-6535

1,120

38520

1266157

282

-12-24

2754

68

209

-16322

-79

36

III

10,443

7,0101724921006018817777

323

890394117

194

-10,200

-6, 522-975

-1,037-228-574-19-94-197

-15

-88-313-138

-194

-658

-376-121-161

-300

-583-128

185226

-472

-694-11

102110119

-28-10-61

954

-113107

6113412

88

2528

1,211-598

82

173

-426335

152

IV

11,659

7,838207345755888917790

380

1,209436226

171

-9,870

-6, 767-987-495-128-558-19-91-163

-17

-135-365-144

-171

-619

-386-85-148

-337

-645-138

253192

-1,668

-1, 249-M

107-357-42

-16-9437

1,316

110109

78577

375

-38146

671-199

-6

121

-17346

-475

I

11,262

7,6433283586757410220281

337

1,034418U9

344

-9,721

-6,605-1, 085-464-159-538-27-94-151

-16

-93-352-138

-344

-736

-485-92-159

-646

-1, 280441

194(*)

-1, 183

-903-259

153-268

-68-35-53

91

64133

1259467

304

2865

-709-80

1,027

51

1,007-31

-94

19

II

11,803

7,9713774278763810220490

354

965435154

249

-10,195

-6, 573-1,075-863-282-554-26-98-146

-15

-83-333-148

-249

-909

-510-96-303

-640

-781-127

268(*)

-932

-403-237

179-344-38

-1641461

1,816

70329

-249020

596

—7112

90540

-419

15

-424-10

-523

67

III

11,005

7,19620650213561510220780

356

1,073415119

154

-10,503

-6,398-1,106-1,325-248-516-26-106-208

-15

-89-328-138

-154

-807

-446-156-205

-510

-73340

1786

-1,265

-710-409

-77-47-35

36-7452

2,425

12520

-1918355

-196

331-53

1,331260

-375

92

-462

30

IV

12, 157

7,8703283598359210220684

392

1,446449246

158

-10,588

-7, 245-1,112-543-141-555-26-105-183

-17

-116-370-174

-158

-628

-362-96-171

-626

-839-144

358(*)

-2,257

-1, 120-361

(*)-228-20

-85-263-181

2,521

11234

313216

190

100-126

7601,300

-181

1,012

-1,145-48

-398

I

11,758

7,9432993777858911521689

339

1,098453164

237

-11,001

-7,682-1, 103-505-159-562-27-117-153

-22

-106-393-174

-237

-655

-393-92-171

-743

-1, 171130

25742

-947

-666-347

14070149

34-46-281

942

251839

15453

-60

116

247-21

721-1, 358

904

1,362

-401-57

-258

19

II

13,024

8,63941646510665111521695

375

1,253491203

223

-11,954

-8, 201-1,112-751-291-583-27-121-141

-18

-84-440-184

-223

-759

-470-91-198

-727

-936-102

3083

-1,506

-973-105

49200-57

-32-178-409

2,499

1,122

16526825

150

627105

2,222-2, 190

-137

22

267-426

-440

68

III

12,606

8,29034054814066711522083

390

1,151494168

198

-12,862

-8, 462-1,147-1,237-282-620-27-121-207

-19

-92-492-156

-198

-719

-391-122-207

-525

-7891

20855

-1,339

-1, 028-259

165-118

39

-57-49-32

2,882

231,115

20227-12

131

406-22

1,031-38

-571

-74

-474-23

528

IV

13,235

8,7163413858862811522086

442

1,472512231

146

-12,317

-8, 619-1, 173-529-153-608-27-118-257

-21

-107-519-188

-146

-742

-453-102-186

-274

-81834

341169

-1,592

-541-515

4-196-192

-165-211224

3,088

411,312

376211119

137

52645

-164485

-1,076

-137

-575-364

-323

I

11,750

7,4623904378250613124586

368

1,351509184

196

-11,026

-7,334-1, 198-549-197-501-30-136-156

-28

-101-611-185

-196

-643

-374-99-170

-470

-992230

24944

-1,360

-1,006-365

133118-41

-82136

-254

3,000

2461,388

156-83-6

-43

88-62

3,024-1,708

-48

56

-73-31

-1,203

19

II

14,674

9,872381558113732131246109

433

1,308563229

226

-14,160

-9, 741-1, 187-870-353-639-30-141-148

-24

-99-738-192

-226

-900

-569-102-229

-715

-987-98

33634

-2,357

-1, 194-499

19-543-45

-80-105

90

4,479

164365

598021

-195

-17245

4,651-538

-299

-317

246-228

-722

59

III

13,866

8,96040563116373313124791

412

1,330569194

145

-14,372

-9, 166-1, 221-1,378-343-650-30-141-210

-22

-99-924-188

-145

-656

-328-104-225

-649

-702-59

267-154

-824

-939-506

13123619

-1354194

3,990

152396

145113128

-390

-118-48

1,3772,235

-686

-11

-442-233

-670

IV

15,310

10, 1963384329269213124793

468

1,669626326

189

-14,031

-9, 589-1,251-593-187-690-30-137-201

-28

-117-996-212

-189

-712

-373-102-236

-360

-797ib

431-11

-883

-115-125

34-469-142

-249-121304

838

270963

341-1917

-208

41329

-390-506

-154

-695

1,083-542

-8

I

15,035

10, 11725649010569715026687

418

1,613639197

147

-13,801

-9, 458-1, 182-617-224-631-30-152-159

-23

-125-995-204

-147

-769

-447-100-221

-484

-87419

28388

-1,941

-1, 573-210

2413240

-381-46-8

1,600

486304

7992

-154

-259-28

-1,6922,764

-386

-44-920831

-253

867

-122

19

II

16,320

11, 02748861714580015026787

492

1,344662241

222

-15,020

-10,024-1, 255-1, 030-382-695-30-157-151

-30

-97-928-243

-222

-813

-439-118-257

-439

-920-43

411114

-2,214

-1,66293

49-461-135

-13-66-20

1,668

105374

34316619

-235

743-255

-131539

1,022

14-37818227

-523

70

III

15,231

10, 018303716184841150269103

459

1,363648180

90

-15,522

-9,858-1,211-1,624-398-755-30-158-214

-28

-98-876-273

-90

-768

-402-122-244

-357

-70743

306£

-999

-747-488

22275-6

-1291163

2,030

218720

22720922

-233

-536

-1,2132,049

801

395-3434406

-416

IV

16,317

10,818434496119768150267110

511

1,706649289

154

-14,968

-10,530-1,203-682-211-708-30-153-205

-30

-120-793-304

-154

-798

-450-122-226

-314

-784-46

47540

-1,732

-464-337

88-842-218

-54-262357

526

160792

504362-32

-188

55-188

-3,2062,267

1,040

4221404699

-71

1971

IP

16, 153

10,906475536119745174300107

433

1,542640176

210

-14,734

-10,477-1,184-673-245-684-31-170-155

-20

-134-647-315

-210

-795

-461-123-211

-663

-1,17277

4294

-1,987

-1, 532-362

359028

-848

-286

2,503

50628

86-70-149

-216

-2-75

-2, 5074,759

145

109-592373255

717

-1,340

Line

1

23456789

10

111213

14

15

1617181920212223

24

252627

28

29

303132

33

3435

3d37

38

3940

414243

444546

47

4849

505152

53

5455

5b57

58

59606162

63

64

3. Excludes exports of goods under U.S. military agency sales contracts identified in Census 6. Coverage of liquid banking claims for 1960-63 and of liquid nonbanking claims for 1960-62export documents, and imports of goods included under direct defense expenditures identified is limited to foreign currency deposits only; other liquid items are not available separatelyin Census import documents, and reflects various other balance-of-payments adjustments and are included with nonliquid claims,(for valuation, coverage and timing) to Census statistics; see table 4 NOTE.—Details may not add to totals because of rounding.

A T?™inHoc vomTTootort oflrnmcrs nf fnrAicm inpornorated affiliates of U.S. firms or of U.S.



Table 3.—U.S. International Transactions—

(Millions

Linp

1

23456789

10111213

14

15

161718192021flfl23

?A2526?,7

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

50515253

5455

5657

58

59606162

63

63

(Credits+; debits-)1



Transfers under U.S. military agency sales contractsTravel .- .. . _Passenger fares .. . ._.Other transportationFees and royalties from unaffiliated foreignersOther private services _U.S. Government miscellaneous services , ... _ . .

Receipts of income on U.S. investments abroad:Direct investment fees and royaltiesDirect investment interest, dividends and branch earnings 4_Other private assetsU.S. Government assets

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

Imports of goods and services.


Direct defense expenditures. _ . .. _._Travel _ ._ . .Passenger fares .. . .Other transportation . .Fees and royalties to unaffiliated foreigners _ . _ _ ...Private payments for other servicesU.S. Government payments for miscellaneous services

Payments of income on foreign investments in the United States:Direct investment fees and royaltiesDirect investment interest, dividends and branch earnings 4

Other private liabilities . . . _U.S. Government liabilities

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


U.S. Government grants (excluding military)U.S. Government pensions and other transfersPrivate remittances and other transfers. _.

U.S. Government capital flows, net. .

Loans and other long-term assets .Foreign currencies and other short-term assets. .

Repayments on credits:ScheduledNonscheduled 5 .


Direct investments abroad 4_ _Foreign securities ..

Claims reported by U.S. banks:Long-term .Short-term, nonliquid .Short-term, liquid

Claims reported by U.S. nonbanking concerns:Long-termShort-term, nonliquidShort-term, liquid

Foreign capital flows, net. .

Direct investments in the United States 4 .. . ..U.S. securities other than Treasury issues

Other U.S. nonliquid liabilities to private foreigners:Long-term, reported by U.S. nonbanking concerns . . . ..Short-term, reported by U.S. nonbanking concernsLong-term, reported by U.S. banks .

Long-term liabilities to foreign official agencies reported by U.S. banks

Nonliquid liabilities reported by U.S. government:To foreign official reserve agencies _To other official and private foreigners.

U.S. liquid liabilities:To private foreignersTo foreign official agencies.

Transactions in U.S. official reserve assets, net. .

Gold... _SDR " " " "Convertible currenciesGold tranche position in IMF



I

10, 573

7,22319637473

56288

17475

326958377147

264

-9,010

-6, 027-877—644-191-513-19—83

— 158

— 16—85

—266— 131

—264

-822

—588—81

-153

—314

-488-32

2033

— 1,081

—728-357

127—42

68

—17-66—66

506

52173

29391248

32-100

279-58

424

68

222134

-275

19

II

10, 667

7,19121439484

55688

17582

3241,015

398146

263

—9,266

-6, 165-925—676-182-541-19—84

-159

-16-78

-285— 136

-263

-717

-484-80

-153

-502

-640-64

1957

-1,051

—934-60

1-13

37

-51-56

25

1,046

38520

1266

157282

-1922

155-187

68

209

-16322

-244

66

III

10,931

7,41320341074

58688

17779

3341,009

412146

264

—9,837

-6, 595-975-666-188-562-19-89

-161

-15-101-322— 144

-264

-696

—419-121-156

-340

-685-94

213226

-926

-917-11

102-30

47

-28-33-56

629

-113107

611341288

1681

997-754

82

173

-426335

156

IV

11,208

7,56321641287

58689

17790

3441,063

426155

211

-9, 965

-6, 676-987-671-194-551-19-92

-164

-17-108-348-138

-211

-655

-419-85

-151

-379

-689-75

193192

-1,276

-1,082-54

107-135-16

-16-23-57

1,141

110109

78577

375

-1462

953-596

-6

121

-17346

-67

I

11,482

7,69332941288

60710220283

3551,031

424156

322

-10,107

-6, 661-1,085

-701-207-563-27-96

-166

-16-94

-354-137

-322

-721

-455-92

-174

-642

-1,157301

214(*)

-1,094

-707-259

153-131-41

-68-96

55

394

64133

1259467

304

1960

-895423

1,027

51

1,007-31

-339

19(

II

11,487

7,71932939287

61910220485

3631,006

421160

193

-10,026

-6, 465-1,075

-841-205-548-26-98

-168

-15-95

-340-150

-193

-849

-462-96

-291

-539

-734-92

287(*)

-901

-518-237

179-315

53

-1642972

1,929

70329

-249020

596

-13157

195509

-419

15

-424-10

-681

37

III

11,560

7,669240414

9959510220783

3651,201

433152

200

-10,163

-6, 542-1,106

-914-204-506-26

-102-174

-15-97

-332-145

-200

-844

-489-156-199

-555

-85577

2176

-1,787

-947-409

-77-202-122

36-113

47

2,151

12520

-1918355

-196

323-8

1,099182

-375

92

-462-5

14

IV

11,699

7,59934142898

59710220684

3561,279

439170

190

-10,712

-7, 153-1,112

-739-214-546-26

-107-180

-17-95

-357-166

-190

-667

-397-96

-174

-683

-887-76

280(*)

-1,855

-964-361

(*)3

25

-85-178-295

2,378

11234

3132

16190

123-211

1,073906

-181

1,012

— 1, 145-48

21

» Preliminary. * Less than $500,000(i-).1. Credits, -f: Exports of goods and services; unilateral transfers to U.S.; capital inflows

(increase in U.S. liabilities or. decrease in U.S. assets); decrease in U.S.official reserve assets.

Debits, — : Imports of goods and services; unilateral transfers to foreigners; capitaloutflows (decrease in U.S. liabilities or increase in U.S. assets); increase inU.S. official reserve assets.

2. Excludes transfers of goods and services under U.S. military grant programs.3. Excludes exports of goods under U.S. military agency sales contracts identified in Census


June 1971 SURVEY OF CURRENT BUSINESS 35Seasonally Adjustedof dollars)

I

11,956

7,94730243310162411521692

3611,097462206

215

-11,483

-7, 821-1, 103-755-207-589-27-117-168

-22-104-395-175

-215

-641

-362-92-187

-706

-1, 032-16

30042

-875

-456-347

140-6389

34-106-166

1,166

251839

234123-60116

240-18

538-1, 097

904

1,362

-401-57

-321

19

II

12,686

8,38534443110563011521687

3831,307477206

178

-11,834

-8, 134-1,112-737-216-577-27-120-167

-18-95-449-182

-178

-698

-422-91-185

-629

-892-54

3143

-1,154

-843-105

4927043

-32-162-374

2,320

51,122

18025325150

619169

2,316-2, 019

-137

22

267-426

-551

68

III

13,284

8,87839345110264011522087

3981,278512210

247

-12,436

-8, 568-1,147-787-230-609-27-118-175

-19-98-493-165

-247

-758

-435-122-201

-570

-92338

26055

-1,692

-1, 033-259

165-297-61

-57-103-47

2,409

231,115

105142-12131

3990

792-286

-571

-74

-474-23

332

IV

12,701

8,37835746010464111522087

4041,292499144

164

-12,384

-8, 441-1, 173-743-232-598-27-122-248

-21-92-507-180

-164

-779

-488-102-189

-363

-86795

240169

-1,662

-876-515

446

-132

-165-113

89

3,515

411,312

196241119137

548-44

164801

-1,076

-137

-575-364

47

I

11,995

7,51040749810853613124589

3941,334517226

178

-11,657

-7, 589-1, 198-820-255-526-30-135-175

-28-98-615-188

-178

-630

-344-99-187

-411

-84583

30744

-1,494

-926-365

133-57-141

-8276

-132

3,338

2461,388

236-13-6-43

81-68

2,844-1, 327

-48

56

-73-31

-1,092

19

II

14, 222

9,490329518112710131246101

4381,367550230

188

-13,926

-9, 566-1, 187-849-264-637-30-138-177

-24-111-752-191

-188

-839

-521-102-216

-630

-948-42

32634

-1,889

-999-499

19-350-37

-80-87144

3,989

164365

746521

-195

-18089

4,571-985

-299

-317

246-228

-628

69

III

14,574

9,60244251911970313124795

4201,473582241

182

-13,866

-9, 278-1, 221-864-277-637-30-139-178

-22-105-919-196

-182

-693

-371-104-218

-691

-837-31

331-154

-1,380

-899-506

131-228-28

-13-10173

3,458

152396

23028128

-390

-125-13

1,1721,880

-686

-11

-442-233

-717

IV

14,811

9,88833652311171413124794

4291,484618236

208

-14,142

-9, 397-1, 251-857-284-680-30-143-185

-28-102-983-202

-208

-749

-408-102-239

-461

-84879

319-11

-662

-430-125

34-23-3

-249-15149

1,523

270963

1611117

-208

63256

75-85

-154

-695

1,083-542

-166

I

15,374

10, 24127455613673615026690

4491,590648238

137

-14,493

-9, 728-1, 182-925-290-661-30-150-179

-23-120-998-207

-137

-756

-418-100-238

-423

-723-130

34288

-1,938

-1,358-210

24-162140

-381-108117

1,818

486304

1591637

-154

-266-30

-1,8723,021

264

-44-270831

-253

217

-62

19

II

15,806

10, 58244757314277415026780

4961,409648238

191

-14,761

-9, 831-1, 255-1,010-286-693-30-153-181

-30-109-942-241

-191

-753

-391-118-244

-366

-88116

385114

-1,524

-1, 25793

49-268-127

-13-4746

1,004

105374

35815119

-235

735-224

-37697

805

14-254818227

217

-430

70

III

15, 930

10, 696327589134803150269107

4661,507660222

116

-14,935

-9, 992-1,211-1, 021-320-738-30-157-182

-28-104-86b-286

-116

-803

-444-122-237

-394

-84670

3802

-1,752

-897-488

22-189-53

-129-5b38

1,588

218720

31212422

-233

-1282

-1,3831,738

584

395-251

34406

217

-433

IV

15,795

10, 461433601141793150267110

4681,520642209

169

-15,125

-10, 319-1, 203-997-319-697-30-160-187

-30-107-786-290

-169

-836

-485-122-229

-410

-83517

36840

-1,673

-934-337

88-396-79

-54-152191

1,414

160792

324392-32-188

77-263

-2,6112,763

824

422-764699

216

-207

1971

IP

16,515

11, 032507607154785174300111

4651,519648213

191

-15,464

-10, 760-1, 184-997-318-715-31-167-174

-20-128-650-320

-191

-783

-432-123-228

-599

-1,019-72

4884

-2,024

-1, 357-362

35-85-72

-8-15-160

2,761

50628

1660

-149-216

-8-88

-2, 6875,065

682

109-55373255

180

-1,268

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

50515253

5455

5657

58

59606162

63

64

export documents, and imports of goods included under direct defense expenditures identifiedin Census import documents, and reflects various other balance-of-payments adjustments(for valuation, coverage, and timing) to Census statistics; see table. 4.

4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.incorporated affiliates of foreign firms.

5. Includes sales of foreign obligations to foreigners.Source: U.S. Department of Commerce, Office of Business Economics.



Table 4.—U.S. Merchandise[Millions of

Line

1

2

33a3b3c3d3e

4

55a

6

8

9

10lOalOblOe

11llalib

1212a

13

14

15

16

17

18

18a18b18c

19202122

2324

252627282930

313233

343536373839404142434444a45

EXPORTS

Merchandise exports, Census basis,1 including reexports and militarygrant shipments

Merchandise exports, Census basis,1 including reexports, excluding mili-tary grant shipments

Regular additions to Census exports . . .. -Private gift parcel remittances _ .Virgin Islands exports to foreign countriesGold exports nonmonetaryInland freight (to Canada) valuation adjustmentOther regular additions 2 .

Regular deductions from Census exports 3

Special adjustments net 4

Of which* quarterly allocation of annual seasonal adjustment dis-crepancy.5

Equals: Total merchandise exports, adjusted to balance of payments basis -

Less: Merchandise exports transferred under U.S. military agency salescontracts identified in Census documents. °

Equals: Merchandise exports, adjusted to balance of payments basis,excluding "military" (table 2, line 2).

IMPORTS

Merchandise imports, Census basis * (general imports)

Regular additions to Census importsVirgin Islands imports from foreign countries -Gold imports, nonmonetary .Other regular additions 7 .. . . . . .

Regular deductions from Census imports . .Automotive valuation adjustmentOther regular deductions 8 -~

Special adjustments net*Of which * Quarterly allocation of annual seasonal adjustment discrepancy5

Equals: Total merchandise imports, ad justed to balance of payments basis.

Less: Merchandise imports of U.S. military agencies identified in Censusdocuments.9

Equals: Merchandise imports, adjusted to balance of payments basis,excluding "military" (table 2, line 16).

Balance on total merchandise trade, adjusted to balance of payments basis(line 6 less line 13) [export surplus, +].

Balance on merchandise trade, adjusted to balance of payments basis,excluding "military" (line 8 less line 15) [export surplus, +].

TRADE BY END-USE

Merchandise exports, Census basis, including military grant shipments(line 1) *

Agricultural products -Nonagricultural products ---

Excluding military grant shipments - - -

Foods, feeds, and beverages . - - . --Grains and preparations - -SoybeansOther foods, feeds and beverage5?

Industrial supplies and materials 10

Fuels and lubricants - -

Paper and paper base stocksTextile supplies and materials .

Raw cotton, including lintersTobacco, unmanufacturedChemicals, excluding medicinalsOther nonmetals (hides, tallow, minerals, wood, rubber, tires, etc.)...

Steelmaking materialsIron and steel productsOther metals, primary and advanced, including advanced steel 10

Capital goods, except automotive . . . .Machinery, except consumer-type.. .

Electrical and electronic, and parts and attachmentsNonelectrical, and parts and attachments . .

Construction machinery and nonf arm tractors and partsTextile and other specialized -industry machinery and partsOther industrial machinery and parts n e eAgricultural machinery and farm tractors and parts _Business and office machines, computers, etc., and partsScientific, professional, and service-industry equipment

Civilian aircraft, engines, parts... _Civilian aircraft, complete — all types

Other transportation equipment

1960

20,600

19,651

26766

216435

36

19,882

232

19,650

15, 072

85135616

5

5

69

15,221

477

14,744

4,661

4,906

20, 6004,860

15, 74014 791

3,1701,821

3361 013

7,924841

4191,540

988379

1 4061,388

305717929

5,5114,284

7303,555

947469

1,474205223236

1,052537175

1961

21,036

20,226

24859

116622

40

—95

20,339

232

20, 107

14, 759

89126710

6

6

65

14,907

388

14,519

5,432

5,588

21 0365 073

15, 96315 153

3,4182 063

3431 012

7,705794

4531,429

884391

1,4371,375

427541858

5,9104,729

8183,912

937520

1,664203328260973339209

1962

21,713

20,986

25851

117432

46

-92

21, 106

327

20,779

16,453

1082180

7

9

9

42

16,594

376

16,218

4,512

4,561

21, 7135,078

16,63515, 908

3,8292,288

4071,133

7,132826

4571,099

537373

1,5171,358

220561721

6,4435,221

9534,268

979549

1,890217344288

1,043323179

1963

23,387

22,467

26944

(*)18342

44

-46

22,646

394

22,252

17, 205

10822797

8

8

38

17,343

332

17,011

5,303

5,241

23,3875,640

17, 74716, 827

4,2822,570

4711,240

7,822975

5061,150

587403

1,6391,478

255629786

6,6045,5211,0794,4421,042

5391,880

265385331919248163

1964

26,649

25,831

24345

(*)18414

37

-139

25,898

420

25,478

18, 749

13727

10010

7

7

9

18,888

241

18,647

7,010

6,831

26, 6496,412

20,23719, 419

4,8492,876

5671,406

9,185946

5971,343

690413

1,9901,716

333781

1,065

7,4636,3991,1795,2201,255

6292,148

348467375912287152

1965

27,521

26,742

25645

2205

4

23

84

27,059

621

26,438

21,520

18244

1308

20173

21,682

186

21,496

5,377

4,942

27,5216,300

21, 22120,442

4,9282,901

6501,376

8,917948

5941,070

495383

1,9491,868

283759

1,065

8,0396,7961,1455,6511,308

6342,373

434542359

1,077478167

1966

30,430

29,490

2674442

2152

25

37

29,769

379

29,390

25,618

20643

1558

79754

-65

25,680

217

25,463

4,089

3,927

30, 4306,955

23, 47522, 535

5,4893,504

7601,225

9,613977

6661,034

440482

2,2002,070

271699

1,215

8,8927,5271,2796,2481,335

6772,693

446660437

1,224553141

1967

31,622

31,030

31975185

2165

29

31,320

640

30,680

26,889

25268

1768

168162

6

49

27,022

201

26,821

4,298

3,859

31,6226,448

25, 17424, 582

4,9982,997

7721,230

9,9711,106

7221,032

470498

2,3132,073

324702

1,201

9,9138,1151,4266,6891,396

6732,886

448842445

1,614790184

1968

34,636

34,063

34075318

228-2

31

34,372

784

33,588

33,226

327108211

8

305300

5

-34

33,214

250

32,964

1,158

624

34,6366,301

28,33527,762

4,8132,822

8101,182

11,0041,052

8281,022

466524

2,7642,267

275741

1, 532

11,0728,6421,5577,0851,526

7093,062

412900476

2,3271,405

103

1969

38,006

37,332

3677126

225711

31

-6

37,662

1,172

36,490

36,043

396168216

12

349346

3

-23

36, 067

237

35,830

1,595

660

38,0066,098

31, 90831,234

4,6882,516

8221,350

11,7791,132

906923286540

2,7412,409

3711,1271,631

12,3469,9911,8568,1361,680

7953,476

4181,225

5412,2351,266

120

1970

43,227

42,662

3567617

(*)265-2

28

42, 990

1,010

41,980

39, 963

40724215213

350346

4

29

40,049

179

39,870

2,941

2,110

43,2277,353

35, 87435,309

5,8263,0581,2161,552

13,7951,596

1,1371,051

378488

3,0592,656

5471.3391,872

14,36611,5642,0789,4861,962

9313,893

3601,703

6332,6611,529

141

See footnotes at end of table.



Tradedollars]


1969

I

7,726

7,586

9812815918

8

40

7,716

254

7,462

7,409

10857483

80791

-32

7,405

71

7,334

311

128

7,726983

6,7436,603

769377134258

2,124212

1661522950525492

42185300

2,8012,111401

1,7103211627399826512566345127

II

10,332

10,151

84174168-6

8

15

10,242

370

9,872

9,781

11249603

8989(*)

9,804

63

9,741

438

131

10,3321,7418,5918,410

1,299741194363

3,260312

247310130142777653

95275450

3,2632,709497

2,21246921596113328714751927935

III

9,440

9,257

89165

(*)626

7

-61

9,278

318

8,960

9,191

8129493

68671

9

9,213

47

9,166

65

-206

9,4401,4408,0007,817

1,114663118333

3,107295

23722871134734617

130292439

3,0012,511474

2,0374341998709530813146521425

IV

10,508

10,338

96269

(*)68-7

8

10,426

230

10, 196

9,662

9533593

1121111

9,645

56

9,589

781

607

10,5081,9348,5748,404

1,506735376396

3,288313

25623255214706647

104374442

3,2832,661485

2,1764562199069136613858832234

1970

I

10,342

10, 195

91162

(*)6310

7

35

10,314

197

10, 117

9,453

10869363

87861

29

9,503

45

9,458

811

659

10,3421,6828,6608,513

1,306689262355

3,332307

25429111684779648

100370500

3,5052,730502

2,22846521092110237815274847927

II

11,356

11,221

92174

(*)701

7

11,306

279

11,027

10,071

10263363

99981

10,074

50

10,024

1,232

1,003

11,3561,7569,6009,465

1,366683313370

3,640408

290288111107816678

166418471

3,7962,974552

2,422503239

1,0009441916678349639

III

10,272

10, 150

90186

(*)651

7

10,233

215

10,018

9,879

8343364

6565

(*)

9,897

39

9,858

336

160

10,2721,6868,5868,464

1,404761235407

3,324418

29619847107738632

155327452

3,3972,857493

2,3655032339658342116151023129

IV

11,257

11, 096

83255

(*)67

-14

7

-35

11,137

319

10,818

10,560

11467443

99972

10,575

45

10,530

562

388

11,2572,2299,0288,867

1,749924406419

3,500464

297274104190727699

126274449

3,6683,001530

2,471491248

1,0078148515962132346

1971

IP

11,247

11,117

90153

(*)648

6

11,201

295

10,906

10,527

11163453

1141131

10,524

47

10,477

677

429

11,2472,0509,1979,067

1,536816318402

3,243372

277372194118712686

73238396

3,9572,955521

2,434484230

1,0178544817196162641

Seasonally adjusted

1969

I

7,755

7,615

10512816618

8

5212

7,764

254

7,510

7,655

10857483

79781

—24g

7,660

71

7,589

104

-79

7,7551,0036,7526,612

774360142272

2,183245

1701392473537483

54187295

2,7422,123405

1,7183311717459025712458937130

II

9,946

9,765

77174161-6

8

2611

9,860

370

9,490

9,591

11249603

8282

(*)

gg

9,629

63

9,566

231

-76

9,9461,7588,1888,007

1,340776204360

3,152300

242300122163748633

85266415

3,0722,543463

2, 08044720189811228613650026929

III

10, 072

9,889

90165

(*)636

7

-529

9,920

318

9,602

9,315

8129493

88871

17g

9,325

47

9,278

595

324

10,0721,6078,4658,282

1,227694191342

3,164276

23925885133729650

110310459

3,2532,681508

2,17344021192711334114154126531

IV

10, 190

10,020

95269

(*)67-7

8

1111

10,118

230

9,888

9,450

9533593

100991

gg

9,453

56

9,397

665

491

10,1901,6968,4948,324

1,322696253373

3,240309

25223461147721640

112359466

3,2992,659484

2,17546221291010634414160734533

1970

I

10,476

10,329

97162

(*)6910

7

19— lb

10,438

197

10,241

9,719

10869363

86851

323

9,773

45

9,728

665

513

10,4761,7388,7388,591

1,327670279378

3,465355

26326897129803644

129379495

3,4492,759510

2,2494822229329336915166039030

II

10,935

10,800

86174

(*)641

7

-18—18

10,861

279

10,582

9,867

10263363

92911

44

9,881

50

9,831

980

751

10,9351,7769,1599,024

1,419720331368

3,523392

285277103121790662

151405440

3,5832,793512

2,2814782239327941715275848332

III

10,967

10,845

91186

(*)661

7

-18—18

10,911

215

10,696

10, 029

8343364

8585

(*)

44

10,031

39

9,992

880

704

10,9671,8839,0848,962

1,543774364405

3,387394

30022657108738668

132348473

3,6783,046529

2,517508247

1,0279846417359628536

IV

10, 919

10,758

82255

(*)66

-14

7

-53—18

10,780

319

10,461

10,333

11467443

87852

44

10,364

45

10,319

416

142

10,9191,9608,9598,798

1,529867272390

3,442454

290278118130738686

134261471

3,6832,999532

2,467498240

1,0159445616464034744

1971

IP

11,370

11,240

93153

(*)678

6

11,327

295

11,032

10,809

11163453

1131121

10,807

47

10,760

520

272

11,3702,1219,2499,119

1,563795340428

3,367432

286341163181726678

94241388

3,8932,999531

2,468504244

1,0327743917284950745

Line

1

2

33a3b3c3d3e

4

55a

6

7

8

9

10lOalOblOc

11llalib

1212a

13

14

15

16

17

1818a18b18c

19202122

2324

252627282930

313233

343536373839404142434444a45



Table 4.—U.S. Merchandise

Line

464748495051

52535455

56

575859

60

6162636465

6667

686970717273

74

7576777879

8081828384

85868788

8989a

90919293949596

979899

100

101

Automotive vehicles* parts, and enginesTo CanadaTo all other areas

Passenger cars, new and used... , . -Trucks, buses, and special vehicles .Parts, bodies, and accessories, including engines and parts, n.e.c

Consumer goods (nonfood), except automotive-Consumer durables, manufactured . . . - . . . _ .Consumer nondurables, manufactured..- .Unmanufactured consumer goods (gem stones, precious and non-

precious) .

Special category (military -type goods)

Exports, n.e.c., and reexports - --Domestic (low-value, miscellaneous) . . .. - . .._Foreign (reexports)

Merchandise imports, Census basis (line 9) } . . . . _ _ .

Foods, feeds, and beveragesCoffee, cocoa, and sugar

Green coffee. - - . . _ . ._ - .. _Cane sugar

Other foods feeds, and beverages

Industrial supplies and materials 10

Fuels and lubricants

Paper and paper base stocks _ . _ . . _ . . _ .Materials associated with nondurable goods and farm output n.e.s

Textile supplies and materialsTobacco, unmanufactured - -C hemicals, excluding medicinals . .Other (hides copra materials for making photos drugs, dyes)

Building materials, except metals . _

Materials associated with durable goods output, n.e.s. 10

Steelmaking materials - .Iron and steel products _ .Other metals, primary and advanced, including advanced steel 10

Nonmetals (gums oils resins, minerals rubber, tires, etc.)

Capital goods, except automotive -Machinery except consumer-type

Electrical and electronic and parts and attachmentsNonelectrical and parts and attachmentsConstruction, textile and other specialized-industry machinery

and nonfarm tractors and parts - -Other industrial machinery and parts, n.e.s - - _ _Agricultural machinery and farm tractors and partsBusiness and office machines computers etc and partsScientific, professional and service-industry equipment and parts;

and miscellaneous transportation equipment - - -Civilian aircraft engines parts

Civilian aircraft, complete — all types

Automotive vehicles, parts and engines - . - _ - .From Canada - -From Canada transactions valueFrom all other areas

Passengers cars, new and usedTrucks, buses, and special vehiclesParts, bodies, and accessories, including engines and parts, n.e.s

Consumer goods (nonfood) , except automotive - - -• Consumer durables manufactured

Consumer nondurables, manufactured -Unmanufactured consumer goods (gems nursery stock)

Imports, n.e.s. (low value, goods returned, military aircraft, Govern-ment purchased uranium, movies exhibits)

1960

1,266400866243391632

1,396562826

8

840

493293200

15, 072

3,2861,6571,002

5121,629

7,8871,580

1,0981,728

847117278486

540

2,941524508

1,197713

562535123413

8311413558

22272

6331111

6225443060

1,901971714217

802

1961

1,188371817236321632

1,441579847

15

826

549305245

14, 759

3,3311,581

961460

1,750

7,7141,727

1,0931,718

817134304463

537

2,639443421

1,166609

693572136436

9812611573

2412174

38388

3753181352

1,8891,000

644245

749

1962

1,301469832272265764

1,455570866

19

971

583314269

16, 453

3,5731,621

986503

1,952

8,5731,906

1,1441,923

973107329513

615

2,985502537

1,324621

758681168512

12014415262

337840

52199

512433

1771

2,2761,216

811249

752

1963

1,468529939295310864

1,55860391441

1,025

629344285

17, 205

3,7531,701

955611

2,053

8,8741,931

1,1302, 0321,043

113326550

660

3,121494692

1,347588

823798181618

13317717977

52251

5862929

5574672396

2,3891,266

844280

781

1964

1,729637

1,092357358

1,015

1,75170699847

951

723370352

18, 749

3,9151,7861,197

4582,129

9 5632,015

1,2272,0841,009

142363570

705

3,533602825

1,463642

1,0391 020

203817

19024419184

10820

2

76710210266559324

151

2,6941,379

991324

771

1965

1 929867

1,062403336

1,191

1,799698

1,05447

1,229

680337343

21,520

3,9461,6251,062

4432, 321

11,0242,212

1,3012,3681,162

122445639

722

4,421679

1,2721,808

661

1,4581 357

3011 056

247336247110

11610267

939246229693670

44225

3,3051,7321,191

381

849

1966

2 3541,2701,084

576367

1,412

2,035809

1,16263

1,249

798363436

25,618

4,4991,6911,067

5012,808

12, 1622,247

1,4402,6441,243

137573691

784

5,047758

1,3122,229

749

2,1351 923

4771 446

341486329151

139212153

1,910916841994

1,244174492

3,9122,1081,349

455

1,000

1967

2 7841, 7551,029

824413

1,548

2,111825

1,22265

1,103

743359384

26,889

4,5861,698

963588

2,888

11,8562,233

1,3862,3711,015

162584610

754

5,112688

1,4222,259

744

2,3822 252

5351 718

378650352183

15412959

2,6341,5991,4371,0351,701

301631

4,2132,1901,556

467

1,219

1968

3 4532,3781,074

982432

2,038

2,334890

1,34499

1,110

851414437

33, 226

5,2711,9161,140

6403,355

14, 1592,509

1,4312,7491,180

148689732

1,072

6,398673

2,1232,734

869

2,8252 637

7001 938

460738337225

178188109

4,2952,6182,3181,6772,796

4791,020

5,3302,7542,009

567

1,347

1969

3 ggS2 7361 1521,023

5312,334

2,5731,0171,429

128

1,644

1,087543544

36, 043

5, 2381,700

894638

3,538

14, 1592,777

1,5952,6581,142

117708691

1,187

5,943649

1,9142,3601,020

3,2183 040

8172 223

502823347339

212177110

5, 3413,4883,1431,8533,369

7161,255

6,6163,5352,480

601

1,471

1970

3 6522 4741 178

837560

2,255

2 7171, 0071,587

123

1 369

1,502869633

39, 963

6 1582,0891,160

7294,069

15 1173,063

1,5782,8661, 209

111836710

1,006

6,603734

2,1932, 6471,030

3,7823 5911 0172 574

566939359471

23919148

5,9553,5843,2392,3713,730

7301,496

7,5514,0692,957

526

1,399

» Preliminary.1. The figures shown for exports and imports are the trade totals published by the Census

Bureau, with the following exceptions.Exports and Imports: Beginning with 1968 data, exports and imports as published by the

Census Bureau include trade in silver ore and bullion. To achieve comparability over time,all pre-1968 data shown in this table have been adjusted to include silver transactions.

Imports Only: (a) 1962 imports as shown do not include an upward revision of $10 millionwhich is in the revised 1962 import total published by the Census Bureau, because supportingcommodity detail was not available. This amount is included instead in the balance of pay-ments adjustment shown in line 12, and is in total merchandise imports, balance of paymentsbasis, lines 13 and 15. (b) 1965 imports as shown here are $92 million higher than imports as

recorded in Census Bureau published statistics. The adjustment, which corrects for largeirregularities and some omissions in the monthly receipt of documents by Census during thelast 6 months of 1965, has been distributed in the accompanying commodity detail, lines61-101.

2. Mainly net additions to or liquidations of U.S.-owned grains in storage in Canada, andexports of electrical energy.

3. Mainly exports of exposed motion picture film for rental rather than sale, and exports toPanama Canal Zone. Prior to 1966, also includes transfers of goods procured offshore undernonmilitary aid programs.

4. Irregular and occasional adjustments; valuation adjustments for goods considered to be


June 1971

Trade—Continued

SUKVEY OF CURRENT BUSINESS 39


1969

I

922677245276111535

56122030635

337

21295117

7,409

99428315492711

3,033700

35658824929145165

282

1,10885278529215

658612179433

891627763

414629

1,145800721345698153294

1,267648475144

313

II

1,055733322253159643

70428439030

485

266125141

9,781

1,433477243198956

3,916664

40379633956206195

366

1,687161604651270

899857218639

14823411488

554325

1,453885796568980158315

1,704897645163

376

III

844578266190127527

65726336727

467

250111139

9,191

1,327428209179899

3,603675

40164929319178159

299

1,579190544581264

830786208578

1332247489

574329

1,174711644463730159285

1,874996737141

383

IV

1,066747319304133629

65225136635

355

359212147

9,662

1,485512288170973

3,608738

43662526112179173

241

1,568213487598270

831785213573

1322028299

594628

1,5691,093982476962246361

1,772995624153

399

1970

I

908607301179143586

66624339330

289

336202134

9,453

1,472493292131979

3,649846

39974731449210174

222

1,436116410643267

923881235645

138239106107

564216

1,449885799564955162332

1,651872647132

308

II

1,101806295303148650

70425641632

363

385221164

10,071

1,566554307206

1,012

3,760710

39673630930227169

261

1,657184523684266

979927256671

144239101126

615215

1,6141,021923593

1,066167381

1,809979705125

343

III

814534280179138497

66023739429

289

384221163

9,879

1,494538278218956

3,740705

37267228516195176

268

1,723238576663245

925883260623

14722877110

61429

1,260715650545729177355

2,0841,106852126

376

IV

829527302176131522

68627138332

429

397225173

10,560

1,626503283174

1,123

3,968802

41171230116205191

255

1,788196684656252

9%901266635

13723475128

60559

1,632963866669980223428

2,0071,112753142

372

1971

II

1,101784317290149662

67324739432

369

368214154

10,527

1,470499292147971

3,866834

38580434334243184

261

1,583137606587253

999941264677

159228106126

575813

1,9191,1191,006800

1,253172494

1,8911,000761131

382

Seasonally adjusted

1969

I

934682252259113562

56722231332

337

21897121

7,655

1,054304153134750

3,080643

37155023715143155

308

1,208137328527216

658612179433

881657364

434629

1,104787709317661156287

1,412737523152

347

II

972664308244142586

67226737629

485

253122131

9,591

1,431476252175955

3,810693

39576932752192198

345

1,608151575615267

872829219610

1482299583

554325

1,362814732548887169306

1,746921659166

370

III

1,021731290282138601

67827736932

467

262119143

9,315

1,320403208151917

3,625704

40970029850186166

281

1,531157499608267

844801209592

1312238697

554329

1,445927840518929187329

1,702919641142

379

IV

965667298247137581

65824937336

355

351202149

9,450

1,416509279170907

3,637742

41966528121190173

252

1, 559192481615271

847801211590

1362059496

594628

1,449963864486913201335

1,730938650142

371

1970 1971

I

920613307166143611

67624740128

289

349210139

9,719

1,552527289190

1,025

3,681773

41368829725204162

240

1,567187481632267

916874232642

13424399108

584216

1,399876791523909165325

1,829984707138

342

II

1,006725281290130586

67324140131

363

368215153

9,867

1,563552320180

1,011

3,662741

38971029928212171

246

1,576172498645261

949897258639

14423184119

615215

1,505938847567957179369

1,8501,005718127

338

III

991682309267151573

68025239533

289

400233167

10,029

1,490510278187980

3,773741

38272129140204186

254

1,675198531697249

943901262639

14522889118

59429

1,555942857613935209411

1,8971,023746128

371

IV II

756473283141135480

69327039132

429

386212174

10,333

1,550499274173

1,051

3,995802

39475932429216190

264

1,776176671676253

975920266654

14223888126

60559

1,505833748672928181396

1,9621,047783132

346

1,114791323268150696

68225140229

369

382222160

10,809

1,551535290214

1,016

3,895749

39273832016233169

278

1,738218706565249

990932261671

15423299127

595813

1,8561,111999745

1,196175485

2,0921,127828137

425

Line

464748495051

52535455

56

575859

60

6162636465

6667

686970717273

74

7576777879

80818283

84858687

888989a

90919293949596

979899100

101

under-priced or overpriced in Census data; timing adjustments for goods recorded in Censusdata in one period but found to have been shipped in another; and coverage adjustments forspecial situations in which shipments were omitted from Census data.

5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and theunadjusted recorded annual totals.

6. Exports of military equipment under U.S. military agency sales contracts with foreigngovernments to the extent such exports are identifiable from Census export documents. Theseexports are included in table 2, line 3: "Transfers under U.S. military agency sales contracts."

7. Mainly imports of electrical energy.8. Mainly foreign charges for repair of U.S. vessels abroad, which are included in tables 2,

3, and 9, line 20 (Other transportation); also imports from Panama Canal Zone, and imports,

of domestically-owned grains returned from storage in Canada.9. Merchandise imported directly by the Department of Defense, as well as "defense"

imports of the Coast Guard and Atomic Energy Commission, to the extent such imports areidentifiable from Census import documents and verifiable from separate reports of the import-ing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense ex-penditures."

10. Includes exports and imports of silver ore and bullion for all years (see footnote 1 referenceto treatment of silver in Census statistics).

NOTE.—Details may not add to totals because of rounding.Source: U.S. Department of Commerce, Office of Business Economics.


40 SUEVEY OF CUKEENT BUSINESS June 1971

Table 5.—Major U.S. Government Transactions[Millions of dollars]

Line

A. 1

la

234

56789

10111213141516

171819202122232425

26272829303132

3334

35

B. 1

la22a34

56789

10lOa11lla12

13

14151617

17a1819202121a22232425

U.S. Government grants (excluding military) and capital flows increasing Government assets, total(table 2, lines 30, 34, and 35, with sign reversed) _ .

Seasonally adjusted

By categoryGrants, net .. ..Credits repayable in foreign currencies..Other foreign currency assets (excluding administrative cash holdings), net

Receipts from—Sales of agricultural commodities _ . .InterestRepayments of principalReverse grantsOther sources . . .

Less disbursements for—Grants in the recipient's currencyCredits in the recipient's currencyOther grants and credits .Other U.S. Government expenditures .. .. .

Capital subscriptions to international and regional organizations, excluding IMFCredits repayable in U.S. dollars.Other assets (including changes in administrative cash holdings), net

By. programUnder farm product disposal programsUnder Foreign Assistance Acts and related programsUnder Export-Import Bank ActCapital subscriptions to international and regional organizations, excluding IMFOther assistance programs _ .Other foreign currency assets acquired (lines A.6, A. 7, and A.9) .Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13) .Advances under Exchange Stabilization Fund agreements netOther (including changes in administrative cash holdings), net

By disposition 1

Estimated transactions involving no direct dollar outflow from the United StatesExpenditures on U.S. merchandise - - -Expenditures on U.S. services 2

Military sales contracts financed by U.S. Government credits 3 4 (line B.14)U.S. Government credits to repay prior U.S. Government credits 2 . . ..U.S. Government credits 3 to repay prior U.S private creditsIncrease in claims on U.S. Government associated with Government grants and capital flows

increasing Government assets (including changes in retained accounts) (line B.17)Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)Less dollar recoveries on short-term claims financing military sales contracts and U.S. Government

credits to repay private credits 3

Estimated dollar payments to foreign countries and international and regional organizations throughU.S. Government grants and capital flows increasing Government assets

Nonliquid liabilities reported by U.S. Government, including medium-term securities and long-termobligations payable prior to maturity only under special conditions net increase (-}-)

Seasonally adjusted _ .... ,..To foreign official reserve agencies (table 2, line 54) -

Seasonally adjustedU.S. Treasury securities issued in connection with Columbia River downstream rightsU.S. Treasury securities issued in connection with prepayments for military purchases in the

United States (line B.13)U.S. Treasury obligations to be liquidated against U S claimsU.S. Treasury securities not included elsewhere 5

Export-Import Bank obligations to be liquidated against U S claimsExport-Import Bank securities not included elsewhereOther .

To other official and private foreigners (table 2, line 55)Seasonally adjusted . . .

Associated with military sales contracts 6

Seasonally adjusted - .U.S. Government receipts from foreign governments (including principal repayments on

credits financing military sales contracts) , net of refunds --Less U.S. Treasury securities issued in connection with prepayments for military purchases in

the United States (line B. 4)Plus military sales contracts financed by U S Government credits 3 7 (line A 29)Less U.S. Government receipts from principal repayments 3

Less transfers of goods and services (including transfers financed by credits) (table 2, line 3). ..Associated with U.S. Government grants and capital flows increasing Government assets 8

(line A. 32)Seasonally adjusted

Non-interest-bearing securities issued to IDA to IDB or to U N for special programsForeign funds retained in U.S. Government accounts for purchases in the United StatesOther. .

Other.Seasonally adjusted.

German Government 10-year loan to U S GovernmentAssociated with U.S. Government nonmilitary sales and miscellaneous operationsU.S. Treasury securities not included elsewhere 5

Export-Import Bank securities not included elsewhere

1968

5.358

1,707559

-69

558198133

334

224465

6301127

3,028

1,2592,1491,517

127233366301-514

4,7323,346

869554147135

2301

19

626

1,913

1,806

-30

-30

1,8381947

107

-75

966

-30554229

1,395

2

2(*)180

55125(*)

1969

5.032

1,644432

-120

333200142

28

146313

12334184

2,86130

1,1562,1361,258

184257350334(*)

25

4,2983,094

791528144140

-14334

52

734

102

-162

-30

-11

-464

-70

263

177

1,449

-11528296

1,515

-14

-13(*)100

7525

(*)(*)

1970

5.050

1,739200

-24

288196162

110

180149

8343234

2,786116

1,1662,0781,095

234334368343

119

4,3483,110

843361174308

-30343

74

702

100

535

-30

-11132

6484

(*)

-436

-470

863

-111361325

1,480

-30

-30(*)

65

75-10(*)(*)

1969

I

1,1361,106

374295

-234

36523213

36254

16622

6763

20049333722638666

(*)

9646352001573227

-466

17

171

26IS8881

-5

105o-10

-62-68-58-64

236

-515766

390

-4-4

-4(*)

1

1(*)

II

1,6541,611

56952

109

1805137

(*)

36322

9055

880-11

51064936655858990

-10

1,4451,073

2421623843

-790

16

209

-127-91

-172-180

-1

-126

-45

45891761

322

-116287

381

-7-7

335

35

8

III

1,0891,289

328391

59493612

40131

9250

61258

18248327250528792

54

8946541611053742

-292

11

194

-167-138-118-125

-1

-1002

-15

-48-13-37-2

298

-110535

405

-2-2

-2(*)-10-10

-10(*)

IV

1,1541, 177

373464

584937

2

35157

8657

694-20

26451028457588886

-21

9957321881043827

(*)8b

8

160

3703194163

-30

-4

75

(*)

329256255182

593

-4104107338

8(*)(*)

74 .7475-1

(*)

1970

I

1,3031,271

447112

-42

1014545

2

4998

(*)8966

69624

32851030366669389

26

1,123827224705657

-989

13

179

-286-296-259-266

-14

-242-2

-28-SO-3-5

207

-147038

256

-9-9

-9(*)-15-16

-15

II

1,4011,266

4393449

855448

1

31221

8550

837-7

349553339

5010210485

-10

1,2208912211014988

-1885

27

182

488511743735

-8932

800

(*)

-255-224-223-192

213

-89101138488

-18-18

-18

i?4-14

-14

8

III

1,0671,220

40220

-31

394733

2

47144

8848

57353

20951017548788288

52

9266251881293466

-388

25

140

3170-5

-12

-3

-2

3682

-2719

176

o

12932

303

-3-3

-41

666675-9(*)

IV

1,2801,303

45034

(*)

635035

4

53162

8169

68146

28050627869898981

51

1,079768209623596

(*)81

9

201

-133-186

5577

-30

-5

90

-188-263-217-292

267

-562

117434

(*)(*)

1-12929

29

1971

I-*

1,5571, 623

46188

-86

393737

1

44832

7135

1,0509

21171548435

1017571

7

1,387792217246135105

(*)71

36

169

-77-96-2-8

-2

-75-88-71-84

208

""24650

475

ti(*)(*)

-4

-4(*)

» Preliminary. *Less than $500,000 (±).1. The identification of transactions involving direct dollar outflow from the United States

is made in reports by the operating agency. However, such data for third and fourth quar-ters 1970 and for first quarter 1971 are only extrapolated estimates by OBE, because of in-complete reports from one operating agency.

2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreigncurrency collected as principal, as recorded in lines A.6 and A.7.

3. Lines A.29 and A.31 include some short-term U.S. Government claims, collections ofW^ic£ ??e recorded in Une A.34. Collections of those short-term claims recorded in lines A.29and B.14 are included in line B.15.

4. Consists of transfers of military goods and services financed by U.S. Government creditsand of advance payments to the Defense Department (on military sales contracts) financedby credits extended to foreigners by U.S. Government agencies.

5. Includes securities payable in U.S. dollars and in convertible foreign currencies.

6. Transactions under military sales contracts are those in which the Defense Departmentsells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.The entries for the several categories of transactions related to military sales contracts in thisand the other tables are partially estimated from incomplete data.

7. Consists of transfers of military goods and services financed by U.S. Government credits(included in line B.16) and of increases in Defense Department liabilities (on military salescontracts) which arise from advance payments to the Defense Department financed bycredits to foreigners by U.S. Government agencies.

8. Excludes liabilities associated with military sales contracts financed by U.S. Govern-ment credits and included in line B.ll.

NOTE.—Details may not add to totals because of rounding.




Table 6.—Direct Investments and Securities Transactions


Line

1

2345678

9

10111213

14

15161718iq?0

21

22

?3?4252627282930313?,3334

353637383P40414?.43444546474849

50

51525354555657

5859

606162636465

66

(Credits+; debits -)

U.S. direct investments abroad (table 2, line 39) _

Transactions with foreign incorporated affiliatesIntercompany accounts: short-term.. _ .

: long-termCapital stock and other equity, net

Increase l . . _ . . .Decrease 2

Miscellaneous 3 . .

Branch accounts

By industry of foreign affiliate: *Mining and smelting - _PetroleumManufacturingOther _ . . ..- .

Foreign direct investments in the U.S. (table 2, line 48)

Transactions with U.S. incorporated affiliates- . . .Intercompany accountsCapital stock and other equity, net.

Increase • .. . . _ . .Decrease 2 .. _ . .

Branch accounts -

Of which' manufacturing affiliates *

Foreign securities, net U.S. purchases (-), balance of payments basis (table 2,line 40, or lines 27 -f 38 below) . . . .

stocks, net, Treasury basis 5 ... _. _ .less: recorded in line 1 as U.S. direct investments abroadplus' exchange of stock associated with direct investments in the U.Splus: other adjustments

Stocks, net, balance of payments basisNewly issued in the United States

of which' CanadaOther foreign stocks -. . -

CanadaWestern Europe 6

JapanOther . ,

bonds, net, Treasury basis 5

less: recorded in line 1 as U.S. direct investments abroad . .plus' other adjustments

Bonds, net, balance of payments basis . .Newly issued in the U.S

Canada..Latin AmericaOther countriesInternational .

Redemptions of U.S.-held foreign bonds 7 -Other transactions in outstanding bonds 7- - . -

CanadaWestern Europe 6

JapanOther

U.S. securities other than Treasury issues, net foreign purchases (+), balanceof payments basis (table 2, line 49, or lines 54 -f- 61 below)

stocks, net, Treasury basis 5 - - .plus: exchange of stock associated with U.S. direct investments abroad.,plus: other adjustments

Stocks, net, balance of payments basis . _ . . _ ...Canada _ . . ...Western Europe e

Other.

bonds, net, Treasury basis 5

plus: proceeds obtained by U.S. parents from securities issued byNetherlands Antilles finance subsidiaries

plus* other adjustmentsBonds, net, balance of payments basis

New issues sold abroad by U.S. corporations 9

of which denominated in: Dollars ...' German marks

Nonguaranteed U.S. Government agency bonds, investments byInternational and Regional organizations

Other transactions in U.S. bonds

1968

-3, 209

-2, 079569

-853— 1, 432-1,800

368-363

-1, 130

—440—1,281

—945-598

319

3191

318426

-108

(*)

-28

-1,226

-314-165

—3—1

-153—84-39-69

—g-32-2

-27

-1,380-295

12-1,073-1,628

-918-144-176-390

5469

44-1

8-41

4,389

2 ,27090

8 —8642,096

4181,362

316

1,964

3199

2,2922,1291,764

274

11845

1969

-3,254

-2, 987-203-573

-2, 099-2, 407

308-112

-267

-76—934

—1, 164-1,080

832

794273521538

-17

38

567

-1,494

-517-69-19

-467-156-143-311-21

10-294

-6

-1,026-17—18

-1,028-1,512-1, 127

-32-189-164

4786

-61802

-15

3,112

1,487127

8 -481,565

1611, 117

286

1,195

29259

1,5471,029

708217

336182

1970

-4, 445

-3, 496-690-312

-2,311-2, 619

308-184

-949

-388-1, 538-1,360-1, 159

969

933191742750-8

36

611

-942

38-67

-178

-68-145-15

77108

-2012

-23

-988-59

-874-1,311

-760-117-193-241

4343

-554719-7

2,190

62379-5697-8554151

945

46882

1,493822611

54

324347

I

-1,006

-699-31

-179-464-478

14-25

-307

-128—303-383-192

246

242110132133-1

4

153

-365

-56-9

—1-48-56-56

8324

-11-17

-295-3

-26-318-505-327-16-47

-11513057-539

(*)23

1,388

72725

75214651096

462

15024

63640131262

18451

19

II

-1,194

-935-203—282-408-527

119-42

—259

-84-527-335-248

164

1771057276-4

-13

142

-499

-299-5

-294-50-50

-244-104-51-98

9

-223-12

6-205-227-161

-4-62

85-63-31-13

4-23

365

12528-1152224684

186

225

21315295

-43104

69

III

—939

-817-289—182-328-344

16-18

—122

-38—226-436-239

152

109723749

-12

43

88

-506

-105-33—19

-91-37-24-54

1826

-96-2

—480-5

1-414-478-397

-1-32-49

80-16-29

24

-11

396

15514

169-1217110

174

503

22721811484

61-52

IV

-115

-53532171

-899-1,058

159-28

420

174122

-10—401

270

266-14280280

(*)

4

189

-125

-57-22

1-34-13-13-21

3331

-894

-888

-91-301-243-11-47

183284

30-3-3

963

47960

8 -47492

639096

374

7027

47125818771

13479

I

—1 573

-1, 378-751

—55—493-508

15—79

—195

-60—408-698-407

486

49053

437442-5

-4

196

-210

87—5

-20

72-15-15

8756487

-24

-338-57

-281-418-314

-8-47-4912710

-101631

304

-9712-1

-86-93-21

28

308

775

390163127

94133

19

II

-1,662

-995-232-141-561-599

38-62

—666

-110—745-409-897

105

113437070

(*)

-8

101

93

9-26

35

3527-717

-2

20-38

58-99-58

(*)-41(*)

12532

(*)346

-8

374

-133

4-94

2-77-19

208

18872

468267238

94107

70

III

—747

-634-232

12—389—452

63—25

—113

— 41—268—889—104

218

19153

138141-3

27

199

-488

5-S3

—130

-92-130

38305o5

-35641

1-396-476-241-15-28

-192101

-21-14-6

6-7

720

3877

-8386

8326

52

225

114-533419313627

8655

IV

—464

—489525

—128—868

—1,060192

—18

25

-177—122

86—251

160

139429797

(*)

21

15

-337

-63-3

—23

-83

-83—5

-66-10-2

-259-5—1

-255-318-148-94-76

81-18-31

445

792

47219

49176

32590

202

8910

30119911027

5052

1971

I P

— 1 532

n an a.n an an an an a

n a

n. a.n an an a.

50

58223637-1

—8

14

-362

-82-11

-71

-7129

-44-52-4

-309-15

3-291-460-181

-6-62

-211122473425-1

-11

628

73e

-475

-165239

3^8

204

552392365

12832

v Preliminary. "Less than $500,000 (±). n.a. Not available.1. Acquisition of capital stock of existing and newly established companies, capitalization

of intercompany accounts, and other equity contributions.2. Total and partial sales and liquidations of capital stock and other equity holdings.3. Includes security issues placed with interests in the United States other than the parent,

the amortization of these security issues, and verified transactions of non-reporters not classi-fied by type of transaction.

4. Mining and smelting includes the exploration and development of mining properties,the extraction of raw ores and the processing necessary for basic refined metals. Petroleumincludes the exploration, development, and production of crude oil and gas, and the trans-portation, refining and marketing of petroleum products exclusive of petrochemicals. Manu-facturing excludes petroleum refining and the smelting operations of mining companies."Other" industries includes all industries except those previously listed, the major onesbeing agriculture, public utilities, transportation, trade, insurance, finance and services.

5. As published in Treasury Bulletin.6. Includes United Kingdom, European Economic Community and other Western Euro-

pean countries.7. Redemptions measure scheduled retirements and identifiable premature retirements of

U.S.-held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45,this table.

8. Includes major transactions recorded in table 2, line 48, foreign direct investments in theUnited States.

9. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antillesare included to the extent that the proceeds are transferred to U.S. parent companies.




Table 7.—Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns


Line

A.

1

23456789

10

1112

131415

16171819

B.

1

23456789

10

11121314151617

1819202122

23

24

C.

12

D.

12345678

(Credits (+): increase in U.S. liabilities or decrease in U.S. assets.Debits (— ): decrease in U.S. liabilities or increase in U.S. assets.)

Claims reported by U.S. banks:

Long-term (table 2, line 41) 99

Short-term, nonliquid (table 2, line 42)Payable in dollars - . -

Loans ... . _ ...Acceptance creditsCollections outstanding

CanadaWestern Europe 1 _ _ _ - . . ,.JapanOther

Payable in foreign currenciesOf which Canada

Short-term, liquid (table 2, line 43) ..Payable in dollars

Of which Canada

Payable in foreign currencies... . _. _ .. .......DepositsForeign government obligations and commerical and finance paper

Of which Canada .. . . ..

Claims reported by U.S. nonbanking concerns:

Long-term (table 2, line 44) . _ . ..... ......

Short-term, nonliquid (table 2, line 45)Reported by brokerage concerns . . .Reported by others

Of which Payable in dollarsCanada ...United Kingdom ... . ... . . ..European Economic CommunityJapanOther. . .

Short-term, liquid (table 2, line 46) .. .. .Payable in dollars

Deposits (of major U.S. corporations only)Other claims (of major U.S. corporations only)... . .. ..

CanadaUnited KingdomOther

Payable in foreign currencies . . . .DepositsOther claims (of major U.S. corporations only)

Canada.. . .Other.

Memorandum:

U.S. -dollar deposits in Canadian Banks:As reported by major U.S. corporations other than banks (included in line B.

As reported in Canadian banking statistics _ . _ . -

Nonliquid liabilities to private foreigners reported by U.S. banks:

Long-term (table 2, line 52) . . .Of which International and regional organizations ... _. ...

Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns :

Long-term (table 2, line 50)

Short-term (table 2, line 51) . . . .Reported by brokerage concernsReported by others

Of which Payable in dollarsCanada. .. .Western Europe LOther

1968

358

-44-38-16159

-1818

5850

-154

-6(*)

-61—42

30

-19-49

3026

-220

-484-210-274-252

-8-73-22-32

^117

-498-321-367

4643

-31351

-177—165-12-24

-153

43258

7279

715

759325434398

—27429—4

1969

317

-658-b52-116-315-221-85

-216—243-108

—6(*>

-209—149—161

-60—16-44-40

-424

-35230

—265—194-26-29-57-26-56

333238268

-30-162

33961

95147

-52-15110

-136-828

160112

701

91-202

29329035

131124

1970

183

-1,015-923

240-764-399-51

3-467-408

-92-83

-119-76-36

-43-40-3

-87

-577

-363i

-362-455-58-66-39-74

-218

39243440628

145297—8

-4213

-55-39-3

12284

16-102

1 153

830-85915932—2702232

I

133

11813ti

-417899

-136

5885

—18-10

-41—59-94

1869

-51-32

-82

1361152134-511208

-254-192-168-24-93

-1089

-6210

-72-90

28

-67-126

-6(*)

156

-83-83

-8—17

—918

19

II

19

-543-527-119-291-117-47

-105-172-203

-16-8

-454244

-87-67-20-47

-80

-105-4

-101-107-10-27-27-15-28

90118131

-13-3011632

-28-71

4361

-79

-20-58

219

59

801367

108151083

39

III

131

236217232

94-109

24-19

53159

1921

19-20-1

39-20

5961

-13

54100

-46-54-14-7

-14-10-9

19414812424813730

464339

37

44

128103

145

113-9921221427

16918

IV

34

-469-478-188-196-94-49-98

-182-149

9-3

-142-112-110

-302

-32-22

-249

-12119

-139-67

3-6

-36-9-19

304164181

-17-120

294—10

139165

-2615

124

-103-137

17(*)

341

-19-33

14-24

10-39

5

I

24

134

-12158

-14226

-50142

-114

91

24014897

92524050

-381

-4658

-104-152-42-22-22-40-26

-8-51-26-25203

-206—48

4325181627

16357

72

79

93-66159115

-10130-5

19

II

49

-461-457-26

-243-188-47

2-221-191

-41

-135-87-67

-48-14-34-50

-13

-6638

-104-92

14-15-15-11-65

-20211011

-32116

-63

-41-15-26-29-12

-3038

19-44

343

166-34200164

28874

ro

in

22

27528086

231-37

242

17975

-5—9

-629

-8-51

43-15

-129

11-21

32-33

12-40

22-9

-18

63143152-9

78155

-80-63-17-66-14

31-58

2215

227

209-43253244

5139100

IV

88

-842-750

192-910-32-54

49-567-178

—92—76

-218—139-75

-79-27-52-72

-54

-262-76

-186-178-42

11-24-14

-109

35732127051

-3330648

3666

-3040-4

—4847

-32-75

504

36258

304409

134563

1971

I »

35

902042

-6038

-51-252

403-80

7061

281139

1727

-1017

-8

48-35

83N.A.N.A.N.A.N.A.N.A.N.A.

-286-255-245-10

58-223-90

-27-4

-23-12-15

4044

-149-156

86

-70162

-232N.A.N.A.N.A.N.A.

Amountsoutstand-

ingMarch 31,

1971

3,032

9,4949,3982,9964,0262,376

4401,3263,3794,253

9632

1,189721321

468365103224

3,172

2,991314

2,677N.A.N.A.N.A.N.A.N.A.N.A.

1,3261,006

864142220565221

320176144151169

158661

852631

3,604

3,320511

2,809N.A.N.A.N.A.N.A.

» Preliminary. *Less than $500,000 (±). N.A. Not available.1. Includes United Kingdom, European Economic Community and other Western Euro-pean countries, r.

NOTE.—Details may not add to totals because of rounding.



June 1971 iSUKVEY OF CURRENT BUSINESS 43

Table 8.—U.S. Liquid Liabilities to All Foreigners, Nonliquid Liabilities to Foreign Official Reserve Agencies, and U.S. Official ReserveAssets, Net


Line

1

2

3

3a45

6789

10

1112

131415

16

1718

192021

22

23

2425

2627282930313233

34

35

36

37

3839

4041

4243

44

45

4647484950

(Credit (+)' increase in U.S. liabilities or demase in U.S. assets.Debit (— ): decrease in U.S. liabilities or increase in U.S. assets.)

Liquid liabilities to all foreigners (table 2, lines 56, 57)

Liquid liabilities to private foreigners (table 2, line 66)

To foreign commercial banks .

Seasonally adjusted

To foreign branches of U,S bankt 1

To others.

Demand deposits. . .Time deposits 2

U.S. Treasury bills and certificatesOther obligations 1 2 3. . . .

To international and regional organizations

Demand deposits . ...Time deposits 2.U.S. Treasury obligations:

Bills and certificates .. .Bonds and notes ..

Other obligations 2 3

To other private foreign residents and unallocated . .

Demand deposits . .Time deposits 2

U.S. Treasury obligations:Bills and certificates . ... .Bonds and notes _


Liquid liabilities to foreign official agencies (table 2, line 57) . .

To central banks and governments

Demand deposits _ .Time deposits 2.U.S. Treasury obligations:

Bills and certificatesPayable in U.S. dollars..Payable in foreign currencies

Bonds and notes* marketableBonds and notes, nonmarketable, convertible

Payable in U S dollarsPayable in foreign currencies .


To International Monetary Fund *

Nonliquid liabilities to foreign official reserve agencies (table 2,lines 53 and 54)

Reported by U.S. banks 5 (table 2, line 53)

Reported by U.S. Government (table 2, line 54)

Nonconvertible U.S. Treasury securities issued:To Italy in connection with military purchases in the

To Canada:In connection with Columbia River power rightsOther

To GermanyTo other countries

Export-Import Bank obligations

U.S. Treasury obligations to Germany to be liquidatedagainst U S claims

U.S. official reserve assets, net (table 2, line 58)Gold (table 2, line 59)SDR (table 2, line 60)Convertible currencies (table 2, line 61)Gold tranche position in IMF (table 2, line 62) _

1968

709

3,810

3,387

} 8,887

2,611131

—99744

48

1-8

216-162

1

375

104144

66170

-3,101

—3 098

94—559

—2 188-2, 499

811-379-10

-10—56

—3

2 340534

1 806

—30

—301 050

601187

28

-8801 173

—1 183-870

19o9

8,145

8,662

9,166

( 6,968{ 2,208

6, 371715

-102,090

-63

—11-29

-15011

116

-441

-88—388

2164

-50

-517

-506

-2311,052

-1,903-1 ,642

—261-79

-16325

-188818

—11

-998-836

-162

—11

—30—175

249120

—74

-1, 187-967

814-1, 034

1970

1,377

-6,242

-6, 507

-6 ,848-164

-4, 383-665

-6-1, 463

179

772

-33-25158

86

24-94

2411022

7,619

8,072

-291-384

9,4569,510

—5A-39

-126

-126-544

—453

-275-810

535

—111

—301 190

—542

—4

32

2,477787

—8512,152

389

I

1,316

3,024

3,134

9,954

8,168-29

2,02019512

907

-88

1-21

-183-1116

-22

-46-37

183013

-1,708

-1, 709

-137-23

-1, 344-1 ,269

—75-3

-25

-25—177

1

45-43

88

—5

12520

—12

-4856

-73-31

19

II

4,113

4,651

4,714

4,684

4,527187

3,835183-7703

82

6-16

31079

-145

38-170

1-39

25

-538

-535

25111

-398-398

(*)-10

-10-263

-3

-367-195

-172

—1

—250

124

—45

-299-317

246-228

39

III

3,612

1,377

1,511

1 806

1 ,1128S9

645429-10447

9

-1411

1011

-143

-13-188

276

-20

2,235

2,244

-44132

1,9202,076—166

-98425

109161

—9

-508-390

-118

—1

100

—17

-686-11

-442-233

IV

-896

-390

-193

272

-1 ,8891,646

-129-92-533

-66

-4-3

201

-80

-131

-677

(*)-3

-68

-506

-506

-75832

-2, 081-2,051

—30-67

-212

-2121,097

-167-208

41

—4

-3075

(*)

-154-695

1,083-542

• 11,072

-1,692

-1, 683

-1 ,868

-1 ,291-892

-2, 042-40

1398

142

2448

86(*)

-16

-151

57-18b

-18-53

49

2,764

2,773

-471461

2,1458,146

-3-126

-126787

-9

-413-154

-259

-14

300

—542

-2

-386-44

-920831

-253

19

II

408

-131

-196

—441

-157-89

115-100

5-216

-124

-3-11

-1372

25

189

276

326019

539

539

-2763

9771,081-54

17(*)

(*)-491

508-235

743

-89

800

(*)

32

1,02214

-37818227

ro

in

836

-1,213

-1,145

-1 ,815

-1 ,528878

-67744-3

-509

82

-1015

-15-698

-150

-116-54

-731-4

2,049

2,472

-53-35

3,1218,121

20(*)

(*)-581

-423

-238-233

-5

-3

-2

801395-34

34406

IV

-939

-3,206

-3, 483

— * ,888

-S ,872—111

-1,779-559

-9-1, 126

79

-420

33-21

51

198

8170

1772

-42

2,267

2,288

260-873

3,2133,213

-73(*)

(*)-239

-21

-133-188

55

-5

-3090

1,040422140469

9

1971I »

2,252

-2, 507

-2, 845

-8 ,025

-1 ,905-940

-3, 914-446

101,505

268

48

31115110

70

-1126

-23423

4,759

4,766

-69-321

4,7674,515

2625

(*)

(*)384

-7

-218-216

-2

-2

145109

-592373255

Amountsoutstand-

ingMarch 31,

1971

45, 529

20, 138

14, 282

4,8139 ,969

8,447889

244,922

1,110

73164

242140491

4,746

1,7231,865

129673356

25,391

24,832

1,5602,246

18, 26917,869

400349429

4291,979

559

3,546479

3,067

25

242,265

542167

12

32

14,34210, 963

1,443256

1,680

» Preliminary. *Less than $500,000 (±).1 Through April 1970 data for foreign branches of U.S. banks are estimates which were

derived from weekly and daily figures compiled by the Federal Reserve System. Beginningin May 1970 these data are reported monthly by U.S. banks and include custody items held byreporting banks on behalf of their own foreign branches. Included in the custody items are$1.5 billion of special Export-Import Bank securities (nonguaranteed U.S. Governmentagency securities with a maturity of 3 months) held for foreign branches ($1.0 billion begin-ning January 1971, plus $0.5 billion beginning March 1971).

2 With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 yearor less are included with "other obligations."

3 Includes nonguaranteed U.S. Government agency securities with a maturity of 1 year

4 Includes liabilities of U.S. monetary authorities for gold deposited by and held for theIMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the IM*to the United States to acquire income-earning assets. Upon termination of investment, thesame quantity of gold can be reacquired by the IMF. .

5 Includes, in addition to foreign official reserve agencies, other foreign official agencies.



44 (SURVEY OF CURRENT BUSINESS June 1971

Table 9.—U.S. International[Millions

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

56+57

5859606162

63

64

(Credits +; debits -)

Exports of goods and services 2 . _. _ .


Transfers under U.S. military agency sales contractsTravel - -Passenger faresOther transportation _ _ - . - . _Fees and royalties from unaffiliated foreigners .Other private servicesU S Government miscellaneous services

Receipts of income on U.S. investments abroad:Direct investment fees and royalties. .Direct investment interest, dividends and branch earnings *Other private assetsU.S Government assets .. _. ... . .

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

Imports of goods and services.. . ~- - . . ..

Merchandise adjusted excluding military 3

Direct defense expendituresTravel . . . .Passenger fares . - - - - . .Other transportationFees and royalties to unaffiliated foreignersPrivate payments for other services ...U S Government payments for miscellaneous services

Payments of income on foreign investments in the United States:Direct investment fees and royaltiesDirect investment interest, dividends and branch earnings 4 _Other private liabilities . . . . _ . _ ... .U S Government liabilities

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

Unilateral transfers (excluding military grants), net

U S. Government grants (excluding military grants) _ _ . . .U S Government pensions and other transfersPrivate remittances and other transfers .

U.S. Government capital flows, net. - -..

Loans and other long-term assetsForeign currencies and other short-term assets . -

Repayments on credits:ScheduledNonscheduled 5 - --

U.S. private capital flows, net - - - - -

Direct investments abroad * - - --Foreign securities - - --

Claims reported by U.S. banks:Long-term - - -Short-term nonliQiiid _ _ _ . . _ _ -Short-term liquid

Claims reported by U.S. nonbanking concerns:Long-term . - . - . ,Short-term, nonliquid - - - - -Short-term liquid - - -


Direct investments in the United States *U.S. securities other than Treasury issues - . -.- - - -.

U.S. nonliquid liabilities to private foreigners reported by U.S. nonbankingconcerns:

Long-term. . .Short-term

Long-term liabilities to all foreigners reported by U.S banks


U.S. liquid liabilities to all foreigners .

Transactions in U.S. official reserve assets, netGoldSDR .. .Convertible currenciesGold tranche position in IMF


Errors and omissions, and transfers of funds between foreign areas, net

United Kingdom

1968

3,495

1,9592914259

230576219

213275159130

—1

-3,723

-2, 075-173-198-222-237-35

-165-14

-21-149-385-49

1

-46

(*)-17-28

-174

-25511

70

-1,096

-363-79

-12-75

1

-104-97

-367

2,572

114528

319120

-16

-11

1,517

-126835

-961

-903

1969

3,847

2,0252934364

256687916

227332194250

(*)

-4,556

-2, 112-208-229-260-238-41

-198-14

-26-159

-1,038-34

(*)

-52

-18-34

13

-178-29

17346

-291

-316-164

1-58-42

-4-83374

5,441

8682

112-36

46

-120

5,271

662

662

-5,063

1970

4,289

2,5181775170

305679218

249375200167

-4,716

-2, 216-228-293-282-272-38

-215-14

-19-164-937-37

-49

-22-28

131

-52-11

193

-489

-642-175

-41316

6-20317

-3,845

512253

773487

-9

-112

-5,749

1,847

1,847

2,832

European EconomicCommunity

1968

8,151

6,06636311573

4011167927

31743511345

-1

-8,853

-5,916-1,087

-400-285-393-47-41-67

(*)-111-244-265

1

-20

-1-93

74

70

-101-8

40139

-413

-43864

12152

-30

-5-79-98

1,302

2121,302

271363

-3

60244

-1,489

-755-315

-440

517

1969

9,170

6,87339513883

4101409723

35346013067

-2

-9,211

-5,828-1, 172

-454-349-395-52-45-69

-2-132-450-262

2

-5

(*)-95

90

-193

-1266

59-131

-518

-660254

23-128

11

-74-19

75

1,632

3631,392

411152

-1

138255

-1,077

-517-749

232

-358

1970

11,125

8,36927016695

48516811827

39377416990

(*)

-10,607

-6, 651-1,285

-542-395-446-54-51-71

-2-132-585-393

<*)

-21

<?«*87

165

-6715

11899

-1,236

-97148

-521910

-265-37

12

8,576

109887

133207

127

-621-19

7,753

535179

356

-8,538

Other Western Europe

1968

3,854

2,5131246937

457306047

99196112110

362

-4,045

-2, 212-277-327-188-439-12-26-44

-9-48

-364-98

-362

-270

-37-91

-142

-117

-2493

1281

-73

-200-1

12189-1

-39-32-10

1,861

-291,618

118170

(*)

1633

-65

367149

218

-1,577

1969

4,338

2,7501758345

505366668

130246123113

297

-4,374

-2, 272-249-392-232-462-14-25-55

-13-57

-507-97

-297

-249

-35-80

-135

-81

-232-9

1564

-182

-23354

38-32

3

-53

%2,096

100807

124-68

-8

-25-14

1,179

-304-220

-84

-1,244

1970

4,979

3,28715210149

595357091

14022913199

231

-4,872

-2, 408-261-475-265-512-13-30-57

-21-67

-647-117

-231

-247

-29-91

-128

-94

-262-7

1733

-244

-29169

51-35-7

-3

-»}-527

70414

113-49

1

-4-1

-1,071

-2526

-51

1,030


June 1971 -SURVEY OF CURRENT BUSINESS 45

Transactions, by Areaof dollars]

Eastern Europe

1968

265

220

114

162

39

-240

-205-1

-15

-9(*)(*)-8

-1(*)

-30

-15-6

-10

10

-2012

18

-3

(*)-3

(*)

(*)(*)

3

1

(*)2

-5

1969

302

253

113

172

413

-234

-199-1

-19

-6(*)(*)-8

-1(*)

-21

-3-7

-11

32

-1016

26

-17

6-12(*)

Hi8

(*)

-1

(*)9

-71

1970

419

368

133

182

78

-259

-218-1

-24

-6(*)

-8

(*)

-1(*)

-30

-9-8

-13

6

-4820

34

-12

1-12(*)

-1

12

4

(*)

(\

-135

Canada

1968

10,953

8,15739

6507

17034

1028

294351634

7

-10,502

-8,592-285-820

-203-4

-85-66

-47-63

-249-89

-19

-3719

24

-4-3

31

-1,416

-625-692

-18

56

-98-84

20

1,239

-26486

-725

1

1,020-5

-255

-50-50

(*)

-230

1969

12, 161

9,19345

8157

16331

1056

302762731

1

-12,041

-9, 992-296-900

-183-4

-100-10

-56-48

-355-99

-73

-4i-32

-4

-52

-2,244

-671-1,122

20-85

-201

-7769

-177

1,286

243197

-7-30

(*)

-2057

1,082

4

4

910

1970

12,491

9,04435

8858

19130

1247

357972836

1

-12,999

-10,720-253

-1, 049

-201-4

-110-10

-62-39

-378-174

-88

-53-35

-7

-10(*)

(*)2

-1,591

-915-475

96-134-123

-108-15

83

1,413

233123

9-29

2

1,160-11-75

(*)

(*)

782

Latin American Re-publics and Other

Western Hemisphere

1968

8,904

5,27463

75513533345

18174

2831,218

406137

64

-7,204

-5, 137-187

-1,042-60

-226-4

-134-163

(*)-234-17

-64

-467

-254-35

-179

-681

-99220

2893

-917

-677-186

181-144-38

79-98-34

832

-10186

1455

95

-27520

6565

-533

1969

9,343

5,53329

80714431044

21272

3021,277

462152

36

-7,528

-5,215-177

-1, 145-65

-201-4

-146-171

-12-375-18

-36

-462

-221-40

-201

-554

-8763

3162

-416

-375-72

476717

-1342312

831

11165

402

-330

12931

4444

-1,258

1970

10,395

6,49441

87915536048

23267

3211,081

553164

25

-8,407

-5,913-169

-1, 200-70

-236-4

-164-169

-22-446-14

-25

-522

-262-43

-217

-507

-844-6

343. (*>

-1,443

-601-135

12-377-11

-177-127-27

-520

3966

84106

-114

-22-679

131131

873

Japan

1968

3,848

2,959315134

215134

2711

6460

22736

-1

-5,184

-4,069-580-60-45

-194-4

-11-16

-3-15

-149-37

1

-38

(*)-8

-30

101

-133-12

146100

7

-788

5850-9

(*)-33

10

1,005

602

(*)25

214

-4708

261

1969

4,530

3,503186737

2501583326

7370

26432

(*)

-6,266

-4, 893-651-70-54

-244-4

-16-19

-4-9

-225-78

(*)

-38

(*)-9

-29

6

-14016

130

-618

-89-297

34-244

16

-13-32

7

569

-345

1146

-2

22521

1,817

1970

5,914

4,64825

10170

3032013623

8794

29729

(*)

-7,416

-5,894-670-97-70

-271-4

-19-21

-4-17

-261-87

(*)

-43

-10-33

62

-1619

92121

-650

-13231

-26-466

8

2-74

7

1,101

312

181

-269

-21,338

119119

913

Australia, New Zealandand South Africa

1968

2,098

1,38417940376021311

1181604918

-1,101

-924-33-25-41-30

(*)-3

-25

(*)-13-7

-18

-3-15

-168

-224-2

58(*)

-185

-1693

34-16-5

-23(*)-9

25

8

-2-12

17

-1548

-21

22

-652

1969

2,055

1,35410336365123361

1282145024

-1,273

-1,059-42-28-50-30-1-5

-26

(*)-24-8

-22

-3-18

-44

-115-3

74

-79

-16023

53-1

4

-1-9)13)

172

6115

318

-1

4629

11

-810

1970

2,473

1,58116841476124361

1452935325

-1,367

-1, 125-48-40-55-34

(*)-6

-23

-1-25-10

-23

-4-19

-56

-1431

86

-273

-27012

53-27

-16

-20<

119

1-14

1332

-8

-38133

1111

-887

Other countries InAsia and Africa

1968

8,619

5,0563065329

46419

199165

1411,730

185272

380

-6,568

-3, 782-1,913

-135-29

-222(*)-13

-249

-1-163-61

-380

-1,845

-1,277-116-452

-1,285

-1,68142

32826

-909

-468-156

-144-5

-35

-30-62-9

358

2129

212

270

18328

-263

432432

1,197

1969

9,123

5,0064576934

50820

207165

1471,997

232280

426

-7,281

-4, 260-2,061

-153-44

-213(*)-19

-245

-2-211-74

-426

-1,856

-1,251-115-491

-1,325

-1,74888

343-9

-694

-430-124

95-165-17

-68-116

-112

172

78

-505

-7055

320

-33-33

2,179

1970

10, 136

5,6716129556

57224

179151

1652,034

266310

358

-7,754

-4, 725-1,936

-233-47

-234(*)-24

-247

-2

<3»-70

-358

-1,971

-1,283-125-563

-1,240

-1,640-48

43019

-564

-397-157

524

-7

-15

} -4-414

2102

1071

-458

-23089

165165

1,643

International organiza-tions and unallocated

1968

435

192

116

1748611

-714

-52

-16-418

-108

-41-80

-123

-123

-48

-53

5

-379

-191-188

(*)

(*)

213

130

(*)

28

55

-81565

-870

1,431

1969

731

197

133

20301791

-825

-26-508

-98

-84-108

-134

-134

-43

-48

5

-365

-320-45

(*)

(*)

384

379

(*)

125

-120

-1,044-10

-1, 034

1,295

1970

684

3221

163

231748515

-915

-31-578

-iio

-75-121

-155

-155

-53

-58

5

-385

-226-159

(*)

-90

346

-66

-370

-306156

-851

389

867

355

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

56+57

5859606162

63

64



Table 9.—-U.S. International Transactions,

[Millions of

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

56+57

58

59606162

63

64

(Credits +; debits -) 1


Merchandise, adjusted, excluding military 3 __ . -Transfers under U.S. military agency sales contractsTravelPassenger faresOther transportation . . . . . . . . . - - . - . . - . . . -Fees and royalties from unaffiliated foreigners ...Other private servicesU.S. Government miscellaneous services

Receipts of income on U.S. investments abroad:Direct investment fees and royaltiesDirect investment interest, dividends and branch earnings 4

Other private assets. _U.S. Government assets . . . . . . .

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

Imports of goods and services . . . - -


Direct defense expenditures .TravelPassenger faresOther transportationFees and royalties to unaffiliated foreignersPrivate payments for other services ._ . . .U.S. Government payments for miscellaneous services

Payments of income on foreign investments in the United States:Direct investment fees and royalties . .. . .. .Direct investment interest, dividends and branch earnings 4

Other private liabilitiesU.S. Government liabilities

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

Unilateral transfers (excluding military grants), net ...... -

U.S. Government grants (excluding military)U.S. Government pensions and other transfers.. .Private remittances and other transfers

U.S. Government capital flows, net .

Loans and other long-term assetsForeign currencies and other short-term assets

Repayments on credits:ScheduledNonscheduled 5

U.S. private capital flows, net .

Direct investments abroad 4

Foreign securities .

Claims reported by U.S. banks:Long-termShort-term, nonliquidShort-term, liquid

Claims reported by U.S. nonbanking concerns:Long-term ..Short-term, nonliquid- . .Short-term, liquid _ .


Direct investments in the United States *U.S. securities other than Treasury issues

U.S. nonliquid liabilities to private foreigners reported by U.S. non-banking concerns:

Long-term .Short-term

Long-term liabilities to all foreigners reported by U.S. banks .


U.S. liquid liabilities to all foreigners.... . .

Transactions in U.S. official reserve assets, net

Gold .SDR.Convertible currencies _ .Gold tranche position in IMF


Errors and omissions, and transfers of funds between foreign areas, net. .

United Kingdom

1970

I

967

584319

126817235

.48885230

-1,153

-541-66-23-48-63-9

-54-3

-6-55

-277-9

-9

-4-4

-14

-10-5

-567

-352-7

-1-40

30

-78

-198

-970

326128

39156

1

-21

-1,599

1,459

1,459

288

II

1,106

6814913188217234

68685528

-1,230

-553-53-98-93-68-9

-54-4

-6-33

-251-8

-14

-6-8

62

-1719

59

-16

-150-7

237

-22

-210

117

-190

-22-95

134118

1

-47

-280

296

296

-14

III

978

5861620278517235

6082489

-1, 198

-515-53

-126-90-73-9

-54A

-4-37

-223-10

-13

-5-8

-11

-187

-144

-102-128

2135

4-22

84

224

166119

24220

1

18

-341

-377

-377

541

IV

1,239

667819

137017234

7313645

100

-1,134

-607-56-46-51-69-9

-54Q

-3-39

-185-11

-14

-6-7

95

7-32

134

237

-38-33

-733

11-16314

-2,910

42101

358193

-12

-63

-3, 529

469

469

2,018

1971

I P

1,023

6919

10147017264

5184398

-1,038

-557-62-26-52-66-10-58-3

-2-57

-122-24

-12

-7-6

-43

-38-7

3

-558

-279-38

-40-72-5

199

-224

-665

-3391

-39-11

9

10

-692

306

306

988

European Economic Community

1970

I

2,653

1,989412816

10542308

872464121

(*)

-2,337

-1,544-288-48-71

-104-14-13-17

(*)-35

-153-51

(*)

4

(*)-23

27

2

-225

19

-680

-47651

-257

42

-28311j

823

-2178

51-5

14

-556-18

1,280

-532

-532

67

II

2,924

2,2471184724

12942306

1011024433

-2,690

-1,663-328-162-119-111-14-13-19

-2-29

-142-89

-6

-2722

125

-14

4099

-445

-41034

-4-35

12

-16-14-12

1,612

89247

1367

56

-57-69

1,202

476

476

-1,995

III

2,738

1,991435036

13742308

952414224

(*)

-2,820

-1,641-330-261-145-117-14-13-18

(*)-34

-143-105

(*)

-9

(*)-30

20

45

-1516

44

-274

-262-6

-5-30

(*)

-62213

2,979

11242

-6655

2

-353

2,685

433

20

413

-3,092

IV

2,810

2,142684119

11342306

1101864312

(*)

-2,760

-1,803-340-71-60

-114-14-13-17

-1-34

-146-149

(*)

-9

(*)-27

18

-7

-16-6

16

163

177-31

-1877

-44

40-56

18

3,163

30320

12150

55

-515

2,586

158

159

1

-3,518

1971

I P

2,870

2,0611773418

1155135

9

942243814

-2,798

-1, 835-347-54-78

-116-15-14-18

-1-31

-141-149

-3

-2724

-8

-25-4

22

-577

-553

-23-38

20

193

-1

2,783

64216

26-99

-7

-147

2,730

25

25

(*)

-2,292



by area—Continued

dollars]

Other Western Europe

1970

I

1,255

85244219

13491817

31673222

55

-1,102

-571-71-54-40-117-3-8-11

-2-16-177-31

-55

-55

-8-19-28

-49

-80-6

37

-88

-11836

18-172

-10

} *609

2924

-9-27

(*)

-25

589

-100

-4

-96

-470

II

1,257

83735271315591816

38503526

85

-1,287

-604-64-148-101-126-3-8-14

-5-17-170-27

-85

-64

-7-24-33

-35

-75-7

443

23

-2816

-2

^(*)

393

-392

14109

67-8

(*)

(*)-1

-573

47

1

46

451

III

1,147

72626301616291825

33423128

32

-1,324

-576-66-226-82-138

o

-8-16

-7-15-159-30

-32

-65

-6-24-35

13

-405

48

-76

-12816

3325-9

-2-10

-354

11170

2019

2

-214

-588

5

7

-2

654

IV

1,320

87247231114491833

39703323

59

-1,159

-657-60-47-42-130-3-8-16

-7-19-142-28

-59

-63

-8-24-32

-23

-671

44

-103

-172

2-39

(*)

-30-21

-390

17110

35-33

-1

-19

-499

23

22

1

395

1971

IP

1,354

89526251014591926

291163124

93

-1,126

-646-69-60-45-107-4-9-11

-2-14-127-32

-93

-59

-4-24-31

-16

-708

47

-381

-25938

10-141-13

3-20}

171

25138

30-6

8

-2(*)

-22

127

60

67

-70

Eastern Europe

1970

I

105

93

315

(*)

21

-64

-59(*)-1

o""1-2

(*)(*)

-6

-1-2-4

3

-105

8

-10

-1-9

(*)

-15

1

-16

-13

II

101

89

3151

21

-63

-52(*)

-1(*)

-2

(*)

(*)(*)

-6

-1-2-3

-5

-157

3

2

" 2(*)

23

1

(*)

(*)

22

-51

III

99

83

415

(*)

25

-67

-49(*)-14

-2(*)

-2

(*)(*)

-8

-3-2-3

10

-137

16

2

2(*)(*)

-16

2

(*)

(*)

-18

-21

IV

114

103

3151

21

-65

-58j-2

-1(*)

-2

(*)(*)

-10

-4-2-4

-2

-112

7

-6

(*)-5

(*)

-1

20

(*)

(*)

20

-51

1971

IP

129

116

3151

22

-64

-57(*)

-1

-3(*)

-2

(*)(*)

-5

-1-2-2

(*)

-197

12

(*)

2(*>_2

-4

(*)

(*)

-4

-56

Canada

1970

I

3,065

2,2566

1902428311

82254195

(*)

-2,941

-2,565-61-85

-42-1-27

o

-14-11-103-30

-11

-11(*)

-4

-3-3

2

-34

-192-214

227147

-11-13219

-30

143-58

3-31

(*)

300-1

-385

(*)

(*)

-44

II

3,369

2,52913236246831

84204215

(*)

-3,344

-2, 801-72-233

-50-1-28-3

-15-8-91-43

-22

-14-8

1

-56

-494

-30137

-10-46-117

-812

-61

697

6122

4-9

3

8008

-192

(*)

(*)

-205

III

3,035

2,100103153528313

96211207

(*)

-3,399

-2, 520-60-571

-55-1-28

<2

-16-3-92-50

-33

-13-20

-2

-1-1

-319

-105-169

(*)15-6

-4045

-59

424

1951

14

-2

-14

365

(*)

(*)

293

IV

3,022

2,1597

1442528312

953032191

-3,315

-2,834-60-160

-54-1-28— 2

-17-17-93-50

-22

-14-7

-2

(*)-2

(*)

-743

-317-129

104-130-147

-49-59-16

321

11109

17

1

60-4

137

(*)

(*)

738

1971

I»

3,274

2,459182102468361

87194214

(*)

-3,255

-2, 860-53-100

-48-1-31-3

-15-20-75-50

-18

-13-5

-10

-9-1

-57

-116-58

441056

7-4546

-587

2020

-2

1

-5

-621

653

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

6+57

58

59606162

63

64



Table 9.—U.S. International

[Millions of

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

56+57

58

59606162

63

64

(Credits +; debits -) 1



Transfers under U.S. military agency sales contractsTravelPassenger fares .Other transportationFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous services .... .....

Receipts of income on U.S. investments abroad:Direct investment fees and royalties ..Direct investment interest, dividends and branch earnings 4 _ _ __Other private assets ... .. .U.S. Government assets

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

Imports of goods and services

Merchandise, adjusted, excluding military 3_. . . .. .Direct defense expendituresTravelPassenger fares . _ .Other transportation .Fees and royalties to unaffiliated foreignersPrivate payments for other services. _U.S. Government payments for miscellaneous services .

Payments of income on foreign investments in the United States:Direct investment fees and royalties...Direct investment interest, dividends and branch earnings 4-..Other private liabilities _.U.S. Government liabilities

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


U.S Government grants (excluding military grants)U.S. Government pensions and other transfersPrivate remittances and other transfers ..

U.S. Government capital flows, net .

Loans and other long-term assets . ,Foreign currencies and other short-term assets _ . .

Repayments on credits:ScheduledNonscheduled 5


Direct investments abroad 4 _ .Foreign securities

Claims reported by U.S. banks:Long-term . . . ... .Short-term, nonliquid _Short-term, liquid

Claims reported by U.S. nonbanking concerns:Long-term ....Short- term, nonliquid _ _Short-term, liquid


Direct investments in the United States 4

U.S. securities other than Treasury issues

U.S. nonliquid liabilities to private foreigners reported by U.S. non-banking concerns:Long-term .Short-term . .

Long-term liabilities to all foreigners reported by U.S. banks

Nonliquid liabilities reported by U.S. Government:To foreign official reserve agencies . _To other official and private foreigners _ .

U.S. liquid liabilities to all foreigners

Transactions in U.S. official reserve assets net

GoldSDRConvertible currenciesGold tranche position in IMF


Errors and omissions, and transfers of funds between foreign areas, net.. .

Latin American Republics and Othtr WesternHemisphere

1970

I

2,451

1,50210

1983380125716

7530113235

6

-2, 188

-1, 522-38

-340-21-54-1

-39-41

-5-125

-3

-6

-137

-71-11-55

-121

-200(*)

78

-301

-135-20

— 7-51

15

-40-40-23

345

1720

-8

-42

-5

363

7

7

-56

II

2,707

1,63711

2334193125817

8932914245

6

-2, 147

-1,529-46

-285-18-60-1

-43-36

-6-121

-3

-6

-132

-66-11-56

-157

-245-5

93(*)

-335

-1682

-4-109

2

-712

-63

237

12-36

-632

-18

-9

263

9

9

-181

III

2,565

1,59412

2274797125916

7825413532

6

-2,029

-1,400-43

-298-16-63-1

-44-45

-6-109

-4

-6

-118

-59-11-49

-100

-172(*)

72

-297

-128-21

-17-1-1

-110-41

23

-936

1016

1937

-91

-11

-916

4

4

912

IV

2,672

1,7618

2213589125717

7919714451

7

-2, 044

-1,462-43

-277-15-59-1

-38-47

-6-91-4

-7

-135

-66-11-57

-129

-228-1

100

-510

-170-95

40-216-27

-20-58

36

-166

167

7937

37

3

-389

111

111

199

1971

IP

2,504

1,5959

2003185136417

7425613131

7

-2, 180

-1, 523-40

-360-23-66-1

-44-40

-5-74-3

-7

-123

-57-13-53

-74

-154(*)

764

31

1-10

5837

-39

472

-92

-294

121

5120

-90

4

-301

(*)

(*)

136

Japan

1970

I

1,422

1,1066

21li>695094

223677

7

(*)

-1,619

-1,268-156-14-14-63-1-5-5

-1-3

-64-25

(*)

-10

-2-8

53

-541

2581

61

-3610

1143

1

-16-43

1

80

-101

-11

-19

-3

122

13

II

1,441

1,1284

2617785094

2418758

-1,806

-1,408-179-32-17-66-1-5-5

-1-4

-65-24

-11

-3-9

-23

-485

21

-279

-5022

-5-221

-3

-8-13-1

-26

-472

3-18

-60

6

87

704

III

1,490

1,176102718825097

229

727

-2,021

-1,630-159-36-23-71-1-5—5

-1A

-67-19

-11

-3-9

8

-232

29

199

95

-16179

3

22-5

2

54

-24

222

-98

-5

131

282

IV

1,561

1,2385

2719745098

2032736

-1,970

-1,588-177-15-16-71-1-5-6

-1-6

-66-20

-10

-2-8

23

-362

1840

-631

-55-6

-6-567

7

4-13

5

993

616

138

-92

-1

998

119

119

-85

1971

I P

1,467

1,0937

302474631011

2353719

-1,949

-1, 599-159-15-15-62-1-6-5

(*)

-54-27

-9

-3-7

-32

-813

47

254

-38-53

-10403

5

-25-13-15

1,034

-302

46

-125

-1

1,178

-764

'Preliminary. *Less than $500,000 (±).1. Credits,+: Exports of goods and services; unilateral transfers to U.S.; capital inflows

(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.official reserve assets.

Debits,—: Imports of goods and services; unilateral transfers to foreigners; capital

outflows (decrease in U.S. liabilities or increase in U.S. assets); increase inU.S. official reserve assets.

2. Excludes transfers of goods and services under U.S. military grant programs.3. Excludes exports of goods under U.S. military agency sales contracts identified in Census


June 1971 SUKVEY OF CURRENT BUSINESS 49

Transactions, by Area—Continued

dollars]

Australia, New Zealand and South Africa

1970

I

573

3592089

1469

(*)

3699122

-338

-278-13-11-13-8(*)-2-5

(*)-6-2

-5

-1-4

-16

-19(*)

3

-107

-1284

31-9-4

} -1

37

3-1

29

-6

-7

37

-143

II

588

3912211151569

(*)

39541511

-317

-257-12-10-14-9(*J-2-6

11-2

-6

-1-5

10

-28(*)

38

-148

-1223

13-5-2

-8-27

45

-3-7

55

-4

4

44

-171

III

684

4338914141769

C)

2860122

-370

-306-12-11-16-9(*)-2-5

(*)

-3

-5

-1-4

-71

-74(*)

4

26

134

-4-6

3

-420

11

-4

49

6

-16

11

-274

IV

629

3983788

1569

(*)

42801511

-341

-284-12-8

-12-8

11-7

11-3

-7

-1-6

21

-211

42

-43

-342

13-7-2

-4-11

27

(t)-2

29

-4

-19

41

11

11

-298

1971

I P

595

423979

157

10(*)

3766121

-278

-221-9

-12-14-7

11-5

(*)-6-2

-5

-1-4

-35

-37-1

3

-118

-812

-4-15-3

-8-9

49

-13

8

-10

19

38

-208

Other countries in Asia and Africa

1970

I

2,408

1,37698159

1316

4536

335136978

86

-1,858

-1, 110-491-41-8

-53

11-60

(*)

-70-19

-86

-506

-332-28

-145

-308

-44621

1116

-224

-176-41

6-38

7

-1432

513

(*)12

11

-127

22

605

-23

-23

-3

II

2,701

1,4882362415

1446

4538

455146680

131

-1,932

-1,157-500-55-11-59

11-61

(*)

-64-18

-131

-499

-311-31

-157

-404

-462-66

11311

-513

-397-37

59-81-5

-3-49

-279

136

38

-194

-148

-12

4

4

922

III

2,352

1,329973321

1476

4538

414596968

52

-2,014

-1, 221-490-81-18-60

(*)-6

-64

-1

-56-18

-52

-478

-308-33

-137

-252

-3506

902

127

33-23

2781-1

73

-107

332

541

-68

-4

-116

42

42

330

IV

2,675

1,4781812311

1506

4539

475486384

88

-1,950

-1, 237-455-56-10-62

11-62

-1(*)

-47-16

-88

-488

-332-33

-124

-275

-382-9

116

45

142-57

-4042-8

-5-29

-541

-122

4-9

-69

-100

-388

142

142

393

1971

I P

2,775

1,5732202010

1377

5038

345356685

110

-1,858

-1,179-444-45-9

-68(*)

-63

-34-9

-110

-507

-346-33

-128

-434

-72574

217

-317

-134-47

-2-94

9

-9-39

-250

37

615

-42

46

-285

17

17

573

International organizations and unallocated

1970

I

137

151

41

510291

-201

-9-126

-12

-20-34

-35

-35

-29

-32

3

10

38-28

(*)

({.

208

100

32

76

-1,197

-24-920

-253

867

240

II

129

154

41

65

139

-204

-9-146

-1

-18-30

-54

-54

-12

-12

-10

-3524

1

-57

96

-153

190

-37

227

18

III

144

158

41

74

304

-281

-8-168

-53

-18-33

-27

-27

3

3

-244

-77-166

-1

-249

91

37

-377

694

322-34

406

-41

IV

273

157

41

615513

-229

-5-139

-44

-18-24

-40

-40

-15

-15

-141

-15210

(*)

8

59

-135

84

7

-142140

9

138

1971

I P

161

155

47

415381

-189

-10-141

-5

-15-19

-54

-54

-11

-13

3

-263

-72-191

(*)

267

145

-109

231

-330

7-592

255

717

-299

Line

1

23456789

10111213

14

15

1617181920212223

24252627

28

29

303132

33

3435

3637

38

3940

414243

444546

47

4849

5051

52+53

5455

56+57

58

59606162

63

64

export documents, and imports of goods included under direct defense expenditures identifiedin Census import documents, and reflects various other balance-of-payments adjustments(for valuation, coverage, and timing) to Census statistics; see table 4.

4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.incorporated affiliates of foreign firms.

5. Includes sales of foreign obligations to foreigners.




Table 10.—-Summary of Known Current and Long-term Capital Transactions, by Area 1

lieis of dollars]

Line

12345

67gg

10

1112131415

1617181920

2122232425

2627282930

3132333435

3637383940

4142434445

4647484950

5152535455

[Receipts by foreign areas (— )]

AH areas, balances on :Merchandise trade 2

Goods and servicesGoods services and remittances - - - - -Current account - -Current account and long-term capital 3

United Kingdom, balances on:Merchandise trade 2 - --Goods and services _ - --Goods services and remittancesCurrent accountCurrent account and long-term capital 3

European Economic Community, balances on:Merchandise trade 2

Goods and servicesGoods services and remittances -Current accountCurrent account and long-term capital 3

Other Western Europe, balances on :Merchandise trade 2 -Goods and servicesGoods, services and remittances - --Current accountCurrent account and long-term capital 3 - - -

Eastern Europe, balances on:Merchandise trade 2

Goods and services - -Goods services and remittances - -Current accountCurrent account and long-term capital 3

Canada, balances on:Merchandise trade 2 - -Goods and servicesGoods services and remittancesCurrent account .Current account and long-term capital 3

Latin American Republics and Other Western Hemi-sphere, balances on :

Merchandise trade 2

Goods and services -Goods services and remittancesCurrent account - -Current account and long-term capital 3

Japan, balances on:Merchandise trade 2 - - -Goods and servicesGoods, services and remittances . - -Current accountCurrent account and long-term capital 3

Australia, New Zealand, and South Africa, balanceson:

Merchandise trade 2

Goods and services ...Goods, services and remittancesCurrent accountCurrent account and long-term capital 3

Other countries in Asia and Africa, balances on :Merchandise trade 2

Goods and servicesGoods, services and remittancesCurrent accountCurrent account and long-term capital 3

International organizations and unallocated, balanceson:

Merchandise trade 2

Goods and servicesGoods, services and remittances - . ..-Current account.. .. . ..-Current account and long-term capital 3

1968

6242,4891,321-386

—1 349

-116-228—274-274-56

150—702-721—722

919

301-191-424—4611,043

15259

—55

-435451433433

-512

1371,7001 4861,233

149

—1,110-1,336-1,374—1 374—1 227

460997979979710

1,2742 0511,483

206—1, 706

* -52-279-279-402—671

1969

6602,011

745-899

-2, 879

-87-709-761-761

-1,071

1,045-41-46—46

1 725

478-36

-251—285

457

5468504785

-7991204747

-1,367

3181,8151 5741 353

466

-1 390-1, 736-1,774—1 774—2 129

295782760760756

7461 8421,236

—14—1 717

-94-94

-228-132

1970

2,1103,5922,182

444—3, 038

302-427-476-476

266

1,718518497497532

879107

-112-140

188

150160139130136

-1, 676—508—596—596

-1,651

5811,9881 7281,466

199

-1,246-1, 502-1, 545—1 545—1, 577

4561,1061,0831,083

768

9462,3821,694

411-1, 472

-231-231-386—544

I

1287244558215

18-8

-19-19

-163

317152157157386

1571055449

562

-32

-2-2

7

-5525825825888

-1351206417

—111

-206-274-283-283-282

52170164164136

-17206

69—217-651

—9-9

-4447

19

II

131514183

-386-2,201

-80-240-256-256-439

137-144-147-147-218

52-113-169-192-286

662

8

-1651058787

-172

142582519449173

-458-537-547-547-660

80201196196212

417678521104

-675

-25-25-83

-160

59

III

-206-505-835

-1, 161-2, 365

-63-343-355-355-445

137-231-233-233-122

81-155-209—212—189

1516111127

-196—183—206-206-774

152566504461111

-477-578-588—588-713

4115514914993

104358203-67

-370

-112-112-123

-8

IV

6071,279

941567

1,672

38-119-133-133-26

454181176176

1,677

1881277469

371

3645403944

-383-60-90-90

-508

159546485425289

-249-346-356-356-475

122255249249315

242600444166

-23

525222

-13

I

6591,234

913465

—1, 311

43-186-195-195-104

445316320320

-321

2811531069824

3441353537

-309124113113

-219

-20263197126

-202

-162-197-207-207-207

81235230230118

266550377

44-455

-64-64-99

14

19

II

1,0031,300

925487

—899

128-124—138-138-263

584234228228360

233-30-87-94

85

3738333227

-2722533

-183

10856049342823

-280-365-376-376-476

134271265265160

331769581270

-635

-75-75

-129-56

ro

III

160-291-657

-1, 060—1, 535

71-220-233-233

77

350-82-91-91-85

150-177-236-242-95

3432272436

-420-364-397-397-656

194536476418

54

-454-531-542-542-515

127314309309231

108338168

-140-312

-137-137-164-276

IV

2881,3491,002

552706

601059191

557

339504141

579

21516110598

175

4549433937

-675-293-315-315-591

299628560493326

-350-409-419-419-380

114288281281260

241725568237-70

4444

4-229

1971*

I

4291 4191 085

624—1 366

134-15—27—27

-397

226726969

—342

249228173169138

5965616062

-4011911

-97

72324258201217

-506-482-491-491-674

202317312312200

394917756410

-161

-28-28-82

-320

p Preliminary.1. Balances of payments by area on the net liquidity basis and the official reserve trans-

actions basis lack validity because liquid dollar holdings of private and official foreigners maybe affected not only by their transactions with the United States but also by transactionsamong themselves. The balances shown by area here have some shortcomings due to statisticaldiscrepancies including errors, omissions, and incorrect area attributions.

Balances are derived from data in table 2 (all areas) and table 9 (individual areas) as follows:

Merchandise trade 2 . .Goods and servicesGoods, services and remittances ... ......Current accountCurrent account and long-term capital 3

Lines in tables

2

2 16 .1 151 15,31,32..1 15, 291 15,29,33,39-41,

44, 48-50, 52, 55.

9

Same.Same.Same.Same.Same, except only

part of line 52 isincluded.

Balance with "all areas" includes long-term liabilities to all private foreigners reported byU.S. banks, with "international organizations" includespnly liabilities to IBRD and affiliatedorganizations, and with other areas includes only liabilities to regional organizations. Thelong-term liabilities to other private foreigners included in the total, but not in the areas,amounted to (millions of dollars): 1968, -7; 1969-1, -6, 1969-11, 12, 1969-III, 25, 1969-1V, 17,1969 year, 48; 1970-1, 5, 1970-11, 63, 1970-III, 7, 1970-1V, 43, 1970 year, 118; 1971-1, 7.

2. Adjusted to balance of payments basis; excludes exports under U.S. military agency salescontracts and imports under direct defense expenditures.

3. Includes some short-term U.S. Government assets; area data exclude long-term liabilitiesreported by U.S. banks other than to international and regional organizations (see footnote 1).

4. Net purchases of gold by U.S. private residents from U.S. monetary gold stock.

NOTE: Details may not add to totals because of rounding.Source: U.S. Department of Commerce, Office of Business Economics.



EXPLANATORY NOTES FOR TABLES 2 AND 3

These notes are intended to providea brief explanation of the content andsources of data for each account shown

tables 2 and 3. These descriptionsin

Exports of goods and services

Line 2.—Merchandise, adjusted,excluding military

This account measures, in concept,all movable goods which are sold, givenaway, or otherwise transferred fromUnited States to foreign ownership,except (1) transfers of goods underU.S. military grant programs (part ofline 14), (2) transfers of goods underU.S. military agency sales contracts(part of line 3) whether physicallyexported from the United States or soldfrom U.S. installations abroad, and (3)transfers of goods by U.S. nonmilitaryagencies from U.S. installations abroad(part of line 9).

In practice, reliance on Census Bu-reau trade statistics, which are basedon the physical movement of goods intoand out of the United States ratherthan change of ownership, and whichin various other aspects are not orientedto balance of payments concepts, leadsto some additional departures from theconceptual definition stated above. Cen-sus Bureau export statistics are, ingeneral, valued f.a.s. (free alongsideship) U.S. port of exit, and reflectselling price, f.o.b. (free on board)interior point of shipment—or cost if,not sold—plus packaging costs, inlandfreight, and insurance to place of ex-port. Various adjustments to the Censusstatistics are made for timing, coverage,and valuation in order to bring theminto conformity with balance of pay-ments concepts (see table 4).

Line 3.—Transfers under U.S. militaryagency sales contracts

This account measures delivery ofgoods and transfer of services by mili-tary agencies to foreign Governmentsunder sales contracts. Delivery of goodsrefers to transfer of goods either fromthe United States or from U.S. installa-tions abroad to foreign Governments.Also included, of relatively smallermagnitudes, are sales of excess propertyof military installations abroad, andlogistical support provided to U.S.allies and to United Nations emergencyforces in various areas. Excluded, how-ever, is military equipment sold directly

are not comprehensive nor are theyintended to take the place of a precisemethodology of the balance of pay-ments compilations.

to foreigners by U.S. private firms.Estimates are based primarily on De-partment of Defense reports.

Line 4.—TravelThis account measures expenditures

in the United States by foreign travelers(excluding foreign Government per-sonnel and their dependents and foreigncitizens residing in the United States)for lodging, food, transportation withinthe United States, entertainment, per-sonal purchases, gifts, and other out-lays incidental to a trip to the UnitedStates. Transocean passenger fares areexcluded. Included are passenger faresreceived by U.S. carriers from Canadianand Mexican travelers visiting theUnited States. Travel receipts fromeach major area of the world are esti-mated by multiplying the averageexpenditures per traveler, derived fromsample surveys of OBE, by the corre-sponding number of travelers, derivedfrom statistics of U.S. Immigration andNaturalization Service.

Line 5.—Passenger faresThis account measures passenger

fares received by U.S. ocean and aircarriers from foreign residents travelingbetween the United States and foreigncountries and between two foreignpoints. Excluded are passenger faresfor travel between the United Statesand Canada, and between the UnitedStates and Mexico (part of line 4). Foreach major area of the world, anestimate is made by multiplying theaverage round-trip fare derived fromtravel questionnaires, by the corre-sponding number of travelers derivedfrom data provided by the U.S. Im-migration and Naturalization Service.

Line 6.—Other transportationThis account measures the following:

freight revenues of U.S.-operated ocean,air, and other carriers (including rail,pipeline, and Great Lakes shipping) forthe international transportation of U.S.exports; freight revenues of U.S.-oper-ated carriers for the transportation offoreign freight from one foreign pointto another foreign point; port ex-penditure receipts, representing pay-

ments for goods and services purchasedin the United States by foreign oper-ators and transportation companies;and receipts of U.S. owners from foreignoperators for the charter of vessels andthe rental of freight cars. For the majorcomponents—freight revenues and portexpenditure receipts—value estimatesare made by multiplying the averagerates, based on reports from a limitednumber of shipping companies and air-lines to OBE, by the correspondingtonnage data, derived essentially fromstatistics of the Census Bureau. Forthe other components, estimates arebased on reports to OBE and on variousother sources of information.

Line 7.—Fees and royalties from un-affiliated foreigners

This account measures U.S. receiptsfrom foreign residents not affiliatedwith the U.S. organizations to whompayment is made for the use of intan-gible property or rights (patents, tech-niques, processes, formulae, designs,trademarks, copyrights, franchises,manufacturing rights, etc.). Estimatesare made on the basis of data obtainedfrom OBE questionnaires circularizedamong U.S. individuals and firmsdirectly involved in such transactions.

Line 8.—Other private services

This account measures all receiptsby U.S. private residents from foreignresidents who are not affiliated withthe U.S. recipient and from foreigngovernments and international orga-nizations, for various miscellaneousservices rendered domestically orabroad. Such services include inter-national reinsurance operations of U.S.insurance companies; international ca-ble, radio, and telephone operationsprovided by U.S. communications com-panies; and foreign contract operationsof U.S. construction, engineering, con-sulting and other technical servicesfirms. Also included in this accountare expenditures in the United Statesby foreign embassies, consulates, andregistered agents of foreign govern-ments; administrative expenditures byinternational organizations such as theInternational Monetary Fund (IMF),World Bank, United Nations, etc.; andvarious other minor service receipts.Estimates are based on reports filedwith OBE by U.S. individuals andfirms, statistics provided by U.S. andforeign government agencies, and otherinformation obtained from various pub-lications of foreign governments andinternational organizations.



Line 9.—U.S. Governmentmiscellaneous services

This account measures receipts ofthe nonmilitary agencies of the U.S.Government for services provided toforeigners and for deliveries of goodsto foreigners from U.S. installationsabroad. Also included are administra-tive expenses of AID in the UnitedStates and abroad, and similar expensesof other aid programs. Estimates arebased primarily on reports submittedby nonmilitary agencies of the U.S.Government.

Line 10.—Direct investment fees androyalties

This account measures receipts byU.S. parent organizations from theirforeign affiliates of fees and royalties(after withheld foreign taxes, if any) forthe use of intangible property orrights (patents, techniques, trademarks,copyrights, manufacturing rights, etc.),for rentals of tangible property, motionpicture films and TV tapes, and for theuse of professional, administrative andmanagement services. Receipts includenot only actual transfers but alsoother amounts due in the reportingperiod that are not actually transferred.In the latter instances, the amounts areoffset by contra-entries in line 39. Dataare collected regularly by the OBEfrom over 1,100 respondents with morethan 13,000 foreign affiliates. Thedata are used to derive estimates fortotal receipts on the basis of the relationof the reporting sample to benchmarkdata (based on periodic surveys of U.S.direct investments abroad), with adjust-ments made for new investments andliquidations. (See line 39 for definitionof direct investments.)

Line 11.—Direct investment interest,dividends, and branch earnings

This account measures receipts byU.S. parent organizations from theirforeign affiliates of interest and divi-dends (after withheld foreign taxes,if any) and branch earnings (afterforeign income taxes). Receipts includenot only actual transfers but also otheramounts due in reporting period thatare not actually transferred. In thelatter instances, the amounts are offsetby contra-entries in line 39. Sources ofdata and estimating procedures are thesame as for line 10. (See line 39 fordefinition of direct investments.)

Line 12.—Income receipts on otherU.S. private assets abroad

This account measures (1) interestreceived by U.S. residents on theirholdings of foreign debt securities, shortand long-term bank and commercial

loans, deposits and other claims, and(2) dividends received by U.S. residentson their holdings of foreign equities.Excluded are income receipts from U.S.direct investments abroad. Estimatesare based on applicable U.S. moneymarket rates and foreign dividendyields applied to amounts outstandingin the appropriate period, with lagswhen relevant.

Line 13.—Income receipts on U.S.Government assets abroad

This account measures primarilyinterest realized on the long and short-term credits outstanding to the U.S.Government from the rest of the world.Also included are interest earned onU.S. Government disbursing officers'deposits in commercial banks abroad;interest received on the holdings ofofficial reserve assets by U.S. monetaryauthorities; interest on advances underother Exchange Stabilization Fundagreements; collections of commitmentfees for foreign loans extended by U.S.Government agencies; service chargesand other earnings from the U.S. invest-ment in the International MonetaryFund; and net income of U.S. monetaryauthorities from day-to-day transac-tions in foreign currency exchanges.Excluded are gains or losses on officialreserve assets when they result fromrevision of par value exchange rates andall gains or losses on foreign currencybalances held by disbursing officers.

With the exception of capitalizedinterest, receipts are based on datareported by the Government operatingagencies on a collection basis (in bothU.S. dollars and foreign currencies).

Transfers under U.S. militarygrant programs, net

Line 14.—Transfers of goods andservices under U.S. military grantprograms 9 net

This account measures net transfersof goods delivered and services ren-dered by U.S. military services toforeign countries under programs en-acted by the Congress to authorize theprovision of military assistance forwhich no repayment is expected orfor which repayment terms areindeterminate.

Gross transfers include goods andservices purchased from dollar fundsappropriated, or foreign currenciesowned, by the U.S. Government whoseuse has been authorized by legislation(valued on the basis of the U.S.Government financial records reflectingthe expenditure of authorized funds);and transfers of goods under authoriza-tions to deliver to foreign nations

equipment and material, deemed excessto U.S. requirements (valued accordingto the legislative authorization underwhich the transfer is made).

Transactions netted against the grosstransfers—reverse grants—include re-turns of equipment previously trans-ferred; supplies and services providedthe U.S. Government as part of amutual assistance program (such asreverse lend-lease); and foreign cur-rency funds provided by foreign nationsas offsets for U.S. local expendituresunder international agreements to pro-vide U.S. foreign assistance.

This account excludes military goodsand services provided on credit withestablished repayment terms. Also ex-cluded, in general, are transfers ofgoods and services to foreign forcesoperating in conjunction with U.S.forces during periods of active hostilitiesand certain transactions for which dataare not available due to securityreasons. For transactions which oc-curred prior to July 1964, the estimateswere made by OBE on the basis ofinformation furnished for this purposeby the operating agencies, supple-mented by other Government records;subsequent estimates are based uponincomplete reports from the operatingagencies.

An identical offsetting entry is madein line 28.

Imports of goods and services

Line 16.—Merchandise, adjusted.,excluding military

This account measures, in concept,all movable goods which are sold, givenaway, or otherwise transferred fromforeign to U.S. ownership, except (1)goods purchased abroad by U.S. de-fense agencies, whether used or stock-piled abroad or physically imported intothe United States directly by suchagencies (part of line 17) and (2) goodspurchased abroad by U.S. non-defenseagencies, whether used or stockpiledabroad (part of line 23).

In practice, reliance on Census Bu-reau trade statistics, which are based onthe physical movement of goods intoand out of the United States rather thanchange of ownership, and which in vari-ous other aspects are not oriented toideal balance of payments concepts,leads to some additional departuresfrom the conceptual definition statedabove. Census Bureau import statisticsare, in general, valued at the wholesalemarket price, f.o.b. foreign country ofexport. This valuation, which is re-quired under U.S. customs legislation,excludes U.S. import duties and freightand insurance charges from the foreign



country to the U.S. port of entry. Theuse of f .o.b. foreign country as the basisfor import valuation is in accord withbalance of payments concepts. How-ever, the Customs requirement for ageneral "market value at which thegoods are freely offered for sale" maynot necessarily coincide with the actualpurchase-sale contract price, f.o.b.foreign country, agreed to betweenbuyer and seller—the transactionsvalue. In such cases, a valuationadjustment is made to accord with thetransactions value, if appropriate infor-mation is available. Adjustments fortiming and coverage are also made toCensus import statistics to bring theminto conformity with balance of pay-ments requirements (see table 4).

Line 17.—Direct defense expenditures

This account measures direct defenseexpenditures for foreign goods andservices by the military agencies andsimilar defense transactions of theAtomic Energy Commission and theCoast Guard which meet the NATOdefinition of defense expenditures. Alsoincluded are the personal expendituresof U.S. military and civilian personneland their dependents abroad, togetherwith the foreign purchases of themilitary exchanges and similar agencieswhich sell to personnel (e.g., post ex-changes, commissaries). Other disburse-ments include foreign expenditures ofU.S. contractors employed to constructand operate U.S. foreign military in-stallations and to furnish other servicesabroad, expenditures for NATO in-frastructure, the offshore procurementof military equipment to be transferredas aid to foreign countries, contributionsto international military headquartersexpenses, and other outlays abroad foradministration of military assistanceprograms. Excluded are foreign prod-ucts purchased in the United States byU.S. military agencies. Estimates arebased primarily on Department ofDefense reports.

Line 18.—Travel

This account measures expendituresin foreign countries by U.S. travelers(excluding U.S. Government personneland their dependents and U.S. citizensresiding abroad) for lodging, food, trans-portation within foreign areas, enter-tainment, personal purchases, gifts, andother outlays incidental to a tripabroad. Transocean passenger fares areexcluded. Included are passenger farespaid to Canadian and Mexican carriersby U.S. residents visiting Canada andMexico. Travel payments to each majorarea of the world are estimated by mul-tiplying the average expenditure per

traveler derived from sample surveys ofOBE, by the corresponding number oftravelers derived from statistics ofU.S. Immigration and NaturalizationService.

Line 19.—Passenger faresThis account measures passenger

fares paid to foreign ocean and air car-riers by U.S. residents for transoceantransportation. Excluded are passengerfares for travel between the UnitedStates and Canada, and between theUnited States and Mexico (part of line18). For each major area of the world,an estimate is made by multiplying theaverage round-trip fare derived fromtravel questionnaires, by the corre-ponding number of travelers derivedfrom data provided by the U.S. Immi-gration and Naturalization Service. Theestimate for total passenger fares is thesum of estimates for all areas. Addi-tional adjustments for inter-airlinetransfers are made on the basis of officialreports of U.S. international air carriers.

Line 20.—Other transportation

This account measures the following:freight payments to foreign-operatedocean, air and other carriers (includingrail and Great Lakes shipping) forthe international transportation of U.S.imports; port expenditure paymentsrepresenting purchases of goods andservices in foreign countries by U.S.operators and transportation com-panies; and payments made to foreignowners by U.S. operators for thecharter of vessels and the rental offreight cars. For the major compo-nents—freight and port expenditurepayments—value estimates are madeby multiplying the average rates basedon reports of shipping companies andairlines to OBE, by the correspondingtonnage data derived essentially fromstatistics of the Census Bureau. Forthe other components, estimates aremade on the basis of reports to OBEand various other sources of informa-tion.

Line 21.—Fees and royalties tounaffiliated foreigners

This account measures paymentsby U.S. residents to foreign residentsnot affiliated with the U.S. payer forthe use of intangible property or rights(patents, techniques, processes, formu-lae, designs, trademarks, copyrights,franchises, manufacturing rights, etc.).Estimates are made on the basis ofdata obtained from OBE questionnairescircularized among U.S. individualsand firms directly involved in suchtransactions.

Line 22.—Private payments for otherservices

This account measures payments byU.S. private residents to foreign resi-dents not affiliated with the U.S. payerand to foreign governments for variousmiscellaneous services rendered domes-tically or abroad. Such outlays includepayments of international reinsuranceoperations of U.S. insurance companies;net payments for direct writing of in-surance abroad; payments of U.S. com-munication companies for foreign cable,radio, and telephone operations; netearnings of Canadian commuters em-ployed in the United States; paymentsof consular fees for export privileges;and various other minor service pay-ments. Estimates are based on reportsfiled with OBE by U.S. individuals andfirms, statistics provided by foreigngovernment agencies, and other infor-mation obtained from various domesticpublications.

Line 23.—U.S. Government paymentsfor miscellaneous services

This account measures expendituresof the nonmilitary agencies of the U.S.Government for foreign services andfor foreign goods which are purchasedabroad and used or stockpiled abroad.Also included are net payments by suchnonmilitary agencies to U.S. nationalsemployed abroad and their dependents,and payments to international organiza-tions for membership assessments. Esti-mates are based primarily on reportssubmitted by nonmilitary agencies ofthe U.S. Government.

Line 24.—Direct investment fees androyalties

This account measures payments byU.S. companies to their foreign parentorganizations of fees and royalties(after withholding taxes) for the useof intangible property or rights (pat-ents, techniques, trademarks, copy-rights, manufacturing rights, etc.) andfor professional, administrative andmanagement services. Payments in-clude not only actual transfers but alsoother amounts due in the reportingperiod that are not actually transferred.In the latter instances, the amounts areoffset by contra-entries in line 48. Dataare based on quarterly reports filed byapproximately 350 U.S. companies withOBE. (See line 48 for definition of directinvestments.)

Line 25.—Direct investment interest,dividends, and branch earnings

This account measures payments byU.S. companies to their foreign parent



organizations of interest and dividends(after U.S. withholding taxes) andbranch earnings (after U.S. incometaxes). Payments include not onlyactual transfers but also other amountsdue in the reporting period that are notactually transferred. In the latterinstances, the amounts are offset bycontra-entries in line 48. Data arecollected by OBE from approximately350 U.S. companies. The data are usedto derive estimates for total paymentson the basis of the relation of thereporting sample to benchmark data(based on the 1959 survey of foreigndirect investments in the UnitedStates), with adjustments made for newinvestments and liquidations. (See line48 for definition of direct investments.)

Line 26.—Income payments on otherprivate liabilities

This account measures (1) interestpaid by U.S. residents to foreign holdersof U.S. debt obligations and to foreignowners of U.S. bank deposits, and (2)dividends paid by U.S. residents toforeign holders of U.S. equities.

Excluded are income payments onforeign direct investments in the UnitedStates (recorded in line 25). Estimatesare based on applicable Eurodollarrates, U.S. money market rates, andU.S. dividend yields applied to amountsoutstanding in the appropriate period,with lags when relevant.

Line 27.—Income payments on U.S.Government liabilities

This account measures (1) interestpaid to foreign residents on their hold-ings of U.S. Government securities,based on applicable rates, and (2) inter-est paid to foreign official agencies onadvance payments for military equip-ment and on other special deposits withthe Treasury Department.

Military grants

Line 28.—U.S. military grants ofgoods and services, net

This account measures transfers byU.S. military services to foreign coun-tries under programs enacted by theCongress to provide foreign militaryassistance for which no repayment isexpected or for which repayment termsare indeterminate. Excluded are trans-fers of cash and of nonmilitary items,even when under military aid legisla-tion; and military assistance providedon established credit repayment terms;transfers of goods and services to foreignforces operating in conjunction with

U.S. forces during periods of activehostilities; and certain transactions forwhich data are not available due tosecurity reasons.

An identical offsetting entry is madein line 14. (For details of gross transfers,transactions netted against gross trans-fers, and the basis of OBE estimates,see note for line 14.)

Unilateral transfers (excludingmilitary grants), net

Line 30.—U.S. Government grants(excluding military)

This account measures utilization ofU.S. Government financing to transferresources to foreign governments orother foreign entities under programsenacted by the Congress for the provi-sion of foreign assistance—other thanthe goods and services included as mili-tary grants in line 28—for which no re-payment is expected or for which re-payment terms are indeterminate.

Gross transfers represent the dollarequivalent of goods delivered andservices rendered by the U.S. Govern-ment and disbursements by the U.S.Government to or for the account of aforeign government or other foreignentity (including payments into ac-counts from which use may be re-stricted by agreements). Some of thesetransactions are financed with dollarfunds established, or foreign currenciesowned, by the U.S. Government, whoseuse has been authorized by legislationand whose value is based on U.S.Government financial records reflectingthe expenditure of authorized funds.Other transfers of goods, under authori-zations to deliver to foreign nationsagricultural commodities, are valued onthe basis of the export offering price forsuch commodities at the time of de-livery.

Netted against the gross transfersare reverse grants. These include cashsettlements for previously providedgrants; foreign currency funds providedby foreign nations as offsets for U.S.local expenditures under internationalagreements to provide U.S. foreignassistance; supplies, services, and foreigncurrencies provided the U.S. Govern-ment as part of a mutual assistance pro-gram (such as reverse lend-lease); andreturns of equipment previously trans-ferred.

Data are compiled from reportsfurnished by the operating agencies forinclusion in this table, and from pub-lished statements and financial andoperating records of Governmentagencies. Prior to the availability of re-

ports from operating agencies, estimatesare made by OBE.

Line 31.—U.S. Government pensionsand other transfers

This account measures (1) paymentsof annuities and other benefits, toAmericans residing abroad or to foreign-ers entitled to such payments, undersocial security and allied programs; (2)similar payments under retirement andcompensation programs for former Gov-ernment employees, military personnel,and veterans, including costs of pro-viding medical services abroad underVeterans Administration programs; (3)payments abroad under U.S. educa-tional and cultural exchange programs,primarily administered by the Depart-ment of State; (4) payments of grantssupporting individual and institutionalresearch abroad; and (5) payments andreceipts of claims settled by inter-governmental agreements, includingcollections of funds for distribution toprivate claimants as a result of na-tionalization of property by foreigngovernments (when such claims involvereceipts in installments over a period ofyears, the collections are not included inthis entry but are recorded in line 36).

Data are reported by U.S. Govern-ment operating agencies based upontheir financial records, generally ofchecks issued and collections made.

Line 32.—Private remittances, andother transfers

This account measures net privateunilateral transfers of goods, services,cash and other financial claims betweenU.S. residents and residents or govern-ments of foreign countries. Receipts,include transfers to U.S. private resi-dents through post office money orders,German Government indemnificationpayments; Canadian Government pen-sion payments, inheritance and mi-grants transfers, and various otherinflows. Payments include personal re-mittances of U.S. private residents toforeign residents through banks, com-munication companies, and the PostOffice; private parcel post shipments;cash and goods donated abroad byreligious, charitable, educational, scien-tific, and similar nonprofit organization;and inheritance and migrants transfers.Estimates are made on the basis ofdata received directly from U.S. banks,nonprofit organizations and other pri-vate agencies, from U.S. and foreigngovernment agencies, and on the basisof other statistics obtained from variouspublications of foreign governments.



U.S. Government capital flows,net

Line 34.—Loans and other long-term,assets

This account measures utilization ofU.S. Government financing to transferresources under programs enacted bythe Congress for the provision of for-eign assistance, or for credits to foreigngovernments or foreign entities, underagreements which give rise to specificobligations to repay, over a period ofyears, usually with interest. U.S. Gov-ernment loans to U.S. private entitiesspecifically for projects abroad areincluded as foreign credits, identifiedwith the country in which the projectis located.

Transfers of resources include cashtransfers from, or goods and servicespurchased with, dollar funds estab-lished, or foreign currencies owned, bythe U.S. Government whose use hasbeen authorized by legislation. Suchtransfers are valued on the basis of theagreed obligation assumed by thedebtor under the contractual agree-ment for repayments. Also includedare capital investments in, or contribu-tions to, the international financialinstitutions; capital flows abroad re-flecting the Government's direct in-vestment in productive facilities andinstallations; and equity holdings of"public enterprise" accounts of Govern-ment agencies.

Data are compiled from reportsfurnished by the operating agencies forinclusion in this table, and from pub-lished statements and financial andoperating records of Government agen-cies. Prior to the availability of theirrecords, estimates are made by OBE,particularly for preliminary data. Ad-justments are also made to reporttransactions at time of occurrence,rather than at time of record on booksof the operating agencies.

Line 35.—Foreign currencies andother short-term assets

This account measures, in significantpart, the financing of exports of U.S.farm products in exchange for foreigncurrencies under the Agricultural TradeDevelopment and Assistance Act (Pub-lic Law 83-480) less the Government'sdisbursements of the currencies asgrants, credits, or for purchases.

Also included are changes in U.S.Government deposits abroad from ac-quisition of foreign currency collectedas interest, principal, or reverse grants;accounts receivable of Governmentagencies that report their current trans-actions on an accrual basis; foreigncurrencies held by U.S. disbursing offi-

cers; and advances of the ExchangeStabilization Fund that are not part ofreserve assets.

Excluded are changes in officialreserve assets held by U.S. monetaryauthorities and discernible gains orlosses on foreign currency balances.

Data sources are the same as for line34.

Line 36.—Scheduled repayments oncredits

This account measures collections ofprincipal on the loans and other creditsrecorded in line 34. Also included areprincipal collections in liquidation ofoutstanding indebtedness formalized byintergovernmental agreement in settle-ment of assistance originally furnishedunder indeterminate terms and reportedin line 30 and in settlement of claims ofthe U.S. Government or its nationals,when funds are collected by the Govern-ment for distribution to the claimants;collections on World War I debts; andrecoveries of the Government's directinvestment in productive facilities andinstallations abroad or on the equityholding of "public enterprise" accountsof Government agencies.

Excluded from this account areprincipal charged off as uncollectible;gains or losses on indebtedness de-nominated in foreign currency; sales ofExport-Import Bank Portfolio Partic-ipation Certificates; and extraordinaryamortizations that are included inline 37.


Line 37.—Nonscheduled repaymentson credits

This account measures extraordinaryamortizations, which include principalcollections identified as occurring morethan 3 months ahead of amortizationschedule date stipulated in the repay-ment agreement and sales of thepromissory note (or other evidences ofindebtedness) to a third-party foreignparticipant, either in the country of theborrower or in a third country. Sales arerecorded at the book value of the in-debtedness liquidated. In manyinstances, Export-Import Bank has thecontingent liability to repurchase suchobligations previously sold. Beginningwith 1967, collections from promissorynotes sold to third countries are re-corded in the geographical area of thethird country in table 9; for earlierperiods, such collections are recorded inthe geographical area of the debtor.

Excluded from this account areaccelerated collections of foreigncurrency on credits repayable in foreigncurrency and sales of Export-ImportBank Portfolio Participation Certi-ficates.



Line 39.—Direct investments abroadThis account measures capital trans-

actions by U.S. residents with foreignenterprises in which the U.S. residentsby themselves or in affiliation withother U.S. residents own 10 percent ormore of the voting securities or of otherownership interests. The account alsoincludes transactions of single or affili-ated U.S. residents with foreign resi-dents as the result of the acquisition ofat least 10 percent or any additionalownership interest in foreign enterprisesor the sale, total or partial, of a directinvestment enterprise to a foreigner.

Included in capital transactions arenet increases in capital stocks (votingand nonvoting) and capital contribu-tions, in intercompany accounts, and inowners' home office account of foreignbranches; excluded is the U.S. parents'share of the reinvested earnings offoreign incorporated affiliates. Fundsused for U.S. direct investments abroadinclude, in addition to those originatingin the United States from U.S. parentsand their domestic subsidiaries, (1)funds utilized for direct investmentsthat are borrowed abroad by U.S.parents and their domestic subsidiaries,(2) funds utilized for direct investmentthat are obtained from security issuessold abroad by Netherlands Antillesfinance subsidiaries that are initiallytransferred to U.S. parents, and also (3)funds obtained through long-term debtissues placed by foreign affiliates withpublic and nonbanking institutionalinvestors in the United States.

Data are based on reports (coveringapproximately 13,000 foreign affiliates)filed quarterly with OBE by over 1,100U.S. respondents whose aggregate for-eign direct investment (net worth andintercompany account) is $2,000,000or more. To these data are addedverified transactions of nonreporters.

Line 40.—Foreign securitiesThis account measures net trans-

actions (sales less purchases) betweenU.S. private residents and foreign resi-dents in foreign equities and debt secu-rities with no contractual maturity orwith maturities of more than one year(net U.S. purchases are debit entries).Data for foreign securities are basedon reports collected by the Federal Re-serve System for the Treasury Depart-ment, with adjustments made for trans-actions that are included in otherbalance of payments accounts. On thebasis of public market information andother data, OBE prepares estimates for


56 'SURVEY OF CURRENT BUSINESS June 1971

two components of the total, sales ofnew foreign issues in the U.S. market toU.S. residents and redemptions of U.S.holdings of foreign securities.

Line 41.—Long-term claims reportedby U.S. banks

This account measures changes inloans and other long-term claims onforeigners (with a contractual maturityof more than one year) which are re-ported by U.S. banks, including boththe claims of the banks themselves andthe claims held in custody for theirdomestic customers. Unutilized linesof credit and permanent capital in-vested abroad are excluded. The dataare collected monthly by the FederalReserve System for the TreasuryDepartment.

Line 42.—Short-term, nonliquidclaims reported by U.S. banks

This account measures changes innonliquid claims on foreigners (with acontractual maturity of one year orless) which are reported by U.S. banks,including both the claims of the banksthemselves and the claims held incustody for their domestic customers.The data are collected monthly by theFederal Reserve System for the Treas-ury Department. The following cate-gories on the monthly reporting formfor short-term claims are considered tobe nonliquid: loans, collections out-standing (items in process of collectionfrom foreigners), and acceptance cred-its (acceptances made for account offoreigners), all payable in dollars; plusshort-term claims other than deposits,foreign government obligations, andcommercial and finance paper, payablein foreign currencies.

Line 43.—Short-term, liquid claimsreported by U.S. banks

This account measures changes inliquid claims on foreigners (with acontractual maturity of one year orless), which are reported by U.S. banks,including both the claims of the banksthemselves and the claims held incustody for their domestic customers.The data are collected monthly by theFederal Reserve System for the Treas-ury Department. The following cate-gories on the monthly reporting formfor short-term claims are considered tobe liquid: deposits, foreign governmentobligations, and commercial and financepaper, all payable in foreign currencies;plus short-term claims other than loans,collections outstanding, and acceptancecredits, payable in dollars.

Line 44.—Long-term claims reportedby U.S. nonbanking concerns

This account measures changes inloans and other long-term claims of

U.S. nonbanking concerns on foreignersother than their foreign affiliates, whichhave a contractual maturity of morethan one year. Such claims originatefrom long-term supplier's credits andother loans extended to foreigners.Data are obtained from quarterly re-ports collected by the Federal ReserveSystem for the Treasury Departmenton amounts outstanding at end of thequarter.

Line 45.—Short-term, nonliquidclaims reported by U.S. nonbankingconcerns

This account measures changes inclaims of U.S. nonbanking concerns onforeigners (other than claims on theirforeign affiliates) that have a contrac-tual maturity of one year or less fromthe date on which the obligation wasincurred but are not repayable ondemand nor readily marketable ortransferable. Such claims include creditsextended to foreigners by U.S. brokersto finance security transactions, and byU.S. corporations or other nonbankingconcerns to finance exports and othertransactions. Data are obtained fromquarterly reports collected by theFederal Reserve System for the Treas-ury Department, on amounts out-standing at the end of the quarter.

Line 46.—Short-term, liquid claimsreported by U.S. nonbankingconcerns

This account measures changes inshort-term liquid claims mainly ofmajor U.S. corporations on foreignersother than their foreign affiliates. Short-term liquid claims, denominated indollars and in foreign currencies, con-sist of (1) demand and time depositsheld abroad, and (2) negotiable andother readily transferable foreign obli-gations payable on demand or having acontractual matruity of not more thanone year from the date on which theobligation was incurred by the foreigner,including obligations of foreign govern-ments. Loans which are repayable ondemand are also included. Data areobtained from reports collected by theFederal Reserve System for the Treas-ury Department, on amounts out-standing at the end of the period.


Line 48.—Direct investments in theUnited States

This account measures capital trans-actions of U.S. enterprises with foreignowners who control 25 percent or moreof the voting securities or other owner-ship interests. The account also includestransactions of single or affiliated for-eign residents with U.S. residentsresulting from the acquisition of at

least 25 percent ownership interest inU.S. enterprises or from total or partialsales. Included are net increases incapital stock (voting and npnvoting)and capital contributions, in intercom-pany accounts, and in owners' homeoffice accounts of U.S. branches; ex-cluded is the foreign parents' share ofthe reinvested earnings of their U.S.corporate affiliates.

Data are based on reports (coveringapproximately 350 U.S. affiliates) filedby U.S. companies in which the aggre-gate investment (net worth and inter-company account) by the foreign owneris $2,000,000 or more. To these data areadded verified transactions of non-reporters.

Line 49.—U.S. securities other thanTreasury issues

This account measures net transac-tions (purchases less sales) betweenU.S. and foreign residents in U.S.equities and debt securities with no con-tractual maturity or with maturities ofmore than one year. Estimates fortransactions are based on data col-lected by the Treasury Department,with adjustments made for transac-tions included in other balance of pay-ments accounts. Major components are(1) U.S. corporate placements of debtsecurities in foreign markets, includingproceeds transferred to U.S. parentsfrom similar placements by theirNetherland Antilles finance subsidiaries(estimated on the basis of OBE reportsand other information); and (2) foreignnet trading in U.S. equities and otherlong-term debt securities issued bycorporations and local governments,and in nonguaranteed U.S. Governmentagency securities.

Line 50.—U.S. long-term nonliquidliabilities to private foreigners, re-ported by U.S. nonbanking concerns

This account measures changes inliabilities of U.S. nonbanking concernsto foreigners (excluding liabilities toaffiliated foreigners recorded as directinvestments) that have a contractualmaturity of more than one year afterthe date on which the obligation wasincurred. Included are direct borrowingfrom foreign banks by U.S. companiesand other loans and advances, whetherpayable in dollars or in foreign curren-cies. Estimates, based on reports col-lected by the Federal Reserve Systemfor the Treasury Department, repre-sent the change in amounts outstandingbetween the beginning and end of theperiod. Adjustments to Treasury De-partment data are made when necessaryto account for proceeds of foreign long-term bank loans obtained by U.S. par-ent companies through their Netherland



Antilles finance subsidiaries as reportedto QBE.

Line 51.—U.S. short-term nonliquidliabilities to private foreigners, re-ported by U.S. nonbanking concerns

This account measures changes inliabilities of U.S. nonbanking concernsto foreigners—other than liabilities toaffiliated foreigners recorded as directinvestments—that become payable oneyear or less from the date the obligationwas incurred. Such liabilities, payablein dollars or in foreign currencies, are(1) direct borrowing from foreign banksby U.S. companies; (2) accounts, notes,bills, and drafts payable to foreigners;and (3) advance payments receivedfrom foreigners for future delivery ofgoods or services even if such trans-actions are not completed until after oneyear. Estimates, based on reports col-lected by the Federal Reserve Systemfor the Treasury Department, repre-sent the change in amounts outstandingbetween the beginning and end of theperiod. Adjustments are made whennecessary to account for proceeds offoreign short-term bank loans obtainedby U.S. parent companies through theirNetherland Antilles finance subsidiariesas reported to OBE.

Line 52.—U.S. long-term liabilitiesto private foreigners, reported byU.S. banks

This account measures changes inobligations to private foreigners re-ported by U.S. banks, for their ownaccount and for others' accounts undertheir custody, with a contractual ma-turity of more than one year. Privateforeigners include official internationaland regional organizations other thanthe International Monetary Fund (evenif located in the United States), foreignbranches of U.S. banks, other foreigncommercial banks, and other privateresidents. The data are collectedmonthly by the Federal ReserveSystem for the Treasury Department.

Line 53.—Long-term liabilities toforeign official agencies, reported byU.S. banks

This account measures changes in ob-ligations to foreign official agencies ofreporting U.S. banks, for their ownaccount and for others' accounts undertheir custody, with a contractual ma-turity of more than one year. Foreignofficial agencies include, in addition toreserve agencies (treasuries or financeministries of central governments andrecognized central banks), diplomaticand consular establishments, and otheragencies of national governments. Sep-arate data for reserve agencies are notavailable. The data are collected monthly

by the Federal Reserve System for theTreasury Department.

Line 54.—Nonliquid liabilities, re-ported by U.S. Government, toforeign official reserve agencies

This account measures net trans-actions representing collections for, andrepayments against, deposit and se-curity obligations of U.S. Governmentagencies to foreign official reserve agen-cies, when such deposits or obligations,bearing original maturities of more than1 year, are payable prior to maturityonly under special conditions. Some ofthe deposits represent funds placedin restricted accounts with the U.S.Government to be used only to liqui-date U.S. claims as these claims reachmaturity. Also included are changes inthe outstanding amount of nonmarket-able Treasury securities which are is-sued subject to redemption prior tomaturity for the purpose of paying orprepaying for military purchases in theUnited States, and the obligations tothe Government of Canada under theColumbia River basin agreements of1964.

The bulk of the obligations enteringinto this entry represents nonmarket-able securities issued by the Govern-ment through arrangements to improvethe U.S. liquid liability position withother countries or to obtain convertiblecurrencies for inclusion in the U.S.official reserve assets.

Transactions may be in U.S. dollarsor in foreign currencies. Repaymentsof obligations are recorded at bookvalue, with the exception that an esti-mated book value is calculated by OBEto reflect any formal exchange raterevaluation which may have affectedthe U.S. dollar equivalent value of anobligation denominated and/or repay-able in foreign currencies. Data arecompiled from reports furnished byoperating agencies and from publishedstatements and financial and operatingrecords of Government agencies.

Line 55.—Nonliquid liabilities^ re-ported by U.S. Government, to otherofficial and private foreigners

This account measures net transac-tions representing collections for, and"repayments" against, deposit and se-curity obligations of U.S. Governmentagencies to other than foreign official re-serve agencies. "Repayments" includedeliveries of goods or rendering of serv-ices by U.S. Government agencies; thebulk of the deposits is in prepaymentfor such purchases (mainly of militaryequipment) by foreign governments.

Liabilities include deposits associatedwith military sales contracts; depositand trust funds with the U.S. Govern-

ment under prepayment sales opera-tions of nonmilitary agencies; fundsprovided as grants or loans under assist-ance programs, but held in a restrictedaccount with the U.S. Governmentunder arrangements to insure their ex-penditure for purchases from the UnitedStates; accounts payable of Govern-ment agencies that report their currenttransactions on an accrual basis; non-interest-bearing Treasury securitieswhich were issued as part of U.S. Gov-ernment contributions to internationalinstitutions, but are subject to redemp-tion prior to maturity to obtain U.S.dollars for the immediate operatingneeds of the institutions; and nonmar-ketable securities issued by the Gov-ernment to other than foreign officialreserve agencies through arrangementsto improve the U.S. liquid liabilityposition with other countries.

Transactions may be in U.S. dollarsor in foreign currencies. Repayments ofobligations are recorded at book value,with the exception that an estimatedbook value is calculated by OBE to re-flect any formal exchange rate revalua-tion which may have affected the U.S.dollar equivalent value of an obligationdenominated and/or repayable in for-eign currencies.

Data are compiled from reports fur-nished by operating agencies, and frompublished statements and financial andoperating records of Governmentagencies. The entries for the severalcategories of transactions related tomilitary sales contracts are partiallyestimated by OBE from incompletedata.

Line 56.—U.S. liquid liabilities toprivate foreigners

This account measures changes inshort-term liabilities (with an originalmaturity of one year or less) to privateforeigners reported by U.S. banks, fortheir own account and for others7

accounts under their custody, andchanges in private foreign holdings ofU.S. Treasury marketable bonds andnotes. Liquid liabilities reported by U.S.banks include mainly demand and timedeposits, U.S. Treasury bills and certif-icates, negotiable time certificates ofdeposit, and nonguaranteed U.S. Gov-ernment agency securities. Private for-eigners include official international andregional organizations other than IMFeven if located in the United States,foreign branches of U.S. banks, otherforeign commercial banks, and otherprivate foreign residents. These dataare collected monthly by the FederalReserve System for the Treasury De-partment from banks and securitiesbrokers and dealers.

(Continued on page 64)


By JACK J. BAME

The U.S. Balance of Payments: First Quarter 1971

International interest rate disparitiesand, in late March, uneasy foreign ex-change markets led to substantial out-ward capital movements—recorded andunrecorded—and a deterioration in U.S.balance of payments measures for thefirst quarter of 1971. The official reservetransactions balance was most severelyaffected, deteriorating $2.0 billion to arecord $5.5 billion deficit.

Ui'NUSUALLY large unrecorded out-flows of funds and substantial adverseswings in both long-term and liquidprivate capital flows dominated U.S.balance of payments developments inthe first quarter of 1971 (see table A andtable 1 on p. 30). A good part of theseflows was accounted for by the widespread between money market rates inthe United States and abroad, reflectingthe contrast between the very accommo-dative stance of the U.S. monetaryauthorities and the relatively restrictiveposture of foreign central banks. Euro-dollar rates also declined in the firstquarter but to a much lesser degree thanshort-term rates in the United States.While banks here were returning fundsto the Eurodollar market, rates therewere propped by heavy borrowings onthe part of European and other com-panies, as a result of the high cost and,in some cases, non-availability of creditin those areas. Toward the end of thequarter, growing foreign exchange mar-ket uncertainties and anticipations ofnew capital controls may have givenfurther impetus to net outward capitalmovements, much of which was prob-ably unrecorded.

The official reserve transactions bal-ance deteriorated by $2.0 billion, sea-sonally adjusted, in the first quarter to

58

a record deficit of $5.5 billion. Theadverse swings in errors and omissionsand in long-term private capital flows,as well as the shift in liquid privatecapita] (mostly by U.S. nonbankingconcerns) largely accounted for thedeterioration in this balance. The netliquidity balance, which is not affectedby recorded flows of private liquidfunds, was in deficit by $2.6 billion, anadverse shift of $1.6 billion.

The balance on current account andlong-term capital, which is not affectedby either errors and omissions or re-corded flows of liquid funds, deteri-orated $0.6 billion to a deficit of $1.4billion. There was shift to a surplus oncurrent account but that was more thanoffset by the adverse swing in long-termprivate capital flows. A number of thelatter items deteriorated. Outflows fordirect investments abroad rose anddirect investment inflows fell; foreignersreduced their purchases of U.S. stocks;and long-term liabilities of banks and,to a greater extent, nonbanking con-cerns moved adversely.

Flows of funds thus far in 1971 andin a number of recent years have beenquite large and volatile in a number ofaccounts, such as direct investment,other recorded corporate and bankingtransactions and errors and omissions.As a result, it has become increasinglydifficult to identify seasonal patternsand obtain reliable seasonal adjust-ment factors. Nonetheless, revisions inseasonal adjustments have been madeto take into account the newly emergingpatterns, where practical.

NOTE.—The revised presention of the balanceof payments and the explanatory notes couldnot have been completed without the specialefforts of Evelyn Parrish and the entireBalance cf Payments Division staff.

Major Developments

The balance on goods and services,and the current account

Net exports of goods and servicestotaled $1,050 million (seasonally ad-justed) in the first quarter, an increaseof $380 million. The merchandise tradebalance (excluding military) improved$130 million to a surplus of $270 million;however, that figure was only half aslarge as the average quarterly surplusin 1970. Exports rose $570 million,boosted by continued expansion ofagricultural shipments and temporarybulges in both aircraft deliveries andpost-strike automotive product ship-ments (the latter mainly a surge inshipments to Canada). Other nonagri-cultural exports, however, declined forthe third consecutive quarter. The risein imports in the first quarter was $440million but was narrowly based on in-creased automotive deliveries followingthe strike and imports of other nonfoodconsumer goods. Military transactions,net investment income, and other serv-ices all showed modest gains and to-gether contributed about $250 millionto the first quarter improvement in thebalance on goods and services.

A dip of $50 million in U.S. Govern-ment grants (excluding military), com-bined with the above developments,resulted in a $435 million favorableshift in the balance on current account.

Balance on current account and long"term capital

An unfavorable swing in long-termprivate capital more than offset the cur-rent account improvement so that therewas a $585 million deterioration (sea-sonally adjusted) in the balance on cur-rent account and long-term capital in


June 1971

the first quarter. Almost every categoryof long-term capital moved adversely.U.S. direct investment outflows in-creased $425 million to $1,360 million(see U.S. corporate capital sectionbelow). Foreign direct investment in theUnited States slid $110 million to only$50 million, with no large acquisitionsreported.

Portfolio transactions resulted in anunfavorable shift of $190 million (seetable 6). Net foreign purchases of U.S.stocks fell $415 million to only $75million. There were small net sales inboth February and March, even thoughU.S. stock prices continued to climb.Some profit taking, the rapid price riseof previous months and the develop-ment of foreign exchange market un-certainties were probably contributingfactors to the decline in foreign pur-chases. On the other hand, foreign pur-chases of U.S. bonds (other than Treas-ury issues) rose $250 million in the firstquarter to $550 million. New issuessold abroad by U.S. corporations rose totheir highest level since early 1969,possibly reflecting expectations thatEurobond rates had bottomed out.

The net effect of other changes inlong-term private clains and liabilitieswas an adverse shift of $280 million inthe first quarter. This largely reflecteda reduction in long-term borrowing

SURVEY OF CURRENT BUSINESS

abroad (other than through new issues)by U.S. nonbanking concerns.


The unfavorable first quarter swingof $1,627 million in the net liquiditybalance reflected all of the factorsaffecting the balance on current accountand long-term capital plus the effectof nonliquid short-term capital flows,allocations of SDR, and errors andomissions. Only the latter changedsignificantly, deteriorating by $1,060million. The substantial unrecordedoutflow of funds was probably associ-ated with the wide interest rate gapbetween Europe and the UnitedStates—the difference between moneymarket yields here and Eurodollarrates exceeded two percentage pointsat times—and growing anticipations,in the latter part of March, of new capi-tal controls and exchange rate changes.

Nonliquid short-term private capitalflows showed a favorable swing of only$55 million in the first quarter but thisreflected rather sizable offsetting shifts.Such liabilities reported by U.S. non-banking concerns shifted adversely by$390 million as borrowing abroad fellsharply. However, claims reported byU.S. banks and nonbanking concernsmoved favorably by $445 million: bank-reported nonliquid claims on Japan,which had accounted for much of the

59

fourth quarter rise, declined markedly,but the decline was partly offset byincreased bank-reported claims on othercountries, especially the United King-dom and Switzerland,

Allocations of SDR, $180 million ona seasonally adjusted basis, were downslightly from last year's allocation.

Official reserve transactions balance

The official reserve transactions bal-ance moved adversely by $2,042 millionin the first quarter to a record $5,523million deficit. It is affected by all ofthe items above the net liquidity bal-ance plus the net recorded flows ofliquid private capital. These privateliquid flows showed a net adverseswing of $420 million, to an outflow ofover $2.9 billion. Most of the shift wasin liquid claims reported by U.S. non-banking concerns, which deteriorated$350 million.

U.S. liquid liabilities to private for-eigners declined $2,687 million in thefirst quarter, an adverse shift of only$75 million from the fourth quarterdespite the further easing in monetaryconditions in the United States. U.S.banks7 liabilities to their foreign branchesshowed a net decline of $1.9 billion (noseasonal adjustment is available) in thefirst quarter—compared with $3.4 bil-lion in the fourth—and their liquidliabilities to other foreign commercial

Table A.—Summary of U.S. International Transactions

(Millions of dollars, seasonally adjusted)

Line

1?,

3

4

5

6

7

8

9

10

11

1213

14

15

16

Lines in tables 2,3, and 9 in which transactionsare included are indicated in ( )

Merchandise trade balance (2, 16)Services, net (3-13, 17-27)

Balance on goods and services _ . ... . .

Remittances, pensions and other transfers (31 32)

Balance on goods, services, and remittances

U.S. Government grants (excluding military) (30)..

Balance on current account . . .

U.S. Government capital flows net, and nonliquidliabilities to other than foreign official reserveagencies (33, 55)

Long-term private capital flows, net (39-41, 44, 48-50, 52)

Balance on current account and long-term capital

Nonliquid short-term private capital flows, net(42, 45, 51)

Allocations of SDR (63)Errors and omissions, net (64)


Liquid private capital flows, net (43, 46, 56) .. ...

Official reserve transactions balance ...

' 1968

6241,866

2,489

1 168

1 321

-1,707

—386

—2 161

1,198

-1,349

231

—493

-1,610

3,251

1.641

1969

6601 351

2 Oil

1 266

745

-1, 644

—899

—1 930

—50

—2, 879

—602

—2 603

-6, 084

8,786

2.702

1970

2 1101 480

3 592

1 410

2 182

-1, 739

444

—2 029

—1,453

-3, 038

—548867

—1,132

-3,852

-5, 969

-9.821

I

—79417

338

286

52

-344

—292

—479

624

—147

6

— 1 092

-1,234

2, 571

1.337

19

II

—76372

296

Q1Q

—22

-521

—543

—541

—935

—2,019

—372

—628

-3,019

4,678

1.659

69

III

324384

708

329

386

-371

15

—704

—381

—1,070

—210

—717

-1,996

1,317

-679

IV

491178

669

341

328

-408

—80

—205

641

356

—27

—166

163

221

384

I

513368

881

338

543

-418

125

—453

—969

-1,297

—107217

—62

-1,250

-1,615

-2.865

19

II

751294

1 045

362

683

-391

292

—590

—272

-570

—164217

—430

-945

-457

-1.402

70

III

704291

995

—359

636

-444

192

-312

-220

-340

-121217

-433

-679

-1, 398

-2.077

IV

142528

670

—351

319

-485

-166

-673

7

-832

-156216

-207

-977

-2, 499

-3.476

1971

I"

272779

1,051

—351

700

-432

268

-687

-997

-1,416

-100180

-1, 268

-2,604

-2,919

-5,523

Change:1970IV-

19711

130251

381

381

53

434

-14

-1,004

-584

56-36

-1,061

-1,627

-420

-2,047

» Preliminary. NOTE.—Details may not add to totals because of rounding.



banks fell $0.9 billion (see table 8).However, the $1.9 billion net declineincluded a $1.5 billion increase inExport-Import Bank liabilities to thesebranches—reported by U.S. banks ascustody items for their branches—asa result of the sale of short-term Export-Import Bank paper, at attractive yieldsabove domestic levels, to the branches.The impact of this effort to absorbfunds, which otherwise would have beenlent in the Eurodollar market, andthus slow the flow of dollars into foreigncentral banks may have been offset tosome extent, in that resultant firmerEurodollar rates might have attractedmore funds from the United States ormagnified the decline in U.S. banks'liabilities to other foreign commercialbanks.

Financing the "official" balance

The official reserve transactions bal-ance deficit of $5.5 billion was financedby a rise of over $5.0 billion in liquidliabilities to foreign official agencies, a$0.7 billion decline in U.S. official re-serves and a $0.2 billion decrease innonliquid liabilities to foreign officialagencies. EEC countries (particularlyGermany) showed substantial foreignexchange reserve gains, with Japan andthe United Kingdom also reflectingconsiderable foreign exchange accumu-lations, probably mostly in dollars.

Highlights and Perspectives

Merchandise trade

The merchandise trade surplus, ex-cluding "military"—the usual figure

used for balance of payments purposesand shown in table 1—amounted to$270 million in the first quarter, a gainof $130 million. While representing arecovery from the $560 million deterio-ration in the fourth quarter, the firstquarter gain put the surplus at an an-nual rate of only $1.1 billion, substanti-ally below the $2.1 billion surplus forthe full year 1970. (Trade statisticsavailable for April reflect a reneweddeterioration.)

Exports (nonmi l i t a ry) to ta led$11,030 million in the first quarter,up 5K percent from the fourth quartertotal. Imports rose about 4 percent to$10,760 million. The improvement inthe nonmilitary trade balance wasaccounted for by transactions with thedeveloping countries, mainly those out-

Table Bl—U.S. Merchandise Trade, By Principal End-Use Categories—Reconciled to Balance of Payments Basis

[Millions of dollars, seasonally adjusted]

Line

1

2

3

45

6789

1011121314IB1617

18

19

20

21222324252627282930

31

32

[Numbers in parentheses ( ) refer to line numbers in table 4]

Total, adjusted to balance of payments basis, including "military" 1 (6)

Less: Exports under U.S. military sales contracts identified in Censusdocuments (7)

Equals: Total, adjusted to balance of payments basis, excluding"military" (8) .Agricultural goodsNonagricultural goods

Foods, feeds and beverages (19)Industrial supplies and materials (23)

Agricultural . .Nonagricultural .

Capital goods, except automotive (34)Machinery, except consumer-type (35)Civilian aircraft, complete — all types (44a)

Automotive vehicles, parts, and engines (46)To Canada (47)To all other areas (48). _

Consumer goods (nonfood) , except automotive (52) _All other, including balance of payments adjustments not included

above .

Total, adjusted to balance of payments basis, including "military" 1

Less: Imports of U.S. military agencies identified in Census docu-ments (14)

Equals: Total, adjusted to balance of payments basis, excluding"military" (15)

Foods, feeds, and beverages (61)Industrial supplies and materials (66)Capital goods, except automotive (80) . .

Machinery, except consumer-type (81)Civilian aircraft, engines, parts (89)

Automotive vehicles, parts, and engines — adjustedFrom Canada (adjusted to transactions value) (92)From all other areas (93) . . . .

Consumer goods (nonfood), except automotive (97)All other, including balance of payments adjustments not included

aboveBalance on total merchandise trade, adjusted to balance of payments

basis (export surplus +) (16) ... ...

Balance on merchandise trade, adjusted to balance of payments basis,excluding "military" (export surplus +) (17)

1968 1969 19701969

I II III IV

1970

I II III IV

1971

IP

Change:1970 IV-19711

EXPORTS

34,372

784

33,5886,294

27,294

4,81311,0041,5009,504

11,0728,6421,4053,4532,3781,0742,334

912

37,662

1,172

36,4906,104

30,386

4,68811, 7791,452

10,32712,3469,9911,2663,8882,7361,1522,573

1,215

42,990

1,010

41,9807,346

34,634

5,82613, 7951,555

12,24014,36611,5641,5293.6522,4741,1782,717

1,624

7,764

254

7,5101,0306,480

7742,183

2331,9502,7422,123

371934682252567

310

9,860

370

9,4901,7587,732

1,3403,152

4512,7013,0702,543

269972664308672

282

9,920

318

9,6021,6207,982

1,2273,164

3802,7843,2532,681

2651,021

731290678

259

10,118

230

9,8881,6968,192

1,3223,240

3812,8593,2992,659

345965667298658

404

10,438

197

10,2411,7468,495

1,3273,465

4033,0623,4492,759

390920613307676

403

10,861

279

10,5821,7748,808

1,4193,523

3893,1343,5832,793

4831,006

725281673

378

10,911

215

10,6961,8828,814

1,5433,387

3343,0533,6783,046

285991682309680

418

10,780

319

10,4611,9448,517

1,5293,442

4243,0183,6832,999

347756473283693

357

11,327

295

11,0322,1288,904

1,5633,367

5512,8163,8932,999

5071,114

791323682

413

547

-24

571184387

34-75127

-202210

160358'31840

-11

56

IMPORTS

33,214

250

32,964

5,27114, 1592,8252,637

1883,9952,3181,6775,330

1,384

1,158

624

36,067

237

35,830

5,23814, 1593,2183,040

1774,9963,1431,8536,616

1,603

1,595

660

40,049

179

39,870

6,15815, 1173,7823,591

1915,6093,2392,3717,551

1,652

2,941

2,110

7,660

71

7,589

1,0543,080

65861246

1,026709317

1,412

359

104

-79

9,629

63

9,566

1,4313,810

87282943

1,280732548

1,746

427

231

-76

9,325

47

9,278

1,3203,625

84480143

1,357840518

1,702

429

595

324

9,453

56

9,397

1,4163,637

84780146

1,349864486

1,730

418

665

491

9,773

45

9,728

1,5523,681

91687442

1,313791523

1,829

437

665

513

9,881

50

9,831

1,5633,662

949897

521,413

847567

1,850

393

980

751

10,031

39

9,992

1,4903,773

94390142

1,470857613

1,897

419

880

704

10,364

45

10,319

1,5503,995

97592055

1,420748672

1,962

417

416

142

10,807

47

10,760

1,5513,895

99093258

1,744999745

2,092

488

520

272

443

2

441

1-100

15123

32425173

130

71

104

130

p Preliminary.1. Includes goods physically exported from the United States under U.S. military agency

sales contracts and recorded in Census trade statistics; includes goods physically imported into

the United States directly by U.S. military agencies (and by the Atomic Energy Commissionand the Coast Guard) and recorded in Census trade statistics.

NOTE: Seasonally adjusted quarterly details may not add to unadjusted annual totals.



side the Western Hemisphere (tableB2). There was a moderate deficit intrade with the developed countries, asa sharp worsening of the deficit withJapan—reflecting expanded imports ofsteel, autos, and other consumergoods—more than offset improved bal-ances with Canada, the United King-dom and others.

Agricultural exports rose for thesixth consecutive quarter, showing again of about $185 million. The rest ofthe first quarter export rise was for themost part narrowly based, reflectingspecial or temporary factors affecting

nonagricultural shipments. The near$400 million rise in nonagriculturalexports, following a decline of over$300 million a quarter earlier, wasattributable to a sharp rebound inexports of automotive products (mainlyto Canada) following the end of theGM strike, supplemented by excep-tionally heavy deliveries of civilianaircraft and parts. Exports in these twomajor commodity groups rose $360million and $210 million, respectively—a pace not likely to be sustained. Allother nonagricultural exports, in theaggregate, declined for the third suc-

cessive quarter as the growth of eco-nomic activity in the major indus-trialized countries abroad continued toslow. Most of the first quarter dropwas in nonagricultural industrial sup-plies and materials, mainly steel, steelscrap, and other metals, although fuelsand chemicals also weakened. Thedecline in metals exports may havebeen associated with lesser foreigndemand, on an improved foreign sup-ply situation, and heightened domes-tic demand in anticipation of possiblework stoppages in late spring and sum-mer. A slight dip in exports of nonfood

Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas1—Balance of Payments Basis, Excluding "Military"


Line

1

2

345678

9

10

1112

13

14

151617181920

21

22

2324

25

26

272829303132

33

34

3536

Total, all countries (line 2, tables 2, 3, 9) .

Developed countries, total

Western E uropeUnited KingdomOther Western Europe (incl. EEC)

CanadaJapanAustralia, New Zealand, and South Africa

Developing countries, total

Latin American Republics and other WesternHemisphere

Eastern EuropeOther countries in Asia and Africa

Total, all countries (line 16, tables 2, 3, 9)2


Western EuropeUnited KingdomOther Western Europe (incl. EEC)


Developing countries, total. - .

Latin American Republics and other WesternHemisphere

Eastern EuropeOther countries in Asia and Africa -- -

Total, all countries 2


Western EuropeUnited KingdomOther Western Europe (incl. EEC)


Developing countries, total

Latin American Republics and other WesternHemisphere __

East EuropeOther countries in Asia and Africa. -

1968 1969 19701969

I II III IV

1970

I II III IV

1971

IP

Change1970 IV-19711

EXPORTS

33,588

23,038

10,5381,9598,5798,1572,9591,384

10,550

5,274220

5,056

36,490

25,698

11,6482,0259,6239,1933,5031,354

10,792

5,533253

5,006

41,980

29,447

14, 1742,518

11,6569,0444,6481,581

12,533

6,494368

5,671

7,510

5,517

2,328407

1,9212,254

682253

1,993

1,10635

852

9,490

6,446

2,994517247

2,222877353

3,044

1,49366

1,485

9,602

6,764

3,075523

2,5522,386

945358

2,838

1,44876

1,314

9,888

6,983

3,241572

2,6692,3541,000

388

2,905

1,47481

1,350

10,241

7,215

3,477607

2,8702,2761,095

367

3,026

1,57082

1,374

10,582

7,482

3,607662

2,9452,3331,153

389

3,100

1,60193

1,406

10,696

7,556

3,564616

2,9482,3441,219

429

3,140

1,62497

1,419

IMPORTS

32,964

23,788

10,2032,0758,1288,5924,069

924

9,176

5,137205

3,782

35,830

26, 156

10,2122,1128,1009,9924,8931,059

9,674

5,215199

4,260

39,870

29,014

11,2752,2169,059

10, 7205,8941,125

10,856

5,913218

4,725

7,589

5,491

1,880406

1,4742,411

984216

2,098

1,15341

904

9,566

7,013

2,976600

2,3762,4521,315

270

2,553

1,36956

1,128

9,278

6,793

2,743567

2,1762,4721,287

291

2,485

1,32951

1,105

9,397

6,837

2,614535

2,0792,6581,288

277

2,560

1,38452

1,124

9,728

7,084

2,723578

2,1452,6801,381

300

2,644

1,45255

1,137

9,831

7,125

2,790544

2,2462,6731,408

254

2,706

1,51751

1,138

9,992

7,270

2,786520

2,2662,6871,517

280

2,722

1,47151

1,200

10,461

7,194

3,525630

2,8952,0941,182

393

3,267

1,69797

1,473

10,319

7,528

2,978576

2,4022,6791,577

294

2,791

1,47862

1,251

11,032

7,689

3,710722

2,9882,4651,079

435

3,343

1,670102

1,571

10,760

8,053

3,101592

2,5092,9771,737

238

2,707

1,44657

1,204

571

495

1859293

371-103

42

76

-275

98

441

525

12316

107298160

-56

-84

-32-5

-47

BALANCE

2624

-750

335-116

451-435

-1,110460

1,374

13715

1,274

660

-458

1,436-87

1,523-799

-1,390295

1,118

31854

746

2,110

433

2,899302

2,597-1,676-1,246

456

1,677

581150946

-79

26

4481

447-157-302

37

-105

-47-6

-52

-76

-567

18-83101

-230-438

83

491

12410

357

324

-29

332-44376-86

-34267

353

11925

209

491

146

62737

590-304-288

111

345

9029

226

513

131

75429

725-404-286

67

382

11827

237

151

357

817118699

-340-255

135

394

8442

268

704

286

77896

682-343-298

149

418

15346

219

142

-334

54754

493-585-395

99

476

21935

222

272

-364

609130479

-512-658

197

636

22445

367

130

-30

6276

-1473

-26398

160

510

145

'Preliminary.1. Annual country and area data shown in this table correspond to the annual data in table

9, lines 2 and 16; seasonally adjusted quarterly data shown in this table are computed fromcorresponding unadjusted quarterly data in table 9, lines 2 and 16.

2. Includes $52 million of net purchases of gold by U.S. private residents from U.S. monetarygold stock not allocated by area.

NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.



consumer goods (except automotive)offset a similar rise in the fourthquarter.

The first quarter rise in imports waslarger than the fourth quarter gain($440 million vs. $325 million), but wasmuch more narrowly based. It was al-most entirely confined to a sharp in-crease in automotive imports, and anacceleration of the rise in imports ofother nonfood consumer goods. Most ofthe rise in automotive products reflecteda post-strike rebound in imports fromCanada. However, imports of cars fromEurope and Japan also rose, as foreigncars accounted for almost 15% percentof total U.S. auto sales in the firstquarter, compared to less than 14 per-cent in the pre-strike quarters of 1970.

Imports of industrial materials fell$100 million after rising $220 million inthe fourth quarter, while other majorimport categories showed little or nochange. Petroleum imports, which hadrisen $60 million in the fourth quarterin a buildup against anticipated fuelshortages, receded by nearly the sameamount in the first quarter, despiteliberalized quotas and higher unitvalues (prices) for crude oil. A drop innonferrous metals imports may havebeen a reaction to the accumulation of ahigh level of domestic metal inven-

tories. Increases of steel and steelmaking materials imports partially off-set these declines; as there appeared tobe a continuing inventory buildup tohedge against a possible steel strike thissummer. Also, a shift to foreign sourcesof supply may have intensified as do-mestic steel prices continued to climb.

The newly calculated total merchan-dise trade surplus (see table Bl andtable 4), including "military" exportsand imports of the defense agencies,rose to $520 million in the first quarter,seasonally adjusted, up $105 millionfrom the fourth quarter. Exports rose$545 million despite a $25 million dip inrecorded shipments under U.S. militaryagency sales contracts; imports in-creased about $440 million, with "mili-tary" imports of the defense agenciesvirtually unchanged.

U.S. corporate capital

The net outflow of U.S. corporatecapital increased from a negligibleamount in the fourth quarter to $1.1billion, seasonally adjusted, in the first(see table C). Both the outflow and theswing exceeded those in the first quarterof 1970. The adverse shift reflected anincrease in direct investment outflowsand marked swings in short-term foreign

borrowing and liquid claims abroad.These unfavorable movements wereonly partially offset by a small netincrease in long-term foreign borrowing(including new issues). All of these flowsare above the official reserve transac-tions balance and thus influence thatmeasure.

The deterioration probably reflecteda combination of continued high levelsof plant and equipment expendituresabroad, a wide interest rate gap betweencredit markets here and in Europe, andperhaps, especially in March, anticipa-tions of new capital controls as well asexchange market uncertainties.

Long-term capital accounts in thecorporate sector include direct invest-ment, new issues of securities soldabroad by U.S. corporations, and otherlong-term corporate claims and liabili-ties. All these capital flows are abovethe balance on current account andlong-term capital and thus affect thatmeasure. Net flows resulting from thesetransactions in the first quarter wereadverse by $810 million, a negativeswing of $340 million from the fourthquarter. Direct investment outflows in-creased sharply. There was a minorfavorable swing in long-term borrowing,as new bond issues sold abroad rose $195million in the first quarter and totaled

Table C.—Net Change in U.S. Corporate Foreign Assets and Liabilities Related to Direct Investment Abroad 1


Line

12

345

6

7

89

10

1112

13

1415

16

17

Credits (+); debits (— ) [lines in table 2 in whichtransactions are included are indicated in ( )]

Direct investment (39)of which: Short-term intercompany accounts with

incorporated affiliates, n.s. a. . -..Branch accounts, n.s.a

Other long-term claims (44) _ _ .New issues of securities sold abroad by U.S. corpora-tions '49f)2 :Other long term liabilities (50)

Sum of capital flows above current account and long-termcapital balance

Short-term claims, nonliquid (45f)3

Short-term liabilities (51f)3

Sum of capital flows above net liquidity balance

Short-term claims, liquid (46)Sum of capital flows above the official reserve transactions

balance

Uses of funds obtained through new issues of securities soldabroad by U.S. corporations

Additions to, and refinancing of, direct investment (S9|)---Short-term claims reported by U.S. residents other than

banks (4fff)Reductions in corporate liabilities to foreign residents

(50t, 51f)Transfers of funds to U.S, residents (Jfff )4-

1967

—3 137

-229—918-281

44685

—2,887

-189363

-2,718

-120

— 2 8S3

446

-278

-96

—48—84

1968

— 3 209

569— 1,130

-219

2,129715

—584

-274434

—4%4

-498

—922

2,129

-785

—1 ,124

o

-218

1969

-3,254

-203-267-424

1,029701

— 1 ,948

-265293

-1,920

333

—1 ,587

1 ,029

-681

-187

-15-196

1970

-4 ,445

-690-949

s -291

8221,153

-2 ,761

-362916

-2,207

392

—1 ,815

822

-878

-84

-S60

I

—926

—31-307-82

401236

-871

-3970

-340

-132

—472

401

-190

-70

-141

19

II

—999

-203-259-80

15274

—863

-8352

-884

144

-740

152

-151

14

-15

69

III

—899

-289-122-13

218230

—464

-110127

-447

173

-274

218

-190

-15-IS

IV

-430

321420

-249

258161

-260

-3444

-250

149

-101

258

-100

-181

-27

I

-1,358

-751-1955-95

163159

—1 ,181

-166229

-1,068

117

-951

163

-99

-21

-48

19

II

-1,257

-232-666-13

267358

-645

-85185

-545

46

-499

267

-64

-14

-189

70

III

-897

-232-113-129

193312

-521

-35168

-388

38

-850

193

-68

-35

-90

IV

-934

52525

-54

199324

-465

-76334

-207

191

-16

199

-U7

-14

-88

1971

I P

-1,357

n.a.n.a.-8

392166

-807

20-162

-949

-160

-1 ,109

392

-74

-144

-100-74

Change1970 IV-

19711

-423

n.a.n.a.

46

193-158

-842

96-496

-742

-351

-1 ,093

193

78

-130

-100-86

" Preliminary. n.s.a. Not seasonally adjusted. fPortionof line, n.a. Not available.1. Excludes claims and liabilities of U.S. banking and brokerage institutions but includes

other private transactions, a number of which are unrelated to direct investment and cannotbe disaggregated.

2. Excludes funds obtained abroad by U.S. corporations through bank loans and othercredits and also excludes securities issued by subsidiaries incorporated abroad. However,securities issued by finance subsidiaries incorporated in the Netherlands Antilles are treatedas if they had been issued by U.S. corporations to the extent that the proceeds of such issuesare transferred to U.S. parent companies.

3. Excludes brokerage transactions.4. A (—) reflects a decline in foreign deposits and money market paper held in the United

States.5. Excludes an increase in U.S. corporate long-term claims of $286 million that was asso-

ciated with increased foreign direct investment in the United States.NOTE.—Details may not add to totals because of rounding.



about $390 million. However, about$285 million of the total was placed inMarch, possibly reflecting feelings thatdollar bond rates had bottomed out andthat a renewed rise in yields was under-way. Other long-term borrowing, in-cluding long- and medium-term bankfinancing, totaled only $166 million,representing an adverse shift of $160million from the previous quarter. Thisdevelopment may have reflected somerefinancing of foreign bank borrowings.

There was an adverse shift of $500million, from the fourth quarter to thefirst, in short-term corporate foreignliabilities, which may also have beeninfluenced by interest rate differentialsand the shift to long-term bond financ-ing. A favorable swing in short-termnonliquid corporate claims of $100million served as a partial offset. Move-ments of long-term and short-termnonliquid U.S. corporate capital move-ments thus had a combined net adverseinfluence of $950 million on the netliquidity balance in the first quarter,an adverse swing of $740 million fromthe fourth quarter.

Corporate short-term liquid claimsincreased to $160 million in the first

quarter, an adverse swing of $350million. The change probably reflected,in part, unused proceeds of increasedforeign bond placements left on depositabroad, but may also have been asso-ciated with interest rate incentives.

Special Financial Transactions

Special financial transactions, pre-viously published in table A2, are pre-sented in a revised format (see table D)to show how they fit into the newpayments framework. The purpose oftable A2 was to convert the reportedliquidity balance and the official reservetransactions balance to an "under-lying" basis. The most important groupof specials, changes in certain nonliquidliabilities to foreign official agencies,will not affect any of the balances inthe new presentation, as these trans-actions are considered financing itemsfor the official reserve transactionsbalance and all other balances. Inthe previous presentation, they dis-torted the liquidity balance (but notthe official reserve transactions bal-ance). Although such liabilities aretechnically nonliquid, most are held

in foreign official reserves and can beconverted into liquid form under cer-tain circumstances.

The second group, changes in non-liquid liabilities to international andregional organizations (which also af-fected the liquidity balance but not the' 'official" balance) will affect the balanceon current account and long-term capi-tal and the net liquidity balance in thenew presentation. Review of the natureof these transactions suggested thatthey are sufficiently affected by marketconsiderations, at this time, to treatthem in the new presentation no differ-ently from similar long-term liabilitiesto other private foreigners. However,thses nonliquid liabilities to interna-tional and regional organizations areseparately identified in table 6 (line 65,nonguaranteed U.S. Governmentagency bonds, investments by inter-national and regional organizations) andin table 7 (line C2, nonliquid liabilitiesreported by U.S. banks to "inter-national and regional").

The third group of special financialtransactions affected both the liquiditybalance and the official reserve trans-

Table D.—Special Financial Transactions[Millions of dollars]

Line

123

456

78

9

10

111213

14151617

18

19

(Credits+; debits—)

Items that previously affected only the liquidity balance and were financing itemsfor the official reserve transactions balance:

Certain nonliquid liabilities to foreign official reserve agenciesNonliquid liabilities reported by U.S. Government.. ._ .Nonliquid liabilities reported by U.S. banks

Items that previously affected only the liquidity balance:Liabilities to international and regional organizations ..

Nonguaranteed U.S. Government agency bonds . . ...Long-term liabilities reported by U.S. banks

Items that previously affected the liquidity balance and the official reserve trans-actions balance:

United Kingdom deferral of interest payment on loan by U.S. Government.United Kingdom deferral of principal payment on loan by U. S. Government. .

Nonscheduled repayments of U.S. Government assets

U.S. Government nonliquid liabilities to other than foreign official reserveagencies.

Special deposits in accounts with U S TreasuryGerman Government 10-year loan to U S. GovernmentNonconvertible U.S. Treasury securities issued to German commercial

banks.

Foreign securities: . . .Canadian Government transactions with U.S. residents in IBRD bondsCanadian Government newly issued securitiesPostponement of sale of newly issued Canadian securities

U.S. securities other than Treasury issues liquidated by United Kingdom

Long-term liabilities to Germany reported by U.S. banks

Impact on balances in newpresentation

Currentaccount

andlong-term

capital

NoNo

YesYes

YesYes

Yes

Yes

Yes _ .

Yes

Yes

Netliquiditybalance

NoNo

YesYes

YesYes

Yes

Yes

Yes ..

Yes

Yes

Officialreservetransac-

tions

NoNo

NoNo........

YesYes

Yes

Yes

Yes

Yes

Yes

Linereferences

Table1

4344

2324

816

17

18

22

23

24

Table2

5453

4952

1336

37

55

40

49

52

1966

80815

793

440244196

429

1823

145150

-101

1967

1,346452894

304121183

6

591940

-453

1968

2,3401,806

534

19711879

—6672

269

175

50

125

-121-36-85

1969

-998-162-836

448336112

-87

67

-875

-15

-is

1970

-275535

-810

222324

-102

244

67

-875

109

1971*

IP

-224-8

-216

-28128

-156

4

p Preliminary. k Seasonally adjusted.



actions balance in the old presentation.They mostly reflect intergovernmentalnegotiations (such as agreements tooffset U.S. military expenditures inGermany) or large unusual officialtransactions, such as the liquidation bythe United Kingdom of its portfolioof U.S. securities. In the new presenta-tion, the net liquidity balance and theofficial reserve transactions balance areintended to focus on actual changesin the liquidity position and reserveposition of the United States. As thisgroup of special financial transactions,for the most part, actually changesthe liquidity position and reserve posi-tion, no special treatment is required.

All of this third group of specials alsoaffect the balance on current accountand long-term capital. For some of theitems, this appears to be appropriate.For others, the matter is more equiv-ocal. However, there is no systematicway of formally organizing the accountsso that the balance on current accountand long-term capital will not be in-fluenced by such transactions. (In thecase of certain nonliquid liabilities toforeign official agencies, it is easy to dojust that.) This partly reflects the factthat such specials show up as single orirregular entries in a number of accountsthat, for the most part, reflect otherlong-term transactions. The only ex-ception is nonscheduled repayment ofU.S. Government credits. But in thiscase there are statistical and conceptualobjections to putting the account belowthe line where it would not influencethe balance.

Payments are classified as non-scheduled if they occur more than 3months earlier than due. In the yearduring which they occur, the balance isfavorably affected and this can beconsidered a special factor. However,if the payment made in one year wasscheduled for the next year, the balancein the second year is adversely affectedby the nonpayment, and the specialshould be reversed. If the 2 yearstogether are thought of as the ap-propriate period, the payment can beconsidered to have been made duringthe period in which it was scheduledand thus no special transaction oc-curred. With most special financialtransactions it is possible to show boththe initial impact and the reversalso that no such problem arises. However,

sufficiently detailed data are not availa-ble at this time to show the reversalof nonscheduled repayments (i.e., whenthey would have been due).

Notes on revisions

In addition to changes in presentation ofthe balance of payments tables published inthis issue of the SURVEY, the data have beenrevised to incorporate corrections and newinformation for the period 1960-70.

(Continued from page 57)

Line 57.—U.S. liquid liabilities toforeign official agencies

This account measures changes inshort-term liabilities (with an originalmaturity of one year or less) to foreignofficial agencies reported by U.S. banksfor their own account and for others'accounts under theii custody, changesin foreign official agencies' holdings ofU.S. Treasury marketable and non-marketable convertible bonds and notesand changes in liabilities to the IMFarising from gold transactions. Short-term liabilities reported by U.S. banksinclude mainly demand and time de-posits, negotiable time certificates ofdeposit, nonguaranteed U.S. Govern-ment agency securities, and U.S. Treas-ury bills and certificates. Foreign offi-cial agencies include in addition toreserve agencies (treasuries or financeministries of central governments andrecognized central banks), diplomaticand consular establishments, and otheragencies of national governments. Sep-arate data for reserve agencies are notavailable. The liability data are col-lected primarily by the Federal Re-serve System for the Treasury Depart-ment on a monthly basis.

Transactions in U.S. officialreserve assets, net

Line 59.—GoldThis account measures changes in the

U.S. gold stock, including changes ingold in the Exchange StabilizationFund.

This account also includes gold sold tothe United States by the InternationalMonetary Fund (IMF) with the rightto repurchase, and gold deposited bythe IMF to mitigate the impact on theU.S. gold stock of foreign purchases forthe purpose of making gold subscrip-tions to the Fund under quota increases.The corresponding changes in liabilitiesto the IMF arising from the gold trans-actions are in line 57.

Line 60.—SDR

This account measures net changes inU.S. holdings of special drawing rights

in the Special Drawing Account in theInternational Monetary Fund, reflect-ing allocations, acquisitions, and use.

Line 61.—Convertible currenciesThis account measures changes in

Treasury and Federal Reserve Systemholdings of convertible foreign cur-rencies in U.S. dollar equivalents.

Line 62.—Gold tranche position inIMF

This account measures changes in theU.S. gold tranche position in the Inter-national Monetary Fund—the U.S.quota in the IMF ($6.7 billion sinceDecember 31, 1970) minus the Fund'sholdings of U.S. dollars—which is theamount that the United States couldpurchase in foreign currencies auto-matically if needed. Under appropriateconditions, the United States couldpurchase additional amounts equal tothe U.S. quota.

SDR allocations

Line 63.—Allocations of specialdrawing rights (SDR)

This account measures the alloca-tions of special drawing rights to theUnited States by the InternationalMonetary Fund. The initial allocationoccurred January 1, 1970; the secondallocation occurred January 1, 1971.


Line 64.—Errors and omissions, netThis entry is a residual item in table

2. The sum of this entry and all otheraccounts in table 2 equals zero. Theresidual item includes errors and omis-sions that may have occurred in any ofthe lines 1-63 due to such factors asstatistical errors, reporting deficiencies,and differences in timing rn the record-ing of the two sides (debit and credit)of a single transaction. It is entered tofulfill the principle of double-entrybookkeeping used in balance of pay-ments accounting that credits anddebits should exactly balance. (Seealso following note on seasonaladjustments.)

Seasonal adjustments in table 3

All of the accounts which containdiscernible seasonal patterns are ad-justed in table 3. Line 64, "Errors andomissions, net" contains seasonal pat-terns and is therefore adjusted. Line 57,"U.S. liquid liabilities to foreign officialagencies," a financing item for all majorbalances, is not seasonally adjusted, butthe sum of the seasonal adjustments forall the individual accounts that haveseasonally is applied—with reversesign—to line 57 so that the sum of allseasonally adjusted accounts in table 3equals zero.


CURRENT BUSINESS STATISTICS

J.HE STATISTICS here update series published in the 1969 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CURRENT BUSINESS. That volume (price $3.00) provides a description of each series, references to sources of earlier figures, and historical dataas follows: For all series, monthly or quarterly, 1965 through 1968 (1958-68 for major quarterly series), annually, 1939-68; for selected series,monthly or quarterly, 1947-68 (where available). Series added or significantly revised after the 1969 BUSINESS STATISTICS went to press are indicatedby an asterisk (*) and a dagger (t), respectively; certain revisions for 1968 issued too late for inclusion in the 1969 volume appear in the monthlySURVEY beginning with the September 1969 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein correspondingto revised annual data are available upon request.

The sources of the data are given in the 1969 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, andare also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated in footnotes below, datathrough 1968 and descriptive notes are as shown inthe 1969 edition of BUSINESS STATISTICS

1968 1969 1970

Annual total

1968

I II III IV

1969

i | n III IV

1970

I II III | IV

1971

I

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCT

Gross national product total f bil.$

Personal consumption expenditures, total do

Durable goods, total 9 doAutomobiles a n d parts _ _ _ _ _ d oFurniture and household equipment do_ _-

Nondurable goods, total 9 _ _ _ _ _ doClothing and shoes _ _ doFood and beverages doGasoline and oil do

Services, total 9 _._ _. _ doHousehold operation doHousing -doTransportation do_ _

Gross private domestic investment, total do

Fixed investment doNonresident ial _ __do

Structures - -do _Producers' durable equipment ,do_ _.

Residential structures _ _ _ doNonfarm _ do

Change in business inventories - _do_ __Nonfarm do

Net exports o/ goods and services _ doExports _doImports.. _ - - _ - - - _ - d o

Govt. purchases of goods and services, totaL.doFederal _ _ _ _ __do

National defense doState and local _ _ -do. _ _

By major type of product: fFinal sales, total _ do. _

Goods, total doDurable goods _ _ do_ _Nondurable goods .do

Services... doStructures do

Change in business inventories . doDurable goods _ __doNondurable goods _ do. _ _

GNP in constant (1958) dollars

Gross national product, total t - - _bil. $__

Personal consumption expenditures, total.. -do_ _

Durable goods doNondurable goods _ __do .Services do

Gross private domestic investment, total do

Fixed investment doNonresidential .do _Residential structures do

Change in business inventories do

Net exports of goods and services do

Govt. purchases of goods and services, total. _doFederal doState and local __ do__._

865 0

535.8

84.037.234.6

230.246.1

115.119.0

221.631.277.415.6

126.5

118.988.729.659.130.329.77.67.5

2.550.648.1

200.299.578.0

100.7

857.4422.9170.4252.5347.187.4

7.65.72.0

707.2

452.3

81.4196.5174.4

105.7

98.875.523.36.9

.9

148.378.769.6

931 4

577.5

90.040.336.7

245.849.9

121.721.1

241.633.984.016.7

139.8

131.499.333.865.532.031.58.58.0

1.955.553.6

212.2101.378.8

110.8

922.9451.6183.9267.7377.693.8

8.56.42.1

727.1

467.7

84.9201.2181.6

111.3

104.180.823.37.2

.2

147.875.772.1

976 5

616.7

89.437.438.4

264.752.3

131 622 9

262.636.391.918.1

135.7

132.3102.635.267.429.729.13.52.9

3.662.258.6

220. 599.776.6

120.9

973.1470.9185.3285.6409.692.6

3.5-.23.6

724.1

477.1

82.0207.9187 2

102.8

99.879.220.63.0

2.4

141.867 774.1

834.9

519. 7

79.934.933.7

225.644.8

112.718.8

214.230.475.215.2

119.8

117.288.329.858.528.828.32.62.5

1.847.745.9

193.696.476.397.2

832.3411.6165.2246.4334.786.0

2.62.5.1

693.5

445.0

78.1195.5171.3

101.3

98.976.122.92.4

.8

146.477.568.9

858 1

529.1

82.636.034.1

227.645.2

114.718.6

218.930.876.615.3

127.3

117.086.428.957.530.630.110.410.3

3.450.747.3

198.398.977.899.4

847.8417.8168.0249.8343.186.8

10.47.13.2

705.4

448.4

80.2194.9173.2

107.1

97.673.823.89.5

1.5

148.579.169.4

875 8

543.8

86.739.135.4

232.647.1

116.119.2

224.531.577.915.6

126.5

118.388.329.459.029.929.48.28.1

3.453.249.8

202.1100.778.6

101.4

867.6429.0173.1255.9352. 286.3

8.25.82.4

712.6

457.7

83.9197.9175.9

105.1

97.774.922.87.4

1.5

148.378.969.4

891 4

550.8

86.938.835.2

234.847.2

117.019.3

229.032.179.816.1

132.6

123.391.630.361.331.731.19.39.3

1.450.949.5

206.7101.979.2

104.7

882.1433.3175.3258.0358.490.5

9.37.22.1

717.5

458.1

83.2197.6177.4

109.5

101.077.123.98.5

-.2

150.079.470.6

907 6

561.8

89.139.835.8

239.247.9

119.120.3

233.532.781.416.2

136.0

128.795.732.663.133.032.47.47.3

1.347.846.5

208.5100.978.6

107.5

900.2440.9180.5260.4364.894.5

7.45.61.8

722.1

463.3

84.9199.7178.7

109.7

103.679.324.36.1

-.4

149.578.071.5

923 7

573.3

90.640.037.2

244.050.0

120.820.8

238.733.383.016.5

139.3

131.497.532.365.233.933.37.97.6

1.357.255.9

209.999.877.9

110.1

915.9448.8182.7266.1372.394.8

7.96.71.2

726.1

467.1

85.7200.9180.5

111.5

104.880.224.76.6

-.3

147.975.872.1

942 6

582.1

89.540.236.7

248.150.7

122.421.5

244.534.584.716.8

143.8

132.4101.535.266.331.030.411.310.8

2.658.355.6

214.1102.579.8

111.6

931.2454.9184.8270.1383.093.3

11.37.93.5

730.9

468.7

84.1201.9182.7

114.1

104.281.922.39.9

.8

147.375.272.1

951 7

592.6

90.841.136.9

252.050.9

124.621.7

249.834.887.017.1

140.2

133.0102.635.167.530.429.87.26.5

2.658.856.2

216.3102.178.8

114.2

944.5461.7187.4274.3390.392.5

7.25.31.9

729.2

471.7

84.9202.4184.4

110.0

103.982.121.86.1

.9

146.673.872.9

959 5

603.1

89.137.738.3

258.851.3

128.822.4

255.235.289.017.7

133.2

131.6102.635.766.929.128.41.6.9

3.561.157.6

219.6102.379.3

117.4

957.9465.5185.5280.0400.192.3

1.6-.31.9

723.8

474.0

82.7205.6185.8

102.9

101.580.920.71.3

1.9

145.071.173.8

971.1

614.4

91.939.438.9

262. 651.8

131.222.7

259.935.990.817.9

134.3

131.2102.835.367.528.427.83.12.6

4.162.858.7

218.499.776.8

118.7

968.1471.8188.5283.3405.890.4

3.1-1.9

5.0

724.9

478.1

84.9206.6186.6

103.1

100.180.220.02.9

2.4

141.367.873.5

985.5

622.1

91.239.238.1

265.852.3

132.323.0

265.136.992.618.2

138.3

132.7103.635.068.629.228.65.55.0

4.262.858.6

221.098.675.8

122.4

980.0474.2188.3286.0413. 292.6

5.55.2.3

727.4

479.6

83.6208.2187.8

104.1

99.679.620.04.6

3.1

140.666.274.4

989 9

627.0

85 333.238.2

271.553.8

134 123.5

270.237.395.118.5

137.1

133.5101.334.766.632.231.63.63.0

2.662.059.3

223.298.274.6

125.0

986.3472.0178.8293.3419.494.9

3.6-3.7

7.2

720.3

476.6

76.9211.1188.6

101.3

98.176.321.93.1

2.0

140.365.574.8

1,020.7

646.4

97.544.440.0

272.854.6

135.323.6

276.137.897.518.7

142.4

141.0105. 136.169.035.835.21.41.2

3.364.661.3

228,798.474.0

130.2

1,019.3487.5193.3294.2429.4102.4

1.42.7

-1.4

732.7

486.6

86.6210.5189.5

103.7

102.578.424.11.2

2.3

140.263.476.8

r Revised. v Preliminary. t Revised series. Estimates of national income and productand personal income have been revised back to 1967 (see p. 17 ff. of the July 1970 SURVEY);

revisions prior to May 1969 for personal income appear on p. 26 fl. of the July 1970 SURVEY.9 Includes data not shown separately.

&-1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SUEVEY OF CURRENT BUSINESS June 1971


1968 1969 1970

Annual total

19681

III 1 IVi

1969

I II III IV

1970

I II III IV

'1971

I II III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

NATIONAL INCOME AND PRODUCT— Con.Quarterly Data Seasonally Adjusted at Annual RatesNational income totalf bil. $

Compensation of employees total do

Wages and salaries, total doPrivate doMilitary doGovernment civilian do

Supplements to wages and salaries doProprietors' income, total 9 do

lousiness and professional 9 doFarm do

Rental income of persons do

Corporate profits and inventory valuation adjust-ment total bil $

By broad industry groups:Financial institutions doNonfinancial corporations total do

Manufacturing total doNondurable goods industries doDurable goods industries do

Transportation, communication, and publicutilities bil. $

All other industries do

Corporate profits before tax, total doCorporate profits tax liability doCorporate profits after tax do

Dividends doUndistributed profits do

Inventory valuation adjustment doNet interest doDISPOSITION OF PERSONAL INCOMEf

Quarterly Data Seasonally Adjusted at Annual RatesPersonal income total bil $Less: Personal tax and nontax payments doEquals: Disposable personal income doLess* Personal outlays© doEquals: Personal saving§ do

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly or annual totals :tAllindustries... bil. $

Manufacturing . . _ doDurable goods industries 1 _. do. .Nondurable goods industries ^ do. . .

Nonmanufacturing doMining ... doRailroad . . doAir transportation . do .Other transportation doPublic utilities do

Electric.. _ doGas and other . . do

Communication doCommercial and other do

Seas. adj. qtrly. totals at annual rates:}All industries do

Manufacturing doDurable goods industries f doNondurable goods industries f do

Nonmanufacturing doMining. __ ... doRailroad doAir transportation _ doOther transportation doPublic utilities do

Electric. .. _ doGas and other do

Communication doCommercial and other do

U.S. BALANCE OF INTERNATIONALPAYMENTScf

Quarterly Data Are Seasonally Adjusted(Credits +; debits -)

Exports of goods and services (excl. transfers undermilitary grants) mil $

Merchandise, adjusted excl military doTransfers under U.S. military agency sales con-

tracts mil $Receipts of income on U.S. investments

abroad mil $Other services do

Imports of goods and services doMerchandise, adjusted, excl. military doDirect defense expenditures doPayments of income on foreign investments in the

U.S mil $Other services dor Revised. » Preliminary. 1 Estimates (corr

June and July-Sept. 1971 based on expected capitalpenditures for the year 1971 appear on p. 16 of themunication. fSee corresponding note on p. S-l.justment. J Revised series; explanation of revisioto 1947 appear on pp. 25 ff. of the Jan. 1970 SumSURVEY. ©Personal outlays comprise persona

712.7

514.1

464.8369.117.977.849.364.149.115.021.3

85.4

11.074.442.419.123.3

11.021.0

88.740.648.223.324.9

-3.327.8

688.797.5

591.2550.840.4

67.7628.3714.1214.25

39.401.631.452.561.59

10.207.662.546.83

15.14

50, 62333, 588

1,395

9,2336,407

-48,134-32,964-4,535

-3,013-7,621

ected forexpendilJune 197

9Inclus and an7EY; see i1 consum

769.5

564.2

509.0404.919.085.155.166.850.516.422.0

85.8

12.073.841.819.322.4

10.721.4

91.242.748.524.723.9

-5.430.7

748.9117.3631.6593.937.6

75.5631.6815.9615.72

43.881.861.862.511.68

11.618.942.678.30

16.05

55, 60036, 490

1,515

10, 5397,056

-53, 589-35, 830-4,856

-4,564-8,339systema

ures of b1 SURVEudes invnual andilso pp.iption e

800.1

599.8

540.1426.119.394.659.767.651.416.222.7

76.5

12.564.033.518.115.4

9.121.4

81.337.543.825.218.6

-4.833.5

801.0116.3684.8634.650.2

79.7131.9515.8016.15

47.761.891.783.031.23

13.1410.652.49

10.1016.59

62, 90341, 980

1,480

11,4098,034

-59,311-39,870-4,851

-5,167-9,425

tic biasesusiness. EY. 2 inentory viquarterl

19 ff. of trspenditur

722 2

520.9

471.0373.418.679.049.964.449.215.321.3

87.4

11.575.942.919.423.6

11.221.8

88.440.448.023.824.2-.928.2

697.6102.1595.6559.136.5

16.797.133.543.59

9.66.39.31.64.41

2.611.87.74

1.613.69

67.7728.8614.4714.40

38.911.571.292.691.659.827.502.326.67

15.22

13, 2848,878

393

2,3981,615

-12, 436-8,568-1,147

-775-1,946

) for Apxpectedeludes cciluationy data b<e Feb. 1es, inter

735.2

532.5

481.4382.5

18.280.751.165.249.415.821.3

87.1

11.275.943.719.224.4

10.721.5

91.341.749.624.125.5

-4.229.1

712.5106.5606.0566.439.6

19.038.104.163.94

10.93.40.38.66.47

2.902.16

.742.004.13

69.0528.7014.3914.31

40.351.521.342.871.75

10.637.742.897.34

14.91

12, 7018,378

357

2,3391,627

-12, 384-8,441-1,173

-800-1,970r.-ex-m-ad-ick970est

749.3

544.9

491.6391.518.181.953.366.049.916.221.6

87.1

11.575.543.419.424.0

11.021.2

93.043.549.524.125.5

-5.929.7

725.8113.8612.0577.734.3

16.046.583.363.22

9.45.42.38.68.38

2.361.88.48

1.813.41

72.5229.9915.4714.52

42.531.831.682.891.87

11.528.622.907.74

15.00

11, 9957,510

407

2,4711,607

-11.657-7,589-1,198

-929-1,941

paidexcess

HDMar.,as we

«In

764.0

557.5

502.9401.218.483.454.666.750.516.222.0

87.4

11.975.442.919.923.0

10.821.8

93.443.849.724.425.2

-6.030.4

741.1118.1623.0589.733.3

18.817.823.983.84

10.99.48.44.66.46

2.992.22

.772.003.97

73.9431.1615.9815.18

42.781.881.762.221.66

11.688.712.977.92

15.67

14, 2229,490

329

2,5851,818

-13, 926-9,566-1,187

-1,078-2,095

Dy consiof dispo

ata for inJune, S

11 as revieludes tl

779.5

572.2

516.4409.919.986.655.867.550.916.622.1

86.8

12.274.641.819.122.7

10.622.2

89.942.147.925.022.9

-3.231.0

758.1117.5640.6598.742.0

19.258.164.034.12

11.10.47.49.53.40

3.032.23.80

2.114.07

77.8433.0516.5316.52

44.801.892.062.231.65

11.488.982.508.71

16.78

14, 5749,602

442

2,7161,814

13, 866-9,278-1,221

-1,242-2, 125

imers, aisable incdividualept., anc;ed quarle retroa

785.2

582.1

525.3417.219.688.556.867.250.616.622.3

82.0

12.269.839.119.020.0

10.320.4

88.541.447.125.221.9

-6.531.7

770.5119.9650.6609.641.1

21.469.124.594.53

12.34.49.55.64.44

3.232.61.62

2.394.60

77.8432.3915.8816.50

45.461.851.942.801.63

11.809.362.448.76

16.67

14, 8119,888

336

2,7671,820

14, 142—9, 397—1, 251

—1, 315—2, 179

id persoome ovedurable

. Dec. iserly dat3tive paj

791.5

592.2

534.4422.6•20.1"91.757.967.650.617.022.5

76.7

12.064.735.218.316.9

9.120.4

82.638.044.625.219.4

-5.832.4

782.3117.0665.3620.544.8

17.477.143.593.56

10.32.45.42.73.28

2.542.15

.392.143.76

78.2232.4416.4016.05

45.781.921.742.941.37

12.149.772.379.14

16.52

15, 37410, 241

274

2,9251,934

-14, 493-9,728-1,182

-1,348-2,235

nal trans<• personaand nonsues ofi back tor increase

797.4

596.4

537.4424.019.593.959.067.851.216.522.6

77.5

12.365.235.518.217.2

8.621.1

82.038.143.925.118.8

-4.533.1

801.3117.7683.6632.151.5

20.338.154.084.07

12.18.47.47.80.31

3.282.59.69

2.594.26

80.2232.4316.3216.11

47.791.841.882.881.12

12.7210.152.57

10.3816.98

15, 80610, 582

447

2,7911,986

-14, 761-9,831-1,255

-1,322-2,353fer payr1 outlaysdurablehe SURA1966, ap

, for Fed

806.6

603.8

543.4428.919.195.460.467.851.716.122.7

78.4

12.965.534.718.316.3

9.121.7

84.438.945.425.420.0

-5.933.8

807.2114.2693.0640.252.7

20.267.993.874.12

12.27.46.46.74.30

3.582.79.78

2.564.16

81.8832.1515.7416.40

49.731.861.963.241.22

13.8411.342.50

10.6217.00

15, 93010, 696

327

2,8552,052

-14, 935-9,992-1,211

-1,284-2,448

nents to

goods indfEY. cpear on ieral perse

804.8

606.7

545.2429.118.697.561.467.452.015.323.0

73.3

12.660.728.617.711.0

9.622.5

76.334.841.425.116.3

-3.034.5

813.3116.1697.2645. 551.8

21.668.664.264.40

12.99.50.43.76.33

3.743.12.63

2.814.42

78.6330.9814.9216.05

47.661.941.563.081.22

13.6811.202.48

10.2015.97

15, 79510, 461

433

2,8392,062

15, 12510 319

-1,203

-1,213-2,390foreignei

ustries c("Revisec). 24 ff. ojnnel.

' 833. 3

625.2

560.6440.7

19.2100.664.667.052.214.723.1

'82.8

'12.870.037.718.619.1

9.323.0

'86.5'39.1

47.525.821.7

-3.735.2

831.5116.4715.1665.349.8

r 17. 68'6.69'3.11'3.58

' 10. 99' .49'.34'.34'.28

'3.11'2.70

.412.50

'3.94

' 79. 32' 30. 46' 14. 21' 16. 25

' 48. 86'2.04' 1.46'1.29'1.33

' 14. 64' 12. 16

2.4810.70

' 17. 39

16, 51511, 032

507

2,8452,131

-15, 464-10, 760-1,184

-1,118-2,402

•s. §P

omponerI; moreC this issv

e Corre

' 120. 80'7.66'3.68' 3 98

' 13. 15' .52'.50'.61'.41

'3.90'3.30' .60

' 2 7. 21

' 182. 38'30.54'14.66' 15. 88

' 51. 84

'2.01'2.00'2.30'1.59

' 15. 18r 12. 98'2.20

'228. 75

i 20. 687.693.684.01

12.99.49.45.36.40

4.023.25.77

27.26

i 82. 8330.6814.8915.79

52.152.001.871.561.56

15.6413.152.49

2 29. 51

ersonal saving is

its appear in thecomplete details,10 of the SURVEY.sted.


June 1971 SURVEY OF CURRENT BUSINESS S-3


1968 1969 1970

Annual total

1968

III IV

1969

I II III IV

1970

I II III IV

1971

I II III

GENERAL BUSINESS INDICATORS—Quarterly Series—ContinuedU.S. BALANCE OF INTERNATIONAL

PAYMENTS §— Con.Quarterly Data Are Seasonally Adjusted

Unilateral transfers, excl. military grants, netmil. $..

U.S. Government capital flows, net. . . .do

U.S. private capital flows, net doForeign capital flows, net doTransactions in U.S. official reserve assets, net

mi l .$__

Allocation of special drawing rights (SDR)___doErrors and omissions, net doBalance on goods and services doBalance on goods, services, and remittances. . .doBalance on current account . . . doBalance on current account and long-term capital

mil. $..

Net liquidity balance doOfficial reserve transactions balance doLiquidity balance, excluding SDR . _ do .

Unless otherwise stated in footnotes below, datathrough 1968 and descriptive notes areas shown inthe 1969 edition of BUSINESS STATISTICS

-2,875-2,268

-5,3839,411

-880

-4932,4891,321-386

-1,349

-1,6101,641

172

1969

-2,910-2,193

-5,42412, 306

-1,187

-2,6032,011

745—899

-2,879

-6,0842,702

-6,958

1970

Annual

-3, 148-1,593

-6,8865,824

2,477

867-1,132

3,5922,182

444

-3,038

-3,852-9,821-4,721

-758-570

-1,6922,409

-571

332848525

90

-433

-35732765

-779-363

-1,6623,515

-1,076

47317

26-462

-754

-531-410

111

-630-411

-1,4943,338

-48

-1,09233852

-292

-147

-1,2341,337

-1,469

-839-630

-1,8893,989

-299

-628296

-22-543

-2,019

-3,0191,659

-3,287

-693-691

-1,3803,458

-686

-71770838615

-1,070

-1,996-679

-2,366

-749-461

-6621,523

-154

-166669328

-80

356

163384164

-756-423

-1,9381,818

264

217—62881543125

-1,297

-1,250-2,865-1,630

-753-366

- 1, 5241,004

805

217-4301,045

683292

-570

-945-1,402

-743

1970

Apr. May June July Aug. Sept. Oct. Nov. Dec.

-803-394

-1,7521,588

584

217-433

995636192

-340

-679-2,077-1,156

-836-410

-1,6731,414

824

216-207

670319

-166

-832

-977-3, 476-1,192

-783-599

-2,0242,761

682

180-1,268

1,051700268

-1,416

-2, 604-5, 523-3,240

1971

Jan. Feb. Mar. Apr. May P

GENERAL BUSINESS INDICATORS—Monthly Series

PERSONAL INCOME, BY SOURCE f

Seasonally adjusted, at annual rates: tTotal personal income bil. $

Wage and salary disbursements, total doCommodity-producing industries, total-do

Manufacturing doDistributive industries do

Service industries doGovernment do

Other labor income doProprietors' income:

Business and professional doFarm.. _ _ _ do

Rental income of persons doDividends doPersonal interest income doTransfer payments doLess personal contributions for social insurance

bil. $..

Total nonagricultural income do

FARM INCOME AND MARKETINGS %

Cash receipts from farming, including Governmentpayments total J mil $

Farm marketings and CCC loans, total .. doCrops doLivestock and products, total 9 do

Dairy products doMeat animals . doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:©

All commodities O - 1967=100Crops doLivestock and products do

Indexes of volume of farm marketings, unadjusted :JAll commodities O - - 1967 = 100

Crops _ doLivestock and products do

INDUSTRIAL PRODUCTION rf

Federal Reserve Index of Quantity Output

Unadj., total index (incl. utilities) rf1.. 1957-59 =100..By industry groupings:

Manufacturing, total . ._ _ doDurable manufactures doNondurable manufactures . do

Mining _ _ _ _ _ _ d o

By market groupings:Final products, total do

Consumer goods . doAutomotive and home goods do

Equipment, including defense do

Materials _ doDurable goods materials doNondurable materials do

748.9

509.0197.5157 5119.8

87.7104.127.6

50.516.4

22.024.759.765.1

26.0

726.7

51, 023

47, 22918, 79028, 4396,172

17, 5214,423

111102117

102104101

f 172. 8

p 173. 9v 176. 5f 170. 6p 130. 2j, 991 9

p 170. 8p 162. 5f 179. 5» 1 K7 1

"188.6

P 174. 6v 165. 5P 183. 9

801 0

540.1201.2158 9128 4

96.6114.030.4

51.416.2

22.725.265.277.6

27.8

778.6

52, 398

48, 67819, 58929, 0896,470

17, 9764,333

114106120

103103103

* 168. 2

P 167. 0P164.5p 170. 2P 136. 5n 93Q 0

p 166. 1p 161. 7p 166. 1v 1 fin •?P 175. 4

P 170. 2P 155. 0p 185. 9

806.0

539.9202.3160 0126 0

95.1116.529.8

51.016.9

22.625.264.284.1

27.7

783.0

3,510

3,448928

2,520558

1,598327

9760

125

8050

103

170.6

171.0170.5171.7135.0

166.9160.6175.5•I CC Q

180.3

174.3160.4188.5

799 7

540.5200.9159 2127 2

95.5116.930.0

51.316.5

22.625 364 576 6

27.7

777 0

3,363

3,346947

2,399585

1,455322

9462

119

8051

102

169.1

168.9169.4168.4137.9

165.8160.3176.0I PC 0

177.7

172.1159. 5185.1

798 2

538.1201.3159 5127 9

95.7113.230.3

51.516.2

22.724 764 877 6

27.6

775 7

3,566

3,5491,1762,373

5531,470

324

10077

117

9074

102

172.1

171.8171.3172.3137.6

169.9165.7181.2m o

179.0

174.1162.0186.6

803 3

541.5202.1160 1129 1

96.8113.530.6

51.616.2

22.725.265.378.1

27.8

780.9

4,011

3,8071,4852,322

5381,392

371

10797

115

989798

163.6

161.6159.8163.8129.2

161.8157.6153.5158 9170.9

165.3153.2177.8

806 4

543.2202.0159 6129 7

97.3114.230.8

51.716.1

22.725.366.078.6

28.0

784.0

6,917

3,7941,5052,289

5241,386

359

10798

113

9793

100

169.1

166.4161.0173.2138.2

167.1165.3150.4170 0170.9

170.9156.0186.2

811 9

546 6201.5159 5130 2

97.9117.031.1

51.816.0

22.825.566.879.6

28.2

789.7

4,564

4,5212,0112,510

5161,583

391

127131124

113118108

170.2

167.6162.3174.2140.1

168.8168.1163.21 RQ fi

170, 4

171.5154.9188.6 1

809 9

541.8196.8154 3130 6

98.8115.631.3

51.915.7

22.925.667.081.7

28.0

787.9

5,693

5,5952,8642,731

5391,782

392

157186135

144176120

166.5

164.5156.3174.8141.8

164.7164.0161.3m q

166.1

168.5147.1190.5

812 6

544.1196.8153 6131 4

99.8116.131.5

52.015.3

23.025.767.181.9

28.1

791.0

5,110

5,0792,7812,298

5211,407

353

143181114

136177105

162.9

161.2153.3171.1140.5

160.2158.0156.9158 4164.8

165.4143.6188.0

817 5

549.8202.3158 9130 5

100.4116.631.7

52.115.0

23.124.167.182.9

28.4

796.2

4,252

4,2191,9842,235

5481,313

349

119129111

117134103

162.5

160.0156.7164.2139.4

160.0157.0161.8155 5166! 4

164.7146.9182.9

827 4

557.8203.0160 2133 4

102.2119.231.9

52.214.9

23.225.967.584.5

30.6

806.2

4,198

4,1571,8512,306

5571,392

327

117120114

114127104

164.2

161.4157.2166.6137.4

162.7163.4174.3159 9161.2

165.2146.6184.4

830.4

559.8202.5159 8134.2

103.1120.032.1

52.114.7

22.825.967.786.0

30.7

809.2

3,352

3,3301,1022,228

5251,384

288

9472

110

826693

165.9

163.8159.0169.8136.3

163.4165.5181.6160 4159.1

168.6150.5187.3

836.8

564.2204.5160.8135 4

103.9120.432.3

52.314.7

23.325.767.787.6

30.9

815.7

3,533

3,5191,0492,470

5831,547

314

10488

116

8455

106

167.1

165.4161.0170.8137.8

164.0166.5185.5160 5158.4

170.2153.4187.6

' 841. 4

r 566. 9' 205. 0r 160. 7' 136. 5

104.5'120.9

32.5

52.4'14.7

23.425.767.988.8

'31.0

' 820. 0

3,333

3,258934

2,324593

1,396303

10180

116

7745

102

' 166. 6

' 165. 0r 159. 5

171.9' 139. 8

' 161.7r 164. 6' 182. 7

155.7

171.2' 153. 6' 189. 4

847.4

571.2206.7162.1137.8

105.4121.332.7

52.514.8

23.525.868.189.9

31.2

825.9

3,379951

2,428609

1,473316

9562

120

8047

105

167.4

166.0160.6172.9139.9

162.4165.3184

156.3

171.9156189

' Revised. » Preliminary. §See note "<?" on p. S-2. flncrease in U.S. officialreserve assets and decrease in liquid liabilities to all foreigners. ©Increase in U.S. officialreserve assets and decrease in liquid and certain nonliquid liabilities to foreign official agen-cies. |See corresponding note on p. S-l. JSeries revised beginning 1967; monthly data

prior to May 1969 are shown in the Farm Income Situation, July 1970, available from theU.S. Dept. of Agriculture, Economic Research Service. ONew reference base, 1967 = 100,comparable data for earlier periods will be shown later. cf Revisions for Jan.-Oct. 19b«will be shown later. 9 Includes data for items not shown separately. c Corrected.Digitized for FRASER


S-4 SURVEY OF CUEKENT BUSINESS June 1971


1969" 1970*

Annual

1970


1971

Jan. Feb. Mar. Apr. May p

GENERAL BUSINESS INDICATORS— Continued

INDUSTRIAL PRODUCTIONcf-Continued

Federal Reserve Index of Quantity Output— Con.

Beas. adj., total index (incl. utilities) cf- 1957-59 =100.By industry groupings:

Manufacturing, total do

Durable manufactures $ doPrimary metals _. _ do

Iron and steel doNonferrous metals and products do

Fabricated metal products doStructural metal parts do

Machinery. doNonelectrical machinery doElectrical machinery do

Transportation equipment 9 doMotor vehicles and parts doAircraft and other equipment do

Instruments and related products doClay, glass, and stone products doLumber and products doFurniture and fixtures doMiscellaneous manufactures do

Nondurable manufactures doTextile mill products doApparel products doLeather and products doPaper and products do

Printing and publishing . doNewspapers . do

Chemicals and products doIndustrial chemicals do

Petroleum products do

Rubber and plastics products doFoods and beverages do

Food manufactures doBeverages . do

Tobacco products . do

Mining __ doCoal --_ doCrude oil and natural gas do

Crude oil doMetal mining doStone and earth minerals do

Utilities .. doElectric doGas... . do

By market groupings:Final products, total d* do

Consumer goods doAutomotive and home goods _ do _

Automotive products doAutos. _ doAuto parts and allied products,.. do

Home goods 9 doAppliances, TV, and radios doFurniture and rugs do..

Apparel and staples doApparel, incl. knit goods and shoes.. doConsumer staples do

Processed foods do

Beverages and tobacco do .Drugs, soap, and toiletries doNewspapers , magazines , book s_ _ _ doConsumer fuel and lighting . do _

Equipment, including defense 9 doBusiness equipment __. _ do

Industrial equipment do_._Commercial equipment doFreight and passenger equipment.. doFarm equipment do

Materialscf . doDurable goods materials 9 do__.

Consumer durable.. doEquipment doConstruction do

Nondurable materials 9 doBusiness supplies do

Containers... doGeneral business supplies do

Business fuel and power 9 do....Mineral fuels. _ doNonresidcntial utilities. _ _ _ _ _ d o . _ - .

172.8

173.9

176.5149.1140.3181.1

179.8173.3

195.7194.6197.2

174.6166.9177.8

194.4156.0119.1186.9166.4

170.6154.2149.2101.9175.6

156.3142.7

239.0283.0

143.8

238.7140.7136.7161.9

117.3

130.2117.7129.3132.0142.0144.7

221.2233.0174.1

170.8162.5179.5

173.2162.8186.8184.0180.2180.3

157.1138.5162.4136.6

146.8209.0147.1199.6

188.6195.6179.1220.0246.7136.8

174.6165.5163.9191.9152.4

183.9166.6168.6165.5

158.2134.9216.7

168.2

167.0

164.5140.1131.1173.2

171.7165.6

189.5185.9194.3

148.2140.9151.3

187.1151.9113.1176.3162.8

170.2148.8141.796.4

172.7

154.8138.7

243.0276.1

148.4

230.1143.0139.8160.2

121.6

136.5125.7135.7138.2154.4144.0

238.0251.1

166.1161.7166.1

148.6128.2175.6178.2180.3168.0

160.3133.0168.1139.4

147.2218.8144.7215.4

175.4187.6175.8216.1213.9130.9

170.2155.0142.1177.2146.9

185.9164.0167.4162.2

166.5142.2

170.2

170.0

168.4138.9133.0175.4

175.2170.2

194.9191.7199.1

153.1148.0154.1

195.4154.6115.5179.5167.4

171.9151.3140.8100.2176.3

156.9139.3

244.4289.2

147.9

239.4143.7140.1162.8

125.1

133.9123.0131.3135.2162.6146.1

233.8247.1

168.5163.2171.1

158.4136.1187.8180.0178.9170.6

160.7133.8168.4140.2

150.1218.6146.0212.6

179.9193.0182.1223.4215.4130.4

171.9159.6143.6183.8148.8

184.6164.5166.2163.7

163.8139.1226.5

169.0

168.1

167.6142.6136.7174.4

171.4164.2

191.0187.1196.3

157.3158.5153.0

191.3152.6116.1174.4163.6

168.7147.8137.7104.5174.5

154.8136.9

241.4281.3

146.5

212.2143.1141.0154.6

117.8

134.8134.2131.9135.8151. 8142.8

234.9248.4

167.7163.2173.5

166.4156.0180.1178.4182.6165.5

159. 9131.4168.0141.1

142.2219.6146.9212.3

177.3188.7175.8220.4216.8127.4

170.4157.5146.0177.5146.8

183.8162.1168.2159.1

166.0142.0228.1

168.8

168.0

167.3142.7138.8169.2

172.3164.4

190.6185.2197.7

159.9164.4153.3

187.9149.4107.6173.8162.6

168.9145.9139.099.3

170.8

155.2137.5

243.2285.8

147.8

227.8140.7138.3153.7

120.7

135.5124.3135.1137.5150.3143.0

235.4248.7

167.1162.8172.7

170.3163.0179.9177.7178.8164.9

159.0132.4166.6137.9

142.6217.4147.6213.7

176.3188.0175.2220.4213.8128.6

171.2157.8155.4176.6145.1

184.9163.4166.0162.1

166.6142.4228.6

169.2

168.5

167.4145.2136.8172.6

172.5162.9

191.2185.2199.1

158.1164.8149.7

187.0148.8110.6172.5162.0

170.0145.3140.995.6

172.0

154.6140.0

243.3285.7

145.5

244.8141.1139.5149.6

126.6

133.8127.5131.7134.4150.9143.8

236.3249.5

166.8163.5178.5

172.8163.8184.7182.5192.3165.2

158.8132.4166.3138.7

141.9217.4142.9212.8

173.7186.1174.6218.3207.3126.0

171.4158.4156.0178.4146.3

184.9164.9161.9166.4

165.4140.2229.4

168.8

167.7

166.7145.6134.1169.7

171.9164.0

190.3183.0199.9

156.7164.7147.1

183.3150.1114.2172.9159.1

169.0146.1140.793.6

172.9

154.3138.7

239.8280.7

147.5

236.9141.6138.8156.4

121.8

137.1128.5136.5139.8152.3142.3

235.8248.6

166.5163.5177.0

167.5163.3173. 1183.7198.6164.9

159.2133.2166.6139.4

144.7213.9143.1213.5

173.0185.9173.3214.2214.3133.2

171.2157.4161.3175.9147.3

185.4165.0167.5163.7

167.5144.4227.9

165.8

163.7

160.4142.6129.5172.1

169.2162.7

186.2180.0194.5

139.0127.3145.7

181.8148.7108.2171.7157.7

167.7145.7139.394.6

166.2

151.5137.4

240.8282.0

150.3

221 .4142.4138.7162.2

122.9

138.9127.9140.3144.1144.5140. 5

242.8257.1

163.1160.1160.1

133.1108.5165.6179.0189.9164.4

160.1131.7168.1139.3

149.0215.5140.5219.2

169.6182.3170.5210.5206.5133.6

168.9151.9143.6173.1146.1

186.4161.2163.1160.3

171.8147.5235.1

162.3

159.4

153.5133.9121.5161.5

160.6158.0

182.9176.1191.9

122.095.4

141.1

181.3149.4110.1173.9156.3

166.9146.7138.797.2

168.0

150.2134.5

240.7282.9

150.1

219.1139.6135.7160.3

124.1

139.9128.1141.5145.1145.1142.0

244.8259.6

159.8157.0151.4

110.176.5

154.5180.21943166.5

158.9131.6166.7135.2

148.1215.0140.8221.7

165.9178.9169.7207.0193.7128.0

164.8144.3110.9166.7144.2

186.0159.5164.1157.2

172.5148.0236.7

161.5

159.0

151.4129.3117.2162.9

158.7158.2

179.0172.7187.4

121.996.9

139.5

181.7148.5107.0174.7158.5

168.6145.1135.593.1

171.7

152.4137.2

243.7285.4

154.2

218.9142.7139.4160.7

121.6

139.4127.3139.1143.8160.1142.7

238.7251.5

159.4157.0152.1

112.278.1

157.0180.0188.1169.3

158.6125.2168.0138.3

147.5220.1143.2217. 2

164.5177.8167.9205.7194.6130.8

163.8141.9111.2164.1140.6

186.3160.7164.2158.9

170.1146.6231.1

164.4

162.1

156.1135.4122.3177. 1

160.0158.9

176.7170.4185.1

142.5142.0139.3

180.5152.6105.8174.5157.5

169.7143.9141.794.2

169.5

152.7136.6

243.9281.7

156.0

222.3144.4140.1167.6

121.7

138.8130.1137.4141.0159.7145.2

240.0253.0

162. 9162.4162.5

145.9131.9164.3174.0169.1170.5

162.3131.3171.1141.0

152.1226.8144.7218.0

164.2177.9166.8204.3202.3127.0

166.0147.0139.0163.6142.0

185.7162.2166.5160.0

169.3145.0232.6

165.6

163.6

157.8137.6130.0171.7

163.0163.3

174.7166.2185.9

148.6158.8136.1

181.4151.3117.0174.5158.0

170.9149.1140.394.7

170.0

152.6134.9

245.3283.5

152.7

224.3146.7140.9178.1

121.9

137.9136.3134.6137.3160.3146.7

241.5254.6

163.4164.5172.4

166.3155.1181.1176.6173.9171.4

162.1130.0171.2141.4

155.1222.2145.5218.1

161.3174.3164.4200.7203.696.7

168.0149.7151.3162.9148.6

187.0163.9174.4158.7

199.1143.5234.3

165.2

163.1

157.6140.8132.9173.4

164.1165.1

173.0165.5182.9

148.8166.5129.5

179.5150.9116.9173.9159.1

169.9151.7138.082.2

170.0

152.6139.3

243.8283.9

152.1

219.8146.5141.0175.9

125.7

136.3129.51340136.4160.0144.4

245.2259.1

163.0164.6175.3

174.4168.1182.8175. 9172.8172.4

161.2129.0170.3138.4

159.0220.71449219.6

159.4173.0162.3199.3196.4121.9

167.8150.3153.0160.9148.3

185.8160.1166. 2157.1

169.4141.8239.3

165.5

163.5

157.7143.1138.3174.9

164.8168.5

173.4165.0184.5

146.6164.8126.1

176.2152.3116.3175.0161.2

170.7153.5139.582.3

169.3

152.5135.5

244.7285.0

153.0

223.8147.0141.0179.3

126.1

138.7138. 1135.2138.6160.1147.8

242.2254.9

163.4166.2178.4

176.0167.3187.4180.2179.7174.2

162.3130.7171.2140.3

161.4222.3143.0218.4

157.3170.5160.3198.3191.1115.3

168.0151.4150.6161.2149.1

185.2155.2153.1156.3

170.8144.9236.8

' 166. 2

' 163. 9

' 157. 4' 144. 6'141.9

169.7

' 164. 8' 165. 5

' 173. 3' 162. 4' 187. 7

' 142. 8' 157. 9r 124. 5

' 178. 7' 154. 5

' 177. 4'161.5

' 172. 0155.7

170.6

' 152. 3134.0

246.3

155.2

146.8141.4

' 138. 8' 142. 5' 134. 7'139.9

159.2146.7

' 246. 0

' 163. 4' 167. 1' 179. 0

"171.2r 153. 9

194.0184.4188.7175.4

' 172. 8141.0

228.0144.4

' 155. 6' 169. 5

159.3197.6188.9

' 169. 3' 152. 8

148.5156.8149.6

186.3158.2157.1158.8

' 172. 2' 146. 8

167.3

165.1

158.8147144

166164

175164189

144159126

180157

180163

173.0

155

137.1138135140

248

164.3168.3182

178161

173

w

156.0170

170.3154

187

171146

' Revised. » Preliminary. cfSee corresponding note on p. S-3.9 Includes data for items not shown separately.fRevised data back to 1961 for mfg. and trade invent., total, unadj. and seas, adj.; invent,

sales ratios for mfg. and trade, total and retail trade, total, durable, and nondurable, appear on

pp. 38 ff. of the Oct. 1970 SURVEY. Revised data back to 1961 for mfg. and trade sales, totalseas, adj.; mfrs. sales and mfrs., invent., total, durable, and nondurable, seas, adj.; and in-vent.-sales ratios for mfg., total, durable, and nondurable are available upon request (see alsocorresponding note on p. 8-7).




1969 1970

Annual

1970


mi

Jan. Feb. Mar. Apr. May

GENERAL BUSINESS INDICATORS—Continued

BUSINESS SALES §

Mfg. and trade sales (unadj.), total f _ - mil. $._

Mfg and trade sales (seas adj. ) > total f do

Manufacturing , total f doDurable goods industries doNondurable goods industries do

Retail trade, total doDurable goods stores . . d oNondurable goods stores do...

Merchant wholesalers, total .. do _Durable goods establishments doNondurable goods establishments do

BUSINESS INVENTORIES §

Mfg. and trade inventories, book value, end of yearor month (unadj ) total t mil $

Mfg. and trade inventories, book value, end of yearor month (seas adj ) total f mil $

Manufacturing, total f doDurable goods industries doNondurable goods industries do

Retail trade total f doDurable goods stores doNondurable goods stores do

Merchant wholesalers, total doDurable goods establishments doNondurable goods establishments do

BUSINESS INVENTORY-SALES RATIOS

Manufacturing and trade, total t ratio..

Manufacturing total t doDurable goods industries t do

Materials and supplies _doWork in process doFinished goods - do

Nondurable goods industries t doMaterials and supplies doWork in process doFinished goods do

Retail trade total J doDurable goods stores doNondurable goods stores do

Merchant wholesalers total doDurable goods establishments doNondurable goods establishments do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Manufacturers' export sales:Durable goods industries:

Unadjusted, total mil. $Seasonally adj., total do

Shipments (not seas adj ) total t do

Durable goods industries, total 9 do

Primary metals doBlast furnaces steel mills do

Fabricated metal products .do .Machinery, except electrical doElectrical machinery.. doTransportation equipment do

Motor vehicles and parts doInstruments and related products do _ _

Nondurable goods industries, total? doFood and kindred products do _Tobacco products. doTextile mill products.- do

Paper and allied products.. _ . _. doChemicals and allied products doPetroleum and coal products. doRubber and plastics products do

Shipments (seas, adj.), total t doBy industry group:

Durable goods industries, total 9 doStone, clay, and glass products doPrimary metals do

Blast furnaces, steel mills do

Fabricated metal products. doMachinery, except electrical. . doElectrical machinery . _ doTransportation equipment do

Motor vehicles and parts doInstruments and related products do

1,245,068

1,245,058

1656,717364, 983291, 734

1351,633112, 779238, 854

1236,708109, 578127, 130

163, 375

164,917

95, 93163, 54732, 384

44, 62319, 98024, 64324,36314, 5799,784

1.53

1.691.99.5693

.50

1.31.48'.21.62

1.472.051.19

1.191.53.89

17, 189

656,717

364, 98317,21957, 13726, 493

37, 02464, 55146, 72691, 48050, 14413, 563

291, 73496, 7175,121

21, 262

26, 95148, 69824, 55516, 552

1,277,862

1,277,862

1666,648361, 527305,121

1 364, 571109, 694254, 877

1 246, 643111, 778134, 865

169, 284

171, 136

99, 61465, 54834,06644, 91819,04025, 87826,60415,56511, 039

1.58

1.762.15.58

1.00.56

1.30.47.20.64

1.472.131.18

1.231.61.92

20, 122

666, 648

361, 52717, 85857, 02225, 837

38,83765, 46147, 14386, 23444, 14213, 682

305, 121103, 869

5,44321, 080

28, 28249, 61126, 02817, 968

105, 633

105, 087

54, 53929, 63324, 906

30, 5369,340

21, 196

20, 0129,034

10, 978

168, 961

167, 059

97, 79164, 68933, 10244, 32619,42624, 900

24, 94214, 77310, 169

1.59

1.792.18.59

1.02.57

1.33.48.20.65

1.452.081.17

1.251.64.93

1,7391,717

55, 646

30, 4991,4714,7241,960

3,0965,5933,7477,8344,0331,112

25, 1478,396

4391,729

2,3474,3102,1181,519

54, 539

29, 6331,4434,4261,780

3,0325,3503,8357,5493,8061,144

107, 931

106, 847

55, 66130,48825, 173

30, 5029,320

21, 182

20,6849,394

11, 290

168, 391

166, 734

97, 63564, 44733, 18844, 10919, 34624, 763

24, 99014, 76310, 227

1.56

1.752.11.57.99.55

1.32.47.20.65

1.452.081.17

1.211.57.91

1,7791,722

56, 358

31, 3001,5295,0712,292

3,2395,6953,8327,9434,3001,119

25, 0588,428

4561,709

2,3284,3762,1391,537

55, 661

30, 4881,4754,7862,099

3,1785,5963,9937,4843,9051,137

112, 046

107, 612

56,43830, 63825, 800

30, 5189,411

21, 107

20, 6569,482

11, 174

168, 014

167, 375

97, 70664, 39533, 311

44, 52719, 55224, 975

25, 14214, 85510, 287

1.56

1.732.10.57.99.54

1.29.46.19.64

1.462.081.18

1.221.57.92

1,8291,774

59, 340

32, 8451,6435,2052,386

3,5115,8774,1718,1614,6241,247

26, 4959,062

4541,834

2,4224,3832,2151,623

56, 438

30, 6381,5194,8342,201

3,2655,4183,9627,5624,1241,175

104, 249

108, 393

57, 02531, 31525, 710

30,7299,487

21, 242

20, 6399,423

11,216

167, 832

168, 635

98, 26065, 07933, 18144, 96519, 73925, 22625,41015, 06610, 344

1.56

1.722.08.56.98.54

1.29.46.19.64

1.462.081.19

1.231.60.92

1,5831,776

52, 134

27, 8801,4864,4402,114

3,1075,0773,6076,2703,0371,065

24, 2548,225

4731,511

2,2373,8892,1261,463

57, 025

31,3151,5174,8912,259

3,3235,5673,9957,8574,3281,168

105,856

108,175

56,69631,27025,426

30, 7819,503

21, 278

20,6989,420

11,278

167,367

169,364

98,48865,29033, 19845, 45320, 11925, 33425,42315, 16510,258

1.57

1.742.09.56.98.55

1.31.47.19.65

1.482.121.19

1.231.61.91

1,5171,676

54,829

29, 0911,5794,7012,205

3,2685,1943,8596,2552,8821,148

25, 7388,585

4721,742

2,3884,1722,1891,493

56, 696

31, 2701,4704,9352,287

3,2315,5703,9937,9814,4891,140

109,585

108,074

56, 47530, 86325, 612

30, 8859,556

21, 329

20, 7149,435

11, 279

168,045

170,038

98, 65865, 32333, 335

45, 69120, 27025, 421

25, 68915, 27510, 414

1.57

1.752.12.57.99.56

1.30.46.19.65

1.482.121.19

1.241.62.92

1,7501,770

58, 436

31, 6641,6274,9552,311

3,4645,6224,2957,2203,7471,233

26, 7729,294

4801,879

2,4244,2762,1661,521

56,475

30, 8631,4825,0492,422

3,3655,5554,0427,1693,6301,146

110,244

106,224

54,93629,36925,567

30,5348,927

21,607

20,7549,41011,344

170,161

170, 352

99,46665,62833,83844, 88319, 29125, 592

26,00315,36910,634

1.60

1.812.23.60

1.04.59

1.32.47.19.66

1.472.161.18

1.251.63.94

1,6751,668

56,638

30,0411,6104,5091,960

3,3405,3154,2096,7023,1671,152

26,5979,181

4671,910

2,4474,1282,1861,523

54,936

29,3691,4704,5922,069

3,2155,3724,0106,5382,8771,111

104,918

104,917

54, 06828, 81525, 253

30, 2088,380

21, 828

20, 6419,273

11, 368

172,095

170,873

100,03265,92034,11244, 50718, 54225, 96526,33415,45110,883

1.63

1.852.29.62

1.06.61

1.35.49.20.67

1.472.211.19

1.281.67.96

1,5291,523

53, 996

28, 6681,4224,2661,844

3,2185,1254,1656,4983,0481,105

25, 3288,714

4591,793

2,3403,9492,1781,404

54, 068

28, 8151,4544,4522,009

3,2945,2914,0476,2642,8531,078

113,178

107,019

55, 82030, 02425, 796

30, 4818,659

21, 822

20, 7189,226

11, 492

169,284

171,136

99, 61465,54834, 066

44, 91819, 04025, 87826, 60415, 56511, 039

1.60

1.782.18.60

1.00.58

1.32.48.19.65

1.472.201.19

1.281.69.96

1,7851,621

54, 154

29,4851,4214,2691,958

3,1575,2974,1677,4263,8161,084

24, 6698,673

4921,724

2, 2943,6962,2921,306

55,820

30, 0241,5904,6212,200

3,2635,2754,1107,1683,8791,039

100,026

108,996

56,50430, 54525, 959

31,1549,480

21,674

21, 3389,430

11, 908

170,188

171,431

99, 80165, 61034,19144, 98418, 98725, 997

26, 64615, 65310, 993

1.57

1.772.15.59.98.58

1.32.47.19.65

1.442.001.20

1.251.66.92

1,5501,644

52, 943

28, 5301,3774,6062,208

2,9005,0903,6937,2364,318

985

24, 4138,350

4361,730

2,3283,9072,2371,373

56, 504

30, 5451,6134,7462,253

3,2305,6033,9897,3244,2031,115

104,558

••110,734

57,80331,35226,451

' 31,597r 9, 791' 21,806

21,3349,45811,876

171,754

171,758

99,52065,34734,17345,43219,48025, 95226,80615,84010,966

1.55

1.722.08.57.95.57

1.29.47.19.64

1.441.991.19

1.261.67.92

1,8381,894

58, 523

31, 9461,4715,0222,394

3,1825,7174,0728,4144,9911,087

26, 5778,926

4481,890

2,4794,3712,3171,544

57, 803

31, 3521,6144,8052,308

3,1895,5074,0178,1084, 7621,115

'114,377

'112,521

' 58,578'32,093' 26,485

' 32,267' 10,18-1'22,086

' 21,676'9,736'11,940

' 173,914

' 172,620

' 99,416' 65,352'34,064

46,41620, 13126,285

'26,788' 15,786' 11,008

'1.53

1.702.04.56.92.56

1.29.46.19.64

1.44'1.98

1.19

' 1.241.62'.92

' 2, 017'1,898

'60,739

'33,790' 1, 625'5,384' 2, 585

' 3, 284'6,134r 4, 122' 8, 961r 5, 250' 1, 099

•-26,949T 9, 101

463r 2, 030

r 2, 559' 4, 374'2,220' 1, 606

'58,578

' 32, 093'1,668r 5, 049' 2, 363

' 3, 228'5,680'3,963'8,351' 4, 789' 1, 082

114,484

112, 909

58, 46331, 75926, 704

32, 60510,33422, 271

21, 8419,875

11, 966

175, 212

173, 333

99, 54265,53634,00646, 72820, 23226, 496

27, 06316, 02611, 037

1.54

1.702.06.57.93.56

1.27.46.18.64

1.431.961.19

1.241.62.92

1,7011,672

59, 737

' 32,7801,743

•• 5, 8162,924

3,2295,7753,950

' 7, 9914,7071,094

26, 9698,881

4621,868

2,4834,7432,2451,647

58, 463

'31,7711,708

' 5, 4252,656

3,1635,5094,062

' 7, 6754,4441,128

2 33,159

2 5, 899

2 8, 386

2 32,241

2 5, 557

2 7, 891

' Revised. 1 Based on data not seasonally adjusted. 2 Advance estimate; total mfrs.shipments for Apr. 1971 do not reflect revisions for selected components. §The term "busi-ness" here includes only manufacturing and trade; business inventories as shown on p. S-lcover data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur-

ing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12.t See corresponding notes on pp. S-4and S-7. t See corresponding note on p. S-12. 9 in-

cludes data for items not shown separately.


S-6 SURVEY OF CURRENT BUSINESS June 1971

Unless otherwise stated in footnotes below, datathrough 1968 and descriptive notes are as shownin the 1969 edition of BUSINESS STATISTICS

1969 | 1970

Annual

1970

Apr. May Jane July Aug. Sept. Oct. Nov. Dec.

1971



MANUFACTURERS' SALES, INVENTORIES,AND ORDERSf— Continued

Shipments (seas. adj. ) f— ContinuedBy industry group:

Nondurable goods industries total 9 mil $Food and kindred products. doTobacco products doTextile mill products doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do

By market category:Home goods and apparel doConsumer staples doEquipment and defense prod excl auto doAutomotive equipment doConstruction materials and supplies doOther materials and supplies do

Supplementary series:Household durables. ._ . do- --Defense products (old series). , -- - doDefense products (new series) doProducers' capital goods industries do

Inventories, end of year or month :fBook value (unadjusted) total do

Durable goods industries total doNondurable goods industries, total do

Book value (seasonally adjusted), totalf doBy industry group:

Durable goods industries total 9 doStone clay and glass products doPrimary metals do

Blast furnaces steel mills do

Fabricated metal products doMachinery except electrical doElectrical machinery doTransportation equipment do

Alotor vehicles and parts doInstruments and related products- _do

By stage of fabrication:Materials and supplies 9 do

Primary metals do_^Machinery (elec and nonelec ) doTransportation equipment do

Work in process 9 doPrimary metals do^Machinery (elec and nonelec ) doTransportation equipment do

Finished goods 9 doPrimary metals doMachinery (elec. and nonelec.) --doTransportation equipment do

Nondurable goods industries, total 9 _ _ doFood and kindred products doTobacco products __ _ doTextile mill products do. _Paper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do

By stage of fabrication:Materials and supplies doWork in process doFinished goods do

By market category:Home goods and apparel doConsumer staples doEquip, and defense prod excl auto doAutomotive equipment doConstruction materials and" supplies doOther materials and supplies do

Supplementary series:Household durables doDefense products (old series) doDefense products (new series) doProducers' capital goods industries do

New orders, net (not seas, adj.), total t doDurable goods industries, total _ doNondurable goods industries total do

New orders, net (seas adj ) totalf doBy industry group:

Durable goods industries, total 9 doPrimary metals . do

Blast furnaces, steel mills . do .

Fabricated metal products . ._ . doMachinery, except electrical doElectrical machinery doTransportation equipment . -do _

Aircraft, missiles, and parts do

Nondurable goods industries, total do. _Industries with unfilled orders© _ _ d o _ ._Industries without unfilled orders^ do

1 57, 935i 124, 3951 108, 385i 57, 1751 54, 130

1254,697

126,9511 50, 144124,5111 75, 694

95, 47563, 10632, 369

95, 931

63,5472,4728,0334,300

6,59813, 2169 373

15, 5844,1732,460

17, 6062 8285,5713,295

29, 7902 759

10, 73310, 717

16, 1512,4466,2851,572

32, 3847,2402 1983,5252,6446,6252,2551,886

11,8215,072

15, 491

9,92412, 10225, 8625,2997,980

34, 764

5,09713, 1737,459

16, 353

659, 191367, 482291, 709

1659,191

367, 48258, 49127, 281

37, 73666, 96647, 03089, 41830, 952

291, 70980, 276

211, 433

i 55, 6451 132, 5051111,011i 51, 446l 54, 728

1261,313

i 24, 994i 51, 038i 24, 308i 78, 137

99, 11965,08434, 035

99, 614

65, 5482,6488,8624,717

6,92814, 1279,650

15,0294,2122,633

17, 9003,1085,6983,199

30, 1253,003

10, 99510, 337

17, 5232,7517,0841,493

34,0667,7082,1793,2842,8317,1882,5391,968

12, 4024,917

16, 747

10, 12312, 74026, 3215,3448,273

36, 813

5,17912, 0886,493

17,808

660, 104354, 839305, 265

1660,104

354, 83956, 28925, 793

39, 22964, 13046,88782, 10229, 931

305, 26583, 188

222, 077

24, 9068,587

4541,7362,3264,0002 1391,441

4,42410, 9209,2704,4234,326

21, 176

2,0614,5152,0106,252

98, 58865, 28533, 303

97, 791

64, 6892,5748,5444,571

6,70213, 5729,587

15, 4424, 1152,637

17, 5703,0275,5653,117

30, 3092,891

10, 94610, 783

16, 8102,6266,6481,542

33, 1027,5792,1653,4272,7136,7042,3741,948

11, 9504,993

16, 159

9,93012, 56526, 1855,2458,035

35, 831

5,16912, 9417,359

16,911

54, 80229, 59425, 208

53, 374

28, 4494,7392,036

2,9435,2873,7056,3862,048

24, 9256,869

18, 056

25, 1738,541

4441,7402,3254,2002 1561,484

4,58510, 8709,4834,5234,452

21, 748

2, 1434,2552,0036,697

98, 62565, 22233, 403

97, 635

64, 4472,5738,6094,589

6,64813, 6189,454

15, 3094,0402,681

17,4473,0345,5373,087

30, 3082,939

10, 94010, 709

16, 6922,6366,5951,513

33, 1887,5812,1423,4312,6976,7982,4141,920

11,9215,013

16, 254

9,84712, 55426, 1195,1618,016

35, 938

5,05012, 8727,189

16, 898

54, 90929, 82525, 084

55, 139

29, 9774,8742,234

3,3915,4684,0526, 8302,597

25, 1626,810

18, 352

25, 8008,837

4171,7512,3164,1682,1271,536

4,88911,2229,0794,7894,554

21, 905

2,1974,0972,1306,446

98, 07364, 77933, 294

97, 706

64, 3952,5588,5984,608

6,63313, 7039, 521

15, 1903,9772,674

17, 4383,0465,6083,029

30, 2632,921

10, 98410, 641

16, 6942,6316,6321,520

33,3117,5632,1423,3802,7386,8952,4461,915

11,9105,002

16, 399

9,81312, 58726, 241

5,0948,026

35, 945

5,01812,8167,104

17, 026

58, 58232, 14726, 435

55, 778

30, 0284,9322,302

3,5095,1723,7227,3042,384

25, 7506,925

18, 825

25, 7108,538

4591,7832,4184,1662,1361,598

4,81610, 9189,3454,9664,643

22, 337

2,0994,1922,0486,727

97, 92164, 83833, 083

98, 260

65, 0792,5878,6414,658

6,69713, 8769,690

15, 3394,0362,685

17, 4703,0355, 5923,081

30, 6052,939

11, 12710, 717

17, 0042,6676,8471,541

33, 1817,4572,1453,3832,7546,9212,3801,930

11,8494,977

16, 355

9,89212, 46526, 6135,1818,086

36, 023

5,10812, 9067,143

17,285

52, 42228, 17124, 251

57, 111

31, 3994,8942,387

3,2205,4014,1138,0763,047

25, 7127,129

18, 583

25, 4268,547

4451,6912,3664,1842,1651,541

4,60810, 9229, 4815,0844,627

21, 974

2,0054,2912,1126,687

98, 14565, 14133, 004

98, 488

65, 2902,6268,7384,726

6,80113, 8619,676

15, 2623,9932,680

17, 6213,0915,6033,096

30, 5552,940

11,05510, 649

17, 1142,7076,8791,517

33, 1987,3362,1713,3812,7586,9432,4221,908

11, 8564,896

16, 446

10, 03712,41526, 4565,1368,173

36, 271

5,15912, 7617,056

17, 337

53, 84128, 15225, 689

55, 968

30, 5374,8422,310

3,3045,3673,9217,5592,677

25, 4316,861

18, 570

25, 6128,750

4711,7522,3514,1222,1311,527

4,75911,1439,3934,2474,716

22,217

2,1044,2692,1216,630

97,80764,82732,980

98,658

65,3232,6588,7344,669

6,87713,8509,720

15,1853,9012,690

17,6523,1085,6003,056

30,5392,955

11,04210,669

17,1322,6716,9281,460

33,3357,3762,1683,3382,7627,0152,4171,935

11,8774,88716,571

10,04012,49726,4725,0458,246

36,358

5,15912,7106,98617,418

57,97731,16626,811

55,523

29,8564,7092,253

3,5245,3463,6067,0262,409

25,6676,95218,715

25, 5678,822

4781,7442,3824,0432,1791,454

4,71611,2209,3733,4534,595

21, 579

2,0854,5242,1846,423

98, 54265, 03633, 506

99, 466

65, 6282,6848,8664,747

6,86614, 0049,780

15, 1624,0212,650

17, 7083,1625, 58 i3,099

30, 5222,975

11, 13910, 595

17, 3982,7297,0611,468

33, 8387,6322,1853,3972,7567,0692,4611,949

12, 1174,940

16, 781

10, 15812, 67926, 4395,1948,306

36, 690

5,19512, 4296,803

17, 659

55, 63228, 93626, 696

54, 190

28,5044,3481,977

3,3025, 2533,9546,0622,255

25, 6867,053

18, 633

25,2538,653

4541,7182,3634,0702,1661,431

4,63211,0239,1253,4104,635

21,243

2,0514,2302,0366,567

99,25265,35533,897

100,032

65,9202,6888,9834,823

7,01114,0439,73415,1914,0972,626

17,8673,1905,6403,208

30,5513,03611,10710,492

17,5022,7577,0301,491

34,1127,7432 2233,3302,7847,1542,5551,959

12,2604,97316,879

10,14212,78326,4045,2448,447

37,012

5,18512,3416,675

17,719

53,61128,24525,366

54,291

29,0094,5442,057

3,3335,3514,0516,3102,610

25,2826,902

18,380

25, 7968,774

4951,8182,3884,1462,3151,358

4,87111,2718,8644,4434,792

21,579

2,1834,0402,0216,512

99, 11965, 08434, 035

99,614

65, 5482,6488,8624,717

6,92814, 1279,650

15, 0294,2122,633

17, 9003,1085,6983,199

30, 1253,003

10, 99510, 337

17, 5232,7517,0841,493

34, 0667,7082,1793,2842,8317,1882,5391,968

12, 4024,917

16, 747

10, 12312, 74026, 3215,3448,273

36,813

5,17912, 0886,493

17, 808

54, 67930, 00324, 676

56, 431

30, 6024,9622,586

3,2915,4124,3547,0172,449

25, 8297,112

18, 717

25, 9598,787

4831,9102,4334,1282,3201,474

4,80911,1629,1484; 7644,762

21, 859

2,1043,9611,9136,672

99, 90265, 42334, 479

99, 801

65, 6102,6639,1594,939

6,99014, 0139,468

14, 9134,1052,648

17, 9543,2195,7443,121

30, 0763,128

10, 73210, 310

17, 5802,8127,0051,482

34, 1917,8632,1873,2452,8217,1472,5291,940

12, 3084,962

16, 921

10, 06512, 94726, 2685,2248,328

36, 969

5,06112, 1296,189

17, 652

54, 50830, 09024,418

57, 377

31, 4055,4282,906

2,9165,4193,9857,8722,466

25, 9727,154

18, 818

26,4518,960

4711,9192,4534,3722,3171,531

4,80511,4329,2185,3314,818

22, 199

2,1244,0481,8986,700

100, 07565,64334, 432

99, 520

65, 3472,6539,2104, 958

6,96914,0119, 431

14, 6924,0802,621

17, 8773,2305,7743,045

29, 7473,094

10, 65510, 163

17, 7232,8867,0131,484

34, 1737,8572,2393,2622,7917,1732,4901,940

12,3114,949

16, 913

10, 04412, 99426, 0865,1888,355

36, 853

5,05211, 9986,020

17, 598

59, 63033, 02726, 603

58, 288

31, 8675,1002,543

3,0755,4623,9588,5992,138

26, 4217,175

19, 246

26, 485' 9, 141

479' 1, 989' 2, 481' 4, 229' 2, 261' 1, 540

' 4, 885' 11, 586r 9, 515' 5, 350' 4, 947' 22, 295

' 2, 252r 4, 224«• 1, 887' 6, 785

' 99, 950' 65, 706' 34, 244

' 99, 416

' 65, 352' 2, 652' 9, 234

4,987

r 7, 033' 13, 968' 9, 487' 14, 629' 4, 095' 2, 619

r 17, 863' 3, 225' 5, 765' 3, 001

' 29, 645" 3, 036

r 10, 632' 10, 168

17, 844' 2, 973r 7, 058' 1, 460

r 34, 064' 7, 829' 2, 195' 3, 281

2,766' 7, 166' 2, 453r 1, 957

r 12, 207' 4, 912' 16, 945

r 10, 077' 12, 952' 25, 957' 5, 195' 8, 398' 36, 837

r 5, 095' 11, 879r 6, 008' 17, 577

r 60, 630'33,620r 27, 010

r 58, 326

r 31, 773' 5, 184r 2, 442

r 3, 231'5,703r 3, 945r 7, 864' 2, 451

' 26, 553' 7, 360

r 19, 193

26, 7049,081

4781,8842,4614,4012,2671,564

4,99711, 6469,1234,9975,006

22, 694

' 2, 320'3,912' 1, 825' 6, 559

100, 33566, 12334, 212

99, 542

65, 5362,6499,1354,942

7,03613, 9669, 519

14, 7844,1952,612

18, 1753,2665,7453,143

29, 5692,961

10, 64810, 188

17, 7922,9087,0921,453

34, 0067,7972,1923,2502,7917,0942,4431,954

12, 1864,852

16, 968

10, 13312, 97226, 0485,3038,365

36, 721

5,14511, 9106,108

17, 699

58, 698r 31, 787

26, 955

57, 244

' 30,636' 5, 030

2,371

3,1195,3223,987

r 7, 2182,142

26, 6537,280

19, 373

2 2, 2512 4, 09921,9662 6, 808

231,110

31, 2182 5, 046

2 7, 393

r Revised. i Based on data not seasonally adjusted. 2 Advance estimate; total mfrs.new orders for Apr. 1971 do not reflect revisions for selected components. |See correspond-ing note on p. S-7. 9 Includes data for items not shown separately. ©Includes textilemill products, leather and products, paper and allied products, and printing and publishing

industries; unfilled orders for other nondurable goods industries are zero.f For these industries (food and kindred products, tobacco products, apparel and related

products, petroleum and coal products, chemicals and allied products, and rubber and plasticsproducts) sales are considered equal to new orders.Digitized for FRASER


June 19T1 SURVEY OF CURRENT BUSINESS S-7


1969 1970

Annual

1970


1971



MANUFACTURERS' SALES, INVENTORIES,AND ORDERSt— Continued

New orders, net (seas, ad j.)f— ContinuedBy market category:

Home goods and apparel _ __ _ _ . mil. $Consumer staples do_ _Equip, and defense prod., excl. auto doAutomotive equipment _ __ _ _. doConstruction materials and supplies doOther materials and supplies do

Supplementary series:Household durables . do _Defense products (old series) doDefense products (new series) doProducers' capital goods industries _ _ do .

Unfilled orders, end of year or month (unadjusted),total - . - . -_ - mil. $

Durable goods industries, total.-. doNondur. goods ind. with unfilled orders @.._. do

Unfilled orders, end of year or month (seasonallyadjusted), total f mil $

By industry group:Durable goods industries, total 9 do _

Primary metals doBlast furnaces, steel mills _ do

Fabricated metal products doMachinery, except electrical _ _ do _Electrical machinery.. do. __Transportation equipment do

Aircraft, missiles, and parts. do

Nondur. goods ind. with unfilled orders©_.do

By market category:Home goods, apparel, consumer staples. ..doEquip, and defense prod., incl. auto doConstruction materials and supplies doOther materials and supplies do

Supplementary series:Household durables doDefense products (old series) doDefense products (new series) doProducers' capital goods industries _ _ do

BUSINESS INCORPORATIONS^

New incorporations (50 States and Dist. Col.):Unadjusted number..Seasonally adjusted© . do

INDUSTRIAL AND COMMERCIALFAILURES^

Failures, total numberCommercial service doConstruction . _ doManufacturing and mining doRetail trade doWholesale trade.. . . . d o

Liabilities (current), total thous. $Commercial service doConstruction doManufacturing and mining doRetail trade doWholesale trade do

Failure annual rate (seasonally adjusted)No. per 10,000 concerns. _

a 57, 7792124,3602109,4262 57, 3152 54, 710

2255,601

226,8112 47, 3172 23, 1182 78, 640

88, 41285, 4452,967

89, 221

86,2067,6573,896

10, 68417, 20213, 40631, 57024, 293

3,015

2,01448, 25310, 76728, 187

1,63330, 24620, 37224, 993

274, 267

9,1541,1591,5901,4934,070

842

1,142,113126, 537171,717406, 450265, 122172, 287

237.3

2 55, 4912 132, 5282 108, 3392 50, 6962 54, 991

2 258, 060

224,8782 47, 1852 23, 4552 77, 149

81,87178, 7553,116

82,626

79,4626,9143,851

11,08815, 83913, 14827,43220,306

3,164

1,87944,80411,02824, 915

1,51626, 44219,50623,958

266, 086

10,7481,3921,6872,0354,650

984

1,887,754298, 736231,533817,841360, 603179, 041

243.8

4,39710, 9208,2624,4044,262

21, 129

2,0263,4251,3815,984

86, 10083, 0863,014

85, 322

82, 3376,9733,292

10, 34416, 71413, 53029, 27322, 201

2,985

1,98446, 41210, 37926,547

1,60728, 22819, 30824, 613

23, 70621, 939

99213717416741995

131, 89821, 13717, 97839, 95832, 97219, 853

43.7

4,55310, 8679,0744,3344,620

21, 691

2,1244,0831,8936,302

84, 65381,6123,041

84, 797

81, 8247,0613,427

10, 55616, 58613, 58728, 61921, 943

2,973

1,94945, 81210,54626, 490

1,58928,05419, 19824, 221

21, 95222, 267

89110916414538885

147, 8889,289

19, 30683, 11823, 77412, 401

42.1

4,84311,2158,4384,7484,657

21, 877

2,1633,5111,8506,281

83, 90280, 9212,981

84, 146

81, 2217,1593,527

10, 80216, 34413, 35028, 35921, 599

2,925

1,89945, 13310, 64826,466

1,55727, 46818, 91724, 059

23, 42222, 192

91214313215739684

170, 49816, 68021, 22993, 48529, 2329,872

43.4

4,75310, 9159,8044,9804,498

22, 161

2,0414,7733,0676,411

84, 18281, 2052,977

84, 229

81, 3017,1623,656

10, 69916, 17613, 46828, 57821, 850

2,928

1,82745, 60710,50426, 291

1,49528,04919, 93623, 742

22, 83122,106

91612612319139878

251, 92029, 15529, 049

144, 51630, 13419, 066

46,8

4,63510, 9368,9664,9814,743

21, 707

2,0304,0561,8466,299

83, 20080, 2702,930

83, 492

80, 5617,0663,678

10, 77315, 97213, 39428, 15421, 696

2,931

1,86944, 98710, 62126, 015

1,52127, 81419, 67023, 351

20, 24122, 055

91013116015738280

169, 58763, 93115, 16944, 03427, 43419, 019

47.4

4,75111,1468,9834,1844,941

21,518

2,1073,4822,0056,759

82, 74779, 7762,971

82, 544

79, 5596,7263, 509

10, 93115, 76312, 96028, 01321, 302

2,985

1,86444, 51610, 84525, 319

1,52527, 02819, 55423, 480

21, 50122, 372

90611111819939187

232, 94055, 67815, 04491, 43154, 97015, 817

50.0

4,65111, 2389,1803,4224,753

20, 946

2,0153,9542,1256,552

81,73578, 6643,071

81, 797

78, 6936,4813,417

11,01915, 64612, 90027, 53720, 567

3,104

1,81844, 29111,00324, 685

1,45526, 45619, 49623, 611

21, 45221, 625

941114149185419

74

144, 77319, 95014, 10967, 60729,41013, 697

45.9

4,65011,0319,3493,2864,672

21, 303

2,0744,0772,0166,873

81, 35078, 2433,107

82, 014

78, 8836,5733,465

11, 06015, 70212, 90427, 58320, 456

3,131

1,84144, 38811,04124, 744

1,47626, 30219, 47523, 915

19, 17822, 383

93912613317441492

119, 8369,896

15, 39052, 62429, 80912, 117

50.8

4,90811, 2709,2264,4974,779

21, 751

2,2224,1812,0516,554

81, 87178, 7553,116

82, 626

79, 4626,9143,851

11, 08815, 83913, 14827, 43220,306

3,164

1,87944,80411, 02824, 915

1,51626, 44219, 50623, 958

22, 69922, 085

869114112176372

95

121, 72319, 96313, 66245, 82025, 90116, 377

44.5

4,80411,1599,7424,7824,420

22, 472

2,1073,9882,1706,990

83, 43780, 3163,121

83, 511

80, 3307,5974,504

10, 77415, 65613, 14427, 98120, 336

3,181

1,87445, 41810, 68725, 532

1,52226, 46919, 76924, 277

23, 37222, 338

905134140167380

84

168, 80326, 23539, 14557, 07330, 78515, 565

43.8

4,79911, 4369,8505,3534,685

22, 165

2,1133, 6.182, 3577, 518

84, 54081, 3943,146

83, 994

80, 8437,8944,739

10, 66115, 61013, 08428, 47119, 859

3,151

1,87046, 06910, 55525, 500

1,50926, 03920, 22725, 093

19, 69820, 923

86010714117036181

150, 90311,56713, 58276, 50130, 96018, 293

41.8

' 4, 936'11,597' 9, 089' 5, 375r 4, 949' 22, 380

- 2, 296' 3, 724' 1, 580' 6, 767

f 84, 435'81,226' 3, 209

'83,748

'80,526' 8, 028

4,818

' 10, 664' 15, 633' 13, 067'27,985' 19, 467

' 3, 222

' 1, 935' 45, 669' 10, 557'25,587

' 1, 555' 25, 539' 19, 920'25,075

25, 75223, 220

1,042156154196444

92

224, 64695, 54718, 12847, 94938, 13224, 890

43.9

5,01311, 6568,7044,9764,995

21, 900

' 2, 339' 3, 640' 1, 500' 6, 225

83, 400' 80, 235

3,192

82, 526

' 79, 389' 7, 633

4,533

10, 62015, 44712, 992

' 27, 52719, 142

3,169

1,96045, 22910, 54524, 792

T 1, 574' 25, 267' 19, 595' 24, 742

98912615916744097

153, 79619, 25223, 78853, 87341, 36815, 515

42.9

1 2, 276i 3, 5381 1, 654i 6, 663

i 78, 182

i 78, 368i 7, 122

1 27, 030

i 1, 596i 24, 707i 19, 283i 24, 602

COMMODITY PRICES

PRICES RECEIVED AND PAID BYFARMERS

Prices received, all farm products! 1910-14 = 100..Crops9 do

Commercial vegetables doCotton _ doFeed grains and hay doFood grains. . doFruit . doTobacco do

Livestock and products? doDairy products . doMeat animals . doPoultry and eggs do

Prices paid:All commodities and services _ . do

Family living items doProduction items _ _ do

All commodities and services, interest, taxes, andwage rates (parity index) 1910-14=100..

Parity ratio § do

'274'219

298173

' 167154

'242594

'321'326

400162

324351304

373

74

280'226'294' 183

177162

'237'604

326'345

405' 151

336366314

390

72

281'219'293' 183

167161

'202603334

'335' 430'146

334364313

389

72

'279'227'324

187171160

r 224603

'323

'328' 419'132

334365312

388

r 7 2

'280

'229'298' 187

173153

'257603

'324

'325'422

132

335366313

390

72

'285

'232'278' 190

174151

'274603330

331'424'146

335366313

389

'73

276

' 227'264

191176161

'249'610

319

'338403137

335367312

389

71

'280

'234'291

185190170

'277610320

'351'390'152

339369317

392

'71

274

'230261193187173

'256'589'312

'363'378'133

340369319

394

70

270

231'280

187184175

'252'606'303

'367'351'143

340371319

395

68

'264

'224'263

177192170

'209610

' 299

365'342' 147

341372320

396

'66

'270

'231r292

178199171

'217'612

304'360

357'143

343372322

400

68

284'237'317

182201

' 172'234'614'324'357

403136

346376325

403

70

'282'242'353

178201170

'253'614

317'352

393134

348376328

404

70

282'244'351

188199171

'257'614

315'345

393134

349377329

407

69

286251351192199174284614316339401129

351381330

410

70

' Revised. *» Preliminary. » Advance estimate; total mfrs. unfilled orders for Apr.1971 do not reflect revisions for selected components. 2 Based on unadjusted data. t Re-vised back to 1961 to reflect revisions in the mfrs.' sales and inventories series and the retailinventories series. Data for mfrs.' sales, invent., and orders have been revised back to 1961to reflect new seas, factors and the introduction of a small number of other corrections. Re-vised data back to 1961, new seas, factors, and other technical data appear in a special Census

Bureau report entitled Mfrs.' Shipments, Inventories, and Orders: 1961-1970, Series M3-1.2(available from the U.S. Government Printing Office, Wash., D.C., 20402; price $1.00).

eSee corresponding note on p. S-6. 9 Includes data for items not shown separately.^Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).O Revisions for Jan. 1969-Jan. 1970 will be shown later.§Ratio of prices received to prices paid (parity index). {Revisions back to Jan. 1966

are available from the Dept. of Agriculture, Statistical Reporting Service.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



1969 1970

Annual

1970


1971


COMMODITY PRICES—Continued

CONSUMER PRICES

(U.S. Department of Labor Indexes)

Unadjusted Indexes: tAll items . 1967=100..

Special group indexes:All items less shelter doAll items less food __do_ _ _All items less medical care. _ do

Commodities _ _.do_ _Nondurables do

Nondurables less food do —Durables 9 - - - - ..do_ __

Commodities less food doServices do

Services less rent - - ..do.. .

Food 9 doMeats poultry, and fish doDairy products doFruits and vegetables do

Housing doShelter 9 do

Rent doHomeownership - do

Fuel and utilities 9 - d oFuel oil and coal _ _ d o _ _ _ _Gas and electricity do

Household furnishings and operation do_ ._Apparel and upkeep doTransportation do

Private . - do.New cars _ . _ . . do.. .Used cars do

Public doHealth and recreation 9 _ _ _ . . d o

Medical care doPersonal care doReading and recreation . _ _ ..do. _

WHOLESALE PRICESd1

(U.S. Department of Labor Indexes)

Spot market prices, basic commodities: t22 Commodities _ 1967=100

9 Foodstuffs _ do13 Raw industrials do._

All commodities } ._ ... do.-By stage of processing:

Crude materials for further processing doIntermediate materials, supplies, etc doFinished goodsO do

Consumer finished goods doProducer finished goods .... do

By durability of product :Durable goods doNondurable goods . doTotal manufactures _ _ _ do

Durable manufactures doNondurable manufactures _ . do

Farm prod., processed foods and feeds do

Farm products 9 ... doFruits and vegetables, fresh and dried-doGrains doLive poultry _ doLivestock . do

Foods and feeds, processed 9 doBeverages and beverage materials doCereal and bakery products . doDairy products.. doFruits and vegetables, processed doMeats, poultry, and fish do

Industrial commodities . do

Chemicals and allied products 9 _ _ _ doAgric. chemicals and chem. prod doChemicals, industrial doDrugs and Pharmaceuticals doFats and oils, inedible do .Prepared paint... do

Fuels and related prod., and power 9 doCoal doElectric power. _ ._ ._ doGas fuels.. . doPetroleum products, refined do

Furniture and household durables 9 . doAppliances, household doFurniture, household _ doHome electronic equipment .do .

109.8

109.0110.1109.7

108.4108.9108.8107.0108.1112.5113.8

108.9110.8106.7109.3110.8113.3105.7116.0103.6105.6102.8109.0111.5107 2106.5104.4103.1112 7110 3113 4109 3108 7

1 110. 31 108. 91 111.4

106.5

108.3105.9106 6106.5106.9

107.9105.3106.2107.7104.6

107.9

108.8109.390 3

109.6117 0

107.3106.0102.6108.2107.9113.8

106.0

99.986.7

100.399.8

109.1109.1

101.0112.5102.093.199.6

104.9103.1108.394.7

116.3

114.4116.7116.1

113.5114.0113.1111.8112.5121.6123.7

114.9116.5111.8113.4118.9123.6110.1128. 5107.6110.1107.3113.4116.1112.7111.1107.6104.3128.5116.2120.6113.2113.4

i 113. 41 112. 6

110.4

112.2109.8110.4109.9111.9

112.4108.9110.2112.0108.2

111.6

111.0111.698 899.6

116 7

112.0112.9107.6111 2110.4115.8

110.0

102.288.4

100.9101.1133.3112 4

105.9150 0104.8103 3101.1

107.5105.3111.693.6

115.2

113.5115.4115.0

112.6113.4112.3110.1111.4120.1122.1

114.6117.7111.0114.6117.6121.9109.1126.5106.7108.3106.6112.8115.0111.2109.7106.399.7

125.5114.9119. 1112.4111.9

116.3113.5118. 2

109.9

113.9109.2109.6109.2110.8

111.8108.5109.6111.3107.7

111.8

111.6110.995.2

101.1123.4

111.8111.5106.4110.8109.6119.0

109.3

102.089.2

100.5100.7132.3112.4

103.8141.2103.0101.999.1

107.1105.1111.293.2

115.7

114.0116.0115.6

113.1113.9112.7111.1112.0120.7122.8

114.9117.4111.3116.4118.2122.7109.4127.5106.8108.4106.7113.2115.7112.1110.5106.1104.9126.1115.4119.7112.8112.6

115.0111. 3117. 5

110.1

113.3109.6109.7109.3111.1

112.2108.5109.7111.7107.7

111.2

111.3121.695.9

102. 2120.9

111.1113.0106.4111.1110.2116.7

109.7

102.288.5

100.8100.7131.4112.4

105.3142.2103.5101.8102.0

107.1105.2111.593.2

116.3

114.4116.5116.0

113.5114.0112.9111.9112.5121.4123.5

115.2117.1111.6118.6118.6123.5109.8128.5106.6108.6106.3113. 5116.0112.7111.2105.8108.6127.0116.1120.5112.7113.3

113.8112. 1114. 8

110.3

113.5109.8110.0109.6111.3

112.4108.7110.0112.0107.9

111.7

111.6120.396.795.1

121.7

111.7113.0106.4111.1110.5117.8

109.8

102.188.6

100.6100.9133.0112.4

104.8147.9103.6101.9100.0

107.4105.2111.693.2

116.7

114.8117.0116.4

113.8114.4113.0112.1112.5122.0124.2

115.8117.6111.9117.0119.2124.0110.1129.0107.5109.6106.6113.7115.3113.4111.7105.7108.5129.3116.6121 3113 1113.7

112.9113.6112. 4

110.9

114.3110.2110.6110.3111.6

112.5109.6110.6112.2108.7

113.4

113.4110.896.7

100.0124.8

113.3113.1107.4111.3110.9120.3

110.0

102.587.8

101.4101.1132.5112.4

105.1150.5104.1102.5100.2

107.6105.2111.993.5

116.9

114.9117.2116.7

113.8114.5113.0112.2112.6122.7124.9

115.9117.8112.1114.9119.9124.9110.5130.0108.0110.1107.3113.9115.4112.7111.0105.5106.3129.4117.2122 0113.7114.2

112.9115.3111. 2

110.5

111.3110.4110.1109.5111.9

112.6108.8110.6112.3108.6

111.2

108.598.096.794.6

117.3

112.9113.7108.0111.7111.6116.7

110.2

102.788.4

101.2101.6137.8112.4

105.8152. 8104.8102.6100.9

107.7105.4112.193.5

117.5

115.4118.0117.2

114.2114.9114.1112.5113.4123.5125.8

115.7117.0112.5111.5120.6125.9110.9131.3108.4111.4107.6114.2117.2113.0111.2105.1104.9131.2117.7122 6114 0114.7

112.0114.3110. 5

111.0

113.0110.6110.8110.4112.3

112.8109.6110.8112.5108.8

112.6

112.1111.6109.099.8

113.6

113.0114.1109.2111.4112.0115.1

110.4

102.589.0

101.3100.9127.9112.4

107.1160.0105.4106.9101.6

107.8105.3112.093.5

118.1

116.0118.9117.9

114.8115.2114.9113.9114.5124.1126.5

115.5116.1113.1110.0121.2126.5111.4131.9109.2112. 5108.8114.5118.2115.2113.4110.8107.2131.3118.2122 8114 4115.2

110.9113.0109.5

111.0

111.3110.9110.9110.1113.8

113.8108.9111.2113.6108.6

110.3

107.8100.8104.193.4

110.6

111.8114.5109.9112.0111.1110.9

111.3

103.089.5

101.5101.2144.4112.7

108.7175.2107.2107.0101.6

108.0105.9112.193.7

118.5

116.3119.6118.3

115.1115.3115.4114.7115,1124.9127.3

114.9114.3113.5109.4121.9127.1111.8132.5110.7113.9109.9115.1119.0116.0114.2112.5108.8132.5118.7123 4114.5116.0

109.2109.7108.8

110.9

108.7110.9111.4110.5114.2

113.7108.8111.2113.6108.6

109.9

107.0107.7104 295.2

101 2

111.7114.7110.6112.2111.6108.8

111.3

103.389.5

101.5101.6151.5112.7

109.7175.8108.2106.5103.1

108.4106.1112.494.2

119.1

116.8120.2118.8

115.6115.6115.7115.2115.5125.6128.0

115.3113,7113.6110.6122.6127.9112.6133.4111.3114.9110.7115.3119.2116.9115.2114.1109.5133.4119.1124 2115 0116.2

107.2108.3106.4

111.0

108.6111.0111.5110.5115.1

113.8108.9111.2113.8108.5

109.3

107.1111.3108.080.599 5

110.7114.3110.9112.8111.0104.3

111.7

103.389.4

101.4101.8150.9112.8

112.8175.8108.7107.5107.5

108.7106.4112.794.2

119.2

117.0120.3118.9

115.4115.4115.3115.2115.2126.3128.7

115.5113.1113.9109.6122.7128.0112.9133.4112.1116.7111.5115.4117.6117.5115.8115.4107.0133.9119 8124 9115 3117 3

107.1108.9105.9

111.8

110.7111 5112 2111.3115 6

114 5109.7111.8114 4109.1

110.7

108 9115.7111 096 3

102 2

111.8115.0111.0112 8111.2108 6

112 2

103 891.7

101 8101.9133.7114 5

113.5176.0109.8109 3107.9

109.3107.0112 994.4

119.4

117.4120.4119.1

115.5115 7115.4115.0115.2126.6129.0

115.9113.6114.0112.6122.6127.3113 6132.3113 1117.2112 8115.9118.1117 5115 8115.2105.5134 4120 2125 8115 4117 5

109.9113.7107.2

112.8

115.9111.8112 8112.0115.9

115.0111.1112.4114.9109.8

113.6

113 9118.3111 7100 0118 9

113.3115.2111 1112 3111.5115 2

112 5

104 292.6

101 9102 4142 6114 5

113.0176 0110 2108 1106.9

109 7107. 1113 994.2

119.8

118.0120.6119.4

116.1116.4115.7115.2115.5126.6128.9

117.0115.6114.2116.0122.4126.7113.9131.2113.8117.4113.3116.4118.6117 8115 9114.3106.8136 0120 6126 8115 8117 7

109.3111.6107.8

113.0

114 3112 6112 9112.1116 0

115 5111.1112 7115 5109 9

113.4

113 0125.3108 4100 1114 9

113 7115.3111 5115 0111.9112 9

112 8

104 593.9

102 2102 6144 3115 1

112.8176 0111 1109 4105.9

109 6107 0114 093.7

120.2

118.6120.9119.8

116.6116.9116.0115.7115.8126.8129.1

117.8115.7114.6120.0122.5126.5114 4130.9114.1117.3113 9117.0119.1118 1116 2113 8109.8136 4121 2127 5116 3118 4

109.7109.0110.2

113.3

115.2113 1

r 112 9' 112. 0

116 1

116 1111.2113.0116 1109.9

113.3

113 0120.8106 899 5

116 9

113 5115.6111 5115 5113.0113 3

113 3

104 594.1

101 9102 0143 0115 9

113.0184 0112 3105 9105.3

109 7107 1114 193. 7

120.8

119.2121.6120.4

117.2117.4116.6116.6116.6127.5129.8

118.2115.8115.1121.4123.2127. 2114.7131.6114.4117.2114.4118.1120.2118.8117.0113.9112.8136.4121.6128.1116.5118.9

108.8109. 1108.6

113.8

115.8113.6113.5112.7116.3

116.5111.8113.5116.5110.5

114.3

114.0127.6107.2101.3119 0

114.5115.7111.5116 2114.0116.4

113 7

104.393.8

101 5101.9138.8115 9

114.2182 8112 6106 9107.4

109 9107.1115 093.7

/ Revised. » Preliminary. 1 Computed by QBE. 9Includes data for items notshown separately. cfFor actual wholesale prices of individual commodities, see respective

commodities. JNew reference base; comparable data for earlier periods will be shownlater. O Goods to users, incl. raw foods and fuels.




1969 1970

Annual

1970


1971


COMMODITY PRICES—Continued

WHOLESALE PRICEScf—Continued(U.S. Department of Labor Indexes—Continued)

All commoditiesj—C9ntinuedIndustrial commodities—Continued

Hides, skins, and leather products 91967=100.

Footwear do.__Hides and skins do.__Leather do...

Lumber and wood products d o _ _ _I/umber d o _ _ _

Machinery and equipment? do.Agrieultural machinery and equip do_.Construction machinery and equip do.Electrical machinery and equip do.Metalworking machinery and equip do_

Metals and metal products 9 do.Heating equipment do..Iron and steel .. do.Nonferrous metals do_

Nonmetallic mineral products 9 do.Clay prod., structural, excl. refractories

do_Concrete products do.Gypsum products do.

Pulp, paper, and allied products do.Paper do_.

Rubber and plastics products § do..Tires and tubes do..

Textile products and apparel 9 do_Apparel do.Cotton products do.Manmade fiber textile products do_Silk yarns do.,Wool products do.

Transportation equipment 9 .--Dec. 1968=100.Motor vehicles and equip 1967=100.

Miscellaneous products 9 doToys, sporting goods, etc doTobacco products do...

PURCHASING POWER OF THE DOLLAR

As measured by-Wholesale prices t 1967=$!. 00.Consumer pricesj ..-do._.

108.6109.1124.1108.7125.2131.5

106.4108.5110.0102.9107.8

108.5105.3107.1113.6

108.1

106.0106.5103.5104.2106.0105.4102.3

105.9107.2104.5106.698.7

101.3

100.7104.7104.9105.2107.0

$0. 939.911

110.1113.0104.4107.7113.7113.7

111.4113.0115.5106.4114.0

116.7110.6115.1125.0

113.3

109.8112.2100.0108.2111.0108.6109.0

107.2111.0105.6102.1114.399.4

104.5108.5109.9109.4114.0

$0. 906

111.0113.3113.2109.2113.9113.9

110.4112.2114.3105.4113.3

116.6109.3113.2129.9

112.9

109.5111.2102.7108.4111.5107.5105.9

107.2110.4105.1103.9117.0100.7

103.1106.9107.8108.7109.9

$0.910

110.4112.9108.1109.2114.8114.7

110.6112.3114.4105. 6114.1

117.4109.7114.8130.0

113.0

109.8111.4101.2108.2110.5107.5105.9

107.2110.5105.1103.5119.1100.5

103.2107.0108.1108.8109.9

.864

109.9112.999.6

108.6114.0113.5

111.0112.0114.4106.3114.5

117.8110.5116.0128.2

113.0

109.8112.098.0

108.1110.6107.4105.9

107.2110.9105.2102.9116.099.5

103.3107.1110.7109.5117.2

$0. 907

109.8112.996.4

108.6113.5112.4

111.5112.3114.6106.7114.9

117.7111.4116.2126.2

113.2

109.9112.298.0

108.4110.8109.0112.0

107.1110.9105.1102.2116.999.3

103.2107.0111.1109.5116.7

$0. 902.857

109.8112.998.5

107.8114.0113.5

111.6112.4114.9106.9114.3

117.5111.5116.1125.0

109.9112.8101.8108.2111.4109.7112.0

107.4111.4105.6101.7116.999.1

103.3107.1111.2109.8116.7

$0.905.855

109.9113.799.6

105.9114.2114.5

112.1113.1115.4107.5114.3

117.4112.0116.7122.7

110.5113.696.5

108.3111.5109.4112.0

107.5112.0105.7100.7112.398.7

103.6107.3111.5110.1117.0

$0. 901.851

110.4113.8103.2107.1113.1113.8

112.7114.0117.7107.6114.6

117.7112.8117.4122.0

114.2

110.7113.797.1

108.9111.9109.5112.0

107.3112.3106.099.1

112.497.7

108.2112.5111.6110.6117.0

.847

110.9113.8109.2107.3111.9112.2

113.1115.2118.9107.9114.7

116.8112.8116.5119.4

114.6

110.9113.996.0

108.7112.1109.1112.0

107.1112.4106.298.0

110.597.7

108.5112.8111.8110.4117.0

$0. 902.844

110.4113.9101.9107.3111.1111.1

113.8116.3119.6108.2115.1

116.2112.7116.5116.7

115.1

111.3114.595.1

108.5112.1109.4112.0

106.7111.9106.997.5

111.296.8

108.9113.4111.9110.5117.0

$0. 901.840

111.7116.098.9

108.2112.2113.0

114.2116.3120.2108.8115.2

116.5113.6117.6115.4

118.8

111.4117.197.0

109.0112.6108.4107.5

106.9112.3107.197.20)96.2

109.5113.9112.3111.7116.8

$0.894

112.4116.3105.3108.7117.5120.3

114.6116.8120.5109.3116.0

116.4114.1118.0114.2

119.0

112.7117.697.9

109.3112.7109.1107.5

106.7112.0107.597.40)95.4

109.7114.1112.6112.3116.9

$0.887.838

112.5116.5105.5108.6123.4129.0

114.9116.5120.8109.7116.0

116.5114.5118.2113.7

120.9

113.6118.598.9

109.3113.1109.1107.5

106.9112.2107.897.60)94.5

109.5113.8112.8113.1116.9

$0.885.835

114.0116.6121.1111.0124.6131.5

115.0116.7120.9109.5116.6

117.8114.7118.4117.2

121.6

114.5119.4101.0109.6114.3109.0107.5

107.5112.2108.998.60)94.4

109.7114.1112.7112.5116.5

$0. 883.832

114.4116.7121.4113.0124.9132.8

115.3116.6121.1109.4117.4

118.5115.1120.1117.2

114.5119.6101.2109.9114.2108.7107.5

107.8112.2109.699.70)93.5

109.8114.2112.5112.4116.5

$0. 879.828

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE

Private, total 9 doResidential (nonfarm) do

New housing units do

Nonresidential buildings, except farm and pub-lic utilities total 9 mil $

Industrial . doCommercial do

Public utilities:Telephone and telegraph do

Public, total 9 . ___ do

Buildings (excluding military) 9 doHousing and redevelopment doIndustrial do

Military facilities doHighways and streets do

New construction (seasonally adjusted at annualrates), total bil. $

Private, total 9 do

Residential (nonfarm) doNonresidential buildings, except farm and pub-

lic utilities, total 9 . . bil. $Industrial doCommercial _ do

Public utilities:Telephone and telegraph. do

Public, total 9 do

Buildings (excluding military) 9 doHousing and redevelopment doIndustrial ... do

Military facilities doHighways and streets _..do

90 866

62 80630 60323* 689

22 0336,373

10, 136

2 172

28,060

11 2261,047

512

9459,276

91 266

63 07929 27321 914

22 2925,930

10 521

2 952

28, 187

10 6571 105

496

7919 989

7 125

5 0092 2971 636

1 824501840

234

2,116

8778245

56677

90.7

63.6

29 8

22.76.2

10.6

2.9

27.1

10.71.4.57

9.5

7 710

5 3052 4851 743

1 891498890

235

2,405

8878948

72904

89.7

62.7

29 2

22.45 9

10.6

2.8

27.0

10.51.2.59

9.5

8 202

5 5462 5921 876

1 948521925

271

2,656

95310447

75986

90.1

61.7

27 7

22.75 9

10 9

2.9

28.4

10.51.1.5g

9.9

8 307

5 5812 6501 990

1 898519874

275

2,726

8938724

501 144

89. 1

60.7

27 0

21.95.9

10.0

3.3

28.4

10.41.0.4.6

10.0

8 584

5 7372 7072 075

1 983543922

266

2,847

9848642

821,134

90.0

61.5

27 5

22.46.2

10.2

3.0

28.5

10.51.0.6.8

9.8

8 507

5 8132 7212 093

2 010531964

276

2 694

9269347

761 061

91.0

62.7

28 8

21.85.7

10.4

3.3

28.3

10.5.9.57

10.0

8 397

5 8762 7472 098

1 998528964

281

2,521

8144645

81984

92.3

64.5

30.5

21.86.0

10.2

3.2

27.8

10.4.8.5.9

9.7

8 245

5 7102 7352 101

1 881498896

285

2,535

98810636

68849

92.9

64.5

31 8

20.65 89.3

3.2

28.3

10 5.9.47

10.1

7 689

5 5052 6272 053

1 840480892

282

2,184

90014150

63686

98.0

66.9

33.3

21.55.4

10.4

3.1

31.1

11.41.3.6.8

11.7

6 743

4,8052 3471,856

1 637402786

187

1,938

8318844

66555

101.8

69.9

34.4

23.55 9

11.6

2.9

31.9

11.71.5.5

1 012.3

'6 590

' 4, 578'2,190' 1, 725

1,574387771

207

2,013

8599237

57604

' 102. 6

70.8

35.6

23.25.6

11.8

2.9

'31.7

12 01.7.59

13.5

r 7, 286

' 5, 117' 2, 496' 1, 994

' 1, 706'406'865

267

' 2, 169

8439842

61711

' 102. 2

'72.2

'36.9

'23.1'5.2

'12.2

2.9

'30.0

10.4.9.5.9

11.6

8,271

5,7922,9282,334

1,898472940

2,479

51

63

104.5

73.7

38.1

23.65.9

11.8

30.8

.5

.9

' Revised. v Preliminary. 1 Series discontinued.d*See corresponding note on p. S-8. {See corresponding note on p. S-8. 9 Includes

data for items not shown separately.

^Beginning Jan. 1970, retitled to read "rubber and plastics products" to cover the directpricing of plastic construction products; continuity of the group index is not affected.

426-593 O - 71 - 2 (S-pages)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



1969 1970

Annual

1970


1971


CONSTRUCTION AND REAL ESTATE— Continued

CONSTRUCTION CONTRACTS

Construction contracts in 48 States (F. W. DodgeDivision, McGraw-Hill):

Valuation total mil. $

Index (mo. data seas. adj.)d" 1967=100..

Public ownership mil. $Private ownership doBy type of building:

Nonresidential doResidential - do

Non-building construction doNew construction planning

(Engineering News-Record) O do

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total (private and public) thousInside SMSA's . . do .

Privately owned doOne-family structures do

Seasonally adjusted at annual rates:Total privately owned do

One-family structures do

New private housing units authorized by buildingpermits (13,000 permit-issuing places) :t

Monthly data are seas. adj. at annual rates:Total thous

One-family structures do

Manufacturers' shipments of mobile homes:*Unadjusted do -Seasonally adjusted at annual rates do

CONSTRUCTION COST INDEXES

Deot of Commerce composite 1957—59 — 100

American Appraisal Co., The:Average 30 cities 1913-100

Atlanta doNew York doSan Francisco doSt Louis do

Associated General Contractors of America, Inc.,The (building only) 1957-59=100..

Boeckh indexes:Average, 20 cities:

Apartments, hotels, office buildings— 1957-59=100. .Commercial and factory buildings doResidences do

Engineering News-Record:Building doConstruction . do

Federal Highway Adm. — Highway construction:Composite (avg. for year or qtr.)cr---1967=100--_

CONSTRUCTION MATERIALS

Output index: tComposite unadjusted 9 1947-49—100

Seasonally adjusted do

Iron and steel products, unadjusted do

Portland cement unadjusted do

REAL ESTATE

Mortgage applications for new home construction:FHA net applications^ thous. units..

Seasonally adjusted annual ratest doRequests for VA appraisals do _

Seasonally adjusted annual ratest do

Home mortgages insured or guaranteed by-Fed Hous Adm * Face amount mil $Vet. Adm.: Face amount§ do

Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $..

New mortgage loans of all savings and loan associa-tions, estimated total mil. $_.

By purpose of loan:Home construction doHome purchase doAll other purposes do

Foreclosures f _ number..

Fire losses (on bldgs. , contents , etc.) mil. $. .

67, 825

U24

22, 86744, 958

26, 07825, 58916, 157

57, 164

1,499.61, 096. 51, 466. 8

810.6

1,322625

412.7

142

1,0501,1581,1161,0541,021

150

151.8149.1148.0

149.9167.2

111.8

166.2

167.8164.5204.2

184.9

138.2

7, 120. 634, 073. 86

9,289

21, 847

4,75711, 2445,836

95, 856

1,952.02

68, 421

i 123

23, 18245, 058

24, 79524, 91018, 715

66, 937

1, 465. 41, 032. 01, 432. 1

812.2

1,340642

398.1

152

1,1321,2541,2021,0881,116

166

162.7160.3155.9

158.5181.5

125.6

166.4161.8194.3

299.1

143.7

8, 113. 733,442.90

* 10, 615

21, 387

4,15010, 2396,998

Pl01,0l5

2, 263. 92

' 6, 641

130

1,7964,845

1,8542,4131,854

5,857

130.291.3

128.473.8

1,224697

1,177594

39.9446

146

1,0971,2311,1781,0621,072

157

158.3155.7152.6

154.2174.9

162.9159.8

162.7169.8196.9

27.7281

12.8135

561. 43232. 58

9,860

1,400

325627448

8,404

188.47

5,417

110

1,6953,722

1,7502, 1231,545

6,457

127.388.4

125.074.8

1,242728

1,309600

32.9380

148

1,1171,2311,1781,0621,138

159

159.4157.7153.3

156.4177.0

180.7163.8217.6

24.4271

12.2133

527. 06237. 52

10,008

1,586

373741472

8,553

186. 94

6,553

120

2,8153,738

1,9192,2242, 410

4,916

141.692.4

135.283.0

1,393835

1,285619

35.6369

151

1,1271,2311,1771,0581,137

164

159.8157.9153.6

157.5180.1

121 3

190.9162.6239.0

27.3291

11.5126

696. 27262. 66

10, 236

2,086

3981,017

671

8,998

177. 67

6,178

116

2,3133,865

2,4692,3471,361

5,248

143.4103.4140.875.5

1,603827

1,309638

37.1436

153

1,1501,2611,2261,1061,138

168

163.8161.9157.5

160.9186.0

176.8184.0

183.7165.1253.4

26.2297

12.7126

705. 61297. 73

10, 373

2,080

3931,071

616

8,672

177. 85

6,230

135

2,0784,151

2,3312,3491,549

4,829

131.693.4

128.777.3

1,425838

1,378676

38.4410

155

1,1581,2631,2291,1101,140

171

164.1162.1157.8

161.4186.6

174.7158.9

175.8167.2249.1

27.3327

13.2152

751.81306. 24

10, 446

2,111

3691,147

595

8,557

200.93

5,398

118

1,8693,529

1,9442,1761,278

4,303

133.489.2

130.976.0

1,509881

1,388679

41.4431

156

1,1581,2681,2291,1101,140

172

167.7165.2159.3

162.6187.2

134 0

172.9166.0

168.0170.3228.2

28.9337

12.0139

788. 61325. 77

plO, 524

2,183

3881,100

695

8,431

176. 27

5,453

115

2,0233,430

1,8632,3021,289

7,555

143.499.7

140.979.4

1,583890

1,523697

40.8427

156

1,1671,2681,2291,1111,140

176

168.1165.3159.6

163.6188.6

173.0153.0

166.3176.7234.1

27.6326

14.3168

867. 76340. 56

10, 539

2,127

4061,032

689

p 8, 770

185. 67

5,145

130

1,9373,208

1,7011,9471,497

7,013

128.391.0

129.667.4

1,693934

1,487703

30.5421

157

1,1771,3231,2331,1261,147

179

169.2166.5160.6

164. 3190.2

146.8154.2

141.5152.7178.6

23.434511.1157

769. 79318.97

10, 524

1,972

355919698

P8,363

158. 49

4,974

132

1,6883,286

1,6932,0451,235

6,023

123.989.5

121.469.0

2,0541,240

1,768876

27.0401

158

1,1851,3231,2331,1281,147

181

169.9167.2160.7

164.2190.2

130.2

152.5153.0158.2

33.4474

10.4149

751. 18317. 70

10, 615

2,474

416968

1,090

p 9, 043

224. 02

4,383

117

1,4642,919

1,7111,6311,041

4,682

114.885.9

110.654.9

1,725946

1,635806

24.5395

158

1,1901,3231,2911,1381,153

183

170.9167.8161.0

165.9192.8

145.5156.1103.4

24.1371

12.0190

771. 56298. 85

10, 326

1,667

307752608

200. 66

4,993

126

1,5783,415

1, 6541,8181,521

5,481

104.677.5

102.258.3

1.754985

1,563760

28.4404

'159

1,1941,3641,2911,1421,153

184

171.2167.9161.3

166.4193.0

143.6

116.1

27.3350

12.5174

734. 61299. 69

9, 926

1,887

346818723

202. 26

6,386

141

1,7224,664

2,1992,7291,458

5,245

r 169. 3r 123. 6r 167. 9'91.6

r 1, 959' 1, 048

1,627'796

35.6419

160

1,2111,3931,3051,1631,16S

184

172.5169.6163.6

167.7193.9

124. 1

36.6336

17.9183

849.48307. 20

9.690

2,795

5211,1431,131

221. 54

7,743

161

2,0745,669

2,4953,1682,495

4,580

' 202. 2' 146. 0'199.7'115.2

r 1, 899'1,090

' 1, 638833

42.8478

161

1,2181.3931,3051,1681,168

186

174.2169.8165. 2

173.5198.9

35.1347

19.9210

759. 52351.49

3,164

5941,3031,267

194. 02

5,502

199.2142. 1194.2112.9

1,9311,098

1,870897

188

2 176. 82 203. 0

19.0218

' Revised. * Preliminary. 1 Computed from cumulative valuation total. 2 indexas of June 1, 1971: Building, 179.2; construction, 207.2. O Data for Jan., Apr., July, Oct.,and Dec. 1970 are for 5 weeks; other months, 4 weeks. *New series. Data from MobileHome Manufacturers' Association; seasonally adjusted annual rates calculated by Bu.of the Census. cfNew Base; comparable data for earlier periods will be shown later.

t Revisions for Jan. 1967-Oct. 1970 for permits, for 1961-68 for FHA applications, and for 1961-Feb. 1969 for requests for VA appraisals (seas. adj. annual rates) will be shown later. Revi-sions for 1964-68 for construction materials output indexes appear in the Dec. 1969 issue ofConstruction Review (BDSA). t Revised series.

9 Includes data for items not shown separately. §Data include guaranteed direct loans sold.


June 1971 SURVEY OF CURRENT BUSINESS S-ll


1969 1970

Annual

1970


1971


DOMESTIC TRADE

ADVERTISING

Marketing/Communications advertising index,seasonally adjusted:!

Combined indexf 1957-59=100Television (network) doSpot TV doMagazines _ _ d o _Newspapers do

Magazine advertising (general and natl. farm maga-zines):

Cost total - mil. $Apparel and accessories . do_ _Automotive, incl. accessories doBuilding materials doDrugs and toiletries - doFoods, soft drinks, confectionery do_ _.

Beer, wine, liquors d o _ _ _Household equip., supplies, furnishings.. doIndustrial materials doSoaps, cleansers, etc doSmoking materials doAll other do

Newspaper advertising linage (52 cities): ©Total mil. lines..

Classified doDisplay, total do

Automotive doFinancial _doGeneral doRetail do....

WHOLESALE TRADE

Merchant wholesalers sales (unadj.), total, rail. $_.Durable goods establishments. _ ... do. .Nondurable goods establishments do _

Merchant wholesalers inventories, book value,end of year or month (unadj.), total mil. $._

Durable goods establishments. __ .doNondurable goods establishments do ..

RETAIL TRADE

All retail stores:Estimated sales (unadj.), total _ mil. $

Durable goods stores 9 __ do _Automotive group _ _ _ _ _ d o

Passenger car, other auto, dealers doTire, battery, accessory dealers do

Furniture and appliance group 9 do__ .Furniture, homefurnishings stores doHousehold appliance, TV, radio do

Lumber, building, hardware group doLumber, bldg. materials dealersd" doHardware stores do

Nondurable goods stores 9 do__Apparel group.. _ _ do

Men's and boys' wear stores do.Women's apparel, accessory stores.. .doShoe stores ._ _ do

Drug and proprietary stores doEating and drinking places do.Food group do

Grocery stores. . doGasoline service stations do.._

General merchandise group with non-stores 9 mil. $

General merchandise group without non-stores 9 § mil. $Department stores do

Mail order houses (dept. store mdse).doVariety stores do

Liquor stores do

Estimated sales (seas, adj.), total do.

Durable goods stores 9 doAutomotive group do

Passenger car, other auto dealers doTire, battery, accessory dealers do

Furniture and appliance group 9 doFurniture, homefurnishings stores.. __doHousehold appliance, TV, radio do

Lumber, building, hardware group doLumber, bldg. materials dealers d" doHardware stores do. .

1, 245. 360.6

114,426.5

158.7101.5

101.876.560.015.748.2

481.4

3, 575. 11, 017. 12, 558. 0

173.381.7

300.12, 003. 0

236, 708109, 578127, 130

24,36514,3769,989

351, 633112, 77966, 91162, 0484,863

16,71910,4395.223

14, 56211, 2783,284

238, 85420, 1584,7617,6063,505

11, 86325, 84975, 86670, 95525, 116

58, 615

53, 08336,4113,5196,5487,403

'199249318165127

1, 192. 750.896.521.0

156.699.5

98.171.243.916.364.7

474.0

3, 443. 8917. 3

2, 526. 5161.674.9

275.22, 014. 9

246, 643111, 778134, 865

26, 62215, 31811,304

364, 571109, 69462, 84757, 7375,110

16, 81710, 3935,226

14, 53511,3153,220

254, 87720, 3964,6837,7103,619

12, 75027, 87281, 46676, 07126, 504

62, 867

56, 85238, 5583, 8347,0568,060

' 197247306163129

112.16.59.92.6

14.38.5

8.17.24.41.75.2

43.8

303.881.8

222.015.37. 1

27.1172.5

20,3339,371

10, 962

25,01014, 97410, 036

29, 6549,5355,7935,351

442

1,317826402

1,186933253

20, 1191,530

336588272

9892,2296,4976,0512,178

4,739

4,2752,930

290509615

30, 5369,3405,4695, 029

440

1,454877469

1,158914244

'205262321172126

121.24.1

11.13.1

15.19.7

9.19.75.11.95.6

46.6

313.487.4

226.016.95.1

26.8in. 2

20, 2479,294

10, 953

24, 93814, 92110, 017

31, 326

9,8335,8595,400

459

1,355860410

1,288988300

21, 4931,634

373618291

1,0402,4527,0256,5572,298

5,007

4, 5303,067

286584671

30, 502

9,3205, 3494,909

440

1,435876461

1,217936281

••208293323161121

101.02.09.01.7

15.28.4

10.05.84.81.45.3

37.5

284.379.9

204.415.76.8

21.6160.3

21, 29110, 02011,271

25, 08215, 0889,994

31,41510, 4186,2725,798

474

1,407884437

1,3781,063

315

20, 9971,618

377610296

1,0292,4746,7816,3192,344

4,930

4,4523,056

266549652

30, 518

9,4115, 4835,068

415

1,413857452

1,216924292

'204247333170134

70.71.15.9.8

11.57.6

6.34.22.81.04.5

25.0

266.578.0

188.514.06.5

17.1151.0

20, 9729,699

11,272

25, 09215,1359,957

31, 1439,9595,8605,389

471

1,395854450

1,3811,079

302

21,1841,500

344566263

1,0312,5547,1126,6392,414

4,790

4,3232,919

278532697

30,7299,4875,5445,113

431

1,395848443

1,221931290

'202250330165129

71.04.74.91.2

10.55.5

4.33.33.01.05.7

26.9

285.483.7

201.713.24.0

17.3167.2

20, 6239,437

11, 186

25, 29515, 24610, 049

30, 404

9,2295,1784,739

439

1,392870429

1,3651,086

279

21, 1751,625

335608319

1,0472,6126,8596,3872,275

5,060

4,5693,069

298565687

30, 7819,5035,5225,090

432

1,399851445

1,236958278

' 190230313163117

102.67.87.12.0

13.46.5

7.06.63.91.26.2

40.9

286.275.3

210.913.05.5

24.6167.8

21,4109,794

11,616

25, 57915, 19710, 382

29, 7399,0394,9864,573

413

1,377856420

1,3191,051

26820, 7001,653

353621336

1,0472,4316,6656,2152,141

5,046

4,5493,099

304555648

30, 885

9, 5565,6525,214

438

1,345856402

1,237958279

' 199245319163133

123.75.9

11.42.3

14.910.5

9.99.24.01.86.5

47.3

302.576.2

226.315.06.2

28.4176.7

21,7579,86311,894

26,27215,32810,944

31,8499, 5395,2934,840

453

1,459912447

1,3621,076

2S6

22,3101,820

405696335

1,0792,4657,2276,7752,241

5,503

4,9503,350

354595698

T.0,5348, 9274,9424,515

427

1,384861433

1,228953275

'201252325156137

120.64.38.51.6

14.411.2

11.78.23.41.76.4

49.3

325.571.4

254.113.85.5

30.3204.5

20, 7049, 121

11, 583

26, 62715, 32211, 305

30, 2188,2344,2913,847

444

1,464936434

1,210938272

21, 9841,841

434698315

1,0462,2606,5236,0872,211

6,077

5,4373,677

455629702

30, 208

8,3804,4474,016

431

1,388890411

1,245972273

••197229335165128

95.92.85.11.0

12.39.2

15.14.82.31.16.6

35.6

298.160.3

237.89.76.1

19.6202.3

21,4049,095

12,308

26,62215,31811,304

37,6209,3064,3993,903

496

1,8171,049

611

1,248889359

28,3142,935

7351,112

420

1,4522,2837,4836,9892,278

9,413

8,7896,013

5011,187

953

30,4818,6594,7134,313

400

1, 354863415

1,2571,002

255

188213284172132

69.81.96.4.6

9.44.3

2.62.42.4.9

8.130.8

19, 1818,271

10,910

26, 71615, 43211,284

27, 902

8,0704,8594,485

374

1,280784395

938743195

19,8321,444

349550235

1,0512,0956,9806,5582,111

4,173

3,7262,508

220439665

31,1549,4805,4815,011

470

1,437895435

1,2901,031

259

190217286177130

92.83.29.31.1

12.99.0

3.63.22.21.39.8

37.2

19,2008,502

10,698

26,75515,67111,083

26,835' 8, 443'5,268

4,913'355

' 1, 236••748'405

'925'727

198'18,392' 1, 250

277' 492' 201

'992' 1, 993' 6, 336' 5, 922' 1, 961

' 4, 031

' 3, 532' 2, 330

' 252'438'592

'31,597' 9, 791' 5,875

5,387'488

' 1, 426'874'473

' 1, 221'944

277

190221290170131

109.74.7

11.61.7

14.09.1

5.75.82.61.9

10.042.5

'22,507' 10, 085' 12, 422

'26,873'15,814'11,060

'31,131' 10, 260' 6, 529' 6, 085

'444

'1,381'868'412

' 1, 141916

'225'20,871' 1, 552

305'632' 256

' 1, 077' 2, 208'6,808' 6, 358' 2, 183

' 5, 052

' 4, 549' 3, 057

'346'524'638

'32,267'10,181' 6, 171' 5, 676

'495

' 1, 483'919'466

' 1, 260990

' 270

115.85.8

11.72.4

14.28.6

7.27.32.91.6

10.343.9

21, 93710, 18111, 756

27, 11816, 21610, 901

32,81010, 6346,6886,172

516

1,322821413

1,3211,038

28322, 1761, 769

365708298

1,0662,2787,1176,6522,274

5,522

5,0233,427

320597660

32, 60510, 3346,3015,801

500

1,446857470

1,2761,007

269

- - - - - - - -

data prior to Jan. 1970 are available)

© Source: Media Records, Inc., 52-City Newspaper Advertising Trend Chart.9 Includes data for items not shown separately.cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical

stores. § Except department stores mail order.




1969 1970

Annual

1970


1971


DOMESTIC TRADE—Continued

RETAIL TRADE— Continued

All retail stores— ContinuedEstimated sales (seas, adj.)— Continued

Nondurable goods stores 9 mil. $Apparel group do_ _

Mien's and boys' wear stores doWomen's apparel accessory stores doShoe stores - do

Drug and proprietary stores doEating and drinking places doFood group _do

Grocery stores doGasoline service stations do


General merchandise group without non-stores 9 § mil $Department stores do

Mi ail order houses (dept store mdse )doVariety stores do

Liouor stores do

Estimated inventories, end of year or month: tBook value (unadjusted), total J mil. $..

Durable goods stores 9 do _Automotive group doFurniture and appliance group doLumber, building, hardware group, -do

Nondurable goods stores 9 doApparel group - - __doFood group doGeneral merchandise group with non-

stores mil. $Department stores do

Book value (seas adj ) total t doDurable goods stores 9 do

Automotive group - __doFurniture and appliance group doLumber building hardware group do

Nondurable goods stores 9 doApparel group doFood group doGeneral merchandise group with non-

stores mil. $Department stores - do_ __

Firms with 11 or more stores:Estimated sales (unadj ) total 9 do

Apparel group 9 doMen's and boys' wear stores do\Vomen 's apparel accessory stores doShoe stores do

Drug and proprietary stores doEating and drinking places doFurniture and appliance group do

General merchandise group with non-stores 9 mil $

General merchandise proup without non-stores § mil. $

Dept stores excl mail order sales doVariety stores do

Grocery stores doTire, battery accessory dealers do

Estimated sales (seas, adj ) total 9 do

Apparel group 9 doMen's and boys' wear stores doWomen's apparel, accessory stores doShoe stores do

Drug and proprietary stores doEating and drinking places do


General merchandise group without non-stores § mil $

Dept stores excl mail order sales doVariety stores do

Grocery stores doTire, battery, accessory dealers do

All retail stores, accounts receivable, end of yr. or mo.:Total (unadjusted) mil $

Durable goods stores doNondurable goods stores do

Charge accounts doInstallment accounts do

Total (seasonally adjusted) doDurable goods stores doNondurable goods stores do

Charge accounts doInstallment accounts do

43, 53519, 5279,4243,1222,546

24, 0084,4264,691

9,1865,348

44, 62319, 9809,5583,1992,627

24, 6434,6064,672

9,7775,677

103,070

5,921905

2,0901,5983,7772,4871,354

41,997

39, 22228,9345,232

37, 1631,816

21 4907 174

14,3168,648

12, 842

20, 1406,976

13, 1648,280

11, 860

43, 54318, 3538,2042,9382,591

25, 1904,4704,887

9,8645,652

44, 91819, 0408,5633,0202,674

25, 8784,6564,868

10, 5086,013

110,848

6,191852

2,2501,7124,3072,6831,281

45, 302

42, 16531, 1055,627

40, 5571,747

21, 1961,728

397634293

1,0442,2966,7476,2902,213

5,271

4,7963,285

309596669

45, 36320,44010, 0183,1162,598

24, 9234,6114,664

9,8655,713

44, 32619, 4269,1663,0822,503

24, 9004,6204,664

9,8735,713

8,560

46063

163124322234105

3,405

3,1742,355

409

3,166155

9,160

53074

185142348234

3,782

3,5352,608

473

3,274151

20, 0836,819

13,2648,199

11, 884

20, 3636,983

13, 3808,325

12, 038

21, 1821,684

387627284

1,0402,3536,7656,3052,233

5,200

4,7333,185

336613674

44, 82820, 24210, 0353,0432,548

24, 5864,5394,664

9,7195,622

44, 10919, 3469,2403,0252,488

24, 7634,6134,673

9,8305,696

9,160

48571

170134347221106

3,599

3,3512,467

464

3,468159

9,167

49673

172132347215

3,750

3,5022,554

488

3,344149

20, 2546,865

13,3898,403

11,851

20, 3156,902

13, 4138,268

12, 047

21, 1071,694

373661296

1,0442,3416,8186,3642,237

5,106

4,6283,151

307575678

44, 85920, 34910, 1623,0462,548

24, 5104,4544,671

9,7355,605

44, 52719, 5529,4153,0342,528

24, 9754,6494,694

9,9935,796

8,986

50372

182147342222109

3,562

3,3152,475

440

3,323163

9,189

51771

191148354212

3,665

3,4202,531

462

3,444144

20, 4917,183

13,3088,550

11,941

20, 4287,040

13, 3888,348

12,080

21, 2421,704

386650295

1,0552,2996,7516,2992,237

5,246

4,7663,247

327575693

44, 81920, 11610, 0073,0172,539

24, 7034,4804,687

9,9805,768

44, 96519, 7399,6133,0262,552

25, 2264,6474,763

10, 1985,922

9,018

42855

160117356231105

3,463

3,2222,376

424

3,515164

9,227

50968

187138364221

3,746

3,5042,569

467

3,377154

20,2577,139

13, 1188,357

11, 900

20, 5337,015

13, 5188,357

12, 176

21, 2781,715

380658324

1,0712,3476,8146,3492,156

5,187

4,6723,154

317580710

43, 92718, 6848,5733,0052,520

25, 2434,6854,660

10, 2535,937

45, 45320, 11910, 0503,0112,558

25, 3344,5934,750

10, 2775,961

9,007

50259

179151352243100

3,624

3,3762,491

448

3,324146

9,229

52672

187155367236

3,695

3,4412,534

465

3,427146

20, 2867,143

13, 1438,305

11, 981

20, 6287,056

13, 5728,362

12, 266

21,3291,650

387627304

1,1012,3746,8706,4202,165

5,248

4,7363,231

311603687

44, 65918, 6658,5463,0222,534

25, 9944,8534,670

10,8066,276

45, 69120, 27010, 1143,0042,575

25,4214,5834,712

10, 3696,017

8,946

51060

180162357242100

3,620

3,3642,500

442

3,260139

9,279

49967

178143378232

3,765

3,5112,599

477

3,424155

21,6071,746

398655332

1,0902,3866,8596,4222,217

5,342

4,8023,259

324597690

45, 34718, 2277,9653,1002,526

27, 1204,9454,850

11, 5056,689

44, 88319, 2919,1133,0242,564

25, 5924,5794,746

10, 3945,988

9,857

56577

204165364253118

3,945

3,6542,705

477

3,699158

9,420

54171

190169375245

3,827

3,5582,636

480

3,451152

21, 8281,775

403673325

1,0992,3946,8666,4212,242

5,422

4,7883,240

321596689

46, 21618, 1247,6973,1292,544

28, 0925,1495,055

11, 8396,916

44, 50718, 5428,3202,9802,549

25, 9654,7204,879

10, 5446,056

9,811

57885

213155361230114

4,388

4,0252,968

511

3,242143

9,508

55672

204160376236

3,890

3,5382,620

479

3,449141

21,8221,743

389668314

1,0832,3397,0076,5502,264

5,439

4,9533,342

303603647

43, 54318, 3538,2042,9382,591

25, 1904, 4704,887

9,8645,652

44, 91819, 0408,5633,0202,674

25, 8784,6564,868

10, 5086,013

13, 612

914113381200542196151

6,958

6,5934,860

950

3,842178

9,494

52859

217135352204

4,004

3,7102,752

478

3,480139

21, 6741,704

379659279

1,0782,3006,9806,5252,213

5,426

4,9433,322

317619712

43, 57018, 9018,8312,8792,623

24, 6694,3014,796

9,8135,628

44, 98418, 9878,6832,9742,674

25, 9974,6954,840

10, 6216,164

8,350

37943

14598

33116595

2,986

2,7452,035

342

3,609122

9,547

49249

195124356176

3,951

3,6832,703

494

3,542155

'21,806' 1, 737

390••661"281

' 1, 084r 2, 320' 6, 972' 6, 508' 2, 231

' 5, 529

' 4, 966* 3, 343

••329'600'705

44,92419, 8579,6632,9222,681

25, 0674,4114,784

10, 0895,743

45,43219,4809,1592,9912,716

25, 9524,5854,827

10, 6816,116

7,751

'35236

' 137'86

'305'155'97

' 2, 893

' 2, 603' 1, 887

'344

' 3, 213' 114

' 9, 516

'52251

'201'126'355'176

' 3, 979

' 3, 690•• 2, 711

'478

' 3, 470' 157

' 22, 086' 1, 759

384695

'262

' 1, 113' 2, 339' 7, 010' 6, 548' 2, 248

' 5, 664

' 5, 151' 3, 462

'341'632' 711

47, 09120, 92010, 5192,9772,799

26, 1714,6894,955

10, 5676,097

46, 41620, 1319,8032,9982,755

26, 2854,6614,950

10, 7266,146

' 9, 108

' 493r 42

'206' 109'367'166'104

' 3, 705

' 3, 436' 2, 516

'421

' 3, 452' 146

' 9, 760

'548'52

'231'115'393'167

' 4, 143

' 3, 888' 2, 856

'498

' 3, 519' 167

22, 2711,710

377678257

1,0982,3247,0876,6122,279

5,732

5,2393,596

341592701

47, 75921, 28410, 7833,0392,795

26, 4754,7135,003

10, 8006,208

46, 72820, 2329,9113,0032,706

26, 4964,7085,003

10, 8676,252

9,833

56054

231129365172111

4,061

3,7822,811

482

3,673173

9,904

52355

217111377164

4,256

3,9372,934

483

3,590161

' Revised. JSeries revised to reflect benchmarking to the levels of the 1968 and 1969Annual Retail Trade Reports (Census Bureau), and also recalculation of seas, factors forall lines of trade; description of revisions and revised data back to 1961 appear on pp. 38 ff.

of the Oct. 1970 SURVEY.stores mail order.

9 Includes data not shown separately. §Except department




1969 1970

Annual

1970


1971

Jan. Feb. Mar. Apr. May p

LABOR FORCE, EMPLOYMENT, AND EARNINGS

POPULATION OF THE UNITED STATES

Total, incl. armed forces overseas t-- mil.

LABOR FORCE

Labor force, persons 16 years of age and over__thous__Civilian labor force . . _ _ _ _ . do

Employed, total doNonagricultural employment ..doAgricultural employment do

Unemployed (all civilian workers) doSeasonally Adjusted t

Civilian labor forcef doEmployed, total _ d o .

Nonagricultural employment doAgricultural employment do

Unemployed (all civilian workers) _ doLong-term, 15 weeks and over.- do ._

Rates (unemployed in each group as percentof total in the group) :t

All civilian workers __Men, 20 years and over

Both sexes, 16-19 yearsMarried menNegro and other races

Occupation: White-collar workers

Industry of last job (nonagricultural):Private wage and salary workers

ConstructionManufacturing

Durable goods _ _

EMPLOYMENT

Employees on payrolls of nonagricultural estab.:?Total, not adjusted for seasonal variation . -thous ..

Private sector (excl. gov't) doSeasonally Adjusted

Total thousPrivate sector (excl. gov't). do

Mining. . .doContract construction. _ . .- do .Manufacturing do

Durable goods do

Ordnance and accessories . doLumber and wood products . . do -Furniture and fixtures ... .. do.-_Stone, clay, and glass products doPrimary metal industries doFabricated metal products doMachinery, except electrical... .. --do.-.Electrical equip, and supplies .. .. doTransportation equipment doInstruments and related products doMiscellaneous manufacturing ind do. . .

Nondurable goods ...do--.Food and kindred products doTobacco manufactures doTextile mill products do ..Apparel and other textile products... doPaper and allied products . . doPrinting and publishing . doChemicals and allied products . do .Petroleum and coal products doRubber and plastics products, nee . .doLeather and leather products do

Transportation, communication, electric, gas,and sanitary services thous..

Wholesale and retail trade . . doWholesale trade doRetailtrade ..do...

Finance, insurance, and real estate . do...Services ... doGovernment do

Federal. doState and local.- _ do

Production (or nonsupervisory) workers on privatenonagricultural payrolls, not seas, adj ^ thous ..

Total on manufacturing payrolls . .. . . do..-Seasonally Adjusted

Total on manufacturing payrolls doDurable goods _ do

Ordnance and accessories .doLumber and wood products ... . -do. . .Furniture and fixtures doStone, clay, and glass products doPrimary metal industries doFabricated metal products do .Machinery, except electrical do

'l 202.60

84, 23980, 73377 90274, 2963 6062,831

375

3.52.1

12 2

1 56.4

2.13. 9

3 56 03 33 0

70, 27458 070

70 27458 070

6193 437

20 16911 893

319609484656

1,3581 4422 0282 0132,067

476440

8,2771,796

82999

1,412712

1,0931,061

183594345

4,43114, 6453 738

10, 9073,557

11,21112 2042,7589,446

48, 09314, 768

14, 7688,648

184529401526

1,0851,1101.379

i 204. 80

85, 90382, 71578 62775 1653 4624,088

662

4.93.5

15 3

2 68.2

2.8

5 29 75 65.7

70, 66458 067

70 66458 067

6223,347

19 39311 203

249580460638

1,3061 3861,9641,9131,824

459424

8,1901,796

79965

1,385710

1,1061,057

192571329

4,49814, 9503,849

11, 1023,679

11,57712 5972,7059,891

47, 93514, 050

14, 0508,045

135500379507

1,0361,0551.310

20426

85, 23181 96078 40874 877

3* 5313,552

82 76078 88675 3173 569

3,874564

4.73.2

15 32 38.3

2.8

4.88 34.74.9

70, 75858 001

71 14958, 539

6223,426

19 79511, 529

261585468644

1,3231,4112,032

1,9791,925

471430

8,2661,805

81979

1,394721

1,1111,063

193585334

4,46814, 9913,85311,1383,673

11, 56412,6102,8389,772

47, 85414, 240

14, 3898,318

143504386512

1,0491,0791.366

204.44

84, 96881 74178 35774 6323 7253,384

82 62178, 60175, 0313 570

4,020606

4.93.4

14 22 57.9

2.8A n

5.212.05.24.9

70, 78058, 054

70,83958, 238

6203,351

19, 57211, 386

256582456638

1,3091,3942,004

1,9561,897

468426

8,1861,805

81971

1,375714

1,1081,060

192548332

4,47814, 9683,859

11, 109

3,67711, 57212,6012,7689,833

47, 90514, 061

14, 1808,186

141501375506

1,0371,0601.340

204 62

87, 23084 05079 38275 174

4 2084,669

82 21378 29974, 7633 536

3,914661

4.83.4

14 92 58.4

2.6R q

5.210.65.35.2

71, 38558, 746

70,62958, 070

6203,324

19, 47711, 286

250575453636

1,3051,3881,9821,9361,876

461424

8,1911,800

81959

1,385

7111,1031,055

193570334

4,51114, 9273,849

11, 0783,679

11, 53212,5592,6899,870

48, 58214, 261

14, 1408,134

137495372505

1,0341,0571.321

204 80

87, 95584 80180 29176 1734 1184,510

82 71178 57475 0663 508

4,137694

5.03.7

14 22 78.3

3.0ft c

5.510.85.85.7

70, 60258, 485

70,58757, 996

6183,314

19 40211,217

243570454628

1,3011,3871,9691,9341,853

458420

8,1851,789

81955

1,393706

1, 1051,054

191578333

4,53914, 9333,856

11, 0773,676

11, 51412,5912,6689,923

48, 29713, 958

14, 0908,082

131491373499

1,0331,0581,316

205 00

87, 24884 11579 89476 1123 7824,220

82 77078* 50875 0733 4354 262

727

5.13.74. 8

15 82 88.4

2.8

5.511 85.85.7

70, 52758 511

7041457, 818

6193,305

19 27111, 134

240570453631

1,2981,3871,9391,9031,841

453419

8,1371,784

82954

1,376

7031, 1031,053

191567324

4,52014, 9123,840

11, 0723,670

11, 52112,5962,6599,937

48, 34014, 101

13, 9748,019

129491372500

1,0311,0601.288

205 21

85, 65682 54778 25674 7303 5254,292

82 97578 47975 0433 436

4,496788

5 43.95. 0

16 52 98.85. 0

2.9

5.812 76.16.3

70,92258466

7053157 946

6213,262

19 28511,145

237575457635

1,3151,3951,926

1,8961,839

452418

8,1401,779

76955

1,380706

1,1051,056

190569324

4,51114,9613,85011,1113,684

11,62212 5852,6499,936

48,34214,224

14,0008,039

128495377505

1,0471,0671,281

205 43

86, 25583 17578 91675 5223 3944,259

83 30078 69175 3983 293

4,609754

5.54.15. 0

17 03 09.3

3.0

6.011 76.77.3

70,69257 874

70 18257*464

6213 27818 68410 602

228574454630

1,2731 3311 8781 8411,534

447412

8 0821,769

76948

1,367

6981 1021 052

190557323

4,50915 Oil3 857

11 154

3 69611 66512 7182 65410064

47,76313 575

13,4057 504

122495374500

1,0051,0021.233

205 63

86, 38683 34778 74175 5153 2264,607

83 47378 55075 1973 3534 923

880

5 94.25.6

17 63 29.05. 53.6

6 29 17 38 2

70,64457 710

70 08557 310

6253 303

18 53810 455

223571453624

1,2491 3111*855

1 8031,515

442409

8 0831,779

77945

1,372

7001 1001 045

191554320

4,49314 9453 851

11 094

3,71111 69512 7752 661

10 114

47, 62813, 403

13, 2897,386

118492373495

981985

1,218

205 82

86, 16583 15278 51675 5642 9524,636

83 60978 46375 0553 4085,1461 084

6.24.65. 8

17 8

3 49.55. 63.8

6.611 87.68.0

71,23458250

7030357 524

6253,319

18 84210 756

218569450628

1,2561,3441,8461,8081,785

439413

8,0861,780

75949

1,378699

1,1001,042

192553318

4,43714,8513,85510,9963,72311,72712,7792,650

10,129

48,17713,649

13,6107,700

114488370499

9901,0211.209

206 02

85, 62882 65277 23874 3612 8775,414

83 89778 86475 4513 413

5 0331 079

6 04.35. 7

17 63 39.55. 63.5

6 411 27 27 2

69, 62256 724

70 65257 829

6253,241

18 80710 717

214572451625

1,2551 3371,8181,7941,802

437412

8,0901,783

75952

1,381698

1,0991,040

193550319

4,49915, 1333,868

11, 2653,746

11,77812 8232,656

10, 167

46, 67013, 432

13, 5957,679

110492371496992

1,0141.190

206 18

85, 65382 70377 26274 4152 8465,442

83 38478 53775 2083 3294,8471 069

5.84.25. 6

16 73 29.65. 33.5

6.111 06.87.1

69, 53356, 524

70, 59057, 741

6233,198

18, 72810, 662

206576449627

1,2551,3371,805

1,7861,776

432413

8,0661,784

76946

1,371

6951,0961,036

192555315

4,52115, 1413,871

11, 2703,745

11, 78512,8492,659

10, 190

46,48713,404

13, 5437,642

106496370496

9921,0131,179

206 34

85, 59882 66877 49374 4523 0425,175

83 47578 47575 0793 3965,0001 107

6 04.25. 8

17 83 29.45. 63.7

6.410 96 97.3

'69,875'56 803

'70 659'57 773' 624

' 3, 254'18 672' 10, 607

' 201'576'451

623

1,2561,3091,795

1,7931,763

429411

'8,0651,777

74'942

1,384694

r 1, 092' 1, 032' 193'561

316

' 4, 516' 15, 151'3,884' 11, 267

3,753r 11, 803' 12, 886

2,657' 10, 229

'46,761' 13, 372

'13,496' 7, 592

'102496

'370'493'996

989' 1. 170

206 51

85, 78082 89878 20474 6993 5054,694

83 78378 69875 1403 5585,0851 071

6.14.46. 0

17 2

3 110.05. 6

3.87. 4

6 39 67 07 5

'70,356'57 293

'70 696'57 787

'623' 3 291'18 668'10 604

' 198' 574

453'624

' 1, 256' 1 340' 1 782

' 1 786' 1, 754

' 428409

'8,064' 1, 769

'75'942

' 1, 391' 694

' 1 087' 1, 032

'191'563

320

' 4, 486' 15, 155' 3 881' 11, 274' 3, 766' 11, 798'12 909' 2, 662' 10, 247

'47, 261' 13, 374

'13,518' 7, 607

'99'495

372'494'995

'1,020' 1. 160

206 68

85, 95483 10478 70975* 1113 5984,394

84 17878 96175 5033 4585 2171 202

6 24.56.0

n q

q q10.55.73.77.5

6 511 2

6* 97 2

70, 775K7 7-1 o

70 82657' 893

6253 271

18 69810 631

198580459626

1,2561 3401 7771 7991,752

433411

8 0671,757

75944

1,393

6911 0931 036

191570317

4,49815 2323 936

11 3263,784

11 78512 9332,665

10, 268

47,67513, 430

13,5417,629

100499377495

9961,0211,155

'Revised. p Preliminary. 1 As of July 1.t Monthly estimates have been adjusted to the 1970 Census; revisions prior to Dec. 1969

appear in Current Population Reports, Series P-25, No. 456, Estimates of the Populationof the United States to Jan. 1,1971 (Bureau of the Census).

JEffective Feb. 1971 SURVEY, labor force data reflect new seasonal factors; comparablefigures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1971 (USDL, Bureauof Labor Statistics).

<ISee corresponding note, p. S-14.




1969 | 1970

Annual

1970

Apr. May June July 1 Aug. Sept. Oct. Nov. Dec.

1971

Jan. Feb. Mar. Apr. May v

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

EMPLOYMENT— Continued

Seasonally Adjusted

Production workers on mfg. payrolls— ContinuedDurable goods— Continued

Electrical equipment and supplies thous. .Transportation equipment ... .. .doInstruments and related products doMiscellaneous manufacturing ind . .do

Nondurable goods doFood and kindred products doTobacco manufactures doTextile mill products doApparel and other textile products doPaper and allied products . - doPrinting and publishing doChemicals and allied products doPetroleum and coal products .... doRubber and plastics products, nee doLeather and leather products do

HOURS AND MAN-HOURS

Seasonally Adjusted

Average weekly gross hours per production workeron payrolls of private nonagric. estab. f hours. .

Not seasonally adjusted - - - do. ..Mining -doContract construction .. .doManufacturing* Not seasonally adjusted do

Seasonally adjusted .doOvertime hours do

Durable goods do. ..Overtime hours do

Ordnance and accessories doLumber and wood products doFurniture and fixtures _ doStone, clav, and glass products doPrimary metal industries . doFabricated metal products doMachinery, except electrical doElectrical equipment and supplies. _ .doTransportation equipment doInstruments and related products do ..Miscellaneous manufacturing ind__ . -do

Nondurable goods . do.. .Overtime hours do

Food and kindred products doTobacco manufactures ^ doTextile mill products doApparel and other textile products do

Paper and allied products doPrinting and publishing _ - do. .Chemicals and allied products doPetroleum and coal products do. .Rubber and plastics products, nee doLeather and leather products do

Trans , comm., elec , gas, etc* doWholesale and retail trade . do

Wholesale trade doRetail trade do

Finance, insurance, and real estate . doServices* do

Seasonally Adjusted

Man-hours, all wage and salary workers, nonagric.establishments, for 1 week in the month, seas,adjusted at annual ratef -bil. man-hours . .

Man-hour indexes (aggregate weekly), industrialand construction ind., totalU ...1967=100..

Mining . . . . doContract construction doManufacturing do

Durable goods . . do

Ordnance and accessories . . d oLumber and wood products do..Furniture and fixtures ._ do.. .Stone, clay, and glass products do

Primary metal industries doFabricated metal products doMachinery, except electrical do

Electrical equipment and supplies do. ..Transportation equipment doInstruments and related products . .doMiscellaneous manufacturing ind. do

Nondurable goods . . . . do . -Food and kindred products ... . .doTobacco manufactures doTextile mill products . doApparel and other textile products. do: .

1,3411,456

294344

6,1201,205

69881

1,241552682622113460296

37.743.037.940.6

3 6

41.33 8

40.440.240.442 041.841.642 540.441.540 739 0

39 73 4

40.837 440 835 9

43 038 441 842 641.137 2

40 735 640 234 237 134 7

139.09

103.9101 6107 4103 3103 6

102 1101 8107 0106 1

104.1105 6100 5

101.9106 4103 2100.6

102.8101.3

I 90.2103.5100.0

1,2641 254

278327

6,0051 209

66847

1 214547682606117436280

37.242.737.439.8

3.0

40.32.9

40. 639.739.241.340.440.741.139.940.340.138.7

39.13.0

40.537.839.935.3

41.937.741.642.740.337.3

40.535.340.033.836.834.5

138. 59

97.4101.1102.496.494.2

75.695.198.1

100.6

96.298.292. 4

94. 989.196. 194.9

99.5100. 987.297.396.1

1,3131 345

289332

6,0711 217

67860

1 221556687610118450285

37.236.943.138.339.740.03.0

40.43.0

41.139.839.341.640.140.941.440.039.740.539.0

39.43.0

40.638 340.635.5

42.137.941.441.940.737.4

40.235.340.133.736.934.4

139.74

100.3102.2107.899.097.5

80.996.1

100.2102.4

96.6101.097.1

98.894.1

100.797.1

101.2101.890.1

100.597.3

1,2941,317

286329

5,9941 216

68852

1 206551681606118412284

37 137.042.638.139.839.8

2 9

40.33 0

40.839.738.841.340.240.641.139.740.340. 138.7

39.13.0

40.737 139 835.1

41.837.741 542.540.037.7

40.635.440. 133 936.834.5

139. 05

98.3100.2104 497.195.7

79.295.396.1

100 5

95.798.594.5

96.793.698.795.4

99.2101.988.697.695.0

1,2971,309

280327

6 0061 214

67842

1 214549679603118434286

37 237 442 437.640 039 83 1

40 43 2

40.639 638 941 140 440.941 139.541.640 238.6

39.03.0

40.337 440 035 2

41 637.741 542.640.437 6

40 635.439.933 836.734.4

138. 39

97.999.9

102 197. 195.6

76.593.995.699.8

95.998.993.2

96.496.096. t94.6

99.4100.888.096.995.9

1,2891 290

278324

6 0081 203

67839

1 223544680605118444285

37 337.642 537 439 940 13 0

40 73 1

40.339 839 341 240 741.341 140 441.240 339 1

39 32 9

40.237 940 335 5

41 737 941 542 640.837 6

40 735 440 033 936 834 6

138.70

97.999 7

101 497 295 5

72 793 696.898 9

96.5100 0

92 8

98.093.796.495.0

99.899.689.297.397.5

1,2661,285

274323

5,9551 198

69837

1 206540676602117433277

37 237.642.237.339 839.83 0

40.32 9

40.439 839.041 040.440.640 939.940.740 038.6

39.13.0

40.737 439 935 1

41 737.641 343 140.436 8

40 635 439 933 936 934.7

138. 24

96.699.0

100 895 893.9

71.793.695.898 6

95.798.590.4

95.192.294.393.5

98.5100.490.696.195.0

1,2581,286

273322

5 9611 193

63839

1 210543680606115436276

36 837 042.035.139.639.32 8

39.82 7

39.739.638.340.940.939.840. 139.239.839.438.1

38.62.8

40.036 138 834.2

41.437.442 043.040.036 5

40 535.239.733 836.734.5

138. 09

94.699.093 194.792.9

69.993.995.499.3

98.397.288.2

92.890.292.692.0

97.398.379.893.792.9

1,213977267316

5 9011 184

63830

1 196535676603116423275

36 937 042.736.939 639.4

2 g

39.92 6

40.139.239.241.039.940.140.439.739.839.838.3

38.92.8

40.538 139 634 9

41 737.441 343 239.637 0

40 535.339 933 836 734.4

137. 04

92.4100.898 691. 186.9

67.393.096.998.6

92.191.985.5

90.668.691.590.7

97.198.884.394.693.7

1,181967264312

5,9031, 194

64828

1,200538675597116419272

36.936.842.837.139.739.62.7

40.02.5

40.239.939.441. 139.640.040.639.639.940.038.6

38.92.8

40.438.439.635.4

41.637.541.343.039.437.1

40.235.339.833.836.834.4

136. 97

92. 1101.7100.090.485.7

65.394.197.197.8

89.290. 184.9

88.068.090. 990. 3

97.499.386.394.395.4

1,1881,239

262320

5, 9101,197

62831

1,207536677595116419270

37.037.143.038.039.939.62.7

40.12.6

40.639.939.641.439.940.340.439.740.239.638.8

39.12.9

40.539.039.735.4

41.537.641.443.539.537.3

39.935.139.933.636.634.4

137. 32

94.6101.8103.0

92.989.6

63.793.396.899.3

90.794.183.8

88.887.889.393.1

97.799.884.994.995.9

1,1811,254

261318

5,9161,199

63835

1,208535673595117420271

37.136.742.837.139.639.82.8

40.42.7

41.239.439.541.240.340.540.239.841.339.738.8

39.32.9

40.839.440.435.2

41.937.741.642.640.137.0

40.135.039.733.636.734.2

137.55

94.1101.797.693.389.8

62.492.996.898.3

91.893.982.1

88.591.389.292.5

98.3100.787.197.195.4

1,1751,239

258318

5,9011,202

63830

1, 199532672593117424269

36.936.642.736.839.439.52.9

40.12.8

41.740.139.341.440.640.240.139.241.539.337.8

38.92.9

40.736.140.134.7

41.837.341.543.340.036.6

40.335.039.633.536.834.2

136. 76

93.2101.195.392.589.2

60.895.396.198.7

92.593.281. 1

86.790.687.390. 1

97.3100.779.895.893.4

'1,179' 1,226

255316

5,904' 1,197

61'826

1,212'530

670'591'118'431

268

37.036.842.937.939.739.92.8

40.52.8

42.1'40.0

39.7'41.8

40.740.340.239.8

'41.939.738.8

39.12.9

40.437.9

'40.3'35.2

41.837.541.442.240.237.4

40.535.0

'39.733.636.9

'34.1

' 137.89

'94.0' 101. 5

100.292.7

'89.3

'59.1'95.1'97.0

99.1

'93.191.2

'80.7

'88.3'90.6

87.1'91.1

97.7' 99. 6

81.2' 95. 8'95.8

'1,176' 1 ,226

'255'315

5,911' 1,191

'63'826

' 1 ,219'531'667'591

117'433'273

'37.0'36.7'42.4'37.4'39.4'39.7

2.8

'40.1'2.8

'41.640.1

'39.5'41.2

40.7'40.0

40.039.8

'40.2'39.7'38.7

39.2'2.940.4

'38.9'40.6'35.0

'42.2'37.5

41.7'42.0'40.3'38.3

'40.5'35.2

39.633.836.934.2

' 137.74

'93.8' 100. 1' 100. 5'92.5'88.6

'56.7'95.1'97.1'97.9

'93.0'93.3'79.6

'88.1' 86. 9'87.1

91.4

'98.1' 99. 1'86.1'96.5'95.8

1,1911,220

257318

5,9121,178

62828

1,222529669595117441271

37.036.942.837.039.939.92.8

40.52.8

41.840.140.141.441.140.440.440.040.539.938.8

39.32.9

40.439.040.935.1

42.137.741.742.440.438.1

40.835.239.733.737.034.1

138. 31

94.1101.598.793.189.5

57.595.999.998.5

94.094.480.1

89.787.188.392.5

98.398.084.997.496.3

r Revised. *> Preliminary.^Beginning with the June 1970 SURVEY, payroll employment, hours, earnings, and turnover

data reflect actual employment levels for Mar. 1969 and new seasonal factors. Data in the 1969BUSINESS STATISTICS are in accordance with Mar. 1968 benchmarks and are not comparable

with current estimates nor with the revised historical statistics in the BLS 1970 Bulletin No.1312-7, "EMPLOYMENT AND EARNINGS, UNITED STATES, 1909-70" ($4.25), available fromthe Superintendent of Documents, Govt. Printing Office, Wash., D.C. 20402.

*New series. f Data beginning 1968 have been revised to new benchmarks.




1969 1970

Annual

1970


1971

Jan. Feb. Mar. Apr. May?

LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedHOURS AND MAN-HOURS— Continued

Man-hour indexes, seas, adjusted— ContinuedManufacturing indus., nondurable goods— Con.

Paper and allied products . 1967=100Printing and publishing. . . doChemicals and allied products doPetroleum and coal products doRubber and plastics products, nec__ .doLeather and leather products do

WEEKLY AND HOURLY EARNINGSNot Seasonally Adjusted

Avg. weekly gross earnings per prod, worker onpayrolls of private nonagric. estab. H- --dollars. -

Mining . - - doContract construction . .doManufacturing establishments .do

Durable goods _ _ .. do._Ordnance and accessories. . doLumber and wood products doFurniture and fixtures .. .. doStone, clay, and glass products. doPrimary metal industries doFabricated metal products doMachinery, except electrical- . doElectrical equip, and supplies doTransportation equipment doInstruments and related products. . doMiscellaneous manufacturing ind do

Nondurable goods do. ..Food and kindred products doTobacco manufactures . . . d oTextile mill products doApparel and other textile products doPaper and allied products doPrinting and publishing doChemicals and allied products doPetroleum and coal products doRubber and plastics products, nee doLeather and leather products do

Trans., comm., elec., gas, etc.* doWholesale and retail trade do

Wholesale trade doRetail trade.-. . do

Finance, insurance, and real estate... doServices* . do

Spendable earnings per worker (with 3 depend-ents), total private sector? _. .current dollars ..

1967 dollars..Manufacturing current dollars

1967 dollars..Avg. hourly gross earnings per prod, worker on pay-

rolls of private nonagric. estab. 1 dollars ..Mining doContract construction.. _. doManufacturing.. do

Excluding overtime doDurable goods do

Excluding overtime doOrdnance and accessories doLumber and wood products.. doFurniture and fixtures " doStone, clay, and glass products .doPrimary metal industries doFabricated metal products doMachinery, except electrical """doElectrical equip, and supplies doTransportation equipment doInstruments and related products doMiscellaneous manufacturing ind do

Nondurable goods doExcluding overtime do

Food and kindred products doTobacco manufactures doTextile mill products doApparel and other textile products doPaper and allied products doPrinting and publishing doChemicals and allied products .doPetroleum and coal products do...Rubber and plastics products, nee . doLeather and leather products do

Trans., comm., elec., gas, etc.* doWholesale and retail trade do

Wholesale trade "doRetail trade do""

Finance, insurance, and real estate doServices* "do

Miscellaneous hourly wages:Construction wages, 20 cities (E NR): d*

Common labor. . t npr hrSkilled labor . do

Farm, without board or rm., 1st of mo doRailroad wages (average, class I) .do

105.2103.0105.798.2

115.195.0

114. 61154. 80181. 16129. 51140. 01138. 17110. 15105. 85133. 98158. 42138. 94152. 15124. 84161. 85128. 21103. 74115. 53120. 7797.9995.4782.93

139. 32141. 70145. 05170. 40126. 1887.79

147. 7491.14

129. 8578.66

108. 3391.26

99.9991.07

111.44101. 49

3.043.604.783.193.063.393.243.422.742.623.193.793.343.583.093.903.152.662.912.792.962.622.342.313.243.693.474.003.072.36

3.632.563.232.302.922.63

4.6296.5141.55

13.708

101.7101.4102.4102.5107.090.2

120. 16163. 97195. 23133. 73143. 47146. 57117. 51108. 58140. 42159. 18143. 67154. 95131. 27164. 02133. 93109. 52120. 43127. 98110. 3897.7684.37

144. 14147. 78153. 50182. 33128. 9692.88

155. 9395.66

137. 6082.47

112. 9897. 98

105. 1690. 42

115. 9099. 66

3.233.845.223.363.243.563.433.612.962.773.403.943.533.773.294.073.342.83

3.082.973.162.922.452.393.443.923.694.273.202.493.852.713.442.443.072.84

5.2247.3141.64

P 3. 893

104.0102.6102.6101.1111.592.0

117. 34163. 35192. 91131. 80141. 50146. 06114. 62105. 65139. 03156. 35142. 10155. 25128. 30156. 80132. 59108. 64

118. 56124. 49110. 5696.5683.90

140. 53145. 15150. 18179. 77127. 3590.02

149. 2593.88

135. 6680.25

111.8195.70

102. 9589.37

114.3799. 28

3.183.795.093.323.213.523.403.582.882.733.35

3.873.503.753.244.003.292.803.042.933.122 982.422.373.373.853.614.263.162.48

3.752.693.402.413.032.79

4.9636.9631.66

3.819

102.3101.1102.2102.5100.392.4

118. 40162. 26194. 31132. 93

143. 07146. 47117. 09105. 88140. 27157. 56143. 26154. 95129. 49164. 02132. 00108. 47

118. 95127. 98110. 0396.4782.84

142. 12145. 89151. 42181. 90123. 2993.38

153. 1294.50

136. 0681.41

111. 5796.04

103. 7789.69

115. 2799.63

3.203.805.103.343.223.553.423.592.922.753.383.903.523.773.274.063.302.813.052.943.162.992.432.363.403.883.644.253.092.49

3.792.703.412.433.042.80

5.0487.144

3.904

101.4100.8101.7102.8106.892.8

120. 05163. 88196. 99134. 40

144. 94146. 11119. 50107. 92141. 10159. 54145. 49155. 32130. 68170. 56133. 39108. 75119. 95127. 58115. 1497.9384.25

142. 61147. 03152. 72181.04127. 2694.87

156. 2996.12

136. 8082.86

111. 5796.95

105. 0890.35

116. 43100. 11

3.213.825.133.363.233.573.443.592.982.763.40

3.923.543.773.304.103.312.813.062.953.153.032.432 383*. 423.903.684.233.152.493.842.703.422.433.042.81

5.1687.240

3.884

100.7101.5102.0102.8110.392.5

121. 45163. 88200. 20134. 46143. 87143. 28118. 31107. 86141. 25159. 96144. 79153. 06132. 14166. 06132. 87108. 29

121. 44128. 61113. 6396.9684.61

144. 70148. 18153. 59184. 45129. 6893.99

159. 0698.10

137. 8385.16

112. 6198.77

106. 1890. 99

116. 4899.81

3.233.825.203.373.253.573.453.602.982.783.42

3.943.543.773.324.083.332.823.092.983.163.032.432.393.473.923.714.253.212.483.872.713.422.443.062.83

5.3967.501 66

3.874

100.0100.1101.0103.1106.588.0

122. 20163. 97204. 05134. 13

143. 92145. 52122. 31111.00142. 35160. 80144. 89152. 31131. 74164. 40133. 73108. 85121. 04128. 96104. 8197.6085.56

146. 23149. 31153. 68184. 03130. 4191.76

159. 5198.74

138. 3585.40

113. 6599.75

106. 7891.34

116. 2299.42

3.253.845.303.373.253.583.463.623.052.813.43

3.993.563.773.314.113.362.82

3.082.973.132.782.442.413.493.953.734.263.222.48

3.902.723.452.443.082.85

5.427.553

3.935

99.8100.2103.4101.1106.286.9

121. 73164. 55194. 03135. 43145. 56146. 00121. 70108. 92142. 83166. 46145. 44152. 76131. 54167. 66134. 64109. 16

122. 15130. 56108. 2996.1983.45

147. 97151. 18158. 76187. 49132. 0390.86

159. 9597.08

137. 7684.07

113. 0999.76

106. 4090.55

117. 2599.79

3.293.895.363.423.293.633.493.653.052.803.45

4.073.603.803. 334.153.402.853.143.023.202.882.462.443.544.013.784.323.262.513.932.753.472.483.092.90

5.4277.61

3.932

99.199.6

101.2102.5102.087.8

121. 36168. 56203. 79133. 45142. 76147. 53120. 78111.72143. 66157. 61142. 61153. 92132. 47162. 41136.00110. 30122. 07129. 92111. 5099.7584.46

147. 07150. 38155. 70187. 05129. 6092.00

159. 9696.88

139. 2583.08

114. 8299.81

106. 1189.85

115.6897.95

3.283.925.423.373.263.563.443.673.052.803.47

3.993. 533.813.324.013.402.853.133.013.202.832.502.423.514.013.774.313.242.503.942.763.492.483.122.91

5.4807.641 61

3.913

99.499.7

100.2102.0100.587.1

121. 07168. 70196. 57134. 58143. 56151. 07120. 78111.56144. 20157. 21142. 31155. 09134. 00164. 02137. 08112. 03

123. 17131. 54112.81100. 8086.38

147. 55150. 75157. 29186. 62130. 6193. 37

159. 5896.95

139. 7483. 17

115. 55100. 84

105. 8889.35

116. 5898.38

3.293.965.433.393.283.583.463.733.052.813.503.993.543.823.354.033.412.883.153.043.242.932.522.443.534.023.794.333.292.51

3.952.773.522.493.142.94

5.527.67

3.961

98.8100.3100.1103.2100.886.9

122. 43170. 25203. 08138. 45

149. 45154. 54119. 89114. 33144. 96161. 60147. 78157. 49138. 23176. 71138. 00113.88124. 58133.09119. 10101.4586.49

148. 75153. 90158. 08185. 76132. 47

96. 27158. 4097.08

141.1583.73

115.61101. 48

106.9689.81

119. 66100.47

3.303.955.433.473.353.693.573.763.022.833.51

4.053.643.863.434.313.452.923.173.063.273.002.532.453.554.053.804.333.322.54

3.972.753.522.473.152.95

5.537.706

4.001

99.6100.0100.6101.9102.586.5

122. 58168. 75198. 55138. 60149. 57156. 83117. 09110. 09142. 21164. 83147. 17155. 57135. 83182. 10136. 28112. 22

124. 09134. 13115. 28101. 6085.61

147. 74151. 03157. 77185. 64132. 4795. 23

159. 2097.51

141. 3783.66

117. 07101. 62

107. 8390.46

120. 55101. 13

3.343.985.503.503,393.733.613.773,012.833.52

4.083.673.873.434.423.452.933.193.083.323.012.542.463.564.063.824.423.322.56

3.992.813.572.523.192.98

5.6297.8281 76

98.898.7

100.0103.6103.384.9

122. 61167. 60196. 32138. 29

149. 23155. 32120. 56109. 91144. 13166. 05146. 07156. 39134. 85181. 56135. 98111.72

123. 84133. 20107. 81101. 6086.06

148. 21151. 37158. 59189. 50131. 4795.20

161. 6097.92

141. 4584.07

118. 86102. 30

107. 8590.33

120. 31100. 76

3.354.005.533.513.403.743.623.773.062.843.554.103.673.903.444.453.462.94

3.203. 103.333.022.542.483.584.083.844.483.322.584.032.833.592.543.233.00

5.6297.841

'98.4"99.0' 99. 4

' 101. 8' 105. 5

86.5

124.02168. 40204. 42139. 74

151. 50157. 59' 122. 40

112. 29' 147. 44168. 50146. 40159. 17137. 76

'183.40137. 76

' 114. 07

124. 87133. 27

'114.45'102.51' 87. 79

' 149. 76153. 38158. 98187. 26132. 4796.09

' 161. 60' 98. 55

'142.16' 84. 66119. 56

' 102. 30

108. 9590.94

121. 47101. 39

3.374.005.513.523.403.753.633.77

'3.062.853.574.133.663.933.474.433.47

'2.943.213.103.34

'3.112.552.48

'3.604.093.844.483.322.59

'4.03'2.84

3.59'2.55

3.243.00

5.647.878

'99.5'98.5

' 100. 1' 100. 5' 106. 2'90.2

'124.05'170.45'203.87' 139. 08'150.02'157.35'123.11'111.25'147.55'170.97'146.89' 158. 00136.72

'175.08'137.46' 113. 58

125. 32134. 19

'120.64'101.75' 85. 85' 150. 90'154.05'162.15'193.31'133.27' 95. 98162. 41' 98. 83142. 6385.17

'119.93' 102. 30

108. 9790.66

120. 94100. 62

'3.38'4.02'5.51'3.53'3.42' 3. 76'3.64'3.81'3.07'2.86'3.59'4.17'3.70'3.95

3.47'4.41'3.48'2.95

3.23'3.12

3.38'3.20'2.55

' 2.463.61

'4.13'3.87'4.57'3.34'2.58

'4.052.843.622.55

'3.25'3.00

5.7177.992

1.76

98.999.4

100.8101.4108.589.1

125. 46172. 89206. 46141. 65153. 09160. 09126. 77114. 34151. 01173. 46156. 26159. 98139. 65180. 67139. 30113. 78127. 01135. 07125. 39104. 8686.70

152. 82156. 79161. 77195. 57135.4198.16

165. 6099.53

143. 7885.58

121. 03102. 04

3.404.035.583.553.433.783.663.833.132.883.63

4.203.713.963.504.453.502.943.243.133.363.242.572.473.634.173.874.583.362.59

4.072.863.642.573.283.01

5.868.21

p Preliminary. 1 Includes adjustments not distributed by months,rresponding note, p. S-14. *New series

d* Wages as of June 1,1971: Common, $6.014; skilled, $8.365.

§Data for 1970 are calculated on an annual basis with regard to Federal income taxes.Instead of reflecting changes as of July 1, 1970 in personal exemptions and in surtax, datareflect personal exemptions of $625 and surtax of 2.5 percent throughout the year.


S-16 SURVEY OF CUERENT BUSINESS June 1971

Unless otherwisa stated in footnotes below, datathrough 1968 and descriptive notes are as shownin the 1969 edition of BUSINESS STATISTICS

1969 1970

Annual

1970


1971

Jan. Feb. Mar. Apr.i

May

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

HELP-WANTED ADVERTISINGSeasonally adjusted index t 1967=100

LABOR TURNOVERAManufacturing establishments:

Unadjusted for seasonal variation:Accession rate, total

mo. rate per 100 employees..New hires do

Separation rate total do _ _Quit _ __ doLayoff do

Seasonally adjusted:Accession rate total do

New hires/. doSeparation rate total do

Quit doLayoff - _. -- do

INDUSTRIAL DISPUTESStrikes and lockouts:

Beginning in period:\Vork stoppages numberWorkers involved thous

In effect during month :"Work stoppages number\Vorkers involved thous

Man-days idle during period doEMPLOYMENT SERVICE AND UNEMPLOY-

MENT INSURANCENonfarm placements _ thousUnemployment insurance programs:

State programs:Initial claims doInsured unemployment weekly avg do

Percent of covered employment: cfUnadjustedSeasonally adjusted

Beneficiaries weekly average thousBenefits paid mil. $

Federal employees, insured unemployment,weekly average thous

Veterans' program (UCX):Initial claims doInsured unemployment, weekly avg doBeneficiaries weekly average doBenefits paid mil. $

Railroad program:Applications thousInsured unemployment, weekly avg doBenefits paid mil. $

122

4.73.74.92.71.2

5 7002 481

42, 869

5,153

1 177

10, 3851 101

2.1

9232, 127. 9

20

3333734

87.0

10017

37.0

93

4.02.84.82.11.8

v 5, 600P 3, 300

P 62, 000

3,845

2 070

15, 3871,805

3.4

1,5183, 848. 5

31

55679

12818

38.7

100

3.72.64.82.11.7

4.02.85.22.22.0

600429

810495

5,450

352

1 885

1,3331,770

3.4T 3.11,533

' 321.5

27

477067

14.6

816

3.6

97

4.22.84.62.11.5

4.22.75.02.11.9

750309

960580

7,965

339

1 778

1,0101 667

3.23 6

1,462r 293. 6

26

387067

14 0

415

2.4

94

5.43.94.42.11.5

4.02.74.82.21.9

600212

840428

5,040

374

1 696

1,1181 583

3.03 7

1,382' 292. 3

27

477369

15 3

1211

2.3

92

4.42.95.32.12.3

4.12.84.92.21.6

490192

750354

4,378

333

1 897

1,5021 761

3.3'3.51,414

r 314. 7

31

518477

18.0

2115

2.0

91

5.13.55.63.01.7

4.12.94.52.11.8

420135

700202

2,800

330

1 855

1,0681,710

3.23.7

1,500' 313. 1

33

448987

18.6

1617

3.0

87

4.73.46.03.31.7

3.82.74.42.01.9

550539

810655

7,625

345

1 746

1,0791,607

3.04.1

1,375r 299. 9

32

468181

18.3

1218

2.9

78

3.82.75.32.12.2

3.62.45.01.92.2

410159

650608

10, 056

304

1 889

1,2081 724

3.24.4

1,377' 305. 1

33

498375

17.3

1622

3.5

80

3.01.94.31.42.1

3.72.34.81.72.0

27072

510469

6,458

289

2 233

1,4322,017

3.7'4.5

1,553r 341. 9

35

519786

19.1

820

3.7

80

2.41.44.11.22.3

3.82.34.41.91.8

160449

370527

2,438

230

2 632

1,8632 369

4.44.0

1,900' 462. 0

36

59113107

26.2

920

4.2

75

3.52.04.21.41.9

3.72.34.41.61.7

not)222

4.4.0286

2 709

257

3 195

1,7562,799

'5.23.7

2,302526.7

37

56127123

27.8

1431

4.7

77

3.21 93.51.31 5

3 92 44.21.71.6

330114

490169

1 771

233

3,216

1,2912,751

5.23.8

r 2, 423' 5, 577

37

50128114

T 28.2

3822

4.4

78

'3.52.2

••3.71.5

' 1.4

'3.82.5

'4.11.7

'1.6

410116

590200

2,292

295

3 091

1,265' 2, 577

4.83.9

2,339631.0

35

57128128

33.3

3019

4.6

"78

i>3.6^2.3*3.8p l . 6» 1. 4

"3.9*2.5M. 1*1. 7*1.6

540174

750254

2,184

309

2 756

2 283

4.34.0

31

121

FINANCE

BANKING

Open market paper outstanding, end of period:Bankers' acceptances mil $Commercial and finance co. paper, total do

Placed through dealers doPlaced directly (finance paper) do

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:

Total, end of period. mil $Farm mortgage loans:

Federal land banks _ _ doLoans to cooperatives doOther loans and discounts.. ._ do

Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:

Total (233 SMS A 's)O bll. $New York SMSA do

Total 232 SMSA's (except N.Y.) do6 other leading SMSA 'si do226 other SMSA's do .

Federal Reserve banks, condition, end of period:Assets, total? mil. $__

Reserve bank credit outstanding, total 9 ..doDiscounts and advances doU.S. Government securities do

Gold certificate account do

Liabilities, total 9 do

Deposits, total doMember-bank reserve balances do

Federal Reserve notes in circulation do

5,45131,70911,81719, 892

13, 204

6,7141,7324,758

84, 050

60, 841183

57,154

10, 036

84, 050

24, 33822, 085

48, 244

7,05831, 76512, 67119, 094

14, 773

7,1862,0305,557

90, 157

66, 795335

62, 142

10, 457

90, 157

26, 68724, 150

51,386

5,61438,01113, 73524,276

14, 032

6,8911,8285,313

10,164.24, 422. 0

5,742.32, 417. 93,324.4

84,690

60,729545

56,508

11,045

84,690

25,89523,082

47,254

5,80139,72413, 95225,772

14, 190

6,9421,7965, 452

10,015.74, 249. 4

5,766.42, 460. 03,306.4

84,024

61,6831,451

57, 307

11,045

84,024

25,18723,041

47, 879

5,84937,79812, 98924,809

14, 353

6,9951,7495,609

10,136.34, 366. 0

5,770.32, 443. 33,327.0

84,102

60,728420

57, 714

11,045

84,102

23,97021,991

48, 391

5,97336,96112, 03424,927

14, 308

7,0261,7625, 519

10,207.84, 324. 3

5,883.62, 508. 23,375.3

84, 794

62, 4111,292

58, 597

11,045

84, 794

25, 25323, 072

48, 746

5,97936,57012, 04424,526

14, 338

7,0611,7785,499

10,550.54, 770. 6

5,779.92, 478. 83,301.1

85, 708

62, 089538

59, 947

11, 045

85, 708

24, 53622, 557

48, 952

5,84833,95812, 51821,440

14, 443

7,1011,8525,489

10,552.04, 668. 1

5,883.92, 502. 93,381.0

87, 366

63, 297852

59, 975

10, 819

87, 366

26, 03723, 938

49, 128

6,16734, 40113, 08421, 289

14, 573

7,1371,9735,463

10,780.24, 899. 8

5,880.52, 497. 43,383.0

86,609

63, 527428

60, 015

10, 819

86,609

26, 00724, 206

49, 314

6,26733, 96613, 30120, 665

14, 616

7,1562,0205,439

10,533.94, 824. 0

5,709.92, 420. 13,298.8

88, 464

63, 737300

61, 233

10, 827

88, 464

24, 10422, 689

50, 390

7,05831, 76512, 67119, 094

14, 773

7,1862,0305,557

10,896.55, 016. 1

5,880.32, 480. 13,400.2

90, 157

66, 795335

62, 142

10, 457

90, 157

26,68724, 150

51,386

6,91232, 29513, 43318, 862

14, 957

7,2102,1195,628

10,710.14, 825. 9

5,884.22, 475. 23,409.0

88, 334

64, 900308

61, 783

10, 464

88, 334

26, 44124, 565

50, 206

6,98432, 50613, 92118, 585

15, 206

7,2582,1645,784

11,535.45,477.4

6,058.02, 550. 43,507.6

88, 536

65, 616263

62, 462

10, 464

88, 536

26, 39624, 409

50, 200

7,17431, 22313, 67017, 653

15, 492

7,3472,1535,993

'11,443.25,309.7

'6, 133.52,522.6

'3,610.9

90, 681

67, 387391

64,160

10, 464

90, 681

27, 74825, 895

50, 593

7,30131, 36713, 48917, 878

15, 718

7,4262,1136,179

11,679.15, 356.8

6,322.32,617.03, 705. 3

P90, 357

66, 66581

63, 858

10, 475

*90, 357

26, 94924, 735

50,889

' Revised. p Preliminary. ^Monthly data prior to 1969 will be available later.A See note "1", p. S-14.

§Beginning Jan. 1970, data include claims filed under extended duration provisions ofregular State laws.

cf Insured unemployment as % of average covered employment in a 12-month period.OTotal SMSA's include some cities and counties not designated as SMSA's.^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los

Angeles-Long Beach. 9 Includes data not shown separately.




1969 1970

End of year

1970


1971


FINANCE— ContinuedBANKING- Continued

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total .. mil. $..Required - - doExcess _ do

Borrowings from Federal Reserve banks. __doFree reserves __do

Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:t

Deposits:Demand, adjustedc? -- jsiil. $

Demand total 9 doIndividuals, partnerships, and corp doState and local governments... _doU S Government . doDomestic commercial banks . . do .

Time, total 9 doIndividuals, partnerships, and corp.:

Savings.. do. ..Other time do

Loans (adjusted) , totalc? doCommercial and industrial doFor purchasing or carrying securities. _ doTo nonbank financial institutions do. _ _Real estate loans . doOther loans _ _ .. _ _ d o

Investments, total . _ _ doU.S. Government securities, total do ._

Notes and bonds doOther securities do

Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates) , seas, adj.:

Total loans and investments© bil. $..LoansO . . . . . doU.S. Government securities doOther securities do

Money and interest rates: §Bank rates on short-term business loans:

In 35 centers percent per annum..New York City... do....7 other northeast centers _. do

8 north central centers .do7 southeast centers do8 southwest centers. do4 west coast centers do

Discount rate (N.Y.F.R. Bank), end of year ormonth... percent..

Federal intermediate credit bank loans do

Home mortgage rates (conventional 1st mort-gages):

New home purchase (U.S. avg.)_. percent-Existing home purchase (U.S. avg.) .do

Open market rates, New York City:Bankers' acceptances (prime, 90 days) doCommercial paper (prime, 4-6 months). _doFinance Co. paper placed directly, 3-6 mo. doStock Exchange call loans, going rate do

Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent..3-5 year issues ... do

CONSUMER CREDIT(Short- and Intermediate-term)

Total outstanding, end of year or month mil. $..

installment credit , total do

Automobile paper doOther consumer goods paper doRepair and modernization loans .-do...Personal loans do

By type of holder:Financial institutions, total do

Commercial banks doFinance companies If do

Credit unions _ doMiscellaneous lenders^ do

Retail outlets, total doAutomobile dealers do

i 28, 031i 27, 774

125711,0861-829

2 90,288

2 150,8972 105,605

2 7, 9422 2, 989

220,801

2 96, 589

2 46, 4902 36, 502

2 175,756281,491

2 7,8112 13, 1482 33, 6172 44, 177

2 59, 5362 23, 8532 19, 7892 35, 683

2 401. 32 278. 1

251.9271.3

38.2138.0238.53

38.2437.9338.1938.18

6.00

37.23

37.6637.68

47.6147.8347.16

4 6. 67746.85

122, 469

98, 169

36, 60227,6094,040

29, 918

84,98240,30531, 734

11, 5941,349

13, 187336

1 29, 265128,993

12721321

1 -49

2 87, 739

2 147,3552 103,149

2 6, 7742 4, 380

2 21, 704

2119,443

2 48, 0352 51, 650

fc-180,4292 81, 693

2 8, 5602 13, 6422 34, 0352 50, 906

2 72, 1942 28, 061221,9832 44, 133

2 432. 52288.9258.0285.6

38.4838.2238.86

38.4638.4438.523 8. 49

5.50

38.50

38.2738.20

4' 7. 314' 7. 724' 7. 2347.95

4' 6. 4584' 7. 37

126, 802

101, 161

35, 49029, 9494,110

31, 612

87,06441,98531, 123

12, 5001,546

14,097327

28,09627, 978

118822

-704

80,547

131, 78591, 6936,4584,281

16, 407

99, 281

45, 86936,785

'168,51178, 5666,493

11,11133, 40145, 178

60, 86622, 87819, 45537, 988

403.5277.052.474.0

6.00

8.75

8.248.19

7.548.067.268.00

6.4807.49

120, 402

97,104

36, 26426, 8503,960

30, 030

84, 80240, 24531, 537

11, 6441,376

12, 302332

27, 91027, 729

181976

-795

' 77,924

'134,001' 91,547'6,290' 3, 440' 18,960

' 99,536

' 46,113' 37,033

'167,724' 78,086'6,089' 11,070' 33,439' 45,353

' 60,572' 22,662' 20,175' 37,910

405.9278.053.474.5

8.498.248.86

8.448.448.618.42

6.00

8.67

8.288.18

8.028.237.438.00

7.0357.97

121, 346

97, 706

36, 45527, 0554,003

30, 193

85, 33540, 51531, 595

11, 7781,447

12,371333

27,56727,380

187888

-701

' 84,160

'139,086' 95,253' 7, 654' 5, 112' 18,802

'101,580

' 46,414' 38,509

'172,557' 80,094' 5, 987' 12,997' 33,526' 47,271

' 60,346' 22,035' 19,945' 38,311

406.4277.454.175.0

6.00

8.66

8.318.19

7.788.217.558.00

6.7427.86

122, 542

98, 699

36, 80927,3034,040

30. 547

86,31140, 97931,862

12, 0301,440

12, 388336

28, 12827, 987

1411,358

-1,217

79, 857

128, 66991, 0295,6954,887

17, 072

106, 495

46,33541, 862

'171,85879, 3195,934

13, 05333, 62045, 428

61,26823, 37819, 64437, 890

412.8281.555.875.5

6.00

8.66

8.328.21

7.618.297.648.00

6.4687.58

123, 092

99, 302

36, 91827, 5384,081

30, 765

86, 87641, 70331, 561

12, 1411,471

12, 426337

28,34928,204

145827

-682

' 79,713

'131,607' 93,030' 6, 194' 3, 815' 18,235

'110,633

' 46,327' 44,897

'173,241' 79,504' 6, 235' 13,037' 33,743' 47,389

' 63,449' 24,764' 21,014

418.3284.1

57.576.7

8.508.248.89

8.478.498.538.54

6.00

8.62

8.358.25

7.207.907.488.00

6.4127.56

123, 655

99,860

36, 90827,8014,104

31,047

87,31541,93431, 588

12, 2921,501

12, 545337

28,82528,553

272607

-335

80,407

140, 01894, 5167,6825,798

20, 962

113,635

46, 81147, 540

'175,62781, 1546,091

13, 22933, 93946, 574

64,85124, 79320, 59840, 058

423.7287.357.678.8

6.00

8.51

8.318.27

7.037.327.127.90

6.2447.24

123, 907

100, 142

36, 73828, 0554,123

31, 226

87,47142, 05131, 510

12, 4091,501

12, 671337

28,70128,447

254462

-208

' 80,780

131, 02392, 3765,9253, 722

19, 382

114, 820

47, 01349,086

'173,82679, 9686,436

12, 57334,06547,025

66, 31925, 59320, 72040, 726

' 424. 4' 287. 3

56.380.8

6.00

8.30

8.338.20

6.546.856.767.75

5.9277.06

123, 866

99, 959

36, 51828, 1524,126

31, 163

87, 24342, 01031, 309

12, 4221,502

12, 716335

28,55828,432

120425

-305

' 83,086

'139,560' 96,854' 6, 808' 4, 220' 20,752

'116,426

' 47,475' 50,376

'174,487' 80,132' 7, 153' 12,604' 34,059' 49,013

' 70,017' 27,364' 21,868' 42,653

' 428. 2'288.4'56.7'83.1

8.077.748.47

8.058.158.088.16

5.75

8.08

8.268.18

5.796.306.167.40

5.2886.37

123, 915

99, 790

36,01128, 3784,133

31, 268

86, 82041, 74031, 081

12,4381,561

12, 970332

29,26528, 993

272321

-49

87, 739

147, 355103, 149

6,7744,380

21, 704

119, 443

48,03551, 650

'180,42981, 6938,560

13, 64234:03550, 906

72, 19428,06121, 98344, 133

' 435. 1' 290. 5'58.5'86.0

5.50

7.86

8.208.12

5.325.735.486.92

4.8605.86

126, 802

101, 161

35, 49029, 9494,110

31,612

87, 06441, 89531, 123

12, 5001,546

14, 097327

30, 48830, 209

279370-91

82,284

138,24994,8836,4606,56319,651

123, 102

49,14553,770

'175,20180,0397,292

12,61734,28448,093

73,22928,26822,32244,961

'438.9' 292. 0'58.7'88.2

6. 277.18

6.837.046.726.81

5.00

7.64

8.037.94

4.775.115.076.28

4.4945.72

125, 077

100, 101

35,00429, 5754,067

31, 455

86, 30841,61130, 791

12, 3531,553

13, 793324

29,88029,679

201328

-127

81,234

'135,24993,7446,4834,320

20, 175

125,842

50,45854, 889

'175,63580,8006,915

12,41234,41649,007

73,61827,59322, 36146,025

'444.6'295.2'59.9'89.6

66.586.266.80

6.656.886.596.63

4.75

7.24

7.747.67

4.094.474.375.88

3.7735.31

123, 815

99, 244

34, 86928, 9284,051

31, 396

85, 91041, 44630, 511

12, 3511,602

13,334323

'29,686'29,487

'199319

'-120

82, 590

'146,45699, 2656,9572,873

24,704

129, 175

52,97355, 544

'177,24081, 2087,314

13, 27834,55348, 224

75, 51528,06022, 38447, 455

'448.6'295.2'61.4'92.0

4.75

6.80

7.52'7.47

3.804.194.055.49

3.3234.74

123, 604

99, 168

35, 02828, 5914,045

31,504

<86, 01541, 56330, 326

12, 5091,617

13, 153325

'29,885'29,745

' 140148

' -8

82, 275

141,47497,0996,3535,833

'20,750

129, 338

'53,043'54,797

'177,20681, 1916,716

13,29534,73048,935

75, 67826, 56922, 16049, 109

'448.7'294.8'60.2'93.6

4.75

6.35

7.367.35

4.364.574.275.32

3.7805.42

125, 047

100, 028

35, 49628,6824,077

31, 773

86, 80542,09430, 369

12,6861,656

13, 223330

30,41030, 113

297330

-33

84,895

143,367100, 470

7,2212,765

21,991

131, 141

53, 53955, 738

179, 95381,9826,975

13,86935,08950, 653

74,91325, 45921, 65749,454

453.0297.960.294.9

4.75

4.915.104.695.50

4.1396.02

' Revised. *> Preliminary. e Corrected.i Average for Dec. 2 Beginning June 1969, data are revised to include all bank-premises

subsidiaries, and other significant majority-owned domestic subsidiaries; also, loans andinvestments are now reported gross. For complete details see the Aug. 1969 Federal ReserveBulletin. 3 Average for year. * Daily average. s Revised series. Feb. 1971 data onold bases are m Jan. 1971 col.; details will be in June 1971 Federal Reserve Bulletin.

I Revisions for Jan. and Feb. 1970 are in the Mar. 1971 Federal Reserve Bulletin.d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic

commercial bank and U.S. Government, less cash items in process of collection; for loans,

exclusive of loans to and Federal funds transactions with domestic commercial banks andafter deduction of valuation reserves (individual loan items are shown gross; i.e., before deduc-tion of valuation reserves).

9Includes data not shown separately. ©Adjusted to exclude interbank loans: be-ginning June 1969, data are reported gross. §For bond yields, see p. S-20.

^Finance companies consist of those institutions formerly classified as sales finance, consumerfinance, and other finance companies. Miscellaneous lenders include savings and loan associa-tions and mutual savings banks.Digitized for FRASER




1969 1970

Annual

1970


1971


FINANCE—Continued

CONSUMER CREDIT— ContinuedOutstanding credit— Continued

Nonlnstallment credit, total mil $Single-payment loans, total do

Commercial banks _ __ _do __Other financial institutions do

Charge accounts, total doRetail outlets do ...Credit cards do

Service credit do

Installment credit extended and repaid:Unadjusted :

Extended, total doAutomobile paper _ _ do .Other consumer goods paper doAll other .. do

Repaid total doAutomobile paper doOther consumer goods paper _ . do _.All other do

Seasonally adjusted:Extended, total do

Automobile paper doOther consumer goods paper doAll other do

Repaid, total _ doAutomobile paper doOther consumer goods paper doAll other do _

FEDERAL GOVERNMENT FINANCEBudget receipts, expenditures, and net lending: J

Expenditure account:Receipts (net).. mil. $..Expenditure (excl. net lending) .do

Expend acct surplus or deficit (~) doLoan account:

Net lending do

Budget surplus or deficit ( — ) doBudget financing, totalt do

Borrowing from the public doReduction in cash balances do...

Held by the public doBudget receipts by source and outlays by agency :J

Receipts (net) total mil $Individual income taxes (net) doCorporation income taxes (net) doSocial insurance taxes and contributions

(net) mil. $..Other do

Expenditures and net lending, total 9 doAgriculture Department doDefense Department military doHealth, Education, and Welfare Department

-mil «

Treasury Department doNational Aeronautics and Space Adm do

Receipts and expenditures (national income andproduct accounts basis), qtrly. totals seas. adj.at annual rates:

Federal Government receipts, total bil. $_.Personal tax and nontax receipts do

Indirect business tax and nontax accruals-doContributions for social insurance do

Federal Government expenditures, total.. .doPurchases of goods and services do

National defense. . _ doTransfer payments ...doGrants-in-aid to State and local govts doNet interest paid ._ doSubsidies less current surplus of government

enterprises bil $

Surplus or deficit (— ) do

LIFE INSURANCE

Institute of Life Insurance:

Government securities* doCorporate securities* doMortgage loans total do

Nonfarm do

Real estate doPolicy loans and premium notes doCash doOther assets do

24,3009,0967,9001,196

8,2346,6501,5846,970

102, 88832, 35433, 07937, 455

94, 60929, 88230, 36934, 358

1 187,7841 183,072

i 4 712

i — l 476

i 3 2361-3,236— 11,146

i 7, 910

367 1441 279,483

i 187 784J 87,249

i 36, 678

139,9181 23,940

18 330i 77 872

i 16,924i 4, 2471 7 fifiQ

200.695.939 219.146.5

191.3101.378.852.120.213.1

4 6

9.3

25,6419,4848,2051,279

8,8506,9321,9187,307

104, 13029, 83136, 78137, 518

101, 13830, 94334, 44135, 754

1 193,7431 194,460

i —710

i —2 128

i —2 845i 2, 845i 5, 397

i -2,552

i 382 603i 284 880

1 193 743i 90, 412i 32, 829

i 45, 2981 25, 203

i 8 307i 77 150

1 ^9 3^8

1 19, 510i 3, 7491 R fi'vl

194.891.634 319.649.3

206.399.776.662.024.514.5

5 6

-11.5

23, 2989,1027,8921,210

6,9005,2891,6117,296

8,7732,7762,7923,205

8,3312,6002,7562,975

8,4912,571

3,077

8,1952,5272,7292,939

22,04317,8584,186

-200

3,986-3,986—4, 691

705

379, 316286, 584

22,04310, 7014, 578

4,4192 qqo

18 057'320

6,531

5 4851,745

332748

IQQ no10 8385.1072.7967.12

6.0314.761 268.31

23,6409,1597,9251,234

7,2735,6331,6407,208

8,8572,6963,0083,153

8,2552,5052,8032,947

9,0042,5953, 1833,226

8,5892,6002,8883,101

13,98616,337

—2 351

-108

-2 4592,4591,4521,007

382 932288, 036

139865,258

714

5,851

Ifi 44*i320

6,185

4 8091,689

285803

m l 710.90816372.9867.32

6.0614 951.228.43

23,8439,2398,0051,234

7,4735,7651,7087,131

9,5343,0233,0193,492

8,5412,6692,7713,101

8,6832,587

3,171

8,2422,5732,7502,919

22, 56114,8717,690

-480

7,210-7,210

-4,054

382, 603284, 880

22, 5619,3537,329

3,769

15 351182

6,634

4 9501,776

378728

196.793.534 919.448.9

210.999.776.864.425.114.3

5.3

2.1-14.2

1 QQ fi810.7984.6673.1667.50

6.1015 181.418.38

23, 7909,2548,0051,249

7,5095,7271,7827,027

9,4972,9523,1413,404

8,8942,8432,9063,145

9,0652,685

3,256

8,6222,7522,8742,996

12, 60919,344

-6, 735

17

-6, 7186,7185, 997

721

388 214290, 877

12, 6096,281

838

3,184

19 3272,6496,570

4 6261,670

268730

201 0011.0785.4073.3567.69

6.1115.351.298.38

23, 7959,2948,0411,253

7,5085,6641,8446,993

8,9152,5403,1523,223

8,3572,5502,8892,918

8,8092,537

3,104

8,5772,6322,9672,978

15, 17217, 429

-2,257

-66

-2,3232,323

-393

392, 545293, 593

15, 1727,219

484

5,330

17 4951,0326,059

4 7201,851

282764

201 9211.0985.8473.4367.77

6.1615.521.378.51

23, 7659,3168,0621,254

7,4895,6171, 8726,960

8,5802,4023,0973,081

8,2982,5722,8432,883

8,8492,621

3,157

8,4902,5992,9132,978

18, 72517, 3291,396

-114

1,281-1,281— 1,347

66

390 335292, 246

18, 7259,4494, 278

2,962

17 443304

6,160

4 866ilsis

282719

194.989.435 720.149.7

206.798.675.862. 924.414.8

5.6

.4-11.8

203 1511.0086.6873.5467.98

6.2015.671.388.68

23, 9079,3138,0591,254

7,6565,7971,8596,938

8,6702,4633,2003,007

8,8532,6833,1033,067

8,5802,3493 1133,118

8,6622,5503,0363,076

11,493

-5, 997

-150

-6,1476,1472 5613,586

391, 840294, 808

11, 4936,110

669

2,6972 018

17, 6401,1576,140

4,8861,264

765

203 9211.0387.1073.7368.06

6.2615.811.308.70

24, 1259,3458,0711,274

7,7575,8841,8737,023

8,2712,0063,1473,118

8,4402,5132,9213,006

8,4142,1273,1133,174

8,7162,5773,0823,057

14, 134ifi filfi

-2, 482

-112

-2, 5942,5943 306-712

395, 274298, 113

14, 1347,181

524

4,1082,322

16, 728695

5,851

4,7581,854

9fifi827

205 0611.0587.7673.8568.19

6.3115.921.478.71

25, 6419,4848,2051,279

8,8506,9321,9187,307

10, 1942,0454,5623,587

8,8232,5662,9913,266

8, 5362,1703,2813,085

8,5152,618

2,952

15, 42915 876-447

326

-121121

3 024-2, 903

400, 825301, 138

15, 4296,2094 484

2,5451 717

15, 550353

6,521

5,0371,699

01 0

806

191.790.332.019.549.9

209.998.274.665 425.814.7

6.0

.0-18.1

206. 1910.9788.1874.3468.69

6.3616.021.598.72

24, 9769,4808,1961,284

8,0946,1441,9507,402

7,5451,9972,8682,680

8,6052,4833,2422,880

8,9162,4613,2523,203

8,8292,6233,1453,061

15, 77316 870

-1,097

-245

-1, 3411,341

660681

401, 020301, 798

15, 77310, 579

526

2,7201,949

17, 115886

5,777

4,9981,785

262765

208. 2111.0390.1374.3768.78

6.3416.111.298.94

24, 5719,5068,2051,301

7,3535,4351,9187,712

7,4892,3362,4312,722

8,3462,4713,0782,797

9,0812,6873,2043,190

8,9792,6363, 2123,131

15,13016 717-1,096

170

-1,4171,417

2401,177

402, 342302, 038

15, 1306,493

372

5,9432 321

16,546191

5,720

5,0491,803

OQK

794

209 8811.1391.0474.4468.87

6.4516^221.589.03

24, 4369,5578,2491,308

7,2075,3161,8917,672

9,5753,0743,0763,425

9,6512,9153,4133,323

9,5332,8973,2103, 426

9,0382,6963,1643,178

13, 20518 328-5, 123

-318

-5, 4415,441

6754,766

403, 863302, 713

13, 2053,3663,523

3,9902,326

18,646320

6,309

5,3741,869

333962

'201.8*89.8••35.7*20.6••54.9

P214. 2598.4*74.0pfiR 4.

*27.1*14. 2

'6.0

.0' -13. 2

211. 5011.0292.6374.5268.97

6.4916.291.568.99

25, 0199,6768,3501,326

7,6895,7741,9157, 654

10, 0793,1003,3633,616

9,2192,6323,2723,315

9,7512,8723,4153,464

9,0882,5663,2493,273

21, 02417 7693,255

-49

3,2063,206-271

-2, 935

403, 742302, 442

21, 0249,6304,015

4,9702,409

17, 818281

6,041

5,2261,816

252881

r Revised. *» Preliminary.1 Data shown in 1966 and 1970 annual columns are for fiscal years ending June 30 of the

respective years; they include revisions not distributed to months.

% Revisions for July 1967-Apr. 1969 for budget receipts and expenditures and for Jan .-Mar.1969 for assets of all U.S. life insurance cos. will be shown later.

9 Includes data for items not shown separately. *New series.




1969 1970

Annual

1970


1971


FINANCE—ContinuedLIFE INSURANCE— Continued

Institute of Life Insurance— ContinuedPayments to policyholders and beneficiaries in

U.S., total— mil. $__Death benefits . _.- doMatured endowments doDisability payments doAnnuity payments doSurrender values _ _ _ _ do_ _ _Policy dividends . do

Life Insurance Agency Management Association:Insurance written (new paid-for insurance) :}

Value, estimated total mil. $-.Ordinary (incl. mass-marketed ord.) doGroup. - doIndustrial do

Premiums collected:Total life insurance premiums do

Ordinary (incl. mass-marketed ord.) doGroup . . . . d oIndustrial . .do

MONETARY STATISTICSGold and silver:

Gold:Monetary stock, U.S. (end of period) ...mil. S.-Net release from earmark§ doExports _ thous. $._Imports doProduction:

South Africa mil. $..Canada doUnited States do

Silver:Exports thous. $_.Imports . doPrice at New York _dol. per fine oz._Production:

Canada __ thous. fine oz1..Mexico ._ doUnited States . . do

Currency in circulation (end of period) bil. $..

Money supply and related data (avg. of daily fig.) :©Unadjusted for seasonal variation:

Total money supply . bil. $Currency outside banks.. doDemand deposits _ do

Time deposits adjustedl- doU.S. Government demand depositsU do

Adjusted for seasonal variation:Total money supply do

Currency outside banks doDemand deposits . do

Time deposits adjusted! doTurnover of demand deposits except interbank and

U.S. Govt., annual rates, seas, adjusted:Total (233 SMSA's) O_ .ratio of debits to deposits..

New York SMSA . . doTotal 232 SMSA's (except N.Y.). . . do

6 other leading SMSA'sd" - do226 Other SMSA's do

PROFITS AND DIVIDENDS (QTRLY.)Manufacturing corps. (Fed. Trade and SE O.-

Net profit after taxes, all industries mil. $..Food and kindred products. doTextile mill products _ doLumber and wood products (except furniture)

mil. $Paper and allied products . . doChemicals and allied products doPetroleum refining doStone, clay, and glass products doPrimary nonferrous metal . doPrimary iron and steel doFabricated metal products (except ordnance,

machinery, and transport, equip.) mil $Machinery (except electrical) doElec. machinery, equip., and supplies doTransportation equipment (except motor

vehicles, etc.) mil. $..Motor vehicles and equipment... _ _ _ d oAll other manufacturing industries do..."

Dividends paid (cash) , all industries doElectric utilities, profits after taxes (Federal Re-

serve) _ mil. $

SECURITIES ISSUED

Securities and Exchange Commission:Estimated gross proceeds, total... . mil. $

By type of security:Bonds and notes, total do

Corporate "do"""Common stock doPreferred stock do

15,524.56, 758. 1

952.6204.7

1,558.62, 721. 63,328.9

159, 283113, 500

39, 3296,454

18, 93313, 1423,4921,299

10, 367755

12, 287236, 905

1, 090. 785.2

1 156, 7201 80, 061

1.791

41, 92642, 90441, 552

54.0

201.544.8

157.0198.8

5.6

33,2482,382

621

640987

3,5915,884

8221,4141,221

1,3263,1382,594

9452,8454,835

15, 058

3,186

52, 747

44, 35118, 3487,714

682

16, 449. 47, 017. 3

978.3232.9

1, 757. 12, 886. 43, 577. 4

2193, 593122, 661264, 422

6,610

19, 94014, 9123,7531,275

10, 732-615

37, 789237, 464

81.8

27, 61364, 9571.771

47,483

57.1

210.047.7

162.3208.4

6.4

28, 5722,549

413

304719

3,4345,893

6271,297

692

1,0662,6892,349

5931,4244,522

15,0

v 88, 665

79, 98530,2647,2921,388

1, 387. 6608.685.719.9

153.1254.0266.3

15, 49910,511

4, 431557

1,6421,248

30193

11,367-2272

13, 865

92.86.6

3,4148,0041.853

3,503

4,893

53.0

209.346.6

162.6199.3

5.3

208.347.1

161.2198.5

72.8149.752.175.842.5

5,891

5,1902,469

63467

1, 292. 4557.381.018.1

141.4245.2249.4

13, 79410, 111

3,073610

1,5811,214

27394

11,38733

24, 06812, 398

94.57.0

4,4234,2981.670

3,497

4,457

53.7

205.347.3

158.0201.1

6.4

209.247.7

161.6200.3

73.4150.653.378.443.0

9,548

9,0803,441

39969

1, 405. 6613.484.321.1

141.2256.2289.4

15, 20510, 759

3,898548

1,6591,237

33092

11, 367_i159

11, 602

96.67.2

1,8154,5921.639

2,983

4,171

54.4

207.847.7

160.1202.3

6.5

209.647.8

161.9202.2

73.1149.352.777.542.7

7,96661196

91210913

1,435211402215

324763640

175739

1,140

3,873

6,985

5,9642,368

799222

1, 301. 6575.375.419.1

149.0243.2239,6

14,53310, 0933,887

553

1,7071,264

35094

11,36723

23929,516

95.26.8

1,2683,7411.687

3,513

4,422

54.5

209.048.3

160.7208.1

6.8

210 648.1

162.5208.2

73.1145.353.679.443.1

5,896

5,2792,151

52988

1, 301. 1549.572.418.2

149.4223.4288.2

230, 8839,688

220, 671524

1,6071,202

30797

11,367-66449

11, 531

96.36.3

2,8706,6761.798

3,164

54.7

208.748.3

160.4214.0

7.1

211. 848.2

163.7213.2

75.7162.852.577.942.2

8,155

7,8171,935

24692

1, 348. 1567.977.021.6

146.1235.8299.7

14, 0759,6523,860

563

1,4751,154

32191

11,117-328

33027, 115

96.26.6

1,8885,3011.802

3,380

54.8

211.448.2

163.1218.4

6.8

212.848.2

164.6218.5

75.3161.053.077.942.8

6,973701110

93161849

1,437225280154

290657556

13860

1,263

3,405

8,199

7,4952,814

528176

1, 329. 9565.681.418.8

148.7231.5283.9

14, 06510, 620

2,864581

1,7081,308

30595

11,117-6253

14, 536

96.66.9

1,0794,4191.746

3,707

55.0

213.048.5

164.5222.5

6.1

213.048.5

164.5222.2

78.1175.953.478.443.2

8,353

7,2702,694

903180

1, 231. 2519.178.520.5

149.7216.9246.5

14, 75810, 506

3,729523

1,5961,198

30495

11,117-27618

62, 760

6.5

1,2773,7631.760

4,262

56.4

215.349.2

166.1224.6

5.6

213.548.7

164.8225.0

75.6168.551.675.841.8

9,040

8,1423,283

774124

1, 810. 9681.981.617.6

122.1262.7645.0

21,85312, 325

9,031497

2,0821,457

392234

10, 732-282

10, 67114, 223

6.8

5.8904,8761.635

3,735

57.1

221.150.0

171.1228.7

7.1

214.648.9

165.7230.4

77.0170.652.476.742.6

6,73966498

55136799

1,633157234110

187621676

11599

1,153

4,025

7,651

6,9413,270

541168

1, 286. 2550.584.820.7

160.4222.3247.5

12, 1948,8282,832

536

10, 732-32

15, 47310, 411

7.0

4,2185,2671,640

3,336

55.3

221.349.1

172.1234.5

6.6

214.849.2

165.5235.3

76.4168.352.877.342.9

'7,438

' 6, 949'2,627

'413'76

1,328.3591.580.018.2

154.5229.4254.7

12, 5809,6152,401

564

10, 732-23

2,37937, 721

6.6

1,9702,7461.600

5,280

55.6

215.549.2

166.3240.3

8.3

217.349.6

167.7240.9

82.2191.354.280.143.9

'6,523

' 5, 998'2,476

'424100

1,571.7702.095.623.8

166.7275.6308.0

17, 02011, 8954,503

622

10, 732-76

9,77420, 296

6.7

3,2735,2041.669

56.3

217.449.5

167.8246.9

5.4

219.450.0

169.4246. 1

79.6183.553.476.844.1

6,99561293

88128907

1 52469

210204

226520542

101867903

3,805

11,070

9,7784,782

99311

1,414.4611.187.719.9

161.3249.7284.7

16,23711, 0154,487

735

10, 732-38

2,61420,795

2,6615,9071.726

56.3

'222.250.1

' 172. 1249.2

5.5

' 221. 150.5

' 170. 5248.3

80.6185.654.579.344.7

7,641

6,2252,591

878537

10, 332

219.950.5

169.4252.1

7.8

224.150.9

173.2251.3

'Revised. * Preliminary. 1 Monthly data beginning July and annual total figuresexclude silver coin. 2 Includes $17.2 bil. GLI. {Revisions for Jan. 1968-Feb. 1969 willbe shown later.

§0r increase in earmarked gold (—). eBegirming Dec. 1970 SURVEY, data reflect new bench-marks and changes in seasonal factors, as well as the improved handling of international

transactions of specialized banking institutions. Revised monthly data back to 1959 willbe available later. ^[At all commercial banks. OTotal SMSA's include some cities and coun-ties not designated as SMSA's. ^Includes Boston, Philadelphia, Chicago, Detroit, SanFrancisco-Oakland, and Los Angeles-Long Beach.Digitized for FRASER


S-20 SUBVEY OF CURRENT BUSINESS June 1971


1969 1970

Annual

1970

Apr. May June July Aug. Sept. Oct. Nov. | Dec

1971


FINANCE—Continued

SECURITIES ISSUED— Continued

Securities and Exchange Commission— ContinuedEstimated gross proceeds— Continued

By type of issuer:Corporate total 9 mil. $

Manufacturing doExtractive (mining) doPub lie utility . -do. .

Transportation § doCommunication __ do _Financial and real estate.- do

Noncorporate, total 9 doU S Government -- .. __doState and municipal do. . .

State and municipal issues (Bond Buyer) :Long-term _ doShort-term do

SECURITY MARKETS

Brokers' Balances(N.Y.S.E. Members Carrying Margin Accounts)

Cash on hand and in banks mil. $Customers' debit balances (net) doCustomers' free credit balances (net) do

Bonds

Prices:Standard & Poor's Corporation:

High grade corporate:Composited1 dol. per $100 bond--

Domestic municipal (15 bonds) do

U.S. Treasury bonds, taxable^ do

Sales:Total, excl. U.S. Government bonds (SEC):

All registered exchanges:Market value mil. $Face value do

New York Stock Exchange:Market value . doFace value do

New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $_.

Yields:Domestic corporate (Moody's) percent..

By rating:Aaa doAa do _-A.. _ doBaa do

By group:Industrials doPublic utilities doRailroads do

Domestic municipal:Bond Buyer (20 bonds) doStandard & Poor's Corp. (15 bonds) _do

U.S. Treasury bonds, taxable© do

Stocks

Dividend rates, prices, yields, and earnings, com-mon stocks (Moody's):

Dividends per share, annual rate, compositedollars..

Industrials doPublic utilities... ..do.Railroads do.N.Y. banks _. doProperty and casualty insurance cos do

Price per share, end of mo., composite doIndustrials doPublic utilities ....do.Railroads do

Yields, composite _ percent..Industrials do..Public utilities doRailroads doN.Y. banks . . doProperty and casualty insurance cos do

Earnings per share (indust., qtrly. at arm. rate;pub. iitlL and RR., for 12 mo. ending each qtr.)

Industrials dollars..Public utilities doRailroads _ do

26, 7446,3561,7216,736

2,1462,1884,409

26,0034,765

11,460

11,46011,783

192317,44512,803

68.679.0

64.49

4, 501. 185, 123. 47

3, 550. 334 123.33

3, 646. 16

7.36

7.037.207.407.81

7.257.497.46

5.795.81

6.10

8.989.834.614.606.409.44

262. 77313. 1594.5593.90

3.423.144.884.903.723.37

17.666 927.28

38, 94410, 5132,082

11, 017

2,2805,1425,497

49, 72114, 83117, 762

17, 76217,880

i 2, 286

61.572.3

60.52

4, 763. 276, 299. 55

4, 328. 335, 554. 92

4, 494. 86

8.51

8.048.318.569.10

8.268.679.04

6.346.50

6.59

8.999.764.693.926.77

10.44

226. 70270.8379.0665.61

3.973.605 945.974 034.02

15.546 89

"3.56

3,170689211

1,109

15462

597

2,721387

1,625

1,6251,046

8065,9852,248

62.871.9

60.89

310. 25384. 02

275. 85337. 06

329. 77

8.20

7.838.038.228.70

8.008.378.34

6.796.55

6.53

9.109.934.704.026.70

10.45

222. 65263. 9680.0668.32

4.093.765.875.884.144.29

3,909817327600

631,747

231

5,6393,701

974

9741,387

7845,4332,222

61.267.8

57.78

300.39465.04

264.77374.22

448. 20

8.46

8.118.248.498.98

8.198.728.59

7.127.02

6.94

8.969.714.704.026.70

10.48

209. 44248. 1274.9162.07

4.283.916.276.484.294.67

3,389939358

1,103

119354355

3,596819

1,058

1,0582,035

7485,2812,009

59.467.5

57.37

645.56824. 44

608. 25743. 34

360. 69

8.77

8.488.588.769.25

8.559.068.76

6.797.06

6.99

8.959.694.714.026.70

10.48

198. 30236. 8168.9652.39

4.514.096.837.674.304.61

17.196.905.21

2,768638139843

223144526

3,128405

1,310

1,3101,113

22,180

59.070.6

60.59

370. 56536.56

344.53489. 26

394. 13

8.85

8.448.648.929.40

8.619.019.11

6.406.69

6.57

8.959.704.713.956.70

10.48

212. 90252. 7974.5556.18

4.203.846.327.034.014.19

2,273683

70630

125279370

5,8823,5731,318

1,3181,226

2,083

60.073.8

59.20

311. 80442. 43

289. 98401. 69

349. 78

8.73

8.138.498.859.44

8.448.839.19

6.166.33

6.75

8.949.704.713.796.70

10.48

221. 25264. 2577.1757.02

4.043.676.106.653.834.15

3,518994193

1,241

145445347

4,6811,4281,650

1,6502,049

2,236

60.872.7

60.10

400.69516. 87

358.08443. 37

396.30

8.68

8.098.478.789.39

8.408.809.10

6.396.45

6.63

8.939.704.713.796.82

10.48

226. 91272. 9075.6665.13

3.943.556.235.823.994.01

14.106 824.42

3,7771,006

1801,101

138371586

4,576412

1,882

1,8821,216

2,163

61.371.9

60.44

417. 18538. 59

382. 93485. 02

370. 23

8.63

8.038.448.719.33

8.358.749.06

6.406.55

6.59

8.919.674.713.796.82

10.48

224. 96272. 6574.1561.70

3.963.556.356.144.274.05

4,1821,107

1861,350

177693580

4,8582,4141,684

1,6842,022

2.197

61.975.0

63.27

398. 18506. 43

370.35460.35

404. 43

8.65

8.058.428.749.38

8.378.779.06

5.416.20

6.24

8.849.564.723.796.90

10.49

235.68285. 0481.5464.62

3.753.355.795.874.163.88

3,9801,056

90955

365282968

3,671402

2,245

2,2452,254

2,286

64.779.8

65.63

648. 58828. 96

605. 01760. 03

557. 12

8.35

7.648.138.489.12

7.958.458.96

5.585.70

5.97

8.859.574.733.797.13

10.49

248. 66298. 7888.5972.50

3.563.205.345.234.043.59

' 15. 696.89

"3.56

'3 115716

' 118'676

' 167'391••667

4,323436

2,614

2,6141,552

2,452

66.579.9

66.10

703.09866. 98

631. 95753. 59

641. 95

8.04

7.367.908.158.74

7.578.178.70

5.165.70

5.91

8.919.644.743.827.28

10.52

256.44306. 3590.8277.38

3.473.155.224.944.243.45

r 3 ,000'661'84

1,069

'89683

'314

'3,522431

1,823

1,8231,886

2,743

66.881.5

66.78

710. 03843. 48

624. 69720. 88

541.68

7.75

7.087.677.858.39

7.247.948.39

5.345.55

5.84

8.849.544.743.827.28

10.57

258. 89312. 7787.7079.23

3.413.055.404.824.163.33

6,0752,417

1111,452

161532

1,038

4,995517

2,104

2,1042,452

2,798

65.882.8

67.94

766. 76879. 80

682.48767. 53

600.80

7.84

7.217.737.968.46

7.368.088.39

5.155.44

6.71

8.849.554.753.827.28

10.57

268.58326. 0189.4980.28

3.292.935.314.763.743.23

"17.25"6.92

4,0071,115

1091,265

347269576

3,634467

1,859

' 1, 859' 2, 482

2,660

65.080.4

67.57

766. 33877. 50

688. 22782. 02

615.41

7.86

7.257.747.998.45

7.438.058.37

5.695.65

5.75

8.859.574.783.827.28

10.57

277. 35339. 5985.8287.10

3.192.825.564.393.953.27

2,0861,830

63.775.6

65.72

574. 79

8.03

7.537.848.148.62

7.688.238.40

5.706.14

5.96

8.859.554.783.857.28

10.57

263.90324. 7581.5183.44

3.352.945.864.614.263.35

r Revised. * Preliminary. 1 End of year. 2 Because of changes in series, databeginning July 1970 are not directly comparable with those for earlier periods.

9 Includes data not shown separately. § Beginning April 1971 SURVEY, data re-stated to include "other transportation" in addition to railroad data formerly shown.

d"Number of bonds represented fluctuates; the change in the number does not affect thecontinuity of the series.

^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.OFor bonds due or callable in 10 years or more.


June 1971 SURVEY OF CUKEENT BUSINESS S-21


1969 1 1970

Annual

1970


1971


FINANCE—Continued

SECURITY MARKETS— Continued

Stocks— Continued

Dividend yields, preferred stocks, 10 high-grade(Standard & Poor's Corp.) percent..

Prices:Dow-Jones averages (65 stocks) _ _

Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks) _

Standard & Poor's Corporation.^Industrial, public utility, and railroad:

Combined index (500 stocks) 1941-43=10..

Industrial, total (425 stocks) 9 doCapital goods (116 stocks) doConsumers' goods (184 stocks) do

Public utility (55 stocks) doRailroad (20 stocks) do

Banks:New York City (9 stocks) do.._.Outside New York City (16 stocks).... do....

Property-liability insurance (16 stocks)., do

New York Stock Exchange common stock indexes:Composite 12/31/65=50..

Industrial . doTransportation doUtility doFinance. do

Sales:Total on all registered exchanges (SEC):

Market value mil. $Shares sold millions.

On New York Stock Exchange:Market value . mil. $Shares sold (cleared or settled) millions

New York Stock Exchange:Exclusive of odd-lot and stopped stock sales

(sales effected) ._ .. millions

Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil. $Number of shares listed millions

6.41

301. 35876. 72123. 07221. 02

97.84

107. 13103. 7587.0662.6445.95

45.3987.73

85.43

54.6757.4446.9642.8070 49

175, 2984,963

129,6033,174

2,851

629.4515, 082

7.22

243. 92753.19108 75152 36

83.22

91.2887.8780.2254.4832 13

43.8377.06

78.34

45.7248 0332 1437 2460 00

130 5314 567

103 0633 213

2 937

612 4915 522

6.98

255. 71771. 65114 44167 46

85.95

94.0193.1882.2857 1936.05

45.2179.47

82.45

47.5149 4734 9939 4964 07

11 130341

8 718240

223

553 8015 348

7.26

227. 99691. 96103. 19146. 29

76.06

83.1680.4771.6551.1531.10

39.6570.75

67.40

41.6543.3329.8535.4854 58

10,704387

8 566272

258

516. 3915, 552

7.57

224 18699. 3099 15

137 53

75.59

82.9680.7773.1049.2228.94

41.0371.16

69.94

41.2843 4028 5133 7454 21

10 024401

8 000282

226

491 2115 677

7.62

223.29712. 80102 83125.75

75.72

83.0077.9973.1050.9126.59

42.1272.07

71.10

41.1543 0426.4634.9054 00

8,554378

6,985250

228

531.0815,823

7.41

229.99731. 97105. 36130. 91

77.92

85. 4078.3874.7652.6226.74

44.2176.07

72.48

42.2844.2027.6635.7456.05

8,026299

6,443216

219

555. 4915, 869

7.31

240 57759 38108 79141 25

82.58

90 6684.9679.6554 4429 14

45.2279.49

77.07

45.1047 4330 4336 7460 13

11 027427

8 721304

303

579 7515 930

7.33

245 02763. 72106 68152 66

84.37

92.8587.9082.1253.3731.73

43.5179.39

81.56

46.0648 8732 3g36 0159 04

12 176458

9 701329

262

570 4115, 981

7.30

246 16769.23110 98148 37

84.28

92 5886.4783.0954 8630 80

42.6677.37

79.73

45.8448 5431 2336 7157 40

9 239324

7 308234

230

598. 6416, 023

6.88

263.81821. 51118.88160.34

90.05

98.7292.1288.6959.9632.95

45.1181.13

88.33

49.0051 6833 7039.9361 95

13 715470

11 289350

335

612. 4915, 522

6.53

279 62849 04124 86180 85

93.49

102 2295.9791.7263 4336.64

46.8887.48

95.96

51.2953 7237 7642 5266 41

13 769510

11 036375

349

668 0116 100

6.32

290 14879 69123 77193 79

97.11

106.62101.5895.3862 4938.78

45.9686.58

101. 59

63.4256 4540 3742 3068 19

17, 234601

13, 628428

371

678. 1316, 181

6.48

296 67901 29123 22200 65

99.60

109.59104.6998.5462.4239.70

48.0289.58

103.88

54.8958 4341 7141 6070 66

18, 721581

14 661397

390

709.3316,306

6.59

309 11932.54122 92217 16

103.04

113.68109.38102. 4162.0642.29

49.0593.01

112. 76

56.8160 6543 3541 7373 91

18, 678581

14,850415

402

734. 3416, 375

6.82

307. 39925. 49117 75221. 10

101.64

112. 41108. 61101. 9659.2042.05

46.2488.82

114.06

56.0060 2145 4839 7070 89

303

706. 8216, 471

FOREIGN TRADE OF THE UNITED STATES

FOREIGN TRADE

Value of Exports

Exports (mdse.), incl. reexports, total mil. $..

Excl. Dept. of Defense shipments doSeasonally adjusted. do

By geographic regions:Africa doAsia . doAustralia and Oceania ._ .do _Europe do

Northern North America . . doSouthern North America doSouth America . do

By leading countries:Africa:

United Arab Kepublic (Egypt) doRepublic of South Africa do

Asia; Australia and Oceania:Australia, including New Guinea doIndia _ doPakistan . . . doMalaysia _... .. _ do

Indonesia.... . _ doPhilippines doJapan do

Europe:France.. . doEast Germany. doWest Germany... do

Italy doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada __ do

38, 005. 6

37, 331. 7

1, 391. 68, 261. 4

997.912, 641. 6

9, 137. 62, 761. 12,814.4

67.2505.5

860.0517.1194.950.8

201.1374.3

3, 489. 7

1, 195. 132.4

2, 142. 1

1, 261. 5105.5

2, 334. 6

9. 137. 0

43,226.4

42, 661. 7

1, 579. 110, 022. 81, 188. 2

14,818.6

9,084.83, 287. 43, 245. 5

80.7562.7

1, 003. 1573.2325.466.6

264.4373.2

4,652.0

1,484.332.5

2, 740. 2

1,352.8118.4

2, 536, 8

9. 083. 8

3,646.3

3,596.93,409.1

139.1750.177.2

1, 272. 0

840.9292.3277.0

13.947.2

65.033.523.44.3

16.935.8

349.3

169.52.5

199.3

114.65.6

202.8

840.9

3,939.9

3,906.23,660.9

151.0821.493.0

1,482.2

866.1270.1258.6

7.048.7

80.061.128.25.2

20.637.4

361.6

143.13.2

330.2

150.913.3

272.6

866.0

3,769.6

3,717.93,730.2

148.9890.7103.8

1, 213. 7

861.7286.3265.6

6.054.0

91.740.137.97.0

21.340.6

415.4

117.61.5

227.7

110.78.9

212.8

861.5

3,592.4

3,549.73,699.1

132.1878.0121.1

1, 175. 8

729.2273.8281.9

4.053.8

101.754.323.76.5

29.729.3

415.3

129.62.1

217.6

134.36.1

210.1

728.8

3,305.7

3,264.83,592.4

126.1778.991.8

1, 083. 3

680.4266.6279.9

5.053.0

74.234.928.45.4

12.430.7

377.5

107.72.6

208.9

91.46.0

177.7

680.4

3,374.0

3, 335. 23, 553. 4

121.5786.594.2

1, 126. 7

741.7253.7249.8

5.048.1

78.437.018.35.3

17.527.0

385.2

110.23.1

211.3

88.112.2

200.9

741.7

3, 975. 3

3, 916. 73,688.7

131.3921.4156.6

1,342.1

770.1320.1333.7

4.148.7

137.452.033.84.8

27.433.7

424. 4

127.13.0

260.4

111.611.7

136. 9

770.1

3,544.8

3,494.13,499.3

139. 3818.7103.3

1,220.0

709.3286.8267.2

7.648.7

80.040.217.05.0

32.829.4

386.1

107.2.5

218.7

97.19.3

220.8

709.3

3,736.9

3,685,23, 570. 2

139.4960.383.5

1,282.0

712.1273.9285.7

5.544.4

70.366.845.26.8

23.726.2

431.8

132.93.8

222.0

121.116.6

208.9

712.1

3,532.3

3,481.83, 735. 4

151.7842.988.9

1,223.1

686.4246.6292.7

10.353.4

74.649.728.86.1

25.223.0

364.2

122.84.3

219.0

108.611.6

207.6

686.3

3, 558. 3

3, 527. 03, 689. 7

163.8821.7103.6

1, 193. 6

768.6244.8262.1

6.056.8

91.948.019.45.3

22.031.0

364.9

105.12.9

221.1

123.911.3

215.9

768.6

4, 156. 0

4, 107. 93,814.6

149.2903.190.7

1, 512. 0

943.5274.7282.8

3.050.9

77.561.730.25.0

18.330.8

364.2

144.62.2

254.3

123.618.4

283.7

943.5

3,873.0

3,829.03,543.1

137.2889.6105.8

1,303.0

883.8271.9281.7

4.244.0

91.787.116.95.0

17.330.4

331.2

124.71.5

298.1

119.512.2

189.4

883.8r Revised.cf Number of stocks represents number currently used; the change in number does not

affect continuity of the series.9 Includes data not shown separately.




1969 | 1970

Annual

1970

Apr. May June July1

Aug. i Sept. Oct. Nov. Dec.

1971


FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE— Continued

Value of Exports— ContinuedExports (mdse.), incl. reexports— Continued

By leading countries— ContinuedNorth and South America — Continued

Latin American Republics, total 9 mil. $Argentina doBrazil . doChile doColombia doIVtexico doVenezuela do

Exports of U S merchandise total doExcluding military grant-aid . _ . _ _ _ d o _ _ .

Agricultural products, total doNonagricultural products, total do

By commodity groups and principal commodi-ties:

Food and live animals 9 mil. $Meats and preparations (incl poultry) doGrains and cereal preparations do

Beverages and tobacco do

Crude materials inedible exc fuels 9 doCotton, raw, excl. linters and waste doSoybeans, exc. canned or prepared doMetal ores concentrates and scrap do

Mineral fuels, lubricants, etc. 9 doCoal and related products doPetroleum and products do

Animal and vegetable oils fat^ waxes dc

Chemicals do

Manufactured goods 9 doTextiles doIron and steel doNonferrous base metals do

Machinery and transport equipment, totalmil $

Machinery total 9 doAgricultural doMetalworking doConstruction excav and mining doElectrical do

Transport eauipment, total doMotor vehicles and parts do

Miscellaneous manufactured articles do

Value of ImportsGeneral Imports, total do

Seasonally adjusted . doBy geographic regions:

Africa _. . do .Asia._ _ . _ _ doAustralia and Oceania doEurope , do

Northern North America doSouthern North America doSouth America do

By leading countries:Africa:

United Arab Republic (Egvpt) doRepublic of South Africa do

Asia; Australia and Oceania:Australia including New Guinea doIndia__ _ . doPakistan doMalaysia doIndonesia doPhilippines doJapan do

Europe:France _ doEast Germany doWest Germany doItaly _._ doUnion of Soviet Socialist Republics doUnited Kingdom .. . _ do

North and South America:Canada. _ do

Latin American Republics total Q doArgentina doBrazil . doChile doColombia doMexico doVenezuela do

r Revised. <= Corrected.9 Includes data not shown separately.

4, 869. 2378.3672.0314.6302.8

1 449.5708.2

37 461 636, 787. 75 936.4

31, 525. 2

3 732.7199 4

2 127 1

713.5

3 568.6280.2822.4710 7

1 130.2636.3433 3

307 6

3 382 6

4 554.0575 6972 9711 5

16 402 8

9 864 0644 4343 4

1 248 02 677 06 538 83 787 32 445 71 224 0

36 042. 8

1,046.38, 275. 4

828 410 333 6

10 386 92 516 82 643 i

37 8246 3

595 0344 073 1

307 4193 7422 6

4 888 2

842 28 0

2 603 41 203 7

51 52 120 4

10 383 6

4 91 Q o

155 3616 7151 4240 4

1 029 3940 1

5, 696. 2441.5840.6300.4394.9

1 703 7759 3

42 593 342, 028. 57 173 7

35, 419. 6

4 349 2174 8

2 588 4

701 7

4 608 5372.2

1 215 8938 2

1 594 11 044 1

487 3

493 0

3 826 1

5 067 0603 2

1 270 1892 5

17 875 4

11 371 6628 1395 7

1 422 42 999 76 503 83 549 32 571 4

1 507 0

39 963 2

1, 110. 69, 625. 9

870 911 400 9

11 093 92 881 42 °55 4

22 9288 0

622 7298 180 2

270 2182 2475 9

5 875 3

942 19 4

3 129 61 316 1

79 9

2 195 8

11 091 1

171 8669 4154 0268 9

1 222 41 082 1

502.141.966.926.043.9

155.259.6

3 591 33,541.9

553.83, 039. 7

319.714.1

179.5

47.7

396.837.0

110.472.8

129.583.239.8

31.1

324.8

452. 050.5

127.183.2

1 564 3

939.357.932.6

113.6247.0625.0352 0212.1115 4

3 391 13,263.2

104.5752.557 4

979.8

951 2274 7268 1

4 233 6

43 322 25 8

22 114 132 6

474 3

75 57

281 3121 8

3 C

179 0

951 0

A KK A

16 1

51 5

20 924 4

129 898 8

461.527.671.020.537.0

142.760.4

3878 73,845.0

567.13, 314. 0

325.014.4

190.9

56.3

387.438.297.988.6

134.990.241.6

41.6

354.1

483.953.0

142.190.9

1 765 Q

1, 001. 356.037.4

122 3264.0764.6350.8213.4118 6

3,175.63,337.8

90.6740. 154.8

898.5

942.6243.0203.0

2.320.6

38 120.66.2

23.311.542.1

443 9

73.0.5

239.5104.9

5 3182.8

°42 5

13 138 311 324 3

114 972 4

483.035.366.027.731.6

150.463.8

3 722 23,670.4

593.43, 129. 9

336.714.3

195.9

59.1

409.933.9

104.777.6

142.698.738.6

55.2

340.9

455.452.0

117.778.5

1 545.9

999.049.540.1

122.7271.6546.9354.8221.6156 0

3,504.23,265.5

94.2

73.9978.3

1, 017. 1259.6259.1

2.420.0

60,224.57.5

25.915.140.0

486.1

79.9.9

269.7115.1

4 6189.0

1 017 0

13 064 98 5

25 6105 088 7

482.641.065.832.839.0

143.060.6

3,530.83,488.1

558.32, 972. 0

370.612.1

214.4

53.0

359.824.570.594.0

141.091.843.1

43.8

326.1

417.344.6

115.170.3

1, 468. 5

977.752.335.7

127.8245.2490.8256.7213.7136.4

3,311.53,254.5

85.8cox 9

87.0990.0

851.9224.7235.7

1.522.1

57.421.17.1

17.19.9

45.7512.7

77.91.1

269.0114.7

6.5201.7

851 8079 rt13 957 813 522 983 287 2

479.036.573.229.229.4

136 670.0

3257 13,216.3

528.52, 729. 9

361.514.9

209.3

43.7

359.310.781.193.5

128.588.335.1

40.4

304.5

396.046.4

103.260.8

1 299.2

899.049.336.6

114.4236.5400.3247.8205.9119.3

3,116.03,346.2

76.8

89.6860.8

759.5207.3259.1

.420.2

60.517.95.6

12.712.753.9

541.9

85.2.6

236.0124.1

5 1136.5

759 0

15 668 310 920 482 086 2

445.039.464.221.424.2

134.563.2

3, 321. 43, 282. 6

561.12, 760. 4

363.918.1

216.1

64.7

344.211.183.786. 1

147.3102.040 3

44 0

286.0

380.646.786.963.0

1 363 7

904 451.730.8

112 4236.7459.4320 3211.2115 8

3,451.93,428.2

91.8932.8

74 1915.3

916 9204 8256 2

1 527 9

55 417 54 3

23 414 559 1

571 9

71 45

271 097 62 Q

175 4

916 5

18 356 014 418 480 686 4

568.442.4

115.822.435.1

161 376 6

3 902 43, 843. 9

724. 13, 178. 3

459. 017 9

289 6

75.8

419. 522.9

128.385 7

169.6113.750 3

40 3

325 7

411.053 784 773.3

1 654 2

1 059 358 233 3

128 Q277.6594 8289 7229 8117 6

3, 598. 93, 500.5

87.4902. 4

75 61 033 9

1 019 9227 5249 5

•717 6

51 131 36 1

21 017 541 8

565 8

82 49

277 3112 3

9 Q

212 7

1 019 0

18 263 i14 116 593 180 9

476.928.271.825.832.2

147. 161.0

3, 495. 73, 445. 0

719.52, 776. 2

419.619.7

252.9

92.5

409.332.7

135.871.2

132.188.439.0

32.5

284.4

375.549.781.356.6

1 419. 1

928.246.031.7

117.0253.5491.0251.9214.9115 6

3, 405. 83,428.4

82.8841.3

62 81 033 6

941 3217 1225 4

522 7

45 826 1

7 620 515 635 4

529 4

88 91 0

292 0104 1

5 9203 0

941 3oeo f\

11 966 310 115 891 975 3

490.040.177.222.735.9

145 661.3

3, 686. 13, 634. 4

746.12,939.9

405.113 7

254 5

80.1

448 946.8

141.369 2

161 9106 947 2

56 0

306 0

387 851 477 567 5

1 472 7

978.844.134.9

116 9261.6493.9260 9208.1159 4

3, 555. 53,404.3

98.0836.488 0

1 025.4

978 3261 6266 0

9

31 4

56 225.98.3

29.718.448.1

488 9

95.0.9

290 1114.7

6 7185! 6

978.3

418 Q12 249 615 222 0

110.1105 2

474.64i. 1

103.521.328.5

125.454.9

3 484. 13, 433. 6

671.62,812.5

382.712.8

233.1

56.6

382.957.6

106.156.2

119.576.835.7

51 7

27Q 7

372.953.370.564.0

1 489 3

956.344.842.5

108 5255.0532.9288 0209.4139 4

3, 422. 03,686.3

96.0851.457.1

1, 006. 4

906.1236.4265.2

.420.9

41 628.79.0

22.016.426 6

551 0

89.51.1

294.5117.7

3 7184! 4

906 0

407 4-9 7

89.610 419 199.887 1

444.031.170.717.634.7

129.462.4

3, 501. 73, 470. 4

635.72, 866. 0

356.013.4

222.5

47.0

363.859.5

101.538.1

121.477.937.4

51.5

295.6

357.246.860.359.8

1, 580. 7

897.048.129.3

113.1232.1683.7339.8211.5116 9

3, 193. 83, 553. 4

80.2

45. C907.2

937.3245.2191.3

1.420.2

34 221.46.5

16.514.630.3

488 9

79.1.7

267.2102.2

3 8155.1

937.1

355 89.7

44.48.6

15.4110.976.4

487,329.077.519.039.0

144.266.9

4, 106. 64, 058. 5

715.93, 390. 7

388.216.8

226.0

67.0

409.474.6

110.245.7

130.182.543.0

56.5

335.6

404.556.367.961.4

1, 948. 3

1, 073. 661.435.4

135.1264. 5874.7412.6248.1119.0

3, 911. 53, 569. 2

94.7

63.2"1,152.8

<=!, 140.1e 300. 9« 266. 2

2.525.4

41.225.410.821.917.333.5

555.1

98.21.1

313.9125.5

7 6216.6

1, 140. 0

452 615.538.214.520.0

126.3135.3

484.334.680.018.531.5

137.371.8

3, 807. 73,763.8

633.53, 174. 2

343.014.3

195.8

57.9

381.962.4

102.948.2

141.886.450.0

54 2

323.9

388.653.965.860.2

1 728 1

1, 012. 360.732.6

143 2255.1715.8358 7231.2157 1

3, 897. 63, 757. 8

113.1979 568.6

1, 108. 1

1, 081. 5278.8263.4

2.419.5

45.826.97.0

22.617.647.0

814.5

94.2.8

313.6121.0

5.0205.2

1, 081. 3

450.113.559.89.7

23.2124.2107.9




1969 1970

Annual

1970


1971


FOREIGN TRADE OF THE UNITED STATES—Continued

FOREIGN TRADE—ContinuedValue of Imports— Continued

General imports— ContinuedBy commodity groups and principal commodi-

ties:Agricultural products, total mil. $Nonagricultural products, total __do

Food and live animals 9 doCocoa or cacao beans.. _ _ _ do .Coffee doMeats and preparations doSugar do

Beverages and tobacco do

Crude materials, inedible, exc. fuels 9 _ _ do ._Metal ores _. doPaper base stocks doTextile fibers doRubber . _ . _. _ _ do

Mineral fuels, lubricants, etc doPetroleum and products do

Animal and vegetable oils and fats doChemicals do

Manufactured goods 9 __ _ do__ _Iron and steel doNewsprint doNonferrous metals _ doTextiles do

Machinery and transport equipment doMachinery, total 9 _ . _ do

Metalworking do_ _Electrical _do

Transport equipment doAutomobiles and parts __do_ _ _

Miscellaneous manufactured articles doCommodities not classified . do

Indexes t c?Exports (U.S. mdse., excl. military grant-aid):

Unit value 1967-100Quantity _ _ _ doValue ..do

General imports:Unit value doQuantity doValue _ _ _ _ _ _ . _ _ _ d o

Shipping Weight and ValueWaterborne trade:

Exports (incl. reexports):Shipping weight thous. sh. tonsValue.. _ _ ,__mil. $_.

General imports:Shipping weight thous. sh. tonsValue mil $

4,953.731,089.1

4,530. 6168.2893.9863.7638.2

777.83, 460. 11,012.5

520.8260.1279.5

2, 794. 02, 559. 9

136.71, 228. 3

7,892.91, 809. 1

939.01, 534. 21, 018. 5

9, 762. 74,488.9

182.71, 948. 2

5, 273. 84, 618. 4

4, 127. 21, 332. 4

104.7114.5119.9

104.2128.7134.1

199,28619,915

288, 62021, 570

5, 664. 934, 298. 3

5, 378. 9200.7

1, 159. 51,014.5

729.1

855.03,312.21, 148. 9

501.9201.7236.5

3, 080. 82, 770. 0

159.61, 450. 3

8,437.42, 032. 0

929.61, 652. 71, 135. 4

11,171.35, 289. 3

163.72, 271. 9

5, 882. 05, 066. 6

4,843.91, 273. 8

110.7123.9

' 137. 1

'111.6' 133. 1' 148. 6

239, 80224, 395

298, 11624, 724

517.72, 873. 7

488.817.496.480.684.2

71.5

260.576.943.021.420.7

244.9223.810.1

133.2

691.4150.278.4

145.192.8

1,012.3453.514.6

189.0

558.8477.1

371.3107.5

110.7125.3138.7

110.2137.4151.3

19, 3862,013

24,0612,043

440.02, 734. 9

409.215.696.364.949.1

64.9281.2103.241.218.719.2

224.2193.014.2

120.5

692.1164.376.5

134.393.1

909.5415. 912.9

168.6

493.6432.9363.595.6

110.3136.5150.6

110.9127.8141.7

19,3322,126

21, 9281,919

491.43, 012. 7

475.58.7

114.184.373.070.9

298.7114 742.819.418.5

246.8221.521.1

121.1

730.3166.876.3

150.896.5

1, 009. 6459.714.1

198.7

549.9483.2

418.4111.7

111.1129.4143.8

110.4141.7156.4

22, 3122,101

26, 6922,151

450.62,861.3

436.314.994.497.362.6

68.2

280.5114.341.215.915.7

213.1188.9

13.1114.1

726.2178.373.4

136.369.2

897.4466.016.4

189.1

431.4352.0449.2113.9

111.5122.4136.5

112.3131.6147.8

21, 7342,076

25,4542,133

454.22, 662. 3

435.112.599.791.274.5

49.8

290.7117.939.714.915.2

255.5231.4

14.9124. 9

654.5171.268.1

116.889.1

735. 0427.410.9

203.5

307.7239.7450.4105.7

110.4114.1126.0

113.1122.7138.3

19, 8021,949

26, 1822,085

454.72, 939. 5

447.815.483.891.380.963.5

301. 5117.137.213.218.7

240.4216.0

9.2111.9

736.1189.776.5

150.984.5

912.0442.410.3

210.0

469.6402.8453.8118.1

111.5115. 3126.5

113.6135.6154.1

20, 8181,920

25, 5182,153

461.13,137.8

459.317.5

103.986.053.4

87.9

275.798.240.810.217.7

255.0229.216.0

130.8

768.6203.579.9

136.0104.0

1,015.8477.610.9

218.2

538.2470.4469.2120.8

111.5134.9150.5

113.6141.4160.6

23, 7452,283

25, 2022,210

434.92, 970. 9

423.29.8

95.875.944.5

95.0

266.098.739.210.218.4

239.1212.8

11.3119.8

762.0239.578.1

120.799.4

975.2450.211.5

204.6

525.0459.4406.1108,3

110.6121.9134.9

113.7133.7152.0

20, 0342,057

23,0452,129

534.73,020.8

488.518.183.682,776.2

86.9

267.891.944.413.218.9

311.1279.421.3

121.3

754.4199.993.5

146.795.9

986.7473.313.5

194.8

513.5440.7

402.5115.0

112.3126.7142.3

114.2138.9158.7

21, 455.2,141

27, 1502,179

484.92, 937. 0

459.730.1

124.170.245.6

63.1

235.471.437.413.017.2

267.6237.0

11.9124.0

719.9193.776.0

123.1110.0

1,033.2468.610.9

191.6

564.7477.9389.4117.6

' 114. 2' 117. 7

134. 4

' 115. 3' 132. 4' 152. 7

'17,4311,964

21, 4482,155

422.02, 771. 8

385.714.586.764.833.9

56.2

208.251.138.012.917.2

255.8219.5

15.5125.4

636.1180.862.6

105.997.6

1, 032. 0413.9

9.5166.4

618.1535.5369.5109.4

114.8118.3135.9

' 115. 9'123.0

142.5

16,003'1,867

16, 9981,908

500.83, 410. 7

458.714.881.387.667.4

69.0

309.694.849.916.015.4

315.6283.816.1

145.5

795.7190.083.8

136.4127.1

1, 236. 9526.9

9.1211.9

709.9617.2

442.2122.1

115.7137.4158.9

'117.9'148.0

174.6

16, 9342,129

29, 1032,347

555.33,342.3

522.117.3

110.483.781.170.4

281.686.144.016.015.1

269.3234.517.6

150.4

824.0208.189.6

152.7128.4

1, 200. 6532.810.7

217.6

667.8562.0436.5125.0

117.1125.8147.4

116.514Q 4173.9

TRANSPORTATION AND COMMUNICATION

TRANSPORTATIONAir Carriers (Scheduled Service)

Certificated route carriers:*Passenger-miles (revenue) bil

Passenger-load factor § _. . percentTon-miles (revenue) , total J milOperating revenues 9 mil. $.

Passenger revenues doFreight and express revenues doMail revenues do

Operating expenses _ doNet income after taxes do

Domestic operations:Passenger-miles (revenue) bilExpress and freight ton-miles milMail ton-miles do

Operating revenues mil $Operating expenses doNet income after taxes do

International and territorial operations:Passenger-miles (revenue) bilExpress and freight ton-nrles milMail ton-miles doOperating revenues mil $Operating expenses doNet income after taxes do

Local Transit Lines

Passengers carried (revenue). _ T mil"

125 4250.0

16 898' 8, 791

7,120686296

' 8, 403' i 54

i 102 72i 2 126

1 807

' ! 6 936' 1 6, 613

r i 31

i 22 701 1 224

i 54*' i l 855' i l 790

''i 23

24 36,310

1131 7249 7

18 167i 9, 290i 7, 627

750306

i 9, 247-i 201

i 104 16i 2 216

i 715

i 7, 1801 7,181— i 184

127 5611 299

!7662 1092 066

—17

or 7

5,903

9 9750 0

1 434

7 77206

54

2 2011265

25 4540

10 6948 4

1 520

8 1021853

2 6011268

25 5517

12 4053 2

1 6802,3341,911

20374

2,2691

9 4420650

1 7711 725

2

2 9611468

563544— 1

25 6492

13 3856 2

1 759

10 1218954

3.2612157

25 7452

14 3159 4

1 834

10 8817854

3.4411457

25 7442

10 9048 2

1 497

2 5412,139

19271

2,38760

8 2318256

1,8971,835(2)

2.6711356

64455260

25 8483

9 98A5 0

1 439

7 90]8763

2 0812665

26 0509

9 2043 6

1 334

7 4816263

1.7211078

26 2473

10 9448 2

1 5542,2181,782

18990

2,355— 177

8 9417887

1,7291,820—121

1 9910689

489536

-56

26 4499

10 5346 0

1 409

8 4514759

2 089654

26 4460

9 0643 5

1 260

7 2614755

1.8010151

26 4440

10 1743 7

1 428

8 1817763

1.9911655

26 55S6

26.6504

' Revised. v Preliminary. i Annual total reflects revisions not distributed to monthlydata. 2 For 3^ quarter 1970, loss $386 thousand.

t Trade in silver is included in value and quantity indexes for 1968 and all indexes thereafter.cf New base; comparable data for earlier months will be shown later.9 Includes data not shown separately. §Passenger-miles as a percent of available

seat-miles in revenue service; reflects proportion of seating capacity actually sold and utilized.HApplies to passengers, baggage, freight, express, and mail carried.

*New series. Source: Civil Aeronautics Board. Certificated route industry covers passenger-cargo (including local servica, helicopter, and other carriers) and all-cargo carriers. Opera-tions between the 48 States and Alaska and Hawaii are included in domestic operations, ex-cept that for 2d quarter 1970 such operations of two carriers are in the international series.Selected revenues by type (as shown for total industry) and all traffic statistics cover sched-uled service only; total revenues, expenses, and income for all groups of carriers also reflectnonscheduled service.


S-24 SUEVEY OF CUKRENT BUSINESS June 1971


1969 1970

Annual

1970

Apr. May June July Aug. Sept. Oct. Nov. 1 Dec.

1971


TRANSPORTATION AND COMMUNICATION—Continued

TRANSPORTATION— ContinuedMotor Carriers (Intercity)

Carriers of property, class I (qtrly. total):Number of reporting carriersOperating revenues, total mil. $..Expenses, total doFreight carried (revenue). ... mil. tons-

Freight carried, volume indexes, class I and IIVATA):

Common and contract carriers of property(qtrly. )d"-- -average same period, 1957-59=100. .

Common carriers of general freight, seas, adj.f1957-59=100-.

Carriers of passengers, class I (qtrly.): §Number of reporting carriersOperating revenues, total mil. $..Expenses, total doPassengers carried (revenue) miL.

Class I RailroadsFinancial operations (qtrly.):

Operating revenues, total 9 - .mil. $Freight doPassenger..- do

Operating expenses _. doTax accruals and rents.. . doNet railway operating income _ . doNet income (after taxes) . do

Traffic:Ton-miles of freight (net), revenue and nonrev-

enue (qtrly.) bilRevenue ton-miles do

Revenue per ton-mile (qtrly avg ) centsPassengers (revenue) carried 1 mile (qtrly.) mil

TravelHotels:

Average sale per occupied room dollarsRooms occupied % of totalRestaurant sales index same mo 1951 *» 100

Foreign travel:TJ S citizens* Arrivals thous

Departures . doAliens: Arrivals do

Departures. . doPassports issued.. . do

National parks, visits do

COMMUNICATION (QTRLY.)

Telephone carriers:Operating revenues 9 _ mil $

Station revenues doTolls, message do

Operating expenses (excluding taxes) doNet operating income (after taxes) doPhones in service, end of period mil

Telegraph carriers:Domestic:

Operating revenues. . mil $Operating expenses _. doNet operating revenues (before taxes) do

International:Operating revenues doOperating expenses doNet operating revenues (before taxes) do

1 1, 28910,48210, 036

560

183.8

168.9

170676.4593 6175.0

' 11, 423' 10 320

'438' 9 038'1 726

'658'458

* 781 7767 91 347

12 169

12 3759

119

5 911* 5* 767

3 6024 3* 0391 820

42 403

16 7818 2136,506

10, 2702 798100 3

391 3330 832.9

179 9132.539 1

180.0

165.2

' 11, 985' 10 916

420r 9, 731' 1, 844

411r 78

*762 54 i 431

* 10, 771

13.2555

114

6 6596,4994 065

r 3 4492 219

45 753

18 1038 9126 947

11 5813 058104 1

402 5334 634.0

193 7144 939 3

122.6

13 9561

127

480481295245

2771 878

151.0

12 8758

131

509545341289267

3 338

1,3752,5352 480

132

169.0

161.2

69179.0158.042.8

3,0822 811

1062 458

46615876

201 7198 61 4162 754

13 8056

125

536731349313311

6 667

4 5432 2271 7532 898

764101.7

106.785.811.3

48 535.910 2

172.8

12 1753

117

736903455395254

9 924

173.1

13 7455

106

1 009767498421163

9 969

179.8

172.1

70218.6176 147.7

3,0402,758

1132,451

47910921

192 1189 21 4582 986

13.9556

118

690535416334

1264 532

4 5682 2361,7652,955

758103 1

98 185 16.4

47 736 0

9 4

167.4

14 4862

114

505408326291101

3 050

160 8

13.3950

104

42036826823788

1,625

164.7

177.4

3,0452 778

1022,485

47684

-35

191 11 4532,501

12.2440

112

395437292

'279

1081 090

4,6372,3001,7692,987

802104.1

100.280.86.9

50 138.19 4

r 171. 3

13.624798

550443328239137

' 179. 1

13.2450

106

444404242185182

' 183. 4

2183.2

12.7256

128

517471306239275

4,7602,3411,8453,046

813105.2

91.278.86.8

51.936.612.7

183.8

259 2

14.3756

119

290

2.375.3

270

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

norganic chemicals, production:Acetylene mil. cu. ft.Ammonia, synthetic anhydrous__thous. sh. tons.Carbon dioxide, liquid, gas, and solidJ do._ ~Chlorine, gas (100% C13) do.-_

Hydrochloric acid (100% HC1) doNitric acid (100% HNOi) doOxygen (high purity)t mil. cu. ft.Phosphoric acid (100% Pj08) thous. sh. tons.Sodium carbonate (soda ash), synthetic (58%

NajO) thous. sh. tons.Sodium bichromate and chromate _ _doSodium hydroxide (100% NaOH)_." do—Sodium silicate, anhydrous thous. sh. tons...Sodium sulfate, anhydrous thous. sh. tons .Sulfuric acid (100% H3SO<) ...do..-.

14,38612,713.51,069.49,422.0

1,848.6* 6,443. 4275,9624,915.5

4,502.8149.4

9, 618. 7653.8

< 1,471.029,536.9

14,38213,098.01,120.18,895. 2

1,917. 76,460.1279,3525,470. 8

4,414.4149.5

10,073. 7612.4

1, 362. 429,145. 7

1,3191,139.4

102.3814.3

157.1582.0

23,325480.3

378.313.6

847.855.0

116.02,530.5

1,2751,128.9

109.7

165.9571.7

24,040465.0

391.413.6

856.865.2

108.02,517.4

1,2201,136. 5

100.3810.3

161.5548. 7

23,401422.1

365.412.6

816.854.8

108.02,398.4

r Revised. * Preliminary. 1 Number of carriers filing complete reports for the year.2 Preliminary estimate by Association of American Railroads. 3 For 5 weeks. * An-

nual total reflects revisions not distributed to the monthly or quarterly data. 5 BeginningJan. 1971, includes low purity oxygen; comparable Dec. 1970 figure, 26,394 mil. cu. ft.

1,2141,065.5

104.2844.4

166.8475.7

23,147388.1

379.412.7

889.339.1

103.42,310.7

1,1241,082.2

106.6811.7

161.0502.1

22,974456.9

332.710.7

879.148.797.9

2,303.9

1,1551,102.6

103.5805.2

163.8522.7

23,003481.7

355.512.1

829.148.7

117.62,403.8

1,1121,059.7

87.9860.1

165.6564.3

24,244503.3

373.413.3

889.156.2

122.72,494.8

1,1021,096.5

77.3802.8

143.3553.123,341463.6

361.611.8

830.955.8

116.02,432.9

1,0731,140.7

77.9812.1

153.8565.1

23,822526.9

412.114.7

842.851.7

116.02,672.8

••9531,091.4'80.2

' 742. 0

' 160. 6567.3

«'26,612492.9

312.911.6

' 765.6'38.7' 111.52,395.7

' 1,047r 969. 0'80.8695.5

149.0r 536. 626,194' 521. 5

344.311.3

741.750.6

109.1'2,386.2

9601,143.7

85.2' 770.5

' 175.9603.7

29,160534.7

375.812.2

' 821.8'63.5' 115.4

2, 592. 6

1, 232. 6

167.6592.1

541.0

382.912.2

790.561.6

119.32, 591. 4

tRevised monthly data (1957-69) are available. ^Indexes are directly comparable forthe identical quarter of each year (and from year to year).

§Beginning with 1st quarter 1969 reporting period, motor carriers are designated class 1if they have annual gross operating revenues of $1 million or over.

9 Includes data not shown separately. f Revisions for 1967 available upon request.


June 1971 SURVEY OF CURKENT BUSINESS S-25


1969 1970

Annual

1970


1971


CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICALS— Continued

Organic chemicals, production :d"Acetic anhydride mil. IbAcetylsalicylic acid (aspirin) doCreosote oil _ __ mil. gaL.

Ethyl acetate (85%) - mil. IbFormaldehyde (37% HCHO) doGlycerin, refined, all grades:

Production _ doStocks, end of period _ _ _do

Methanol, synthetic mil. gal__Phthalic anhydride . mil. lb_.

ALCOHOL

Ethyl alcohol and spirits:Production _ mil. tax galStocks, end of period .doUsed for denaturation. doTaxable withdrawals do

Denatured alcohol:Production __mil. wine gal__Consumption (withdrawals) _ doStocks, end of period do

FERTILIZERS

Exports, total 9 thous. sh. tonsNitrogenous materials . doPhosphate materials. do._Potash materials do

Imports:Ammonium nitrate doAmmonium sulfate - doPotassium chloride _ _ __doSodium nitrate do

Potash deliveries (K3O) doSuperphosphate and other phosphatlc fertilizers

(100%Pa08):Production thous sh tonsStocks, end of period do

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments, quarterly!mil. Ib

Paints, varnish, and lacquer, factory shipments:Total shipments mil $

Trade products. _ do .Industrial finishes do

Sulfur, native (Frasch) and recovered:Production _ .thous. Ig. tons. .Stocks (producers'), end of period do

PLASTICS AND RESIN MATERIALS

Production:

Therm osetting resins:Alkyd resins mil. IbPolyester resins doPhenolic and other tar acid resins doUrea and melamine resins. do

Thermoplastic resins:Cellulose plastic materials. . doCoumarone-indene and petroleum polymer

resins mil. IbStyrene-type materials (polystyrene) do.Vinyl resins (resin content basis) doPolyethylene . . . . do

1,748. 037.5

i 118. 3

i 153. 24,192. 8

322.430.5

1624.8774.0

737,7179.7592.685.6

318.4318.8

2.4

16, 5991,799

12, 2291,233

233138

3,829184

4,794

4 290448

1 924.8

2 776 71, 473. 51 303.5

8,5683,461

i 628. 8i ggy 4

i 1, 123. 8i 770 5

i 192. 6

i 332. 613,251.6

1 3,638 815 440 7

35.1109.6

U58.714,312.4

336.129.6

i 744. 7i 714. 0

631.6162.7513.885.8

254.6276.2

3.0

16,0051,133

12,543966

326218

4,165129

4,603

4 496484

12, 046. 5

2 731 91, 529. 11 202 8

i 8, 5394,038

599 1645 8

1 041 1622 7

134 2

312 63 349 33 690 95 857 6

3.08.6

25.5373.7

29.124.959.758.8

57.7181.244.08.6

23.723.62.4

1 23049

951105

5937

5791

621

408276

236 3131.7104 6

6833,642

53 957 9

100.654 9

12 8

27 4276.2338 2484 6

131.53.0

10.2

22.9372.4

28.726.560.464.8

57.8177.346.36.2

24.824.33.0

57910232387

5716

3976

416

381264

251 2142.9108 3

7203,714

49.252 589.354 7

12 5

26 9288.2330 2501 1

133.22.89.3

13.2363.1

28.827.257.961.0

59.2184.048.46.7

26.026.12.9

2,07892

1,77348

1512

21821

206

364351

475.3

281.3162.1119.2

6713,738

58.054 585.754.6

11.0

25.6299.1325.3505 3

132.22.48.0

8.3324.2

25.325.343.461.0

56.9184.845.06.0

24.324.42.8

1,550140

1,148103

106

16416

169

330455

256 4153.1103.2

7173,689

55.349 174.144.7

10.4

25.3272.5298.4503 2

127.82.29.6

9.7353.2

27.924.653.258.8

46.9176.942.36.4

22.822.92.7

1,414130

1,08674

1015

30413

353

343432

258 9150.5108 5

7003,800

51.753 683.154 7

10 3

25 7274.3310 5488 7

3.39.5

16.2397.8

26.124.450.663.6

58.3177.842.77.5

23.022.92.8

1,34176

1,034115

1812

33113

340

380418

484.0

252 3143.5108 8

r 7973,837

56 954 782.252 8

10.8

24 6293.8314 0497 4

3.59.3

14.7370.8

27.823.060.454.9

54.8169.442.98.6

23.222.93.0

1,479105

1,18974

2316

39122

411

386394

217 3123.294 1

7463,977

50.158 092.850.7

11 0

25.4271.9311.7517.7

2.99.1

10.2400.8

31.726.665.453.8

41.4161.337.17 7

20.120 13 0

1 420114

1,16373

2424

387g

416

387426

183 3106 576 8

7034 021

43.654 085.148.2

9.9

28.2279.6288.6487.6

2.710.6

16.1344.4

31.829.677.055.9

48.3162.737.66.7

21.020.93.0

1,29310198070

1916

2695

319

431484

696.4

176 796.580.2

7424,038

42.854.279.546.0

9.1

28.0283.8289.2509.8

125.82.78.4

13.5301.5

28.231.260.254.4

45 0162.837.86 2

20.420 23.3

1 80058

1 52866

1612

31519

436

379505

186 4102.084 4

7284,108

r 48.782.1

'47.7

r 267. 2294.7493.5

120.22.58.4

13.0310.3

25.827.056.651.4

41.5159.431.86.1

17.217.72.8

1,16862

90587

2433

29613

271

r 402»• 511

r 197 6r 106. 2

91 5

6584,094

51 781.248.2

270.5289.5459.9

140.62.99.6

10.8382.1

30.329.256.061.9

41.7155.137.77.4

20.420.42.7

1 28567

98683

4340

4747

569

430453

380.0

234.0126.9197.2

6954,123

59.493.753.2

303.9321.4491.7

133.52.8

10.3

15.9383.4

27.023.565.861.3

1 68094

1,38172

10418

47533

895

441266

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), total tmil. kw.-hr__

Electric utilities, total . doBy fuels _ doBy waterpower do

Privately and municipally owned util doOther producers (publicly owned) do

Industrial establishments, total doBy fuels _ __ doBy waterpower . . do

1,552,757

1,442,1821,191,990250,193

1,171,776270,406

110,575107,299

3,276

1, 638, 010

1, 529, 5811, 282, 253247, 328

1,254,344275, 237

108, 429105, 146

3,284

126, 528

117, 44395, 72221, 721

96,19221, 250

9,0858,765

320

130, 470

121, 19799, 39421,803

98, 72222, 475

9,2748,961

312

137, 155

128, 082106, 90621, 176

104, 60623, 477

9,0728,806

267

149, 700

140, 633119, 72420,909

115, 29125, 342

9,0678,825

242

151, 492

142, 694122, 76919, 924

117, 63025,064

8,7988,575

223

139,839

131, 106113, 09418, Oil

108, 92822, 177

8,7338,529

204

132, 734

123,536105, 38418, 153

102, 71020, 827

9,1978,972

225

130, 925

121, 979102, 51419, 465

100, 25721, 721

8,9468,656

290

141, 048

132, 119110, 32221, 797

108, 58323, 536

8,9298,641

288

146, 329

137, 388114, 77422, 614

112, 26925, 119

8,9408,651

290

131, 607

123, 394101, 35922, 035

100, 87822, 516

8,2137,924

290

141, 605

132, 657107, 83324, 824

107, 33125, 327

8,9478,628

319

r Revised.1 Revised annual total; revisions are not distributed to the monthly data.cf Data are reported on the basis of 100 percent content of the specified material unless

otherwise indicated. 9 Includes data not shown separately.§Data have been restated to exclude black blasting powder formerly included.I Revised data for the months of 1968 will be shown later.




1969 1970

Annual

1970


1971


ELECTRIC POWER AND GAS—Continued

ELECTRIC POWER— Continued

Sales to ultimate customers, total (EEI) mil.kw.-hr.Commercial and industrial:

Small light and power § doLarge light and power§ do

Railways and railroads doResidential or domestic doStreet and highway lighting doOther public authorities do _Interdepartmental - do

Revenue from sales to ultimate customers (EdisonElectric Institute) mil $

GAS

Manufactured and mixed gas:

Residential do

Sales to consumers total 9 mil thermsResidential doIndustrial and commercial do

Revenue from sales to consumers, total 9 -mil. $__Residential doIndustrial and commercial do

Natural gas:Customers, end of period, total 9 thous..

Residential doIndustrial and commercial do

Sales to consumers total 9 mil thermsResidential doIndustrial and commercial do

Revenue from sales to consumers, total 9 ..mil. $_.Residential doIndustrial and commercial do

1,307,178

286, 686557, 220

4,531407, 92210, 77235, 8614,186

20,139.3

57553836

" 1, 620'824'768

130.680.348.1

' 40, 521' 37, 201

r 3, 272

••154,221' 47, 055

'101,512

'9,388.8r 4 791 4r4 383 8

1,391,359

312, 750572, 522

4,633447, 79511,18337, 8164,660

'22,065.9

57153534

1,481825625

132.382.447.4

41, 20437, 8263,326

163, 19948, 217

108, 848

10, 242. 65 133 94 862 4

109, 247

23, 56447, 030

37634, 007

8913,005

374

1, 697. 8

108, 692

24, 33947, 970

38431, 745

8393,032

383

1, 708. 8

113, 876

26, 58849, 231

36333, 302

8173,182

393

1, 795. 7

56753135

321173142

28.817.710.7

41,00337, 6803,275

38, 34910,02126, 854

2, 328. 91,118.71, 153. 9

121,481

29, 11348, 012

35939, 530

8283,223

416

1, 935. 7

126, 043

30, 12848, 997

36242, 051

8693,222

414

2, 013. 4

126,257

29, 97249, 130

35442, 219

9173,261

404

2,033.3

56352834

1656499

16.18.47.5

40, 39337, 1463,198

31, 1904,084

25, 634

1, 631. 7567.9

1, 010. 8

117, 258

27, 10948, 614

37536, 465

9783,314

404

1, 908. 3

110, 690

24, 73447, 235

36833, 839

1,0293,118

366

1, 807. 8

115, 649

25, 14747, 583

42137,8601,0813,172

385

1, 887. 8

57153534

351190151

33.120.411.9

41, 20437, 8263,326

39, 42411, 58426, 168

2, 550. 01, 271. 51,211.2

122, 035

26, 22347, 480

44543, 1561,0873,260

384

1,978.1

120, 810

26,02947, 457

40342, 268

1,0043,267

382

1,977.5

119. 704

25, 70348, 947

42239,819

9733,426

415

1, 955. 3

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production.. . _ mil. bblTaxable withdrawals _ _ doStocks, end of period do

Distilled spirits (total) :Production mil. tax gal__Consumption, apparent, for beverage purposes

mil. wine gal..Taxable withdrawals mil tax galStocks, end of period doImports mil. proof gal__

Whisky:Production mil. tax gal--Taxable withdrawals doStocks, end of period doImports. mil proof gal

Rectified spirits and wines, production, totalmil. proof gal__

Whisky doWines and distilling materials:

Effervescent wines:Production mil wine galTaxable withdrawals _ doStocks, end of period doImports do

Still wines:Production doTaxable withdrawals. doStocks, end of period- doImports do

Distilling materials produced at wineries. ._ do

DAIRY PRODUCTS

Butter, creamery:Production (factory) . mil. IbStocks, cold storage, end of period doPrice, wholesale, 92-score ( N Y ) $ per Ib

Cheese:Production (factory), total mil. lb_.

American, whole milk do

Stocks, cold storage, end of period doAmerican, whole milk do

Imports doPrice, wholesale, American, single daisies (Chi-

cago) _ $ per lb._

* Revised. 1 Reported annual total; revisions ar§ Data are not wholly comparable on a year to >

127. 32116.2711.90

230. 02

361. 67164.55991. 4287.08

169. 87107. 99938. 4674.29

116. 2368.01

15.8013.966.192.41

277. 80197. 23306. 3622.28

403. 32

1,121.188.6.685

1, 985. 91, 266. 4

317.5265.4130.0

.603

e not distear basis

133. 09122. 0412.26

212. 26

* 371. 47172. 47

1, 008. 5490.89

146. 44112. 71954. 5875.59

113. 7864.37

22.9520.437.381.79

244. 78216. 73293. 3228.23

303. 08

1, 135. 2118. 8.704

2, 202. 61,431.2

324.5254.0161.0

.649

ributed tobecause (

12.4410.6614.12

20.11

29.9214.83

1,008.957.03

15.219.88

955. 476.22

10.856.57

2.021.277.80.15

2.9816.76

240. 992.24

2.85

109.1114.3.707

194.4130.9

308.9257.711.5

.646

the mon)f chang

12.4511.4514.20

18.16

28.3313.23

1,010.846.28

12.857.79

959. 535.49

8.154.36

1.801.378.10.14

3.4715.10

226. 632.42

2.15

116.7147.0.708

215.6149.3

335.8281.0

9.4

.632

thly dat5S from (

13.4011.9014.69

16.29

29.3014.72

1,012.997.29

10.158.76

959. 736.34

9.164.71

1.751.568.15.13

2.5017.44

207. 102.37

1.29

112.4186.0.707

215.4150.0

370.3315.2

10.9

.634

i.me

12.3811.8714.18

12.89

28.0011.05

1,013.736.89

9.126.72

961. 125.96

7.654.27

1.411.248.27.09

3.1514.44

196. 382.20

4.45

92.5203.5

.708

199.3136.6

384.3325.910.8

.636

c

11.3310.7913.76

11.22

27.1414.38

1,007.865.97

7.169.04

957. 735.15

8.784.86

1.961.398.72.10

11.0516.32

187. 142.13

28.76

81.1199.2.708

181.5120.6

366.8308.911.8

.636

assificat

11.0110.3813.45

16.18

30.2116.04

1,006.267.63

10.3710.67

955. 426.76

10.085.79

1.772.048.31.17

70.8118.73

238. 032.20

126. 06

72.8171.3.713

167.6104.5

358.5289.211.1

.640

on to an

10.289.62

13.22

19.21

32.4918.22

1,004.5910.84

12.2012.93

952. 395.47

11.576.88

1.982.098.17.19

92.1920.75

302. 362.51

91.73

82.1147.5.713

172.2103.4

336.3264.815.6

.661

3ther.

9.288.77

12.93

17.99

35.1716.32

1,005.2110.45

11.1511.01

951. 949.36

11.136.70

2.172.307.90.21

38.3419.45

313. 823.07

16.82

79.1134.3.709

161.595.9

326.8254.818.0

.665

9 Incluc

9.829.74

12.26

18.11

47.7113.86

1,008.549.84

12.298.89

954. 588.68

8.874.58

2.502.867.38.28

7.7622.30

293. 323.46

8.45

91.0118.8.717

179.1109.0

324.5254.024.6

.665

ies data

9.628.32

12.97

16.20

24.6012.32

1,011.306.36

12.698.30

958. 215.60

8.254.28

2.331.857.72.13

5.4319.85

276. 512.06

3.01

102.9119.3.708

176.6110.0

320.9255.111.37

.656

not show

9.418.52

13.20

16.82

24.9911.62

1,014.165.68

12.967.78

960. 864.95

8.154.58

1.961.528.11.08

4.6218.68

259. 801.81

3.15

97.4133.2.708

166.7104.0

310.7243.38.99

.653

n separa

12.5311.0013.81

18.14

31.4615.64

1,015.727.65

13.429.85

964. 246.75

9.875.09

2.811.799.06.12

5.2822.37

241. 992.65

1.38

110.3' 157. 9

.707

199.0124.4

' 302. 1' 236. 3

8.86

.678

tely.

12.3311.0414.07

7.06

6.21

.14

2.61

111.5180.4.687

207.1135.8

314.6248.07.87

.679

212.6

338.3269.8_ _




1969 1970

Annual

1970


1971


FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

DAIRY PRODUCTS— Continued

Condensed and evaporated milk:Production, case goods:

Condensed (sweetened) mil. IbEvaporated (unsweetened) do

Stocks, manufacturers', case goods, end of period:

Evaporated (unsweetened) do__ _Exports:

Condensed (sweetened) _ do .Evaporated (unsweetened) do

Price, manufacturers' average selling:Evaporated (unsweetened) $ per case..

Fluid milk:Production on farms mil. IbUtilization in mfd dairy products _ doPrice, wholesale, U.S. average.. $ per 100 lb._

Dry milk:Production:

Dry whole milk . . , . mil. IbNonfat dry milk (human food) do

Stocks, manufacturers', end of period:Dry whole milk doNonfat dry milk (human food) do

Exports:Dry whole milk . doNonfat dry milk (human food) do

Price, manufacturers' average selling, nonfat drymilk (human food). $ per Ib._

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats rye, wheat),. .mil. bu..

Barley:Production (crop estimate) doStocks (domestic) end of period do

On farms doOff farms do

Exports, including malt§ doPrices, wholesale (Minneapolis):

No. 2, malting . .$ per buNo. 3, straight do

Corn:Production (crop estimate, grain only).. mil. bu._

Stocks (domestic), end of period, total, .mil. bu..On farms doOff farms do

Exports including meal and flour doPrices, wholesale:

No. 3, yellow (Chicago) $ per buWeighted avg., 5 markets, all grades . do. _

Oats:Production (crop estimate) mil buStocks (domestic), end of period, total do

On farms doOff farms do

Exports, including oatmeal __ . _ doPrice, wholesale, No. 2, white (Chicago)

$ per bu._

Rice:Production (crop estimate) mil bags 9California mills:

Receipts, domestic, rough mil IbShipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of period _. . __ __ mil. Ib

Southern States mills (Ark., La., Tenn., Tex.):Receipts, rough, from producers mil. lb._Shipments from mills, milled rice doStocks, domestic, rough and cleaned (cleaned

basis), end of period mil IbExports ... __ _ doPrice, wholesale, Nato, No. 2 (N.O.) $ per lb__

Rye:Production (crop estimate) mil. buStocks (domestic) , end of period doPrice, wholesale, No. 2 ( Minneapolis).. $ per bu__

Wheat:Production (crop estimate), total mil. bu

Spring wheat do .Winter wheat do

Distribution _ _ do

Stocks (domestic), end of period, total doOn farms doOff farms.. do

r Revised. * Preliminary. 1 Less than 50 thousai5 Old crop only; new crop not reported until begir

oats, rye, and wheat; Oct. for corn). 4 Average for

84.91, 413. 8

1.9105.0

52.137.1

7.50

116,34557, 167

5.49

66.11, 431. 7

6.683.9

15.6111.6

.235

1,059. 0

2423.5426.7264.6162.2

8.3

1.121.12

24,583

4,3163, 323

993553.5

1.211.19

3950885724161

7.6

4 .67

290.8

2,0121,515

270

6,6054,818

1,6954,183.085

231.629.81.17

21,4602313

2 1, 1471,273

1,534611923

id poundsming of nJan.-Sep

1, 251. 3

115.7

16.433.3

7.98

117, 43660, 108

5.69

67.71, 528. 4

4.7101.4

13.8212.3

.263

1,337.5

2 410. 4381.1238.9142.255.1

1.141.13

2 4, 110

3,7432,7301,013572.0

1.351.33

2909915704211

21.3

» .72

282.9

1,7551,393

82

6,4974,438

1,7483,828.085

238.641.51.15

2 1, 3782260

2 1, 1181,498

1,417534884

. 2 Cropew crop yt.

fl 114. 0

879.6

0)4.4

7.85

10,3285,5255.51

6.1148.4

5.1' 102. 0

1.010.7

.262

100.7

.1

1.101.09

40.0

1.261.25

.9

.67

12739

280

269423

931188

.085

1.18

9 133. 4

6 130. 2

(03.6

7.96

11,1096,0675.39

7.2185.7

6.6138.7

1.09.0

.269

104.6

6.5

1.151.15

50.0

1.301.29

.4

.68

244171

136

110335

717366

.085

1.20

estimate for the 3ear (July for barl

« 136. 5

« 173. 2

0)1.8

8.04

10,7926,1405.33

7.3179.9

8.0159.0

.714.2

.276

102.5

3 237. 03 136. 73 100. 3

7.8

1.161.16

1,9231,404

52040.0

1.341.32

349033453146

.5

.66

281258

249

44220

504499

.085

321.21.18

314

388533073578

fear,ey,

fl 117. 5

« 192. 7

02.5

8.11

10,2265,5955.45

6.5152.3

9.3154.0

.619.9

.273

117.4

8.3

1.111.12

58.7

1.381.32

.5

.67

303302

188

95291

318371

.085

1.05

« 103. 1

fl 195. 9

(03.1

8.06

9,7675,0135.57

5.8124.5

9.4165.5

.734.1

.271

111.5

8.1

1.141.14

43.9

1.471.40

.5

.72

161130

184

1,049267

745231

.085

1.08

688.9

fl 187. 4

.61.2

8.12

9,2734,4185.81

4.796.0

8.6144.8

.519.9

.274

114.5

489.4305.6183.8

6.4

1.191.18

399935693 43053.8

1.501.46

1,098852246

1.9

.76

67110

42

1,672401

1,502189

.085

49.11.10

466

1,798673

1 12fi

687.1

8 180. 0

6.92.0

8.12

9,2804,3886.02

4.494.8

6.6122.8

.77.7

.273

143.2

4.4

1.191.17

56.8

1.401.42

7.4

16068

79

1,482547

1,950438

.086

1.16

674.8

6 147. 5

4.63.0

8.13

8,8423,9976.08

4.388.5

4.7101.7

.925.4

.273

123.0

6.7

1.211.18

46.4

1.411.39

6.1

10047

102

472429

1,852447

.087

1.17

5 Average for Jan., April-Sept., and Dto avoid disclosing operations of individu

§ Excludes pearl barley. 9 Bags of 10(

690.5

6 115. 7

4.13.9

8.14

9,3494,4796.05

5.5116.9

4.7101.4

1.12.3

.276

123.8

381 1238.9142 2

6.3

1.221.20

3,7432 7301 01349.6

1.521.49

915704211

1.4

.84

8478

82

367373

1,748220

.087

41 51.15

381

1 417534884

ec. 6al firms.Hbs.

684.9

681.3

.72.7

9,5474,7455.96

6.3117.0

5.597.7

.810.7

.278

101.2

.2

1.241.24

38.8

1.591.51

.4

.82

< 7 9« 59

c 76

349428

1,563284

.086

.118

690.4

869.4

1.72.3

9,0104,6365.91

4.9114.8

5.089.8

.710.0

.276

103.7

8.7

1.301.29

43.0

1.571.50

.7

.83

11747

112

240294

1,461199

.086

.117

Condensed milkc Corrected.

6 109. 0

667.6

4.42.6

10,2095,4965.83

6.8134.1

3.990.4

1.017.6

.277

105.5

259 3142.3116 9

7.6

1.261.25

2,5311,861

67034.6

1.551.52

702504198

.3

.78

268184

135

139323

1,258259

.086

34 7.114

1 064386678

reported

6 119. 1

651.2

11.32.7

10. 432

"5.74

8.7157.2

5.5104.9

1.07.2

94.2

3.4

1.261.26

35.3

1.511.48

.3

.75

161180

77

108279

1,009315

.086

.118

11,217

1.291.28

1.511.54

.084

.118

with evaporated




1969 1970

Annual

1970


1971



GRAIN AND GRAIN PRODUCTS— Con.

Wheat— ContinuedExports total incliidin°r flour mil. bu

Whest only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$perbu._No. 2, hd. and dk. hd. winter (Kans. City). doWeighted avg., 6 markets, all grades do

Wheat flour:Production:

Flour thous. sacks (100 lb.)--Offal thous sh tons

Qrindings of wheat thous. bu_-Stocks held by mills, end of period

thous. sacks (100 lb.)--Exports doPrices, wholesale:

Spring, standard patent (Minneapolis)$per lOOlb..

Winter, hard, 95% patent (Kans. City). .do

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous. animals-Cattle do

Receipts at 38 public markets doPrices, wholesale:

Beef steers (Omaha)* $ per 100 lb. -

Calves, vealers (Natl. Stockyards, I l l . )__do

Hogs:Slaughter (federally inspected). __thous. animals.-Receipts at 38 public markets doPrices:

Wholesale, average, all grades (Sioux City)*$ per 100 lb—

Hog-corn price ratio (bu. of corn equal in valueto 100 lb live hog)

Sheep and lambs:Slaughter (federally inspected). __thous. animals..Receipts at 38 public markets doPrice, wholesale, lambs, average (Omaha)*

$perl001b..

MEATS AND LARD

Total meats:Production (carcass weight, leaf lard in) , inspected

slaughter mil. lb._Stocks (excluding lard), cold storage, end of

period mil. lb_.Exports (meat and meat preparations) do

Beef and veal:Production, inspected slaughter doStocks, cold storage, end of period doExports.. _ _ . _do. _.Imports doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 Ibs.) (New York) $perlb-Lamb and mutton:

Production inspected slaughter mil lbStocks, cold storage, end of period do

Pork (including lard), production, inspectedslaughter mil lb

Pork (excluding lard) :Production, inspected slaughter doStocks, cold storage, end of period doExports doImports _ doPrices, wholesale:

Hams, smoked composite $perlb-_Fresh loins, 8-14 lb. average (New York) ..do

Lard:Production, inspected slaughter mil lbStocks, dry and cold storage, end of period.. doExports^ doPrice, wholesale, refined (Chicago). $ per lb_.

POULTRY AND EGGSPoultry:

Slaughter (commercial production) mil. lb._Stocks, cold storage (frozen) , end of period, total

mil. lb_.Tufkeys _. do

Price, in Georgia producing area, live broilersSperlb..

489.2439.9

1.801.481.75

254, 0944,558

567, 956

4,59521, 130

5.9235.438

3,63730, 536

1 12, 715

29.2829.3037.29

75, 68215, 210

23. 65

r 19 g

10,070» 2, 704

28.53

33, 369

637571

1,685

18, 873363

281,1942.492

51016

13, 986

11,563211152316

.580

.575

1,75570

262.145

9,492

307192

.140

689.1638.7

1.911.541.79

253, 0944,409

563, 395

4,32921, 596

6.1795.569

3,02530, 793

» 11, 922

29.0330.1038.17

78, 186V14, 871

22.11

'19.1

10, 0102,467

27.43

i 34, 587

759518

1,844

1 19, 49634732

1,319

.490

51419

14, 577

12, 11933667

347

.565

.569

1,77682

366.160

' 10, 493

391219

.125

59.754.4

1.911.541.75

20, 756352

45, 834

2,238

6.1005.513

2632,545

927

30.3232.4042.50

6,6781,253

24.05

20.7

903161

26.00

2,920

81137

143

1,616380

394

.506

4821

1,255

1,045329

432

.566

.562

1537513

.165

786

20882

.125

47.643.4

1.891.531.75

19,826347

44,500

1,837

6.0755.513

2202,493

990

29.2631.3642.00

5,8771,156

23.28

'19.5

795185

29.00

2,737

81542

112

1,580363

370

.488

4119

1,116

936351

429

.566

.581

1306530

.160

780

21474

.130

54.248.3

1.931.451.76

19,982353

44,126

4,2272,523

6.1135.513

2102,615

997

29.9630.8440.00

5,6851,153

23.87

19.2

841242

29.50

2,770

72841

148

1,643327

399

.499

4220

1,085

897304

432

.572

.623

1366519

.153

921

25095

.120

49.947.9

1.921.421.71

19, 991350

44,700

863

6.1255.525

2312,642

927

30. 5329.5240.00

5,7741,106

23.57

'19.2

829230

28.38

2,771

67131

171

1,644317

3122

.517

4123

1,086

905255

532

.536

.647

1326638

.153

999

322157

.125

59.056.3

1.861.541.80

21, 233373

47, 440

1,164

6.1255.525

2322,538

971

29.7428.7640.50

6,0451,088

21.12

' 17.0

789225

27.12

2,731

60743

167

1,582300

2129

.505

3923

1,111

924217

524

.535.572

1355437

.160

984

411240

.120

52.449.9

1.931.621.87

22, 159393

49, 361

4,4381,074

6.2755. 713

2642,7231,010

28. 9728.9933.00

7,0341,303

20.43

14.3

898244

26.75

3,031

58853

167

1,701296

2130

.488

4421

1,286

1,0662101125

.499

.560

1586028

.154

1, 020

516343

.120

74.769.0

1.951.601.88

23,364407

51,708

2,438

6.4135.713

2662,7521,233

28.4429.6833.00

7,6621,451

17.37

13.4

917262

26.75

3,198

64649

155

1, 735310

3113

.473

4621

1,417

1,174246

930

.497

.510

1765937

.158

1,092

624447

.115

63.860.3

1.971.631.89

20, 707361

46,161

1,537

6.4135.650

2452,4241,135

27.0028.0334.00

7,3501,490

15.02

11.9

736216

25.38

2,958

71574

134

1,533326

394

.465

3820

1,383

1,143304

930

.485

.461

1747422

.163

926

486313

.120

66.561.6

1.921.631.84

20, 754361

46, 147

4,3292,104

6.3635.588

2762,611

960

26.4527.5733.50

7,9901,532

14.96

11.1

847201

23.88

3,226

75951

143

1,686347

3102

.454

4419

1,497

1,249336

528

.486

.445

1788242

.145

845

391219

.105

61.959.3

1.911.651.82

20, 894361

46,405

1,134

6.3505.588

2472,569

31,031

28.8329.4234.00

7,48931,412

15.76

10.7

9033178

24.00

3,076

77139

133

1,645335

394

.503

4821

1,383

1,153353

427

.498.479

166919

.130

762

369206

.125

51.347.8

1.901.651.80

19, 761345

44,038

1,528

6.3135.613

2372,299*879

31.8031.6940.00

6,379* 1, 230

19.03

13.4

806< 131

25.12

2,663

74941

112

1,463313

472

.539

4420

1,157

978344

429

.528

.530

129'86

40.138

676

'331174

.130

62.759.9

1.821.621.77

'21,004363

'46,705

1,188

6.2506.500

2992,681

3 1, 140

31.4231.8841.00

8,26631,479

16.88

11.8

9203 178

26.88

3,234

'79149

151

1,693'306

599

.536

49'20

1,491

1,226389

336

.513

.438

1938044

.155

791

'294' 144

.130

53.750.7

1.821.621.75

19, 655335

43, 520

1,282

6.2385.488

2482,544

3 1, 032

31.9632.0741.00

7,79431,455

16.04

11.3

8993 143

30.25

3,075

86935

141

1,608299

599

4720

1,420

1,195467

430

.517

162

39.150

757

265120

.125

1.841.621.78

6.2255.500

31,004

39.00

3 1, 399

3186

898

294

22

497

.521

.146

254115

.135

' Revised.1 Annual total reflects revisions not distributed to the months.2 Beginning Jan. 1969, quotations are on carlot rather than l.c.l. basis as previously.

3 Data are for 41 public markets. * Data are for 40 public markets.*New series. Monthly data for earlier years will be shown later.


June 1971 SURVEY OF CUKRENT BUSINESS S-29


1969 | 1970

Annual

1970


1971



POULTRY AND EGGS— Continued

Eggs:Production on farms mil. casesO.-Stocks ,cold storage, end of period:

Shell thous. cases©Frozen. mil. Ib

Price, wholesale, large (delivered; Chicago)$ per doz._

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl. shells) thous. Ig. tonsPrice, wholesale, Accra (New York) $ per lb._

Coffee (green):Inventories (roasters', importers', dealers'), end

of period thous. bagsd"Roast ings (green weight) _ _ _ _ _ d o

Imports, total - doFrom Brazil do

Price, wholesale, Santos, No. 4 (N.Y.)_.$ per lb._Confectionery, manufacturers' sales. __mil . $_.

Fish:Stocks, cold storage, end of period mil. lb-_

Sugar (United States):Deliveries and supply (raw basis) :§

Production and receipts:Production thous. sh. tonsEntries from off-shore, total 9 _ do

Hawaii and Puerto Rico _ . do

Deliveries, total 9 doFor domestic consumption..- _ do

Stocks, raw and ref., end of period do_ ..

Exports, raw and refined sh. tons

Imports:Raw sugar, total 9 thous. sh. tons

From the Philippines _ doRefined sugar, total . do

Prices (New York):Raw, wholesale $ per Ib .Refined-

Retail (incl. N.E. New Jersev)... $ per 5 IbWholesale (excl. excise tax) ... $ per lb_ .

Tea imports thous Ib

FATS, OILS, AND RELATED PRODUCTS

Baking or frying fats (incl. shortening):Production mil IbStocks, end of period© do

Salad or cooking oils:Production doStocks, end of period© do

Margarine:Production doStocks, end of period© _ doPrice, wholesale (colored; mfr. to wholesaler or

large retailer; delivered) $perlb._Animal and fish fats:A

Tallow, edible:Production (quantities rendered) mil. IbConsumption in end products doStocks, end of period 1 do

Tallow and grease (except wool), inedible:Production (quantities rendered) doConsumption in end products doStocks, end of period f do

Fish and marine mammal oils:Production., .. _ doConsumption in end products doStocks, end of period 1 do

Vegetable oils and related products:Coconut oil:

Production* Crude mil IbRefined do

Consumption in end products doStocks, crude and ref. end of period^f doImports . do

Corn oil:Production: Crude do

Refined _ doConsumption in end products doStocks, crude and ref.. end of DeriodlL _ . do

191.9

5143

.460

218.4.458

3,81120, 851

20, 2325 780.408

1,848

275

4,3006,3501,501

10, 80410, 6552,796

968

4,7761,024

124

.078

.638

.107

139, 962

3 480 5138 7

3 143 770 5

2 181.952.1

.260

534.6510 9r 46 0

4 655 0T 2,595.2

348 0

171.675 784 0

386 3547.5732 6205 9424.6

465.5438.1

r 441. 254.1

195.2

5150

.425

279.2.341

2 59320, 075

19 7274 712.557

1,841

306

4,7106 6751 497

11 46711,3172,784

7,892

5 2171,522

35

.081

.674

.112

135 202

3 587 6132 9

3 389 375 6

2 230 345 6

.289

558.2567 746 7

4 876 82 551 5

396 1

207.068 7

103 5

(d\544.0749 6202 9584 2

474 0440.9449.643.2

16.5

6143

.374

24.0.326

1 639333

.538124

192

150645155

880868

2,636

217

600135

9

.079

669.109

12 767

303 1140 8

285 483 6

169 459 4

.290

48.048 440 0

407 1220 5365 8

3.15 9

74 0

19 148.571 1

122 118.4

42 132.631.468.7

16.9

11148

.330

21.9.286

1,644323

.538118

201

128530148

948937

2,424

136

358951

.082

.671

.109

11, 503

294.6134.2

276 193.4

157.952.5

.290

46.751.837.3

392.1215.6338.7

22.36.1

74.1

(d)41.163 1

122 951.7

44.535.934.274.2

16.1

15756

.359

14.9.293

3 4875,143

1,891595

.538125

229

74103155

1 0491,0372,103

44

515120

1

.082

.677

.113

10, 972

293.8155.4

314 587.5

181.165.4

.290

46.049.636 2

395 8226.5319 8

38.26.6

114 9

( d )

51.766 7

134 076! 1

41.338.939.967.9

16.3

14760

.415

24.1.310

1,550357

.568••108

263

1111 113

64

1,0231,0121,726

37

454137

2

.082

.680

.113

8,940

256 9150.1

279 299.7

169.759.4

.290

41.843.335 2

410 6213.0333.7

40.05.8

127.8

(d)43.055 6

114 047.6

38.534.337.568.1

16.2

9863

.400

21.3.388

1,616468

.570138

298

118693144

1,0891,0781,384

58

534196

2

.082

.682

.113

8,778

308.2140.0

268.387.3

166.855.9

.290

43.648.029.3

389.6200.9325.0

39.05.0

147.9

(d)44.161 3

123 846.9

37.435.335.363.5

15.7

17860

.455

23 3.378

3 4614 352

1 355224

.578214

310

139515138

1 0931 0791 046

26

565205

10

.081

683.114

10 805

298 2127 0

268 668 5

189 650 3

.290

48.340 936 9

419 5216.3369 5

27.46.0

110.2

(d)

51.062 5

145 627.0

34.034.638.060.1

16.4

13658

.415

26 7.354

1 713367

.588192

313

720708226

931912

1 414

194

36880

4

.082

678.114

11 971

316 5120 5

289 480 0

r200 752.3

.294

47.045 136 3

423 2209.2348 3

20.85.7

128 6

(d)47.662 1

165 063.9

42 042.343.354.7

16.1

7655

.448

14 5.354

1 597387

.575174

312

1 043509112

833822

2 202

128

323951

.080

.680.114

10 409

305 6122 5

286 783 4

187 250 4

.306

45.649 437 9

401 5208 8392 2

6.74.4

114 3

(d)40.960 4

176 014.1

40. 136.936.451.3

17.0

5150

.410

25.4.329

2 5935,190

1 382291

.550157

306

992367120

1 0551,0442,784

146

553178

2

.081

.677

.114

12, 682

299.0132.9

299.975.6

216.745.6

.306

46.948.046.7

446.6220.5396. 1

7.64.8

103.5

(d)44.663 6

202 912.3

34.739.140.443.2

17.1

6049

.372

45.0.309

2 002822

.550162

275

6642 218

15

727720

3,003

50

32544

.084

.680

.114

13. 226

291.5134.7

283.974.4

212.950.4

.306

50.151.547.0

422.7218.0423.5

1.45.6

72.0

(d)48.763 7

217 0129.2

38.039.639.536.0

15.5

5351

.332

22.8.273

1 5281

.550174

246

31514342

718706

2 943

44

239302

.084

679.114

12 360

309 2130 3

281 771 6

189 059 4

.306

49.161 737 7

385 2201.4349 6

.64.4

62 7

(d)44.260 9

180 941.7

37.331.934.437.1

17.3

r 13954

331

25 2.279

2 5375,210

1 475114

.480161

••210

151412119

1 0261 013

r 2 701

12

477847

.084

687.117

15, 073

r 300 0r 134 7

r 292 0r 70 7

r 195 9r 57 7

.305

r53.3r 52 4r 37 o

r 438 5r 233, 5r380 6

T .6r 4.7

r 60 0

(d)50.6

r gg 9r 182* 5

52.9

43.7'38.2r35.2'47. 9

16.8

8060

.330

28.2.273

2 030'310.450

200

8897

p 2, 641

1 179

550142

6

.082

.695

.116

18 078

272 4134 4

270 272 0

180 356.1

.305

43.443 634 8

393 7215.1365 8

3.04.1

65.1

(d)

49-664 1

169 554.9

41.734.235.659.0

17.3

10167

.253

.438

203

.084

.116

.305

r Revised. ? Preliminary. d Data withheld to avoid disclosure of operations of in-dividual firms. i Less than 500 short tons.

GCases of 30 dozen. tfBags of 132.276 Ib. §Monthly data reflect cumulative revisions

for prior periods. 9 Includes data not shown separately: see also note " §". AFor dataon lard, see p. S-28. ©Producers' and warehouse stocks. ^Factory and warehousestocks.


S-30 SUEVEY OF CUREENT BUSINESS June 1971


1969 I 1970

Annual

1970


1971



FATS, OILS, AND RELATEDPRODUCTS- Continued

Vegetable oils and related products— ContinuedCottonseed cake and meal:

Production thous. sh. tons .Stocks (at oil mills) , end of period . . do_ __

Cottonseed oil:Production* Crude mil. Ib

Refined doConsumption in end products doStocks, crude and refined (factory and ware-

house), end of period mil. IbExports (crude and refined) doPrice, wholesale (drums; N.Y.") $ per lb..

Linseed oil:Production crude (raw) mil. IbConsumption in end products doStocks, crude and refined (factory and ware-

house) end of period mil IbPrice, wholesale (Minneapolis) ...$ per lb._

Soybean cake and meal:Production thous sh tonsStocks (at oil mills) end of period do

Soybean oil:Production: Crude -- mil. Ib .

Refined doConsumption in end products doStocks, crude and refined (factory and ware-

house) end of period mil IbExports (crude and refined) doPrice, wholesale (refined; N.Y.) $ per lb_.

TOBACCOLeaf:

Production (crop estimate) mil IbStocks, dealers' and manufacturers' end of period

mil. IbExports, incl scrap and stems thous IbImports, incl scrap and stems do

Manufactured:Consumption (withdrawals) :

Cigarettes (small):Tax-exempt. _ _. .millions..Taxable do

Cigars (large) , taxable doExports, cigarettes do

2, 001. 474.8

1, 425. 81, 252. 0

889 7

398.6246 5

.142

291 8193 9

128 8.120

14,716.5103.2

6, 804. 75,860 05 948. 2

517 2761.1.110

i 1, 804

4,940579,106213, 402

47, 263510, 532

6,74424, 970

1, 725. 885.8

1,211.41,019.2

932.0

184.3369.8.175

314.5193.2

148.5.109

17, 379. 2112.2

8, 085. 96, 276. 36, 322. 7

755.71,372.4

.133

1 1,906

5,006510, 325235, 428

51, 166532, 764

6,70129, 147

144.2148.4

102.896.690.8

325.124.0.180

27.116.7

133.9.110

1 437.2130.9

672.3545.9526.1

632.373.8.146

38, 28019, 109

4,61945, 038

5442,374

103.1161.0

73.277.778.2

297.761.0.184

26.817.1

130.4.122

1,549.2202.0

724.1505.6491.0

715.881.1.133

39, 92716, 474

4,05342, 549

6312,838

74.1140.7

53.167.680.6

252.212.2.180

24.218.6

128.7.122

1,461.6179.3

680.3531.9549.5

651.3197.8.128

' 4, 41942, 30717, 776

5,74446,646

5573,120

46.698.0

33.142.563.0

213.917.5.180

17.518.6

112.8.110

1, 441. 3130.2

664.7488.1488.3

638.3136.0.130

34, 69920, 388

5,03144, 165

5402,766

38.065.1

26.627.163.0

158.18.8

.178

29.118.4

117.1.110

1,429.4170.8

655.6516.5513.7

670.6126 7.143

29 55523, 556

3,68547, 119

5882,309

45.239.3

30.527.665.8

121.417.8.167

36.216.8

129.9.100

1.238.4106.8

563.8491.9524.3

543.4165.2.137

' 4, 65046, 76615, 364

4,29247 245

5932,188

194.154.2

134.371.677.3

140.112.0.167

30.715.1

134.9.100

1 5302139.8

729.8534 5548.2

562.3103.9.161

53, 65021, 982

3,92650, 665

6532,656

219.282.9

153.4116.079.6

163.518.6.180

26.814.2

144.9.100

1,507 5158.2

705.6514.5519.9

717.652.7.172

72, 84533, 652

3,42344 026

5812,034

218.285.8

152.6116.676.9

184.336.7.178

27.512.7

148.5.095

1,560.4112.2

727.7538.8552.3

755.7174.6.163

5,00662, 47714, 673

4,13841, 196

4952,352

215.8103.2

151.5108.567.8

202.343.5.183

31.913.3

157.5.095

1,560.3170.3

724.8543.5534.7

751.8112.0.168

39, 33620, 362

3,62045, 634

5102,357

202.4125.5

141.2108.673.6

224.639.2.195

32.415.8

170.5.095

1, 387. 2173.6

653.2511.1505.8

787.8109.3.144

32 30317, 142

3,46642, 518

5052,198

' 192. 2' 136. 4

' 134. 0'119.8'69.4

' 246. 940.3.195

34.9'18.4

' 180. 7.090

1, 463. 2' 138. 4

' 695. 9' 557. 9' 535. 0

' 756. 0156.0.145

4,76352, 35217, 252

3,95443, 360

5562,381

145.1134.1

103.277.256.1

265.418.2.193

36.720.1

193.0.088

1, 460. 9152.0

695.7491.1497.7

767.8168.0.135

44, 45818, 136

3,36643, 590

5582,258

.188

.088

.137

LEATHER AND PRODUCTS

HIDES AND SKINSExports:

Value, total 9 _ thous. $ _Calf and kip skins thous. skins..Cattle hides , -thous. hides .

Imports:Value, total 9 thous. $._

Sheep and lamb skins thous. piecesGoat and kid skins - do

Prices, wholesale, f.o.b. shipping point:Calfskins, packer, heavy, 9H/15 Ib $ per lb._Hides, steer, heavy, native, over 53 Ib do

LEATHERProduction:

Calf and whole kip thous. skinsCattle hide and side kip-. . thous. hides and kips..Goat and kid .. -thous. skins. _Sheep and lamb do

Exports:Upper and lining leather thous. sq. ft

Prices, wholesale, f.o.b. tannery:Sole, bends, light index, 1967=100 .Upper, chrome calf, B and C grades

index, 1967=100..

LEATHER MANUFACTURESShoes and slippers:

Production, total t thous. pairsShoes, sandals, and play shoes, except athletic t

thous. pairsSlipperst... .doAthletic J doOther footwear t do

Exports do

Prices, wholesale, f.o.b. factory:Men's and boys' oxfords, dress, elk or side

upper, Goodyear welt index, 1967=100..Women's oxfords, elk side upper, Goodyear

welt index, 1967=100..Women's pumps, low-medium quality... do

152, 4461,652

14, 778

62, 4002 20 716

2 5 068

.561

.146

3,38122, 0305,856

25 242

265,802

109.5

99.7

576, 961

463, 388100,943

8,9933,637

2,324

108.9

111.9111.0

145, 2001,316

15, 222

51,30018, 70130, 028

.331

.129

2,71720, 3533 979

23 598

79 365

. 114 0

84.3

559 233

441,206107, 562

9 4903 305

2 154

113.3

116.2117.1

11,967134

1,179

5,7001,847

192

.375

.141

2401,874

4182,070

6 396

114.9

90.2

48, 560

38, 7219,312

811210

166

112.9

116.4119.4

12, 794105

1,250

5,4002,450

316

.375

.134

2581,815

4042 054

8 316

114.9

86.5

46 285

35, 9579,742

791197

161

112.9

116.4117.4

13, 79996

1,395

4,0001,438

153

.275

.134

2671,791

4132 038

6 742

113.4

82.7

47 939

36 84810, 534

807196

172

112.9

116.4117.4

10, 83685

1,159

4,5001 294

174

.320

.123

1351,318

2401 747

6 306

113 4

82.7

42 875

34, 1878,316

534155

139

112.9

116.4117.5

10, 15164

1,123

4,5002 172

102

.350

.135

1861,622

2602,145

6 165

113.4

82.7

47 340

36, 8709,345

832293

156

112.9

116.4117.5

10, 952124

1,235

2,80084936

.320

.130

1841,681

2441 989

5 870

113 4

80.6

47 722

36 18810,209

838487

219

114.6

116.4117.5

11, 205131

1,196

2,80086320

.320

.131

2151,784

2252 117

6 300

113 4

80.6

48 969

36 71410, 868

935452

213

114.6

116.4117.5

11, 523116

1 247

3,5001 242

65

.320

.131

2131,585

2022 013

5 661

113 4

80.6

40 895

30, 7498,953

802391

192

114.6

116.4117.5

11, 619176

1,258

3,00093445

.315

.110

1881,701

2041,949

8 117

113.4

80.2

43409

35,3956,738

827449

198

114.6

116.4117.5

11,642137

1,207

3,100832

79

.300

.104

1631,660

1431 803

6 557

111.8

80.2

44 864

36, 7096,889

752504

141

116.7

118.9121.2

11, 985168

1,251

3,8001 548

179

.300

.115

1241,631

1621 820

6 457

111 8

79.4

r44 895

'36,614' 6, 910

'842529

248

116.7

120.2121.2

14, 933189

1,611

6,2002 879

180

.275

.115

1291,871

1691 768

7 784

111.8

79.4

50 153

40 6508,245

937321

175

117.1

120.2121.2

11,512289

1,239

7,4003 591

317

.300

.158

1281 848

1931 848

7 256

116 4

82.7

47, 182

37, 7898,183

918292

167

117.1

120.2121.2

.300

.168

116.4

85.2

117.1

120.2121.2

' Revised. 1 Crop estimate for the year.2 Annual total reflects revisions not distributed to the monthly data.

9 Includes data for items not shown separately.^Revisions for Jan. 1968-Aug. 1969 will be shown later.




1969 1970

Annual

1970


1971


LUMBER AND PRODUCTS

LUMBER— ALL TYPES 9 1

National Forest Products Association:Production, total mil. bd. ft

Hardwoods ._ ... _ _ _ .... _. . _ __do.Softwoods do

Shipments, total. _ _ _ _ . _ ..doHardwoods doSoftwoods do

Stocks (gross) , mill, end of period, total... _doHardwoods _ doSoftwoods . do_ _

Exports, total sawmill products doImports, total sawmill products ..do

SOFTWOODS1

Douglas fir:Orders, new - mil. bd. ftOrders unfilled end of period do

Production. doShipments doStocks (gross), mill, end of period do

Exports, total sawmill products doSawed timber doBoards, planks, scantlings, etc do

Prices, wholesale:Dimension, construction, dried, 1" x 4", R. L.

$ per M bd. ft-Flooring, C and better, F. G., 1" x 4", R. L.

$ per M bd. ft..

Southern pine:n ^ fivfW — W"f \~ik *""• «Q« ll/--

Production doShipments doStocks (gross), mill and concentration yards, end

Prices, wholesale, (indexes):Boards, No. 2 and better, 1" x 6", R. L.

1967=100..Flooring, B and better, F. G.f 1" x 4", S. L.

1967=100..

Western pine:Orders, new mil. bd. ft ._Orders, unfilled, end of period do

Production doShipments do

Price, wholesale, Ponderosa, boards, No. 3,1" x12", R. L. (6' and over) $ per M bd. ft

HARDWOOD FLOORING

Oak:Orders, new mil. bd. f t_.Orders, unfilled, end of period do

Production do

Stocks (gross) , mill, end of period do

37 9438,468

29 481

37, 6158 676

28 943

5,332630

4 704

i 1, 1581 6 263

7,844486

8,2188 1791,010

35988

271

113. 52

212. 59

7 336324

7,6457 434

1 348

i 75 gg7

127.5

119.8

9,593364

9,9999,768

107. 18

393.1387 829.6

36 6037 964

28 639

35 5967 078

28 518

6,3631 5164 847

1,2666 095

7 994457

8 0718 0231 058

38087

292

92.22

226. 76

7 7007 672

1 ^7fi

107.9

122.9

9,341334

9,3789,371

83.79

304.49. 1

315.27Ofi 7

33.3

3 203695

2 508

3 128559

2 569

5,996973

5 023

111535

811562

684711

1 072

31g

26

92.06

225. 69

666685

1 4f>f)

106.2

121.9

867402

850856

1,721

82 95

31.213.2

27.1

32.9

3 080647

2 433

2 942558

2 384

6,1371 0655,072

91572

542453

693651

1 114

236

17

92.68

225. 69

fi97QfiQ

663660

I jce

8 OQR

106.8

123.3

759349

802812

1,711

90 14

22.39.4

25.3

32.1

2,967622

2,345

3,042524

2,518

6,0611, 1654,896

129562

715406

694762

1 046

531340

90.80

225. 69

ceiopi

622659

1 428

8 ten

105.4

123.3

833356

768826

1,653

94 14

25.38.7

26.2

34.1

3,004648

2,356

2,930497

2,433

6,1411,3224,819

93478

697466

627637

1 036

21

16

90.33

225. 69

7ft9OfU

647699

1 376

6 481

105.4

123.3

947445

850858

1,645

88 00

31.110.3

26.9

29.4

3,045626

2,419

3,044572

2,472

6,7131,3894,784

119540

676435

690707

1 037

327

25

93.00

227. 32

fi7ft374

627660

1 343

5 099

106.1

123.3

807410

850842

1,653

82.39

27.910.7

27.8

29.6

3,104641

2,463

3,059587

2,472

6,2351,4604,775

139553

633395

693673

1 057

215

16

95. 04

228. 14

fi7lOQO

650r 662

1 331

5 557

109.8

123.3

887379

900918

81.31

25. 69. 3

29.097 A.

31.2

3,201681

2,520

3,140657

2,483

6,2881,4764,812

97533

741445

692691

1,058

319

22

94.27

228. 14

680351

720712

1 339

5 100

112.7

123.9

812354

860837

1 fi^S

78.54

28.325 233.6

2,733587

2,146

2,694574

2,120

6,2331,3954,838

99514

605424

637626

1,069

277

20

92.85

229.65

607333

641625

1 355

6 405

110.7

123.9

646307

684693

1 A4.Q

75.64

22.220 535.5

2,639535

2,104

2,632511

2,121

6,3631,5164,847

103422

623457

579590

1,058

441035

90.68

226. 54

660373

641620

1 376

5 638

109.7

123.3

688334

646661

I MA

74.90

26. 69. 1

23.924 733.3

2,794571

2,223

2,738566

2,172

6,4281,5294,899

80505

778593

635642

1,051

287

21

2 91. 45

2228.10

744431

670686

1 360

4 785

112.7

125.0

746445

638635

1 ^07

72.36

23.223 g32.8

2,983537

2,446

3,075582

2,493

6,2771,4844,793

87473

702630

684665

1,070

299

21

98.65

228. 10

802484

739749

1,350

4,887

119.8

127.8

778424

740

1 578

75.01

OA fi

m e

24.523 833.5

3,339509

2,830

3,472637

2,835

6,1431,3554,788

91683

738603

806765

1,111

358

27

110. 95

228. 10

791432

797843

1 304

6 232

124.5

129.6

869374

924919

1 R83

84.94

25 69 4

28.726.835.4

3,451577

2 874

3,560644

2,916

6,0421,2874,755

90563

912689

792826

1,077

361124

111.50

228. 10

887458

842861

1,285

5,173

127.1

131.3

925

931913

1,601

101. 21

25 29 3

28.225.238.1

112.12

224. 99

130.7

131.3

99.29

METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous. sh. tons..Scrap - doPig iron do

Imports:Steel mill products doScrap . doPig iron do. _

Iron and Steel Scrap

Production ___ thous. sh. tonsReceipts, net t doConsumption doStocks, end of period do

Prices, steel scrap, No. 1 heavy melting:Composite (5 markets) $ perlg. ton..

Pittsburgh district do.___

i 5, 2299,176

44

14, 034412417

i 56, 287i 36, 929i 94, 816

1 6, 552

29.7632.00

7,05310 365

310

13,364346266

1 52, 4641 33, 8891 85, 188

7,668

40.7242.00

809935

6

9622326

4,6363,0927,7056,448

40.5242.00

9161 300

45

1,0663030

4,4632,8637,5196,268

42.2144.50

65198954

1,0823322

4,5222,9877,4306,360

43.1744.00

6351 045

2

1,1343333

4,3633,9826,8086,657

40.1740.50

56691843

1,1112720

4,3772,6086,8416,828

39.1839.00

398832

20

1,2772333

4,4502,7056,9847,008

42.3642.50

37972218

1,3343126

4,2692,9406,8147,346

41.7844.00

35578118

1,7143514

3,8172,5196,1577,585,

35.5138.50

29973043

1,3472949

4,0792,5416,5427,668

34.9838.00

254641

1

1,305286

4,4912,6647,5128,048

39.6241.50

199460

(3)

1,230185

'4,436' 2, 870•• 7, 280••7,420

40.1440.75

186472

3

1,254247

v 4, 969p 3, 058p 8, 056p 7, 391

36.2639.00

189526

7

1,3632631

33.3337.00

34.2937.50

r Revised. p Preliminary. 1 Annual data; monthly revisions are not available.2 Beginning Jan. 1971, data reflect changes in size specifications, and are not comparablewith those for earlier periods. 3 Less than 500 tons.

9 Totals Include data for types of lumber not shown separately.HData for orders, production, shipments, and stocks have been revised back to 1962;

corresponding monthly revisions are available for 1968 and 1969 only.{Receipts previously shown for the period Apr. 1967-Sept. 1969 have been corrected to

represent net receipts (i.e., less scrap shipped, transferred, or otherwise disposed of during tiieperiod); data comparable with the net receipts shown through Mar. 1967 appear in tne *eo.1970 SURVEY, p. S-31.




1969 | 1970

Annual

1970


1971


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

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants. _ - _ d o . _Consumption at iron and steel plants doExports _ ._- do

Stocks, total, end of period doAt mines.. _ _ _ _ doA t furnace yards _ . . - - . _ . d o _At U.S. docks do

Manganese (mn. content), general imports. _ _do

Pig Iron and Iron Products

Pig iron:Production (excluding production of ferroalloys)

thous. sh. tons..Consumption _-.. doStocks, end of period do

Prices:Composite . $ per Ig. tonBasic (furnace)... _ doFoundry, No. 2, Northern do

Castings, gray iron:Orders, unfilled, for sale, end of period

thous. sh. tons-.Shipments, total do

For sale _ doCastings, malleable iron:

Orders, unfilled, for sale, end of periodthous. sh. tons..

Shipments, total doFor sale.. . _ _ . do

Steel, Raw and Semifinished

Steel (raw):Production thous. sh. tons..

Index . . daily average 1967— 100Steel castings:

Orders, unfilled, for sale, end of periodthous. sh. tons..

Shipments, total doFor sale, total do

Steel Mill Products

Steel products, net shipments:Total (all grades) thous. sh. tons..By product:

Semifinished products doStructural shapes (heavy), steel piling doPlates doRails and accessories do

Bars and tool steel, total doBars: Hot rolled (incl. light shapes) do

Reinforcing doCold finished do

Pipe and tubing. . doWire and wire products doTin mill products doSheets and strip (incl. electrical), total... do

Sheets: Hot rolled doCold rolled do

By market (quarterly shipments):Service centers and distributors doConstruction, incl. maintenance doContractors' products . doAutomotive do

Rail transportation doMachinery, industrial equip., tools doContainers, packaging, ship, materials ...doOther do

Steel mill products, inventories, end of period:Consumers' (manufacturers only).. mil. sh. tons

Receipts during period doConsumption during period do

Service centers (warehouses) doProducing mills:

In process (ingots, semifinished etc ) doFinished (sheets, plates, bars, pipe, etc.) .do

Steel (carbon), finished/composite price.. .$ per lb_.

88,260i 90, 581

40, 758

126, 165128, 550

5,4301 67, 4411 13, 790

51,0032,648

1,124

95, 017i 94, 635

1 1, 723

63.7864.0064.33

1,09115, 9339,185

1171,172

672

1141,262111.0

4461,8971,580

i 93, 877

6,3736,2448,2381,514

14,3548,6593,6591,9239,2323,2566,555

38, 11112,47116,427

i 17, 565i 11, 402i 4, 768

i 18, 276

13,344i 5, 690i 7, 145

1 25, 687

9.869.370.0

6.3

11.710.2

.0917

1 89,836i 89,05744, 876

125, 107123, 261

5,494

70,48814,30452, 7813,403

990

91, 502i 90, 068

2,082

69.3369.2670.33

88813, 9468,173

78852521

'1131,514' 103. 4

3211,7261,417

1 90, 798

7,3876,0608,0651,590

14, 5778,1074,8911,4907,7782,9987,243

35, 10112, 31914, 250

' 117, 678' 110, 565

14,440114,475

13,098i 5, 169i 7, 775

••127,598

9.467.167.5

7.2

12.810.5

.1020

6,6335,3482,944

7,54210, 378

339

54, 94523, 57629, 7501,619

56

7,7907,6521,712

68.2068.5069.00

1,0611,272

739

948347

11, 386108.9

433158126

7,039

724496631156

1,17366840890

824263445

2,327907919

9.15.76.5

6.3

11.710.3

.0974

9,26410, 2993,806

14, 48310, 934

433

57,61622,53833, 308

1,770

34

8,1227,8971,787

68.2068.5069.00

1,0461,256

723

947844

11, 574107.1

421154124

8,190

729500714156

1,305735436127679275582

3,2491,0871,359

9.16.06.0

6.1

12.110.1

.0974

9,52010,7635,487

15,03310,497

627

01, 14321, 29737, 8442,002

47

7,8747,7351,804

68.2068.5069.00

1,0191,291

758

907745

11,323108.3

411158128

8,517

780543737143

1,388758472149691282605

3,3501,1411,362

4,4702,8181,1033,844

8801,3551,7577,520

8.96.16.3

6.1

12.19.7

.1056

9,65111,6985,193

15, 53310, 327

700

64, 57819,25143,0502,277

102

7,6187,4171,924

68.2067.9269.00

9781,084

669

1006141

10,78199.8

381129108

7,759

586534685119

1,249651469123657254603

3,0711,0771,240

9.25.65.3

6.2

11.79.5

.1056

9,38212,0035,368

15, 40710, 279

629

67, 50616, 62948, 1782,699

149

7,5787,4151,929

68.2067.9269.00

9691,139

694

946842

10, 76599.6

378123101

7,511

470472631100

1,262676456123661263663

2,988993

1,229

9.55.55.2

6.6

11.99.5

.1056

8,89910,9525,222

14,48310, 056

667

70, 32514, 61552, 6043,106

81

7,4147,4021,814

72.6573.3374.50

9111,150

685

916344

10, 726102.6

334137116

7,767

52649063290

1,156625403121638255

1,1512,831

9731,120

4,5022,7941 1933,830

6091 2122,5366,362

9.75.55.3

6.5

11.99.2

.1056

8,2609,6583,818

12, 59310,200

561

71, 75713, 22354. 9973,537

117

7,5277,4991,833

73.7073.3374.50

8431,087

662

725842

10, 69999.0

318146123

6,867

601505608105

1,149607424112605250419

2,625880

1,060

9.54.85.0

6.5

12.19.7

.1062

5,9916,8153,448

9,5829,607

423

71,01212,41654, 9383,658

98

7,2337,0741,856

73.7073.3374.50

826929550

905338

10,00895.7

316124102

6,119

501457592123

1,041541399

95515200345

2,345771963

9.24.34.6

6.5

12.810.0

.1062

5,9613,9663,158

8,02010, 173

271

70, 48814,30452, 7813,403

115

7,5577,4402,082

73.7073.3374.50

8881,047

594

787343

10,43896.6

321141116

6,949

496456654160

1,13564438798

582211391

2,864931

1,248

4,2062,5231,0282,966

6961,0971,3246,095

9.45.75.5

7.2

12.810.5

.1062

5,3502,1371,954

4,05010, 609

239

66, 82017, 52946, 1823,109

54

7,8047,5521,928

73.7073.3374.50

9641,140

643

787542

11,274104.3

334129106

7,509

434569807129

1,173732322113593230583

2,992946

1,318

2 1, 40727902375

2 1, 597

227824462643

2 1, 973

9.65.55.3

6.9

13.510.5

.1062

5,2282,168

878

4,2209,946

98

64,19821, 08440,4772,637

49

7,378' 7, 298'1,937

73.7073.3374.50

9671,129

633

'71'73'36

10,874111.4

'336136

'111

7,562

403632969136

1,240783334117569207419

2,987956

1,296

2 1, 41928402448

2 1, 547

233224962485

2 1, 996

9.75.75.6

'6.8

12.911.0

.1062

5,8982,6463,678

4,88011,495

373

59, 89824, 37233, 8601,666

74

8,518*8,364Pl, 794

73.7073.3374.50

9921,328

746

738145

12,645117.0

339161131

9,026

530541835175

1,5921,008

431147730248551

3,8231,2161,673

2 1, 61529452487

2 2, 130

231925412616

2 2, 372

10.57.26.4

6.7

'12.311.3

.1062

3,525

8,68411, 054

366

31, 490971

93

8,421

73.7073.3374.50

12,565120.2

9,470

558530761155

1,554949441157

1,013289635

3,9741,2241,802

2 1, 79621,010

25162 2, 238

228625502685

2 2, 388

11.77.26.0

11.811.0

.1062

73.3374.50

• Revised. » Preliminary. i Annual data; monthly revisions are not available2 For month shown.NOTE FOR LEAD STOCKS, P. S-33: ^ Decrease from Dec. 31 stocks reflects correction

for one large consumer. End-of-month stocks as published for Sept. 1968-Dec. 1970 wereerroneously increased about 2,500 tons per month. Revised Dec. 31, 1970 stocks comparablewith Jan. 31, 1971 stocks, 117,700 tons.

NOTE FOR ZINC PRICE, P. S-33: cfEffective Jan. 1971, the price represents a flatquotation, delivered basis, for all domestic sales (the former East St. Louis base price hasbeen discontinued); comparable delivered price for Dec. 1970,15.5 cents per pound.


June 1971 SURVEY OF CUKRENT BUSINESS S-33


1969 1970

Annual

1970


1971



NONFERROUS METALS AND PRODUCTSAluminum:

Production, primary (dom. and foreign ores)thous sh tons

Recovery from scrap (aluminum content) do

Imports (general):Metal and alloys, crude doPlates sheets etc do

Exports metal and alloys crude do

Price, primary ingot, 99.5% minimum— $ per lb..

Aluminum products:Shipments:

Ingot and mill prod (net ship ) § mil lbMill products total § do

Plate and sheet§ doCast ings A do

Inventories, total (ingot, mill prod., and scrap),end of period* mil. lb

Copper:Production:

Mine recoverable copper thous sh tonsRefinery, primary do

From domestic ores doFrom foreign ores do

Secondary recovered as refined do

Imports (general) :Refined unrefined scrap (copper cont ) do

Refined doExports:

Refined and scrap doRefined do

Consumption refined (by mills etc ) doStocks refined end of period do

Fabricators' doPrice, electrolytic (wirebars), dom., delivered t

$ per lb

Copper-base mill and foundry products, shipments(quarterly total) :

Brass mill products mil lbCopper wire mill products (copper cont ) doBrass and bronze foundry products do

Lead:Production:

Mine recoverable lead thous sh tonsRecovered from scrap (lead cont.) do

Imports (general) ore (lead cont ) metal doConsumption, total do

Stocks, end of period:Producers', ore, base bullion, and in process

(lead content), ABMS thous. sh. tonsRefiners' (primary), refined and antimonial

(lead content) thous sh. tonsConsumers' (lead content) c?1 doScrap (lead-base, purchased), all smelters

(gross weight) thous sh tonsPrice, common grade (N.Y.). _ .$ perlb .

Tin:Imports (for consumption) :

Ore (tin content). Ig. tonsBars, pigs, etc _ _ do

Recovery from scrap, total (tin cont ) doAs metal do

Consumption, total doPrimary do

Exports, incl. reexports (metal) _ do__Stocks, pig (industrial), end of period doPrice, pig, Straits (N.Y.), prompt $ perlb-.

Zinc:Mine prod., recoverable zinc thous. sh. tonsImports (general):

Ores (zinc content) doMetal (slab, blocks) do

Consumption (recoverable zinc content) :Ores doScrap, a l l types _ _ _ _ _ . .do. _

Slab zinc:Production (primary smelter), from domestic

and foreign ores ._ thous. sh. tonsSecondary (redistilled) production doConsumption, fabricators' doExports.. . _ _ doStocks, end of period:

Producers', at smelter (AZI)O doConsumers' _. _ do .

Price. Prime Western (East St. Louis). $ ner lb_ .

3 793 11 978. 0

468.657.2

344 4

.2718

10 717 57,666.33 726 81,698 1

3,785

1,544.61,742.81,468.9

273.9465.6

415.1131.1

286.2200.3

2, 145. 0170.3124.4

.4793

3,1112,524

853

509.01603.9

389.61,389.4

165.7

125.71 156. 4

'73.6.1490

054,950

i 22, 775i 3, 022

i 80, 790i 57, 730

3,21713, 8241. 6444

553.1

602.1324.7

i 126. 7i 302. 1

1 1,041. 9169.3

1 1, 368. 39.3

167.7i 100.5

.1460

3, 976. 1835.0

350.278.7

408 5

.2872

19 941 9i 7, 386. 23 688.61, 506. 7

4,387

1 705 81, 765. 11, 521. 2

243.9475 0

394 2132.1

348 9222.0

2 048 9348 5187.9

2 4 583

2,5132,313

751

578.7590.4

357.11, 339. 1

179.4

97.7188.4

67.9.1562

4,66750, 554

i 20, 1053,085

* 73, 122i 53, 012

4,96611, 1051. 7414

546.8

525.8270.4

118.4226.8

886.774.4

1, 164. 6.3

127.388.2

.1532

329 078 0

32.66.6

36 0

.2859

856 6631.9318 2136 7

3,899

141 7150.9127.623.245.0

34 06.8

32.524.0

185.9177.1118.9

.598

49 753 1

26 7115 9

163.3

47 1167 6

67 5.1650

o3,8181 785

2306 5954 665

8111, 7651. 8388

48.3

39 522 3

11 119 8

80.75 3

99 4o131.775.9

.1550

341.471.0

31.97.0

41 5

.2900

871 8653.5327.2134.6

3,942

152 1148.2128.220.043.1

32.79.8

33.026.2

188.5183.8118.6

.602

51.346.8

36.7115.9

155.1

53.2165.7

72.3.1650

3844,5431,855

3306,5054 560

9111, 8101.8054

45.6

43.725.0

10.318.6

77.06.8

99.1(3)

134.977.3

.1550

326 873.0

30.47.0

41 1

.2900

883 6661.1338.9135.9

3,932

148 5140.9117.623.341.5

32.110.6

22.217.1

180 8175.6121.9

.602

703637200

47.450.3

23.8114.0

146.9

63.1172 0

67 1. 1650

1,0656,1341,255

2506,5804 780

9212, 8651. 7023

46.4

42.916.4

9.019.4

70.76 1

102.2(3)

132.083.4

.1550

339 371.0

31.86.2

35 2

.2900

758 3592^1296.7114.4

4,040

137 0148.3130.418.041 1

35 210.1

25 215 0

123 2230.3173.4

.601

46.345.4

30 199.9

151.7

78.9175 9

75 5.1568

03 3981,385

2255 8854 425

67311, 3301.6477

47.0

44 220.7

8.218.4

71.75.3

90.9(3)

125.784.8

.1550

330 965 0

21.75.3

14.1

.2900

786.1605.5309.8118.1

4,101

144.6138.7119.319.434.6

30.511.0

27.817.5

166.9225.8170.9

.601

48.048.4

25.4108.8

152.8

87.1174.8

74.0.1510

1,6331,7231,600

2255,6354,100

10210, 7001. 7451

46.4

56.916.0

11.518.0

65.36.6

100.4(3)

117.281.5

.1533

323 068.0

20.05.6

26 9

.2900

824 5637.9334 7117.4

4,102

139 5130.5114.216.335 9

45 518.8

24 813.6

177 6227.0166.3

601

551551166

48.648.2

31.4111.8

162.2

86.2178 8

73 4.1452

5915,6931 730

2156,2404 565

8311, 7051. 7474

43.5

42 119.4

10.718.2

68.87 0

100 5(3)

112.879.0

.1500

334.668 0

23.75.2

26 9

.2900

808 9614.6298 0114.3

4,144

148 6149.3127 322.037 3

36.013.6

35.217.4

164.4248.7168.5

.590

46.553.5

35.1113.5

179.0

90.5178.8

67.2.1450

4873,1141,770

2505,8604,440

1,23311, 9651. 7365

43.2

31.532.1

8.819.0

66.77.8

97.8(3)

113.681.8

.1500

327 060.0

21.15.5

15 9

.2900

713 4541.1260 299.7

4,279

138 7143.0122.820.235. 1

37.113.4

32.515.6

153.3306.9171.3

.561

48.549.6

23.5102.3

178.2

93.2183.1

68.3.1450

03,8101,580

2755,5154 110

23311,6901. 7225

43.4

33.018.9

9.118.9

65.26.4

88.8(3)

118.679.0

.1500

345.270.0

28.15.4

28 0

.2900

812 8584.4297.2121.3

4,387

139.1170.2144.825.439.2

35.09.5

33.018.2

150.8348.5187.9

.531

551526171

45.352.3

27.5113.2

179.4

97.7188.4

67.9.1414

6075,5231,610

2755,6904,315

79611,1061. 6385

43.4

45 530.9

7.619.0

70.95.1

93.6.1

127.388.2

.1500

331.962.0

34.36.1

15 8

.2900

770 6584.6292.2121.3

4,469

137 8148.5129.918.637.0

27.212.1

34.622.9

149.4373.3200.0

.5152

45.346.4

34.1113.6

179.5

98.5« 113. 1

67.6.1350

03,6591,590

2055,8304,500

7410,0001. 6164

41.6

37.417.9

8.018.7

71.66.9

96.44.8

128.380.0

s.1500

304 367. 0

29.15.0

14 3

.2900

r 775 4r 578. 5r 280 1r 128 0

' 4, 496

129 6142 3124 318 131 0

32 78 6

27 618 7

166 3385 8211 3

5035

T 41.948.1

22 1109.6

177.6

96.2116.5

65.3.1350

01,6351,595

2855,6604,160

3058,970

1.6286

'40.7

33.314.5

8.918.5

69.25.6

99.32.2

119.880.4

5.1500

338 878.0

44.76.0

11.0

.2900

960.5749.0398.7144.6

4,469

r 143 1170.5144.825.733.9

26.19.9

38.626.3

187.6'380.6r 316. 3

.5055

647564174

52.747.0

21.7119.5

186.3

88.8120.2

65.7.1350

04,703

6,3554,715

5708,155

1. 6701

43.8

37.529.1

8.619.9

74.27.4

111.51.7

99.489.8

'. 1507

327.1

95.76.4

11.3

.2900

140.0160.0141.618.428.8

26.411.6

37.023.7

P 192. 0v 369. 8»238.6

.5283

21.2

.1350

104,478

138

1. 6888

32.922.7

1.1

84.3

s . 1550

.2900

1. 6602

80.7

T Revised. * Preliminary. i Annual data; monthly revisions are not available.2 Average for Feb.-Dec. 3 Less than 50 tons. 4 Beginning Feb. 1970, the new METALS

WEEK price (based on mine production rates and known selling prices of U.S. producersonly) is not comparable with prices for earlier months. 5 See note cf, bottom of p. S-32.

• See note f, p. S-32. § Revised monthly data (1968-69) are available.ARevised data (1966-68) are in the Apr. 1970 SURVEY. *New series. Source, U.S. Dept.

of Commerce; monthly data back to Jan. 1967 are available.JPrices shown are averages of delivered prices; average differential between the delivered

and the refinery price is 0.400 cents per lb. through 1969, and 0.500 cents thereafter.cfConsumers' and secondary smelters' lead stocks in refinery shapes and in copper-base

scrap. See note "V' p. S-32.©Producers' stocks elsewhere, end of May 1971, 21,600 tons.




1969 ) 1970

Annual

1970


1971



HEATING EQUIPMENT, EXC. ELECTRIC

Radiators and con vectors, shipments:Cast-iron mil sq ft radiationN on ferrous do

Oil burners:Shipments thous

Ranges, gas, domestic cooking (incl. free-standing,set-in, high-oven ranges, and built-in ovenbroilers) shipments thous

Top burner sections (4-buroer equiv ) ship do

Stoves domestic heating shipments total doGas do

Warm-air furnaces (forced-air and gravity air-flow),shipments total thous

Gas doWater heaters gas shipments do

MACHINERY AND EQUIPMENT

Foundry equipment (new), new orders, netmo avg shipments 1967 —100

Furnaces (industrial) and ovens, etc., new orders

Electric processing furnaces do

Material handling equipment (industrial):Orders fnew) index seas adit 1967 100

Industrial trucks (electric), shipments:Hand (motorized) numberRider-type - do

Industrial trucks and tractors (Internal combustionengines), shipments number

Machine tools:Metal cutting type tools:

Orders new (net) total mil $Domestic do

Shipments, total doDomestic do

Order backlog, end of period do

Metal forming type tools:Orders, new (net), total do

Domestic doShipments, total do

Domestic doOrder backlog, end of period do

Other machinery and equip., qtrly. shipments:Tractors used in construction:

Tracklaying total mil $Wheel (contractors' off-highway) doTractor shovel loaders (integral units only),

wheel and tracklaying types mil $Tractors, wheel (excl. garden and contractors'

off-highway types) mil $Farm machines and equipment (selected types),

excl. tractors -. mil. $

ELECTRICAL EQUIPMENT

Batteries (auto, replacement), shipments}! thousHousehold electrical appliances:

Ranges, incl. built-ins, shipments (manufac-turers'), domestic and export thous._

Refrigerators and home freezers, output1957-59-100

Vacuum cleaners, sales billed _ _ _ thousWashers, sales (dom. and export) cf doDryers (gas and electric), sales (domestic and

export) - - thous

Radio sets, production© _ doTelevision sets (incl. combination), prod. 0-- doElectron tubes and semiconductors (excl. receiving,

power, and spec, purpose tubes), sales mil. $Motors and generators:

New orders, index, qtrly A 1967=100New orders (gross) :

Polypha se induction motors, 1-200 hp .mil. $D.C. motors and generators, 1-200 hp do_ _

17.078.5

i 523. 8*42 2

!2 324 5198.7

1 1,494 811,043.2

i 1,868.6tl,546.62, 784. 6

109.4

113.116.458 3

124 8

14, 57914,903

50, 446

1, 195. 301, 032. 651, 192. 451 077.45

812.4

533. 45484. 35405. 10369. 30382.8

*475 6179 1

610 2

878 6

1, 151. 6

35, 510

2,342. 3

181.07, 133. 74, 378. 5

3, 022. 5

20, 54911, 270

770.7

106

«109.351.9

647.0

2 2 156. 72 146. 3

1 286.9887.4

1, 904. 41, 481. 02, 789. 0

155.61 88 5

1 8.11 43 9

103 3

13,81614,811

41, 194

651. 30506. 75992. 90827. 35

470.7

261. 25226. 60450. 15411. 60234.8

482.09 158. 6

583.4

857. 1

1, 178. 7

37, 863

2, 361. 6

195.87, 381 . 74, 093. 3

2 980.9

16, 4069,483

643.1

98

5 102. 547.4

.24.5

34.8

187 912 6

72 647.6

120.297.9

242.7

419.2

89 4

1,1501,057

3,416

59.2046.3083.0569. 15740.2

27.2025.5534.7532.20369.1

2,065

' 205. 9

227.2561.5332.6

197.5

1,322509

58 1

« 9. 43.6

.24.1

36.6

174 013.1

79 652.0

128.9105.8232.5

230.1

104 3

1,5291,237

3,636

52.7541.6097.1082.55695.9

16.2515.2046.1043.40339.3

1,955

200.2

221.4531.7321.6

173.6

1,292531

53.2

•8.13.4

46.6

227 614 1

89 265.5

148.2119.9264.8

92.4

22 52 7

12 3

97 3

1,2731,377

3,855

61.8544.05

100.6084.50657.1

14.4012.8541.2036.20312.5

125.351.5

153.1

230.8

304.8

2,298

221.6

227.4589.2382.9

203.44 1, 651

4 823

56.4

101

•8.64.7

.33.9

47.7

172 411 2

125 092.0

158.6125.1234.7

76.0

106 3

1,1251,433

3,533

62.7047.7074.9061.30644.9

14.7512.3038.7536.25288.5

2,949

238.4

238.3513.3337.7

198.5

975534

46.9

5 9 . 93.8

.3

64.8

201 910.6

147.1109.8

162.7121.5235.7

58.4

101 6

688846

2,346

34.2023.4562.1547.75616.9

12.508.95

30.4028.15270.6

3,056

193.7

152.1667.9356.4

278.7

1,480779

49.3

57.54.0

.4

77.0

236 114.9

157.6112.7

203.0150.0226.7

132.3

23 11 8

15 0

99 1

1,0931,183

3,685

44.1535.7583.3567.00577.7

23.8522.2531.4028.90263.1

121.745.7

139.5

178 2

284.6

4,306

225.5

202.7758.0387.6

335.94 1, 5854 1,054

56 3

98

58.43.0

.4

87.3

217 113.8

201 4146.8

215.5160.7254.4

319.6

110 5

1,3181,019

3,114

36.7028.6570.9560.40543.4

38.3536.2535.2533.15266.2

4,017

225.9

226.4722.5399.6

359.3

1,285965

47.1

58.23.5

.4

62. 9

185 713.6

127 395.9

186.4132.5201.1

16.3

121 2

1 0631,194

2,873

29.0021.0055.8045 70516.6

9.858.80

35.3530.75240.7

3,928

203.3

175.7650.2348.5

288.1

1,119945

42.7

57.63.1

49.3

72.644.1

161.6120.1201. 8

99.0

12 58

5 8

88 5

1,0541,265

3,112

39.7026.9585.6067.50470.7

29.7519.1035.7032.15234.8

101.76 24.8

128.3

199.7

255.7

3,865

174.8

132.8541.0

j 289.1

243. 34 1, 458

^962

46.4

90

«8.23.8

129.8

93 9

973972

3,637

36 7527.3057.6543 50449.8

17.4515.9031.1529.00221.1

3 51 6

3 46 0

3,480

170.0

172.9546.0351.2

273.6

1,449719

41.6

57.73.6

118.9

103.1

8901,044

3,485

39 0031 7059 4047 65429 4

20 1016 9531 5028 30209 7

3 47 i

T 377 5

2 892

178.8

199 9698.7328.8

216 4

1 428811

40 8

5 7. 63.3

82.4

P24.7p 7 6 .9v 72. 1

95.8

1,1611,470

4,890

r 43. 00r 36. 50' 64. 85r 51 75' 407 6

' 25 25' 22 65r 30. 25r 28 30* 204 7

3 51 5

3 90 2

T 2 516

224.4

237 5663.1369.8

250.74 1,8644 1, 016

44 4

865 8. 4

3.6

102.7

1,1791,299

4,233

42.4036.7572.3560.70377.7

13.9013.1526.4524.85192.2

1,839

212.0

247.2655.8303.4

182.4

1,498867

42 5

58.63.3

304.4

177.4

1,487889

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production _ .thous. sh. tons..Exports doPrice, wholesale, chestnut, f.o.b. car at mine

$ persh. ton..Bituminous:

Production thous. sh. tons._

10, 473627

15. 100

560, 505

i 9, 481789

16. 565

596, 485

76157

16. 346

50, 125

76651

15. 758

48, 630

81143

15. 758

49, 380

710110

15. 954

39, 365

90179

15. 954

52, 445

858135

16. 640

53, 745

872100

16. 993

55, 265

79478

18. 169

50, 635

79080

18. 169

52, 455

72217

18. 365

50,100

65216

18. 365

46,900

'77769

18. 365

'56,755

^79375

18.365

55, 575

913

17. 581

50, 640r Revised. v Preliminary. 1 Annual data; monthly revisions are not available.3 Total for 11 months. 3 For month shown. 4 Data cover 5 weeks; other periods,

4 weeks. * Excludes orders for motors 1-20 hp.; domestic sales of this class in 1970 totaled$106.5 mil.; 1971—Apr., $7.5 mil. o Excludes figures for rubber-tired dozers (included forother periods). 1 Effective 1st qtr. 1971, includes data for ovens; not comparable withearlier data which cover furnaces only.

cf Revised to exclude combination washer-dryers. {Revised series. Data reflect adjust-ment to 1967 Census of Manufactures; monthly revisions (1957-69) are available.

ORadio production comprises table, portable battery, auto, and clock models; televisionsets cover monochrome and color units. AShifted to 1967 base; 1st quarter 1969-lst quarter1970:102; 115; 104; 103; 105. |See corresponding note, p. S-35.




1969 | 1970

Annual

1970


1971


PETROLEUM, COAL, AND PRODUCTS—Continued

COAL — Continued

Bituminous — ContinuedIndustrial consumption and retail deliveries,

total 9 thous. sh. tonsElectric power utilities doMfg. and mining industries, total . _ do

Coke plants (oven and beehive) do

Retail deliveries to other consumers _ do

Stocks, industrial and retail dealers', end of period,total thous sh. tons

Electric power utilities doMfg. and mining industries, total do _

Oven-coke plants . __ _ __do

Retail dealers do

Exports doPrices, wholesale:

Screenings, indust. use, f .o.b. mine$persh. ton..

Domestic, large sizes, f.o.b. mine . . do .

COKEProduction:

Beehive thous sh tonsOven (byproduct) doPetroleum coke§__ - . . . do .

Stocks, end of period:Oven-coke plants, total do

At furnace plants do .At merchant plants do

Petroleum coke doExports,. __ _. do

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed number--Price at wells (Oklahoma) . . . $ per bblRuns to stills mil. b'bL_Refinery operating ratio % of capacity-

All oils, supply, demand, and stocks :New supply, totald" mil. bbL.

Production:Crude petroleum do.__Natural-gas plant liquids do

Imports:Crude and unfinished oils doRefined products. ... do

Change in stocks, all oils (decrease,—) do

Demand, total • doExports:

Crude petroleum . doRefined products do

Domestic demand, total? doGasoline doKerosene . do

Distillate fuel oil doResidual fuel oil doJet fuel do

Lubricants doAsphalt doLiquefied gases. do

Stocks, end of period, total doCrude petroleum doUnfinished oils, natural gasoline, etc. doRefined products ... . do

Refined petroleum products:Gasoline (inch aviation):

Production doExports doStocks, end of period do

Prices (excl. aviation):Wholesale, ref. (Okla., group 3) $ per gal__Retail (regular grade, excl. taxes), 55 cities

(1st of following mo.) $ per galAviation gasoline:

Production mil. bblExports.. .__ doStocks, end of period do .

Kerosene:Production doStocks, end of period doPrice, wholesale, bulk lots (N.Y. Harbor)

$ per gal..' Revised. o Corrected.1 Less than 50 thousand barrels. 2 Reflects revisd" Includes small amounts of "other hydrocarbo

shown separately.9 Includes data not shown separately.5 Includes nonmarketable catalyst coke.

507,275308,461185, 83592,901

12, 666

80,48260, 59719, 7018,962

184

56,234

6.0527.487

71064,01420, 574

3,1203,020

991,0401,629

2 14, 3683.18

3, 879. 692

5,111.8

3,371.8584.5

552.9602.7

-17.4

5,126.6

1.483.4

5,041.82, 042. 5

100.4

900.3721.9361.7

48.8143.3445.6

980.1265.2103.5611.4

2,028.22.4

217 A

.116

.239

26.51.76.2

102.926.8

.111

ions not aas and h

520,815320, 461189, 70397, 487

10, 353

71, 285

8,924

70, 908

7,6419,647

81465, 65421, 074

4,1134,018

951.0592,514

2 13, 0203.23

3, 967. 591

5,382. 4

3, 515. 5619.5

522.6724.8

37.7

5, 337. 5

5.089.3

5, 243. 32, 131. 2

96.0

927.2804.3350.9

153.5454.7

1, 017. 9276.4106.0635.5

2, 105. 31.4

214.3

.119

.246

19.7.9

5.1

95.727.8

.118

vailable bydrogen r

40, 76124, 17016, 1138,354

450

52, 060

8,678

6,057

7.7588.864

'73' 5, 468

1,834

3,1003,043

551,132

212

9253.21

318.491

436.8

287.650.0

38.161.1

17.3

419.4

.17.6

411.7171.3

5.4

74.263.627.2

10.032.2

923.4278.0112.5532.9

164.3.1

235.7

.110

.248

1.6.1

5.4

7.520.8

.111

y monthefinery

40,46124, 11815, 8538,626

450

55, 619

9,093

6,059

7.8198.950

595,9661,728

3,1213,063

58966195

1,0473.21

324.087

436.3

295.251.8

40.748.5

28.1

407.1

7.8399.3183.6

5.0

60.351.327.7

14.329.0

951.6284.8115.0551.8

172.5.1

226.4

.133

.249

1.6.1

5.1

7.022.9

.118

s.nput," i

41, 14225, 62515, 0588,315

420

57, 383

9,235

7,210

8.2249.193

725,7491,929

2,9542,907

47966149

1,1423.21

326.290

430.9

280.751.0

44.155.1

16.3

415.0

.37.5

407.3187.4

4.3

52.658.228.1

18.829.8

967.9279.9115.5572.5

173.8.1

214.9

.115

.256

1.3.1

4.7

7.426.3

.120

lot

44,23327, 52216, 2417,956

430

54,825

6,517

6,269

8,2809.521

695,4421,929

3,0062,952

541,038

244

1,1293.21

335.590

436,4

284.951.9

42.057.6

3.1

431.3

.18.3

422.9195.2

5.0

50.359.231.2

21.331.9

971.0266.9113.8590.4

180.6.2

201.9

.120

.238

2.0.1

5.1

6.327.7

.122

NOr

(expanInstiticovereare in

43,44028, 45814, 3857.928

560

55, 654

6,719

5,532

8.4249.736

655,3681,818

2,9632,914

491,051

268

9123.21

341.792

441.9

296.252.4

39.054.3

11.8

427.2

(l)6.4

420.8190.4

4.8

52.961.230.8

20.632.2

982.8254.1113.1615.6

183.0.1

196.4

.123

.230

1.90)4.7

6.529.6

.122

PE FOIded to cite) is bd by thethe Apr.

41, 71326, 42414,3867, 917

866

59, 685

7,112

6,520

8.858o 10.057

665,4251,799

3,0573,019

371,094

286

1,2343.21

330.392

440.9

295.550.5

43.351.6

27.0

414.2

08.1

406.0179.8

5.5

58.650.731.1

18.833.2

1, 009. 8259.2106.9643.7

180.8.1

199.3

.120

.246

1.9.1

4.7

6.230.3

.122

1 MAT!}ver newased on

combin1971 Sun

42,46525, 25416, 0578,317

1,117

66, 087

8,180

7,267

9.74710. 921

615,6801,755

3,4333,388

461,081

288

9863.21

336.690

461.2

310.553.0

39.558.1

15.6

443.7

2.07.7

434.1184.7

7.5

69.958.930.0

15.939.6

1, 025. 4265.5107.6652.3

177.7.1

194.5

.118

.237

1.6.1

4.6

8.231.0

.122

2 RIALorders n

compositation of,VEY. p.

43,81326,45316, 2458,068

1,088

69,681

8,674

5,633

9.74711. 533

685, 5371,743

3,7773,691

861,036

269

8823.21

330.692

451.4

301.152.9

40.656.9

17.9

433.5

1.66.3

425.6168.4

8.7

78.661.728.7

10.643.9

1, 043. 3271.3109.0663.0

175.6.1

204.0

.118

.265

1.8C1)

5.0

9.231.5

.122

HANDI.ported te figures8 materi3-35.

48, 03629,48117, 4368,296

1,109

71, 285

8,924

6,725

9.74711. 533

685,6721,845

4,1134,018

951,059

220

1,4543.41

346.793

482.1

308.154.8

53.066.3

-25.5

505.0

.78.4

495.8182.012.3

110.080.430.5

4.07.8

47.6

1, 017. 9276.4106.0635.5

190.2.1

214.3

.130

.256

1.7.1

5.1

8.527.8

.119

vING I]y membrepresei

al handl

49, 19930, 804

< 17, 3958,239

1,000

68, 643

8,489

4,250

9.74711.658

595,6471,803

4,2414,149

921,089

171

8463.41

344.993

464.4

301.553.6

37.871.5

-37.4

504.8

06.1

498.6164.613.4

125.385.128.8

3.64.8

52.5

980.4269.8101.2609.4

185.2.1

237.0

.130

.254

1.4.1

4.9

9.523.9

.123

MDEXers of Hoiting 81?ing assoc

43, 69827, 12715, 7337,393

838

67,001

8,237

4,302

9.31611. 658

605,0541,652

4,0543,994

601,127

142

8963.41

312.493

422.9

274.449.4

40.258.9

-36.6

457.7

(06.7

450.9154.612.7

107.673.729.8

3.74.9

44.7

943.8266.997.2

579.8

167.0.3

250.5

.125

.241

1.7.2

5.2

8.419.7

.123

(p. S-34ist Mfrs.ro of thaiations.

45, 50828, 04016, 8498,380

619

69, 982

8,966

4,261

9.31611. 658

785,752

3,8423,803

39

199

1,2273.41

345.1

486.0

309.052.8

45.978.3

-9.4

589.6

0)7.7

581.8182.6

8.8

99.687.430.6

4.18.1

38.2

934.4267.296.8

570.4

.1250.6

.113

.238

.14.9

19.2

.121

: f RevisInstitute; portionMonthly

5,004

9.81011. 200

665,621

3,5993,560

39

125

8803.41

.110

.234

9,71911. 200

9693.41

.125

. 127 . 127ed series. Indexand Rack Mfrs.of the businessdata for 1968-69


SURVEY OF CUERENT BUSINESS June 1971


1969 1970

Annual

1970


1971


PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS— Continued

Refined petroleum products— ContinuedDistillate fuel oil:

Production mil. bbl. _Imports do _ _Exports -- do_ _ _Stocks end of period - - - -doPrice, wholesale (N.Y. Harbor, No. 2 fuel)

$ per gaL _Residual fuel oil:

Production mil. bblImports doExports do _Stocks end of period -- do__ .Price, wholesale (Okla., No. 6) _.$ per bbL.

Jet fuelProduction mil. bblStocks end of period do

Lubricants:Production - doExports doStocks end of period doPrice, wholesale, bright stock (midcontinent,

f.o.b., Tulsa) . -$ per gal

Asphalt:Production mil. bblStocks, end of period _ _ d o . _

Liquefied gases Cincl. ethane and ethylene):Production total mil bbl

At gas processing plants (L.P.O.) doAt refineries (L R G ) do

Stocks (at plants and refineries) do

Asphalt and tar products, shipments:Asphalt roofing total thous souares

Roll roofing and cap sheet doShingles all types do

Asphalt siding doInsulated siding doSaturated felts thous sh tons

848.450.91.1

171.7

.101

265.9461.6

16.958.41.48

321.728.1

65.116.414.1

.270

135.716.8

502.0378.5123 559.6

84 43034 70749, 723

364346920

897.153.9

.9195.3

.108

257.5557.819.854.02.25

301.927.6

66.216.014.7

.270

146.715.8

532.9406.9126 067.0

' 82 78534 670

' 48, 115

251334836

70.84.6.1

102.1

.101

19.847.31.4

42.82.00

24.529.2

5.41.3

13.8

.270

10.825.8

43.332.910 543.5

6 3402 6623,679

252273

70.83.4.1

115.8

.108

17.736.81.8

44.72.00

23.729.4

5.61.3

14.1

.270

13.024.9

44.934.110.854.6

7,8952,9244,970

203175

72.31.9

(2)137.5

.110

17.043.61.3

46.02.00

24.930.9

5.31.2

13.6

.270

11521.3

43.633.010.663.2

8,5043,3775,127

233978

73.52.8.2

163.5

.112

17.744.71.7

47.92.40

26.930.0

5.51.7

13.3

.270

16.117.3

44.633.311.270.0

8 7923,5625,230

293984

74.82.8

(2)

188.2

.112

20 741.71.2

48.12.60

26.630.6

5.71.2

13.7

.270

16 514.0

43 833.410 576.4

8 3843 5114,874

213582

73.42.8.1

205.7

.112

19.939.12.8

54.02.60

25.930.2

5.61.1

14.0

.270

15.611.6

43.032.910.180.6

8,4523,4864,966

183775

76.74.0.1

216.4

.112

20.042.91.2

57.12.60

26.030.8

5.61.5

13.6

.270

15.011.1

45 235.110 179.8

8,6993,5335,166

213478

75.35.1

(2)

218.1

.112

22.241.81.0

58.82.60

24.630.1

5.81.1

14.2

.270

12.313.2

45.335.210.174.6

7 4503,1674,283

173068

80.56.7.1

195.3

.109

28.949.02.6

54.02.60

24.527.6

5.91.4

14.7

.270

10.115.8

47.436.810.567.0

6,2912,8243,467

212466

80.98.1.3

158.7

.113

31.353.8

.553.92.60

25.927.6

5.31.2

15.2

.270

8.219.7

46.235.810 454.7

5 3002,2473,052

182157

72.35.5.2

128.7

.113

27.142.61.4

48.92.35

23.727.0

4.91.3

15.2

.270

7.722.7

43.333.210.148.0

8,1373,2484,888

212381

6.1.4

112.9

.111

62.51.5

49.42.35

27.1

1.415.5

.270

25.5

50.0

' 6, 426' 2, 653' 3, 773

1625

'73

.117

2.35

.270

6,3152,3603,955

213570

.117

2.35

.270

PULP, PAPER, AND PAPER PRODUCTS

PULPWOOD AND WASTE PAPER

Pulpwood:Receipts thous. cords (128 cu ft )Consumption . doStocks, end of period do

Waste paper:Consumption thous. sh. tons._Stocks, end of period do

WOODPULPProduction:

Total, all grades thous. sh. tons,.Dissolving and special alpha . doSulfate. doSulfite do

Qroundwood doDefibrated or exploded doSoda, semichem., screenings, etc... do

Stocks, end of period:Total, all mills do

Pulp mills doPaper and board mills doNonpaper mills.. do

Exports, all grades, total doDissolving and special alpha doAll other do

Imports, all grades, total . doDissolving and special alpha . doAll other do

PAPER AND PAPER PRODUCTS

Paper and board:Production (Bu. of the Census) :

All grades, total, unadjusted. __thous. sh. tons..Paper . doPaperboard doWet-machine board doConstruction paper and board do

New orders (American Paper Institute):All grades, paper and board do

Wholesale price indexes:Book paper, A grade 1967=100Paperboard doBuilding paper and board do

i 65, 053i 65, 017

4,788

1 10, 222608

43, 4161,676

29, 2212,308

4,4371,8753,898

79623046999

i 2, 1031744

i 1, 359

14,0401298

13,743

54, 05823, 50526, 022

1484,384

53, 754

104.599.4

105.7

65,20964,5715,873

10,590571

41, 8051,716

28, 3202,308

4,3581,5943,508

86138640569

13,7551869

12,886

»35381273

1 3, 265

52, 21022,97524, 943

1584,135

109.5101.1101.2

5,6115,5364,811

872563

3,579142

2,431208

366134298

832299459

74

25481

173

30424

280

4,6242,053tl«

359

108.4102.1101.6

5,4495,5484,745

832552

3,624160

2,447203

374134305

868348450

71

24350

193

29623

273

4,4691,9442,160

12353

108.4101.8101.5

5,5915,4784,892

854556

3,475120

2,371203

357133291

86734045968

26996

173

30915

293

4,3801,8982,106

15361

108.4100.5101.5

5,5315,2515,193

743591

3,352140

2,268181

359134269

919359490

70

27365

208

29213

280

4,1241,7901,956

12366

108.4100.6101.4

5,5655,4395,417

829564

3,547144

2,409194

378135286

904376460

67

32580

245

27021

249

4,3301,8822,074

14360

108.4100.5101.3

5,5375,1475,813

832571

3,304128

2,246177

348131275

82132642768

24752

195

25630

226

4,0921,7621,959

16356

108.4100.9101.0

5,6455,6705,912

868571

3,656155

2,475197

378141310

872401405

66

95486

868

27727

250

4,5842,0142,169

16385

112.1102.3100.9

5,1125,3405,716

801562

3,496146

2,367187

363133300

88542039668

24470

174

28924

265

4,2651,8642,054

14333

112.199.5

100.9

5,0384,9425,873

762571

3,201143

2,107176

361130284

861386405

69

31877

241

29727

270

3,9791,7901,851

13325

112.199.5

100.3

5,0735,4875,589

814528

3,600146

2,408225

380141300

913462383

69

18762

124

26330

233

4,5212,0052,149

14353

112.099.3

100.1

4,9845,2075,406

'780••507

' 3, 347139

2,240172

361'138

296

'930'490'372'67

18059

122

24825

223

'4,253'1,865'2,018

14'356

112.0101.3100.4

5,3185,4845,249

'908'509

3,700159

2,507168

401143321

973508

'38878

23688

148

34130

311

4,679'2,025' 2, 244

17'403

112.0102.5101.4

5,4505,4155,258

867520

39885

19474

120

31021

290

1,9402,187

16398

112.0103.0101.7

112.0102.6102.7

' Revised. * Preliminary. 1 Reported annual total; revisions not allocated to the months,barrels.

2 Less than 50 thousand


June 18T1 SURVEY OF CURKENT BUSINESS S-37


1969 1970

Annual

1970


1971


PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS— Con.

Selected types of paper (API):*Groundwood paper, uncoated:

Orders, new thous.sh.tons.Orders, unfilled, end of period doShipments - - do

Coated paper:Orders, new doOrders, unfilled, end of period doShipments - . . . do

Book paper, uncoated:Orders, new doShipments - do

Writing and related papers:Orders, new doShipments - - do

Unbleached kraft packaging and industrial con-verting papers:

Orders, new . doOrders unfilled, end of period. doShipments - - -- -do

Tissue paper, production . do

Newsprint:Canada:

Production doShipments from mills . do -Stocks at mills, end of period do

United States:Production -- - do .Shipments from mills doStocks at mills, end of period ._ do

Consumption by publisbersd" doStocks at and in transit to publishers, end of

period _-thous. sh. tons

Imports doPrice, rolls, contract, f.o.b. mill, freight allowed

or delivered - $ per sh. ton..

Paper board (American Paper Institute) :Orders, new (weekly avg.) thous. sh. tons..Orders, unfilled § doProduction, total (weekly avg.).. do .

Paper products:Shipping containers, corrugated and solid fiber,

shipments mil. sq. ft. surf. area--

Folding paper boxes* thous.sh.tonsmil$_.

1,171107

1,123

3,230200

3,313

2,5152,688

2,9522,898

3,922189

3,8663,602

8,7588,741

220

3,2323,233

27

7,344

699

6,790

146.10

479939507

185,760

2, 627. 01,229.0

1,17181

1, 170

3,148182

3,237

2,5002,572

2,7752,820

' 3, 764110

3,7393,671

8,6078,592

236

3,3103,303

33

7,130

749

6,635

150. 50

349742489

184,425

2, 490. 01,225.0

9311993

280232285

207218

252247

329140325

r 315

752701452

27427451

624

704

563

150. 50

497770518

15,552

209 5101.4

104115101

258221272

208214

236240

314110309

r 320

715716451

29027765

643

654

535

150.50

512749516

15,046

199 498.3

9494

102

264224269

209214

227227

297121294

r 310

671734388

28928569

582

683

541

150.50

493691489

15,072

209 2104.2

11711799

260227263

217209

208218

280115281

r 303

698673412

27226675

544

693

539

150.50

451723444

15,888

202 1100.2

8681

105

258213269

208211

226228

303127299

r 326

694670436

28927787

559

712

484

150. 50

492711490

15,370

202 8101.3

938194

244200267

203209

231231

314142315

r 278

649683402

243258

72

581

708

544

150. 50

467732469

16,488

210 2103.9

9171

102

270209270

221225

245246

322131318

r 313

760800362

29229569

626

717

565

150. 50

490748497

17,153

227 0112.5

947998

250204260

205212

219222

310lOfiQAQ

298

766802326

28328765

645

682

KRA

150. 50

492729501

14,490

190 194.4

9981

100

218182257

194

226223

290i inOQQ

r OQ1

ftft9

236

9fi7298

qo

608

74Q

70(1

150. 50

349742442

11,290

206 8101.8

r 94••82

r 100

283247279

234214

r 226r 232

302117300324

695629303

29426266

544

745

toy

153. 70

454644488

14, 347r 196 5•r 98. 7

r gg'82r 87

r 251r 236r 260

r 213r 197

r 233r 230

292116290

r 307

662583382

26624488

528

731

440

153. 70

515719506

14, 211

r 190 0'96.5

1058599

289234289

259230

262249

334131325333

711683410

28930967

597

753

570

153. 70

5187fi8514

14,283r214 7' 108. 6

670692388

27025780

600

741

617

158. 10

523801515

14, 466

202 9101.7

158.10

527867513

15,140

RUBBER AND RUBBER PRODUCTS

RUBBER

Natural rubber:Consumption .. __ thous. Ig. tonsStocks, end of period do --Imports, incl. latex and guayule do ..

Price, wholesale, smoked sheets (N.Y.)..$ per lb._

Synthetic rubber:Production -thous. Ig. tons..Consumption doStocks, end of period do

Exports (Bu. of Census) do

Reclaimed rubber:Production doConsumption doStocks, end of period do

TIRES AND TUBES

Pneumatic casings, automotive:Production thous

Shipments, total doOriginal equipment doReplacement equipment . doExports.. do

Stocks, end of period _ doExports (Bu. of Census) _ do

Inner tubes, automotive:Production . . doShipments doStocks, end of period doExports (Bu. of Census) _ do

« 598. 27106.49585.28

.262

-2,250.19°2,024.060 441 03

226. 49

0 238. 920 231 7729.27

207, 826

204,83555, 632

146, 7852 419

49, 1522,364

41, 65744, 86011, 1911 098

536.5799.64

549.92

.218

2, 195. 871 882 35

513 30

!290 06

200 10194 0626.17

190,403

194 54146 135

146, 5081 898

50 1751 531

35 687i 41 005

9 7181 002

48 1196 4245.66

.221

178. 68170 39422 36

26 14

17 4517 3427.28

17, 216

19 5594 507

14, 877175

54 620114

3 2783 666

10 22271

35 8398 3142 10

.218

182. 24129 16457 52

25 25

13 2613 6727.87

12, 642

18 2864*912

13*. 201173

49 670119

2 0603*0249*680

85

43 9389 6941.64

.216

179.64156 68455 57

27 25

15 4615 5826.63

15,658

20 8625*628

15*. 077156

45 196133

2 7653*6789 111

85

42 8492 3637.78

.200

181.33150 5046465

23 24

17 5515 6526.62

15,466

15 3672*346

12,906114

45 978'l07

3 1273 3909 252

99

43 4594 7333 73

.195

187. 07152 13479 43

23 28

16 4614 9326.88

14, 657

15 2283 296

11,813119

45 758125

2 6543 2068 934

71

46 6796.6946 60

.191

182. 74158 33481 79

22 06

14 4315 9526.28

15, 885

16 6993 643

12,888167

45 328116

3 0813*4368 905

60

45 3792 3646 74

.183

184.96162 01481 09

24 12

15 9916 7624 52

15,938

15 7402*995

12 576169

45 586*178

3 4633 5709 133' 115

40 1893 6446 88

.184

179. 35142 79499 30

24 52

15 4614 4624 90

14 560

12 3332 5979 624

182

48 111*145

2 8622 6479 704

109

41 9299 6448.90

.193

181.09147 26513 30

26 21

18 4015 6526.17

15, 079

13 1604 0468,964

150

50 17597

2 7582 9889 718

46

46 2191 3645 23

.184

183.62165 24526 31

19.82

16.4315.7925.87

16, 557

14, 1814,7349,297

150

52,56193

3 0553' 4589 447

130

' 48 28r 92 89

44.67

.180

166. 47r igi 52r517 13

23 29

f 17 04r 16 40' 26. 53

17,429

14 1844 8979,132

155

56 09395

3 0973 1809 626

46

54.43102. 6541.15

.183

181. 79-185 45497 56

27 28

19.4719 1926.57

19, 435

18 3715 445

12, 674252

57 280283

3 3753 4279 736

85

49 8498.5442.77

.194

184.12171 81491 03

24 41

17 8817 1927.12

167

124

.200

' Revised. * Preliminary. i Annual total includes revisions not distributed to themonths.

JData have been regrouped by the American Paper Institute; details and available earlierdata appear in their April 1970 Monthly Statistical Summary.

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 themonth; annual data are as of Dec. 31.

*New series. Monthly data are available back to 1956.° Revisions for Jan.- May 1969 will be shown later.


S-38 SURVEY OF CUKRENT BUSINESS June 1971


1969 1970

Annual

1970


1971


STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Shipments finished cement .. . thous. bbl

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face)

mil. standard brickStructural tile, except facing thous. sh. tonsSewer pipe and fittings, vitrified -- - doFacing tile (hollow), glazed and unglazed

mil. brick equivalent- _Floor and wall tile and accessories, glazed and un-

glazed - mil. sq. ft..Price index, brick (common), f.o.b. plant or

N.Y. dock.. 1967=100..

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments thous. $

Sheet (window) glass, shipments doPlate and other flat glass, shipments do

Glass containers:Production thous gross

Shipments domestic total doGeneral-use food:

Narrow-neck food doWide-mouth food (incl. packers' tumblers,

Beverage doBeer bottles doLiquor and wine do

Medicinal and toilet doChemical household and industrial doDairy products do

Stocks end of period do

GYPSUM AND PRODUCTS (QTRLY)

Crude gypsum, total:Imports thous sh tonsProduction do

Calcined production total do

Gypsum products sold or used, total:Uncalcined uses _ _ _ - d oIndustrial uses doBuilding uses:

Plasters:Base-coat doAll other (incl. Keene's cement) do

Lath . mil. sq. ftWftllboard... . doAll other do

*409 826

7, 289. 7241.5

1, 783. 5

209.0

284.8

107.8

416, 870

150 123266, 747

260 267

25] 050

24 232

57 828

56 23251 08620 677

35 9164 496'583

30 260

5 8589*881

9 324

4 681316

473702

9179 090

275

!389, 762

6, 496. 0184 6

1, 622. 2

173.0

250.4

112.2

382, 775

131, 702251, 073

267 255

264 483

24 806

58 632

69, 25452 62620 638

34 2523 896

379

30, 084

6 1289 462

8 654

4,219265

408588

7498,764

228

32 912

574.817 7

134 4

16.2

22.2

111.6

22 555

20 110

1 927

4 200

4 8394 4071 685

2 705320

27

33 540

36 385

579.417 5

138 4

10.6

20.5

112.0

23 293

21 411

1 963

4 14fl

5,9564 9881 505

2 545285

29

35 204

39 699

617.020 1

153 5

15.1

22.8

112.0

90, 388

31 09259,296

23 033

23 798

2 043

4 731

6,9095 2051 699

2 86432225

34 016

1 3962 524

2 238

1 29872

106154

1872 259

62

42 284

629.417 8

161.2

16.4

22.2

112.0

22 589

22 051

1 847

4 AQQ

6 5324 9221 303

2 459273

26

34 404

41 630

607.614.7

153.4

12.7

21.3

112.0

24 910

23 848

2 718

K OQQ

6 3234 7741 670

2 74529431

35 178

38 158

612.310 5

156 7

16.9

21.4

113.5

101, 919

34 07967 840

21 863

24 358

2 863

5 600

5,9444 4981 951

3 14031943

32 504

1 7752 489

2 301

1 26751

104155

1972 308

64

39 134

622.013 0

150 8

16.6

21.6

113.9

24, 635

24, 138

2,080

6 053

5,9124,3482,081

3,23639632

32, 775

29 859

530.811 2

127 9

16.6

19 1

114.2

21,412

19,104

1,674

4 525

4,9803,4041,721

2 4653033!

34896

26 440

493.413 6

115.8

16.7

18.1

114.6

'101,897

'37 340' 64, 557

19,914

24, 477

2,095

5 557

7,3063,9741,923

3,207373

42

30, 084

1,7612,277

2,134

95067

90141

1752,269

58

17 285

361.211 793 1

12.2

20 4

114 1

20, 691

15, 903

1,680

3 589

3,5713,3331,459

2,03021526

34,669

18 987

' 395. 0r 10 5r 94.7

11.1r 19.1

116.0

19, 956

16, 838

1,762

3 822

3,9873,4141,481

2,10524028

37, 601

27 809

594.215 9

143.9

14.2

23.5

117.0

99, 317

32, 95266,365

'23,030

'22,197

2,262

4 792

5,5624,8031,872

' 2, 539'337

30

'38.263

1,2732,193

2,194

74663

94119

1172,359

60

35,576

117.4

21, 770

21, 230

1,950

4 345

5,7934,8821,598

2,32930825

38,642

117.4

TEXTILE PRODUCTS

WOVEN FABRICS

Woven fabrics (gray goods), weaving mills:tProduction, total 9 mil linear yd

Cotton _ doManmade fiber do

Stocks total end of period 9 d" doCotton doManmade fiber do

Orders, unfilled total end of period 9 Tf doCotton . doManmade fiber do

COTTON

Cotton (excluding linters):Production:

GinningsA thous. running balesCrop estimate, equivalent 500-lb. bales

thous balesConsumption doStocks in the United States, total, end of period

Domestic cotton , total doOn farms and in transit doPublic storage and compresses doConsuming establishments do

Foreign cotton, total do

12 9077 1595 546

1 404659730

2 7791 5351 165

9 937

10 0088 294

12 26512 2481 3239,6531,272

17

11 5456 3954 991

1 471592867

2 4341 525

866

' 10 112

r JO 184

7*878

11 90011 8861 4829,2571,147

14

910491404

1 389*606765

2 4821*3931 026

616

8 4058 383

6306,1601,592

23

924502406

1 409594799

2 5221 4381 030

609

7 5067 486

5855,3631,538

20

21 02825282 482

1 429584830

2 4601 425

983

2730

6 5176 498

4174,6211,460

19

791459322

1 441*587838

2 5141 481

984

6

532

5 7605*733

3603,9621,411

27

901502389

1 454592846

2 4391 441

954

280

593

15 78915* 77310 8753,6311,263

15

2 i 0882 6152 453

1 453585853

2 3951 441

916

1 122

2 760

14 81114 7959 9003,8541,041

16

915516390

1 437584839

2 4251 481

901

4 165

632

13 94913 931

7* 5455,474

91218

902520374

1 434579842

2 5021 543

919

8 831

641

12 73212 719

2* g458,8741,000

13

2 9892 5812 399

1 471592867

2 4341,525

866

39 828

2722

11 90011 8861 4829,2571,147

14

910531369

1 443'591837

2 4311 552

844

4 10, 056

644

10 72410 7081 2858,1261,297

16

' 910532' 368

1 443611

'818

' 2 4861,567

881

665

9 4969,4791 0936,8901,496

17

21,12626462468

1 355547794

2 6221,640

945

'510,112

'510,184'2815

'8 151' 8, 133

879' 5, 577' 1, 677

18

637

6 9306,915

5454,6061,764

15

645

3,6681,769

17r Revised. 1 Reported annual total; revisions not allocated to the months. 2 Data

cover 5 weeks; other months, 4 weeks. 3 Ginnings to Dec. 13. 4 Ginnings to Jan. 16.5 Crop for the year 1970. 9 Includes data not shown separately.tEffective Aug. 1969 SURVEY, data (1964-Apr. 1969) reflect adjustments to new bench-

marks; see Bureau of Census reports: Woven Fabrics (1964-68), Series M22A-Supplementand (Jan-Apr. 1969), M22A (69) 1-4 Supplement.

cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,toweling, and blanketing, and billed and held stocks of denims.

IT Unfilled orders cover wool apparel (including polyester-wool) finished fabric*; productionand stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,and blanketing.

ATotal ginnings to end of month indicated, except as noted.




1969 1970

Annual

1970


1971


TEXTILE PRODUCTS—ContinuedCOTTON— Continued

Cotton (excluding linters)— ContinuedExports. _ _ thous. bales..Imports .. - do

Price (farm), American upland cents per lb._.Price, middling 1", avg. 12 markets do

COTTON MANUFACTURESSpindle 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 yarn, price, 36/2, combed, knit $ per l b _ _Cotton cloth:

Cotton broad woven goods over 12" in width:Production (qtrly.) -- mil. lin. yd

Orders, unfilled, end of period, as compared withavg. weekly production No. weeks' prod..

Inventories, end of period, as compared withavg. weekly production. -No. weeks' prod--

Ratio of stocks to unfilled orders (at cottonmills), end of period, seasonally adjusted- ..

Exports, raw cotton equiv.. .thous. balesImports, raw cotton equlv do

Mill margins:Carded yarn cloth average cents per lb._

Prices, wholesale:Print cloth, 39 inch, 68 x 72.. cents per yard--Sheeting, class B, 40-inch, 48 x 44-48.. .do

MANMADE FIBERS AND MANUFACTURESFiber production, qtrly. total mil. lb_.

Filament varn (rayon and acetate). doStaple, incl. tow (rayon).. doNoncellulosic, except textile glass:

Yarn and monofilaments _ doStaple, incl. towf do

Textile glass fiber do

Exports: Yarns and monofllaments. thous. IbStaple, tow, and tops do

Imports: Yarns and monofilaments doStaple, tow, and tops... do

Stocks, producers', end of period:Filament yarn (rayon and acetate) mil. lb._

Noncellulosic fiber, except textile glass:Yarn and monofilaments ..-doStaple, incl. towf do

Textile glass fiber _ do

Prices, manmade fibers, f.o.b. producing plant:Staple: Polyester, 1.5 deniert $ per Ib—Yarn: Rayon (viscose), 150 denier ._ do

Acrylic (spun), knitting, 2/20, 3-6D..do.._.

Manmade fiber and silk broad woven fabrics:Production (qtrly.), total 9 mil. lin. yd

Filament yarn (100%) fabrics9 doChiefly rayon and/or acetate fabrics do

Spun yarn (100%) fab., exc. blanketing 9. -doRayon and/or acetate fabrics and blends

do....Polyester blends with cotton do

Filament and spun yarn fabrics (combinationsand mixtures) mil lin yd

WOOLWool consumption, mill (clean basis) :

Apparel class mil IbCarpet class do

Wo ol imports, clean yield doDuty-free (carpet class) do

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Graded territory, fine $ per lb._Graded fleece, % blood do

Australian, 64s, warp and half-warpd* do

WOOL MANUFACTURESKnitting yam, worsted, 2/20s-50s/56s, American

system, wholesale priceO 1967=100..Wool broadwoven goods, exc. felts:

Production (qtrly.). mil lin ydPrice (wholesale), suiting, flannel, men's and

boys', f.o.b. millO 1967=100

2,39746

120.9122.2

19.612.4

125.6.47680.9

1.027

6,965

15.0

6.0

.42

330.5573.3

43.27

18.7

5, 562. 5774.4758.8

1, 766. 91, 761. 0

501.4

100, 5395 127, 484

5 41, 063a 159, 404

78.4

259.8240.570.6

.61

.891.42

5, 396. 41, 690. 7

776.4

2, 951. 8

629.71, 893. 1

517.0

219 093.8

189 295 7

1.221.862

100.0

222 5

100.9

2,98237

10 21. 610 23. 1

18.611.6

113.0.43570.4

1.008

6,242

15.4

5.5

.38

274.3543.3

43.57

'5,391.7730.8607.4

'1,793.4' 1, 792 8' 467 3

148 843152 871

137 054140 075

75.076.0

' 288. 3r 242 6

.613 931.39

5, 027. 21, 461. 3

639.7271.4

2, 865. 6

439.81, 962. 8

472 6

163 776 6

153 173 3

1.024872

.941

101.4

178 8

101.3

3087

21.622.4

19.312 18.9

.4475.6

1.008

13.2

5.5

.43

28.040.7

43.65

8 15.8

12 523H 97Q

8 87412 483

.6189

1.42

1 r c

5 812 34 7

1.081865

1.019

100.4

101.3

2992

22.122.6

19.111.99.0

.4515.6

1.008

13.3

5.4

.41

25.052.0

43.41

815.8

15 21212 980

9 08512 028

.6189

1.42

14.16 C

n o

4 0

1.070880

1.025

101.2

101.3

2692

22.122.8

19.111 9

210.6.42226.5

1.005

1,560

15.7

6.0

.37

21.242.1

43.33815.8

'61,341.0179.5141.2

'» 444. 1'9452. 1

124 1

17 54912 106

11 96611, 168

84.590.3

' 281. 4

87.7

.6189

1.42

1,294.9382.0170.468.8

735.9

104.1510.6

120 1

26 817 07 8

1.055880

1.020

102.3

54 2

101.3

1862

22.523.0

19.112 07.8

.3884.8

1.001

14.9

5.6

38

19.352.5

43.11

11 08314 197

15 42411 425

.6189

1.42

5 0is' 7

e o

1.025880

.982

102.3

101.3

841

22.623.0

19.011.98.6

.4315.3

1.001

13.1

5.1

.38

16.537.2

42.98

11,64711,880

13, 8369,310

.61

.891.41

7 514 79 2

1.025880

.952

102.3

101.3

896

21.923.0

18.811.8

210.6.42326.6

1.001

1,467

13.4

5.0

.36

18.637.9

43.29

'1,298.4176.8134.4

' 442. 5' 431. 7

113 0

10, 6909 659

13 19811, 658

77.972. 1

' 282. 5'236 0

96.6

.61* 931.40

1,208.3340.1148.662. 9

701.4

102.5482.6

111 6

2 8 411 27 6

.953880

.854

102.2

35 4

101.3

1813

22.823.0

18.811 78.7

.4365.4

1.003

13.4

4.9

.37

23.035.4

43.53

815.019.8

10, 36711 430

14, 7608,187

.61< 931.33

m 7

6 18 45 4

.925875

.760

101.9

101.3

2511

22.122.8

18.611 88.8

.4385.5

1.005

13.9

4.8

.34

22.752.8

43.96

815.019.8

8,5219 054

14, 3148,888

.61< 931.33

in 85 46 94 o

.925875

.820

101.9

101.3

362

21.022.6

18.611 6

2 9.8.39326.2

1.011

1,560

15.4

5.5

.38

19.738.1

43.98

815.019.8

'1,366.3192.8160.1

' 459. 1' 452. 0' 102 3

13, 13413 752

15 06410, 131

75.076.0

' 288. 3' 242 6' 103. 8

.61< 931.33

1,184.1332.7134.663. 7

685.5

109.0467.5

107 4

0 10 A

26 310 96 4

.850837

.802

101.6

31 1

101.3

4413

21.022.8

18.611 68.9

.4465.6

1.014

13.5

5.0

37

20.339.7

43.94

815.019.8

12, 61113 836

20,04010, 056

.61

1.33

1fi 95 2

12 05 9

.825

.810

.804

101.4

101.3

4556

21.523.2

18.6ll 69.1

.4535.7

1.023

13.9

5.1

.38

20.539.7

43.71

815.019.8

12, 23015 190

17, 01613, 149

.61

1.33

9 55 69 45 0

.825

.775

.790

98.0

101.3

5628

21.023.6

18.611 6

'211. 3'.45027.0

1.036

14.9

5.0

.35

25.937.6

43.48

815.019.8

1, 408. 3191.8141.3

476.8498.3100.1

14, 64016 041

24, 25617, 648

74.158.5

272.9251.294.4

.61

1.28

' 2 13 0'2 6. 7

11 26 2

.757

.685

.790

97.6

101.3

4673

22.223.8

18.611 58.9

.4455.5

1.054

15.7

5.3

.34

25.448.3

43. 45

815.019.8

13, 22018, 688

25, 54020,423

.62

1.28

9 35.2

11.16.9

.708

.658

.790

96.3

101.3

22.724.5

18.611 59.1

.4545.6

1.059

43.688 15.0

20.3

.62

1.26

.630

.640

.800

95.4

101.3r Revised. 1 Season average. 2 For 5 weeks; other months, 4 weeks. s Average

for 4 months, Sept.-Dec. < Effective Sept. 1970, average not comparable with earlier prices.5 Revised total; revisions not distributed by months. • Less than 500 bales. 7 Omitsquantities of chiefly nylon combination fabrics. s For Apr .-June 1970, price for cloth,38^-inch, 64x56, 5.50 yds./lb.; beginning Oct. 1970, spec, changed to 64x54, 5.60 yds.Ab.Prices not comparable for varying cloths. » Revised 1st quarter 1970 (mil. Ib.): Production,

total, 1,386.0; noncellulosic—yarn, 447.7; staple, 457.0; stocks, noncellulosic staple, 243.3.10 Season avg. through April (for farm price, avg. for all cotton). t Revised back to 1965.9 Includes data not shown separately. {Revisions for 1967 are in the Dec. 1970 SURVEY.d" Beginning Jan. 1970, quotation refers to Australian wool, 64's, Type 62; comparable pricesprior to 1970 are not available. O Monthly data prior to 1970 are available on new base.




1969 1970

Annual

1970


1971


TEXTILE PRODUCTS—ContinuedAPPAREL

Hosiery, shipments thous. doz. pairsMen's apparel, cuttings: J

Tailored garments:Suits thous unitsCoats (separate) dress and sport doTrousers (separate) dress and sport do

Shirts (woven) dress and sport thous dozWomen's, misses'', juniors' apparel, cuttings: f

Coats - thous. unitsDresses < - - doBlouses and shirts thous dozSkirts do

248, 602

21 09114 353

169 54221 125

21,664266,856

14 4258,443

r 230,199

r 16 058r 10 910

r!77 209r 20 438

17, 153236, 258

13 5826,398

r 18, 886

r i 645r 1 106

r!6 446r i 821

99222,8941 293'571

18, 477

r i 564r i 037

r 14 399r i 704

1,19120, 0551 153

572

22,403

r i 301r 1 003

r!4 757r 1 gig

1,54921, 7701 236

676

20, 972

r 880r 581

r 13 750r 1 384

1,47418, 2611 097

610

20, 161

r 1 255

r 762r!5 274r i 673

1,56918, 352

966490

20, 405

r 1 217r 839

r 15 669r 1 710

1,54218, 4111 073*483

20,409

r i 310r 937

r!5 768r i 994

1,66419,1541 072

457

17, 702

r 1 164

r 862

'13 974r 1 636

1,59216,777

910332

14, 722

r 1 080r 755

r!3 196r i 431

1,13916,251

857323

16,042

' 1 169r 804

r 14, 345r 1 490

1,19519,0291 Oil

376

15,402

r 1 089r 740

' 14, 644r I 557

' 1, 274••20,334f 1 113

'430

17, 595

' 1 322'847

' 17, 527r 1 659

1,21823, 0851,311

466

16, 720

1,14523, 7101,286

391

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLES

Orders new (net) Qtrly total mil. $U S Government do

Prime contract doSales (net), receipts, or billings, qtrly. total .. do ..

U.S. Government -- - - . -.do .

Backlog of orders end of period 9 doU S Government do

Aircraft (complete) and parts doEngines (aircraft) and parts. .doMissiles, space vehicle systems, engines, propul-

sion units, and parts mil. $Other related operations (conversions, modifica-

tions) products services mil $

Aircraft (complete):Shipments © do

Airframe weight © thous. IbExports, commercial mil. $

MOTOR VEHICLES

Factory sales (from plants in U.S.), total thous..Domestic do

Passenger cars, total doDomestic do

Trucks and buses, total . .doDomestic do

Retail sales, new passenger cars : *Total, not seasonally adjusted thous..

DomesticsA doImportsA - do

Total, seasonally adjusted at annual rates. . .mil. .Domestics A - - doImportsA -do

Retail inventories, new cars (domestics), end ofperiod: *A

Not seasonally adjusted thous ..Seasonally adjusted do

Inventory-sales ratio, new cars (domestics)* Aratio -.

Exports (Bureau of the Census):Passenger cars (new) , assembled thous

To Canada doTrucks and buses (new), assembled do

Imports (Bureau of the Census):Passenger cars (new) complete units do

From Canada, total doTrucks and buses complete units do

Truck trailers (complete) , shipments numberVans do

Trailer bodies and chassis (detachable), soldseparately . number

Registrations (new vehicles) : OPassenger cars. thous

Import cars . . do .Trucks... do

RAILROAD EQUIPMENT

Freight cars (all railroads and private car lines) :ShipmentscfL. number

Equipment manufacturers doNew orders cf - do

Equipment manufacturers doUnfilled orders, end of periodcf do -

Equipment manufacturers doFreight cars (revenue), class 1 railroads (AAR):§

Number owned, end of period thousHeld for repairs % of total owned

Capacity (carrying), aggregate, end of periodmil tons

Average per car _ tons.

22,00514, 52119,28924, 64816,560

28 29714 29815 6103,578

4,338

2 881

3, 593. 460, 117

1,239.2

10,146.99, 587. 78 223.77, 806. 51, 923. 21 781.2

9,5838,4641,118

1,4671 542

333 45292.11

3 103 23

1 846 72*691 15146 01

138 34794 808

33 332

9 446. 51,061.61 888 8

1 69 028* 54 112i 84, 245i 65 301

46, 75135 508

1 4385.6

94 3765.62

21 16115 11619 01024, 75216, 407

24 70512 88213 264

r 2 449

T 4 522

r 2 791

3 605 059 436

1 527 2

8,239.37 753 06 546 86 187 31 692 41 565 7

8,4007 1191 280

1 2201 294

285 04245 62

92 28

2 013 42692 78115 82

105 70971 274

26 138

5838825 1 231 0i si 790 2

i 65 958i 52 184i 50 148i 42 385

27, 55822 326

1 4235 7

95 6467.19

429 76 899159 5

807.5760.9661 3627.2146.2133 7

7986911079.07.81.2

1,5781 428

2.2

35 8532 168 81

205 7274 179 85

9 0956 062

2 189

«768.4* 100.05 161. 9

6,4484 8005,5015,501

34,49126, 308

1,4355.6

94 7666.05

419 17 H6239 4

890.1839.5724 4684 4165.7155 1

8116991129.07 71.3

1 6321 458

2.3

33 1130 048 79

174 7374 3610 13

9 8717 057

2 056

5 784 4* 104 25 158 9

5 8324 2272,3872 218

31, 04624 299

1 4345 7

94 8566.15

4 5263 4004 0516 4844,188

25 19012 64013 8652 969

3 828

2 699

208 53 23696 5

991.0931.0805 3758 4185.7172 6

9238001229.48 11.3

1 6741 483

2.2

39 0836 408 68

187 7679 1610 52

8 6795 630

2 293

• 900.9« 118. 6& 176 6

6 1154 4785,2183 487

30, 14923 308

1 4335.5

95 3266.52

288 24 495123 8

627.5600.5481.6464.3145.9136 2

7636411229.27.81.4

1,5091 504

2.3

16 8314 707 69

150 6446 864 05

8 3875 880

1 590

5 837. 75 112. 25 179. 4

5,4464 4574,3404,226

29,04023, 074

1,4335.6

95.4666.63

304.34,97455.2

413.4384.4272 4254 0141.0130 4

6395261128.97.61.3

1,2691 521

2.4

13 8912.557 46

95 1419.014 40

7 6924,953

1,874

5 683. 25109.95 159. 4

5,1644,1272,1482,148

25, 78220, 853

1,4335.8

95.7766.81

6 3585 0385,9376,0204,049

25 5391362713 7662 758

4 412

2 754

215 63 85051 9

632.0582.2493 6454 2138 4128 0

58048992

8.97 81.1

1,2611 496

2.3

31 7228.466 20

167 6248.5810 05

8 7805 817

1 398

5 612. 15 102. 85 153. 3

6,1474,9222,0731,726

21, 67217, 621

1,4316.0

95.7866.96

329 25 756101.2

501.4465.6392 5365 4108.9100 1

7546301257.46.01.4

1,0531 280

2.6

21.1015.986.06

168 6056.7516.82

8,0375,240

1,574

4 719. 0* 112. 6* 154. 2

4,6753,7873,0532,516

20,04916, 349

1,4275.9

96.6267.01

278 24 709109.0

454.7424.3364 1341.190.683 2

5404361056.45.01.4

1,0181 167

2.8

17 8014 615 78

173 3155.669 69

7 7775,238

1,378

4 537. 24 99. 8

4 118. 1

4,5693,5738,1648,026

23, 64420, 802

1,4245.7

95.2766.89

r 5, 579' 3, 750' 4, 986' 6, 272••4,263

24 70512 88213 264' 2, 449

r 4 522

r 2 791

254 84 004112 1

736.4698 2598 8570 6137 6127 6

5364251106.85 21.6

1,2201 294

3.0

19 2916 667 10

167 0747 68

7 51

7 3104,818

1,078

5606.75 115. 45 123 8

4,9054 0969,0315,832

27, 55822, 326

1,4235.7

95.6467.19

165.02,950101.7

860.6817.9710.7678.1149.9139.8

6945861089.98.41.5

1,3811,296

1.9

21.7518.81

« 6.44

198. 8747.2010.51

6,6104,187

985

5 588. 3598.5

5 108. 4

3,7253,1833,1522,932

26, 90321, 993

1,4235.7

95.7367.29

274.74,462209.3

921.9872.2757.8719.0164.2153.2

748637112

10.08.51.5

1,5281,401

2.0

31.3026.427.39

204.5170.1711.63

7,2714,256

1,110

618.392.6

115.2

4,6294,0593,0422,792

25,01520, 425

1,4315.7

96.0868.45

5,8073,7985,1045,5573,550

24, 95513, 13013 0792,465

4 369

2 637

r 389 8r 6 333

313 4

1,057.4992.4

c 865 2815.9192.2176 5

897756141

10.08.61.6

1,6831 530

2.2

41 5237 1410 76

233 9281 0912 77

r 7 852'4 748r 1 523

5 820. 35 130. 05 158 2

5,0264,2625,3043,885

25, 19319, 948

1,4305.6

96.3867.37

243.94,414207.6

921.6863.0750.4703.6171.2159.4

'884737

'14810.08.31.7

1,7071,557

2.2

35.1231.589.42

222 7069.0110 38

8 2704,847

1,192

7 833.57 125.17 168 4

5,4974 4314,1073 782

23, 56319, 059

1 4315.6

96 7067.55

2 938. 2

2 768. 8

2 169. 4

8907481429.88.21.6

1,7531,579

2.3

r Revised. i Annual total includes revisions not distributed by months. 2 Preliminaryestimate of production. 3 Beginning 1969. data exclude vehicles on runners and skis.4 Omits data for two States. 5 Omits data for one State. 6 Effective Jan. 1971, includesoff-highway trucks and trailers: comparable 1970 total, 93.87 thous. 7 Omits data for threeStates. fRevisions (1968-69) are available. tMonthly estimates (1967-70) revised toannual benchmarks appear in Census report, Men's Apparel, M23B Supplement (5/27/71).

*New series. Automobile Manufacturers Association and other industry sources; seasonaladjustments by OBE. For earlier data, see p. 43, Dec. 1970 SURVEY. c Corrected.

ADomestics include U.S.-type cars produced in the United States and Canada; importscover foreign-type cars only and exclude domestics produced in Canada.

c?Amer. Railway Car Inst. and Assn. of Amer. Railroads, data cover new cars for domesticusers; backlog not adjusted for cancellations.

9 Total includes backlog for nonrelated products and services and basic research.©Data include military-type planes shipped to foreign governments.©Courtesy of R. L. Polk & Co.; republication prohibited.§ Excludes railroad-owned private refrigerator cars and private line cars.


INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40

SECTIONS

General:Business indicators 1-7Commodity prices 7-9Construction and real estate 9,10Domestic trade .. 11,12

Labor force, employment, and earnings 13-16Finance 16-21Foreign trade of the United States 21-23Transportation and communications 23,24

Industry:Chemicals and allied products 24,25Electric power and gas 25,26Food and kindred products; tobacco 26-30Leather and products 30

Lumber and products 31Metals and manufactures 31-34Petroleum, coal, and products. 34-36Pulp, paper, and paper products 36,37

Rubber and rubber products 37Stone, clay, and glass products. 38Textile products 38-40Transportation equipment. 40

Earnings, weekly and hourly.i drinking places.

INDIVIDUAL SERIESAdvertising 11,16Aerospace vehicles 40Agricultural loans 16Air carrier operations 23Aircraft and parts. 4,6,7,40Alcohol, denatured and ethyl. 25Alcoholic beverages 11,26Aluminum 33Apparel 1,3,4,8,9,11-15,40Asphalt and tar products . 35,36Automobiles, etc 1,3-6,8,9,11,12,19,22,23,40

Balance of international payments 2,3Banking 16,17Barley. 27Battery shipments 34Beef and veal 28Beverages. 4,8,11,22,23*26Blast furnaces, steel works, etc 5-7Bonds, outstanding, issued, prices, sales, yields 18-20Brass and bronze 33Brick 38Broker's balances. 20Building and construction materials 6,7,

9,10,31,36,38Building costs. 10Building permits., 10Business incorporations (new), failures 7Business sales and inventories. 5Butter 26

Cattle and calves. 28Cement and concrete products 9,10,38Cereal and bakery products 8Chain-store sales, firms with 11 or more stores... 12Cheese !? 26Chemicals 4-6,8,13-15,19,22-25Cigarettes and cigars 30Clay products 9,38Coal 4,8,22,34,35Cocoa 23,29Coffee 23,29Coke , 35Communication 2,20,24Confectionery, sales. , 29Construction:

Contracts 10Costs 10Employment, unemployment, hours, earnings.. 13-15Fixed investment, structures. 1Highways and roads 9,10Housing starts 10Materials output indexes 10New construction put in place. 9

Consumer credit. 17,18Consumer expenditures 1Consumer goods output, index. 3,4Consumer price index 8Copper 33Corn 27Cost of living (see Consumer price index). 8Cotton, raw and manufactures 7,9,22,38,39Cottonseed cake and meal and oil 30Credit, short, and intermediate-term 17,18Crops 3,7,27,30,38Crude oil and natural gas 4,35Currency in circulation. 19

Dairy products 3,7,8,26,27Debits, bank 16Debt, U.S. Government 18Department stores '. 11,12Deposits, bank 16,17,19Disputes, industrial 16Distilled spirits. 26Dividend payments, rates, and yields 2,3,19-21Drug stores, sales. 11,12

Eating~and drinking places: 11,12Eggs and poultry. 3,7,8,28,29Electric power 4,8,25,26

nt 4-7,9,13-15,19,22,23.34

Employment estimates. 13-15Employment Service activities 16Expenditures, U.S. Government 18Explosives , 25Exports (see also individual commodities).... 1.2.21-23Express operations 23

Failures, industrial and commercial 7Farm income, marketings, and prices. 2,3,7,8Farm wages 15Fats and oils 8,22,23.29,30Federal Government finance 18Federal Reserve banks, condition of 16Federal Reserve member banks. 17Fertilisers 8,25Fire losses 10Fish oils and fish 29Flooring, hardwood 31Flour, wheat. 28Food products 1,4-6,11-15,19.22,23.26-30Foreclosures, real estate 10Foreign trade (see also individual commod.) 21-23Foundry equipment 34Freight cars (equipment) 4,40Fruits and vegetables 7,8Fuel oil 35,36Fuels 4,8,22,23,34-36Furnaces 34Furniture 4,8,11-15

Gas, output, prices, sales, revenues 4,8,26Gasoline. 1,35Glass and products 38Glycerin 25Gold 19Grains and products 7,8,22,27,28Grocery stores 11,12Gross national product. 1Gross private domestic investment 1Gypsum and products 9,38

Hardware stores 11Heating equipment 9,34Hides and skins 9,30Highways and roads 9,10Hogs.. 28Home electronic equipment. 8Home Loan banks, outstanding advances 10Home mortgages 10Hosiery. 40Hotels... 24Hours of work per week 14Housefurnishings 1,4,8.11,12Household appliances, radios, and television sets. _ 4,

Housing starts and permits.

Nation.

Imports (see also individual commodities) . . . 1, 2, 22, 23Income, personal. . . . .......... ......... . ..... 2, 3Income and employment tax receipts. ........... 18Industrial production indexes:

By industry ..... . ....... . .................. 3,4By market grouping. . . ....... .............. 3, 4

Installment credit ..... . ................... 12, 17, 18Instruments and related products .......... 4-6, 13-15Insurance, Bfe ........ . .......... . . . . ...... . . . 18, 19Interest and money rates ...................... 17Inventories, manufacturers* and trade ....... 5, 6, 11, 12!nventory»sales ratios ......... . ........ . ...... 5Iron and steel. ............. 4-7,9,10,19,22,23,31,32

Labor advertising index, strikes, turnoverLabor forceLamb and muttonLardLead

1613282833

Leather and products .....,.......... 4,9,13-15,30Life insurance. 18,19Linseed OB. 30Livestock 3,7,8.28Loans, real estate, agricultural, bank, brokers*

(see also Consumer credit) 10,16,17,18,20Lubricants 35, 36Lumber and products 4,9,10-15,19,31

Machine tools...-. 34Machinery 4-7,9,13-15,19,22,23,34Mail order houses, sales 11Man-hours, aggregate, and indexes 14Manmade fibers and manufactures. 9,39Manufacturers* sales (or shipments), inventories,

orders 5-7Manufacturing employment, unemployment, pro*

auction workers, hours, man-hours, earnings... 13-15Manufacturing production indexes 3,4Margarine 29Meat animals and meats. 3,7,8,22,23,28Medical and personal care 8Metals 4-7,9,19,22,23,31-33Mflk 27Mining and minerals 2-4,9,13-15,19Monetary statistics 19Money supply. 19Mortgage applications, loans, rates 10,16,17,18Motor carriers 23,24Motor vehicles. 1,4-6,8,9,11,19,22,23,40Motors and generators 34

National income and product 1! I.INational parks, visits 24Newsprint 23,37New York Stock Exchange, selected data 20,21Nonferrous metals 4.9,19,22,23,33Noninstallment credit 18

Oats 27Oil burners 34Oils and fats 8,22,23,29,30Orders, new and unfitted, manufactures' 6,7Ordnance 13-15

Paint and paint materialsPaper and products and pulp.

Parity ratioPassports issuedPersonal consumption expenditures

724

12, 3

2Personal incomePersonal outlays ..............................Petroleum and products ....................... 4-6,

8,11-15,19,22,23,35,36Pig iron ..................................... 31, 32Plant and equipment expenditures .............. 2Plastics and resin materials .................... 25Population ........... ................... . . . . . . 13Pork ........................... . . . . . . . . . . . . . 28Poultry and eggs ............. ^ ....... 3,7,8,28,29Prices (see also individual commodities) ........ . 7-4Printing and publishing ..................... 4, 13-15Private sector employment and earnings. ........ 13-15Profits, corporate ............................. 2, 19Public utilities. . . . . . ............. 2-4,9,19-21,25,26Pulp and pulpwood ........................... 36Purchasing power of the dollar. ...... . . . . . . . . . . 9

Radiators and convector* ....... . .............. 34Radio and television ........ . . ........ . ..... 4, 11, 34Railroads ...................... 2,15,16,20,21,24,40Railways (local) and bus lines ............ . . . . . . 23Rayon and acetate ......... . ................. 39Real estate ............................... 10,17,18Receipts, U.S. Government ................. . . . 18Recreation .......... . ........................ 8Refrigerators and home free*ers. . . . . ........... 34Rent (housing) ...... ......................... 8Retail trade ........................... 5,7,11-15,17Rice ............... . ......... .. ............. 27Roofing and siding, asphalt ........ . ........ . . . 36Rubber and products (incl. plastics) ...... ...... 4-6,

9.13-15,23.37

Saving, personal ..... . ................... . . . . . 2Savings deposits. . ........... . ................ 17Securities issued. . . ........................... 19,20Security markets ............................. 20,21Services .............. . ..................... 1,8, 13Sheep and lambs ............................. 28Shoes and other footwear ......... . ....... 9, 11,12,30Silver. . ..................................... 19Soybean cake and meal and oil ..... . ........... 30Spindle activity, cotton ....................... 39Steel (raw) and steel manufactures ....... 22, 23, 31, 32Steel scrap ................................... 31Stock prices, earnings, sales, etc. ........... . . . . 20,21Stone, day, glass products ......... 4-6,9, 13-15, 19, 38Stoves and ranges. . . . . ....................... 34

.te::::::::::::::::::::::::::::::::::::::"*Sulfurfc acid ................................. 24Superphosphate .............................. 25

Tea imports ................................. 29Telephone and telegraph carriers ............... 24Television and radio. . . ..................... 4,11,34Textiles and products. . . . 4-6, 9, 13-15, 19, 22, 23, 38-40Tin ......................................... 33Tires and inner tubes .............. . . . . . . . 9,11,12,37Tobacco and manufactures ........ 4-7,9, 11, 13-15,30Tractors .......... . .......................... 34Trade (retail and wholesale) . . . . . ............ 5,11,12Transit lines, local. .......................... . 23Transportation ....... . .......... . . . . 1,2,8,13,23,24Transportation equipment ........... 4-7, 13-15, 19, 40Travel. . . ................................... 23,24Truck trailers ................................ 40Trucks (industrial and other). . ................ 34,40

Unemployment and insurance .................. 13, 16U.S. Government bonds ................... . 16, 17, 20UJS. Government finance. . , .......... . ........ IfUtilities ......... ................ 2-4,9,19-21,25,26

Vacuum cleaners. . . . , ............. . .......... „ 34Variety stores ................................ 11,12Vegetable oils. . .............................. 29,30Vegetables and fruits ............. . ....... ..... 7,8Veterans* benefits ............................. 16

Wages and salaries.. . ................ . ....... 2, 3, 15Washers and dryers .......................... 34Water heaters ................................ J*Wheat and wheat flour ........................ 27,28Wholesale price indexes. . ..... « ........ •i'i'ii , A?Wholesale trade ............... . ....... 5,7, 11, 13-15Wood pulp .................................. „ JSWool and wool manufacture. ................... 9,39

ZSnc. 33


UNITED STATESGOVERNMENT PRINTING OFFICE

PUBLIC DOCUMENTS DEPARTMENT

W A S H I N G T O N , D.C. 2O4O2

OFFICIAL BUSINESS

Volume 51 Numbers 1-6

1971 CONTENTS—SURVEY OF CURRENT BUSINESSDOMESTIC ECONOMY

No. PageOutlook for 1971 1 2Business Expectations for Capital Outlays,

1971 1 4Welfare Measurement and the GNP 1 13The Economy in 1970 1 17

Financial Developments 1 18Income and Consumption 1 20Inventory Investment 1 22Nonresidential Fixed Investment 1 23Housing 1 24Federal Government 1 25State and Local Governments 1 26Employment and Labor Force 1 26Prices, Costs, and Profits 1 28

Personal Consumption Expenditures in the1963 Input-Output Study 1 34

Financial Developments 2 1Wages Under Collective Bargaining 2 3Federal Programs for Fiscal 1972 2 13Production, Employment, and Income 3 1Financial Developments 3 3Manufacturers9 Inventory and Sales Expecta-

tions, First Half 1971 3 13Investment Programs and Sales Expectations

for 1971 3 15Developments in the Steel Industry 4 41970 GNP by Major Industry 4 15Financial Developments 5 1Construction Trends 5 3Recent Auto Demand 5 4Consumer Installment Credit 5 5Public and Private Debt 5 15Consumer Demand 6 2Inventories 6 3

DOMESTIC ECONOMY—Con.

1971 Plant and Equipment Expenditure Ex-pectations

Manufacturers9 Inventory and Sales Expecta-tions, Second and Third Quarters 1971

No.

6

6

Page

13

17

INTERNATIONAL TRANSACTIONS

The Balance of Payments in 1970OBE's End-Use Classification of Foreign Trade:

The Changing Pattern of U.S. Exports andImports Since the Mid-1920's

Plant and Equipment Expenditures byForeign Affiliates of U.S. Corporations-Revised Estimates for 1970 and 1971

The U.S. Balance of Payments: FourthQuarter and Year 1970

International Travel, Passenger Fares, andOther Transportation in the U.S. Balanceof Payments: 1970

The U.S. Balance of Payments: RevisedPresentation

The U.S. Balance of Payments: First Quarter1971....

REGIONAL ECONOMICS

Regional and State Personal Income: ThirdQuarter 1970

State and Regional Income in 1970Personal Income in Metropolitan and Non-

metropolitan Areas

No.1

Page30

21

26

31

19

24

58

No. Page

3218

16

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SCB_061971

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