SCB_111969

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

SURVEY OP CURRENT BUSINESS

NOVEMBER 1969 / VOLUME 49 NUMBER 11

CONTENTS

THE BUSINESS SITUATION

Summary 1

National Income and Product Tables 7

Corporate Profits, Internal Funds and Investment 11

Sources and Uses of Funds 13

ARTICLE

Input-Output Structure for 1963 16

CURRENT BUSINESS STATISTICS

General S1-S24

Industry S24-S40

Subject Index (Inside Back Cover)

U.S. Department of Commerce

Maurice H. Stans / SecretaryRocco C. Siciliano / Under SecretaryHarold C. Passer / Assistant Secretary

for Economic AffairsOffice of Business Economics

George Jaszi / DirectorMorris R. Goldman / Associate DirectorLeo V. Barry, Jr. / Statistics EditorBilly Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUE

Business Review and Features:Donald A. KingEsther G. KittnerJohn A. Gorman

Article:

National Economics Division

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

the BUSINESS SITUATIONIn October, man-hours, personal in-

come, and industrial productionindicated some further slowdown in therate of economic advance, but pricepressures continued strong. The frag-mentary evidence now available suggeststhat the expansion in GNP will slackenin the current quarter.

A HE scattered evidence now avail-able for the opening month of the fourthquarter appears to confirm some furtherweakening in the economy's forwardmomentum, even though price pres-sures continue to be severe. In October,the labor market continued to showsigns of softening as employment re-corded only a moderate increase, andweekly hours of work and overtimehours in manufacturing declined; un-employment remained virtually un-changed following its sharp rise inSeptember. Personal income showed avery'small increase and industrial pro-duction declined for the third consecu-tive month. According to advancereports, which have been subject toconsiderable revision, retail sales in-creased only moderately in October,partly because of some letup in salesof new cars.

The evidence now available is toofragmentary to permit definite con-clusions about changes in businessactivity in the fourth quarter. However,with man-hours, personal income, andindustrial production signaling lessstrength, and with important strikesexerting a dampening impact on eco-nomic activity, it is likely that theexpansion in GNP will be less in thecurrent quarter than in the third.

In the assessment of the outlook forfinal sales, consumer spending, whichhas behaved erratically over the past

year, is a notable uncertainty. Personalincome and retail sales have started offat a rate only a little above the thirdquarter average. Auto demand is ex-hibiting less buoyancy, and reports onconsumer buying intentions indicatesome weakening in spending for themonths ahead. These factors do not

CHART 1

Nonfarm EmploymentSo far this year, the slower growth in nonfarmemployment has been widespread

Million Persons

TOTAL EMPLOYMENT

1GOVERNMENT

I II III IV I II III IV I II III IV I II III Oct.1966 1967 1968 1969

Change From Average of Preceding Quarter

U.S. Department of Commerce, Office of Business Economics 69-11-1

suggest an acceleration in the rate ofincrease of consumption expenditures.

Fixed business investment may addless to final sales in the fourth than inthe third quarter. According to theOBE-SEC survey conducted lastAugust, capital outlays by business arenot scheduled to increase. However, anew survey will appear next month.With stringent money and credit condi-tions continuing, residential investmentis likely to decline further. Governmentpurchases should add less to the fourthquarter than to the third quarter ad-vance in GNP; the latter included the$3 billion pay raise for Governmentemployees. A quarterly interpolation ofthe Federal budget estimates suggeststhat a decline in defense expenditureswill more than offset an increase innondefense outlays. Data are not yetavailable to project State and localpurchases or net exports, but thechanges here are not likely to have anunusual impact on the overall rise infinal sales. In contrast, inventorychange, for which data are also lacking,may greatly affect the final outcomeof fourth quarter GNP. Although in-ventories are always difficult to assess,from the present vantage point it seemsmore likely than not that inventorieswill contribute less to the increase inGNP in the current quarter than theydid in the third.

Revised third quarter GNPRevised estimates of GNP put the

third quarter advance at a seasonallyadjusted annual rate of $18 billion, aslight upward revision from the pre-liminary figure published last month.Although the total was not altered sig-nificantly, there were some changes inits composition. Last month's prelim-

1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUEVEY OF CURRENT BUSINESS November 1969

inary estimates placed the third quarterincrease in final sales at $15 billion andthe increase in the rate of inventoryaccumulation at $2% billion. Accord-ing to the revised estimates, the rise infinal sales has been lowered to about$14% billion and the change in inventoryinvestment increased to $3% billion.

The third quarter increase in inven-tory accumulation compares with virtu-

CHART 2

Change in Nonfarm Business Inventories(GNP Basis)Inventory accumulation increased in the third quarterwith the rise mostly in durable goods

Billion $25

Inventory stock-output ratio moved upto a recent high

Ratio.23

.22

.21.

Stock-Output Ratio(1958 $) !

I1966 1967 1968

Seasonally Adjusted at Annual RatesU.S. Department of Commerce, Office of Business Economics

1969

ally no change in the second quarterand a decline of nearly $4 billion in thefirst quarter of the year. Nearly all ofthe third quarter change in inventoryaccumulation was in durable goods, par-ticularly at the retail level. As pointedout last month, the rise appears to berelated to the current tapering in con-sumer durable goods spending.

The revision raised the increase incurrent dollar GNP fractionally, to anannual rate of 7% percent. As measuredby the implicit deflator, prices rose 5%percent, and physical volume 2% per-centthe latter a little more than the2 percent rise indicated last month.

Easing in labor demand

Some letup in labor market pressureswas confirmed last month as the un-employment rate, at 3.9 percent, re-mained essentially unchanged, followingits sharp rise from 3.5 percent in Augustto 4.0 percent in September. Joblessrates remained at about their Septemberlevels for both Negroes and whites andfor most major groups of workers, i.e.,married men, adult men and women,and teenagers.

Growth in nonfarm employment con-tinued to show signs of slowing inOctober (chart 1). Measured from theaverage employment level of the sum-mer quarter, nonfarm industries added260,000 workers to their payrolls. Thiscompares with increases averaging810,000 in the first, 570,000 in thesecond, and 375,000 in the third quarterof this year. Nearly all of the Octoberemployment advance centered in serviceindustries and in wholesale and retailtrade.

Average weekly hours of work forproduction and nonsupervisory workers,which had held steady at 37.8 hoursfrom March through September,dropped to 37.5 hours last month. Allthe major industry groups except fi-nance, insurance, and real estate re-corded declines. In manufacturingindustries, the average workweek fellfrom 40.8 to 40.5 hours, while overtimehours declined from 3.6 to 3.4 hours.Overtime in manufacturing also declinedone-tenth of an hour in September.

Personal income rise slowsAfter recording gains averaging more

than $5 billion during the first 8 monthsof this year, the expansion in personalincome slowed to $3# billion in Sep-tember (revised) and to $2% billion inOctober. The slower expansion in per-sonal income has centered in wage andsalary disbursements, which rose only$1% billion last month. Governmentpayrolls advanced $% billion, but privatepayrolls were up only $1 billion.

Within the private sector, a good-sized gain of $1 Ji billion was recorded inthe service industries. In the nonmanu-facturing commodity-producing indus-tries, wage and salary disbursementswere up slightly, but this was offset inmanufacturing industries where, as theresult of a small decline in employmentand a shorter workweek, payrolls re-corded their first dip in 18 months.The distributive industries recordedtheir first decline this year. Wages andsalaries fell by about $% billion, as theemployment gain was more then offsetby reduced weekly hours of work.

Industrial output slips further

Industrial output declined for thethird consecutive month in October.The Federal Reserve Index of industrialproduction fell to 173.3 (1957-59 =100), down three-fourths of 1 percentfrom its July peak. Reductions in out-put were recorded in durable and non-durable goods manufacturing and inmining; these more than offset anincrease in output by the utilities. Inmanufacturing, most of the decline wasattributable to durables, where outputwas lower for motor vehicles, electricalmachinery, instruments, and stone,clay, and glass products.

Recent changes in auto demand

Retail sales of new cars have shownconsiderable variation over the past12 months. Having exceeded a season-ally adjusted annual rate of 10 millioncars (both domestic and imports) forthe first time in the third quarter of1968, sales fell in each of the next twoquarters to a rate of 9.4 million. They


November 1969 SURVEY OF CURRENT BUSINESS

CHART 3

*> Revised third quarter gain in GNP $18 billion Nonfarm payroll employment rose moderately in Octoberweekly hours declinedunemployment rate virtually unchanged Wholesale prices up 0.4 percent in Octoberconsumer prices scored another large increase in September

TOTAL PRODUCTIONBillion $950

900

850

800

750

CURRENT DOLLAR GNP*

Total \- , Final Sales

Inventory Change

Quarterly (III)

Billion $40

30

20

10

CURRENT DOLLAR GNP**(Change From Previous Quarter)

Quarterly (til)

Billion $800

750 -

700 -

650 -

600

Percent

Quarterly (III)

12CONSTANT DOLLAR (1958) GNP*(Change From Previous Quarter)

ilillln

QBE

J I I I I I I1967 1968 1969

Quarterly (III) QBE* Seasonally Adjusted * * Seasonally Adjusted at Annual RatesU.S. Department of Commerce, Office of Business Economics

THE LABOR MARKETMillion Persons *+81

PRICESPercent

79

77

75

73

CIVILIAN LABOR FORCE ANDEMPLOYMENT*

-xv /

Labor Force/N/'

Employment

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

Monthly (Oct.) BLS Quarterly (|||)

Percent

UNEMPLOYMENT RATE*

Married Men

1957-59 = 100130

Monthly (Oct.)

Million Persons76

BLS

Billions

115

110Monthly (Sept.)

72

NONFARM ESTABLISHMENTS(Employees)

Employment*(left scale)

64

60

1957-59=100120

115

,- - 140 no

105

WHOLESALE PRICES

Industrial Commodities\100 I i ' i i I I i i i i i I i i i i i I i i i I i I i i i i i i i i i i i

Monthly (Oct.) BLS

Hours45.0

42.5

40.0

37.5

1957-59=100

PRODUCTION OR NONSUPERVISORY WORKERS(PRIVATE)

Average Hourly Earnings(right scale)

3.20 130

3.00 120

2.80 110

2.60 100

WHOLESALE PRICESProcessed Foodsand Feeds

35.0 I i i i i i I'l i i i I I i i i i i I i i i i I I i i i i i I i i i i i I 2401967 1968 1969

Monthly (Oct.) BLS

901967 1968 1969

Monthly (Oct.) BLS


SUKVEY OF C UKKJttJNT BUSlJNJtiSS*

Personal income advanced $2.4 billion in October, below third quarter gain Retail sales up a little in October new car sales slipped Private nonfarm housing starts increased to a rate of 1.5

below high September ratemillion units in September

November 196

| CHART 4

INCOME OF PERSONS CONSUMPTION AND SAVING FIXED INVESTMENTBillior800

750

700

650

600

Billior550

500

450

400

350

Billio700

650

600

550

500

Dollars2,700

2,600

2,500

2,400

2,300

i $

PERSONAL INCOME**

1 I M 1 1 1 1 f I 1

1 $

WAGES AND SAI

Tot(lefts

~^

i < i h i i i i

i $

/I M 1 I 1 1 1 ) 1 I

/

i I i i i 1 I i i i i

Monthly (Oct.) QBE

.ARIES**

alcale) S*\S^

Manufacturing(right scale)

\ *

M 1 1 1 1 i 1 1 II

* **" *""

I i t t i 1 i t i i t

Monthly (Oct.) OEE

DISPOSABLE PERSONAL INCOME*

1 1 1

f

1 L i

-

Billion650

600

550

500

450

Billic35

30

200 25

150 20

100 15

$

PERSONAL CONSUMPTIONEXPENDITURES**

i i i

>n$

RETAIL STORE S

Total

*. *"*

1 1 1 1 1 i 1 1 1 1 i

I I I I I IQuarterly (III) QBE

ALES*

-TT -Excluding Automotive Group1 1 1 1 ll t II II ! Ml ill II 1 1

Billior100

75

50

25

0

Billic80

75

70

65

60

$

Producers' Durable Equipment**

_ 1Nonresident!,

~-"TResidential J

i t i

> n $

il Structures**

tinctures * *i i i

Quarterly (III)

PLANT AND EQUIPMENTEXPENDITURES**

i i i 1 i I iMonthly (Oct.) Census

Mill12

10

8

6

4

on Units

NEW CAR SALES**

Domestic _(left scale) .

1 1 M 1 I 1 1 1 1 t

Quarterly (III) QBE

REAL PER CAPITA DISPOSABLEPERSONAL INCOME**

- (In 1958 Dollars)

-

i I i1967

^ ^/

/

1 1 1 1 1 11968 1969

Pen12

10

8

6

4

:ent

Imports(right scale)

1 1 1 1 i i i 1 1 1 1 1 1 1 1 1 1 1 1 MI

Bill8

7

6

2 5

0 4

ion $

Quarterly (IV)

MACHINERY AND EQUIPMENT*(Manufacturing Firms)

New Orders &

\A/AH^^v

III 1 M 1 1 1 J t 1Monthly (Oct.) Trade Sources & QBE

PERSONAL SAVING RATE*

-

i i i1967

Quarterly (III) QBE

-

1 1 i 1 1 1 11968 1969

Millie2.5

2.0

1.5

1.0

.5

3n Units

rJW"....'V 4

Shipments

1 1 1 1 1 1 1 1 1 1 iMonthly (Sept.)

I I IQBE

/ ~0

Anticipatedi i i

OBE-SEC

} l~WW/

1 1 1 1 1 1 1 1 1 1 1Census

PRIVATE NONFARM HOUSING**

.A

^T^

1 1 1 1 1 1 1 H 1 1

1967Quarterly (HI) QBE

Starts

tfuT$Permits

1 1 1 1 1 1 1 1 1 1 i1968

Monthly (Sept.)

/v"V

1 1 1 1 1 1 1 M t 1

1969Census

* Seasonally Adjusted * * Seasonally Adjusted at Annual RatesU.S. Department of Commerce, Office of Business Economics


November 1969 SUEVEY OF CURRENT BUSINESS

Manufacturing and trade inventories rose $1 billion in September, the same as in August Merchandise trade balance of $270 million in September was largest this year Third quarter balance of payments deficit (liquidity basis) $2 ]/2 billion an improvement from second quarter

INVENTORIES FOREIGN TRANSACTIONS GOVERNMENTBillion $40

30

20

0

Billion $

CHANGE IN BUSINESS INVENTORIES**$NP Basis)

-

'

^m mm

l.lLlilnlBillion $170

160

150

140

130

12

8

4

4

Billion $

NET EXPORTS**

Goods and Services-~"~"X/

-* Vv\

Merchandise

i t t

\/~\

t i f

- /

1 1 1

140

120

100

on

60

FEDERAL PURCHASES OFGOODS AND SERVICES**

-

Total

" ^V"^ "^ T~" "

-~-~"-

"-

~ Defenset i t i i i 1 i i i

Quarterly (III) QBE Quarterly (III) QBE Quarterly ( III ) QBE

Billion $

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

Toj

-^ -^^ """^

1 1 1 1 1 1 1 1 1 1 1

Billion $120

100

on

60

40

^s1 1 i f i 1 1 1 i 1 1 i 1 1 i 1 1 1 i i i t

3.5

3.0

2.5

2.0

1.5

Billion $

MERCHANDISE TRADE* /X A

Exports

^W*"^

XK/1 1 1 1 1 1 1 1 1 1 1

Monthly (Sept.) Census & QBE

Billion $

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

_

_

Manufacturing _---*

,-A-i~ ""

I 1 l l 1 1 l i l i

Ratio2.0

1.8

i f.

1.4

1.2

r ^ \w -L

\Trade

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

4

2

-2

4

A V "'

Hf -Ml\Imports

t i i t i 1 1 1 1 1 1

i

i t t 1 1 1 i t i t i

4

3

2

1

0

DEFENSE PRODUCTS*

New Orders

/Y^4Mv^ -_ Shipments

i t i t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 iMonthly (Sept.) Census Monthly (Sept.) Census

Billion $

NET FLOW OF PRIVATE U.S. AND FOREIGN CAPITAL(Other than Liquid Funds)*

_

inflowOutflow y

~ .

i t iMonthly (Sept.) Census & QBE

Billion $

INVENTORY/SALES RATIOS*

>^Ax\x

'~^~^'^.

-

i i i t 1 1 i l l l i1967

Manufacturing

HsAA-^"-- x /^^4*^*'~Manufacturing and Trade

1 M I 1 1 1 H 1 1 1 1 1 1 I 1 1 1 1 I

4

2

-2

4

_

/-^ /If '\/

i 1 f

hy\.

i i i

225

200

150

125

FEDERAL BUDGET**(NIA Basts)

_ ^^ .y^ .^-Expenditures .^"Jr^

^y\~*^*"^ Receipts

i i i i t i l i tQuarterly (II) QBE Quarterly (111) QBE

Billion $

BAIANCE OF PAYMENTS*Official Reserve Transactions Basis

^>C"\ ,/ ^^ v/ N/i i i

1968 1969 1967Monthly (Sept.) Census & QBE

v\ M%

// ^/\

Liquidity Basis

1 1 i

r\Vi \\ *Viy ,

150

125

75

50

STATE AND LOCAL PURCHASESOF GOODS AND SERVICES**

^^^~^ '

-

t i t t i l l i t1968 1969 1967 1968 1969

Quarterly (III) QBE Quarterly (III) QBE* Seasonally Adjusted * * Seasonally Adjusted at Annual RatesU.S. Department of Commerce, Office of Business Economics


SUEVEY OF (JURKENT BUSINESS

Manufacturing capacity rate down slightly in third quarter

November 1969

* Treasury bills little changed in October yields on long-term corporate issues reached new highs Corporate profits (before tax and including IVA) dipped slightly in third quarter

INDUSTRIAL PRODUCTION MONEY, CREDIT, AND SECURITIES MARKETS PROFITS AND COSTSIndex, 1 957-59 =100 Billion $190

180

170

160

150

INDUSTRIAL PRODUCTION*

Durable Manufactures ^** ^^X ^ * * > "^**

yV'C-\~^'x-yv *m w_/*^x-s^/ j^/

1 I I r"f*Ki i I i i

^

"

xx '^*"" -

Nondurable ManufacturesMl III 1 1 II 1 I I I. ll 1 I Ml

460

420

380

340

300

Billion $

BANK CREDIT AND MONEY SUPPLY*

New SeriesBank Credit _- (left scale) ^p^-_. -

^^^

M 1 1 1 1 1 M 1 1

Monthly (Sept.) FRB

Index, 1 957-59 =100 Billion $200

175

150

125

100

INDUSTRIAL PRODUCTION**\

_ Autos % / **\ j\ _

>"'A '\f \!f}l^s^-^~r

1 1 M 1 1 1 M 1 I

v / - fV

/I\ I ,Steel I /\yM I M 1 1 1 1 1 1

\. '

\\Vis*/

M M 1 1 1 1 1 1 1

2

1

0

-1

-2

^M .Money Supply(right scale)

1 1 1 1 1 1 1 1 1 1 1 M i l l 1 1 1 1 1 >

240 1 20

220 100

200 80

180 60

160 40

CORPORATE PROFITS**Before Tax and Including IVA

V i

i i i

-

I I I I IMonthly (Oct.) FRB Quarterly (III) QBE

Billion $

FREE RESERVES_

/^ "^^^V

_

1 1 1 i I 1 1 M II

Monthly (Sept.) FRB

Percent Percent95

90

85

75

RATIO, OUTPUT TO CAPACITY*_

Manufacturing

~^^""-"H

t i i

\__-

1 1 1

i " '

1 1 1

10

8

6

2

_

**

^u-^ -

1 M 1 1 1 1 M 1 1 1 U I L 1 1 I 1 1 J

120

100

80

60

40

CORPORATE INTERNAL FUNDS AND PROFITS**_ _

Internal Funds

-~-^T ^ 1 -Profits After Taxes

i i i

/i i i i i i

Monthly (Oct.) FRB Quarterly (III) QBE

Percent

INTEREST RATES Afy) BOND YIELDS- -

Corporate Yields, Moody's Aaa

/*

** /*"**

1 1 1 1 1 1 1 1 1 1 1Quarterly ( III ) FRB

BillionS 1941-43=1036

32

28

20

DURABLE GOODS MANUFACTURERS*

- t

New Orders K*J*L$Q

- \t-^'*^

1 1 1 1 1 1 1 1 1 1 1

ArfA/^d^^^v* fW ^Shipn

1 1 1 1 1 1 1 1 1 1 i

r

nents

M M 1 1 M I 1 1

140

120

100

on

60

STOCK PRICES

F i^ "3-month Treasury Bills ^1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 M 1 1 1

6

4

2

-2

OUTPUT AND COMPENSATION PER MAN-HOUR,PRIVATE ECONOMY*

- (Change From Previous Quarter)Output -

nfJlJl1 1 1 1 ! 1 1

i i i i

Compensation

Jlljhn " i II I II II

1 1 1 1 1 1 1

Monthly (Oct.) Quarterly (II) BLS

Percent

Standard and Poor's (500)

"^ H1967 1968 1969 1967

Monthly (Sept.) Census

\ -S^'^\^ ~

1 1 1 1 1 1 M 1 1 1 M 1 M 1 1 M M

6

4

2

-2

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

- ~

I !. Mili i i

1968 1969 1967

1 1 1 1 1 1 1

1968 1969Monthly (Oct.) Quarterly (II) BLS

* Seasonally Adjusted * * Seasonally Adjusted at Annual RatesU.S. Department of Commerce, Office of Business Economics


November 1909 SURVEY OF CURRENT BUSINESS

NATIONAL INCOME AND PRODUCT TABLES

1967 1968

1968

II III IV

1969

II III

Seasonally adjusted at annual rates

Billions of current dollars

1967 1968

1968

II III IV

1969

II III


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 . . _ - _ _. _Nonresidential

StructuresProducers' durable equipment

Residential structures . _ _ -NonfannFarm -

Change in business inventoriesNonfarm .Farm

Net exports of goods and services. _Exports. _ _ _ _ _ _ _Imports

Government purchases of goods and servicesFederal _ _

National defenseOther _

State and local .

793.5492.3

73 0215.1204.2

116.0

108.683 727.955 725.024 4

6

7 46 86

5.246 241.0

180.1

90 772 418 4

89 3

865.7536.683.3

230.6222.8126.3

119.088 829.359 530.229 6

.57 37.4

_ i

2.550 648.1

200.3

99 578 021 5

100 7

858.7530.381.8

228.5220.0

126.6116.7

86 428.358 130.329 7

6

9 910 3 4

3.4

50 747.3

198.4

99 077 921 1

99 4

876.4

544.985 8

233.3225.8125.2118.0

88 129.059 129.929 4

5

7 27.5

3

3.653 449.7

202.5100 978 822 1

101 7

892.5550.786.3

234.3230.1133.9123.4

91.530.161 431.931 4

.510 510.7 2

1.2

50 649.4

206.7101 979 322 5

104 8

908.7562.088.4

238.6235.0135.2128.6

95 332.363 033.332 8

.56 66.6

o

1.547 646.1

210.0

101 679 022 6

108 5

924.8572.890 6

242.1240.1137.4

130.597 832.165 732.732 2

5

6 96 7

2

1.657 155.5

212.9

100 678 522 1

112 3

942.8

579.889 8

245.1244.9143.3

132 5101 134 766 431 430 95

10 710 34

2.7

57 855 2

217.0

103 280 322 9

113 8

674.6430.3

72.8190.3167.2100.8

93.9

73 622.651 020.319 8

.56 96.36

3.642.138.5

140.0

74 8

65 2

707.6452.680.7

196.9175.0105.799.175.822.753 223.322 8

.4

6.66.7

1

.945.644.7

148.4

78 9

69 5

705.8449.079.5

195.8173.7

106.697.674.022.052 023.523 1

.4

9.09.4

3

1.345.243.9

148.979.6

69 3

712.8458.283.0

198.7176.5104.1

97.775.022.252.722.722.3

.4

6.46.7-.31.7

48.046.3

148.879.2

69 6

718.5457.682.7

197.2177.7

110.9101.4

77.322.954.424.123.7

.4

9.69.8

2

-.2

45.545.7

150.279.4

70 8

723.1

462.984.3

199.3179.3109.9104.0

79.423.955.524.624.2

.4

5.95.9.0

-.3

41.942.2

150.678.3

72.3

726.7

466.285.9

199.3181.0110.8104.8

81.023.357.723.823.4

.4

6.05.8.2

-.550.450.8

150.276.3

73.9

730.6466.584.7

199.3182.5114.3

105.082.424.657.822.622.2

.4

9.38.9.4

.4

50.249.8

149.475.5

73.9

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

Gross national product.. __Final salesChange in business inventories

Goods outputFinal sales __Change in business inventories. . _ _

Durable goodsFinal sales _Change in business inventories .

Nondurable goods... _ .Final salesChange in business inventories _

ServicesStructures

793 5786 2

7 4

398.4391 0

7 4

160 9157 0

3 9237 5234 1

3 5316 778 4

865 7858 4

7 3

431.1423 7

7 3

176 7171 4

5 3254 4252 3

2 0347 5

87 1

858 7848 8

9 g

429 2419 3

9 9

175 7168 9

6 8253 5250 4

3 1343 486 0

876 4

869 27 2

437 0429 9

7 2

178 8173 7

5 1258 3256 1

2 1353 2

86 1

892 5882 0

10 5443 5

433 010 5

184 0176 6

7 4

259 5256 4

3 1358 590 6

908 7

902 16 6

447 9

441 36 6

186 4181 6

4 8261 5259 7

1 8365 8

94 9

924 g

917 96 9

456 5449 6

6 9190 3185 5

4 9266 2264 1

2 1373 494 g

942 8932 010 7

465 9455 210 7

195 4187 8

7 6270 5267 4

3 1381 695 3

674 6667 7

6 9362 7

355 76 9

152 0148 5

3 5210 7207 3

3 4249 162 9

707.6

701 06 6

381 3374 7

6 6162 8158 0

4 7

218 6216 7

1 9259 966 4

705.8696 8

9 0380.8

371 79 0

162 3156 2

6 1218 4215 5

2 9258 966 2

712.8

706 36.4

385.5379 1

6.4

164 5159.9

4 5221 1219 2

1 9262 464.8

718.5709 0

9.6388.2

378.79.6

167.8161.2

6 5220 5217 5

3.0262 767.5

723.1

717.25.9

389.1383.2

5.9169.0164.8

4 2

220 2218 4

1.7

264 669.3

726.7

720.76.0

391.6385.7

6.0171.4167.3

4 1

220 2218.4

1.9267.068.0

730.6721.3

9.3395.9386.6

9.3174.7168.1

6.6221.2218.5

2.7

267.667.1

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

Private

Business _NonfarmFarm _

Households and institutions __Rest of the world

General government

793 5

708 2681 0656 624 4

22 7

4 585 3

865 7770-5740 6715 724 925 2

4 795 2

858 7

764 9734 6709 824 825 4

4 993 g

876 4779 2

749 3724 125 225 0

4 997 1

892 5794 Q763 1738 424 7

26 0

4 998 5

908 7

808 5776 7751 125 727 2

4 5100 2

924 g

822 7

790 57fi3 ft

97 R

28 3

3 91(19 1

942 8

836 5804 077R 497 7

28 93 6

1AA ?

674 6

617 0597 3573 523 7

15 44 3

57 6

707 6

647 9627 5604 223 3

15 94 5

59 7

705 8646 1625 3602 323 o

16 1

4 7

59 8

712 8

652 6632 1608 823 4

15 74 7

60 2

718 5

658 3637 5614 622 9

16 24 6

60 2

723.1

662 6641 5617 823 7

16 84 3

60 5

726.7

665.8644 8621 123 7

17.2

3 7

60 9

730.6669.4648.6624 524.1

17.4

3.561.1


8 SURVEY OF CURRENT BUSINESS November 1969

1967 1968

1968

II III IV

1969

I II III*


Billions of dollars

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

Gross national productLess: Capital consumption allowances.

Equals : Net national productLess: Indirect business tax and nontax

liabilityBusiness transfer payments. . .Statistical 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 _

793.568.6

725.0

70.13.2

-1.0

1.4

654.0

79.2

42.4

.0

48.823.621.53.2

629.4

865.7

73.3792.4

77.93.4

-2.5

.8714.4

87.947.0

.0

55.826.123.13.4

687.9

858.773.0

785.6

77.03.4

-1.6

.7

707.4

88.2

46.5.0

55.325.722.93.4

680.1

876.4

73.7802.6

79.43.4

-3.3

1.1724.1

90.647.6

.0

56.726.423.63.4

696.1

892.574.6

817.9

81.43.5

-3.4

.9737.3

90.348.6

.0

58.127.423.83.5

711.2

908.775.9

832.8

83.33.5

-4.2

1.1751.3

89.552.7

.0

60.127.923.83.5

724.4

924.877.2

847.6

85.73.6

-6.5

.9765.7

89.2

53.8.0

61.328.524.33.6

740.5

942.878.6

864.2

88.03.6

-6.7

1.1

780.5

88.755.1

.0

62.528.924.93.6

756.5

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 exports

Exports _Imports

Addenda:New cars, domestic a .New cars, foreign

Gross auto product 1

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

Exports. ..Imports.

Addenda :

New cars, domestic 3_.New cars, foreign

Billions of current dollars

28.624 94 4- 5- 51 21 7

25.52.9

35.930.25.31.0

-.82.02.8

32.44.3

36.329.25.12.4

-.72.02.7

32.94.2

36.031.75.6-.6

-1.02.03.0

32.64.3

37.531.45.51.5

-1.22.03.2

33.94.7

37.530.95.41.1

-.22.32.5

33.44.6

34.531.45.5

-1.4

-1.42.33.7

30.75.4

38.032.15.61.2

-1.42.43.8

34.25.5


28.725.04.5-.5-.51.31.7

26.03.0

35.129.45.21.0

-.82.02.8

32.14.3

35.628.65.12.4

-.72.02.8

32.74.2

35.230.95.5-.6

-1.02.03.0

32.44.3

36.230.25.41.5

-1.21.93.2

33.34.6

36.2

29.75.31.1

-.22.32.5

32.74.5

33.0

30.15.4

-1.3

-1.42.33.7

30.05.3

36.430.75.51.2

-1.42.43.8

33.45.3

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

foreign cars."Third quarter 1969 corporate profits (and related components and totals) are preliminary

and subject to revision next month.

1967 1968

1968

II III IV

1969

I II III*

Seasonally adjusted at annual ratesBillions of dollars

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

National income

Compensation of employees

Wages and salariesPrivate ..MilitaryGovernment civilian

Supplements to wages and salaries- ..Employer contributions for social

insuranceOther labor income.

Employer contributions to pri-vate pension and welfare funds

OtherProprietors' income _ . _

Business and professionalIncome of unincorporated enter-

prisesInventory valuation adjustment

Farm. .

Rental income of persons

Corporate profits and inventory valua-tion adjustment _Profits before tax

Profits tax liabilityProfits after tax. .

DividendsUndistributed profits

Inventory valuation adjustmentNet interest

654.0467.4

423.5337.316.270.0

43.9

21.822.1

18.43.7

61.947.2

47.5.3

14.7

20.8

79.280.333.047.321.525.9-1.1

24.7

714.4

513.6465.0369.018.078.0

48.624.4

24.2

20.14.1

63.849.2

49.9__ n

14.621.2

87.9

91.141.349.823.126.7

-3.2

28.0

707.4

507.0459.0364.517.676.848.0

24.1

23.9

63.649.2

14.3

21.2

88.2

90.741.149.722.926.7

-2.627.5

724.1

519.8470.7372.718.779.349.1

24.7

24.5

64.1

49.3

14.821.2

90.691.541.450.023.626.5-.928.4

737.3

532.3482.1

382.818.380.950.2

25.325.0

64.1

49.7

14.4

21.4

90.394.542.951.623.827.8

-4.2

29.3

751.3546.0493.3392.518.282.552.727.325.5

64.6

49.7

14.921.5

89.595.543.452.223.828.4

-6.129.8

765.7558.2504.3402.018.484.0

53.827.926.0

66.550.1

16.421.6

89.295.443.651.824.327.5

-6.230.3

780.5571.9516.9410.220.186.655.028.626.4

67.3

50.5

16.821.7

88.792.442.450.024.925.1

-3.730.9

Table 7. National Income by Industry Division (1.11)

All industries, totalAgriculture, forestry, and fisheriesMining and construction.M anufacturing

Nondurable goodsDurable goods .

TransportationC ommunicationElectric, gas, and sanitary servicesWholesale and retail tradeFinance, insurance, and real estateServicesGovernment and government enter-

prisesRest of the world

654.021.539.4

195.675.7

119.925.113.112.697.572.378.394.14.5

714.4

21.942.9

215.482.9

132.527.214.213.7

105.278.286.1

105.04.7

707.4

21.642.6

213.982.0

131.927.013.813.4

104.577.185.2

103.34.9

724.1

22.243.1

218.284.2

134.127.514.414.2

106.679.386.5

107.14.9

737.321.944.4

222.785.4

137.327.814.913.9

107.880.989.3

108.74.9

751.322.645.9

225.386.1

139.128.215.314.2

109.582.992.1

110.64.5

765.724.247.8

228.988.3

140.528.915.614.2

111.784.493.6

112.53.9

780.5

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

All industries, totalFinancial institutions .

MutualStock

Non financial corporations

M anuf actu ringNondurable goods-Durable goods .. . .

Transportation, communication,and public utilities .

All other industries .

79.2

10.52 08.5

68.839.018.120.9

10.819.0

87.911.52.19.4

76.4

44.419.924.511.620.4

88.2

11.2

76.9

44.919.825.111.520.6

90.612.1

78.545.420.425.012.021.0

90.311.9

78.546.220.425.811.620.7

89.512.3

77.2

45.120.324.7

11.820.3

89.212.7

76.544.921.023.911.719.9

88.713.1

75.6


November 1969 SUEVEY OF CUKEENT BUSINESS 9

1967 1968

1968

II III IV

1969

I II III*


Billions of dollars

Table 9. Gross Corporate Product 1 (1.14)Gross corporate product - -

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies _Income originating in corporate busi-

ness

Compensation of employees ..Wages and salariesSupplements

Net interestCorporate profits and inventory

valuation adjustment. ._ _Profits before tax.. .

Profits tax liabilityProfits after tax

Dividends ._Undistributed profits

Inventory valuation adjustment..Cash flow gross of dividendsCash flow, net of dividends

Gross product originating infinancial institutions . -

Gross product originating innonfinancial corporations

Capi tal consumption allowances _ _Indirect business taxes plus transfer

payments less subsidies _Income originating in nonfinancial

corporations

Compensation of employees _Wages and salariesSupplements

Net interestCorporate profits and inventory

valuation adjustment. .Profits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits ...

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 nonfinancialcorporations2 _ .

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies... ___Compensation of employeesNet interest .Corporate profits and inventory valu-

ation adjustmentProfits tax liabilityProfits after tax plus inven-

tory valuation adjustment- .

450.942.640.8

367.5291.7260.631.1

.2

75.676.733.043.720.023.8-1.186.466.4

20.4

430.641.4

39.1

350.1275.8246.629.2

9.1

65.266.328.238.119.119.0-1.1

79.560.4

494.245.944.8

403.5318.4284.334.1

1.2

83.987.241.345.821.524.3-3.2

91.770.2

22.8

471.4

44.643.0

383.8300.6268.631.910.9

72.475.635.640.020.419.6

-3.2

84.664.2

489.945.844.4

399.7314.5280.833.8

1.1

84.186.641.145.621.224.3

-2.691.470.1

22.3

467.744.542.5

380.6297.0265.431.6

10.7

72.975.435.539.920.119.8

-2.684.464.3

501.646.2

45.8

409.6321.9287.434.5

1.3

86.487.341.445.921.924.0-.992.170.2

23.6

478.044.943.9

389.2303.7271.532.2

11.1

74.375.235.539.720.719.0-.984.763.9

510.746.746.6

417.4

329.8294.735.11.4

86.290.442.947.522.225.3

-4.2

94.272.1

23.9

486.845.444.7

396.7311.0278.232.811.4

74.378.537.041.520.920.6

-4.2

86.966.0

519.947.7

47.3

425.0338.2301.336.9

1.5

85.291.343.447.922.125.8

-6.1

95.673.5

24.9

495.046.4

45.3

403.3318.7284.234.511.7

72.979.037.241.820.920.9-6.1

88.167.2

530.1

48.6

48.5

433.0346.0308.537.6

1.6

85.391.643.648.022.825.2

-6.2

96.673.8

25.6

504.547.3

46.5

410.7

326.2291.135.111.9

72.678.837.241.621.520.1

-6.288.967.4

539.549.6

49.8

440.2353.4315.138.3

1.7

85.188.842.446.423.423.0-3.796.072.5

26.3

513.348.2

47.8

417.3333.2297.335.812.2

72.075.735.839.922.117.8-3.7

88.166.0


390.5 415.9 413.9 420.8 425.1 427.7 431.9 434.7

Dollars

1.103.106.100.706.023

.167

.072

.095

1.133.107.103.723.026

.174

.086

.088

1.130.108.103.718.026

.176

.086

.090

1.136.107.104.722.026

.177

.084

.092

1.145.107.105.732.027

.175

.087

.088

1.157.108.106.745.027

.170

.087

.083

1.168.109.108.755.028

.168

.086

.082

1.181.111

.110

.766

.028

.166

.082

.083

1. Excludes gross product originating in the rest of the world.^

3- Personal saving as a percentage of disposable personal income.Third quarter 1969 corporate profits (and related components and totals) are preliminary

and subject to revision next month. uui

10 SUKVEY OF CURRENT BUSINESS November 1969

1967 1968

1968

II III IV

1969

I II III *


Billions of dollars

1967 1968

1968

II HI IV

1969

I II III

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 receiptsPersonal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax

accruals.Contributions for social insurance. _ .

Federal Government expendituresPurchases of goods and services.

National defenseOther

Transfer paymentsTo personsTo foreigners (net) -

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

Net interest paidSubsidies less current surplus of gov-

ernment enterprisesSurplus or deficit ( ), national

income and product accounts

151.167.530.616.336.7

163.890.772.418.442.240.02.2

15.910.3

4.7

-12.7

176.379.538.318.040.5

181.599.578.021.547.845.72.1

18.311.6

4.3

-5.2

170.874.738.117.940.1

180.399.077.921.147.645.52.0

18.211.4

4.1

-9.5

181.483.738.418.340.9

184.2100.978.822.148.746.52.3

18.411.7

4.6

-2.8

187.387.439.818.541.7

187.4101.979.322.550.047.62.4

19.012.2

4.4

-.1

198.193.840.218.545.6

188.5101.679.022.650.849.11.7

19.012.5

4.6

9.6

202.396.940.518.646.4

189.3100.678.522.152.150.02.1

19.312.9

4.4

13.0

200.995.039.419.147.5

193.6103.280.322.952.750.91.8

19.813.1

4.6

7.3

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

State and local government receiptsPersonal tax and nontax receiptsCorporate profits tax accruals

93.215.42.4

106.218.43.0

104.718.03.0

108.018.93.0

111.419.53.1

114.520.53.1

118.521.53.1

121.922.53.0

State and local government receiptsPersonal 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

Purchases of goods and servicesTransfer payments to personsNet interest paid .Less: Current surplus of government

enterprisesSurplus or deficit ( ), national

income and product accounts. . .

93.215.42.4

53.85.7

15.9

95.089.38.8.2

3.3

-1.8

106.218.43.0

59.96.5

18.3

107.6100.710.0

.33.4

-1.5

104.718.03.0

59.26.4

18.2

106.099.49.8.3

3.4

-1.3

108.018.93.0

61.16.6

18.4

108.7101.710.2

.33.5

-.7

111.419.53.1

62.96.9

19.0

112.2104.810.5

.4

3.5

-.8

114.520.53.1

64.87.1

19.0

116.3108.511.0

.4

3.5

-1.8

118.521.53.1

67 17.4

19.3

120.5112.311.3

,4

3.5

-2.1

121.922.53.0

68 97.7

19.8

122.2113.811.6

. 4

3.6

-.3

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

Personal saving...Undistributed corporate profitsCorporate inventory valuation ad-justment. .Corporate capital consumption

allowances ..Noncorporate capital consumption

allowancesWage accruals less disbursements.

Government surplus or deficit ( ),national income and productaccounts

FederalState and local...

Gross investmentGross private domestic investment.Net foreign investment

Statistical discrepancy.

133.740.425.9

1.142 626.0

.0

14.512 7

1 8118.2116.0

2.2 1.0

135.138 426.7

3 245 927.4

.0

6 75 2 1 5125 9126.3

32 5

139.642 326.7

2 645 827 2

.0

10 89 5 1 3127 2126.66

1 6

132.633 226.5 946 227 5

.0

-3 52 8_ 7

125 8125.2g

3 3

136.338 027.8

4 246 727 9

.0

_ 91g

132 0133.9 1 9

3 4

130 732 528.4

6 147 728 2

.0

7 89 C1 Q

134 2135.2

1 04 2

131 833 327.5

6 248 628 6

.0

in 910 n9 1

136 2137.4

1 9

A K

143 0

43 125.1

3 74Q fi

29 o.0

7 07 0

0

143 3143.3Q

ft 7

Gross national productPersonal consumption expenditures...

Durable goodsNondurable goodsServices

Gross private domestic investmentFixed investment

NonresidentialStructures _ .. . ..Producers' durable equipment. >

Residential structures.NonfarmFarm

Change in business inventories ..Net exports of goods and services. .

Exports . . .Imports

Government purchases of goods andservicesFederalState and local.

117.6114.4100.3113.0122.1

115.7113 7123.6109.2123.1123.1122.8

109.7106 5

128.7121.3137.1

122.3118.6103.3117.1127.3

120.0117.1129.3111.9129.7129.8125.9

110.9107.6

135.0126 2145.0

121.7118.1102.9116.7126.6

119.6116 7128.7111.6128.7128.7126.1

112.1107.8

133.3124 5143.4

122.9118.9103.4117.5127.9

120.8117.6130.6112.1131.5131.6126.2

111.3107.5

136.2127.4146.2

124.2120.4104.5118.8129.5

121.7118.4131.4113.0132.4132.5126.1

111.3108.2

137.6128 3148.1

125.7121.4104.9119.8131.0

123.7120 1135.3113.5135.3135.4127.5

113.5109 2

139.5129 8150.1

127.3122.9105.5121.5132.7

124.5120.8137.8113.9137.1137.2130.4

113.4109 2

141.8131.9151.9

129.0124.3106.0123.0134.2

126.2122.7141.0114.9138.8138.9132.3

115.2110 8

145.3136 8153.9

Table 17.Implicit Price Deflators for Gross National Product byMajor Type of Product (8.2)

Gross national productGoods output. ..

Durable goodsNondurable goods

Services .StructuresAddendum:

Gross auto product

117.6109.9105 9112.7127.2124.6

99.7

122.3113.0108 5116.4133.7131.,

102.5

121.7112.7108.2116.1132.7130.0

101.9

122.9113.4108.7116.8134.6132.9

102.3

124.2114.2109 7117.7136.4134.1

103.6

125.7115.1110.3118.8138.2137.0

103.7

127.3116.6111.1120.9139.8139.4

104.4

129.0117.7111.9122.3142.6142.0

104.4

Table 18.Implicit Price Deflators for Gross National Product bySector (8.4)

Gross national productPrivate

BusinessNonfarmFarm

Households and institutionsGeneral government

117.6114.8114 0114.5102.9147.2148.1

122.3118.9118 0118.5106 8158 6159.4

121.7118.4117.5117.8108.0

156.9

122.9119.4118.5118.9107.8

161.3

124.2120.6119.7120.1107.9

163.6

125.7122.0121.1121.6108.5

165.6

127.3123.6122 6122.8116.3

167.5

129.0125.0124.0124.3115.0

173.7

HISTORICAL DATAHistorical national income and product data are available

from the following sources:1965-68: July 1969 SURVEY OF CURRENT BUSINESS.1964: July 1968 SURVEY OF CURRENT BUSINESS.1929-63: The National Income and Product Accounts of the

United States, 1929-65, Statistical Tables (available from anyU.S. Department of Commerce Field Office or from the Super-intendent of Documents, U.S. Government Printing Office,Washington, D.C. 20402, price $1.00 per copy).

an7suU2& (andrelatedcomPnentsandtotals> arePreliminary


November 1969 SURVEY OF CURRENT BUSINESS 11

then rose to 9.7 million in the secondquarter and held at this rate in thethird. Although sales of domestic andimported cars fell relatively the sameamount in the 6 months ending lastMarch, imports rose faster than do-mestics in the 6-month period endingin September. Imports accounted forover 11 percent of total sales in therecent June-September period, as com-pared with 10 percent a year earlier.

Sales of new domestic cars moved upsharply during the third quarter ofthis year, to reach a seasonally ad-justed annual rate of almost 9} millionin Septemberthe highest monthlyfigure in over 3 years. Although thisrate was not sustained during Octoberpartly due to strike-induced shortagesof certain modelssales continued highand registered an annual rate of 8%million cars.

Producers started the 1970 modelyear at a high level of output. Duringthe summer, assemblies were at aseasonally adjusted annual rate of9 million units, as compared with8 million in the second quarter.However, in the latter part of the thirdquarter and in October, strikes atseveral plants reduced production byabout 100,000 units.Price pressures continue strong

Inflationary pressures continuedstrong last month and the WholesalePrice Index recorded its sharpest risesince last June. After increasing 0.1percent in July and August, and 0.2percent in September, wholesale pricesrose 0.4 percent in October. All oflast month's increase centered in in-dustrial commodities. Prices for farmproducts declinedfor the fourth con-secutive monthbut this was offsetby prices for processed foods andfeeds, which were higher after decliningin both August and September. In-creases were widespread among theindustrial commodities. An unusuallysharp rise of 2.3 percent was recordedin transportation equipment prices,most of which occurred in the motorvehicle component.

Consumer prices rose about 0.5percent in September (the latest monthfor which data are available); thiswas a little more than the rise in

August, but about the same as theaverage advance during the first 8months of this year. Services andnondurable commodities accounted forall of the September increase. Mostof the rise in nondurable commoditiesoccurred in apparel, while the risein food prices slowed noticeably.

Credit restraint severe

During October, the monetary au-thorities maintained very stringent con-ditions in money and credit markets.Continuing the pattern that has beenevident since last July, most broadmeasures of monetary policy registeredlittle change. Total member bank re-serves, seasonally adjusted, dippedslightly last month, member bank bor-rowing increased, excess reserves de-clined, and net borrowed reserves aver-aged $1 billion, up from $830 millionin September. The money stock (cur-rency and private demand deposits)

rose slightly, and time deposits, re-flecting the continued contraction incertificate of deposit funds, declined.

Commercial bank credit, seasonallyadjusted, was unchanged in October.Bank loans, notably security loans, ad-vanced at a more rapid pace than thatwhich had prevailed since midyear, butlarger declines were recorded in bankinvestments in U.S. Government andother securities.

After rising sharply in September,interest rates and bond yields respondedfavorably to renewed peace rumors andto expectations that a slowing in thepace of economic activity would permitsome near-term letup in credit re-straints. Interest rates declined duringthe first 3 weeks of October, but asoptimism concerning lower rates faded,they turned about and moved upwardduring late October and early Novem-ber. By mid-November, most interestrates and bond yields were very closeto their levels at the end of September.

Corporate Profits, Internal Funds, and Investment

Preliminary figures for the third quar-ter show a sharp drop in corporate bookprofits from the second quarter, and acontinuation of the decline in profits asmeasured for national income purposes.The latter decline, which started lastfall, was reflected in a moderate reduc-tion in internal sources of funds of non-financial corporations. Investment out-lays of these corporations moved up in1969, and the excess of fixed investmentover internal funds has been high byhistorical standards.

CORPORATE profits as measured fornational income purposes dipped $Kbillion from the second quarter to atotal of $88% billion at seasonallyadjusted annual rates in the third.This profits measurewhich is before-

tax and excludes inventory profits andlosseshas declined steadily since thethe fourth quarter of 1968, and is nowdown $2 billion, or 2 percent, from thepeak attained in the summer quarterof 1968.

In the third quarter, the drop wasconfined to nonfinancial corporations,whose profits fell $1 billion to a totalof $75^ billion; financial institutions'profits continued to rise and reacheda total of over $13 billion. Profits fellmost in nondurable goods manufactur-ing, and were also off in the "all otherindustries" group. They were higherin durable goods manufacturing andin the transportation, communications,and public utility group.

This broad pattern of decline innonfinancial corporation profits andstrength in financial institution profits


12was also evident earlier this year.However, in the first half of 1969,profits of durable goods manufacturershad declined and nondurable goodsprofits had advanced.

The decline shown by corporateprofits (including the inventory valu-ation adjustment) over the past yearwas in marked contrast with the be-havior of "book" profits, which con-tinued to rise last fall and winter, wereessentially unchanged in the secondquarter, and then dropped sharply inthe third. The different movement inthe two profit measures reflected thefact that earlier this year book profitswere inflated by an understatement ofcost of goods sold. This stems fromthe use of first-in-first-out accountingin an environment of accelerating in-creases in prices of goods included ininventories, particularly raw materials.When the rate of advance in rawmaterials prices slowed in the thirdquarter, the understatement of costswas much reduced, and book profits

CHART 7

Corporate ProfitsBillion $100

40 -

20 -

1964 65 66 67 68 69Seasonally Adjusted at Annual Rates

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

SURVEY OF CURRENT BUSINESS

declined towards the level of corporateprofits as measured for national incomepurposes.

The fall in book profits in the thirdquarter amounted to $3 billion andbrought the total down to $92% billion.Approximately $1% billion of the thirdquarter drop in book profits was ab-sorbed by lower income tax liabili-ties. With dividends rising about $%billion, book undistributed profits fell$2% billion.Costs up sharply

The decline in the profits of non-financial corporations over the pastyear occurred despite an increase insales. The reduction was entirely due toa narrowing of profit margins as unitlabor and nonlabor costs rose fasterthan selling prices (chart 8). Sincethe third quarter 1968 peak in profits,prices per unit of constant-dollar grosscorporate product increased 4 percent,unit labor costs rose more than 6percent, and unit nonlabor costs wereup 5 percent. In consequence, profits perunit of gross corporate output fell 6percent over this period.

The narrowing of profit margins ofnonfinancial corporations over the pastyear marked an intensification of thetrend which began at the end of 1965(chart 9). From the fourth quarter ofthat year to the third quarter of 1968,unit prices rose at an average annualrate of 2% percent, while unit laborcosts were up 3K percent and unit non-labor costs rose 3% percent. The declinein unit profits during this periodaveraged 1% percent a year.

Before-tax profit margins, expressedas a percent of gross corporate product,fell from a peak of 17.3 percent in thefourth quarter of 1965 to 15.5 percentby the third quarter of 1968 and to14 percent in the third quarter of thisyear.

The pressure on after-tax profitmargins has been even more pro-nounced. The third quarter 1969 after-tax unit profit of 8.3 cents was 20 per-cent below the peak attained in late1965, while before-tax unit profits wereoff only about 9 percent. The greatertax burden in 1969 as compared with1965 reflected mainly the imposition ofthe surtax in 1968.

November 1969

Investment exceeds internal fundsThe internal funds of nonfinancial

corporations fell almost $1 billion overthe past year, as a $4 billion reductionin undistributed profits (including IVA)more than offset a $3% billion increasein capital consumption allowances. Overthe same period, corporate plant andequipment outlays moved up sharply,

CHART 8

Prices, Costs, and ProfitsPer Unit of Real Corporate Product

Dollars1.20

1.15

1.10

1.05

Prices rose sharply again in the third quarter...

TOTAL PRICE per unit of real corporate product

i.oo

as unit labor cos ts . . ..80

.75

.70

.65

COMPENSATION OF EMPLOYEES per unit

.60

and nonlabor costs advanced.30

.25

.20

NONLABOR COSTS per unit

.15

.25Unit profits declined

PROFITS (BEFORE TAX) AND IVA.20

.15

.10 -J-l1962 63 64 65 66 67 68 69

Quarterly, Seasonally AdjustedNote.Nonfinancial corporations only.

U.S. Department of Commerce, Office of Business Economics 69-11-8


November 1969 SURVEY OF CURRENT BUSINESS 13and, by the third quarter of 1969, suchoutlays were $11 billion above the yearearlier total. Reflecting these divergentmovements, the ratio of internal sourcesto fixed investment outlays declinedfrom 96% percent in the third quarterof 1968 to 82 percent in the thirdquarter of this year. Most of this dropoccurred in the first quarter.

Inventory and other working capitalneeds also moved up sharply over thepast year. The conjunction of a rapidincrease in investment and workingcapital needs and a modest decline ininternal sources led corporations toincrease their borrowing during thefirst half of 1969, and to reduce the rateat which they acquired liquid assets.The step-up in borrowing was centeredin the shorter term categories: borrow-ing from banks and commercial paper.Bond flotations were up only moder-ately and mortgage borrowing declined.

The slowdown in total liquid assetacquisitions was accompanied by a largeshift in the composition of liquid assetportfolios. There occurred a heavyliquidation of time deposits and a shiftto open-market paper and short-termmunicipal obligations. These changeswere made in large part in order tomaximize yields.

Shares of Profits and Employee Compensation in Corporate Gross Product* Since late 1965, profits have been declining relative to output while employee

compensation has been increasingIndex, 1961 1st Quarter Distribution = 100140

CHART 9

130

120

110

100

\V

Profits Before TaxIncluding IVA(left scale)

Compensation of Employees(right scale)

\

1961 62 63U.S. Department ot CommercB, Office of Business Economics

64 65 66

\-100

98

96

9467 68 69

Note on Revisions in the Sources and Uses ofFunds, Nonfarm Nonfinandal Corporations

Revised statistics for the sources and uses of funds of nonfarmnonfinancial corporations may be found on pages 14 and 15;annual figures are shown from 1946 through 1968 and quarterlyfigures at seasonally adjusted annual rates from the first quarterof 1952 through the second quarter of 1969. These statisticsreflect the comprehensive revisions in the sectoral allocation ofinvestment and in the financial flow estimates introduced by theBoard of Governors of the Federal Reserve System in theNovember 1969 Federal Reserve Bulletin. The revision also bringsthe estimates of purchases of physical assets and internal sourcesinto line with the revised national income and product accountdata published in the July 1969 SURVEY OF CURRENT BUSINESS.


14 SURVEY OF CURRENT BUSINESS November 1969Table 1.Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, Annually, 1946-68

[Billions of dollars]

LineNo.

1

2

345

6

789

1011121314

15

16

171819

20

212223242526272829

30

Sources, total

Internal sources l _

Undistributed profits 1Corporate inventory valuation adjustment -Capital consumption allowances l

External sources

Stocks - -BondsMortgagesBank loans, n.e.cOther loansTrade debtProfits tax liabilityOther liabilities

Uses, total

Purchases of physical assets

Nonresidential fixed investmentResidential structuresChange in business inventories

Increase in financial assets

Liquid assets _ _ _ _ _ _ __Demand deposits and currency .__Time depositsU.S. Government securities.Open-market paperState and local obligations

Consumer creditTrade creditOther financial assets

Discrepancy (uses less sources) -

1946

18.8

7.8

8.5-5.3

4.6

10.9

1.11.01.53.8-. 12.6

-2.03.2

18.0

17.9

11.4.6

6.0

.1

-4.81.0.0

-5.8.1.0.6

3.7.6

.7

1947

28.5

12.6

12.8-5.9

5.7

15.9

1.22.81.62.9

. 13.42.51.6

26.3

17.2

15.01.01.2

9.1

1.12.2.0

-1.2.1.0.6

6.31.0

-2.2

1948

28.3

18.7

14.0-2.2

6.8

9.7

1.04.31.1.1.0

1.5.9.8

25.5

20.3

17.5.7

2.1

5.2

1.1.2.0.7.1.1.5

2.6.9

-2.8

1949

19.6

19.1

9.51.97.8

.5

1.32.9.9

-2.0.0

-1.3-2.4

1.1

19.1

15.3

16.01.1

-1.7

3.7

3.21.0.0

2.0.1.1.4

-.7.9

-.5

1950

41.9

17.9

14.3-5.0

8.6

24.0

1.41.6.9

3.4.1

8.27.5.8

41.9

24.1

17.81.54.8

17.8

4.51.5.0

2.9.0.2.8

11.8.8

.0

1951

39.5

19.9

11.1-1.210.0

19.6

1.93.3.8

4.2.3

2.94.71.5

37.6

29.9

21.0.3

8.6

7.7

2.81.7.0.9.1.1.5

3.7.7

-1.8

1952

32.1

21.2

9.01.0

11.2

11.0

2.34.7.9

2.1-.52.3

-3.32.5

30.7

24.4

21.6.6

2.2

6.3

.3

.8

.0-.7

.2

.1

.84.3.9

-1.4

1953

30.3

21.1

9.3-1.012.9

9.2

1.83.4.8

-.4.2.3.6

2.5

27.1

24.6

23.3.5.8

2.5

2.1.1.0

1.6.3.1.2

-.8.9

-3.2

1954

29.3

23.3

9.0-.314.6

5.9

1.63.51.6

-.7.0

1.6-3.3

1.7

27.4

21.6

22.51.1

-1.9

5.8

.12.0.2

-2.3.1.1.3

4.6.8

-1.8

1955

54.2

29.2

13.9-1.717.0

25.1

1.92.81.84.0.0

7.94.12.6

50.1

31.5

25.8.8

4.9

18.6

5.51.0-. 14.2.1.2.7

11.41.1

-4.2

1956

47.5

28.9

13.2-2.718.4

18.5

2.33.61.65.3.1

4.7-2.0

2.9

42.2

35.9

30.7.4

4.9

6.3

-4.1.1.0

-4.5.1.1.5

7.52.4

-5.2

1957

43.3

30.6

11.8-1.520.3

12.8

2.46.31.61.2.5.6

-2.12.2

40.7

34.7

33.4.7.6

6.0

-.2.0.0

-.4.1.1.3

2.83.0

-2.7

1958

44.2

29.5

8.3-.321.4

14.7

2.15.72.9

3-.24.7

-2.62.4

40.5

27.3

28.41.4

-2.5

13.2

2.71.5.9.0

-.2.5.6

8.31.7

-3.7

1959

57.9

35.0

12.6-.522.9

22.9

2.23.03.03.5-.35.52.43.6

53.1

36.9

31.11.74.1

16.2

5.6-1.0-.46.6-.2

.7

.87.72.0

-4.8

1960

48.1

34.4

10.0.2

24.2

13.7

1.63.52.51.91.9.6

-2.24.0

43.7

39.0

34.91.13.0

4.7

-3.2-.51.3

-5.41.7

.2.4

5.32.2

-4.3

1961

56.6

35.6

10.2-.125.4

21.0

2.54.63.9.7.6

5.41.41.7

52.2

36.7

33.21.91.5

15.6

3.71.71.9-.2

.4

.0

.29.52.1

-4.3

1962

64.9

41.8

12.4.3

29.2

23.1

.64.64.53.0.0

4.6.6

5.2

60.0

44.0

37.02.34.7

16.0

3.5-.93.7.5.6

.3.7

8.53.2

-5.0

1963

67.1

43.9

13.6-.530.8

23.2

-.33.94.93.7.2

5.31.93.7

63.2

45.6

38.62.64.3

17.7

4.7-.83.9f.9.2

1.08.13.9

-3.8

1964

71.8

50.5

18.3g32.8

21.3

1.44.03.63.8.9

3.6.5

3.5

64.9

52.1

44.12.15.9

12.8

1.2-2.3

3.2-1.5

1.621.38.12.2

-6.9

1965

93.1

56.6

23.1-1.735.2

36.5

.05.43.9

10.6.6

9.12.24.6

85.8

62.8

52.82.07.9

23.1

1.7-1.5

3.9-1.6

c

.51.2

15.15.1

-7.2

1966

100.6

61.2

24.7-1.838.2

39.4

1.210.24.28.41.47.2

is92.577.1

61.61.1

14.4

15.5l.t

-1.22.01.01.2

11.31.0

-8.0

1967

94.2

61.2

21.2-1.141.2

33.0

2.314.74.56.41.42.6

-4.15.2

85.9

72.5

63.82.26.4

13.5

.6-2.2

4.1-2.5

1.5.4

.98.83.2

-8.2

1968

110.4

63.1

22.0-3.244.3

47.3

-.812.95.89.63.65.73.76.9

103.5

76.9

68.0-2.36.5

26.6

10.11.32.21.84.5

41.7

14.8.1

-6.9

Table 1.Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, Seasonally Adjusted Quarterly Totals at Annual Rates,1958-62


LineNo.

1

2

345

6789

1011121314

1516

17181920

212223242526272829

30

Sources, total

Internal sources 1

Undistributed profits lCorporate inventory valuation adjustment...Capital consumption allowances 1

External sources

StocksBonds . _MortgagesBank loans, n.e.cOther loans _Trade debtProfits tax liabilityOther liabilities

Uses, total

Purchases of physical assets

Nonresidential fixed investmentResidential structuresChange in business inventories

Increase in financial assets...,

Liquid assetsDemand deposits and currencyTime depositsU.S. Government securities.Open-market paperState and local obligations

Consumer creditTrade credit . .Other financial assets . .

Discrepancy (uses less sources)

I

27.6

27.0

5.9-.221.3

.61 08 22.3

1 5.9

1 96 22 2

22 0

25.3

29.91 0

5 5

-3.4

3 2.51 8

-4.91

.3

.44

1.0

-5.6

19

II

37.5

27.7

6 2.3

21.2

9.83 64 02.3

2 4.45 5

7 14 3

36 0

23.9

28.11 3

5 4

12.1

2 4.5

2 2-4.9

5.4.1

9 94 4

-1.5

58

III

53.3

30.0

8 8-.221.5

23.2

1 96 12 9

1 910 2

22 6

49 5

27.6

27.21 6

1 2

21.9

6 03.6

2! 2_ i

41.1

14 35

-3.7

IV

58.5

33.2

12 3-.921.8

25.3

1 84 54 22 4

35 22 64 9

54 6

32.2

28.31 92 0

22.4

10 32.3

_ 37.7

_ 2g

.68 62 9

-3.9

I

59.3

34.1

12 9-.822.0

25.22 13 13 22 0

28 02 44 6

53 3

34 8

29.52 52 9

18.4

4 11 11 0

6.5 9

71.7

10 22 3

-6.0

19

II

66.9

36.7

15.2-1.322.8

30.2

3 12 73 65 6

.24 56 74 2

62 9

40 3

30.92 27 2

22.59 31.0

_ 37.9

9.1

9 43 7

-4.0

59

III

47.3

34.1

11.6-.523.0

13.2

1 22 62.94 2-.71 2.0

1 8

44 4

34.0

32.01.3.8

10.4

7 5-2.5

19.3

_ 31.0.8

1 83

-2.9

IV

58.3

35.0

10 6.7

23.8

23.2

2 53 42.42 3

. 18 2

63 g

52 0

38.6

31.91 05 7

13.4

1 5 1.4

32.7

6o

.79 51 7

6.3

I

56.3

36.0

12 4-.624.2

20.3

1 52 62.85 82.43 6

62 l

52 7

43.1

34.01 77 5

9.61 1

1.31 3-sio

4 0

.67 82 2

3.6

19

II

48.2

35.1

11.1-.224.1

13.2

2 02 82.41 92.6

4-3.3

5 1

41 7

40.6

35.41 i4.1

1.0

5 3-1.4

2-4.0

.4.6

2 53 2

-6.6

60

III

44.1

34.1

8.71.2

24.2

10.1

1 84 02.8

51.21 2

4 23 9

41 0

38.9

35.0g

3.12.2

1 8

2 7-7.7

2.8.3

.14.5

.6

-3.1

IV

43.9

32.5

7.9.5

24.2

11.4

1 04 42.1

51.3

1 8.94 6

39 g

33.5

35.11 0

-2.5

6.34 2-2.3

3 5-5.0-.2-. 1

.46.33.8

-4.1

I

44.6

32.3

7.6-.124.7

12.3

2 72 73.61 5-.65 1

2.7o

41 0

31.3

32.31 7

-2.7

9.7

5 21.54 1-.5 . 1

.3-3.2

6.71.0

-3.5

19

II

57.4

35.5

9.7.5

25.3

21.9

5 17.03.9

2.11.34.51.39

57.2

36.0

32.42.21.4

21.2

5 82.01.72.0.4

.41.4

10.93.1-.2

61

III

54.4

36.2

10.8-.325.6

18.3

1 84.13.62.4.9.6

2.32.6

49.7

38.0

33.61.82.7

11.61 i. 7

3.2-3.0

.0

1.46.72.5

-4.7

IV

70.0

38.4

12.6-.326.1

31.6

.24.84.71.11.0

11.84.63.4

61.1

41.2

34.71.94.7

19.9

3 02.6

1.5.8

1.3-.21.3

13.62.0

-8.8

I

68.1

41.4

12.7-. 128.8

26.7

.64.84.52.4-.77.62.05.5

61.1

43.4

35.32.55.6

17.8

3.1-3.5

5.42.0-.9

.0

.510.63.6

-6.9

19

II

63.5

41.1

12.1.0

29.0

22.4

.95.64.52.8.1

3.51.73.2

59.5

44.7

36.82.95.0

14.8

1.0-2.5

4.0 . 7

.9-.6

.99.43.5

-4.0

62

III

70.2

41.7

12.3.1

29.3

28.4

.34.04.54.2.4

8.9.6

5.563.8

43.9

38.22.23.5

19.9

5.52.21.9.1

2.1-.8

.612.81.1

-6.3

IV

58.0

43.0

12.5.9

29.7

14.9

.53.94.62.7.0

-1.5-1.8

6.555.5

44.0

37.71.64.7

11.5

4.4.1

3.6.5.1.2.9

1.44.7

-2.5

1 The figures shown here for "internal sources," "undistributed profits," and "capitalconsumption allowances" differ from those shown for "cash flow, net of dividends," "un-distributed profits," and "capital consumption allowances" in the gross corporate producttable (p. 9 of this issue of the SURVEY) for the following reasons: (1) these figures include,and the statistics in the gross corporate product table exclude, branch profits remitted from

foreigners, net of corresponding U.S. remittances to foreigners; and (2) these figures excludeand the gross corporate product figures include, the internal funds of corporations whosemajor activity is farming.

Source: Board of Governors of the Federal Reserve System.


November 1969 SUEVEY OF CUEEENT BUSINESS 15Table 1.Sources and Uses of Funds, Nonfarm Nonfmancial Corporate Business, Seasonally Adjusted Quarterly Totals at Annual Rates,

1952-57[Billions of dollars]

I

34.3

21.9

9.91.310.8

12.4

2.24.91.02.9 52.0

-2.32.2

33.4

26.9

21.7

4.7

6.5

2.44.6.0

.7-1 6

1.04.0.1

-.9

H

II

22.8

20.3

8.11.211.1

2.5

2.65.4.7

-.7.9-2.6-4.42.4

22.7

21.4

22.67

-1.9

1.2

.3-2.2

.01.9.41

1.3-1.2

.9

-.1

)52

III

34.4

20.1

8.1.7

11.3

14.3

1.64.7.92.3-.66.1

-3.83.1

32.8

23.6

20.24

3.0

9.3

-1.11.0.0

-2.3.2og

9.2.4

-1.6

IV

36.5

22.3

9.8.8

11.7

14.2

2.83.7.94.0-.23.7

-2.82.1

33.4

25.8

22.07

3.1

7.6

-.9.3.0

-1.2-.1.0.95.32.3

-3.1

I

36.0

22.7

11.1-.412.0

13.4

2.13.51.01.1 .13.4.61.8

33.0

26.3

23.26

2.4

6.6

2.3-2.3

.04.6.0.0.13.6.7

-3.0

19

II

36.4

21.4

10.4-1.612.6

15.0

2.33.4.9.3.3.53.44.0

33.9

27.6

23.36

3.6

6.3

3.73.5.0.5

-.31.4.22.0

-2.5

53

III

28.6

21.2

10.0-2.013.1

7.4

1.22.2.6.5.8

-.9.92.1

25.8

25.4

23.63

1.5

.4

2.8-.8.02.6.81.2

-3.1.5

-2.8

IV

20.3

19.3

5.5.0

13.7

1.0

1.64.31.0

-3.4.4-1.7-2.52.0

15.8

19.2

23.05

-4.3

-3.4

-.3.2.0

-1.4.71.3

-3.9.5

-4.5

I

23.2

21.3

7.4.0

13.9

1.9

3.03.61.0

-1.3.1

-.9-5.31.7

21.0

20.4

22.57

-2.8

.6

-1.4-1.4

.2-.7.31.31.7.0

-2.2

19

II

25.3

22.9

8.6.0

14.3

2.4

2.03.21.6

-1.0-.2-.4-2.5-.3

24.5

21.0

22.21 2

-2.3

3.4

-2.13.3.2

-5.6-. 1

1.23.41.9

-.8

54

III

30.5

23.5

9.4-.714.8

7.0

.55.21.8-.9.41.2

-3.32.1

27.2

21.1

22.51 2

-2.6

6.1

3.63.0.2.1.2.0.22.9-.6

-3.3

IV

38.1

25.6

10.7-.515.4

12.6

.81.82.0.4

.16.5

-2.13.2

37.2

24.0

22.81 2.1

13.1

.53.2.3

-3.0 . 1

1.4

10.51.7

-1.0

I

51.3

28.5

13.5-1.116.1

22.8

2.52.42.21.9.17.44.22.3

48.7

27.0

23.01 62.4

21.7

8.85.0-.24.2-.32.7

11.6.6

-2.5

19

II

50.7

29.4

13.7-.916.7

21.2

.92.32.02.7 .14.85.33.3

46.8

27.7

24.79

2.0

19.1

7.9-.8-.27.9.73.69.8.8

-3.9

55

III

52.8

29.1

13.9-2.217.4

23.7

1.31.81.85.5.48.92.72.2

48.4

33.0

27.05

5.4

15.4

.9-.3.01.0 . 1

3.6

12.81.1

-4.4

IV

62.1

29.7

14.6-2.817.8

32.4

3.24.91.25.8.4

10.44.22.4

56.3

38.4

28.41

9.9

18.0

4.1.1.03.7.02.7

11.41.7

-5.8

I

43.9

28.8

13.4-2.918.3

15.1

2.12.31.67.3.23.3

-3.82.3

38.2

35.0

28.92

5.9

3.2

-5.9-.4-.1-5.6

.22.56.02.5

-5.7

19

II

46.0

28.5

13.8-3.618.4

17.5

1.03.72.16.2 .16.7

-3.91.9

39.9

36.7

30.17

5.9

3.2

-7.4-2.2-.1-5.6

.41.29.01.3

-6.1

56

III

47.7

29.5

12.2-1.218.4

18.3

2.34.51.53.5.44.6

-1.83.4

42.3

36.1

31.62

4.3

6.2

-3.6.0.2

-4.1.31.87.71.3

-5.4

IV

52.2

29.0

13.3-3.018.7

23.2

3.74.01.24.4.14.31.63.9

48.5

35.9

32.13

3.5

12.6

.53.2.1

-2.6-.3.1.57.24.3

-3.7

I

49.2

30.6

13.7-2.419.3

18.6

3.06.81.42.7.34.7

-1.71.5

47.6

35.2

33.15

1.6

12.4

2.71.1-.21.5.11g

7.02.0

-1.7

19

II

45.1

30.9

12.4-1.520.0

14.2

3.75.81.04.6.51.3

-3.91.4

41.5

36.1

33.27

2.2

5.4

-2.8-2.0-.1-.3-.5.1.12.75.4

-3.6

57

III

44.8

31.0

11.6-1.320.6

13.8

1.26.41.8-.2.8.5

-.33.8

40.5

36.8

34.37

1.9

3.7

.0

.9

.2-1.5

.21.31.32.0

-4.2

IV

34.2

29.8

9.5-.921.2

4.4

1.96.32.2

-2.1.5

-3.9-2.62.1

33.1

30.6

33.19

-3.3

2.5

-.4-. 1.1

-1.4.73.0.22.8

-1.2

LineNo.

1

2

345

6

7891011121314

15

16

171819

20

212223242526272829

30

Table 1.Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, Seasonally Adjusted Quarterly Totals at Annual Rates,1963-69


I

70.942.2

12.0.2

30.0

28.8

.04.84.43.1

111.2

.84.4

64.443.336.93.03.4

21.1

4.8.7

2.71.0.4

-.11.0

10.64.7

-6.5

19

II

69.243.2

13.4-.930.7

26.0.0

3.45.12.6-.45.43.76.1

64.745.037.83.14.0

19.76.2-.22.9.7

2.1.6.8

9.13.6

-4.5

63

III

61.545.013.9

.230.9

16.5.3

3.34.93.2.3

2.21.6.9

59.145.439.22.14.1

13.7

.8-3.9

4.5-.1

.2

.01.27.34.5

-2.4

IV

66.645.1

14.9-1.331.5

21.5-1.5

4.25.16.1.8

2.31.43.3

64.748.540.52.15.9

16.2

6.9.2

5.4.4.6.2

1.05.33.0

-1.9

I

59.749.518.0-.632.1

10.3

2.63.52.7

-1.4g

.6-.82.2

55.348.4

41.72.54.2

6.9-.4

-8.24.3.7

2.4.4

1.54.9.8

-4.5

IS

II

73.2

50.618.1-.132.5

22.6

3.34.12.93.06.1

2.85.8

65.051.643.42.35.9

13.43.11.61.7

-1.1.7.2

1.36.32.7

-8.2

64

III

78.7

51.518.9-.433.0

27.2

1.13.44.15.41 37.7.2

4.0

70.052.045.11.65.2

18.0

5.0-.62.8

-1.73.7.8

1.211.8

.1

-8.7

IV

75.750.518.2-1.033.4

25.2

-1.55.04.68.395.9-. 12.0

69.2

56.346.31.98.1

13.0

-2.7-1.8

3.8-4.0-.3-.41.19.25.4

-6.5

I

92.1

55.322.7

-1.434.0

36.8.0

4.53.9

13.4

11.8-.34.4

84.560.349.72.38.3

24.1

-3.2-3.9

4.2-2.9-1.5

.91.0

17.09.3

-7.7

12102

52r33

(*) 13

(*)(*)

1(*>,(*)(*)

2(*)(*)(*)(*)( 4

(*)172111

1214117263282

15

C)()"

152

2,422752

3,174681

Lum

ber

and

woo

dpr

oduc

ts, ex

cept

cont

ainer

s

20

170916

2

(*)(*)

361

(*)141

3,1722419

(*)2618194162514714211454467

718171

(*)4

3341

(*)*' 1

(*)(*>,

1131131173452983268828113829

462

675375

6,8013,85210,6541,099

Woo

den

cont

ainer

s

21

()

1

(*)

1

157132

(*)2

88i(*)(*)(*)

34

(*)^} i2

8" 2

8(*)(*)(*)(*)

(*)(*)201

41224

(*)41

(*)(*)(*)

53

(*)

27614442041

Hou

seho

ld fu

rnitu

re

22

1

5

21410572

56817224353

(*)71916

2534

(*)27

(*)9232

(*) 512272

(*)^} 2

1*)*)

3(*)^

ii(*)^ 3

8261108919

2317435862835

25

(*)(*)

314

2,4541,6134,067108

Oth

er fu

rnitu

re an

dfix

ture

s

23

1

3

(*)23521

15013942232

"i1364902

(*)401518120

1025822

(*)(*)

33

(*) 71

(*)1033

(*)(*)(*)

14(*)

33512

13702329133313

(*)(*)

123

1,111812

1,923134

Pape

r an

d all

iedpr

oduc

ts, ex

cept

cont

ainer

s

24

76

5612

45

123(*)U 713110198001

(*)2,26039210445818315

(*)1061842

(*)49213

(*)(*)(*)168

5(*)

2925

(*)(*)(*)(>),

21

(*)6135

489382744247379172039

5115

1,096638

240

8,3064,81313,1191,490

Pape

rboa

rd

cont

ain-

ers

and

boxe

s

25

1

(*)

12(*)(*)

(*)^ ' 5(*) 4

2(*)(*)1,890136408139

(*)(*)

3512

(*)(*)(*)

1833

(*)1621

1

8(*)(*)

(*)(')

()(*)

1(*)14721

2910016479825

3

(*)4

9174

2,8601,8884,748151

Prin

ting

and

publ

ishin

g

26

1

26414423

28(*)

182,630

911,808384342244372

(*)(*)(*)^ 2

61

124

2(*)

3351

(*)

(*)

244

51353018119085368119-8822850334

281805

728144

8,3967,88816,283

200

Chem

icals

and

selec

ted ch

emica

lpr

oduc

ts

27

1728

8385683233470

81(*)2412

(*)* 7

15424

(*)201902

2,98334623065

1,059284

(*)10362272131561I96

(*)(*)U 76

14825

8(*>28

(*)(*)

2(*)(*)

212045663589493961001036115

7308683421211335

10, 0066,88716,8932,577

Plas

tics

and

syn-

thet

ic m

ater

ials

28

24

(*)

24

20113

32

212411

2,32210022221111041

(*)(*)(*) 3

14(*)

2

1

1(*)

()8(*) i(*)12223

7117734433

1634

332

59363

3,7862,5556,341840

Dru

gs, cle

anin

g, an

dto

ilet

prep

arat

ions

29

281

4

32

25

3221

(*)^ ' 3(*)

122

7421432966275161158289

(*)(*)16319

(*)180

3281

1

(*)wi(*)(*)

31

(*)

62(*)

171404036304578634

1,2876

518155811093

5,3343,7199,053613

Pain

ts an

d all

iedpr

oduc

ts

30

(*)5

6

1001

(*) 1

(*) 1

119

(*)499228211

10510

(*)rt,11623148

(*)(*)

(*)(*)

8(*)(*)(*)08(*)(*)

5013

1112116219672

24

(*)1314532

1,571891

2,46293

Petro

leum

re

finin

gan

d re

lated

indu

stries

31

99,813

791

349(*)

25(*)

32 SUKVEY OF CUBRENT BUSINESS

[In millions of dollars at producers' prices]

November 1969

Table 1.Interindustry

dfc

fl

12

A

g

789

10

12131415161718192021222324252627

293031323334OC

363738OQ

404142434445464748495051525354555657585960616263646566676869707172737576777879

QA A

SOB81828384858687I.

V.A.T.

TR.

For the distribution of output of an industry,read the row for that industry.

For the composition of inputs to an industry,read the column for that industry.

'nth A It I P H UUCWtlltJI glU/Ull/UI J T U U

Agricultural, x oresiry i g

Coal Mining _...- ----Crude Petroleum & Natural GasStone and Clay Mining and QuarryingC hemical & Fertilizer Mineral Mining

Maintenance & Repair Construction _ .Ordnance & AccessoriesFood& Kindred Products ._ -Broad & Narrow Fabrics, Yarn & Thread Mills.Mis

SCB_111969

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